Leading Up to the Next Growth

2013

Annual Report

Leading Up to the Next Growth

www.jasamarga.com

2

Identity of the Company Profile of the Company Transformation of Jasa Marga Highlights 2013 Management Report Management Discussion and Analysis New Projects Development Human Capital Management Corporate Governance Corporate Social Responsibility Statement of Members of the Board of Commissioners and Directors on the Responsibility for Annual Report 2013 Glossary Consolidated Financial Statements

PT Jasa Marga (Persero) Tbk. 2013 An n ua l R epo r t


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Leading Up to the Next Growth Jasa Marga is a growing company and it will continue to grow. Having completed the construction of new projects and having operated them in 2013, Jasa Marga has owned assets that will support its growth in the future. In 2013, some of the Company’s new toll road projects began their operations. They are Nusa Dua-Ngurah Rai-Benoa Toll Road (Bali Mandara Toll Road) and JORR W2 North Toll Road. At the end of the year, there were also new projects whose construction nearly completed: Bogor Outer Ring Road Toll Road Section 2A Kedung Halang-Kedung Badak, Semarang-Solo Toll Road Section 2 UngaranBawen, Gempol-Pandaan Toll Road and Gempol-Pasuruan Toll Road. The said projects are significantly potential as they are part of the interconnection among big cities and will be generator of growth of the Company in the future. Beyond today’s growth, Jasa Marga’s future growth will be reinforced by the efforts to transform the Company, which in 2013 was started with the decision of the new Vision: to become a leading company in 2017. The vision becomes the foundation for the Company to keep expanding. Supported by competency, capacity and experience, the number of new toll roads operated by Jasa Marga will continue to increase. The growth that the Company has achieved in the past five years is the reflection of sustainable growth that will continue with more new toll roads operation, and with the efforts to have additional potential new toll road concessions, Jasa Marga is Leading Up to the Next Growth.


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Cross Reference to Bapepam-LK* Regulation No. X.K.6 *Since 2013, Bapepam-LK has become Otoritas Jasa Keuangan (OJK – Financial Services Authority)

Subject and Explanation I. General 1. Annual Report is to be presented in Indonesian Language. In the event that the Annual Report is also presented it in another language, either within the same document or separated, the Annual Report must contain the same information. In the event that different interpretation occurs due to language translation, the Annual Report in Indonesian Language is then to be used as the reference. 2. Annual Report is made in such a way that it is easy to read. Images, charts, tables, and diagrams are presented by stating clear title and/or explanation. 3. Annual Report should be printed in light-colored, good quality, and A4-sized paper, bound and possible to be reproduced by photocopying. 4. Annual Report is presented on the company’s website. II.

Highlights of Financial Data 1. Highlights of financial data is presented in comparative form over a period of three (3) financial years or since the commencement of business if the company has been running its business activities for less than three (3) years, and it contains at least: 1. Revenue. 2. Gross Profit. 3. Profit (loss). 4. Profit (loss) attributable to parent and non-controlling interests. 5. Comprehensive profit (loss). 6. Comprehensive profit (loss) attributable to parent and non-controlling interests. 7. Net profit (loss) per share. 8. Total assets. 9. Total liabilities. 10. Total equity. 11. Profit (loss) to total assets ratio. 12. Profit (loss) to equity ratio. 13. Profit (loss) to revenue ratio. 14. Current ratio. 15. Liabilities to equity ratio. 16. Liabilities to total assets ratio. 17. Other information and ratios relevant to the company and its industry. 2. Annual Report should present information regarding share for each three-month period in the last 2 (two) financial years (if any), consisting at least: 1. Outstanding shares. 2. Market Capitalization. 3. Highest, lowest, and closing share price. 4. Traded share volume. 3. In the event of corporate actions such as stock split, reverse stock, stock dividend, bonus share, and par value decrease, share price information referred to in point (2) should then include explanation concerning among others: 1. Date of corporate actions. 2. Ratio of stock split, reverse stock, stock dividend, share bonus, and decrease in par value. 3. Amount of outstanding shares before and after corporate actions. 4. Share prices before and after corporate actions.


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Subject and Explanation 4.

III.

IV.

V.

In the event that the company’s share trade is suspended during the year reported, the Annual Report should then include explanation concerning the reason for such suspension. 5. In the event that such suspension referred to in point (4) still goes on when the Annual Report is published, the Issuer of Public Company should then also explain the actions carried out by the company in solving the matter.. Board of Commissioners’ Report Report from the Board of Commissioners contains at least the following: 1. Assessment on the performance of the Directors in managing the company. 2. View on the prospects of the company’s business established by the Directors. 3. Changes in the composition of the Board of Commissioners and reasons for such changes (if any). Directors’ Report Report from the Directors contains at least the following: 1. The company’s performance, consisting of among others strategic policies, comparison between achievement of results and targets, and challenges faced by the company. 2. Description of business prospects. 3. Implementation of Good Corporate Governance. 4. Changes in the composition of the Board of Directors and reasons for such changes (if any). Company Profile Company profile contains at least the following: 1. Name, address, telephone number, facsimile number, email, and website of the company and/or its branch or representative offices, which enable people to acquire information on the company. 2. Brief history of the company. 3. The company’s business activities in accordance with the latest Articles of Association, and the products and/or services produced. 4. Organizational structure of the company presented in the form of a chart, at least to one level below the Directors, stating name and job title. 5. Company’s Vision and Mission. 6. Profile of the Board of Commissioners, consisting of: 1. Name. 2. Employment record, work experience, and legal basis of being appointed at the Issuer of Public Company for the first time, as stipulated in the Official Report of GMS Resolutions. 3. Educational background. 4. Brief explanation on types of training participated in the fiscal year in order to improve competencies of the Board of Commissioners (if any). 5. Disclosure of affiliated relation with members of the Directors, other members of the Board of Commissioners and the shareholders (if any). 7. Profile of the Directors, consisting of: 1. Name. 2. Employment record, work experience, and legal basis of being appointed at the Issuer of Public Company for the first time, as stipulated in the Official Report of GMS Resolutions. 3. Educational background. 4. Brief explanation on types of training participated in the fiscal year in order to improve competencies of the Directors (if any). 5. Disclosure of affiliated relation with other members of the Directors and the shareholders (if any). 8. In the event of a change in the composition of the Board of Commissioners and/or Directors taking place after the fiscal year until the deadline of Annual Report submission as referred to in point (1) letter a, management composition stated in the Annual Report is then the composition of the Board of Commissioners and/or Directors both the latest and the previous one. 9. Number of employees and description of competency development, e.g. employees training and education.


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VI.

Description of Shareholders and ownership percentage at the end of fiscal year. Information includes among others: 1. Name of shareholders having 5% or more shares. 2. Directors and Board of Commissioners who own shares. 3. Group of public shareholders each having less than 5% (five percent) share ownership. 11. Information concerning major and controlling shareholder, both direct and indirect, until the individual owner, presented in the form of scheme or diagram. 12. Names of subsidiaries, associated companies, joint ventures in which Issuer of Public Company owns control with the entities, along with the percentage of share ownership, line of business, and operating status of such companies (if any). For subsidiaries, information on company address should be added. 13. Chronology of shares listing, changes in the number of shares from the beginning of listing up to the end of the financial year and name of Stock Exchange where company shares are listed (if any). 14. Chronology of other securities listing and rating of the securities (if any). 15. Name and address of rating agency (if any). 16. Names and addresses of institutions and/or capital market supporting professionals. In the event that capital market supporting professionals provide services periodically to the Company, there should be information on services provided, fees and period of assignment. 17. Award and certification received by the company, both national and international scale during the fiscal year (if any). Management Discussion and Analysis Annual Report must contain discussion and analysis of Financial Report and other significant information by emphasizing material changes taking place during the year under review. It should contain at least: 1. Operational review by business segment in accordance with the industry. Description includes among others: 1. Production, which includes process, capacity and its development. 2. Revenue. 3. Profitability. 2. Analysis on comprehensive financial performance including a comparison between the financial performance of the current year and that of the previous year, explanation on the causes of such changes and their impact, which among others includes: 1. Current assets, non-current assets, and total assets. 2. Short-term liabilities, long-term liabilities, and total liabilities. 3. Equity. 4. Revenue, expenses and profit (loss), other comprehensive revenue and comprehensive income (loss). 5. Cash flows. 3. Capability to pay debts by presenting relevant ratio. 4. The company’s collectable accounts receivable by presenting relevant ratio. 5. Capital structure and Management’s policies on the capital structure. 6. Discussion on material ties for the investment of capital goods with explanation concerning the purpose of such ties, sources of funds expected to fulfill the said ties, currency of denomination and steps taken by the company to protect the position of related foreign currency against risks. 7. Material information and facts occurring after the date of accountant’s report. 8. The company’s business prospects in relation to the industry, economy in general, and international market, which may be accompanied with supporting quantitative data from reliable data sources. 9. Comparison between target/projection at the beginning of fiscal year and the realization, which includes revenue, profit, capital structure, and other information deemed necessary by the Company.


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VII.

Target/projection of the Company within the next one year at the longest, which includes revenue, profit (loss), capital structure, dividend policy, and other information deemed necessary by the Company. 11. Marketing aspects of the company’s products and services, including among others marketing strategies and market share. 12. Dividend policy along with the date and amount of dividend per share (cash and/or non-cash) and amount of dividend per year announced or paid during the past 2 (two) years. 13. Use of Proceeds from public offering: 1. In the event that during the fiscal year reported, the Company has is obliged to submit Report on Realization of Use of Proceeds, then Annual Report should disclose accumulated realization of use of proceeds until the end of the fiscal year. 2. In the event that there is a change in the use of proceeds as stipulated in Regulation No. X.K.4, the Company should then explain such change. 14. Material information concerning, among others investment, expansion, divestment, merge, acquisition, debt/capital restructuring, affiliated transaction, and transaction with conflict of interests, taking place during the fiscal year (if any). Information includes: 1. Date, value and object of transaction. 2. Name of transacting parties. 3. Nature of affiliated relation (if any). 4. Explanation of fairness of transaction. 5. Compliance with related rules and regulations. 15. Description of changes in regulation which have a significant effect on the company and its impacts on the financial report (if any). 16. Changes in the accounting policy, rationale and impacts on the financial statement (if any). Corporate Governance Corporate governance of the company contains description consisting of at least the following: 1. Board of Commissioners, consisting of among others: 1. Description of responsibility of the Board of Commissioners. 2. Disclosure of procedures, basis of decision, and amount of remuneration for members of Board of Commissioners. 3. Disclosure of company policies and the implementation on frequency of Board of Commissioners meetings, including joint meetings with the Directors, and attendance of members of Board of Commissioners in such meetings. 2. Directors, consisting of among others: 1. Scope of work and responsibility of each member of the Directors. 2. Disclosure of procedures, basis of decision, and amount of remuneration for members of Directors, along with the relation between remuneration and company performance. 3. Disclosure of company policies and the implementation on frequency of Directors meetings, including joint meetings with the Board of Commissioners, and attendance of members of Directors in such meetings. 4. Resolutions of GMS of the previous year and the realization during the fiscal year, along with reasons in the event that there is a resolution not yet realized. 5. Disclosure of company policies on performance assessment of members of Directors (of any). 3. Audit Committee, consisting of among others: 1. Name. 2. Employment record, work experience, and legal basis of appointment. 3. Educational background. 4. Period of service of Audit Committee members. 5. Disclosure of independence of Audit Committee. 6. Disclosure of company policies and the implementation on frequency of Audit Committee meetings and the attendance of Audit Committee members in such meetings. 7. Brief description activities carried out by Audit Committee during the fiscal year based on what is stated in Audit Committee Charter.


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5.

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7.

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9.

10.

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Other committees the Issuer or Public Company has in order to support the function and tasks of Directors and/or Board of Commissioners, such as Nomination and Remuneration Committee, consisting of among others: 1. Name. 2. Employment record, work experience, and legal basis of appointment. 3. Educational background. 4. Period of service of committee members. 5. Disclosure of company policies on independence of committee members. 6. Description of the tasks and responsibilities. 7. Disclosure of company policies and the implementation on frequency of committee meetings and the attendance of committee members in such meetings. 8. Brief description activities carried out by committee during the fiscal year. Description of tasks and function of the Corporate Secretary. 1. Name. 2. Employment record, work experience, and legal basis of appointment. 3. Educational background. 4. Period of service of Corporate Secretary. 5. Brief description of tasks implementation of Internal Auditing Unit during the fiscal year. Description of company’s Internal Auditing Unit. 1. Name. 2. Employment record, work experience, and legal basis of appointment. 3. Qualification/certification as an Internal Audit (if any). 4. Structure and position of Internal Auditing Unit. 5. Tasks and responsibilities of Internal Auditing Unit in accordance with that stipulated in Internal Auditing Unit Charter. 6. Brief description of tasks implementation of Internal Auditing Unit during the fiscal year. Description of internal control system implemented in the company, consisting of at least: 1. Operational and financial control, along with compliance with other prevailing rules and regulations. 2. Review on effectiveness of internal control system. Risk management system implemented in the company, consisting of at least: 1. General description of risk management system of the company. 2. Types of risks and efforts to manage such risks. 3. Review on effectiveness of the company’s risk management system. Material litigation faced by the Issuer or Public Company, subsidiaries, present members of the Board of Commissioners and Directors, including among others: 1. Material of the case/claim. 2. Status of settlement of case/claim. 3. Impacts on the financial condition of the company. Information on administrative sanctions to Issuer or Public Company, members of the Board of Commissioners and Directors, by capital market authority and other authorities during the fiscal year (if any). Information on code of ethics and corporate culture (if any) consisting of: 1. Main points of code of ethics. 2. Main points of corporate culture. 3. Form of socialization of code of ethics and its enforcement efforts. 4. Disclosure of code of ethics is applied to the Board of Commissioners, Directors and employees of the company. Explanation on employees and/or Management share ownership program carried out by Issuer or Public Company, including among others amount, period of time, requirements for eligible employees and/or Management, and exercise price (if any).


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VIII.

IX.

X.

Explanation on Whistleblowing System at the Issuer or Public Company to report misconducts causing potential loss to the company or the stakeholders (if any), consisting of among others: 1. Means of submitting the report on misconducts. 2. Protection for whistleblower. 3. Party managing whistleblowing. 4. Results of whistleblowing handling. Corporate Social Responsibility 1. Discussion on corporate social responsibility consisting of policies, types of programs, and cost, in relation of the aspects of among others: a. Environment, such the use of environmentally friendly and recyclable material and energy, the company’s waste management system, certification in the field of environment, etc. b. Labor practices, occupational health and safety, such as equality in gender and work opportunity, work facility and safety, employees turnover, level work accident, training, etc. c. Social and community development, such as the use of local work force, empowerment of the company’s surrounding community, improvement of social facilities and infrastructure, other forms of donations, etc. d. Product responsibility, such consumers’ health and safety, product information, facilities for customers complaints, number of complaints and complaints handling, etc. 2. Issuer or Public Company may disclose information referred to in point (1) as part of the Annual Report or in a separate report, such as submitted at the same time as Sustainability Report or Corporate Social Responsibility Report. Audited Financial Report The Financial Report contained in the Annual Report should be presented in accordance with Financial Accounting Standard in Indonesia and has been audited by Accountant. The said Financial Report should contain statement regarding responsibility on the Financial Report in compliance with Regulation No. VIII.G.11 or Regulation No. X.E.1. Signatures of the Board of Commissioners and Directors 1. Annual Report should be signed by all members of the present Board of Commissioners and Directors. 2. The signatures stated in number (1) are presented a separate page in the Annual Report and the said separate page should state that members of the Board of Commissioners and Directors are fully responsible for the accuracy of Annual Report. The separate page is in accordance with Form No. X.K.6-1 of the Attachment of this Regulation. 3. In the event that a member of the Board of Commissioners or Directors does not sign the Annual Report, s/he must present a written explanation in a separate letter stating the reason and it is to be attached to the Annual Report. 4. In the event that member of the Board of Commissioners or Directors not signing the Annual Report does not provide written explanation, written explanation in a separate letter from the other members should then be presented by members of the Board of Commissioners or Directors signing the Annual Report and it is to be attached to the Annual Report.


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Table of Contents

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Identity of the Company Profile of the Company Transformation of Jasa Marga Highlights 2013 Management Report Management Discussion and Analysis New Projects 1 Development

Leading Up to the Next Growth Cross Reference to BapepamLK Regulation No. X.K.6 Management 8 Table of Contents Corporate 10 Identity of the Company Governance 12 Profile of the Company Corporate Social Responsibility 12 Jasa Marga at a Glance 12of Members Jasa Marga’s Milestones Statement of the Board 14 of Jasa Marga in Brief Commissioners and Directors15 on the Business Activities

86

Company Glossary 22 Organizational Structure Consolidated 24 Financial Jasa Marga Key Personnel Statements 32 Profile of Human Capital 34 Major Shareholder, Subsidiaries and Associated Companies 35 Subsidiaries 42 Associated Companies 44 Areas of Operation and New Toll Road Projects 47 Address of Branch Offices, Subsidiaries and Associated Companies 49 Supporting Institutions and Professionals 50 Transformation of Jasa Marga 54 Highlights 2013 54 Financial Highlights 57 Operational Highlights 58 Stocks Highlights 60 Bonds Highlights 61 Chronology of Jasa Marga Shares Listing and Bonds Issuance 63 Composition of JSMR Shares Ownership 68 Significant Events 2013 71 Awards and Certifications

111

2 Human Capital

Responsibility for Annual 18 Vision, Mission & Values of the Report 2013

74 74 78 78 80 82 84 86

Management Reports Board of Commissioners Report Assessment on the Performance of Directors View on Business Prospect Established by Directors Profile of Board of Commissioners Directors Report Analysis of the Performance of the Company Future Prospect of the Company’s Business

86 88

Sustainable Implementation of Corporate Governance Corporate Social Responsibility Profile of Directors

90

Management Discussion and Analysis

91 92

Business Activities of the Company Operational Review by Business Segment Business Segment of Toll Road Operation Interview with HasanudinOperation Director Business Segment of Non-Toll Road Business Development Comprehensive Analysis of Financial Performance Assets Liabilities Equity Consolidated Statements of Comprehensive Income Operating Revenues Operating Expenses Operating Income Income for the Year Other Comprehensive Revenues Comprehensive Income for the Year Profitability Ratio Consolidated Statements of Cash Flows Solvability and Collectability of Receivables Capital Structure Capital Structure Policy Capital Expenditure Comparison of 2013 Target and 2013 Realization Target/Projection to Achieve Next Year Material Ties for the Investment in Capital Goods Material Information Subsequent to the Date of Accountant’s Report Business Prospect and Conditions of the Industry and Economy Marketing Aspect and Market Share Dividend Policy and Dividend Payment Use of Proceeds Material Increase/Decrease in Net Revenues in Relation to Sales Volume or New Services

97

114 117 117 120 122 123 124 128 129 130 130 131 131 131 134 135 135 135 136 136 136 136 136 137 137 138 141


141 141 141 141 142 144 154 158 159 161 162 166 167 171 171 172 172 173 174 176 176 177 179 182 185 190 190 193 193

Material Information on Investment, Expansion, Divestment and Acquisition Information on Material Transaction with Conflict of Interest and/or Related Parties Transaction Changes in Legislation Significantly Affecting the Company Changes in Accounting Policies Significantly Affecting the Company Interview with Reynaldi Hermansjah-Finance Director New Projects Development Interview with Abdul Hadi Hs.Business Development Director Human Capital Management New Paradigm of Human Capital Manpower Planning and Recruitment HR Competencies Development Employees Career Development Employees Productivity Managing the Relations between Employees and the Management Post-Employment Program Management of Outsourced Employees Cost for Human Resources Interview with Muh Najib FauzanHuman Capital and General Affairs Director Corporate Governance Jasa Marga Commitment to GCG Implementation Objectives of GCG Implementation at Jasa Marga Legal Basis of GCG Implementation at Jasa Marga Results of Assessment of GCG Implementation Policies, Structure and Mechanism of Corporate Governance Implementation General Meeting of Shareholders Board of Commissioners Composition of the Board of Commissioners Duties and Responsibilities of the Board of Commissioners Appointment and Dismissal of Board of Commissioners


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MANAGEMENT REPORT

CORPORATE GOVERNANCE

90

MANAGEMENT DISCUSSION AND ANALYSIS

193 193 194 194 195 197 199 200 200 200 201 201 202 203 203 204 205 205 205 206 208 209 212 212 212 212 212 212 213 214

Independence of the Board of Commissioners and Independent Commissioners Affiliate Relationship and Board Membership at Other Companies Dual Positions and Conflict of Interest Work Guidelines and Orders for the Board of Commissioners (Board Charter) Board of Commissioners Meetings Procedures, Basis of Decision and Amount of Remuneration of Members of Board of Commissioners Board of Commissioners Training/ Competency Development Programs Decision of Board of Commissioners in 2013 Recommendations from Board of Commissioners Committees under Board of Commissioners Directors Requirements, Membership and Composition of Directors Duties and Responsibilities of the Directors Independence of Directors Directors’ Dual Positions Directors’ Work Guidelines and Rules (Board Charter) Directors Training/Seminar Activities Directors’ Meetings Decisions of Directors in 2013 Procedures, Basis of Decision and Amount of Remuneration of Members of Directors Relationship between Board of Commissioners and Directors Assessment of Board of Commissioners and Directors Committees Audit Committee Composition of Audit Committee Legal Basis on the Forming of Audit Committee Educational Qualification and Work Experience Duties and Responsibilities of Audit Committee Independence of Audit Committee Audit Commitee’s Meetings


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HUMAN CAPITAL MANAGEMENT

Remuneration of Audit Committee

227

215

Report on Implementation of Audit Committee Activities Profile of Audit Committee Business Risk and Investment Committee Composition of Business Risk and Investment Committee Legal Basis on the Forming of Business Risk and Investment Committee Duties and Responsibilities of Business Risk and Investment Committee Independence of Business Risk and Investment Committee Business Risk and Investment Commitee’s Meetings Remuneration of Business Risk and Investment Committee Profile of Business Risk and Investment Committee Report on Implementation of Business Risk and Investment Committee Activities Remuneration and Nomination Committee Corporate Governance Committee Secretary of the Board of Commissioners Corporate Secretary Profile of Corporate Secretary Internal Audit Unit Profile of Head of Internal Audit Structure and Position of Internal Audit Unit Appointment and Dismissal of Internal Audit Competency Development of Internal Audit Human Resources and Certification of Audit Profession Work Guidelines for Internal Audit Unit Code of Ethics for Internal Auditors Duties and Responsibilities of Internal Auditing Unit Implementation of Activities of Internal Audit Unit in 2013 Audit Results of Internal Audit Unit Other Audit Supporting Activities

227 228 228

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CORPORATE SOCIAL RESPONSIBILITY

158

214

216 217

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Internal Audit Unit Performance Evaluation Internal Control System Socialization of SPIP Framework Review on Effectiveness of Corporate Internal Control System (SPIP) Risk Management Report Risk Management Policies Structure of Risk Management GovernanceRisiko The Company’s Risks and Managing Them Implementation of Risk Management Work Programs in 2013 Profile of VP Risk and Quality Management Material Litigation Information on Administrative Sanctions Code of Conduct and Corporate Culture Code of Conduct Corporate Culture Shares Ownership Program for Employees and/or Management Equal Treatment to All Shareholders Whistleblowing System Procurement of Goods and Services External Auditor Corporate Social Responsibility Strategies and Policies Ecological Responsibility Labor and Occupational Health & Safety Social and Community Development Responsibility to Customers Access to Information and Data of the Company Management Responsibility for Annual Report 2013 Glossary Consolidated Financial Statements

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Name of the Company PT Jasa Marga (Persero) Tbk. Incorporated in Jakarta Head Office Address Plaza Tol Taman Mini Indonesia Indah Jakarta 13550 Indonesia Tel.: 62-21 841 3526, 841 3630 Fax.: 62-21 841 3540 Email: [email protected], [email protected] Website: www.jasamarga.com Center for Traffic Information and Other Services JMTIC (Jasa Marga Traffic Information Center) 62-21 8088 0123


Date of Establishment 01 March 1978 Legal Basis of Establishment Government Regulation No. 04 of 1978 Authorized Capital Rp 9.52 trillion Issued & Fully Paid Capital Rp 3.4 trillion Ownership Government of the Republic of Indonesia 70% Public 30%

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Identity of the Company

Business Activities According to the Company’s Articles of Association stipulated in the Decision of the Minister of Law and Human Rights of the Republic of Indonesia No. AHU-20228.AH.01.02 of 2011 on Approval of Amendment of the Company’s Articles of Association, the aims and purposes of the Company are to engage in performing and supporting the Government’s programs and policies in economy and national in development in general; and in the development of toll roads along with the supporting facilities in particular, by implementing the principles of Limited Liability Company. To achieve the said aims and purposes, the Company performs the following business activities: Core Business Activities 1. Performing technical planning, construction, operation and/or maintenance of toll roads. 2. Developing the land in toll roads’ right of way (ROW) areas and the land adjacent to toll roads’ ROW for rest and services areas along with the facilities and other businesses, either solely or in cooperation with other parties. PT Jasa Marga (Persero) Tbk. 2013 An n ua l R epo r t

Supporting Business Activities According to Articles of Association 1. The field of property development in areas near toll road corridor. 2. The field of services development for businesses related to modes/means of transportation, distribution of liquid/solid/gas material, information facility network, technology and communication, in relation to toll road corridor. 3. The field of trade and services for construction, maintenance and toll road operation. Share Listing Information Stock Exchange: IDX, quote JSMR since 12 November 2007 Bloomberg: JSMR IJ Reuters: JSMR.JK

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Identity of the Company Profile of the Company Transformation of Jasa Marga

Profile of the Company Jasa Marga at a Glance Jasa Marga’s Milestone

Highlights 2013 Management Report Management Discussion and Analysis New Projects Development Human Capital Management Corporate Governance Corporate Social Responsibility Statement of Members of the Board of Commissioners and Directors on the Responsibility for Annual Report 2013 Glossary Consolidated Financial Statements

1978 • Jasa Marga was established with the scope of business to manage, maintain and provide toll road network. • Jagorawi as the first toll road in Indonesia started to operate.

2003 Cipularang (CikampekPurwakartaPadalarang) Toll Road started to operate.

1984

1983 Semarang Toll Road started to operate.

2004 The authorization function is returned to the Government (Department of Public Works c.q. Indonesian Toll Road Authority – Badan Pengatur Jalan Tol/ BPJT).


• Jakarta-Tangerang Toll Road started to operate. • Prof. Dr. Ir. Sedyatmo Toll Road started to operate.

1986 • Surabaya-Gempol Toll Road started to operate. • Belmera (BelawanMedan-Tanjung Morawa) Toll Road started to operate.

2006 2007 The signing of Toll Road Concession Agreement (Perjanjian Pengusahaan Jalan Tol/PPJT) of Bogor Outer Ring Road, Semarang-Solo, Gempol-Pasuruan, Gempol-Pandaan, JORR W2 North, Surabaya-Mojokerto and 13 toll road sections operated by the Company.

• The change in Jasa Marga Logo signifying the Company’s Modernization and Transformation. • Jasa Marga became a public company through the Initial Public Offering (IPO) by listing its shares at the Indonesia Stock Exchange.

2008 The signing of KunciranSerpong Toll Road Concession Agreement (Perjanjian Pengusahaan Jalan Tol/PPJT).

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1987 • Government began to provide the opportunity for private parties to participate in the provision of toll roads through Build, Operate and Transfer (BOT) system with Jasa Marga. • Jasa Marga started the operation of Jakarta Inner Ring Road Toll Road in stages.

2009 • Bogor Outer Ring Road Toll Road (Section 1 Sentul Selatan-Kedung Halang) started to operate. • e-Toll Card started to be implemented. • The signing of Cengkareng-Kunciran Toll Road Concession Agreement (Perjanjian Pengusahaan Jalan Tol/ PPJT).

1988 1990 Jakarta-Cikampek Toll Road started to operate.

Padaleunyi (PadalarangCileunyi) Toll Road started to operate.

2011 • Surabaya-Mojokerto Toll Road (Section 1A Waru-Sepanjang) and Semarang-Solo Toll Road (Section 1 SemarangUngaran) started to operate. • The signing of Nusa Dua-Ngurah Rai-Benoa Toll Road Concession Agreement (Perjanjian Pengusahaan Jalan Tol/ PPJT).


1991 Jakarta Outer Ring Road Toll Road started to operate.

2012 e-Toll Pass started to be implemented.

1998 Palikanci (PalimananKanci) Toll Road started to operate.

2013 Nusa Dua-Ngurah Rai-Benoa (Bali Mandara) Toll Road and JORR W2 North Toll Road (Kebon Jeruk-Ciledug Section) started to operate.

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Jasa Marga in Brief To support the economic growth, Indonesia needs reliable road network. PT Jasa Marga (Persero) Tbk. was formed based on Government Regulation No. 04 of 1978 on the State Capital Participation of the Republic of Indonesia in the establishment of a State-Owned (Persero) in the fields of management, maintenance and provision of toll road network, along with its business regulations (State Gazette No. 04 of 1978 in conjunction with the Decree of the Minister of Finance of the Republic of Indonesia No. 90/KMK.06/1978 on the Decision of the Capital of Perusahaan


Perseroan (Persero) PT Jasa Marga dated 27 February 1978). The Company was established based on the Deed No. 1 dated 01 March 1978, under the name of, “PT Jasa Marga (Indonesia Highway Corporation)”, which was then changed based on the Deed No. 187 dated 19 May 1981 and the name of the Company was changed into “PT Jasa Marga (Persero)”, both made before Kartini Muljadi, SH., then Notary in Jakarta. At an earlier stage of its establishment, besides functioning as operator, Jasa Marga also had the responsibility as

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the toll road authority in the country. Until 1987, Jasa Marga was the only toll road operator in Indonesia and its development is financed by the Government with fund deriving from foreign loan and the issuance of Jasa Marga bonds. As the country’s first toll road operated by the Company, Jagorawi (Jakarta-Bogor-Ciawi) Toll Road that is operated since 1978 serves as the milestone in the development of toll road industry in Indonesia.

are financially feasible in accordance with the concession period. To get new toll road concession also requires the forming of new business entity. Through the Subsidiaries formed by the Company in cooperation with several business partners with the Company having majority ownership of more than 51%, until the end of 2013, the Company has nine new toll road sections of additional 211 km.

At the end of the ‘80s, the Government of Indonesia began to include private sectors to participate in toll road development through the Build, Operate and Transfer (BOT) mechanism. In the 90s, the Company’s role is more on the authority, facilitating private investors most of whom failed to realize their project. The toll roads that were taken over by the Company include JORR and Cipularang.

Business Activities

The issuance of Law No. 38 of 2004 on Road replacing Law No. 13 of 1980, along with the issuance of Government Regulation No. 15 giving more specific regulations on toll roads have brought changes in toll road business mechanism, which among others include the forming of the Indonesian Toll Road Authority (Badan Pengatur Jalan Tol – BPJT) as the regulator of toll road industry in Indonesia, as well as the decision of toll tariff by the Minister of Public Works along with the adjustment every two years. Therefore, the authorization function is given back from the Company to the Government. Consequently, the Company fully functions as a toll road operator and developer that requires concession license from the Government. Since then, toll road operation and development is based on investment concept and as an investor, the Company will invest in toll roads that


In accordance with the resolutions of the Extraordinary General Meeting of Shareholders convened on 12 September 2007 regarding the changes in the Company’s Articles of Association with regards to Initial Public Offering, including the increase in authorized capital, issued and fully paid capital; the changes in par value and the classification of share; the change in the Company’s status from a private company to become a public company; and the change in the name of the Company to become Perusahaan Perseroan (Persero) PT Jasa Marga (Indonesia Highway Corporatama) Tbk. or PT Jasa Marga (Persero) Tbk., the decision of the changes in the Company’s Articles of Association was stated in the Deed No. 27 dated 12 September 2007 from Notary Ny. Poerbaningsih Adi Warsito SH. The deed was approved by the Minister of Law and Human Rights of the Republic of Indonesia through the Decree of No. W7-10487 HT.01.04-TH.2007 dated 21 September 2007. The Company’s Articles of Association have been amended several times and the most recent amendment has been announced in the Supplement No. 27404 to the State Gazette of the Republic of Indonesia dated 12 December 2008 No. 100 and was last amended based

on Deed of Resolutions of No. 33 dated 05 April 2011 made before Notary Ny. Poerbaningsih Adi Wasito, SH., Notary in Jakarta as approved by the Minister of Law and Human Rights of the Republic of Indonesia through its Decree No. AHU-20228.AH.01.02 year 2011 dated 21 April 2011, and was last amended in accordance with the Deed of Resolutions of Extraordinary General Meeting of Shareholders No. 95 dated 21 June 2012, made before Ny. Poerbaningsih Adi Warsito, SH., Notary in Jakarta and has obtained acknowledgement letter from Directorate General Public Law Administration of the Ministry of Law and Human Rights No. AHUAH.01.10-25313 dated 10 July 2012. According to Article 3 of the Company’s Articles of Association, the aims and purposes of the Company are to engage in performing and supporting the Government’s programs and policies in economy and national in development in general; and in the development of toll roads along with the supporting facilities in particular, by implementing the principles of Limited Liability Company. To achieve the above aims and purposes, the Company performs the following activities: 1. Performing technical planning, construction, operation and/or maintenance of toll roads. 2. Developing the land in toll roads’ right of way (ROW) areas and the land adjacent to toll roads’ ROW for rest and services areas along with the facilities and other businesses. The above business activities are carried out through the process of planning, building, operating and maintaining toll roads along with the facilities so that toll roads are able to function as highway providing more benefits compared to the non-toll roads

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Through the Toll Road Concession Agreement (Perjanjian Pengusahaan Jalan Tol – PPJT) signed on 07 July 2006, 13 toll road sections operated by the Company have a concession period of 40 years effective from 01 January 2005, with an exception of PPJT of JORR Section S, which in 2013, Jasa Marga was appointed temporary operator based on the Decision of the Minister of Public Works No. 80.1/KPTS/M/2013 on Temporary Operation of Jakarta Outer Ring Road Toll Road Section Pondok Pinang-Jagorawi (JORR S). As the Company continues to grow, the Company constantly makes the efforts to add its ownership of new toll road concessions. In 2005, Jasa Marga won the concession of three new toll roads i.e. Bogor Outer Ring Road, SemarangSolo and Gempol-Pasuruan whose concessions are held by PT Marga Sarana Jabar, PT Trans Marga Jateng and PT Trans Marga Jatim Pasuruan, respectively, with a concession period of 45 years. In 2007, the Company won another two toll road concessions i.e. Cengkareng-Kunciran and KunciranSerpong with a concession period of 35 years. To support the expansion and development of the Company, since 2007, , the Company has become a public company and has been listed at Indonesia Stock Exchange (IDX) – previously Jakarta Stock Exchange (JSX), when the Government sold its 30% shares to public on 12 November 2007. In addition to continuously adding more new toll road concessions, Jasa


Marga also increases its ownership at the subsidiaries, holder of toll road concession. In 2009, the Company increased its shares ownership and became the major shareholder in PT Marga Kunciran Cengkareng, holder of Cengkareng-Kunciran Toll Road concession; PT Marga Trans Nusantara, holder of Kunciran-Serpong Toll Road concession; PT Marga Nujyasumo Agung, holder of Surabaya-Mojokerto Toll Road concession, each with a concession period of 35 years. In 2011, Jasa Marga increased its shares ownership in PT Margabumi Adhikaraya, which is the concession holder of Gempol-Pandaan Toll Road with a concession period of 35 years and becomes the major shareholder by acquiring the shares from existing shareholder. Furthermore, together with a consortium of four SOEs, local Government-owned enterprise, and Local Government, the Company was appointed developer of Nusa DuaNgurah Rai-Benoa Toll Road project in Bali with a concession period of 45 years. Thus until the end of 2013, the Company has nine new toll road concessions through its subsidiaries each of which the Company is the major shareholder. Through 9 branches and 11 Subsidiaries, the Company is the concession holder of 22 toll road sections, 18 of which, representing 561 km, are already operated, including four new toll roads that are operated in stages, i.e. Bogor Outer Ring Road Toll Road Section 1 Sentul Selatan-Kedung Halang (3.8 km); Semarang-Solo Toll Road Section 1

17


Semarang-Ungaran (10.8 km); SurabayaMojokerto Toll Road Section 1A WaruSepanjang (2.3 km); JORR W2 North Toll Road Kebon Jeruk-Ciledug Section (5.7 km) and one toll road fully operated, i.e. Nusa Dua-Ngurah Rai-Benoa Toll Road (10 km), so until the end of 2013, the Company has dominated the market share by operating 73% of the total length of toll roads (in km) in Indonesia. Based on its Articles of Association, the Company also conducts the following supporting business activities: 1. Developing property in areas near toll road corridor. 2. Developing services for businesses related to modes/means of transportation, distribution of liquid/ solid/gas material, information facility network, technology and communication, in relation to toll

road corridor.

3. Developing the fields of trade and services for construction, maintenance and toll road operation.

This is intended to enable the synergy and maximize the development of the Company’s assets. Supporting business activities are strengthened by establishing two subsidiaries, namely PT Sarana Marga Utama founded in 1988 to work in the field of construction, trading and car rental services; and PT Jasamarga Properti founded in 2012 to work in the field of property related services, trading and development. At the two said subsidiaries, the Company is the major shareholder.


The Company’s main income derives from the toll payment of vehicles passing its toll roads. The company’s other sources of income also include land rent, advertisements and operation of other party’s toll road.

In addition to continuously adding more new toll road concessions, Jasa Marga also increases its ownership at the subsidiaries, holder of toll road concession.

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Identitas Perseroan

Vision, Mission & Values of the Company

Profil Perseroan Transformasi Jasa Marga Ikhtisar 2013 Laporan Manajemen Analisa dan Pembahasan Manajemen Pengembangan Proyek Baru Pengelolaan Human Capital Tata Kelola Perusahaan Tanggung Jawab Sosial Perusahaan Tanggung Jawab Manajemen Atas Laporan Tahunan 2013 Daftar Istilah Laporan Keuangan Konsolidasian

In view of the accomplishments of the Company’s performance over the past 35 years since 1978 to 2013, while grasping the change in the external conditions of the Company as well as business opportunities in both toll road and non-toll road, the Company then deems that it is necessary to formulize the Vision, Mission, and Values of the Company for the next 5 and 10 years. The formulation of the Company’s Vision, Mission, and Values was carried out by involving the entire related parties, which include among others: the Board of Commissioners, Directors, and employees, while bearing in mind the interests of the Stakeholders.

The Vision and Mission of the Company have been approved by the Board of Commissioners and Directors following the Decision of the Directors No. 50/ KPTS/2013 dated 01 March 2013 on Vision, Mission and Values of the Company. Stages in Setting the Vision and Mission 1. Directors evaluate the Company’s achievements of performance and internal strength. 2. Directors evaluate the strategic changes in the Company’s external surroundings and consider future business opportunities. 3. Directors evaluate and identify the needs and expectations of the stakeholders. 4. While considering Internal Strengths and External Opportunities as well as stakeholders expectations, Directors form the Vision and Mission of the Company. 5. The Vision and Mission is then submitted to and evaluated by the Board of Commissioners to be decided and agreed together by both the Board of Commissioners and the Directors. 6. Directors decide the Company’s Vision and Mission through Decision Letter of the Directors. The Board of Commissioners and Directors periodically every year evaluate the accomplishment of the Company’s Vision and Mission.


Process of Setting Vision, Mission and Values of the Company

NEEDS AND EXPECTATIONS OF STAKEHOLDERS

DIRECTORS AND BOARD OF COMMISSIONERS VISION, MISSION & VALUES

STRATEGIC CHANGES IN EXTERNAL SURROUNDINGS AND BUSINESS OPPORTUNITIES

ACHIEVEMENTS OF THE COMPANY’S PERFORMANCE AND INTERNAL STRENGTHS

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Vision and Mission To provide clarity of direction and enable unifying focal point, the Company reviewed its Vision by evaluating its strength and business opportunities in the long term for both toll road and non-toll road businesses. The Vision of the Company is as follows:

2017 Vision

To become a leading company in the development and operation of toll roads in Indonesia.

2022 Vision

To become one of the leading companies in Indonesia.

Leading Company is defined with the following characteristics: • Having relatively high financial soundness in the industry and providing long-term investment value. • Becoming market leader in the industry. • Constantly making innovation in order to provide excellent quality of products and services. • Having social responsibility to the community and environment. • Having qualified Management • Becoming role model in Human Capital management to other companies and being chosen as the place for having a career by talented people. In formulizing its Mission, the Company reevaluated its Reason for Being, and Fundamental Purpose, while communicating the Value of the Company. The Mission of the Company is as follows:

Mission

1. Accelerating Toll Road Development. 2. Providing Efficient and Reliable Toll Roads. 3. Enhancing the Efficiency in the Distribution of Goods and Services. The Company’s Mission bears the meaning that the Company consciously understands its existence in performing its business activities as toll roads developer and operator, the Company has duties to realize the Acceleration of Toll Road Development to support economic growth program launched by the Government. In addition, the Company also understands that the existence of toll roads operated by the Company needs to benefit the toll road users requiring efficient and reliable toll roads as well as freeflowing distribution of goods and services.


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Identity of the Company Profile of the Company Transformation of Jasa Marga Highlights 2013

Corporate Values

Management Report

To run the Mission and accomplish the Vision of the Company, Jasa Marga has set Corporate Values serving as Guiding Principles in Behavior and Decision Making. Based on the review on the Corporate Values, such Values are established on the foundation of four main principles jointly recognized and developed, i.e. Jujur (Trustworthy), Sigap (Agile), Mumpuni (Qualified) and Respek (Respectful). Detailed meaning and explanation of the Corporate Values is as follows:

Management Discussion and Analysis New Projects Development Human Capital Management Corporate Governance Corporate Social Responsibility Statement of Members of the Board of Commissioners and Directors on the Responsibility for Annual Report 2013 Glossary Consolidated Financial Statements

J S M R

JUJUR (TRUSTWORTHY) Jasa Marga is committed to always being TRUSTWORTHY, fair, transparent and free from conflict of interests in carrying out its business activities.

SIGAP (AGILE) Jasa Marga is AGILE in providing services to the customers and other stakeholders by being concerned and proactive while constantly staying prudent. MUMPUNI (QUALIFIED) Jasa Marga is QUALIFIED in performing the duties with the basis of competency, consistency and innovation. RESPEK (RESPECTFUL) Jasa Marga is RESPECTFUL to the stakeholders in creating synergy to make achievements.




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Organizational Structure

Profile of the Company Transformation of Jasa Marga

Apart from changing its Vision, Mission and Corporate Values, in 2013 the Company also developed its organizational structure.

Highlights 2013

adjust to the policies in the field of human capital that are competence-based. The Company requires organization that classifies

This was deemed necessary in order to achieve the Company’s Vision and Mission as well as its business strategic plans and to

Management Report

functions using the approaches of hard and soft competence to support the effectiveness and performance of organization.


The Company’s Organizational Structure based on the Decision of the Directors No. 41/KPTS/2013 dated 01 March 2013 is as

New Projects Development

follows:

Human Capital Management Corporate Governance Corporate Social Responsibility

Organizational Structure of the Company

Statement of Members of the Board of Commissioners and Directors on the Responsibility for Annual Report 2013 Glossary Consolidated Financial Statements

President Director ADITYAWARMAN

Operation Director

Business Development Director

Human Capital and General Affairs Director

HASANUDIN

ABDUL HADI Hs.

MUH NAJIB FAUZAN

Internal Audit

Operation Management Division

Toll Road Business Development Division

Human Capital Strategy and Policy Division

DJOKO DWIJONO

TARULI M. HUTAPEA

DEDI KRISNARIAWAN S.

UNGGUL CARIAWAN

Corporate Secretary

Maintenance Division

DAVID WIJAYATNO

AYU WIDYA KISWARI

Related Business Development Division

Human Capital Services Division

AGUS SETIAWAN

SUTIRYA WIRIAS SASTRA

General Affairs Division

Highway and Traffic Engineering Division

BAMBANG SANCOYO

SONHADJI SURAHMAN

Branch Offices

Toll Road Subsidiaries

Non-Toll Road Subsidiaries

Rest Area Business Unit LEONA ROEDHIANITASARI L.


Jasa Marga Development Center Unit ENKKY SASONO A. W.

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The Company has four directorates each

Meanwhile, Directorate of Human

Beside the units mentioned above, the

of which has its own functions and scope

Capital and General Affairs carries out

Company also has several others units

of work. Directorate of operation through

the management and development of

under direct control of the President

Operation Management Division carries

human resources through Human Capital

Director. Those units are Internal Audit

out the management of the Company’s

Strategy and Policy Division, Human

and Corporate Secretary. Risk and Quality

operational activities, such as toll collection

Capital Services Division; and management

Management Division, Legal Division and

and traffic services, whereas Maintenance

of general affairs activities through

Information Technology Division each

Division carries out toll road maintenance

General Affairs Division. Directorate of

responsible for managing risk, technology

activities. Directorate of Business

Finance, through Corporate Planning

and corporate legal; along with Branch

Development through Toll Road Business

Division, Finance and Accounting Division

Offices, Toll Road Subsidiaries, Non-Toll

Development Division, Related Business

and Community Development Program

Road Subsidiaries, Rest Area Business Unit

Development Division, and Highway and

Unit, carries out the Company’s financial

and Jasa Marga Development Center Unit

Traffic Engineering Division carry out the

planning, control and management.

are under the control of the Directors of the Company.

management of new toll road investment activities and development of other businesses as well as the monitoring and control of Subsidiaries’ performance.

Finance Director

REYNALDI HERMANSJAH

Corporate Planning Division

Risk and Quality Management Division

MOHAMMAD SOFYAN

SATRIA GANEFANTO

Finance and Accounting Division

Legal Division

SYACHRIANI ATIM

TOLU ISMED ARIEF

Community Development Unit

Information Technology Division

ENKKY SASONO A. W.

D. HARI PRATAMA


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Jasa Marga Key Personnel


Head Office

Highlights 2013 Management Report Management Discussion and Analysis New Projects Development Human Capital Management Corporate Governance Corporate Social Responsibility

David Wijayatno

Statement of Members Corporate Secretary of the Board of Profile is available at Profile of Commissioners and Corporate Secretary. Directors on the Responsibility for Annual Report 2013

Djoko Dwijono

Satria Ganefanto

Head of Internal Audit

VP Risk and Quality Management

Profile is available at Profile of Head of Internal Audit.

Profile is available at Profile of VP Risk and Quality Management.

Glossary Consolidated Financial Statements

Taruli M. Hutapea

Ayu Widya Kiswari

Sonhadji Surahman

VP Operation Management

VP Maintenance

VP Highway and Traffic Engineering

Having joined Jasa Marga since 1986, she was appointed VP Operation Management on 01 July 2012. She completed Bachelor’s Degree in Civil Engineering from University of Indonesia in 1999. Previous key positions at Jasa Marga among others include Head of Toll Collection Sub Division of Operation Management Division (2007-2009) and Head of Toll Collection System Control of Toll Collection Division (2001-2007).

Having joined Jasa Marga since 1995, she was appointed VP Maintenance on 20 January 2014. She completed Bachelor’s Degree in Transportation Civil Engineering from Sepuluh November Institute of Technology Surabaya in 1994. Previous key positions at Jasa Marga among others include Head of Maintenance Control Sub Division of Maintenance Division (2009-2011) and Head of Maintenance Program, Preparation and Procedure Sub Division (2007-2009).

Having joined Jasa Marga since 1985, he was appointed VP Highway and Traffic Engineering on 20 January 2014. He completed Bachelor’s Degree in Civil Engineering General from Diponegoro University in 1984 and Master’s Degree in Civil Engineering from University of Indonesia in 2002. Previous key positions among others include President Director of PT Marga Lingkar Jakarta (2009-2014) and Engineering Director of PT Marga Trans Nusantara (2008).


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Dedi Krisnariawan Sunoto

Mohamad Agus Setiawan

Unggul Cariawan

VP Toll Road Business Development

VP Related Business Development

VP Human Capital Strategy and Policy

Having joined Jasa Marga since 1989, he was appointed VP Toll Road Business Development on 29 September 2006. He completed Bachelor’s Degree in Civil Engineering from Gadjah Mada University in 1988 and Master’s Degree in Management Program from University of Pelita Harapan in 2007. Previous key positions at Jasa Marga among others include Head of Toll Road Investment Sub Division of Business Development Division (2001-2006) and Head of Investment Control Sub Division of Investment Development Division (1999-2001).

Having joined Jasa Marga since 1996, he was appointed VP Related Business Development on 08 May 2012. He completed Bachelor’s Degree in Civil Engineering from Bandung Institute of Technology in 1995 and Master’s Degree in Road Network Management Technic of Department of Public Works from Parahyangan Catholic University Bandung in 2009. Previous key positions at Jasa Marga among others include Head of Other Businesses Investment Planning Sub Division of Other Businesses Development Division (2010-2012) and Head of Toll Road Investment Control Sub Division of Toll Road Development Division (2008-2010).

Having joined Jasa Marga since 1988, he was appointed VP Human Capital Strategy and Policy on 01 October 2010. He completed Bachelor’s Degree in Transportation Civil Engineering from Sepuluh November Institute of Technology Surabaya in 1986 and Master’s Degree in Finance Management from University of Indonesia in 1999. Previous key positions at Jasa Marga among others include Head of Risk and Quality Management Bureau (2010) and Head of Board Administration and Investors Information Department (2001).

Sutirya Wirias sastra

Bambang Sancoyo

Mohammad Sofyan

GM Human Capital Services

GM General Affairs

VP Corporate Planning

Having joined Jasa Marga since 1981, he was appointed GM Human Capital Services on 01 July 2013. He completed Bachelor’s Degree in Economy Management from STIA LAN Jakarta in 1999. Previous key positions at Jasa Marga among others include Head of Partnership Program and Community Development Program Unit (2011-2013) and Head of HR and General Affairs Department of Jakarta-Cikampek Branch (2007-2011).

Having joined Jasa Marga since 1995, he was appointed GM General Affairs on 29 September 2006. He completed Bachelor’s Degree in Accounting from Gadjah Mada University Yogyakarta in 1982 and Master’s Degree in Management from University of Pelita Harapan in 2005. Previous key positions at Jasa Marga among others include Head of Accounting Bureau (1999-2006) and Head of Work Funding Department of Accounting Bureau (1997-1999).

Having joined Jasa Marga since 1997, he was appointed VP Corporate Planning on 06 March 2012. He completed Bachelor’s Degree in Civil Engineering from 10 November Institute of Technology Surabaya in 1996, Master’s Degree in Project Management from University of Indonesia in 2003 and Master’s Degree in Business & IT from the University of Melbourne in 2007. Previous key positions at Jasa Marga among others include Head of Corporate Work Program Monitoring and Evaluation Department of Corporate Planning Bureau (2010-2012) and Head of Technology Development Analysis Department of Corporate Information Technology Bureau (2008-2010).


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Identity of the Company Profile of the Company Transformation of Jasa Marga Highlights 2013 Management Report Management Discussion and Analysis New Projects Development Human Capital Management Corporate Governance

Syachriani Atim

Tolu Ismed Arief

VP Finance and Accounting

VP Legal

Having joined Jasa Marga since 1984, she was appointed VP Finance and Accounting on 01 October 2011. Statement of Members of the Board of She completed Bachelor’s Degree in Commissioners and Accounting from STIE YAI Jakarta in 1994. Directors on the Responsibility for Annual Previous key positions at Jasa Marga Report 2013 among others include Head of Treasury Department of Finance and Accounting Glossary Bureau (2007-2011) and Head of Finance Consolidated Financial Department of Jakarta-Cikampek Branch Statements (2006-2007). Corporate Social Responsibility

Having joined Jasa Marga since 1989, he was appointed VP Legal on 29 September 2006. He completed Bachelor’s Degree in Civil Law from Islamic University of Indonesia Yogyakarta in 1987. Previous key positions at Jasa Marga among others include Head of Corporation and Agreement Department of Legal Bureau (2001-2006) and Head of Regulation Planning, Inventory and Documentation Sub Department of Administration Bureau (1992-1994).

D. Hari Pratama VP Information Technology Having joined Jasa Marga since 1997, he was appointed VP Information Technology on 01 May 2013. He completed Bachelor’s Degree in Civil Engineering from Sepuluh November Institute of Technology Surabaya in 1995 and Master’s Degree in Civil Engineering from Queensland University of Technology Australia in 2001. Previous key positions at Jasa Marga among others include East Java Toll Road Corridor Property Development Business Project Manager (2012-2013) and Head of Other Businesses Development Division (20102012).

Branch Offices

Enkky Sasono A. W.

Hardjono Santoso

Agus Purnomo

GM Jasa Marga Development

GM Jagorawi Branch

Center

Having joined Jasa Marga since 1986, he was appointed GM Jagorawi Branch on 01 July 2012. He completed Bachelor’s Degree in Civil Engineering from Diponegoro University in 1985. Previous key positions at Jasa Marga among others include Purbaleunyi Branch Manager (2006-2012) and Palikanci Branch Manager (2002-2006).

GM Cawang-Tomang-Cengkareng

Having joined Jasa Marga since 1986, he was appointed GM Jasa Marga Development Center on 08 December 2011. He completed Bachelor’s Degree in Business Administration from STIA LAN Jakarta in 1996 and Master’s Degree in Management from STIE IPWI Jakarta in 2001. Previous key positions at Jasa Marga among others include Head of Partnership Program and Community Development Program Unit (2011) and Head of HR and General Affairs Department of Surabaya-Gempol Branch (2007-2011).


Branch Having joined Jasa Marga since 1988, he was appointed GM Cawang-Tomang-Cengkareng on 20 January 2014. He completed Bachelor’s Degree in Civil Engineering from Sepuluh November Institute of Technology Surabaya in 1987. Previous key positions at Jasa Marga among others include Surabaya-Gempol Branch Manager (2008-2014) and Semarang Branch Manager (2006-2008).

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Yudhi Krisyunoro

Supratowo

Ricky Distawardhana

GM Jakarta-Cikampek Branch

GM Jakarta-Tangerang Branch

GM Purbaleunyi Branch

Having joined Jasa Marga since 1986, he was appointed GM Jakarta-Cikampek Branch on 01 July 2012. He completed Bachelor’s Degree in Structural Civil Engineering from Bandung Institute of Technology in 1985 and Master’s Degree in Transportation Civil Engineering from University of Indonesia in 1998. Previous key positions at Jasa Marga among others include Project Manager of Additional Lanes on Jagorawi Toll Road and Taman Mini Toll Gate Relocation (2010-2012) and Head of Traffic Services and Security & Order Department of Jagorawi Branch (2009-2010).

Having joined Jasa Marga since 1986, he was appointed GM JakartaTangerang Branch on 01 July 2012. He completed Bachelor’s Degree in Civil Engineering from Diponegoro University in 1985. Previous key positions at Jasa Marga among others include Semarang Branch Manager (2009-2012) and Head of Traffic Services and Security & Order Department, serving concurrently as Head of Maintenance Division of Jagorawi Branch (2007-2009).

Having joined Jasa Marga since 1989, he was appointed GM Purbaleunyi Branch on 20 January 2014. He completed Bachelor’s Degree in Civil Engineering from Bandung Institute of Technology in 1989. Previous key positions at Jasa Marga among others include VP Maintenance (2012-2014) and Jakarta-Tangerang Branch Manager (2009-2012).

Christantio Prihambodo

Roy A. Darwis

GM Surabaya-Gempol Branch

GM Palikanci Branch

Having joined Jasa Marga since 1988, he was appointed GM SurabayaGempol Branch on 20 January 2014. He completed Bachelor’s Degree in Civil Engineering from University of Indonesia in 1985. Previous key positions at Jasa Marga among others include GM Purbaleunyi Branch (2012-2014) and Head of Toll Collection Management Sub Division of Operation Management Division (2011-2012).

Having joined Jasa Marga since 1993, he was appointed GM Palikanci on 20 January 2014. He completed Bachelor’s Degree in Civil Engineering from National Institute of Science and Technology in 1991 and S2 in HR from University of Krisnadwipayana in 2004. Previous key positions at Jasa Marga among others include GM Palikanci Branch (2009-2014) and Head of Traffic Management Sub Division of Operation Management Division (2007-2009).


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Project Offices


Sari Purnawarman

Raddy R. Lukman

GM Semarang Branch

GM Belmera Branch

Having joined Jasa Marga since 1986, he was appointed GM Semarang Branch on 01 July 2012. He completed Bachelor’s Statement of Members of the Board of Degree in Civil Engineering from Commissioners and Diponegoro University in 2003. Previous Directors on the Responsibility for Annual key positions at Jasa Marga among others Report 2013 include Head of Traffic Management Department of Jagorawi Branch Glossary (2010-2012) and Head of Toll Collection Consolidated Financial Department of Jakarta-Tangerang Branch Statements (2007-2010). Corporate Social Responsibility

Silverster Aryan Widodo Communication & Information Technology Development Business Project Manager Having joined Jasa Marga since 1985, he was appointed Communication & Information Technology Development Business Project Manager on 02 January 2010. He completed Bachelor’s Degree in Civil Engineering from Bandung Institute of Technology in 1985. Previous key positions among others include Head of Engineering Division of PT Jalantol Lingkarluar Jakarta (2003-2007) and Head of Engineering Administration Sub Division of Engineering Plan Division (1997-2003).

Having joined Jasa Marga since 1996, he was appointed GM Belmera Branch on 20 January 2014. He completed Bachelor’s Degree in Civil Engineering from University of Indonesia in 1994. Previous key positions at Jasa Marga among others include Deputy General Manager Toll Collection Management of Jakarta-Cikampek Branch (20122014) and Head of Traffic Management Department of Jakarta-Cikampek Branch (2011-2012).

Bambang Eko Arrangement and Expansion of Head Office, Taman Mini Main Toll Gate, Jagorawi Branch Office and its Surroundings Project Manager Having joined Jasa Marga since 1985, he was appointed Arrangement and Expansion of Head Office, Taman Mini Main Toll Gate, Jagorawi Branch Office and its Surroundings Project Manager on 01 September 2013. He completed Bachelor’s Degree in Civil Engineering from Jaya Baya University in 1998. Previous key positions at Jasa Marga among others include Additional Lanes on TangerangKebon Jeruk Section of Jakarta-Tangerang Toll Road Project Manager (2010-2011) and Head of Implementation Control III Department of Prof. Dr. Ir. Sedyatmo Toll Road South Side Elevated Widening Project (2008-2010).


Mulyono Porong-Gempol Toll Road Development Project Manager Having joined Jasa Marga since 1985, he was appointed Porong-Gempol Toll Road Development on 02 January 2012. He completed Bachelor’s Degree in Civil Engineering from ITN Malang in 1983. Previous key positions at Jasa Marga among others include Head of Traffic Management Department of JakartaCikampek Branch (2007-2011) and Head of Traffic Services and Security & Order Department, serving concurrently as Head of Maintenance Department of Jakarta-Tangerang Branch (20062007).

Ari Kristopo Additional Lanes on Jagorawi Toll Road and Taman Mini Main Toll Gate Relocation Project Manager Having joined Jasa Marga since 1995, he was appointed Additional Lanes on Jagorawi Toll Road and Taman Mini Main Toll Gate Relocation Project Manager on 20 January 2014. He completed Bachelor’s Degree in Transportation Civil Engineering from Islamic University of Indonesia Yogyakarta in 1994. Previous key positions among others include Engineering Director of PT Sarana Marga Utama (2012-2014) and Head of Operation Management Division of PT Jalantol Lingkarluar Jakarta (2009-2011).

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Subsidiaries and Associated Companies

Leona Roedhianitasari Legawati Head of Rest and Services Areas Business Unit

Septerianto Sanaf President Director of PT Jalantol Lingkarluar Jakarta

Muhammad Zahir Siregar President Director of PT Marga Sarana Jabar

Having joined Jasa Marga since 1986, he was appointed President Director of PT Jalantol Lingkarluar Jakarta on 01 July 2012. He completed Bachelor’s Degree in Civil Engineering from Parahyangan Catholic University Bandung in 1986. Previous key positions at Jasa Marga among others include Head of Toll Collection Division (2003-2006) and Head of Operation Management Division (2006-2012).

Having joined Jasa Marga since 1988, he was appointed President Director of PT Marga Sarana Jabar on 02 December 2011. He completed Bachelor’s Degree in Civil Engineering from University of North Sumatera in 1986 and Master’s Degree in Management from STM PPM in 2003. Previous key positions at Jasa Marga among others include Palikanci Branch Manager (2006-2011) and Belmera Branch Manager (2005-2006).

Djadjat Sudradjat President Director of PT Trans Marga Jateng

Slamet Sudradjat President Director of PT Marga Nujyasumo Agung

A. Tito Karim President Director of PT Jasamarga Bali Tol

Having joined Jasa Marga since 1986, he was appointed President Director of PT Trans Marga Jateng in November 2011. He completed Bachelor’s Degree in Civil Engineering from Bandung Institute of Technology in 1985. Previous key positions among others include Head of Development Division (2006-2009) and President Director of PT Marga Nujyasumo Agung (2009-2011).

Having joined Jasa Marga since 1983, he was appointed President Director of PT Marga Nujyasumo Agung in 2011. He completed 3-year Associate Degree in Civil Engineering from Engineering Academy of Department of Public Works in 1980 and Master’s Degree in Civil Engineering from the University of New South Wales in 1991. Previous key positions at Jasa Marga among others include Gempol-Pasuruan Toll Road Preparation and Development Project Manager (2006-2008) and Bogor Outer Ring Road Toll Road Preparation and Development Project Manager (2005-2006).

Having joined Jasa Marga since 1986, he was appointed President Director of PT Jasamarga Bali Tol on 02 December 2011. He completed Bachelor’s Degree in Civil Engineering from Sriwijaya University in 1984 and Master’s Degree in HR Management from Ikopin Bandung in 2006. Previous key positions among others include President Director of PT Marga Sarana Jabar (2010-2011) and Operation Director of PT Jalantol Lingkarluar Jakarta (2007-2010).

Having joined Jasa Marga since 1995, she was appointed Head of Rest and Services Areas Business Unit on 01 October 2012. She completed Bachelor’s Degree in Transportation from Pancasila University Jakarta in 1993. Previous key positions at Jasa Marga among others include Rest and Services Areas Development Business Project Manager (2011-2012) and Head of Implementation Control II Department of Rest and Services Areas Development Business Project (2009-2011).


30

Identity of the Company Profile of the Company Transformation of Jasa Marga Highlights 2013 Management Report Management Discussion and Analysis New Projects Development Human Capital Management Corporate Governance Corporate Social Responsibility

Subakti Syukur President Director of PT Marga Lingkar Jakarta

Having joined Jasa Marga since 1986, he was appointed President Director of Statement of Members PT Marga Lingkar Jakarta on 20 January of the Board of Commissioners and 2014. He completed Bachelor’s Degree in Directors on the Civil Engineering from Bandung Institute Responsibility for Annual of Technology in 1986 and Master’s Report 2013 Degree in Management from Christian Glossary University Jakarta in 2010. Previous key Consolidated Financial positions at Jasa Marga among others Statements include GM Cawang-Tomang-Cengkareng Branch (2008-2014) and SurabayaGempol Branch Manager (2006-2008).

Setiyono President Director of PT Jasamarga Pandaan Tol Having joined Jasa Marga since 1985, he was appointed President Director of PT Jasamarga Pandaan Tol on 01 January 2012. He completed Bachelor’s Degree in Transportation Civil Engineering from Sepuluh November Institute of Technology Surabaya in 1985. Previous key positions at Jasa Marga among others include Head of Traffic Safety Sub Division of Traffic Management Division (2001-2006) and Head of Engineering Department of Jakarta-Tangerang Branch (1998-2001).


Hengki Herwanto President Director of PT Transmarga Jatim Pasuruan Having joined Jasa Marga since 1982, he was appointed President Director of PT Transmarga Jatim Pasuruan on 28 June 2010. He completed Bachelor’s Degree in Transportation Civil Engineering from Sepuluh November Institute of Technology Surabaya in 1981 and Master’s Degree in Business Administration from IPPM in 1993. Previous key positions among others include Director of PT Citra Margatama Surabaya (2005-2007) and GempolPasuruan Toll Road Preparation and Development Project Manager (2008-2011).

Agus SuharJanto President Director of PT Marga Trans Nusantara Having joined Jasa Marga since 1986, he was appointed President Director of PT Marga Trans Nusantara on 01 December 2011. He completed Bachelor’s Degree in Construction Civil Engineering from Gadjah Mada University in 1986. Previous key positions at Jasa Marga among others include Semarang-Solo Toll Road Preparation and Development Project Manager (2006-2010) and Jagorawi Toll Road Enhancement Project Manager, serving concurrently as Padalarang-By Pass Section Project Manager (2004-2006).

31


Saut Parlindungan Simatupang President Director of PT Marga KunciranCengkareng

Kristianto President Director of PT Sarana Marga Utama

Having joined Jasa Marga since 1984, he was appointed President Director of PT Marga Kunciran Cengkareng on 06 February 2011. He completed Bachelor’s Degree in Civil Engineering from Bandung Institute of Technology in 1982 and Master’s Degree in International Management from STM PPM in 2001. Previous key positions at Jasa Marga among others include Jati Asih-Cikunir Section of JORR E1 Section IV Toll Road Development Project Manager (2004-2008) and Padalarang-By Pass Toll Road Development Project Manager (2001-2004).

Having joined Jasa Marga since 1988, he was appointed President Director of PT Sarana Marga Utama on 01 July 2012. He completed Bachelor’s Degree in Civil Engineering from Diponegoro University in 1985 and Master’s Degree in Business Management from STIE Nusantara in 1997. Previous key positions among others include Director of PT Jalantol Lingkarluar Jakarta (2010-2012) and Director of PT Marga Mandala Sakti (2001-2010).

Irwan Nurhadi President Director of PT Jasamarga Properti

Iwan Moedyarno President Director of PT Ismawa Trimitra

He was appointed President Director of PT Jasamarga Properti on 15 January 2013. He completed Bachelor’s Degree in Structural Engineering from University of Indonesia in 1978, Bachelor’s Degree in in Economy Finance Management from University of Indonesia in 1989, Master’s Degree in Economic Science from University of Indonesia in 1991, Master’s Degree in Marketing Management from UK in 1998, and Master’s Degree in Business Administration (Real Estate Finance Management) from San Beda College Manila, the Philippines in 2010. Prior to joining Jasa Marga, he was Property General Manager and Property Senior Manager at PT Surya Semesta Internusa – Astra Group (1996-2008), and Property Advisor di Agung Podomoro Group (2008-2012).

Having joined Jasa Marga since 1986, he was appointed President Director of PT Ismawa Trimitra in 2013. He completed Bachelor’s Degree in Civil Engineering from Bandung Institute of Technology in 1985 and Master’s Degree in Business from IIM-Pittsburgh State University in 1993. Previous key positions at Jasa Marga among others include Head of Other Businesses Development Division (2008-2010). At present he is also Ex-Workshop and Jagorawi Branch Office Land Property Development Project Manager (2010-present).

PT Jasa Marga (Persero) Tbk. La 2013 po ra An n nTa uahlun R epo a n 2013 rt

32

Profile of Human Capital Jasa Marga


To support the Company’s sustainable growth, at present the Company is making the efforts to optimize the empowerment of

Profile of the Company

existing human resources. The number of permanent employees in 2013 reaching 4,875 people decreased by 3.94% compared

Transformation of Jasa Marga

to that of 2012 reaching 5,075 people. This figure keeps decreasing over the past years: the Company employed 5,154 permanent employees in 2011, 5,303 in 2010 and 5,443 in 2009.

Highlights 2013 Management Report Management Discussion and Analysis

NUMBER OF PERMANENT EMPLOYEES 2009-2013

(people)

New Projects Development Human Capital Management Corporate Governance

5,443

Corporate Social Responsibility

5,075

5,154

5,303

Statement of Members of the Board of Commissioners and Directors on the Responsibility for Annual Report 2013

4,875


2009

2010

2011

2012

2013

COMPOSITION OF PERMANENT EMPLOYEES BY LEVEL OF EDUCATION Level of Education

2012 Number of Employees

2013 Proportion (%)

Number of Employees

Proportion (%)

S3

-

-

1

0.0

S2

5

0.1

70

1.4

S1

510

10.0

500

10.3

16

0.3

17

0.3

Academy High School

4,335

85.4

4,210

86.4

Junior High School

113

2.2

17

0.3

Elementary School

96

1.9

60

1.2

5,075

100

4,875

100

Total

The composition of Jasa Marga employees by education in 2013 showed some changes compared to that of 2012. This indicates the Company’s success in the process of recruitment and development of employees’ academic competencies.


33


COMPOSITION OF PERMANENT EMPLOYEES BY AGE Age


2013 Proportion (%)

Number of Employees

Proportion (%)

≤25

44

0.9

35

0.7

26-30

88

1.7

83

1.7

31-35

358

7.1

283

5.8

36-40

1,068

21.0

1,023

21.0

41-45

1,238

24.4

1,162

23.8

46-50

1,382

27.2

1,375

28.2

897

17.7

914

18.7

5,075

100

4,875

100

>51 Total

Policies in Employment Opportunities The Company’s policies in work opportunities, either in employees’ placement or career development are stipulated in Joint Working Agreement (Perjanjian Kerja Bersama – PKB). Jasa Marga carries out the filling of job formation and career development selectively and transparently without discrimination (gender, race, ethnicity, and religion), while prioritizing internal sources from within the Company with the regard to the work performance, capabilities and competencies of the employees.

COST FOR EDUCATION AND TRAINING Throughout 2013, the cost for employees’ education and training of the Company reached Rp 18.7 billion. Cost Education and Training

2013 18,660,453,279


2012 9,911,096,483

Major Shareholder, Subsidiaries & Associated Companies

34

Identity of the Company Profile of the Company

Corporate Structure of Jasa Marga Group (as of 31 December 2013)

Transformation of Jasa Marga Highlights 2013 Management Report Management Discussion and Analysis New Projects Development Human Capital Management

THE REPUBLIC OF INDONESIA

PUBLIC

70%

30%

Corporate Governance Corporate Social Responsibility Statement of Members of the Board of Commissioners and Directors on the Responsibility for Annual Report 2013 Glossary

PT JASA MARGA (PERSERO) Tbk.

Consolidated Financial Statements

SUBSIDIARIES (OWNERSHIP >50%)

ASSOCIATED COMPANIES (OWNERSHIP <50%)

PT Jalantol Lingkarluar Jakarta 99%

PT Marga Sarana Jabar 55%

PT Trans Marga Jateng 60%

PT Marga Kunciran Cengkareng 76.07%

PT Marga Lingkar Jakarta 65%

PT Marga Nujyasumo Agung 55%

PT Transmarga Jatim Pasuruan 96.39%

PT Jasamarga Bali Tol 55%

PT Marga Trans Nusantara 60%

PT Jasamarga Pandaan Tol 66.48%

PT Sarana Marga Utama 99%

PT Jasamarga Properti 99%


PT Citra Bhakti Margatama Persada (CBMP)

34.83%

PT Bukaka Marga Utama 20%

PT Citra Ganesha Marga Nusantara 30%

PT Ismawa Trimitra 25%

PT Jatim Marga Utama 26%

PT Trans Lingkar Kita Jaya 21.24%

35


Subsidiaries

Jasa Marga Subsidiaries No. 1. 2.

as of 31 December 2013

Name

Share Ownership

Line of Business

PT Jalantol Lingkarluar

• Jasa Marga: 99.00%

Jakarta Outer Ring Road Toll

Jakarta (JLJ)

• Inkopkar Jasa Marga: 1.00%

Road Operator

PT Marga Sarana Jabar (MSJ)


Bogor Outer Ring Road Toll

• PT CMNP Tbk: 30.00%

Road Operator

Status* Operated Operated

• PT Jasa Sarana: 15.00% 3.

PT Trans Marga Jateng (TMJ)


Semarang-Solo Toll Road

• PT Sarana Pembangunan

Operator

Operated

Jawa Tengah: 40.00% 4.

PT Marga Nujyasumo Agung


Surabaya-Mojokerto Toll

(MNA)

• Moeladi Grup: 25.00%

Road Operator

Operated

• PT Wijaya Karya: 20.00% 5.

PT Jasamarga Bali Tol (JBT)


Nusa Dua-Ngurah Rai-Benoa

• PT Angkasa Pura I: 8.00%

Toll Road Operator

Operated

• PT Pelindo III: 17.98% • PT Pengembangan - Pariwisata Bali: 1.00% • PT Adhi Karya: 1.00% • PT Hutama Karya: 1.00% • Pemprov Bali: 8.01% • Pemkab Badung: 8.01% 6. 7. 8.

PT Marga Lingkar Jakarta


JORR W2 North Toll Road

(MLJ)

• PT Jakarta Marga Jaya: 35.00%

Operator

PT Transmarga Jatim


Gempol-Pasuruan Toll Road

Pasuruan (TJP)

• PT Jatim Marga Utama: 3.61%

Operator

PT Jasamarga Pandaan Tol


Gempol-Pandaan Toll Road

• Perusda Pasuruan: 17.77%

Operator

Operated Not Yet Operated Not Yet Operated

• PT Margabumi Matraraya: 14.38% • Entrada Utama: 1.37% 9.

PT Marga Trans Nusantara


Kunciran-Serpong Toll Road

(MTN)

• PT Astratel Nusantara: 30.00%

Operator

Not Yet Operated

• PT Transumata Arya Sejahtera: 10.00% 10.

PT Marga Kunciran


Cengkareng-Kunciran Toll

Cengkareng (MKC)

• CMS WIL: 21.00%

Road Operator

Not Yet Operated

• PT Wijaya Karya: 2.09% • PT Nindya Karya: 0.42% • PT Istaka Karya: 0.42% 11. 12.

PT Sarana Marga Utama


Construction, Trading, Car

(SMU)


Rental Services

PT Jasamarga Properti (JMP)


Property Related Services,


Trading and Development

Note: *) Status represents the status of toll road operation for toll road companies and status of business/service operation for non-toll road companies.


Operated Operated

36


About the Subsidiaries


1. PT Jalantol Lingkarluar Jakarta (JLJ) JLJ is Jasa Marga’s Subsidiary established for toll road

JALANTOL LINGKARLUAR JAKARTA

Highlights 2013

development, other investment and supporting services

Management Report

in toll road based on prevailing rules and regulations, and

Kelompok Usaha Jasa Marga


by making use of existing potential. JLJ’s main source of

other fields of business related to toll road development revenue derives from the operation, maintenance, and


security services for Jasa Marga’s Jakarta Outer Ring Road/

Human Capital Management

Toll Road Section 1 and PT Jasamarga Bali Tol’s Nusa Dua-

JORR Toll Road, PT Translingkar Kita Jaya’s Cinere-Jagorawi

PENYELENGGARA JALAN TOL JORR

Members of the Board

• President Commissioner: Bambang Sulistyo • Commissioner: Heri Purnomo • President Director: Septerianto Sanaf • Director: Albert MP Silaen

Ngurah Rai-Benoa Toll Road.

Corporate Governance

Financial Highlights as of 31 December 2013 (Rp billion)

Corporate Social Responsibility Statement of Members of the Board of Commissioners and Directors on the Responsibility for Annual Report 2013

Assets

103.28

Operating Revenues

234.50


2. PT Marga Sarana Jabar (MSJ)

MSJ is Jasa Marga’s Subsidiary established for the

PENYELENGGARA JALAN TOL BOGOR RING ROAD

concession of Bogor Outer Ring Road Toll Road and is responsible for funding, technical planning, constructing, operating and conducting maintenance of the Toll


Road along with other businesses in accordance with prevailing rules and regulations. The operation of Bogor Outer Ring Road Toll Road (BORR) Section 1 of 3.8 km was inaugurated by the Minister of Public Works on 23 November 2009 and since then the Subsidiary has gained revenues from toll road operation.

• President Commissioner: Maqdir Ismail • Commissioner: Reynaldi Hermansjah • Commissioner: Diah Wahju Sari • President Director: Muhammad Zahir Siregar • Finance Director: Aggi Tjetje • Engineering & Operation Director: Ach. Lukman Letnantoro



Assets

896.35

Operating Revenues

336.56

37


3. PT Trans Marga Jateng (TMJ)

TMJ is Jasa Marga’s Subsidiary established for the concession of Semarang-Solo Toll and is responsible for funding, technical planning, constructing, operating and conducting maintenance of the Toll Road along with other businesses in accordance with


prevailing rules and regulations. Semarang-Solo Toll Road Section 1 of 10.8 km has been operated since 12 November 2011 and the

• President Commissioner: Danang Atmodjo

Subsidiary’s main source of revenue derives from toll road operation.

• Commissioner: Djuwarso • Commissioner: Hasanudin • President Director: Djadjat Sudradjat • Finance Director: Darmoko • Engineering Director: Ari Nugroho


Assets Operating Revenues

3,407.47 671.92

4. PT Marga Nujyasumo Agung (MNA)

MNA is Jasa Marga’s Subsidiary established to conduct business activities for Jasa Marga c.q. the Minister of Public Works for Surabaya-Mojokerto Toll Road Concession consisting of constructing, operating and conducting maintenance of the


Toll Road in accordance with prevailing rules and regulations. Surabaya-Mojokerto Toll Road Section 1A of 2.3 km has been operated since 05 September 2011 and the Subsidiary’s main source of revenue derives from toll road operation.

• President Commissioner: Bambang Pramudjo • Commissioner: Muh Najib Fauzan • Commissioner: Amien Moeladi • President Director: Slamet Sudradjat • Finance Director: Syafaruddin AR • Operation Director: Edwin Cahyadi • Administration & General Affairs Director: Kamil Rusnandar




1,766.14 237.95

38


5. PT Jasamarga Bali Tol (JBT)


JBT is Jasa Marga’s Subsidiary established for the concession of Nusa Dua-Ngurah Rai-Benoa Toll Road


HIGHWAY CORPORATION

and is responsible for funding, technical planning,

Highlights 2013

constructing, operating and conducting maintenance

Management Report

of Nusa Dua-Ngurah Rai-Benoa Toll Road along with


and regulations. The operation of the 10 km Toll Road

other businesses in accordance with prevailing rules was inaugurated by the President of the Republic


of Indonesia Susilo Bambang Yudhoyono on 24 September 2013.



• President Commissioner: Abdul Hadi Hs. • Commissioner: A. Edy Hidayat Nurjaman • Commissioner: Robert Daniel Waloni • Commissioner: Wayan Blayu Suarjaya • President Director: A. Tito Karim


• Finance Director: Ronny Haryanto • Engineering & Operational Director:


Wiwin Kwintandi Soeprapto



Assets

Glossary

Operating Revenues


2,172.60 575.69

6. PT Marga Lingkar Jakarta (MLJ)

MLJ is Jasa Marga’s Subsidiary established for the concession of JORR W2 North Toll Road and is responsible for funding, technical planning, constructing, operating and conducting maintenance of JORR W2 North Toll Road along with other businesses in accordance with prevailing rules and

PT. MARGA LINGKAR JAKARTA Members of the Board

regulations. The operation of JORR W2 North Toll Road

• President Commissioner: Ma’mun Amin

was inaugurated by the Minister of Public Works Djoko

• Commissioner: Abdul Hadi Hs.

Kirmanto on 27 December 2013.

• President Director: Subekti Syukur • Finance Director: Yauw Diaz Moreno • Engineering Director: Agus Achmadi




1,846.87 564.54

39


7. PT Trans Marga Jatim Pasuruan (TJP)

TRANSMARGA JATIM PASURUAN

TJP is Jasa Marga’s Subsidiary established for the concession of

PENYELENGGARA JALAN TOL GEMPOL-PASURUAN Kelompok Usaha Jasa Marga

Gempol-Pasuruan and is responsible for funding, technical planning, constructing, operating and conducting maintenance of GempolPasuruan Toll Road along with other businesses in accordance with prevailing rules and regulations. As of 31 December 2013, GempolPasuruan Toll Road has not yet operated as it was still in the stage


of land acquisition and construction. The toll road is scheduled to operate in 2014.

• President Commissioner: Agus Purnomo • Commissioner: Bambang Kusbandono • President Director: Hengki Herwanto • Finance Director: Imron • Engineering Director: -


Assets

629.22

Operating Revenues

499.56

8. PT Jasamarga Pandaan Tol (JPT)

JPT is Jasa Marga’s Subsidiary established for the concession of Gempol-Pandaan Toll Road and is responsible for funding, technical planning, constructing, operating and conducting maintenance of Gempol-Pandaan Toll Road along with other

PANDAAN TOL

businesses in accordance with prevailing rules and regulations. As of 31 December 2013, Gempol-Pandaan Toll Road has not


yet operated as it was still in the stage of land acquisition and construction. The toll road is scheduled to operate in 2014.

• President Commissioner: Moh. Khusaini • Commissioner: Moertomo Basoeki • Commissioner: Firmansyah • Commissioner: Tolu Ismed Arief • President Director: Setiyono • Finance and HR Director: Tri Riyaningsih • Engineering and Operation Director: Rahardjo • Administration & General Affairs Director: Nursyam Financial Highlights as of 31 December 2013 (Rp billion)


Assets

801.58

Operating Revenues

443.33

40


9. PT Marga Trans Nusantara (MTN)


MARGA TRANS NUSANTARA

MTN is Jasa Marga’s Subsidiary established for the

PENYELENGGARA JALAN TOL KUNCIRAN-SERPONG

concession of Kunciran-Serpong Toll Road and is


responsible for the funding, technical planning,

Highlights 2013

constructing, operating and conducting maintenance

Management Report

of the toll road along with other businesses in



accordance with prevailing rules and regulations. As

• President Commissioner: Paulus Bambang W. E. S.

of 31 December 2013, Kunciran-Serpong Toll Road

• Vice President Commissioner: J. B. Eddy Bambang

has not yet operated as it was still in the stage of land


acquisition.

Susilotomo • Vice President Commissioner: Irawan Santoso • President Director: Agus Suharjanto


• Director: Rachmat Soulisa

Corporate Governance Corporate Social Responsibility



Assets

351.56

Operating Revenues

-


10.PT Marga Kunciran Cengkareng (MKC)

MARGA KUNCIRAN CENGKARENG

MKC is Jasa Marga’s Subsidiary established for

PENYELENGGARA JALAN TOL KUNCIRAN-CENGKARENG Kelompok Usaha Jasa Marga

the concession of Kunciran-Cengkareng Toll Road and is responsible for funding, technical planning, constructing, operating and conducting maintenance of Kunciran-Cengkareng Toll Road along with other


businesses in accordance with prevailing rules and

• President Commissioner: Dedi Krisnariawan Sunoto

regulations. As of 31 December 2013, Kunciran-

• Commissioner: Mohd. Ghazali bin Mahmood

Cengkareng Toll Road has not yet operated as it was

• President Director: Saut Parlindungan Simatupang

still in the stage of land acquisition.

• Engineering Director: Hendro Atmodjo • Finance Director: Zaidi B. Ibrahim




270.39 -

41


11.PT Sarana Marga Utama (SMU)

SMU is Jasa Marga’s Subsidiary working in the line of business of construction, trade and car rental services.


• President Commissioner: Muh Najib Fauzan • Commissioner: Arief Witjaksono • President Director: Kristianto • Finance & General Affairs Director: Adik Supriatno • Engineering Director: Dadang Sumaryana


Assets

178.02

Operating Revenues

205.47

12.PT Jasamarga Properti (JMP)

JMP is Jasa Marga’s Subsidiary working in the field of

properti

property services.


• President Commissioner: Ibnu Purna properti • Commissioner: Abdul Hadi Hs.

• President Director: Irwan Nurhadi • Engineering and Business Development Director: Irwan Hasan • Finance Director: Haris Prayudi




63.55 -

42


Associated Companies


Jasa Marga Associated Companies

Highlights 2013

No.

Management Report

Company


Jasa Marga’s Share Ownership (%)

Line of Business

Status *

1. 2.

PT Trans Lingkar Kita Jaya PT Ismawa Trimitra

21.24 25.00

Toll Road Operator Space Rent and Rest Area Management

Operated Operated


3. 4. 5.

PT Jatim Marga Utama PT Bukaka Marga Utama PT Citra Bhakti Margatama Persada

26.00 20.00 34.83

Toll Road Operator Toll Road Operator Toll Road Operator


6.

PT Citra Ganesha Marga Nusantara

30.00

Toll Road Operator

Not Yet Operated Not Yet Operated Termination of Concession Agreement Termination of Concession Agreement

Management Discussion and Analysis New Projects Development

Corporate Social Responsibility Statement of Members of the Board of Commissioners and Directors on the Responsibility for Annual Report 2013 Glossary Consolidated Financial Statements

Note: *) Status represents the status of toll road operation for toll road companies and status of business/service operation for non-toll road companies

ABOUT ASSOCIATED COMPANIES 1. PT Trans Lingkar Kita Jaya (TLKJ)

Company owns 6.250.000 shares at par value of Rp 1,000 (full

TLKJ was established for the concession of Cinere-

Rupiah amount) per share or equivalent to Rp 6,250,000,000

Jagorawi Toll Road based on Deed No. 18 dated 19

(full Rupiah amount) representing 25% ownership as of 31

January 2005 of Notary Agus Madjid, SH. The deed

December 2013.

was approved by the Ministry of Justice and Human Rights of the Republic of Indonesia with the Decision No. C-03269.HT.01.01 dated 07 February 2006. The latest amendment of Articles of Association was

3. PT Jatim Marga Utama (JMU)

Government of East Java established to continue Surabaya-

stipulated in Deed No. 76 dated 29 November 2012

Mojokerto Toll Road project that was stopped after the

of Notary Nanette Cahyanie Handari Adi Warsito,

Minister of Settlement and Regional Infrastructure revoked

SH. and was approved by the Ministry of Justice

the concession agreement that was granted to PT Marga

and Human Rights of the Republic of Indonesia

Nujyasumo Agung (MNA) through letter No. 418/KPTS/M/2001

with the Decision No. AHU-AH.01.10-42662 dated

dated 18 July 2001. After the Supreme Court denied the Judicial

30 November 2012. TLKJ is domiciled in Jakarta.

Review requested by Minister of Settlement and Regional

The Company owns 131,688 shares at par value

Infrastructure on 31 March 2005, the concession right was then

of Rp 1,000,000 (full Rupiah amount) per share

returned to MNA. As a result, JMU was no longer involved in the

or equivalent to Rp 131,688,000,000 (full Rupiah

said toll road project.

amount) representing 21.24% ownership as of 31 December 2013. 2. PT Ismawa Trimitra (IT)

IT was established for the business of office space rent and management of rest areas on toll roads. IT was established based on Deed No. 69 dated 14 June 1995 of Notary Imas Fatimah, SH. The latest amendment of Articles of Association was stated in Deed No. 62 dated 23 December 2008 of Notary Imas Fatimah, SH. and was approved by the Ministry of Justice and Human Rights of the Republic of Indonesia with the Decision No. AHU-31703.A.H.01.01 dated 10 July 2009. IT is domiciled in Jakarta. The


JMU is a joint venture of the Company and the Local

4. PT Bukaka Marga Utama (BMU)

BMU was established based on Deed No. 5 dated 17 February 1997 of Notary Sri Rahayu Sedyono, SH. The investment in BMU was made in relation to the construction and operation of Ciawi-Sukabumi toll road project. The Company owns 4,000 shares at par value of Rp 2,359,000 (full Rupiah amount) per share or equivalent to Rp 9,436,000,000 (full Rupiah amount), representing 20% ownership. Since the majority shareholders of BMU could not ensure the toll road development as agreed under the Concession Agreement, the Company recognized the loss on impairment of this investment amounted to Rp 9,435,999,000 (full Rupiah amount) as an expense in 2005.

43


5. PT Citra Bhakti Margatama Persada (CBMP)

6. PT Citra Ganesha Marga Nusantara (CGMN)

CBMP is one of the Company’s associated companies. The

The investment in CGMN was made in relation to the

investment in CBMP was made in relation to the construction

construction and operation of the Cikampek-Padalarang Toll

and operation of JORR Toll Road Section E2-E3-N (Cikunir-

Road project. The Company owns 5,310 shares at par value

Cakung-Cilincing-Tanjung Priok) for a period of 33 years ending

of Rp 1,841,000 (full Rupiah amount) per share or equivalent

in 2028. The Company owns 56,787,000 shares at par value

to Rp 9,775,710,000 (full Rupiah amount) representing 30%

of Rp 1,000 (full Rupiah amount) per share or equivalent to

ownership. The Company sent Letter No. AA.HK01.1273

Rp 56,787,000,000 (full Rupiah amount), representing 34.83%

dated 25 July 2001 to CGMN regarding termination of the

ownership. CBMP’s toll road construction was financed by loan

Concession Agreement No. 297 as a follow up of the Decision

facilitated by banking syndicate. The economic crisis caused

of the Minister of Settlement and Regional Infrastructure

uncertainty in CBMP’s capability to settle its liabilities at the

of the Republic of Indonesia No. 417 dated 18 July 2001

maturity date and in realizing the loan facilities to finance the

regarding the revocation of the Decision of the Minister

toll road construction. Banking restructuring conducted by

of Public Works of the Republic of Indonesia No. 321/

certain of CBMP’s creditors resulted in the stoppage of the toll

KPTS/1994 dated 24 October 1994 regarding the Granting of

road development. The Company sent Letter No. AA.02.1009

License for Cooperation of the Development of Cikampek-

dated 25 July 2000 regarding the termination of the Concession

Padalarang Toll Road in the form of a joint venture with

Agreement No. 96 dated 16 December 1995 to CBMP and as

CGMN and as a result of such termination, the investment

a consequence, the Company’s investment in the associated

in CGMN has no economic value. The Company recognized

company has no economic value. The Company has recognized

loss on impairment of this investment in shares of CGMN as

loss on impairment of the investment shares of CBMP

an expense amounting to Rp 16,914,266,000 in 2001 (full

amounting to Rp 56,786,999,000 (full Rupiah amount) in 2000.

Rupiah amount).


44

Identity of the Company Profile of the Company Transformation of Jasa Marga Highlights 2013 Management Report

Areas of Operation and New Toll Road Projects The locations of toll roads operated by the Company all across Indonesia is shown in the following map:

Management Discussion and Analysis Notes: The Company’s toll road sections that are fully in operation.

New Projects Development Human Capital Management Corporate Governance Corporate Social Responsibility

NORTH SUMATERA


The Company’s new toll road sections, not yet operated except the following sections: 1. BORR Section 1 (3.8 km), operated since 23 November 2009. 2. Surabaya-Mojokerto Section 1A (2.3 km), operated since 05 September 2011. 3. Semarang-Solo Section 1 (10.8 km), operated since 12 November 2011. 4. Nusa Dua-Ngurah Rai-Benoa (10 km), operated since 24 September 2013. 5. JORR W2 North Kebon Jeruk-Ciledug Section (5.7 km), operated since 27 December 2013.

• Belmera: 42.7 Km

Map of Jasa Marga’s Toll Roads Location

Glossary Consolidated Financial Statements maluku sulawesi

sumatera

kalimantan papua java

GREATER JAKARTA & WEST JAVA • Jagorawi: 59.0 Km • Jakarta - Tangerang: 33 Km • Ulujami- Pondok Aren: 5.55 Km • Jakarta Inner Ring Road: 23.55 Km • Prof Dr. Ir. Sedyatmo: 14.3 Km • Jakarta - Cikampek: 83.0 Km • Jakarta Outer Ring Road: 43 Km • Cikampek - Padalarang: 58.5 Km • Padalarang - Cileunyi: 64.4 Km • Palikanci: 26.3 Km • Bogor Outer Ring Road: 11.0 Km • Cengkareng - Kunciran: 14.2 Km • Kunciran Serpong: 11.2 Km • JORR W2 North: 7.67 km

EAST JAVA

CENTRAL JAVA • Semarang: 24.75 Km • Semarang - Solo: 72.64 Km


BALI • Nusa Dua - Ngurah Rai - Benoa: 10 Km

• Surabaya - Gempol: 34.15 Km • Surabaya - Mojokerto: 36.3 Km • Gempol - Pandaan: 13.61 Km

45


Concessions Owned by the Company The concession period of Jasa Marga’s toll roads ranges from 35 to 45 years. As many as 13 toll road sections operated by the Company have a concession period of 40 years starting from 2005 (excluding JORR Section S). With only a small portion of the period already exhausted as of the end of 2013, the Company still has long remaining years of the concession period. Until the end of 2013, the status and concession period of the Company’s toll road sections are as follows:

Concessions of Jasa Marga Toll Roads No.

Section

Operator

Length (km)

Year Concession Starts

Concession Period

Jagorawi Branch

59

2005

40

Operated since 1978

Jakarta-Tangerang

14

2005

40

Operated since 1984

24

2005

40

Operated since 1984

83

2005

40

Operated since 1987

33

2005

40

Operated since 1988

Purbaleunyi Branch

64

2005

40

Operated since 1990

Purbaleunyi Branch

59

2005

40

Operated since 2003

Palikanci Branch

26

2005

40

Operated since 1998

1.

Jagorawi (Jakarta-Bogor-

2.

Prof. Dr. Ir. Sedyatmo

3.

Jakarta Inner Ring Road

Cawang-Tomang-

(JIRR)

Cengkareng

Jakarta-Cikampek

Cawang-Tomang-

Status

Ciawi) Branch

4.

Cengkareng Branch 5.

Jakarta-Tangerang

Jakarta-Cikampek Branch

6.

Padaleunyi (PadalarangCileunyi)

7.

Cipularang (CikampekPurwakarta-Padalarang)

8.

Palikanci (PalimananKanci)

9.

Semarang

Semarang Branch

25

2005

40

Operated since 1983

10.

Surabaya-Gempol

Surabaya-Gempol

49

2005

40

Operated since 1986

Belmera Branch

43

2005

40

Operated since 1986

Jakarta Outer Ring Road


43

2005

40

Operated since 1991

6

2005

40

Operated since 2001

11

2009

45

Operated since 2009

Branch 11.

Belmera (BelawanMedan-Tanjung Morawa)

12.

(JORR) *)

Jakarta

13.

Ulujami-Pondok Aren


14.

Bogor Outer Ring Road

Jakarta PT Marga Sarana Jabar

(BORR)

• Section 1 Sentul Selatan-Kedung Halang (3.8 km): operated since 23 November 2009 • Section 2A Kedung Halang-Kedung Badak: land acquisition and construction

15.

JORR W2 North


7.7

2005

40

Operated since 2013 Section Kebon JerukCiledug


46


No.

16.

Section

Cengkareng-Kunciran


PT Marga Kunciran

Length (Km) 14.2

Cengkareng

Management Report Management Discussion and Analysis

Operator

Year Concession Starts -

Concession Period 35

Land acquisition

35

Land acquisition

45

Operated since 2011

(not yet constructed)

17.

Kunciran-Serpong

PT Marga Trans

11.2

Nusantara

(not yet constructed)

18.

Semarang-Solo

PT Trans Marga Jateng

72.6

2010

• Stage I Section 1


Semarang-Ungaran


(10,8 km): operated since 12 November 2011


Status

• Stage I Section 2 Ungaran-Bawen: land acquisition and construction 19.

Surabaya-Mojokerto

Glossary

PT Marga Nujyasumo

36.3

2007

42

Agung

Operated since 2011 • Section 1A Waru-


Sepanjang: operated since 05 September 2011 • Section 1B, 2, 3 and 4 Sepanjang-Mojokerto: land acquisition and construction 20.

Gempol-Pasuruan

PT Trans Marga Jatim

34.1

2013

45

Pasuruan 21.

Gempol-Pandaan

PT Jasamarga Pandaan

construction 13.6

2012

35

Tol 22.

Nusa Dua-Ngurah Rai-

PT Jasamarga Bali Tol

Benoa Note: *) Excluding JORR Section S


Land acquisition and Land acquisition and construction

10

2012

45

Operated since October 2013

47


Address of Branch Offices, Subsidiaries and Associated Companies Branch Offices and Business Unit No.

1.

Office

Jagorawi Branch

Address

Phone/Fax/e-mail

Jln. Raya Taman Mini Indonesia Indah

Tel.: 62 21 841 3632, 840 0732

Jakarta 13560

Fax.: 62 21 840 0055 e-mail: [email protected]

2.

3.

4.

Cawang-Tomang-Cengkareng Branch


Jakarta-Tangerang Branch

Plaza Tol Cililitan

Tel.: 62 21 8088 7227

Jln. Cililitan Besar

Fax.: 62 21 8088 7228

Jakarta 13510

e-mail: [email protected]

Jln. Teuku Umar, Sepanjang Jaya Rawa

Tel.: 62 21 821 6515, 8243 0045/48

Lumbu

Fax.: 62 21 821 6507

Bekasi 17114


Plaza Tol Tangerang

Tel.: 62 21 5575 3904/6237

Jln. Raya Serpong

Fax.: 62 21 5575 4029

Tangerang, Banten 15001


Jawa Barat 5.

Palikanci Branch

Jln. Jend. Sudirman No. 138

Tel.: 62 231 489 800, 484 268

Ciperna, Cirebon 45171


6.

7.

8.

9.

Purbaleunyi Branch

Semarang Branch

Surabaya-Gempol Branch

Belmera Branch

Plaza Tol Pasteur

Tel.: 62 22 200 0867/68

Jln. Dr. Djundjunan No. 257

Fax.: 62 22 201 1433

Bandung 40164


Plaza Tol Manyaran

Tel.: 62 24 760 6012/14

Jln. Tol Semarang

Fax.: 62 24 762 3940

Semarang 50147


Plaza Tol Kota Satelit

Tel.: 62 31 567 9401/2008

Jln. Mayjen. Sungkono

Fax.: 62 31 732 9941

Surabaya 60189


Jln. Simpang Tanjung No. 1A

Tel.: 62 61 661 1701/2920

Medan 20241


10.

Rest Area Business Unit


Jalan Tol Purbaleunyi KM 88 Jalur B

Tel.: 62 264 8280388

Sukatani Purwakarta 41167

Fax.: 62 264 8260288

48


Subsidiaries No. 1.

Highlights 2013 Management Report Management Discussion and Analysis New Projects Development

Subsidiary


Phone/Fax/e-mail


Plaza Tol Jati Asih

Tel.: 62 21 822 3232

Jakarta

Bekasi 17423


2.

3.

PT Marga Sarana Jabar


Human Capital Management Corporate Governance

Address

Plaza Tol Sentul Barat

Tel.: 62 251 837 1310 ,

Jalan Tol Lingkar Luar Bogor 16710

833 3375

PO BOX 2012

Fax.: 62 251 834 6232

Jln. Murbei No. 1

Tel.: 62 24 747 5735

Sumur Boto Banyumanik

Fax.: 62 24 747 5735

Semarang Jawa Tengah 4.


Jln. Pagesangan Baru No. 9 Surabaya

Tel.: 62 31 829 7696/32 Fax.: 62 31 827 5419 Kantor Jakarta: Tel.: 62 21 798 0394/7640 Fax.: 62 21 799 4694, 798 0464

Ikat Plaza

Tel.: 62 361 725326

Glossary

Jln. By Pass I Gusti Ngurah Rai No. 505

Fax.: 62 361 725327


Pemogan 80221

5.


Denpasar Bali 6.


Plaza Pondok Indah 3 Blok B No. 7

Tel.: 62 21 75900256

Jln. T. B. Simatupang

Fax.: 62 21 7660547

Jakarta 7.

PT Transmarga Jatim

Perumahan Pondok Mutiara Blok A7

Tel.: 62 31 8955707

Pasuruan

Sidoarjo

Fax.: 62 31 8955707

Jawa Timur 8.


Perum Pondok Mutiara Blok BK No. 12

Tel.: 62 31 8073542

Sidoarjo

Fax. : 62 31 8073542

Jawa Timur 9.

PT Marga Kunciran

Ruko Business Park Tangerang City No. A 19

Tel.: 62 21 5578 2453

Cengkareng

Jln. Jend. Sudirman No. 1 Cikokol

Fax.: 62 21 5578 2456

Tangerang 15117 10.


Ruko Bidex Blok H. No. 7

Tel.: 62 21 5315 4680

Jln. Pahlawan Seribu, BSD City

Fax.: 62 21 5315 4681

Tangerang 11.


Komplek Bina Marga No.2

Tel.: 62 21 844 4640

RT 001/RW 05 Kel. Cipayung,

Fax.: 62 21 845 987 68

Kec. Cipayung, Jakarta Timur 13840 12.

PT Jasamarga Properti

Plaza Tol Taman Mini Indonesia Indah Jln. Jasa Marga RT 008/002 Kel. Dukuh, Kec. Kramat Jati Jakarta Timur


Tel.: 62 21 841 3632, 840 0732

49


Associated Companies No. 1.

2.

3.

Associated Company PT Trans Lingkar Kita Jaya

PT Ismawa Trimitra

PT Jatim Marga Utama

Address

Phone/Fax/e-mail

Jln. Gas Alam Kp. Pedurenan RT/RW.06/07

Tel.: 62 21 8775 7676

Kel. Harjamukti, Kec. Cimanggis

Fax.: 62 21 8775 0141

Depok 16954


Graha Iskandarsyah

Tel.: 62 21 7207 5858

Jln. Iskandarsyah Raya 66 C, Kebayoran Baru

Fax.: 62 21-7209 935

Jakarta Selatan 12160


Jln. Puncak Permai Utr II 15 Gadel,

Tel.: 62 31 7344 279

Sukomanunggal Surabaya 60188 Jawa Timur 4.

PT Bukaka Marga Utama

Jln. Raya Pasar Minggu Kav. 17-A

Tel.: 62 21 7944 386

Jakarta

Fax.: 62 21-7944 376

Supporting Institutions and Professionals Institution

SECURITIES ADMINISTRATION

Institution

AGENCY PT Datindo Entrycom Address

Institution

Ir. Nanette Cahyanie Handari Adi Warsito, SH. Address

Puri Datindo – Wisma Sudirman Jln. Jend.Sudirman Kav. 34-35 Jakarta 10220 Tel.: 62 21 570 9009 Fax.: 62 21 570 9026 RATING AGENCY

Institution

Panin Tower Senayan City 17th Floor Jln. Asia Afrika Lot 19, Jakarta 10720 Tel.: 62 21 7278 2380 Fax.: 62 21 7278 2370

PUBLIC ACCOUNTANT Public Accounting Firm Aryanto, Amir Jusuf, Mawar & Saptoto (RSM AAJ Associates)

Address

Plaza ABDA, Lantai 10 Jln. Jend.Sudirman Kav. 59 Jakarta 12190 Tel.: 62 21 5140 1340 Fax.: 62 21 5140 1350


Jln. Panglima Polim V 11 Melawai, Kebayoran Baru Jakarta Selatan 12160

Institution

PT Pemeringkat Efek Indonesia Address

NOTARIS

LEGAL CONSULTANT Melli Darsa & Co.

Address

Menara Standard Chartered 19th Floor Jln. Prof. Dr. Satrio No. 164, Jakarta 12950

50



Management Report Management Discussion and Analysis New Projects Development Human Capital Management Corporate Governance Corporate Social Responsibility Statement of Members of the Board of Commissioners and Directors on the Responsibility for Annual Report 2013

Thirty five years after its establishment, the

road business potential that is relatively

Glossary

Company has succeeded in leading the toll

still high with the vast opportunities for toll

road industry by dominating the market

road development and the ever growing

share: 73% of toll roads operation and 80%

traffic volume on operating toll roads

transaction traffic volume in Indonesia.

along with solid financial position and high


competitiveness to support its growth, the In view of the potential growth of

Company made a transformation in 2013

Indonesia’s economy that is forecast to

to reinforce its position as the leader in

continue to grow, bringing impact on the

toll road industry by setting the Vision and

growth of middle class economy and sales

Mission of 2017 and 2022.

of motorized vehicles, also in view of toll

Transformation of the Company to Reinforce its Position as the Leader in Toll Road Industry In view of potential growth of Indonesia’s economy, vast potential of toll road business, and the Company’s accomplishment of becoming the leader of toll road industry in Indonesia the Company set the Vision of 2013 and 2017

2022 2017

To become one of the leading companies in Indonesia

2012

The Company has succeeded in becoming the leader of toll road industry in Indonesia by dominating 73% of the market share in toll road operation and 80% of the market share in transaction traffic volume PT Jasa Marga (Persero) Tbk. 2013 An n ua l R epo r t

To become a leading company in the development and operation of toll roads in Indonesia

Mission 2013-2022

1. Accelerating Toll Road Development. 2. Providing Efficient and Reliable Toll Roads. 3. Enhancing the Efficiency in the Distribution of Goods and Services.

51


To achieve its Vision and Mission, Jasa Marga develops the following strategies:

Strategies of the Company VISION: To Become a Leading Company in the Development and Operation of Toll Roads in Indonesia MISSION: Accelerating Toll Road Development, Providing Efficient and Reliable Toll Roads, Enhancing the Efficiency in the Distribution of Goods and Services VALUES: Jujur (Trustworthy), Sigap (Agile), Mumpuni (Qualified), Respek (Respectful)

Operating toll roads of 738 km in 2017 with Transaction Traffic Volume reaching 1.7 billion vehicles

Growth

Business Diversification

Toll Road Business Development Having additional length of toll roads to increase the Company’s Value and to maintain the Market Share of at least 50% of the Length of Operating Toll Roads

Toll Road Operation Operating Efficient, Safe and High Quality toll roads to increase Operational Performance and provide excellent services to Toll Road Users, People and the Government

Other Businesses Development Developing other businesses that strategically reinforce the strategies of toll road development and operation and to increase Operating Revenues by making use of the Company’s Resources

Financial Management Financial control to increase Value of the Company, support the Company’s growth and maintain financial sustainability

Organization and Human Capital Enhancing competency and preparing future leaders and talented employees that support Transformation of Organization to increase productivity and growth of the Company

Financial Sustainability


Organization & Human Capital

Information Technology and Technical Engineering Technical Engineering and implementation of information technology to increase efficiency, productivity and performance of the Company

Innovation

Compliance and Risk Management Risk Management and implementation of Good Corporate Governance to increase trust and Value of the Company

Good Corporate Governance

Operational Excellence

52


From the operational side, the services provided by the Company focus on the purpose of providing modern and high quality toll road services.

Main Business Strategies

Other Businesses Development Strategy

Toll Road Business Development Strategy

Besides focusing on toll road business

To maintain its position as the market

assets, the Company develops other

leader in toll road industry, the Company

businesses related to the development

continuously makes efforts to add to its

and operation of toll roads by developing

existing length of toll roads by developing

businesses in toll road corridor and

new toll roads that are connected to the

developing businesses that make use of

ones already operated.

the Company’s competency.

In adding its toll roads length, apart from

The above is carried out by capitalizing

tender, the Company also obtains toll

existing land to commercial areas, such

road concessions through acquisition as

as property or fiber optic network. These

well as through unsolicited method. The

non-toll road businesses are carried out

Company may acquire new potential toll

independently or in cooperation with

roads, whose concession holders face

other parties.

development, in order to maximize its

obstacles in developing them, especially those located in major cities with high

Operational Strategy

economic value and as much as possible

From the operational side, the services

are connected to existing toll roads of

provided by the Company focus on the

the Company/Subsidiaries. Toll road

purpose of providing modern and high

concessions obtained through acquisition

quality toll road services. This is carried

are Surabaya-Mojokerto and Gempol-

out by shifting from human-based system

Pandaan Toll Roads. The Company may

to technology-based. Modernization

also propose to develop new toll road

of equipment of transaction services is

to the Government (unsolicited) as that

carried out by implementing e-Toll Card,

new toll road does not exist in the master

automated toll booth (Gardu Tol Otomatis

plan of toll road network in Indonesia,

– GTO), and e-Toll Pass.

yet the Company deems it is feasible. The concession of Nusa Dua-Ngurah Rai-

The implementation of the above

Benoa Toll Road (Bali Mandara Toll Road) is

electronic transaction system enables

acquired by means of unsolicited method.

faster transaction service as well as the ease of transaction for toll road users with the unneeded cash for transaction. The e-Toll Card and e-Toll Pass technology will continue to be developed as part of Jasa Marga’s commitment to providing services that ease the toll road users in making transaction by providing more GTO for e-Toll Card and e-Toll Pass transactions.


53


integrated and effective information and

Organization and Human Capital Strategy

The Company continuously makes the

communication system for traffic services,

To support its growth, the Company

efforts to find innovations in providing

by intensifying real time monitoring of

develops the organization and prepares

services to toll road users. Technical

traffic condition through CCTV (closed-

the needs for human resources by

engineering and implementation of

circuit television) cameras, speeding up the

recruiting new employees and conducting

information technology in the Company’s

process of providing information on real

trainings to advance employees’

business activities is expected to be able

time traffic condition through electronic

competencies.

to increase the Company’s efficiency,

The Company also implements

sign called VMS (Variable Message Sign)

Innovation Strategy

productivity and performance.

and Jasa Marga Traffic Information Center,

In addition, to support its operational

so that officers in the field are able to have

strategy, the Company improves systems

fast response time and toll road users

and procedures to increase operational

Compliance and Risk Management Strategy

are able to have accurate and real time

performance as well as enable efficiency.

The Company makes the efforts to manage

information.

The Company also conducts trainings

risks and implement good corporate

to enhance the quality of services and

governance to increase stakeholders’ trust

increase employees’ productivity.

and the value of the Company.

To support the above strategies, the Company carries out various policies related to funding and organization

The strategy of organization development

management as supporting functions in

is carried out by making Head Office

performing the business strategies.

investment holding company and making Subsidiaries/Branch Offices SBU (Strategic Business Unit). By performing this strategy,

Supporting Business Strategies

most of operational authorities in Head Office are delegated to Branch Offices and Subsidiaries, so decision making process becomes more efficient and effective. To

Financial Strategy

support the development of employees’

In financing strategy, the Company

competencies, the Company has also

makes efforts to prepare and support

formed Jasa Marga Development Center, a

organic growth through diversification

unit focusing on competency development

of loan instrument. The Company also

by means of education and trainings.

prepares the financial structure to support unorganic growth.

To encourage the employees to continue to perform, the Company implements

The Company’s funding sources derive

competency-based remuneration system

from internal cash flows (Toll Revenues)

that relates to performance and industry

and external sources selected from

best practices.

the most efficient in terms of cost and withdrawn as needed. External sources derive from capital market, banking and money market. Once toll road is operated, bank loan will be refinanced with other long-term loan, i.e. by issuing bond with longer tenor.


54

Highlights 2013 Financial Highlights (in billion Rupiah, unless otherwise stated)

Identity of the Company Profile of the Company Transformation of Jasa Marga Highlights 2013 Management Report Management Discussion and Analysis New Projects Development Human Capital Management Corporate Governance Corporate Social Responsibility Statement of Members of the Board of Commissioners and Directors on the Responsibility for Annual Report 2013

Description

2013

2012

2011

2010

2009

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME Operating Revenues

10,295

9,070

6,486

4,379

3,692

Operating Expenses

(7,631)

(6,095)

(4,155)

(2,390)

(2,176)

Operating Income

2,663

2,975

2,330

1,988

1,516

Income before Taxes

1,715

2,055

1,590

1,476

1,094

Tax Expenses

(477)

(519)

(411)

(292)

(212)

1,336

1,602

1,196

1,193

993

Income for the Year Attributable to: Owner of the Parent Entity Non-Controlling Interest Total Income (Loss) of the Year

(98)

(66)

(17)

(9)

(15)

1,238

1,536

1,179

1,184

978

1,335

1,603

1,198

1,195

994

Comprehensive Income for the Year Attributable to: Owner of the Parent Entity Non-Controlling Interest

(98)

(66)

(17)

(9)

(15)

1,237

1,536

1,180

1,186

980

Number of Shares Outstanding (million shares)

6,800

6,800

6,775

6,775

6,775

Earnings per Share (full Rupiah amount)

197

236

177

176

147

Dividend per Share (full Rupiah amount)

*

94,24

78,88

105,69

87,91

Total Assets

28,366

24,754

20,916

18,952

16,174

Total Liabilities

17,499

14,966

12,555

10,593

8,429

10,867

9,788

8,361

8,359

7,183

4,931**

1,832

2,304

1,181

1,605

Glossary

Total Comprehensive Income for the Year


DATA ON SHARES

CONSOLIDATED STATEMENTS OF FINANCIAL POSITION

Total Equity Capital Expenditure Investment in Associate Companies

192

176

201

201

207

-1,174

-2,130

-90,78

1,612

464

Return on Assets

4.71

6.47

5.72

6.30

6.14

Return on Equity

12.30

16.37

14.31

14.28

13.82

Net Profit Margin

12.98

17.66

18.45

27.26

26.89

Working Capital Net FINANCIAL RATIOS (%)

Current Ratio

76.15

67.95

97.78

165.04

115.64

Debt to Equity Ratio

161.03

152.90

150.00

126.71

117.34

Debt to Assets Ratio

61.69

60.46

60.03

55.89

52.11

10.40

10.24

8.89

8.11

6.84

1.195.063

1.099.853

939.709

812.013

667.184

INDUSTRY RATIOS Toll Revenues to Length of Toll Roads Ratio (billion Rp/km) Toll Revenues to Number of Employees Ratio (full Rupiah amount/people) *) Will be decided at AGM 2014 **) Total Consolidated Capital Expenditure PT Jasa Marga (Persero) Tbk. 2013 An n ua l R epo r t

55


Operating Expenses 2009-2013 (billion Rupiah)

2011

4,155

2012

2013

2009

2,390

2,176

2010

2010

2011

2012

Income before Taxes 2009-2013 (billion Rupiah)

2,663

2010

2011

2012

2013

Income for the Year Attributable to Owner of the Parent Entity 2009-2013

2009

1,476

1,094

2009

1,590

2,055

2,330

1,516

1,988

2,975

Operating Income 2009-2013 (billion Rupiah)

2013

2010

2011

2012

1,715

2009

4,379

3,692

6,486

6,095

9,070

10,295

7,631

Operating Revenues 2009-2013 (billion Rupiah)

2013

Earnings per Share 2009-2013 (full Rupiah amount)


2013

2009

177

2012

176

1,196

2011

147

2010

1,336

2009

1,193

993

1,602

197

236

(billion Rupiah)

2010

2011

2012

2013

56


Liabilities 2009-2013 (billion Rupiah)

Equity 2009-2013 (billion Rupiah)

2009

2010

2011

2012

2013

2009


2010

2012

2013

2009

2010

2011

2012

10,867

9,788

8,359

7,183

2011

8,361

14,966 12,555

8,429

10,593

28,366

24,754

20,916

18,952

16,174

17,499

Assets 2009-2013 (billion Rupiah)

2013

57


Operational Highlights Description

2013

2012

2011

2010

2009

Length of Toll Roads (km)

560

545

545

531

531

Transaction Traffic Volume (billion vehicles)

1.26

1.20

1.09

0.96

0.92

SPM (minimum level of service) Fulfillment

Fulfilled

Fulfilled

Fulfilled

Fulfilled

Fulfilled

Number of Permanent Employees (people)

4,875

5,075

5,154

5,303

5,443

Number of Toll Collectors (people)

4,917

4,724

3,805

3,653

3,552

3,447,999

3,291,413

2,991,176

2,621,618

2,510,913

15,961,458

15,292,473

13,269,123

11,797,550

9,949,269

Average Daily Traffic (vehicles) Average Daily Toll Revenues (thousand Rupiah)

Length of Toll Road Concessions Owned by Jasa Marga (2003-2013)

Transaction Traffic Volume 2009-2013

(Km)

545

545

1.26


2004

2005

2006

2007

2008

531

517

2003

531 517

2013

517

2012

517

2011

517

2010

517

2009

2011

2012

0.96

0.92

1.09

1.20

560

(billion vehicles transactions)

2009

2010

2013

58


Stocks Highlights

Profile of the Company Transformation of Jasa Marga Highlights 2013

Information on Quarterly JSMR Share Price & Volume at Indonesia Stock Exchange 2007-2013

Management Report

Year

High

Management Discussion and Analysis New Projects Development Human Capital Management

Statement of Members of the Board of Commissioners and Directors on the Responsibility for Annual Report 2013 Glossary

Close

Traded Shares Volume (shares)

(full Rupiah amount) 2007

4Q

2,200

1,700

1,900

2008

1Q

2,025

1,220

2Q

1,450

1,150

3Q

1,380

830

4Q

1,000

610


Low

2009

2010


2011

2012

2013

Number of Shares Outstanding (shares)

Market

7,779,000

6,800,000,000

12,920

1,400

844,500

6,800,000,000

9,520

1,160

2,034,500

6,800,000,000

7,888

1,010

667,500

6,800,000,000

6,868

910

10,152,500

6,800,000,000

6,188

1Q

1,060

830

900

11,740,000

6,800,000,000

6,120

2Q

1,740

900

1,550

1,768,000

6,800,000,000

10,540

3Q

1,920

1,540

1,870

6,375,000

6,800,000,000

12,716

4Q*)

1,940

1,710

1,810

5,534,500

6,775,476,500

12,264

1Q

1,900

1,660

1,790

12,074,000

6,775,476,500

12,128

2Q

2,200

1,750

2,025

7,123,000

6,775,476,500

13,720

3Q

3,375

2,000

3,200

8,456,500

6,775,476,500

21,682

4Q

3,900

3,150

3,425

9,506,500

6,775,476,500

23,206

1Q

3,575

2,925

3,400

10,509,500

6,775,476,500

23,037

2Q

3,650

3,250

3,625

16,022,000

6,775,476,500

24,561

3Q

4,275

3,400

3,975

6,335,500

6,775,476,500

26,933

4Q

4,275

3,550

4,200

2,323,500

6,775,476,500

28,457

1Q

5,150

4,125

5,150

17,973,000

6,775,476,500

34,894

2Q

5,700

4,875

5,400

8,058,500

6,800,000,000

36,720

3Q

6,000

5,300

5,850

10,731,500

6,800,000,000

39,780

4Q

5,950

5,450

5,450

10,019,500

6,800,000,000

37,060

1Q

5,950

5,100

5,950

17,130,000

6,800,000,000

40,460

2Q

6,950

5,700

6,050

16,095,500

6,800,000,000

41,140

3Q

6,000

5,300

5,200

11,699,000

6,800,000,000

35,360

4Q

5,800

4,525

4,725

4,192,000

6,800,000,000

32,130

Note: *) In the fourth quarter of 2009, the Company bought back its shares amounting to 24,523,500 shares and sold the buyback shares in the second quarter of 2012.


59


Volume and price of Jasa Marga shares (JSMR) in 2012 and 2013 Volume million shares

Rp Volume

140

Price

7,000.00

120

6,500.00

100

6,000.00 80

5,500.00 60

5,000.00 40

4,500.00

20

4,000.00

0

1Q

2Q

3Q

4Q

1Q

2Q

2012

3Q

4Q

2013 Return (%)

Comparison between Return of JSMR vs. JCI 2007-2013 300

JSMR

250

JCI 200 150 100 50 0 -50

Dec 2007

Mar

Jun 2008

Sep

Dec

Mar

Jun

Sep

Dec

2009

Mar

Jun 2010

Sep

Dec

Mar

Jun

Sep

Dec

Mar

2011

Jun 2012

Sep

Dec

Mar

Jun

Sep

Dec

2013 Source: Bloomberg

Since it was first listed at Jakarta Stock Exchange on 12 November 2007 until 31 December 2013, JSMR has given 181.69% return. As of 31 December 2013, JSMR was also included in several indices both local and international.

Indecs

LQ45 Index ISSI IDX30 Index SMinfra18 Index

Kompas 100


SRI-KEHATI (Indonesian Biodiversity) Index

MNC36 Index

MSCI Global Standard Indices

ASEAN Exchanges Index

FTSE Index

60


Bonds Highlights


Jasa Marga Outstanding Bonds


Jasa Marga Outstanding Bonds 2012 Bond

Par Value (Rp Million)

Year of Maturity

Rating

12.30

2013

idAA

SBI 3-month average

2013

-

1.

Jasa Marga XI (P)


2.

JORR I *


3.

JORR II (A) *

77,377

15.25

2016

-

4.

JORR II (B) *

77,377

15.25

2018

-

5.

JORR II (C) *

104,400

15.50

2021

-

6.

Jasa Marga XII (Q)

1,000,000

13.50

2016

idAA

7.

Jasa Marga XIII (R)

1,500,000

10.25

2017

idAA

8.

Jasa Marga XIV (JM-10)

1,000,000

9.35

2020

idAA

9.

Jasa Marga I (JM-10)

Zero Coupon

2013

idAA

Coupon (%)

Year of Maturity

Rating

Corporate Governance Corporate Social Responsibility Statement of Members of the Board of Commissioners and Directors on the Responsibility for Annual Report 2013

1,000,000

Coupon (%)

274,260

500,000


Jasa Marga Outstanding Bonds 2013 Bond


1.

JORR II (A) *

77,377

15.25

2016

-

2.

JORR II (B) *

77,377

15.25

2018

-

3.

JORR II (C) *

104,400

15.50

2021

-

4.

Jasa Marga XII (Q)

1,000,000

13.50

2016

idAA

5.

Jasa Marga XIII (R)

1,500,000

10.25

2017

idAA

6.


1,000,000

9.35

2020

idAA

7.

Jasa Marga Sustainable Bond I Phase I Year 2013 Series S-Tranche A

700,000

8.4

2014

idAA

8.

Jasa Marga Sustainable Bond I Stage I Year 2013 Series S-Tranche B

400,000

8.7

2016

idAA

9.

Jasa Marga Sustainable Bond I Stage I Year 2013 Series S-Tranche C

1,000,000

8.9

2018

idAA

Notes: * Not Listed

Bonds Listing All Jasa Marga Bonds are listed at the Indonesia Stock Exchange, except Jasa Marga Bond XI (P) was listed at Surabaya Stock Exchange.

Rating Definition AA represents obligor’s very strong capacity to fulfill its long-term financial liabilities relative id to other Indonesian obligors.


61


Chronology of Jasa Marga Shares Listing and Bonds Issuance Chronology of Jasa Marga Shares Listing

Date

Corporate Action

Composition of Ownership Government of the Republic of Indonesia Series A Shares

Status Before IPO

Series B Shares

Public

%

Series B Shares

Buyback Shares %

Series B Shares

%

1

4,759,999,999

100

-

-

-

-

12 November 2007

IPO at Jakarta Stock Exchange

1

4,759,999,999

70

2,040,000,000

30

-

-

13 October 2008 12 January 2009

Buyback Shares

1

4,759,999,999

70

2,015,476,500

29.6

24,523,500

0.4

05 April 2012 - 25 June 2012

Sell Buyback Shares

1

4,759,999,999

70

2,040,000,000

30

(24,523,500)

-

1

4,759,999,999

70

2,040,000,000

30

-

-

Status as of 31 December 2013

Shares Listing All Jasa Marga shares are listed at the Indonesia Stock Exchange.

Chronology of Jasa Marga Bonds Issuance Bond


Tenor (Year)

Date of Issuance (dd-mm-yyyy)

Date of Maturity (dd-mm-yyyy)

Rating

Status

1.

Jasa Marga I (A)

23,718

5

11-03-1983

11-03-1988

Paid

2.

Jasa Marga II/1 (B)

40,000

5

31-10-1983

31-10-1988

Paid

3.

Jasa Marga II/2 (C)

20,000

5

06-02-1984

06-02-1989

Paid

4.

Jasa Marga II/2 (D)

20,000

5

05-03-1984

05-03-1989

Paid

5.

Jasa Marga II/2 (E)

20,000

5

31-03-1984

31-03-1989

Paid

6.

Jasa Marga III/1 (F/1)

40,000

5

28-12-1984

28-12-1989

Paid

7.

Jasa Marga III/2 (F/2)

30,000

5

01-03-1985

01-03-1990

Paid

8.

Jasa Marga IV/1 (G/1)

40,000

5

27-12-1985

27-12-1990

Paid

9.

Jasa Marga IV/2 (G/2)

60,000

5

24-03-1986

24-03-1991

Paid

10.

Jasa Marga V/1 (H)

60,000

5

06-07-1987

06-07-1992

Paid

11.

Jasa Marga V/2 (I)

40,000

5

19-11-1987

19-11-1992

Paid

12.

Jasa Marga VI/1 (J)

75,000

8

20-6-1988

20-06-1996

Paid

13.

Jasa Marga VI/2 (K)

50,000

8

01-02-1989

01-02-1997

Paid

14.

Revenue Indexed Bond Phase I

40,000

12

31-07-1989

31-07-2001

Paid

15.

Revenue Indexed Bond Phase II

30,000

12

21-09-1989

21-09-2001

Paid

16.

Jasa Marga VII (L)

100,000

8

08-06-1990

08-06-1998

Paid

17.

Jasa Marga VIII (M)

150,000

8

27-03-2000

27-03-2008

Paid

18.

Jasa Marga IX (N)

400,000

5

12-04-2002

12-04-2007

Paid

19.

Jasa Marga X (O)

650,000

8

04-12-2002

04-12-2010

20.

Jasa Marga XI (P)

1,000,000

10

10-10-2003

10-10-2013

idAA

Paid

21.


500,000

3

10-12-2010

10-12-2013

idAA

Paid


Paid

62


Bond **



Tenor (Year)

Date of Issuance (dd-mm-yyyy)

Date of Maturity (dd-mm-yyyy)

Rating

Status


21.


500,000

3

10-12-2010

10-12-2013

idAA

Paid

Highlights 2013

22.

JORR I *)

274,260

10

19-11-2003

19-11-2013

-

Paid

Management Report

23.

JORR II (A) *)

77,377

10

05-01-2006

05-01-2016

-

Outstanding

JORR II (B) *)

77,377

12

05-01-2006

05-01-2018

-

Outstanding

JORR II (C) *)

104,400

15

05-01-2006

05-01-2021

-

Outstanding


24.

Jasa Marga XII (Q)

1,000,000

10

06-07-2006

06-07-2016

idAA

Outstanding


25.

Jasa Marga XIII (R)

1,500,000

10

06-21-2007

06-21-2017

idAA

Outstanding

26.


1,000,000

10

10-12-2010

10-12-2020

idAA

Outstanding

27.

Jasa Marga Sustainable Bond I Phase I Year 2013 Series S-Tranche A

700,000

370 days

27-09-2013

02-10-2014

idAA

Outstanding

Jasa Marga Sustainable Bond I Phase I Year 2013 Series S-Tranche B

400,000

3

27-09-2013

27-09-2016

idAA

Outstanding

Jasa Marga Sustainable Bond I Phase I Year 2013 Series S-Tranche C

1,000,000

5

27-09-2013

27-09-2018

idAA

Outstanding

Corporate Governance Corporate Social Responsibility Statement of Members of the Board of Commissioners and Directors on the Responsibility for Annual Report 2013 Glossary Consolidated Financial Statements

Notes: *Not Listed

Bonds Listing All Jasa Marga Bonds are listed at the Indonesia Stock Exchange, except Bonds No. 1-20 in the above table were listed at Surabaya Stock Exchange.


63


Composition of JSMR Shares Ownership Composition of JSMR Shares Ownership as of 31 December 2013

Foreign Investors

13.29% Mutual Fund

5.10%

Domestic Investors - Institution

Government of the Republic of Indonesia

9.61%

70.00%

Domestic Investors Individual/Retail

2.00%

JSMR Shares Ownership of Minimum 5% JSMR Shares Ownership of Minimum 5% Name Government of the Republic of Indonesia


Status of Owner

Number of Shares

Percentage (%)

Government of the Republic of Indonesia

4,760,000,000

70.000

Information on Major Shareholder As at 31 December 2013, as the Major Shareholder, the Government of the Republic of Indonesia holds one Series A Dwiwarna share and 4,760,000,000


Series B Ordinary Shares. As shareholder

Association, appointing and dismissing

of Series A Dwiwarna, the Government of

members of the Directors and Board of

the Republic of Indonesia has privileges of

Commissioners, merging, fusing, taking

increasing or decreasing authorized capital

over as well as dissolution and liquidation

and amending the Company’s Articles of

of the Company.

64


Shares Ownership of Board of Commissioners, Directors and Employees SHARES OWNERSHIP OF BOARD OF COMMISSIONERS, DIRECTORS AND EMPLOYEES

Highlights 2013 Management Report

Name

Position


Number of Shares

Percentage (%)

Agoes Widjanarko

Chairman

80,000

0.0012


Ibnu Purna

Commissioner

10,500

0.0002

Akhmad Syakhroza

Commissioner

Nil

0


Joyo Winoto

Commissioner

Nil

0

Mayjen. (Purn). Samsoedin

Independent Commissioner

Nil

0

Irjen Polisi (Purn.) Michael Dendron Primanto


Nil

0

Adityawarman

President Director

134,500

0.0020

Hasanudin

Operation Director

8,500

0.0001

Abdul Hadi Hs.


260,500

0.0038

Reynaldi Hermansjah

Finance Director

360,000

0.0053

Muh Najib Fauzan


107,500

0.0016

961,500

0.0140

Shares Ownership of Employees

17,642,261

0.2595

Total Shares Ownership of Board of Commissioners, Directors and Employees

18,603,761

0.2736

Human Capital Management Corporate Governance Corporate Social Responsibility Statement of Members of the Board of Commissioners and Directors on the Responsibility for Annual Report 2013 Glossary Consolidated Financial Statements

Total Shares Ownership of Board of Commissioners and Directors

Ten Largest Shareholders and Bondholders Ten Largest Shareholders of JSMR as of 31 December 2013

No.

Name

Number of Shares

Percentage (%)

1.

GOVERNMENT OF THE REPUBLIC OF INDONESIA

148,751,000

2.19

2.

BNYM SA/NV AS CUST OF EMPLOYEES PROVIDENT FUND2039844119

105,806,500

1.56

3.

PT. JAMSOSTEK (PERSERO) - PROGRAM NON JHT

83,834,500

1.23

4.

PT TASPEN (PERSERO) - THT

58,967,500

0.87

5.

PT AIA FINL - UL EQUITY

53,844,500

0.79

6.

JPMORGAN CHASE BANK NA RE NON-TREATY CLIENTS 2157804006

46,835,855

0.67

7.

BBH BOSTON S/A VANGRD EMG MKTS STK INFD

37,492,500

0.55

8.

REKSA DANA PANIN DANA MAKSIMA 91033.40.00

31,450,500

0.46

9.

BBH LUXEMBOURG S/A FIDELITY FD, SICAV-INDONESIA FD

30,399,500

0.45

10.

RD BNP PARIBAS EKUITAS - 897634000

28,254,000

0.42


65


Ten Largest Bondholders of JORR II Bond (A) as of 31 December 2013 No.

Name

Number of Securities

Percentage (%)

1.

PT Bank Panin Tbk

64,256,977,177.50

83.04

2.

PT Bank Bukopin

4,454,792,142.15

5.76

3.

Bank DKI

3,319,366,427.74

4.29

4.

PT Bank Panin Tbk

3,157,411,315.79

4.08

5.

Arjuna Finance

431,548,517.06

0.56

6.

Depkeu RI cq. DJKN cq. Ditjen Kekayaan Negara Lain2

265,904,628.31

0.34

7.


202,881,838.48

0.26

8.

PT Bank Windu Kentjana

201,204,507.31

0.26

9.

PT Bank Mega Tbk

189,200,595.34

0.24

10.

PT Bank Mega Tbk

189,200,595.34

0.24

Ten Largest Bondholders of JORR II Bond (B) as of 31 December 2013 No.

Name


Percentage (%)

1.

PT Bank Panin Tbk

64,256,977,177.50

83.04

2.

PT Bank Bukopin

4,454,792,142.15

5.76

3.

Bank DKI

3,319,366,427.74

4.29

4.

PT Bank Panin Tbk

3,157,411,315.79

4.08

5.

Arjuna Finance

431,548,517.06

0.56

6.


265,904,628.31

0.34

7.


202,881,838.48

0.26

8.


201,204,507.31

0.26

9.

PT Bank Mega Tbk

189,200,595.34

0.24

10.

PT Bank Mega Tbk

189,200,595.34

0.24

Ten Largest Bondholders of JORR II Bond (C) as of 31 December 2013 No.

Name

1.

PT Bank Panin Tbk

2. 3.


Percentage (%)

85,675,969,570.00

82.07

PT Bank Bukopin

5,939,722,856.20

5.69

Bank DKI

4,425,821,903.65

4.24

4.

PT Bank Panin Tbk

4,209,881,754.39

4.03

5.

Bpk. Wiantono

1,230,410,599.54

1.18

6.

Arjuna Finance

575,398,022.74

0.55

7.


354,539,504.42

0.34

8.


270,509,117.97

0.26

9.


268,272,676.41

0.26

10.

PT Bank Mega Tbk

252,267,460.45

0.24


66


Ten Largest Bondholders of Jasa Marga XII Bond (Q) as of 31 December 2013 No.

Name


Percentage (%)


1.

PT. Jamsostek (Persero) - Program JHT.

207,000,000,000

20.70

Highlights 2013

2.

PT Taspen (Persero) - THT

150,000,000,000

15.00

Management Report Management Discussion and Analysis New Projects Development Human Capital Management Corporate Governance

3.

BCA- TREASURY DEPT

100,000,000,000

10.00

4.

Dana Pensiun Pertamina

100,000,000,000

10.00

5.

DP BNI

51,000,000,000

5.10

6.

Dana Pensiun PLN

50,000,000,000

5.00

7.

DP. Telkom

50,000,000,000

5.00

8.

REKSA DANA DANAREKSA INVESTA FLEKSI VI

42,000,000,000

4.20

9.

DANA PENSIUN BRI

30,000,000,000

3.00

10.

Dana Pensiun Garuda Indonesia

19,000,000,000

1.90


Ten Largest Bondholders of Jasa Marga XIII Bond (R) as of 31 December 2013 No.

Name


Percentage (%)

1.

PT Taspen (Persero) - THT

323,000,000,000

21.53

2.

BCA- TREASURY DEPT

231,000,000,000

15.40

3.

PT. BANK RAKYAT INDONESIA (PERSERO)-DIVISI TREASURY

100,000,000,000

6.67

4.


74,000,000,000

4.93

5.

REKSA DANA BAHANA MAXIMA DINAMIS 2

66,000,000,000

4.40

6.

DANA PENSIUN BRI

60,000,000,000

4.00

7.

PT (PERSERO) ASURANSI KESEHATAN INDONESIA

50,000,000,000

3.33

8.

Dana Pensiun Pertamina

35,000,000,000

2.33

9.

Dana Pensiun Garuda Indonesia

32,000,000,000

2.13

10.

AAA OPTIMAL INCOME FUND

30,000,000,000

2.00

Ten Largest Bondholders of Jasa Marga XIV Bond (JM-10) as of 31 December 2013 No.

Name


Percentage (%)

1.


230,000,000,000

23.00

2.

PERSERO ASURANSI KESEHATAN INDONESIA

100,000,000,000

10.00

3.

BCA- TREASURY DEPT

90,000,000,000

9.00

4.

PT. JASA RAHARJA (PERSERO)

80,000,000,000

8.00

5.

PT AJ BRINGIN JIWA SEJAHTERA

58,000,000,000

5.80

6.

PT ASURANSI ASTRA BUANA

35,000,000,000

3.50

7.

REKSADANA OPTIMA PENDAPATAN ABADI

30,000,000,000

3.00

8.

RDPT TRIM Performa Dinamis Terbatas

29,900,000,000

2.99

9.

BNI TREASURY

25,000,000,000

2.50

10.

REKSA DANA MANDIRI INVESTA INVESTA DANA PENDAPATAN OPTIMAL

25,000,000,000

2.50


67


Ten Largest Bondholders of Jasa Marga Sustainable Bond I Phase I Year 2013 Series S-Tranche A as of 31 December 2013 No. 1.

Name


Percentage (%)

PT Bank Mandiri

150,000,000,000

21.43

2.

RD MANDIRI INVESTA PASAR UANG

115,000,000,000

16.43

3.

REKSA DANA EASTSPRING INVESTMENTS CASH RESERVE

72,000,000,000

10.29

4.

BDI Treasury ALM Family

60,000,000,000

8.57

5.

REKSA DANA MANULIFE INDONESIA MONEY MARKET FUND

60,000,000,000

8.57

6.

PT Bank DBS Indonesia - GFM

40,000,000,000

5.71

7.

DPLK AVIVA INDONESIA FD A1

34,000,000,000

4.86

8.

PT BANK RIAU KEPRI

32,000,000,000

4.57

9.

Treasury bank bjb

25,000,000,000

3.57

10.

Reksa Dana Schroder Dana Likuid A/C. 94474-4000

17,000,000,000

2.43

Ten Largest Bondholders of Jasa Marga Sustainable Bond I Phase I Year 2013 Series S-Tranche B as of 31 December 2013 No.

Name


Percentage (%)

1.

PT. MANDIRI SEKURITAS

72,000,000,000

18.00

2.

PT Bank CIMB Niaga Tbk.

60,000,000,000

15.00

3.

PT Bank DBS Indonesia - GFM

60,000,000,000

15.00

4.

PT AIA FINANCIAL

50,000,000,000

12.50

5.

DP. Jasa marga

30,000,000,000

7.50

6.

DPLK Bank BNI

25,000,000,000

6.25

7.

PT BANK RIAU KEPRI

20,000,000,000

5.00

8.

YAYASAN KESEJAHTERAAN PEGAWAI PT BRI

20,000,000,000

5.00

9.

Treasury bank bjb

10,000,000,000

2.50

10.

AJB Bumiputera 1912 Permata

10,000,000,000

2.50

Ten Largest Bondholders of Jasa Marga Sustainable Bond I Phase I Year 2013 Series S-Tranche C as of 31 December 2013 No.

Name


Percentage (%)

1.

PT. MANDIRI SEKURITAS

200,000,000,000

20.00

2.

PT. Jamsostek (Persero) - Program NON JHT

100,000,000,000

10.00

3.

DPLK Bank BNI

70,000,000,000

7.00

4.

PT. Bank Internasional Indonesia

50,000,000,000

5.00

5.

Dana Pensiun Perkebunan

50,000,000,000

5.00

6.

PT. Askrindo

50,000,000,000

5.00

7.

PT. JASA RAHARJA (PERSERO)

50,000,000,000

5.00

8.

PT Bank CIMB Niaga Tbk.

50,000,000,000

5.00

9.

PT INDONESIA INFRASTRUCTURE FINANCE

50,000,000,000

5.00

10.

DP BNI

30,000,000,000

3.00


68

Significant Events in 2013


01


february

21

february

06

marCH

Highlights 2013 Management Report Management Discussion and Analysis New Projects Development Human Capital Management Corporate Governance Corporate Social Responsibility Statement of Members of the Board of Commissioners and Directors on the Responsibility for Annual Report 2013 Glossary Consolidated Financial Statements

Socialization of Whistleblowing System to Strengthen GCG Implementation In view of the implementation of GCG roadmap, Jasa Marga started the implementation of Whistleblowing System which started with the socialization of Whistleblowing System implementation in all units, both in Head Office and in Branch Offices. The implementation of Whistleblowing System is expected to facilitate the control and handling of violation of corporate governance.

07

MARCH

Operation of e-Toll Pass at Kapuk Toll Gate State Minister for SOEs Dahlan Iskan, together with President Director of Jasa Marga Adityawarman and President Director of Bank Mandiri Zulkifli Zaini inaugurated the operation of dedicated lane of toll payment for users of e-Toll Pass at Kapuk Toll Gate. At this special lane, e-Toll Pass users pay the toll while driving their vehicles at the speed of approximately 20 km/hour without the need to stop.

Minister of Public Works Visited Toll Road Projects in East Java In order to speed up the development of toll road infrastructure, the Minister of Public Works Djoko Kirmanto visited toll road projects in East Java to see the progress of the development and receive hands on information on obstacles faced in the field.

10

MARCH

Jasa Marga Family Gathering Jasa Marga organized a Family Gathering at Bumi Perkemahan Cibubur and the event was attended by its employees and their family. The activity held to commemorate Jasa Marga’s 35th anniversary was expected to unite the employees and the Management so that together we would advance the Company.


Launching of Jasa Marga New Vision, Mission and Values in the Jasa Marga Award Event In order to cater the transformation of the Jasa Marga, the Company launched its new Vision, Mission and Values during the event of Jasa Marga Award. Jasa Marga Award is a yearly competition held to select and award deserving employees and branches with the best performance.

14-20

APRIL

Training for Operational Officers by Kopassus (Special Forces Command) In order to increase motivation and train the disciplined and mental of operational officers, in cooperation with Batalyon 23 Group 2 Kopassus, Jasa Marga held Achievement Motivation Training at the Station of Batalyon 23 Group 2, Bogor.

69


29

april

28

mAY

Annual General Meeting of Shareholders

Jasa Marga Received Service Quality Gold Award 2013

Jasa Marga convened 2013 Annual General Meeting of Shareholders at The Dharmawangsa Hotel.

In Service Quality Award 2013 organized by Carre-Center for Customer Satisfaction & Loyalty (Carre – CCSL) and Service Excellence Magazine, Jasa Marga received Service Quality Gold Award 2013 for Toll Road category.

11

02

julY

Cooperation for Gratification Handling with Komisi Pemberantasan Korupsi (KPK – Corruption Eradication Commission) In order to improve the quality of GCG, Jasa Marga and KPK signed MoU to develop a system of gratification handling. KPK assists in the form of assessing Jasa Marga readiness to implement gratification handling program and provides technical guidance to Team of Gratification Handling Program (Program Pengendalian Gratifikasi – PPG).


SEPTEMBER

Bond Issuance to Refinance and Expand the Company To refinance maturing bond and to support the Company’s expansion, Jasa Marga held Public Expose for the Issuance of Jasa Marga Sustainable Bond I Phase I Year 2013 Series S of Rp 2.1 trillion divided into three tranches with different values, coupon and maturity.

27

junE

Jasa Marga was Named the 1st Rank of Indonesia the Best Public Companies Category Transportation Jasa Marga received an award in Wealth Added Creator Award 2013 organized by SWA Magazine and Stern Steward & Co. Jasa Marga succeeded in achieving the 1st Rank of Indonesia the Best Public Companies Based on Wai and the 19th Rank of Indonesia the Best Public Companies Based on Wai (overall) 2013 for Transportation category.

23

SEPTEMBER

Inauguration of Nusa DuaNgurah Rai-Benoa (Bali Mandara) Toll Road The 12 km over-the-sea toll road in Bali was inaugurated by President of the Republic of Indonesia Susilo Bambang Yudhoyono. The toll road named Bali Mandara Toll Road is a masterpiece 100% created by the people of the country and it was officially open for public on 01 October 2013.

70

Significant Events in 2013


03


OCTOBER

11

oCtober

05

DECEMBER

Highlights 2013 Management Report Management Discussion and Analysis New Projects Development Human Capital Management Corporate Governance Corporate Social Responsibility Statement of Members of the Board of Commissioners and Directors on the Responsibility for Annual Report 2013

Signing of MoU for JakartaSurabaya Over-the-Sea Toll Road

Tariff Adjustment for 13 Toll Road Sections

Jasa Marga Achieve an Award in the Field of Human Capital

Taking place at Plaza Sarinah, 19 Directors of SOEs united in Development of Jakarta-Surabaya Over-the-Sea Toll Road Consortium in which Jasa Marga is the coordinator, signed memorandum of understanding (MoU) for the Preparation of Cooperation Plan to Develop JakartaSurabaya Over-the-Sea Toll Road.

As the realization of Government’s commitment to periodically adjusting tariff for toll road sections fulfilling the minimum level of service (Standar Pelayanan Minimal – SPM), the tariffs of Jasa Marga’s 11 toll road sections were adjusted based on inflation.

Jasa Marga was awarded Best CEO Commitment on Human Capital Management and Best of Human Capital Initiative (Career Management) at Indonesia Human Capital Study (IHCS) organized by Dunamis Human Capital in cooperation with Business Review Magazine. IHCS was conducted to measure effectiveness of Human Capital management applied at various companies in Indonesia.

06

16

27


DECEMBER

Jasa Marga Achieved Two Awards of Anugerah BUMN 2013: Categories of SOEs in Infrastructure and SOEs with Most Competitive GCG Implementation At the end of year 2013, Jasa Marga once again showed its accomplishments by achieving awards of Anugerah BUMN 2013 for two categories, i.e. the Most Competitive SOEs in Infrastructure and Public SOEs with the Most Competitive GCG Implementation BUMN Track version.

DECEMBER

Jasa Marga Achieved Indonesia Trusted Companies Award Jasa Marga once again showed its success in Indonesia Good Corporate Governance Award 2013. Taking place at Ballroom Intercontinental Hotel Jakarta, Jasa Marga succeeded in achieving Indonesia Trusted Company participated by 776 companies consisting of public companies, state-owned enterprises (SOE), local government-owned enterprises, private companies and Syariah Business Institutions.


DECEMBER

Inauguration of Kebon JerukCiledug Section of JORR W2 North Toll Road As the year 2013 came to an end, the Minister of Public Works Djoko Kirmanto accompanied by Governor of DKI Jakarta Joko Widodo inaugurated the operation of Jakarta Outer Ring Road West 2 (JORR W2) North Toll Road, Section Kebon JerukCiledug of 5.7 km.

Awards and Certifications

71

the Next Leading Up to The NextGrowth Growth

Jakarta, 26 February 2013

Jakarta, 04 March 2013

Jakarta, 07 March 2013

Jakarta, 19 May 2013

Indonesia Quality &

Award from the National

Contact Center Service

Award from State Minister

Productivity Award with

Sports Committee of

Excellence Award (CCSEA)

for SOEs for Jasa Marga’s

a predicate of Emerging

Indonesia for Jasa Marga’s

for Jasa Marga Traffic

performance achievement

Industry Leader from

awareness of Indonesia’s

Information Center (JMTIC)

and breakthrough in speeding

Indonesia Quality &

former achieving athletes.

with a predicate of Excellent

up the development of Bali

Productivity Management

in Service Performance,

Mandara Toll Road.

Association (IQPMA).

Public Service category, from Carre-Canter for Customer Satisfaction & Loyalty and Service Excellence Magazine




Jakarta, 27 June 2013

Award from State Minister

Service Quality Gold

Service Quality Gold Award

Wealth Added Creator Award

for SOEs for Jasa Marga’s

Award 2013 for Toll Road

2013 untuk kategori Toll

as the 1st Rank of Indonesia

performance achievement

Category, from Carre-

Road dari Carre-Center for

the Best Public Companies

and breakthrough in

Center for Customer

Customer Satisfaction &

Based on Wai Transportation

Carrying out BUMN Peduli

Satisfaction & Loyalty

Loyalty (Carre – CCSL) dan

Category and the 19th Rank

(SOEs Care) Program.

(Carre-CCSL) and Service

Majalah Service Excelence.

of Indonesia the Best Public

Excellence Magazine.

Companies Based on Wai (overall) 2013, from SWA Magazine and Stern Steward & Co.


72

Awards and Certifications

Identity of the Company Profile of the Company Transformation of Jasa Marga Highlights 2013 Management Report Management Discussion and Analysis

Jakarta, 02 July 2013





Bisnis Indonesia Award

The 9th National Customer

Sustainable and Responsible

BUMN Marketing Award 2013:

2013 (BIA 2013) Category

Service Championship 2013

Investment Index (SRI)

Bronze Award for tactical

of Best Infrastructure,

for Most Empowered Team

KEHATI Appreciation 2013,

category and Silver Award for

Transportation and

Leader Category, Most

from KEHATI Foundation.

strategic category.

Utility Sector, from Bisnis

Improved Frontliner and Case

Indonesia.

Study of the Year 2013, from


Carre-Centre for Customer Satisfaction & Loyalty (Carre-


CCSL)


Jakarta, 28 August 2013

Jakarta, September 2013

Jakarta, 24 September 2013

Jakarta, 30 October 2013

MNC Business Award for the

Indonesia’s Top 50 Company

Anugerah Business Review 2013

The 5th IICD Corporate

Category of the Best Public

Excellent Achievement from

as The Best Potential CEO of the

Governance Conference and

Company in Transportation,

Koran Sindo.

Year 2013 Visionary category,

Award as Best State-Owned

Communication, Electric,

Rank III in the Best Operation

Enterprises 2013.

Gas Services, Highway

Management of the Year 2013,

Management Services

Rank III in the Best GCG Imple-

Industry.

mentation of the Year 2013, Rank III in the Best Corporation for Learning Organization of the Year 2013 and Rank IV in the Best Corporate of the Year 2013.


73




Jakarta, 05 December 2013

Jakarta, 06 December 2013

The 4th Infobank Award

Global Performance Excellent

Indonesia Human Capital Study

Anugerah BUMN 2013 as

2013 as SOEs with Very

Award: World Class Large

(IHCS) as Best CEO Commitment

Rank III in the category of the

Good Predicate in Financial

Service Organization,

on Human Capital Management

Most Competitive SOEs in

Performance in Non-Financial

from Asia Pacific Quality

and Best of Human Capital

Infrastructure and Rank III in

Industry Category.

Organization.

Initiative (Career Management),

the category of Public SOEs

from Dunami Human Capital

with Best GCG.

in cooperation with Business Review Magazine.

Certifications of Toll Road Operational Quality All Jasa Marga Branch Offices have received certifications of toll road operational quality.

Jakarta, 16 December 2013 Indonesia Good Corporate Governance Award 2013 as Indonesia Trusted Companies.

Certifications of Operational Quality of Jasa Marga Toll Roads No.

Branch

ISO Certified Since (dd-mm-yyyy)

ISO 9001:2008 Certification Validity Period (dd-mm-yyyy)

1.

Jagorawi

10-01-2000

23-08-0211 to 23-08-2014

2.

Surabaya - Gempol

19-04-2001

19-04-2013 to 19-04-2016

3.

Palikanci

21-07-2004

21-07-2013 to 21-07-2016

4.

Belmera

12-10-2004

12-10-2013 to 12-10-2016

5.

Jakarta-Tangerang*

22-12-2004

22-12-2010 to 22-12-2013

6.

Semarang

06-01-2005

06-01-2011 to 06-01-2014

7.

Jakarta-Cikampek

04-02-2005

04-02-2011 to 04-02-2014

8.

Cawang-Tomang-Cengkareng

15-02-2005

15-02-2011 to 15-02-2014

9.

Purbaleunyi*

22-12-2005

22-12-2010 s.d. 22-12-2013

*Recertification has been carried out; certificates are not yet issued by SGS.


74


Management Report

Board of Commissioners Report


Transformation of the Company to reinforce its position as Industry Leader in Toll Road Business


75

Menuju Pertumbuhan LeadingBerikutnya Up to the Next Growth

Agoes Widjanarko Agoes Widjanarko Komisaris Utama Chairman

Dear Shareholders,

Independent Commissioners. In order to

and 18 performance indicators. These

improve efficiency and effectiveness of

measures were conducted so that

We would like to begin by expressing our

the functions in supervising and giving

there would always be improvement

gratitude and praise to God Almighty for

recommendation, the distribution of

in the performance of the Board of

all His blessings and kindness so that the

duties for each member of the Board of

Commissioners in performing the duties

duties of the Board of Commissioners

Commissioners is regulated in Decision of

of supervising and giving advice to the

throughout the year 2013 were very well

the Board of Commissioners No. KEP-0031/

Directors in managing the Company.

carried out. As financial year 2013 ended,

II/2012 dated 20 February 2012. Moreover,

we herewith would like to report the

the Board of Commissioners has also

The self-assessment for evaluating

carrying out of the tasks of supervising

decided key performance indicators (KPI)

the achievement of KPI of Board of

and giving advice/recommendation

based on the parameters in accordance

Commissioners in 2013 resulted in the

concerning the management of the

with Regulation of the State Minister for

KPI score of 93.78%, showing an increase

Company for the year 2013.

SOEs No. PER-01/MBU/2011 dated 01

compared to previous year’s achievement

August 2011 which is then translated

with the score of 91.08%. In addition,

Based on the Extraordinary General

further in the Decision of Secretary of State

based on the result of assessment carried

Meeting of Shareholders convened on

Minister for SOEs No. SK-16/S.MBU/2012

out by Independent Consultant on the

30 January 2012, there has been no

dated 06 June 2012 on Indicators/

implementation of Good Corporate

change in the composition of members

Parameters of Assessment and Evaluation

of the Board of Commissioners consisting

on the Implementation of Good Corporate

of one (1) member of Commissioner

Governance at SOEs. To describe briefly,

as Chairman, three (3) members of

KPI of the Board of Commissioners of

Commissioners, and two (2) members of

2013 consisted of seven (7) perspectives


76


The efforts of development carried out by the Company resulted in positive impacts shown in the ever-increasing assets of the Company


Governance (GCG) within the

The success in efficiency needs to be

operating two (2) of the Company’s toll

Board of Commissioners, the

addressed independently as the pressure

road sections. The first is the 10 km Nusa

achievement of GCG score also

of cost increase was higher compared

Dua-Ngurah Rai-Benoa Toll Road. The toll

improved, from previously

to that of the previous year. One of the

road is deemed essential to help reducing

94.60% in 2012 to 95.01% in 2013.

increases was seen in the cost for human

traffic congestion in Bali, especially

The positive performance was

resources in relation to the Government’s

along the route of Nusa Dua-Ngurah

resulted from good cooperation

policy to eliminate outsourced labors.

Rai Airport-Tanjung Benoa. In addition,

between the Board of

Furthermore, investment cost also

the toll road also represents one of the

Commissioners and the Directors

increased since the Company at the

supporting infrastructures prepared by the

along with the Management so

moment was at the stage of expansion in

Government to contribute to the success

that various recommendations

which nine (9) new toll road projects were

of APEC summit in Bali. The second is JORR

for improvement based on results

currently being developed. With the above

W2 North Toll Road Sections 1-3 (Kebon

of assessment in 2012 were

various conditions, the Company was still

Jeruk-Ciledug). Owing to the cooperation

successfully carried out, while

capable of recording 2013 Net Profit of Rp

and hard work of many parties, the major

simultaneously maintaining

1,336.32 billion, a decrease compared to

part of land issues on Section 4 Ciledug-

previous achievements.

that of 2012 reaching Rp 1,602.09 billion.

Ulujami has been completed, hence

However, the achievement of 2013 Net

Section 4 Ciledug-Ulujami is scheduled

In 2013, the achievements were

Profit was 15.72% higher than the 2013

to complete and operate in the first half

also made in the fields of finance

target. Future prospect of the Company’s

of 2014, completing and fully operating

and business development. The

finance will also continue to improve as

the entire network of JORR (Jakarta Outer

achievements were resulted from

interests continue to decrease through

Ring Road). JORR W2 North Toll Road

the cooperation and hard work of

refinancing program funded with the

Section is considered very strategic as it is

Directors and the Management

issuance of bond amounting to Rp 2.1

projected to reduce congestion on Jakarta

below them along with effective

trillion in September 2013.

Inner Ring Road Toll Road significantly, and therefore increase the free flowing

and intensive supervision of the Board of Commissioners. In the

The above financial achievements were

distribution of goods and services along

financial aspect, toll and non-toll

in proportion to the performance of

with people in the areas of DKI Jakarta and

revenues successfully increased

business development, which in 2013 was

its surroundings. Besides the two toll road

in concurrent with cost efficiency.

proven in successfully completing and

sections mentioned above, the Board of


77


Commissioners continuously encourages

study of investment projects as the basis

system be widen. The concrete measure

the completion of other toll road projects

of investment in accordance with the

to realize this effort is by adding more

based on the schedule, including those

investment policies and strategies outlined

automated toll booth (Gardu Tol Otomatis

scheduled to operate in 2014, i.e. Gempol-

by the Board of Commissioners. The

– GTO) to increase penetration of e-Toll

Pandaan Toll Road (13.6 km), Semarang-

dynamics of business development also

Card and OBU (On Board Unit) users.

Solo Toll Road Section Ungaran-Bawen

demands that the Company continuously

Multiplying GTO is expected to increase

(12.3 km), JORR W2 North Toll Road Section

be prepared to capture opportunities as

smoothness in transaction and reduce

4 Ciledug-Ulujami (2 km), BORR Toll Road

well as to adapt to changes in business

queuing during toll transaction. This is also

Section 2A Kedung Halang-Kedung Badak

environment. In line with the above,

one of the efforts to increase toll revenues.

(1.95 km), and Gempol-Pasuruan Toll Road

in 2013, the Company has reviewed its

The number of GTOs will continue to

Section Gempol-Rembang (13.9 km).

long-term plan which was translated

increase with the target to reach 80% by

into Corporate Long-Term Plan (Rencana

the end of 2015.

The main issue in completing new toll

Jangka Panjang Perusahaan – RJPP) of

road has always been the slow progress

2013-2017 that serves as guidelines in

The Board of Commissioners also gives

of land acquisition. In view of the

creating Corporate Budget and Work Plan

serious attention to non-toll revenues.

complexity of land acquisition issue, the

(RKAP) of 2014. RJPP 2013-2017 and RKAP

The potential of non-toll road business

Board of Commissioners has always given

2014 were then socialized to all Heads of

development, in the forms of both

suggestions to Directors while facilitating

Branches, Work Units, and Directors of Jasa

supporting toll road services as well as

the coordination with the related parties

Marga Subsidiaries in which Jasa Marga is

making use of/optimizing business value

to seek assistance in finding the solution

the majority shareholder.

of toll road access, is considered quite promising. Other revenues are capable

of issues in land acquisition. Harmonious communication and coordination amongst

Apart from additional length of toll

of functioning as buffer for toll revenues

the stakeholders of land acquisition has

roads, the Board of Commissioners

of newly operated toll roads that are

proven to be the key to speeding up

also constantly puts the aspect of

normally deficit at their early stage as

land acquisition. These measures will be

fulfillment of minimum level of service

traffic has not yet fully generated. In

continued to ensure the achievement

(Standar Pelayanan Minimal – SPM) as

2013, the ever-growing non-toll revenues

of the Company’s target in adding to its

the main priority for it is the Company’s

increased significantly compared to that

length of operating toll roads. Moreover,

responsibility to provide services to toll

of the previous years. Non-toll revenues

the completion of new toll roads on

road users. In view of fulfilling SPM, the

of 2013 reached Rp 508.20 billion,

schedule also represents one of the

Board of Commissioners and Directors

an increase by more than two times

forms of the Company’s support to the

continuously strives to make sure that

compared to that of 2012 amounting to

Government in infrastructure development

SPM of toll roads operated by Jasa Marga

Rp 143.47 billion. In this view, the Board

to make the distribution of goods and

fulfill the standard decided by BPJT (the

of Commissioners has reviewed and

services flow freely, as well as to support

Indonesian Toll Road Authority) and

given recommendation in relation to

the realization of Government’s MP3EI

even beyond. In line with this step, the

sharpening the policies and strategies in

program.

Company reviewed SPM fulfillment system,

other businesses investment, including

accompanied with various efforts in

reviewing legal and administration aspects.

The Government’s policies constantly

enhancing HR capacity in order to fulfill

In 2013, further to establishing a Subsidiary

encouraging infrastructure development

human capital readiness along with other

in the field of property, the Board of

to enable area development and economic

efforts, including improvement in toll road

Commissioners also recommended the

growth, on one side reflects positive

maintenance system.

needs for repositioning of core business of non-toll road Subsidiaries in the field of

prospects for toll road business. Yet at the same time also means increasing

In the aspect of toll road operation,

toll road maintenance. These steps will be

competition in the business. The Board

to improve the services given to the

re-sharpened and continued in 2014 so

of Commissioners therefore continues

community, the Board of Commissioners

that the achievement of other operating

to encourage the Directors to deepen

also encourages that the use of

revenues in 2014 will be in line with the

and enhance the quality of feasibility

information technology in toll payment

determined target.


78


Respectful Shareholders, in

toll road users satisfaction level reflected

on time, i.e. 60 days prior to the end of


addition to the above, we would

from the result of customer survey. This

the current budgeting year. Assisted by

like to take this opportunity

is because SPM fulfillment is not merely

Audit Committee and Business Risk and

to report the results upon

limited to meeting the requirement of

Investment Committee, the Board of

Highlights 2013

completion of Board of

tariff increase, but it is more on meeting

Commissioners has made in depth review

Management Report

Commissioners’ other obligations,

the satisfaction of toll road users as the

on the said proposal. Having been reviewed


in both supervising and giving

realization of what are described in the

and analyzed, the RKAP of 2014 was finally

recommendations to Directors,

Vision, Mission and Values of the Company.

decided in early November 2013.



encompassing the activities

View on Business Prospect Established by Directors


As the efforts to urge the completion

as follows:

Assessment on the Performance of Directors

of new toll roads and fulfillment of SPM on operating toll roads, the Board of Commissioners visits the Branches and

The quite dynamic growth of toll road

New Toll Road Projects on a regular basis.

business along with the increasingly fierce

In addition, discussion and evaluation on

competition demand the sharpening of

the progress of completion of new toll road

Referring to the Management

policies and strategies as well as changes

projects have been decided to be one of

Contract between the Directors

in the Company’s long-term targets. This

the agenda of the Board of Commissioners-

and the Board of Commissioners

has been carried out by revising RJPP of

Directors Joint Meeting conducted once

in 2013 and through evaluation

2010-2014 to RJPP of 2013-2017. In RJPP

a month. This is aimed at improving the

and review on Management

of 2013-2017, the Company sharpens the

effectiveness of Board of Commissioners’

Reports of First, Second, Third

policies and strategies as well as adjusts

supervision as well as accelerating the

and Fourth Quarter of 2013,

its long-term targets while maintaining

realization and follow up of suggestions,

the Board of Commissioners

priority in assets growth accompanied with

feedbacks and recommendations of the

has assessed on both corporate

equity and revenues growth. In the said

Board of Commissioners in response to

performance as well as individual

RJPP, Jasa Marga is targeted to operate toll

various challenges faced in the field. The

performance of the Directors in

roads of 738 km with revenues exceeding

improvement was shown in the operation

each of the respective field. In

Rp 9.9 trillion, therefore increasing income

of two (2) new toll road sections in 2013,

general, the achievement of KPI

and providing excellent services to toll

i.e. Nusa Dua-Ngurah Rai-Benoa Toll

for each member of the Directors

road users.

Road (Bali Mandara Toll Road) in Bali, and JORR W2 North Toll Road Sections 1,

has exceeded the target and achieved the assessment of “good”

In general, we also would like to report

2, and 3 (Kebon Jeruk-Ciledug). Besides

or “quite satisfying”. Based on

that the supervision to the achievement

through the completion of new toll roads,

the said assessment, the Board

of targets of 2013 RKAP was conducted

the Board of Commissioners also urges

of Commissioners believes that

closely in accordance with the 2013 Work

Directors to have additional toll roads by

Directors have conducted good

Programs of the Board of Commissioners.

means of acquiring new toll road sections,

management of the Company in

In the first half of Financial Year 2013,

particularly those not making progress yet

2013.

review and evaluation were conducted,

are financially feasible and have strategic

especially in the realization of Capex

impacts on area development.

Going forward, the Board of

and operational cost of the Company.

Commissioners still requires that

The evaluation resulted in feedbacks

the Directors be aware of the

and recommendations to sharpen the

changes in economy, business

achievement of business target, and

environment, as well as the ever-

improve business effectiveness and

increasing business competition.

efficiency so that Operating Income and

Land acquisition issue becomes

Net Income of the Company reach the

In carrying out its duties and functions,

the major concern in order that

target. Feedbacks and recommendations

the Board of Commissioners is assisted by

completion of new toll road

of the review on RKAP of 2013 were

Audit Committee and Business Risk and

projects will be in line with the

also used as Directors considerations

Investment Committee to receive feedbacks

schedule. Furthermore, the Board

in determining strategies, targets and

and views on the management of the

of Commissioners emphasizes the

assumptions in preparing the proposal

Company conducted by the Directors.

fulfillment of SPM focusing on of

of 2014 RKAP, resulting in its completion


Assessment on the Performance of Committees under Board of Commissioners

79


In 2013, Audit Committee has realized

the effectiveness of investment plan of

carried out by the Board of Commissioners.

all nine (9) work programs planned. The

toll roads and non-toll road businesses

One of the recommendations was

programs carried out have successfully

development, as well as increasing risk

revising Board Manual of the Board of

supported the achievement of duties and

awareness culture and implementing

Commissioners and Directors.

functions of the Board of Commissioners

business risk management including

in boosting efficiency and effectiveness of

the risk mitigation.

In this opportunity, we would also like to congratulate and thank the Directors

the implementation of work and budget

and the entire Management for their

plan (RKAP) 2013 of both branches and work units; sharpening the arrangement

Closing

cooperation and accomplishments in enhancing the performance of the

of RKAP 2014; improving the effectiveness of internal control system both financial

At the end of Board of Commissioners

Company in financial year 2013. We also

and operational aspects such as security

Report of 2013, we herewith would like to

would like to extend our gratitude to

of toll collection, and fulfillment of SPM;

report that the Board of Commissioners

all stakeholders for their support and

supporting and ensuring Directors

has assisted and guided Directors in

cooperation through all the years. We

compliance in managing the Company

preparing the Annual General Meeting of

certainly hope that the well-nurtured

with prevailing rules and regulations; and

Shareholders (GMS) Financial Year 2012

cooperation is continuously maintained

procurement of Public Accounting Firm

so that it was convened successfully in

and further improved for the interests of

on schedule.

accordance with the scheduled time

the Company in the years to come, and

and planned agenda. The said GMS also

naturally for the purpose of ceaselessly

Business Risk and Investment Committee

approved the appointment of Public

giving positive contributions to the

has planned nine (9) work programs that

Accountant Office, whose procurement

community, the nation and the country

have been translated into 19 activities of

was conducted by the Board of

of Indonesia. Lastly, together with the

among others monitoring, evaluation,

Commissioners, to perform the audit of

Directors and the entire levels of PT

analysis and review, each with targeted

financial year 2013. Moreover, to support

Jasa Marga (Persero) Tbk., we are always

output to produce reports. The Board of

the implementation of GCG, particularly

committed to developing and making Jasa

Commissioners deemed that the substance

within the Board of Commissioners,

Marga a well-developed national asset in

of the reports, along with the suggestions

the entire recommendations from the

the present day and in the future.

and feedbacks submitted were quite

results of assessment conducted by GCG

significant and beneficial in sharpening

consultant in 2012 have been fulfilled and

Agoes Widjanarko Chairman

Ibnu Purna

Akhmad Syakhroza

Joyo Winoto

Commissioner

Commissioner

Commissioner


Irjen. Polisi (Purn.) Michael Dendron Primanto




80

Profile of Board of Commissioners



• Appointed Chairman based on Resolution of Extraordinary General Meeting of Shareholders on 30 January 2012. • Completed Bachelor’s Degree in Construction Civil Engineering from Sepuluh Nopember Institute of Technology, Surabaya (1979) and Master’s Degree in Infrastructure Planning from University of Stuttgart, West Germany (1987). • Presently is also Secretary General of the Ministry of Public Works (2008-present). Previous positions include President Commissioner of PT Wijaya Karya (Persero) Tbk. (2007-2012), Director General of Cipta Karya, Ministry of Public Works (20052008), Expert Staff of Minister of Settlement and Regional Infrastructure for Social Culture and Community Role (2003-2005) and Director of Housing Fund, Directorate General of Settlement, Department of Settlement and Regional Infrastructure (2001-2003). • Age as of 31 December 2013 was 59 years.


• Appointed Commissioner based on Resolution of Extraordinary General Meeting of Shareholders on 30 January 2012. • Completed Bachelor’s Degree in Economics from Airlangga University, Surabaya and Master’s Degree in Arts from University of Flinders, Australia. • Presently is also Deputy Cabinet Secretary (2011-present). Previous positions include Secretary of the Ministry of the State Secretariat (2010), Deputy Minister of the State Secretariat for Policy Support (2007-2010) and President Commissioner of PT Kawasan Berikat Nusantara (2007-2012). • Age as of 31 December 2013 was 59 years.


Ibnu Purna Commissioner

Akhmad Syakhroza Commissioner

• Appointed Commissioner based on Decision of State Minister for State-Owned Enterprises No. 33/MBU/2006 dated 14 March 2006, which was extended based on Resolution of Extraordinary General Meeting of Shareholders on 17 March 2011. Reappointed Commissioner based on Resolution of Extraordinary General Meeting of Shareholders on 30 January 2012. • Completed 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). • Presently is also Financial Expert of SKK MIGAS and Member of the Supervisory Board of Bank Indonesia (March 2010-present), lecturer at Economics Faculty of University of Indonesia for bachelor, master and doctoral programs (1986-present) and professor of Economics Faculty of University of Indonesia (2004-present). Previous positions include Expert Staff for the Minister of Energy and Mineral Resources (2009-2011), Head of Accountancy Development Center of Economics Faculty of University of Indonesia (2002-July 2009), Expert Staff of National Auditing Agency (2005-2007) and Advisor on Economy and Investment to Governor of Bengkulu Province (2006), worked at Citibank Jakarta (19891990), Bimantara Group (1988-1989) and Public Accountant Amir Abadi Jusuf (1986-1988). • Age as of 31 December 2013 was 50 years.


81


• Appointed Commissioner based on the Resolution of Resolution of Extraordinary General Meeting of Shareholders on 09 January 2008. • Completed Doctoral Degree of Philosophy (PhD) in Political Economy of Resources and Region from Department of Resource Development, Michigan State University, USA (1995). • Presently is an active Senior Director of Brighten Institute Bogor and lecturer at Bogor Agricultural Institute. Previous positions include Head of Land National Agency of the Republic of Indonesia (July 2005-June 2012), Director of Food, Agriculture and Irrigation of National Development Planning Agency of the Republic of Indonesia (Bappenas); Head of Bureau of Food, Agriculture and

Joyo Winoto Commissioner

Irrigation of Bappenas; and Head of Bureau of Foreign Economic Cooperation Bureau of Bappenas. • Age as of 31 December 2013 was 52 years.

• Appointed Commissioner based on Decision of State Minister for State-Owned Enterprises No. 33/MBU/2006 dated 14 March 2006, which was extended based on Resolution of Extraordinary General Meeting of Shareholders on 17 March 2011. Reappointed Commissioner based on Resolution of Extraordinary General Meeting of Shareholders on 30 January 2012. • Completed Bachelor’s Degree in State Administration (1995) and Master’s Degree in Management from University of the Philippines-UPI (1996). • Military career includes the posts of Army Chief of Staff Coordinator Advisor (1996), Head of Army Research and Development (1995), Commander of Artillery Center (1993), Commander of Military Resort 162 Kodam Udayana (1988), Commander of Artillery Training and Education Center (1985), Commander


of Regiment ARMED 2 KOSTRAD (1983) and Commander of Military District,


of PT Telekomindo Prima Bhakti (2000), member of the House of Representatives

Battalion Commander of the ARMED. Previous positions include Commissioner of the Republic of Indonesia (1997-1999) and Widyaiswara Utama (Senior Lecturer) at National Resilience Institute (1996). • Age as of 31 December 2013 was 71 years.

• Appointed Commissioner based on Decision of State Minister for StateOwned Enterprises No. RIS-292/D.VI.MBU/2007 dated 12 September 2007. Reappointed Independent Commissioner based on Resolution of Extraordinary General Meeting of Shareholders on 30 January 2012. • Completed Bachelor’s Degree in Law from Lampung University and Master’s Degree in Law from Lampung University. Graduated from the Police Academy in Semarang in 1973 and from the College of Police Science (PTIK) in 1981, School of Police Staff & Leadership (Sespimpol) in Lembang, West Java (19851986) and the Joint Forces Command (Seskogab) in Bandung, West Java (1995-1996).

Irjen. Polisi (Purn.) Michael Dendron Primanto Independent Commissioner


• Retired from the National Police, the last position was Governor of Police Academy in Semarang with the rank of Police Inspector General. Previous positions also include Chief of Lampung Regional Police (2002) and Head of Medan City Police (1996). • Age as of 31 December 2013 was 64 years.

82

Identity of the Company Profile of the Company Transformation of Jasa Marga Highlights 2013 Management Report Management Discussion and Analysis New Projects Development Human Capital Management Corporate Governance Corporate Social Responsibility

Management Report

Directors Report


In 2013, the Company took strategic measures by performing transformation in order to reinforce its position in the long term.


83

LeadingPertumbuhan Up toLeading the NextUp Growth to the Next Growth Menuju Berikutnya

Adityawarman President Director/CEO

Dear Shareholders, The year 2013 marks a significant milestone in Jasa Marga’s journey to the future while continuously growing and developing to maintain its position as the leader in toll road industry. We would like to take this opportunity to present the Annual Report 2013 that describes the achievements of the Company’s performance in 2013, along with series of efforts carried out by the Management in performing transformation in order to increase the competitiveness and reinforce the position of the Company in toll road industry in the years to come.


Starting from 2004 to 2012, Jasa Marga

Company has initiated to take strategic

has undergone two significant events,

measures by performing transformation in

namely the change in the Company’s

order to reinforce its position in the long

function and role from regulator to

term. The strategic measures were signified

operator and the change on its status to

by the decision of the Company Vision and

Public Company in 2007. These events

Mission of 2017 and 2022.

have made the Company financially secure and successfully maintain its position as

The decision of the new Vision and Mission

leader in toll road industry by dominating

is part of the Company’s transformation

the market share, i.e. 73% of the total

process to become a leading company

operating toll roads in the country and

and serves and the foundation for the

±80% of the total transaction traffic

Management in carrying out strategic

volume on toll road in Indonesia.

measures.

Having seen the potential of economic

To realize the Vision and Mission of

growth in Indonesia, potential of toll road

the Company in 2017 and 2022, in the

business along with the achievements of

aspect of business development, the

the Company’s performance, in 2013, the

Company will continue to add to its

84


The Company has succeeded in operating two new toll road sections, namely Nusa Dua-Ngurah Rai Benoa (Bali Mandara) Toll Road and JORR W2 North Toll Road Section Kebun JerukCiledug to show its commitment to continuously adding operating toll roads.


length of toll roads and to boost

Analysis of the Performance of the

acquisition and unsolicited method for

the performance of toll road

Company

potential toll road sections.

operation, as well as diversify non2. Toll Road Operation

toll road businesses that support toll road development and operation. In addition, to support

Strategic Policies of the Company

In 2013, in the aspect of toll road operation, the Company continued to improve its services by fulfilling the

the strategies to achieve the vision and mission, the Company

In achieving its targets, in 2013, the

needs for traffic services to increasing

also performs the transformation

Company has carried out the following

traffic volume.

in the aspect of organization

strategic measures:

and HR management as well as

Improvement in the services focused

transformation on the aspect of

1. Toll Road Business Development

on modernizing operation system and

information technology to boost

In 2013, the Company continued

increasing road capacity. Modernization

to make every effort to add to its

was conducted by continually adding

operating toll roads by keeping its

automated toll booth (Gardu Tol

focus on the nine new toll road sections

Otomatis – GTO) and increasing access

owned by the Company. At the same

to real time information on traffic

time, the Company also sought the

services.

efficiency and productivity.

opportunity to add to its toll road concessions by means of tender,


85


In order to enhance comfort in driving,

out of total transaction volume in 2013.

the use of non-subsidized fuel and increase

in 2013, the Company increased

Moreover, modernization was also carried

in provincial minimum wage (Upah

the capacity of roads with V/C Ratio

out in providing real time information

Minimum Provinsi – UMP) that were quite

exceeding 0.8 whenever possible by

on traffic condition to toll road users by

significant. We are optimistic that in the

conducting widening and adding more

adding 23 more electronic message signs

following years the financial performance

transaction booths at congested toll

showing traffic information and continually

of the Company, particularly Net Profit will

gates.

improving the services of Jasa Marga Traffic

continue to improve. This was reflected by

Information Center.

the Company’s success in maintaining its bond rating at id AAstable.

3. Other Businesses Development

In 2013, the Company continued to

In order to reduce traffic congestion

increase revenues deriving from non-

and increase driving comfort, in 2013

In order to preserve the potential rapid

toll road business consisting of Toll

the Company conducted widening on

growth of toll road and the achievements

Road Maintenance Services, Toll Road

Cibinong-Sentul Selatan Section of

of the Company’s Vision of 2017, Jasa

Operation Services, Management of

Jagorawi Toll Road and Pasteur-Kopo

Marga has also made transformation of

Rest and Services Areas, Space Rent for

Section of Padaleunyi Toll Road. We also

its organization to bridge and prepare

Advertisements and Property.

provided additional transaction booths to

its employees to become future leaders

reduce congestion at toll gates.

of the Company by conducting trainings that will advance their competencies and

Achievement of the Company’s Performance

In 2013, non-toll road business

leadership.

development was supported by Toll Road Maintenance Service, Toll Road Operation

Obstacles Faced by the Company

The Company’s target to add its operating

Services, Space Rent for Advertisements

toll roads in 2013 was successfully

and Management of Rest and Services

achieved with the operation of two toll

Areas. The achievement in non-toll road

In 2013, the major obstacle the Company

road sections, i.e. Nusa Dua-Ngurah Rai-

business development this year was quite

had to face still revolved around land

Benoa (Bali Mandara) Toll Road and JORR

satisfactory, as non-toll revenues reached

acquisition issue. One of the efforts carried

W2 North Section Kebon Jeruk-Ciledug to

Rp 508.20 billion representing growth by

out by the Company was forming land

prove the commitment of the Company

254.22% compared to that of the previous

acquisition acceleration team internally

to constantly adding its operating toll

year.

with the tasks of coordinating with and

roads and maintaining its position to keep

assisting Land Acquisition Team formed

dominating the market share of toll roads

The Company’s success in exceeding the

by the Government in view of the fact

in Indonesia.

target of transaction traffic volume has

that land acquisition process is the

resulted in the achievement of Operating

full responsibility and authority of the

In the aspect of toll road operation,

Revenues (excluding Construction

Government. The strategies carried out was

the achievement of transaction of

Revenues) of 2013 reaching Rp 6,334.13

proven to be effective as in 2013, out of

traffic volume on toll roads operated

billion, 4.91% higher than the target and

the existing toll road concession holders,

by the Company with 1,258.52 million

grew by 10.64% compared to that of the

Jasa Marga is the only one succeeding in

transactions which were higher by 0.39%

previous year. The Company’s efforts to

adding to its operating toll roads.

over what was targeted and represented

expand were shown in the increase in its

growth by 4.76% compared to that of the

assets by 14.6% from Rp 24,753.55 billion

In the field of labor, the change in

previous year.

to Rp 28.366,35 billion. Net Profit of 2013

regulation concerning increase in UMP

reached Rp 1,336.32 billion, 16.59% lower

and policies in outsourced labors also

Improvement of services to toll road users

than that of the previous year, representing

influenced the achievement of financial

was realized by modernizing the operation

the consequences for operating new

performance of the Company, as the

by providing additional 38 automated

toll roads in 2013, a condition in which

Company had many outsourced labors

toll booths. The effort led to the positive

operational expenses has reached

with wages equal to UMP. To overcome

impact on the user of e-toll card, and this

maximum level while toll revenues have

this issue, the Company keeps increasing

was reflected in the increase in the e-toll

not yet reached optimum level. The said

its automated toll booths as one of the

card transaction from previously 9.37%

condition was also accompanied with

solution to make operational cost efficient.

out of total transaction volume to 11.07%

adjustment to Government regulations in


86


The Company is committed to ensuring that

Management Report

business management activities are carried


out prudently and based on the principles of

New Projects Development Human Capital Management

Good Corporate Governance (GCG) and that


the Company keeps perfecting GCG practices


that have been implemented


Future Prospect of the Company’s Business

The operation of the abovementioned

Integrity Pact and Gratification Handling

toll road sections along with the efforts in

Program.

making efficient of cost of operation on The years 2014 to 2017 are

toll roads already operated, the Company

The efforts to always improve the practices

of important period for the

is optimistic that its performance will grow

of GCG were reflected in the Company’s

Company. During the period, all

significantly in the following years.

success in maintaining its achievement in

of the Company’s new toll road

the Score of GCG Assessment in 2013 as

sections are scheduled to be fully

the Company succeeded in achieving the

operated. Particularly in 2014, the Company plans to operate

Sustainable Implementation of Corporate Governance

predicate of Very Good with the score of 95.01%.

five additional toll road sections: Bogor Outer Ring Road Toll Road

The Company is committed to ensuring

Section Kedung Halang-Kedung

that business management activities

Badak, Semarang-Solo Toll Road

are carried out prudently and based

Section Ungaran-Bawen, Gempol-

on the principles of Good Corporate

The programs of Corporate Social

Pandaan Toll Road, Gempol-

Governance (GCG) and that the Company

Responsibility are aimed at supporting the

Pasuruan Toll Road Section

keeps perfecting GCG practices that have

sustainability of the Company’s business,

Gempol-Rembang and JORR W2

been implemented. To strengthen the

and they include the responsibility to the

North Toll Road Section Ciledug-

implementation of GCG, the Company

environment, indicated among others

Ulujami.

has actively conducted socialization of

by toll road reforestation and planting

implementation of Whistleblowing System,

mangrove trees on operating toll roads.



87


This is carried out as part of the Company’s

In addition to the above, as a continuation

good performance in 2013 possible. All of

contribution to reducing the impact of

of the CSR program previously carried

the accomplishments are resulted from the

global warming as well as maintaining

out, which is in the view of educating and

hard work and dedication of Jasa Marga

balance of the environmental ecosystem

promoting traffic obedience at schools,

employees that have presented their

in the surroundings of the Company’s

the Company created zebra crossing (Zona

positive contribution to the Company.

operating toll roads. CSR programs related

Selamat Sekolah/school safety zone) for

to environment are also conducted

elementary schools.

The Directors would also like to extend their thanks and highest appreciation to

by involving various institutions with

the Shareholders for all the supports given,

environmental awareness.

Closing

so in 2013 the Company was capable of continuing the carrying out of various

In the field of social community, the Company makes efforts to provide

With high spirit of hard work along with

developments. Our high appreciation is

conducive situation for the sustainability of

togetherness, we are optimistic that the

also extended to the Government, people,

its business by conducting the activities of

performance of the Company in the future

toll road users, along with our business

community development program.

will continue to improve, in line with our

partners and other stakeholders for the

theme this year “Leading Up to the Next

well-nurtured cooperation and support for

Growth”.

Jasa Marga.

improvement in achievement of national

Last but certainly not least, we would like

May God Almighty grant His blessings to

sports program. The Company supports

to extend our gratitude and the highest

all of us.

national athletes to succeed in various

appreciation to all staff members for

sporting events.

making the achievement of Jasa Marga’s

Another CSR program worth mentioning is the Company’s support to the


Hasanudin

Abdul Hadi Hs.

Operation Director


Reynaldi Hermansjah

Muh Najib Fauzan

Finance Director

Human Capital & General Affairs Director


88

Profile of Directors



• Joined Jasa Marga in 1983. Appointed President Director/CEO based on Resolution of Extraordinary General Meeting of Shareholders on 30 January 2012. • Completed Bachelor’s Degree in Civil Engineering from Diponegoro University and Master’s Degree in Management from Trisakti University. • Previous positions include Operation Director of Jasa Marga (2008-2012), Commissioner of PT Citra Waspphutowa (2006-2008), President Commissioner of PT Citra Margatama Surabaya (2002-2009), Operation and Business Development Director of PT CMNP (2002-2007), Operation Director of PT CMNP (2000-2002), Commissioner of PT CMNP (1998-2000), Cawang-TomangCengkareng Branch Manager (1997-2000), and Jagorawi Branch Manager (19931997). • Age as of 31 December 2013 was 58 years.


• Joined Jasa Marga in 1988. Appointed Operation Director based on Resolution of Extraordinary General Meeting of Shareholders on 30 January 2012. • Completed Bachelor’s Degree in Transportation Engineering from

Glossary

Sepuluh Nopember Institute of Technology, Surabaya and Master’s


degree in Transportation Engineering from University of New South Wales, Sydney, Australia. • Presently is also Commissioner of PT Trans Marga Jateng. Previous positions include Head of Maintenance Division (2006-2012), Commissioner of PT Marga Mandala Sakti (2008-2010), and Cipularang

Hasanudin Operation Director

Toll Road Development Project Manager (2004-2005). • Age as of 31 December 2013 was 50 years.

• Joined Jasa Marga in 1987. Appointed Business Development Director in 2006. Reappointed Business Development Director based on Resolution of Extraordinary General Meeting of Shareholders on 30 January 2012. • Completed Bachelor’s Degree in Civil Engineering from Trisakti University and Master’s Degree in Management from University of Indonesia. • Presently is also President Commissioner of PT Jasamarga Bali Tol, Commissioner of PT Marga Lingkar Jakarta and Commissioner of PT Jasamarga Properti. Previous positions include President Director of PT Jalantol Lingkarluar Jakarta (2001-2005), Head of Investment Development Division (1994-2001), Commissioner of PT Bukaka Marga

Abdul Hadi Hs. Business Development Director

Utama (1995-2001) and Head of Toll Road Investment Team (1994-2001). Previous positions also include Head of Regional and International Market Division of Indonesian Road Development Association – HPJI (2007-2011) based on Decision Letter No. KP.01/DPP-HPJI/XI/07 dated 05 November 2007 and was reappointed Head of International Market Development and Relation of Indonesian Road Development Association based on Decision Letter No. 01/KPTS/DPP-HPJI/II/2012 dated 20 February 2012 for the period of 2011-2015. • Age as of 31 December 2013 was 56 years.


89


• Appointed Finance Director in 2006. Reappointed Finance Director based on Resolution of Extraordinary General Meeting of Shareholders on 30 January 2012. • Completed Bachelor’s Degree in Electrical Engineering from Trisakti University. • Presently is also Commissioner of PT Marga Sarana Jabar and President Commissioner of PT Trans Lingkar Kita Jaya. Having 15 years of experience in financial sector of investment and capital market. Began the career in 1991 at Nomura Securities and afterwards held several key positions at several multinational companies. Prior to being assigned at Jasa Marga, he was the President Director of PT PNM Investment Management from 2003 until 2006.

Reynaldi Hermansjah Finance Director

He presently holds an Investment Manager License from Bapepam (No. KEP38/PM-PI/1993). • Age as of 31 December 2013 was 46 years.

• Joined Jasa Marga in 1990. Appointed Human Capital and General Affairs Director based on Resolution of Extraordinary General Meeting of Shareholders on 30 January 2012. • Completed Bachelor’s Degree in Civil Engineering from Bandung Institute of Technology and Master’s Degree in Highway Engineering from Bandung Institute of Technology. • Presently is also Commissioner of PT Marga Nujyasumo Agung (2009-present). Previous positions include Head of Corporate Planning Bureau (2006-2012), Head of Jasa Marga IPO Team (2007). • Age as of 31 December 2013 was 53 years.

Muh Najib Fauzan Human Capital & General Affairs Director


90 90


In 2017, Jasa Marga will be operating 738 km length toll roads, representing an increase by 31.62% compared to the Company’s total length of toll roads at present.


91


Management Discussion & Analysis

At present,

73

%

of the total length of toll roads in Indonesia are operated by Jasa Marga.

Analysis is reported based on information

Business Activities of the Company

provided in the Consolidated Financial

The Company’s core business, based on

Statements of PT Jasa Marga (Persero)

the Articles of Association No. 8 date 08

Tbk. and Subsidiaries for the years ended

August 2008, that have been amended

31 December 2013 and 2012 that have

with the Company’s Articles of Association

been audited by Public Accounting Firm

No. 33 dated 05 April 2011 stipulated

Aryanto, Amir Jusuf, Mawar & Saptoto

in the Decision of Minister of Law and

giving opinion that the said Financial

Human Rights of the Republic of Indonesia

Statements present fairly, in all material

No. AHU-20288.AH.01.02 of 2011, as an

respects, the consolidated financial

infrastructure company and toll road

positions of PT Jasa Marga (Persero) Tbk.

provider, Jasa Marga’s main business

and its Subsidiaries as of 31 December

activities are as follows:

2013, and their consolidated financial

1. Performing technical planning,

The Management Discussion and

performance and cash flows for the year ended, in accordance with Indonesian Financial Accounting Standards.

construction, operation and/or maintenance of toll roads. 2. Developing the land in toll roads’ right of way (ROW) areas and the land adjacent to toll roads’ ROW for rest and


92


services areas along with the

The growing economy was reflected in


facilities and other businesses.

the increase in sales of motor vehicles,


particularly passenger cars, in the country.

I. Business Segment of Toll Road Operation

Based on Indonesian Statements of

In addition to its main activities,

In 2013, car sales reached 1.23 million cars

Financial Accounting Standard/PSAK 5

Highlights 2013

the Company also embarks on

(source: Gaikindo), an increase by 10.18%

(Revised 2009) on Operation Segment,

Management Report

supporting business activities as

compared to that of 2012 reaching 1.12

the Company’s Business Segment of Toll


follows:

million vehicles. The increase in car sales

Road Operation is divided into two (2)

1. Developing property in areas

indirectly contributed to the increase in

major groups. The first group is the Main

transaction traffic volume on toll roads

Segment consisting of six (6) segments

operated by the Company.

with the highest revenues or segments,


near toll road corridor. 2. Developing services for

which altogether represent 75% of the

businesses related to modes/ means of transportation,

The demand on toll road development

total revenues. The second group is Other


distribution of liquid/solid/gas

is still very high. Until the end of 2013,

Segment not included in the first group,

material, information facility

the length of operating toll roads were

or representing 10% of the total revenues.


network, technology and

still significantly lower than the overall

communication, in relation to

needs for toll road development. The

toll road corridor.

development of toll roads is one of the

the Company’s Business Segment of Toll

Government’s strategic programs included

Road Operation is divided as follows:


3. Developing the fields of trade

Based on the approach mentioned above,

and services for construction,

in MP3EI, as economic growth needs to

maintenance and toll road

be supported by strengthening national

operation.

connectivity one of which is through the

1. Jagorawi Branch

acceleration of toll road development.

2. Jakarta-Cikampek Branch

a Main Segment

3. Cawang-Tomang-Cengkareng

Currently, the Company’s main activities are supported by nine

As of the end of December 2013, Jasa

(9) Branches, one (1) Business Unit

Marga has operated 560 km toll roads,

4. Purbaleunyi Branch

and ten (10) Toll Road Subsidiaries,

representing 73% of the total toll roads

5. Head Office (JORR)

whereas supporting business

in Indonesia. Moreover, until 2017, Jasa

activities are strengthened by

Marga plans to operate additional ± 177

establishing two (2) Non-Toll Road

km new toll roads, bringing the total

1. Surabaya-Gempol Branch

Subsidiaries.

operating toll roads operated by the

2. Semarang Branch

Company to 738 km in 2017 or an increase

3. Belmera Branch

During the year 2013, Indonesian

by 31.62% compared to the total length

4. Palikanci Branch

economy was still experiencing

of the Company’s operating toll roads

5. Business Unit

positive growth. This was

at present. Given the abovementioned

6. PT Marga Sarana Jabar

apparent from economic indicator

conditions, Jasa Marga is the leader of toll

7. PT Marga Nujyasumo Agung

of Gross Domestic Product/

road industry in Indonesia.

8. PT Trans Marga Jateng

Branch

6. Jakarta-Tangerang Branch b. Other Segment

9. PT Jasamarga Bali Tol

GDP (at current price) increased by 5.78%. On the other hand, inflation reached 8.38% (source: Indonesian Statistical Bureau),

Operational Review by Business Segment

II. Business Segment of Non-Toll Road Business 1. Petroleum Revenues

and Rupiah weakened against

Basis in Implementing Business Segment of Jasa Marga

2. Land Rent

9,795 and Rp 12,171 (source: Bloomberg). Nonetheless,

In carrying out its operational activities,

4. Advertisements

the impact of the last two (2)

Jasa Marga uses its business characteristics

5. Others

indicators was insignificant on the

as the approach of segmenting its

Company’s business given that

business; hence in accordance with the

Details concerning information on

the Company does not engage

Company’s Articles of Association, the

business segment are provided in Note 47

in business transaction in foreign

Company’s Business Segment is divided

of Consolidated Financial Statements.

currency and that the increase

into:

US Dollar ranging between Rp

of toll road tariff is based on inflation.


3. Toll Road Operating Service

93


In 2013, the total of transaction traffic volume of the Company reached 1.26 billion vehicles, an increase by 4.76% compared to the previous year.

In 2013, the total of transaction traffic

contributing 16.76% of total Toll Revenues

As of today, tariff increase has been

volume of the Company reached 1.26

of Rp 976.57 billion.

implemented on schedule based on the provisions mentioned above. The

billion vehicles, of which 86.57% and 13.43% were vehicles of Class I (sedan,

The increase in Toll Revenues was caused

Government has shown its consistency in

pick up) and Class of bigger vehicles

among others by adjustment of toll tariff

maintaining conducive climate of toll road

(truck and bus), respectively. The highest

on toll roads operated by the Company.

investment. The basis of tariff adjustment

contribution of traffic volume on the

The provisions regarding tariff adjustment

is more on the purpose of providing

Company’s toll roads was made by the

are stipulated in Article 48 of Law No. 38

certainty of return on investment made by

operation of Jakarta Inner Ring Road Toll

of 2004 on Road and Article 6 Paragraphs

investors. In accordance with the Decision

Road, contributing 16.50% of the total

(1) and (2) of Government Regulations No.

of the Minister of Public Works No. 394/

transaction with 207.64 million vehicles.

15 of 2005, stating that toll road operators

KPTS/M/2013 dated 04 October 2013 and

The total traffic volume has generated Toll

may adjust tariff every two years based on

No. 490/KPTS/M/2013 dated 28 November

Revenues amounting to Rp 5.83 trillion.

inflation rate.

2013, the adjustment of toll tariff in

The highest contribution of Toll Revenues

2013 were made for eleven (11) toll road

came from Jakarta-Cikampek Toll Road,

sections of the Company as follows:

Toll Road Sections with Tariff Adjustment in 2013 No

Segment

Section

Branch/Subsidiary

Decision of Minister of Public Works as Basis of Tariff Adjustment

1

Jagorawi

Jagorawi

Jagorawi

No. 394/KPTS/M/2013

3


Jakarta Inner Ring Road/JIRR


No. 490/KPTS/M/2013

4

Purbaleunyi

Purbaleunyi

No. 394/KPTS/M/2013

5

Jakarta-Tangerang

Jakarta-Tangerang

No. 394/KPTS/M/2013

6

Head Office (PT JLJ)

PT Jalantol Lingkarluar Jakarta

No. 394/KPTS/M/2013

Surabaya-Gempol

Surabaya-Gempol

No. 394/KPTS/M/2013

Semarang

Semarang

No. 394/KPTS/M/2013

Belmera

Belmera

No. 394/KPTS/M/2013

Palikanci

Palikanci

No. 394/KPTS/M/2013

7

Other Segment

Padaleunyi Cipularang Jakarta-Tangerang Jakarta Outer Ring Road (JORR) Ulujami-Pondok Aren


94


Results of the Company’s business segment in 2012 and 2013 are as follows:


Transaction Traffic Volume

in million vehicles

Highlights 2013

Amount

Proportion (%)

Amount

Proportion (%)

∆

∆%

Jagorawi

Jagorawi

Jagorawi

189.92

15.81

198.82

15.80

8.90

4.69

2

Jakarta-Cikampek

Jakarta-Cikampek

Jakarta-Cikampek

194.87

16.22

201.60

16.02

6.72

3.45

Cawang-TomangCengkareng

72.11

6.00

74.58

5.93

2.48

3.44

3

205.40

17.10

207.64

16.50

2.24

1.09

4

Purbaleunyi

54.98

4.58

57.76

4.59

2.78

5.07

5.34

0.44

5.86

0.47

0.52

9.68

5

Jakarta-Tangerang

107.88

8.98

112.81

8.96

4.93

4.57

139.93

11.65

145.75

11.58

5.82

4.16

6


44.33

3.69

46.62

3.70

2.29

5.18

Prof Dr. Ir Sedyatmo

Padaleunyi

Purbaleunyi

Cipularang Jakarta-Tangerang

Jakarta-Tangerang

Jakarta Outer Ring Road (JORR)


Ulujami-Pondok Aren


7


Jakarta Inner Ring Road/JIRR

Other Segment

Surabaya-Gempol

Surabaya-Gempol

75.51

6.29

81.47

6.47

5.96

7.90

Semarang

Semarang

45.27

3.77

48.61

3.86

3.33

7.36

Belmera

Belmera

21.68

1.81

23.95

1.90

2.27

10.46

Palikanci

Palikanci

19.32

1.61

20.09

1.60

0.77

3.99

Bogor Outer Ring Road/BORR


11.24

0.94

12.52

1.00

1.29

11.45

Surabaya-Mojokerto


8.62

0.72

10.61

0.84

1.99

23.13

Semarang-Solo


4.96

0.41

6.58

0.52

1.62

32.69



3.24

0.26

3.24

n/a

57.15

4.76

TOTAL

-

-

1,201.37

100.00

1,258.52

100.00

Transaction Traffic Volume

139.93 145.75 107.88 112.81

2012

-

5.34 5.86

4.96 6.58

54.98 57.76

72.11 74.58

75.51 81.47

2013

3.24

189.92 198.82

194.87 201.60

205.40 207.64

in million vehicles

8.62 10.61


2013

1


Branch/Subsidiary

11.24 12.52


Section

21.68 23.95


Segment

45.27 48.61


2012 No

44.33 46.62

Management Report

19.32 20.09


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95


Transaction Traffic Volume by Vehicle Class

in million vehicles

Class I

Class II

1,040.73 1,089.49 101.84 106.27

Class III

34.55 35.85

Class IV

Class V

Class VI

14.86 15.41

9.39 10.04 1.46

2012 2013


96


Toll Revenues


in billion Rupiah


No

Management Report

Segment

2012

Branch/ Subsidiary

Section

2013

Amount

Proportion (%)

1

Jagorawi

Jagorawi

Jagorawi

(%)

Amount


2

Jakarta-Cikampek

Jakarta-Cikampek

Jakarta-Cikampek

(%)

16.06

3


388.78


4

Purbaleunyi

5

Jakarta-Tangerang

Jakarta-Tangerang

Jakarta-Tangerang

6


Jakarta Outer Ring Road (JORR) Ulujami-Pondok Aren


Surabaya-Gempol

Surabaya-Gempol

Glossary

Semarang



7

40.16

7.90

976.57

16.76

80.33

8.96

6.97

423.16

7.26

34.38

8.84

674.79

12.09

686.80

11.79

12.01

1.78

269.47

4.83

276.29

4.74

6.82

2.53

655.38

11.74

741.09

12.72

379.58

6.80

408.01

7.00

1,100.17

19.71

946.37

115.58

2.07

131.85

2.26

16.27 14.08

240.80

4.31

270.47

4.64

29.67 12.32

Semarang

97.18

1.74

104.77

1.80

7.59

Belmera

Belmera

73.21

1.31

81.57

1.40

8.36 11.41

Palikanci

Palikanci

100.54

1.80

107.49

1.84

6.95

Bogor Outer Ring Road/BORR


41.06

0.74

45.55

0.78

4.49 10.93

Surabaya-Mojokerto


13.42

0.24

17.55

0.30

4.14 30.85

Semarang-Solo


27.46

0.49

36.49

0.63

9.03 32.88



-

-

23.65

0.41

5,581.75

100.00


Jakarta Inner Road/ JIRR Padaleunyi

Purbaleunyi

Cipularang

Other Segment

TOTAL

85.71 13.08 28.43

5,825.93

100.00

244.18

4.37

1,100.17

2012

655.38 741.09

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27.46 36.49

41.06 45.55

100.54 107.49

73.21 81,57

115.58 131.85

97.18 104.77

240.80 270.47

269.47 276.29

388.78 423.16

2013 379.58 408.01

674.79 686.80

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946.37

896.24 976.57 508.09 548.25

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7.81

23.65

Toll Revenues

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7.49

16.24 (153.80) (13..98)

in billion Rupiah

Jag

∆%

9.41

Prof Dr. Ir Sedyatmo


∆(Rp)

Proportion (%)

Amount

13.42 17.55

Highlights 2013

97


BUSINESS SEGMENT OF TOLL ROAD OPERATION Main Segment 1. Jagorawi Branch

Section

: Jagorawi

Length of Toll Road

: 59 km

: 1978

Number of Employees

: 621 people

Number of Toll Booths

: 151

V/C Ratio

: 0.53 - 1.43

Transaction System

: Closed & Open

Location of Operation

: Jakarta, Bogor

4.69%

189.92

Year Operation Started

198.82

Year Concession Expires : 2044

Toll Revenues (billion Rupiah)

548.25

Transaction Traffic Volume (million vehicles)

2012

2013

2012

Proportion of Transaction Traffic Volume *

7.90%

508.09

Jagorawi Branch

2013

Proportion of Toll Revenues *

15.80%

84.20%

9.41%

90.59%

*Proportion to Jasa Marga’s Total Transaction Traffic Volume and Toll Revenues

Performance in 2013

Performance Analysis 2013 of Jagorawi Branch

In 2013, the Transaction Traffic Volume of Jagorawi Branch reached

Toll Revenues of Jagorawi Branch grew by 7.90% from that of the

198.82 million vehicles, showing an increase by 4.69% compared

previous year and it was caused by growth in transaction traffic

to that of 2012 reaching 189.92 million vehicles. In 2013, Jagorawi

volume by 4.69% and toll tariff adjustment in October 2013.

Branch contributed 15.80% to the total Transaction Traffic

Increase in transaction traffic volume was caused by increasing

Volume. Toll Revenues reaching Rp 548.25 billion increased by

traffic activities and growth in the number of vehicles resulted

7.90% compared to that of 2012 amounting to Rp 508.09 billion.

from area development in Sentul and Bogor. The operation of

Contribution of Toll Revenues to Total Toll Revenues reached

Cinere-Jagorawi Toll Road that is connected to Jagorawi Toll Road

9.41%.

also generated traffic volume increase on Jagorawi Toll Road.

Profitability In 2013, Jagorawi Branch’s Earning before Income Tax amounted to Rp 240.55 billion, representing an increase by 5.45% compared to that of the previous year.


98


2. Jakarta-Cikampek Branch



Year Concession Expires

: 2044


: 1988

Number of Employees

: 750 people


: 159

V/C Ratio

: 0.31-1.78

Transaction System

: Closed & Open


: Jakarta, Bekasi, Karawang, Cikampek


3.45%

2012

2012

2013


8.96%

2013

Proportion of Toll Revenues * 16.76%

16.02%


291,66

: 83 km

976.57

: Jakarta-Cikampek

Length of Toll Road


896.24

Management Report

Section


201.60

Highlights 2013


194.87



83.24%

83.98%



Performance in 2013

Performance Analysis 2013 of Jakarta-Cikampek Branch

In 2013, the Transaction Traffic Volume of Jakarta-

Toll Revenues of Jakarta-Cikampek Branch grew by 8.96%

Cikampek Branch reached 201.60 million vehicles,

from that of the previous year and it was caused by growth in

showing an increase by 3.45% compared to that of

transaction traffic volume by 3.45%. Increase in transaction traffic

2012 reaching 194.87 million vehicles. In 2013, Jakarta-

volume was caused by increasing traffic activities and growth in

Cikampek Branch contributed 16.02% to the total

the number of vehicles resulted from area development in Bekasi

Transaction Traffic Volume. Toll Revenues reaching Rp

and Karawang.

976.57 billion increased by 8.96% compared to that of 2012 amounting to Rp 896.24 billion. Contribution of Toll Revenues to Total Toll Revenues reached 16.76%. Profitability In 2013, Jakarta-Cikampek Branch’s Earning before Income Tax amounted to Rp 291.66 billion, representing an increase by 9.51% compared to that of the previous year.


99


3. Cawang-Tomang-Cengkareng Branch

: 38 km


: 2044


: 1984 & 1987

Number of Employees

: 793 people


: 143

V/C Ratio

: 0.39-1.43

Transaction System

: Open


: Jakarta, Tangerang

2012

1,109.96

Length of Toll Road

1,063.57

: Prof Dr. Ir. Sedyatmo Jakarta Inner Ring Road


282.22

Section


277.51

Cawang-Tomang-Cengkareng Branch

1.70% 2013

2012


2013


22.43%

77.57%

4.36%

19.05%

80.95%


Performance in 2013

Performance Analysis 2013 of Cawang-Tomang-Cengkareng

In 2013, the Transaction Traffic Volume of Cawang-Tomang-

Branch

Cengkareng Branch reached 282.22 million vehicles, showing

Toll Revenues of Cawang-Tomang-Cengkareng Branch grew by

an increase by 1.70% compared to that of 2012 reaching 277.51

10.62% from that of the previous year and it was caused by growth

million vehicles. In 2013, Jakarta-Cikampek Branch contributed

in transaction traffic volume by 1.70% and toll tariff adjustment

22.43% to the total Transaction Traffic Volume. Toll Revenues

for toll road sections operated by the Branch in October and

reaching Rp 1.11 trillion increased by 4.36% compared to that of

November 2013. Increase in transaction traffic volume was caused

2012 amounting to Rp 1.06 billion. Contribution of Toll Revenues

by the policy of limiting time for trucks to enter the toll road

to Total Toll Revenues reached 19.05%.

section hence smoothing traffic flow on Jakarta Inner Ring Road Toll Road, the existence of new residential area in the surroundings

Profitability

of Prof. Dr. Ir. Sedyatmo Toll Road and its integration with JORR W1.

In 2013, Cawang-Tomang-Cengkareng Branch’s Earning before

The implementation of PUTTRA (Petugas Jemput Transaksi – toll

Income Tax amounted to Rp 771.79 billion, representing a

collectors proactively come to toll road users to make transaction

decrease by 1.59% compared to that of the previous year.

at congested toll gates) and contra flow starting from 01 May 2012 also contributed to the increase in transaction traffic volume.


100


4. Purbaleunyi Branch

Management Discussion and Analysis New Projects Development Human Capital Management Corporate Governance

: Padaleunyi, Cipularang

Length of Toll Road

: 123 km


1,017.38

Management Report

Section


Year Concession Expires : 2044 Year Operation Started

: 1990 & 2003

Number of Employees

: 538 people


: 92

V/C Ratio

: 0.12 - 0.98

Transaction System

: Closed


: Padalarang, Cileunyi, Cikampek, Purwakarta

5.47%

2012

2013

2012


10%

924.85

Highlights 2013

Cabang Purbaleunyi

60.32


63.62


2013


5.05%

17.46%

Corporate Social Responsibility Statement of Members of the Board of Commissioners and Directors on the Responsibility for Annual Report 2013 Glossary

94.95%


82.54%


Performance in 2013

Performance Analysis 2013 of Purbaleunyi Branch

In 2013, the Transaction Traffic Volume of Purbaleunyi

Toll Revenues of Jagorawi Branch grew by 10% from that of the

Branch reached 63.62 million vehicles, showing an


increase by 5.47% compared to that of 2012 reaching


60.32 million vehicles. In 2013, Purbaleunyi Branch


contributed 5.05% to the total Transaction Traffic Volume.

traffic activities and growth in the number of vehicles traveling

Toll Revenues reaching Rp 1.02 billion increased by 10%

from Jakarta to Bandung and its surroundings.

compared to that of 2012 amounting to Rp 924.85 billion. Contribution of Toll Revenues to Total Toll Revenues reached 17.46%. Profitability In 2013, Purbaleunyi Branch’s Earning before Income Tax amounted to Rp 706.52 billion, representing an increase by 5.31% compared to that of the previous year.


101


5. Head Office - Jakarta Outer Ring Road (JORR)

: 49 km (+Ulujami)


: 2044


: 1991 & 2001

Number of Employees

: 4.080 people


: 159

V/C Ratio

: 0.19 - 1.27

Transaction System

: Open


: Jakarta, Bekasi

2012

1,078.22

Length of Toll Road

1,215.75

: JORR, UlujamiPondok Ranji


192.37

Section


4.40%

184.26

Jalantol Lingkarluar Jakarta

-11.31%

2013

2012


2013


15.29%

18.51%

81.49%

84.71%


Performance in 2013

Performance Analysis 2013 of JORR and Ulujami-Pondok Aren

In 2013, the Transaction Traffic Volume of Head Office (JORR

Sections

Section) reached 192.37 million vehicles, showing an increase by

Transaction traffic volume grew by 4.40% compared to that of the

4.40% compared to that of 2012 reaching 184.26 million vehicles.

previous year. Increase in transaction traffic volume was caused by

In 2013, Head Office (JORR Section) contributed 15.29% to the total

traffic growth in Jakarta-Cikampek and Jagorawi Toll Roads, both

Transaction Traffic Volume. Toll Revenues reaching Rp 1.08 trillion

connected to JORR.

increased by 11.31% compared to that of 2012 amounting to Rp 1.22 trillion. Contribution of Toll Revenues to Total Toll Revenues reached 18.51%. Profitability In 2013, Head Office (JORR Section)’s Earning before Income Tax amounted to Rp 554.10 billion, representing a decrease by 271.04% compared to that of the previous year.


102


6. Jakarta-Tangerang Branch



Length of Toll Road

: 33 km


: 2044


: 1984

Number of Employees

: 480 people


: 78

V/C Ratio

: 0.44 - 1.57

Transaction System

: Open


: Jakarta, Tangerang

2012

408,01


: Jakarta-Tangerang


379,58

Management Report

Section


112,81

Highlights 2013

Jakarta-Tangerang Branch

107,88


4,57% 2013

2012


7,49% 2013


8.96%

7.00%


91.04%


93.00%


Performance in 2013

Performance Analysis 2013 of Jakarta-Tangerang Branch

In 2013, the Transaction Traffic Volume of Jakarta-

Toll Revenues of Jakarta-Tangerang Branch grew by 7.49%

Tangerang Branch reached 112.81 million vehicles,



transaction traffic volume by 4.57% and toll tariff adjustment in

2012 reaching 107.88 million vehicles. In 2013, Jakarta-

October 2013. Increase in transaction traffic volume was caused

Tangerang Branch contributed 8.96% to the total

by area development supported by property development in

Transaction Traffic Volume. Toll Revenues reaching Rp

Tangerang region. Limiting time for heavy vehicles trucks to use

408.01 billion increased by 7.49% compared to that of

Serpong road resulted in the heavy vehicles taking alternatives

2012 amounting to Rp 379.58 billion. Contribution of Toll

routes, i.e. smoothing traffic flow in Jakarta Inner Road, Prof. Dr. Ir.

Revenues to Total Toll Revenues reached 7.00%.

Sedyatmo, JORR W1, and Jakarta-Tangerang Toll Roads.

Profitability In 2013, Jakarta-Tangerang Branch’s Earning before Income Tax amounted to Rp 203.08 billion, representing an increase by 10.29% compared to that of the previous year.


103


Other Segment 1. Surabaya-Gempol Branch

: 49 km


: 2044


: 1986

Number of Employees

: 519 people


: 87

V/C Ratio

: 0.37 - 0.92

Transaction System

: Open


: Surabaya, Gempol

2012

270.47

Length of Toll Road

240.80

: Surabaya-Gempol


81.47

Section


7.90%

75.51

Surabaya-Gempol Branch

2013

2012


2013


6.47%

93.53%

12.32%

95.36%


Performance in 2013

Performance Analysis 2013 of Surabaya-Gempol Branch

In 2013, the Transaction Traffic Volume of Surabaya-Gempol

Toll Revenues of Surabaya-Gempol Branch grew by 12.32%

Branch reached 81.47 million vehicles, showing an increase by



transaction traffic volume by 7.90% and toll tariff adjustment in

In 2013, Surabaya-Gempol Branch contributed 6.47% to the total

October 2013. Increase in transaction traffic volume was caused

Transaction Traffic Volume. Toll Revenues reaching Rp 270.47

by area development in the surrounding of Surabaya-Gempol Toll

billion increased by 12.32% compared to that of 2012 amounting

Road and the existence of Porong arterial road since April 2012

to Rp 240.80 billion. Contribution of Toll Revenues to Total Toll

resulting in the growth of traffic towards Surabaya and vice versa.

Revenues reached 4.64%. Profitability In 2013, Surabaya-Gempol Branch’s Earning before Income Tax amounted to Rp 100.89 billion, representing an increase by 23.32% compared to that of the previous year.


104


2. Semarang Branch



: 25 km


: 2044


: 1983

Number of Employees

: 212 people


: 30

V/C Ratio

: 0.22 - 0.63

Transaction System

: Open


: Semarang

2012

104.77

: Semarang

Length of Toll Road

7.36%

2013

2012


7.81%

97.18

Management Report

Section


48.61

Highlights 2013


Semarang Branch

45.27


2013


3.86%


96.14%

98.20%



Performance in 2013

Performance Analysis 2013 of Semarang Branch

In 2013, the Transaction Traffic Volume of Semarang

Toll Revenues of Semarang Branch grew by 7.81% from that of

Branch reached 48.61 million vehicles, showing an

the previous year and it was caused by growth in transaction

increase by 7.36% compared to that of 2012 reaching

traffic volume by 7.36% and toll tariff adjustment in October

45.27 million vehicles. In 2013, Semarang Branch

2013. Increase in transaction traffic volume was resulted from

contributed 3.86% to the total Transaction Traffic Volume.

area development in the surroundings of Semarang Toll Road.

Toll Revenues reaching Rp 104.77 billion increased

The repair of arterial roads (Setiabudi and Pudak Payung Roads)

by 7.81% compared to that of 2012 amounting to Rp

from June to August 2013 also caused vehicles to use the toll road

97.18 billion. Contribution of Toll Revenues to Total Toll

instead.

Revenues reached 1.80%. Profitability In 2013, Semarang Branch’s Earning before Income Tax amounted to Rp 25.38 billion, representing an increase by 12.46% compared to that of the previous year.


105


3. Belmera Branch

: 43 km


: 2044


: 1986

Number of Employees

: 214 people


: 52

V/C Ratio

: 0.15 - 0.41

Transaction System

: Open


: Belawan, Medan, Tanjung Morawa

2012

81.57

Length of Toll Road

10.46%

11.41% 73.21

: Belmera

21.68

Section


23.95


Belmera Branch

2013

2012


2013


1.90%

98.10%

1.40%

98.60%


Performance in 2013

Performance Analysis 2013 of Belmera Branch

In 2013, the Transaction Traffic Volume of Belmera Branch

Toll Revenues of Belmera Branch grew by 11.41% from that of

reached 23.95 million vehicles, showing an increase by 10.46%

the previous year and it was caused by growth in transaction

compared to that of 2012 reaching 21.68 million vehicles. In 2013,

traffic volume by 10.46% and toll tariff adjustment in October

Belmera Branch contributed 1.90% to the total Transaction Traffic

2013. Increase in transaction traffic volume was resulted from the

Volume. Toll Revenues reaching Rp 81.57 billion increased by

existence of Medan Industrial Area, the operation of Kuala Namu

11.41% compared to that of 2012 amounting to Rp 73.21 billion.

Airport since July 2013 and traffic growth towards Medan suburbs

Contribution of Toll Revenues to Total Toll Revenues reached

of Tebing Tinggi and its surrounding areas.

1.40%. Profitability In 2013, Belmera Branch’s Loss before Income Tax amounted to Rp 11.08 billion, representing a decrease by 128.03% compared to that of the previous year.


106


4. Palikanci Branch



Length of Toll Road

: 26 km


: 2044


: 1998

Number of Employees

: 166 people


: 22

V/C Ratio

: 0.30 - 0.36

Transaction System

: Open


: Cirebon

107.49

: Palimanan - Kanci

3.99%

2012

2013

100.54

Management Report

Section


20.09

Highlights 2013


Palikanci Branch

19.32


2012


6.91%

2013


1.60%

1.84%


98.40%


98.16%


Performance in 2013

Performance Analysis 2013 of Palikanci Branch

In 2013, the Transaction Traffic Volume of Palikanci Branch

Toll Revenues of Palikanci Branch grew by 6.91% from that of the

reached 20.09 million vehicles, showing an increase


by 3.99% compared to that of 2012 reaching 19.32


million vehicles. In 2013, Palikanci Branch contributed

Increase in transaction traffic volume was resulted from area

1.60% to the total Transaction Traffic Volume. Toll

development in the surrounding of Palikanci Toll Road.

Revenues reaching Rp 107.49 billion increased by 6.91% compared to that of 2012 amounting to Rp 100.54 billion. Contribution of Toll Revenues to Total Toll Revenues reached 1.84%. Profitability In 2013, Palikanci Branch’s Earning before Income Tax amounted to Rp 25.76 billion, representing an increase by 12.87% compared to that of the previous year.


107


5. PT Marga Sarana Jabar


: 2054


: 2009

Number of Employees

: 116 people


: 12

V/C Ratio

: 0.30-0.58

Transaction System

: Open


: Bogor

45.55

: 4 km (seksi I)

11.45%

2012

2013

2012


2013


1%

99.01%

10.93%

41.06

: Bogor Outer Ring Road

Length of Toll Road


12.52

Section


11.24


99.22%


Performance in 2013

Performance Analysis 2013 of PT Marga Sarana Jabar

In 2013, the Transaction Traffic Volume of BORR Toll Road reached

Toll Revenues of BORR Toll Road grew by 10.93% from that of the

12.52 million vehicles, showing an increase by 11.45% compared


to that of 2012 reaching 11.24 million vehicles. In 2013, BORR Toll

volume by 11.45%. Increase in transaction traffic volume was

Road contributed 1% to the total Transaction Traffic Volume. Toll

caused by economic development in the surrounding of Bogor,

Revenues reaching Rp 45.55 billion increased by 10.93% compared

particularly Sentul, and because people has become more familiar

to that of 2012 amounting to Rp 41.06 billion. Contribution of Toll

with the access of BORR Toll Road; 2013 traffic was higher than

Revenues to Total Toll Revenues reached 0.78%.

that of 2012.

Profitability In 2013, PT Marga Sarana Jabar’s Loss before Income Tax amounted to Rp 2.81 billion, representing a decrease by 64.94% compared to that of the previous year.


108


6. PT Marga Nujyasumo Agung



: 2 km


: 2049


: 2011

Number of Employees

: 126 people


: 21

V/C Ratio

: 0.15-0.31

Transaction System

: Open


: Waru


17.55

Surabaya - Mojokerto

Length of Toll Road


13.42

Management Report

Section


10.61

Highlights 2013


8.62


23.13%

2012

2013

30.85%

2012


2013


0.84%

0.30%


99.16%

99.70%



Performance in 2013

Performance Analysis 2013 of PT Marga Nujyasumo Agung

In 2013, the Transaction Traffic Volume of Surabaya-

Toll Revenues of Surabaya-Mojokerto Toll Road Section 1 grew by

Mojokerto Toll Road reached 10.61 million vehicles,

30.85% from that of the previous year and it was caused by growth


in transaction traffic volume by 23.13%. Increase in transaction

2012 reaching 8.62 million vehicles. In 2013, Surabaya-

traffic volume was caused by increasing economic activities in the

Mojokerto Toll Road contributed 0.84% to the total

area of Surabaya-Mojokerto Toll Road Section 1A Waru-Sepanjang.

Transaction Traffic Volume. Toll Revenues reaching Rp 17.55 billion increased by 30.85% compared to that of 2012 amounting to Rp 13.42 billion. Contribution of Toll Revenues from Surabaya-Mojokerto Toll Road Section 1A to Total Toll Revenues reached 0.30%. Profitability In 2013, PT Marga Nujyasumo Agung’s Loss before Income Tax amounted to Rp 42.79 billion, representing a decrease by 20.96% compared to that of the previous year.


109


7. PT Trans Marga Jateng

: 11 km (seksi I)


: 2055


: 2011

Number of Employees

: 96 people


: 22

V/C Ratio

: 0.25-0.40

Transaction System

: Closed


: Semarang

36.49

Length of Toll Road

32.69%

2012

2013

2012


2013


0.52%

99.48%

32.88%

27.46

: Semarang - Solo


6.58

Section


4.96


0.63%

99.37%


Performance in 2013

Performance Analysis 2013 of PT Trans Marga Jateng

In 2013, the Transaction Traffic Volume of Semarang-Ungaran

Toll Revenues of Semarang Solo Toll Road Section Semarang-

Section reached 6.58 million vehicles, showing an increase by

Ungaran grew by 32.88% from that of the previous year and it


was caused by growth in transaction traffic volume by 32.69%.

In 2013, Semarang-Ungaran Section contributed 0.52% to the


total Transaction Traffic Volume. Toll Revenues reaching Rp

economic activities in the area of Semarang-Ungaran Section.

36.49 billion increased by 32.88% compared to that of 2012 amounting to Rp 27.46 billion. Contribution of Toll Revenues from Semarang-Solo Toll Road Section 1 to Total Toll Revenues reached 0.63%. Profitability In 2013, PT Trans Marga Jateng’s Loss before Income Tax amounted to Rp 153.75 billion, representing a decrease by 21.39% compared to that of the previous year.


110


8. PT Jasamarga Bali Tol


Section

: Nusa Dua-Ngurah Rai-Benoa

Length of Toll Road

: 10 km


: 2057



: 2013

Number of Employees

: 33 people



: 20

V/C Ratio

: 0.20-0.40

Transaction System

: Open


: Bali





23.65


3.24


2012

2013


2012

2013


0.26%


99.59%

99.74%



Performance in 2013

Performance Analysis 2013 of PT Jasamarga Bali Tol

In 2013, the Transaction Traffic Volume of Nusa Dua-

Traffic Volume of Bali Mandara Toll Road on the first day of its

Ngurah Rai-Benoa Toll Road reached 3.24 million

operation reached 38,558 vehicles, nearly reaching the estimated

vehicles. In 2013, Nusa Dua-Ngurah Rai-Benoa Toll

and targeted traffic set by PT Jasamarga Bali Tol (JBT) with

Road contributed 0.26% to the total Transaction

39,000 vehicles. As the achievement will certainly bring positive

Traffic Volume. Toll Revenues reaching Rp 23.65 billion

influence in toll revenues, the Company is optimistic that traffic

represented 0.41% contribution to Total Toll Revenues.

volume as well as toll revenues will surpass the target in the near future.

Profitability In 2013, PT Jasamarga Bali Tol’s Loss before Income Tax amounted to Rp 20.08 billion, representing a decrease by 202.32% compared to that of the previous year.


111


Interview with Hasanudin Operation Director

Question (Q) Q

How was the performance of toll road operation in 2013?

Answer A

The traffic volume of Bali Mandara Toll Road on the first day of its operation reached 38,558 vehicles, nearly achieving the estimated and targeted traffic set by PT Jasamarga Bali Tol (JBT) with 39,000 vehicles. As the achievement will certainly bring positive influence in toll revenues, the Company is optimistic that traffic volume as well as toll revenues will surpass the target in the near future.

T:Q

What is the greatest challenge in the area of toll road operation?

J:A

Toll road operation faces the greatest challenge of highly congested traffic on toll road sections in Jakarta and its surrounding areas, while road capacity increase is impossible due to land unavailability for conducting road widening.

Q

How do you deal with the challenge?

A

We perform several efforts in traffic engineering to enhance traffic flow such as implementing contra flow during rush hours.

Q

WHAT IS THE PROSPECT OF OPERATIONAL PERFORMANCE GOING FORWARD?

A

Transaction traffic volume is projected to continue to grow in line with the economic growth, and this certainly requires improvement in traffic services. We therefore will keep improving services by continuously adding operating toll booths and increasing road capacity by conducting widening. Furthermore, we also believe that the Government will continue its consistency in fulfilling the provisions of the regulation in terms of certainty for toll tariff adjustment every two years. This reflects a positive aspect as it provides certainty for the growth of toll revenues. In terms of efficiency in operational cost, the Company will continuously enhance efficiency by means of modernization efforts in services and operational equipment. Ultimately it is expected that toll road operation will fully make use of technology in which the need for manpower will get lower.


112

Providing Services Non-Stop

24/7

SERVICE OF TRANSACTION BOOTH

REST AREAS SERVICE

Transaction Services

AMBULANCE SERVICE

The processes of servicing toll road users. Processes include controlling transaction, securing and administering toll revenues as well as other supporting processes

Traffic Services Real time Information on traffic condition for 24 hours through call center provides convenience throughout the entire journey

TOW TRUCK SERVICE

PATROL SERVICE PT Jasa Marga (Persero) Tbk. La po ra n Ta h un a n 2013

REAL TIME TRAFFIC INFORMATION

113


Maintenance Services The activities intended to maintain toll roads so that they remain comfortable for vehicles to pass

AUTOMATED TOLL BOOTH

E-TOLL CARD

TRAFFIC MONITORING

PT.Jasamarga

@PTJasamarga

TRAFFIC INFORMATION CENTER PT Jasa Marga (Persero) Tbk. La po ra n Ta h un a n 2013

www.jasamargalive.com m.jasamargalive.com

114


Business Segment of Non-Toll Road Business Development

as Other Operating Revenues, which as

both tangible and intangible in order to

of the said year reached Rp 508.20 billion,

support the Company’s main Revenues, i.e.

showing an increase by 254.22% compared

Toll Revenues. Currently, Other Operating

to that of 2012. The largest component in

Revenues has contributed 4.94% to the

Highlights 2013

Business Segment of Non-Toll Road

Other Operating Revenues in 2013

Company’s Total Operating Revenues.

Management Report

Business Development represents

derived from Others amounting

By forming several Subsidiaries running


business segment deriving from

to Rp 225.94 billion.

non-toll road business, the Company will

making of the Company’s tangible


continually maximize the use of assets to

and intangible assets. Results from

The improvement in 2013 performance

contribute to the Company’s Operating

Business Segment of Non-Toll

of Business Segment of Non-Toll Road

Revenues. Following is the review on the

Road Business Development in the

Business Development is the reflection of

performance of Business Segment of Non-


the Company’s efforts to constantly make

Toll Road Business Development in tables and charts.

of Financial Year 2013 are presented use of all forms of the Company’s assets


in billion Rupiah

No.

Segment

2012

2013

∆ (Rp)

Glossary

1

Petroleum Revenues


2 3 4

Advertisements

5

Others

-

153.07

153.07

n/a

1.49

Land Rent

75.23

90.06

14.83

19.72

0.87

Toll Road Operating Services

21.93

32.41

10.47

47.74

0.31

% of Total JM

5.78

6.72

0.94

16.32

0.07

40.53

225.94

185.41

457.47

2.19

143.47

508.20

364.73

254.22

4.94

–

Petroleum Revenues

Land Rent

2013 2012



Advertisements

40.53

6.72

5.78

32.41

21.93

75.23

153.07

225.94

TOTAL

∆%

90.06


Others

115


In accordance with Audited Consolidated Financial Statements of 153.07

Business Segment of Non-Toll Road Business Development Perseroan is divided into:

1.49%

90,06

PT Jasa Marga (Persero) Tbk. of Financial Year 2013, the Company’s

a. Petroleum Revenues Petroleum Revenues represent revenues from receipts of fuel at gas station located on Business Unit of Rest and Services Area Km 88 on Purbaleunyi Toll Road and Km 226 on Palikanci Toll Road. Petroleum Revenues contributed 1.49% to the total Operating Revenues.

98.51%

–

2012

2013

b. Land Rent 0.87%

In 2013, Land Rent reaching Rp 90.06 billion increased by 90.06

19.72% compared to that of 2012.

Performance increase in 2013 was resulted from increase in rent tariff at Rest Areas managed by the Company. Moreover, contributed to 2013 performance achievement.

75.23

the opening of new lands for rent to external parties also

2013

0.31%

32.41

2012

99.13%

c. Toll Road Operating Services

Toll Road Operating Services during 2013 reached Rp 32.41 2012 with Rp 21.93 billion.

21.93

billion, representing an increase by 47.74% compared to that of

99.69%

d. Advertisements

2013

0.07%

6.72

2012

Advertisements increased by 16.32% from Rp 5.78 billion in 2012 to Rp 6.72 billion in 2013. This was resulted from more

5.78

interested parties in billboard along toll roads.

99.93%

2012 PT Jasa Marga (Persero) Tbk. 2013 An n ua l R epo r t

2013

116


e. Others • PT Sarana Marga Utama As the Company’s Subsidiary in the field of construction services and vehicles rent, PT

Highlights 2013

Sarana Marga Utama succeeded in making very

Management Report

excellent achievement, with performance increase


performance increase is shown in the achievement

New Projects Development Human Capital Management Corporate Governance Corporate Social Responsibility Statement of Members of the Board of Commissioners and Directors on the Responsibility for Annual Report 2013 Glossary

2.19%

225.94


by 240.80% compared to that of 2012. The of Income of the Year amounting to Rp 9.39 billion, far beyond that of 2012 amounting to Rp 2.76 billion. This was resulted from the increase in realization of contract in SFO (Scrapping Filling Overlay) and several other new contracts in the engineering aspect. • PT Jasamarga Properti PT Jasamarga Properti’s line of business is property development, trade and services. Having been founded in 2013, the Subsidiary is expected to contribute to the Company’s Revenues in 2014.



40.53


2012

97.81%

2013

117


Comprehensive Analysis of Financial Performance

14.60% compared to that of 2012. The growth was resulted from increasing activities of new toll road constructions, in line with the Company’s efforts to continuously develop its business. On the

The following Management Discussion and Analysis in relation

other hand, the said condition caused the Company’s liabilities

to Financial Review is based on the Company’s Consolidated

to increase by 16.93% compared to that of the previous year as

Financial Statements for the years ended 31 December 2013 and

there were additional loans to support new toll road construction

2012. The said consolidate financial statements have been audited

activities. Meanwhile, the Company’s equity increased by 11.03%

by Aryanto, Amir Jusuf, Mawar & Saptoto (RSM AAJ Associates)

from that of last year’s as a reflection of the Company’s constant

giving the opinion of the said Financial Statements present fairly,

commitment to achieving profit amidst the expansion efforts

in all material respects as stated in the Audit Report No. R/042.

being carried out.

AGA/sat.2/2014 dated 12 February 2014.

AsSetS

Consolidated Statements of Financial Position

The Company’s Assets consist of Current Assets and Non-Current

The Company’s Consolidated Statements of Financial Positions of

Assets, with the composition for each is as follows:

2013 has shown improved performance. The Company’s recorded assets amounting to Rp 28.36 trillion, representing growth by

Assets

(Rp billion)

2012 Description

Amount

Current Assets

2013 Contribution (%)

4,517.29

Amount

18.25

3,746.34

∆ (Rp)

∆%

13.21

(770.95)

-17,07

Contribution (%)

Non-Current Assets

20,236.26

81.75

24,620.00

86.79

4,383.74

21,66

Total Assets

24,753.55

100.00

28,366.35

100.00

3,612.79

14,60

The Company’s Total Assets reached Rp 28.36 trillion, an increase

21.66% i.e. Toll Road Concession Rights of newly operated

by 14.60% or Rp 3.61 trillion compared to that of 2012. The

toll roads.

increase was resulted from additional non-current assets by

Current Assets, Non-Current Assets and Total Assets

28,366.35

24,753.55

24,620.00

20,236.26

3,746.34

4,517.29

(Rp billion)

2012 2013

Current Assets


Non-Current Assets

Total Assets

118


Current Assets


The overall Current Assets of the Company decreased

additional equity contribution to Subsidiaries and payment of

by 17.07%, from Rp 4.51 trillion in 2012 to Rp 3.74

bank loans


trillion in 2013. The decrease was resulted from

Highlights 2013

The composition of Current Assets in 2013 compared to that of

Management Report

2012 is as follows:


Composition of Current Assets 2013 and 2012

(Rp billion)

2012 Description

Human Capital Management Corporate Governance Corporate Social Responsibility Statement of Members of the Board of Commissioners and Directors on the Responsibility for Annual Report 2013

Cash and Cash Equivalent Short-Term Investment Other Receivables-Current Prepaid Expenses Prepaid Taxes Total Current Assets

Amount

2013

Contribution (%)

Amount

Contribution (%)

∆ (Rp)

∆%

4,302.38

94.95

3,514.06

93.80

(788.32)

(18.32)

7.82

0.17

6.63

0.18

(1.19)

(15.26)

50.27

1.41

177.20

4.73

126.93

252.51

155.53

3.43

47.36

1.26

(108.17)

(69.55)

1.29

0.03

1.10

0.03

(0.19)

(14.75)

4,517.29

100.00

3,746.34

100.00

(770.95)

(17.07)


Cash and Cash Equivalent

Other Receivables

The Company’s Cash and Cash Equivalent decreased

Other Receivables represent receipts from land rent, rent for

by 18.32% from Rp 4.30 trillion in the previous year to

rest areas, space rent for advertisements and interests from time

Rp 3.51 trillion in 2013. The decrease was caused by

deposit. In 2013, Other Receivables reached Rp 177.20 billion or

additional equity contribution to Subsidiaries to speed up

increased by 252.51% as the Company pre-financed the increase

the completion of new toll road constructions carried out

in land price for the development of Jakarta Outer Ring Road

by the Company.

(JORR) Toll Road Section W2 North, which later would be borne by the Government, i.e. Ministry of Public Works.

Short-Term Investment Short-Term Investment amounted to Rp 6.63 billion,

Prepaid Expenses

showing a decrease by 15.26% from Rp 7.82 billion

Prepaid Expenses decreased by 69.55% from Rp 155.53 billion in

in 2012. The decrease was caused by unrealized loss

2012 to Rp 47.36 billion in 2013 and it was caused by the decrease

amounting to Rp 1.19 billion for Securities Available for

in work advances amounting to Rp 104.95 billion.

Sale in the form of Mutual Fund in Bond Series II.


119


Non-Current Assets In 2013, Non-Current Assets reached Rp 24.62 trillion or increased

caused by the growth of Intangible Assets in the form of Toll Road

by 21.66% compared to that of 2012. The increase was primarily

Concession Rights with a total of Rp 22.30 trillion.

Non-Current Assets

(Rp billion)

2012 Description Other Receivables – Non-Current

Amount

2013

Contribution (%)

13.82

0.07

Amount

∆ (Rp)

Contribution (%)

∆%

19.75

0.08

5.93

42.87

459.32

1.87

294.27

178.30

Appropriated Funds

165.04

0.82

Investment in Associates

175.75

0.87

192.10

0.78

16.35

9.30

Other Financial Assets

241.61

1.19

241.61

0.98

-

-

Property and Equipment – Net

422.51

2.09

593.03

2.41

170.52

40.36

18,547.71

91.66

22,300.27

90.58

3,752.57

20.23

362.10

1.79

641.12

2.60

279.02

77.06

41.85

0.21

41.85

0.17

-

-

Intangible Assets Toll Road Concession Rights - Net Others Goodwill Others Assets Total Non-Current Assets

265.88

1.31

130.97

0.53

(134.91)

(50.74)

20,236.26

100.00

24,620.00

100.00

4,383.74

21.66

Appropriated Funds

Property and Equipment

Appropriated Funds represent sinking fund to guarantee payment

The Company’s Property and Equipment reached Rp 593.03 billion

of bonds and interests of bank loans. In 2013, Appropriated Funds

in 2013 or grew by 40.36% from Rp 422.51 billion in 2012. The

reached Rp 459.32 billion or increased by 178.30% compared

increase was resulted from addition in Direct Acquisition Assets

to that of previous year. The increase was resulted from the

in the form of Land, Office and Other Buildings, Operational

forming of a special account for the revenues of deriving from

and Office Equipment, and Vehicles in the total of Rp 266.25

the operation of JORR Toll Road Section S in accordance with the

billion; Finance Lease Assets amounting to Rp 16.98 billion; and

Decision of the Minister of Public Works No. 80.1/KPTS/M/2013

Construction in Progress amounting to Rp 89.30 billion.

dated 25 February 2013 on the Temporary Operation of Jakarta Outer Ring Road Toll Road Section Pondok Pinang-Jagorawi (JORR

Intangible Assets – Toll Road Concession Rights

“S”). In 2013, the special account amounted to Rp 233.01 billion.

Intangible Assets reached Rp 22.30 trillion, an increase by 20.23% or Rp 3.75 trillion compared to that of the previous year. The


increase was resulted from the recognition of Toll Road Concession

In line with the development of the Company, in 2013 Investment

Rights for the newly operated toll road Bali Mandara (Nusa

in Associates amounted to Rp 192.10 billion, which increased

Dua-Ngurah Rai-Benoa) Toll Road and JORR W2 North Toll Road

by 9.30% compared to that of 2012. The Company increased its

Package 1-3 (Kebon Jeruk-Ciledug).

ownership in associate companies PT Trans Lingkar Kita Jaya amounting to Rp 21.24 billion; hence the Company’s ownership has become 21.24%.


120


Liabilities


Liabilities of the Company as at the end of 2013

Liabilities increased from Rp 8.31 trillion in 2012 to Rp 12.57 trillion


amounting to Rp 17.49 trillion, increased by Rp 2.53

in 2013, whereas Current Liabilities decreased by 26.00% due to

trillion or by 16.93% compared to that of 2012. The

the payment of bond and bank loan.

Highlights 2013

the construction activities of new toll roads; hence Non-Current

increase was resulted from addition of loan to support


Liabilities

(Rp billion)

2012


Description

Amount


2013

Contribution (%)

Amount

Contribution (%)

∆ (Rp)

∆%

Current Liabilities

6,648.16

44.42

4,919.88

28.11

(1,728.28)

(26.00)

Non-Current Liabilities

8,317.60

55.58

12,579.48

71.89

4,261.88

51.24

14,965.77

100.00

17,499.37

100.00

2,533.60

16.93

Total Liabilities


Non-Current Liabilities and Current Liabilities

(Rp billion)



17,499.37

14,965.77

12,579.48

8,317.60

4,919.88

6,648.16


2012 2013

Current Liabilities

Total Liabilities

121



decrease was caused mainly by payment of Bond Series P, Series

At the end of 2013, the Company recorded Non-Current Liabilities

JORR I and Series I JM-10 (Zero Coupon) and payment of bank loan

amounting to Rp 4.91 trillion, lower by 26.00% or by Rp 1.72 trillion

due in 2013. The total payment of the said bonds and bank loans

compared to that of the previous year reaching Rp 6.64 trillion. The

reached Rp 1.77 trillion and Rp 786.12 billion, respectively.


(Rp billion)

2012 Description

Amount

2013

Contribution (%)

Amount

Contribution (%)

∆ (Rp)

∆%

NON-CURRENT LIABILITIES 92.04

1.38

80.67

1.64

(11.37)

(12.36)

1,325.01

19.93

1,153.45

23.44

(171.57)

(12.95)

Taxes Payable

281.38

4.23

164.33

3.34

(117.05)

(41.60)

Other Payables

36.38

0.55

66.27

1.35

29.88

82.13

437.32

6.58

464.68

9.44

27.36

6.26

Bank Loans

1,640.78

24.68

951.06

19.33

(689.72)

(42.04)

Bonds Payable

1,771.62

26.65

700.00

14.23

(1,071.62)

(60.49)

Loan from Government

5.89

0.09

-

-

(5.89)

(100.00)

Joint Operation Liabilities

0.82

0.01

0.82

0.02

(0.00)

(0.00)

809.43

12.18

1,112.70

22.62

303.27

37.47

Capital Lease Payable

18.47

0.28

19.78

0.40

1.30

7.06

Provision for Overlay

229.03

3.44

206.14

4.19

(22.89)

(9.99)

6,648.16

100.00

4,919.88

100.00

(1,728.28)

(26.00)

Accounts Payable Contractors Payable

Accrued Expenses Current Portion of Long-Term Liabilities

Land Acquisition Liabilities

Total Current Liabilities

The above table shows the highest composition of Current


Liabilities is Contractors Payable amounting to 23.44% of the total

At the end of 2013, Non-Current Liabilities increased by 51.24%

Current Liabilities of the Company. Contractor Payable represents

from Rp 8.31 trillion in 2012 to Rp 12.57 trillion in 2013. The

payables to contractors, consultants and partners in relation to

increase was resulted mainly from increase in loan to third parties

toll road development, overlay, along with procurement of toll

to support construction activities of new toll roads the Company

facilities and other buildings.

carried out through the Subsidiaries.

Composition of Land Acquisition Liabilities reached 22.62% of

Non-Current Liabilities consist of Unearned Revenues, Deferred

the total Current Liabilities of the Company. Land Acquisition

Tax Liabilities, Long-Term Liabilities – Net of Current Portion, Other

Liabilities represent revolving fund provided by Public Service

Long-Term Liabilities, and Employee Benefits Liabilities with the

Assistance (Badan Layanan Umum – BLU) of the Indonesian

composition of each 0.56%, 4.15%, 89.23%, 3.46%, and 2.59%,

Toll Road Authority (Badan Pengatur Jalan Tol – BPJT) for land

respectively.

acquisition to develop toll roads.


122



(Rp billion)

Transformation of Jasa Marga Highlights 2013 Management Report

2012 Description

Unearned Revenues


Deferred Tax Liabilities


Contribution (%)

Amount

Contribution (%)

∆ (Rp)

∆%

NON-CURRENT LIABILITIES



Amount

2013

57.12

0.69

71.03

0.56

13.91

24.35

466.57

5.61

522.67

4.15

56.10

12.02

Bank Loans

3,046.24

36.62

5,320.20

42.29

2,273.96

74.65

Bonds Payable

3,749.45

45.08

5,144.38

40.89

1,394.93

37.20

-

-

-

-

-

-

21.39

0.26

21.39

0.17

0.00

0.00

374.10

4.50

566.17

4.50

192.07

51.34

27.36

0.33

47.13

0.37

19.77

72.26

95.77

1.15

124.95

0.99

29.18

30.47

202.45

2.43

435.47

3.46

233.01

115.09

277.16

3.33

326.11

2.59

48.95

17.66

8,317.60

100.00

12,579.48

100.00

4,261.88

51.24

Long-Term Liabilities – Net of Current Portion

Loan from Government Joint Operation Liabilities Land Acquisition Liabilities

Glossary



Provision for Overlay Other Long-Term Liabilities Employee Benefits Liabilities Total Non-Current Liabilities

Unearned Revenues increased

Bonds Payable amounting Rp 5.14 trillion

2012 amounting to Rp 9.78 trillion. The

by 24.35% compared to that of

showed an increase by 37.20% or by Rp

increase was resulted from the Company’s

the previous year, due to the

1.39 trillion from that of the previous year

capability in achieving comprehensive

increase in other revenues of

amounting to Rp 3.74 trillion. The increase

income for the year amounting to Rp 1.23

Advertisements, Land Rent, Rest

was caused by the issuance of Bond

trillion accompanied with cash dividend

Areas, and other revenues from

Continuous I Jasa Marga Stage I Year 2013

amounting to Rp 640.83 billion.

toll roads’ right of way.

worth Rp 2.1 trillion used for refinancing,

In 2013, Bank Loans reached

business development and increasing

Equity consists of Share Capital, Additional

road capacity.

Paid in Capital, Unrealized Gain (Loss) Securities Available for Sale,

Rp 5.32 trillion, increased by 74.65% or Rp 2.27 trillion from

Equity

Retained Earnings and Non-Controlling

that of the previous year reaching

The Company recorded 2013 Equity

Interests, with the composition of each

Rp 3.04 trillion. The increase was

amounting to Rp 10.86 trillion,

31.29%, 22.58%, 0.02%, 31.74%, and

caused by the increase in Bank

representing an increase by 11.03% or

14.37%, respectively.

Loans at Subsidiaries in line

by Rp 1.07 trillion compared to that of

with the activities of new toll roads constructions.


123


Equity

(Rp billion)

2012 Description

Amount

Share Capital Additional Paid in Capital

Amount

3,400.00

Contribution (%) 34.74

3,400.00


2,453.89

25.07

2,453.89

3.29

0.03

2,753.97

28.14

Unrealized Gain (Loss) Securities Available for Sale Retained Earnings

2013 ∆ (Rp)

∆%

-

-

22.58

-

-

2.10

0.02

(1.19)

(36.26)

3,449.45

31.74

695.48

25.25

Appropriated Mandatory Reserves General Reserves Unappropriated Total Equity Attributable to Owners of the Parent Non-Controlling Interests Total Equity

100.00

1.02

125.00

1.15

25.00

25.00

1,940.20

19.82

2,876.46

26.47

936.25

48.26

713.76

7.29

447.99

4.12

(265.77)

(37.24)

8,611.15

87.98

9,305.43

85.63

694.29

8.06

1,176.64

12.02

1,561.55

14.37

384.91

32.71

9,787.79

100.00

10,866.98

100.00

1,079.19

11.03

Consolidated Statements of Comprehensive Income In 2013 the Company succeeded in achieving Comprehensive

Additionally, the decrease in Comprehensive Income for the

Income for the Year amounting to Rp 1.23 trillion, a decrease by

Year was also caused by the increase in costs as a result of the

19.51% or by Rp 299.72 billion compared to that of 2012. The

adjustment of Government provisions in using non-subsidized

decrease was caused by the increase in Operating Revenues

fuel and fulfilling Regional Minimum Wages.

from the newly operated toll roads and construction activities of new toll roads, while such roads were not yet giving optimum contribution to Toll Revenues.

Financial Performance 2012 and 2013

(Rp billion)

Description

2012

2013

∆ (Rp)

Operating Revenues

9,070.22

10,294.67

1,224.45

13.50

Operating Expenses

6,094.98

7.631.49

1,536.51

25.21

Operating Income

2,975.24

2.663.18

(312.06)

(10.49)

Comprehensive Income for the Year

1,536.35

1,236.63

(299.72)

(19.51)

Income for the Year Attributable to: Owner of the Parent Entity

1,602.62

1,335.12

(267.50)

(16.69)

(66.28)

(98.50)

(32.22)

48.61

3,876.79

3,685.22

(163.14)

(4.21)

235.91

196.52

(39.39)

(16.70)

Non-Controlling Interest EBITDA Earning per Share (full Rupiah amount)


∆%

124



Operating Revenues

Operating Expenses

Operating Income

196.52

3,685.22 EBITDA

235.91

3,876.79

1,335.12

Income for the Year Attributable to Owner of the Parent

14.965,77


1,602.62

2,975.24


2,663.18

6,094.98

Management Report

7,631.49

Highlights 2013

10,294.67


9,070.22


Earning per Share

2012


2013


Operating Revenues

Glossary

Revenues amounting to Rp 5.82 trillion, which increased by 4.37%;

reached Rp 10.29 trillion or increased by 13.50% from

Construction Revenues amounting to Rp 3.96 trillion, which

that of 2012 reaching Rp 9.07 trillion. The increase was

increased by 18.40%; and Other Operating Revenues amounting

resulted from three segments of Revenues, i.e. Toll

to Rp 508.20 billion, which increased by 254.22%.

Operating Revenues

(Rp billion)

2012 Description

2013 ∆ (Rp)

∆%

Contribution (%)

Amount

Contribution (%)

Toll Revenues

5,581.75

61.54

5,825.93

56.59

244.18

4.37

Construction Revenues

3,345.00

36.88

3,960.54

38.47

615.54

18.40

143.47

1.58

508.20

4.94

364.73

254.22

9,070.22

100.00

10,294.67

100.00

1,224.45

13.50

Other Operating Revenues

Toll Revenues



508.20

143.47

3,960.54

3,345.00

5,825.93

9,070.22

Total Operating Revenues

10,294.67

Amount

5,581.75


Throughout 2013, the Company’s Operating Revenues


2012 2013 Total Operating Revenues

125


Toll Revenues In 2013, Toll Revenues reached Rp 5.82 trillion showing an increase

with toll tariff increase for eleven (11) toll road sections operated

by 4.37% compared to that of 2012 reaching Rp 5.58 trillion. The

by the Company on the quarter 4 of 2013.

increase was resulted from increase in transaction traffic volume by 1,258.52 million vehicles or by 4.76% compared to that of 2012,

Toll Revenues of toll road sections operated by the Company

due to the capacity increase on several toll road sections along

through its Branches and Subsidiaries are as follows

Toll Revenues

(Rp billion)

2012 Description

Amount

Branch Office Jakarta - Cikampek Cikampek - Padalarang JORR Section Non-S Cawang - Tomang - Pluit Jakarta - Bogor - Jagorawi Prof. Dr. Ir. Sedyatmo Jakarta - Tangerang Padalarang - Cileunyi Surabaya - Gempol JORR S Pondok Aren - Bintaro Viaduct - Ulujami Palimanan - Kanci Semarang Sections A,B,C Belawan - Medan - Tanjung Morawa Sub Total Subsidiary Bogor Outer Ring Road Semarang - Solo Surabaya - Mojokerto Nusa Dua-Benoa Sub Total Total

896.24 655.38 665.48 674.79 508.09 388.78 379.58 269.47 240.80 434.69 115.58 100.54 97.18 73.21 5,499.82 41.06 27.46 13.42 81.94 5,581.75

2013

Contribution Amount (%) 16.06 976.57 11.74 741.09 11.92 710.63 12.09 686.80 9.10 548.25 6.97 423.16 6.80 408.01 4.83 276.29 4.31 270.47 7.79 235.74 2.07 131.85 1.80 107.49 1.74 104.77 1.31 81.57 98.53 5,702.69 0.74 45.55 0.49 36.49 0.24 17.55 23.65 1.47 123.24 100.00

5,825.93

∆ (Rp) Contribution (%) 16.76 80.33 12.72 85.71 12.20 45.15 11.79 12.01 9.41 40.16 7.26 34.38 7.00 28.43 4.74 6.82 4.64 29.67 4.05 (198.95) 2.26 16.27 1.84 6.95 1.80 7.59 1.40 8.36 97.88 202.87 0.78 4.49 0.63 9.03 0.30 4.14 0.41 23.65 2.12 41.31 100.00

244.18

∆% 8.96 13.08 6.78 1.78 7.90 8.84 7.49 2.53 12.32 (45.77) 14.08 6.91 7.81 11.41 3.69 10.93 32.88 30.85 50.41 4.37

The above table shows that growth is indicated on all toll

in Greater Jakarta areas were still the greatest contributors of

road sections of the Company. The highest contribution of

revenues of the Company. In 2013, the total Toll Revenues from

Toll Revenues derived from Jakarta-Cikampek Toll Road with

Jakarta Inner Ring Road reached Rp 686.80 billion contributing

Toll Revenues reaching Rp 976.57 billion representing 16.76%

11.79% to the total Toll Revenues in the said year.

contribution to total Toll Revenues. Toll road sections located


126



In 2013, Construction Revenues increased by 18.40% to Rp 3.96


Construction Revenues represents the compensation

trillion with Construction Expenses amounting to Rp 3.91 trillion

of the service recognized by the Company and Group

and Construction Margin amounting Rp 46.09 billion or increased

in developing new toll roads and increasing toll roads

by 35.36% compared to the previous year. The increase was

Highlights 2013

capacity. Construction Revenues are recognized using

caused by several construction activities of new toll roads such

Management Report

cost-plus method.

as Bogor Outer Ring Road, Semarang-Solo, Gempol-Pandaan,


Gempol-Pasuruan and JORR W2 North Toll Roads.



(Rp billion)


2012 Description

2013

Contribution (%)

Amount

Contribution (%)

Amount

∆ (Rp)


3,345.00

100.00

3,960.54

100.00

615.54

18,40

Construction Expenses

(3,310.95)

(98.98)

(3,914.45)

(98.84)

(603.50)

18,23

34.05

1.02

46.09

1.16

12.04

35,36

Construction Margin

Glossary

Construction Revenues and Construction Expenses

46.09

34.05

(3,914.45)

(3,310.95)

3,960.54

(Rp billion)

3.345.00


∆%

2012 2013


Construction Expenses


Construction Margin

127


Other Operating Revenues Other Operating Revenues represent revenues from making use

business unit of Rest and Services Areas (Tempat Istirahat dan

of the Company’s assets both tangible and intangible. In 2013,

Pelayanan – TIP) KM 88 on Purbaleunyi Toll Road and KM 226 on

Other Operating Revenues reached Rp 508.20 billion, showing

Palikanci Toll Road, as well as increase in Others from Rp 40.53

a significant increase by 254.22% compared to that of 2012.

billion in 2012 to Rp 225.94 billion in 2013 as a result of increase

The increase was particularly resulted from receipts of revenues

in the receipts of operating revenues from Subsidiary PT Sarana

amounting to Rp 153.07 billion from petroleum revenues at

Marga Utama (SMU).


(Rp billion)

2012 Description

Contribution (%)

Amount

Amount

Contribution (%)

∆ (Rp)

∆%

-

-

153.07

30.12

153.07

-

Land Rent

75.23

52.44

90.06

17.72

14.83

19.72


21.93

15.29

32.41

6.38

10.47

47.74

5.78

4.03

6.72

1.32

0.94

16.32

40.53

28.25

225.94

44.46

185.41

457.47

143.47

100.00

508.20

100.00

364.73

254.22

Advertisements Others

Petroleum Revenues

Land Rent



Advertisements

40.53 3,210.94 3,876.79

6.72

-

5.78

32.41

21.93

90.06

75.23

153.07

Total

225.94

Petroleum Revenues

2013

2012 2013 Others

128


Operating Expenses

derived from Construction Expenses increasing by 18.23% from


In 2013, the Company’s Operating Expenses increased

Rp 3.31 trillion in 2012 to Rp 3.91 trillion in 2013 due to increasing

by 25.21%, from Rp 6.09 trillion in 2012 to Rp 7.63 trillion

construction activities of new toll roads.


in 2013. The highest contribution of Operating Expenses

Highlights 2013

Operating Expenses

(Rp billion)

23.68

481.74

6.31

205.23

74.22

14.47

1,143.31

14.98

261.06

29.59

285.23

4.68

308.00

4.04

22.78

7.99

3,310.95

54.32

3,914.45

51.29

603.51

18.23

974.92

16.00

1,087.82

14.25

112.90

11.58

(400.17)

(6.57)

(254.73)

(3.34)

145.44

(36.35)

59.69

0.98

78.20

1.02

18.50

30.99

6,094.98

100.00

7,631.49

100.00

1,536.51

25.21

11.58

872.70

Toll Road Service Expenses

276.51

4.54

Toll Road Maintenance Expenses

882.25

Joint Operations Expenses

Toll Collection Expenses

Toll Road Service Expenses

Toll Road Maintenance Expenses

Joint Operations Expenses

974.92

308.00

285.23

3,310.95

Total Operating Expenses

Constructions Expenses

General and Administrative Expenses

Other Income

78.20

Other Expenses

59.69

Other Income

(400.17)

General and Administrative Expenses

1,087.82

Constructions Expenses

3,914.45

705.62

1,143.31


167.08

Toll Collection Expenses

882.25

Glossary

11.44

Contribution (%)

481.74


∆%

Amount

872.70


∆ (Rp)

Contribution (%)

705.62


2013

Amount


2012

Description

(254.73)


276.51

Management Report

Other Expenses

Toll Collection Expenses increased by 23.68% from the

services to toll road users that utilize Rest and Services Areas

previous year due to Government’s regulation requiring

(Tempat Istirahat dan Pelayanan – TIP).

the Company’s operational vehicles to use nonsubsidized fuel as well as increase in HR expenses due to

Toll Road Maintenance Expenses increased by 29.59% due to

the operation of two new toll road sections, namely Bali

Property and Equipment Repair and Maintenance and Provision

Mandara Toll Road and JORR W2 North Toll Road Section

for Overlay as the impact of road capacity increase on several

Kebun Jeruk-Ciledug that also impacted on the increase

toll road sections and increase in traffic volume so as to increase

in depreciation and amortization expenses. Additionally,

potential road damage.

increase in depreciation and amortization expenses was also caused by increase in toll road service capacity by

General and Administrative Expenses increased by 11.58% due to

adding transaction toll booths and road widening.

the increases in Land and Building Tax by 21.09%, Fuel, Electricity and Water by 10.04% and Office Administration by 15.83% from

Toll Road Service Expenses increased by 74.22% or by Rp 205.23 billion from 2012 due to the increase in the


the previous year.

129


Operating Income

(Rp billion)

2012 Description

2013 ∆ (Rp)

∆%

Amount

Contribution (%)

Amount

Contribution (%)

Operating Revenues

9,070.22

100.00

10,294.67

100.00

1,224.45

Operating Expenses

6,094.98

67.20

7,631.49

74.13

1,536.51

25.21

Operating Income

2,975.24

32.80

2,663.18

25.87

(312.06)

(10.49)

13.50

Operating Income of the Company in 2013 reached Rp 2.66

toll road sections have been accounted for to the maximum while

trillion. The achievement was lower than that of 2012 reaching

receipts from Toll Revenues were not yet optimal since traffic

Rp 2.97 trillion due to the increase in Operating Expenses and

volume was still low.

operation of new toll roads, as expenses of the newly operated

Other Income (Expenses)

amounting to Rp 254.73 billion, which decreased by 36.35% and

Other Income (Expenses) of the Company in 2013 reached

Other Expenses amounting to Rp 78.20 billion, which increased

Rp 176.53 billion showing a decrease by 48.15% compared to

by 30.99% from 2012. The decrease was caused by disbursement

that of 2012. Other Income (Expenses) consist of Other Income

of securities such as time deposit used for additional paid in capital of the Company

Other Income (Expenses)

(Rp billion)

Description

2012

2013

∆ (Rp)

∆%

Other Income

400.17

254.73

(145.44)

(36.35)

Other Expenses

(59.69)

(78.20)

(18.50)

30.99

Total Other Income (Expenses)

340.48

176.53

(163.94)

(48.15)

Income before Taxes In 2013, the Company’s Income before Taxes reached Rp 1.71 trillion, showing a decreased by Rp 340.60 billion or 16.57%

The decrease was caused by the increase in Financial Charges, i.e. Interest Loan by 3.06% or Rp 28.07 billion from that of last year.

compared to that of the previous year reaching Rp 2.05 trillion.

Income before Taxes

(Rp billion)

Description

2012

2013

∆ (Rp)

∆%

Operating Income

2,975.24

2,663.18

(312.06)

(10.49)

Financial Charges

(916.15)

(944.22)

(28.07)

3.06

(3.83)

(4.30)

(0.47)

12.25

2,055.26

1,714.66

(340.60)

(16.57)

Net Income (Loss) of Associates Income before Taxes


130


Tax Expenses


The Company’s Tax Expenses decreased by 8.20% from Rp

in Income Tax Expenses was influenced by the decrease in Income


519.45 billion in 2012 to Rp 476.83 in 2013. The decrease

before Taxes.


Tax Expenses

(Rp billion)

2012


Description

2013

Amount

Contribution (%)

Amount

Contribution (%)

∆Rp

Current Tax

470.64

100.00

421.42

100.00

(49.22)

(10.46)

Deferred Tax

48.81

10.37

55.42

13.15

6.61

13.53

519.45

110.37

476.83

113.15

(42.62)

(8.20)

Total Income Tax Expenses

∆%


Income of the Year In 2013, the Company’s Income of the Year reached

Income of the Year is attributable to among others Owner of the

Rp 1.23 trillion. Compared to 2012 achievement, Income

Parent Entity and to Non-Controlling Interest. Income for the

of the Year decreased by 19.40%, which was caused by

Year attributable to Owner of the Parent Entity reached Rp 1.33

the increase in the Company’s Operating Expenses as a

trillion, which was a decrease by 16.59% compared to that of 2012,

result of the increase in construction activities, operation

whereas Income (Loss) for the Year attributable to Non-Controlling

of two new toll road sections, fulfillment of regulations

Interest in 2013 reached Rp 98.50 billion, which was a decrease by

and policies on increase in Provincial Minimum Wages

48.61% compared to that of 2012.

and use of non-subsidized fuel.

Income of the Year

(Rp billion)

Description

2012

2013

∆ (Rp)

∆%

1,602.09

1,336.32

(265.77)

(16.59)

Income for the Year attributable to Owner of the Parent Entity Non-Controlling Interest Total Income of the Year

(66.28)

(98.50)

(32.22)

48.61

1,535.81

1,237.82

(297.99)

(19.40)

Other Comprehensive Revenues In 2013, Other Comprehensive Revenues decreased by Rp 1.72 billion or 323.56% compared to that of 2012 due to Unrealized Loss from Securities Available for Sale.

Other Comprehensive Revenues

(Rp billion)

Description

2012

2013

∆ (Rp)

∆%

Unrealized Gain (Loss) from Securities Available for Sale

534.01

(1,193.84)

(1,727.85)

(323.56)

Total Other Comprehensive Revenues

534.01

(1,193.84)

(1,727.85)

(323.56)


131


Comprehensive Income for the Year Comprehensive Income for the Year reached Rp 1.23 trillion, decreased by 19.51% compared to that of 2012 reaching Rp 1.53 trillion.

Comprehensive Income for the Year

(Rp billion)

Description

2013

2012

∆Rp

∆%

1,602.62

1,335.12

(267.50)

(16.69)

(66.28)

(98.50)

(32.22)

48.61

1,536.35

1,236.63

(299.72)

(19.51)

Comprehensive Income for the Year Attributable to Owner of the Parent Entity Non-Controlling Interest Total Comprehensive Income for the Year

Comprehensive Income for the Year Attributable to Owner of

Year Attributable to Non-Controlling Interest experienced loss

the Parent Entity reached Rp 1.33 trillion, a decrease by 16.69%

amounting to Rp 98.50 billion, representing 48,61% compared to

compared to that 2012, whereas Comprehensive Income for the

that of 2012.

Profitability Ratio The ratio is used to measure the capability of a company to gain profit.

Profitability Ratio Description

2012

2013

Gross Profit Margin

32.80%

25.87%

Net Profit Margin

17.66%

12.98%

ROE (Return on Equity)

16.37%

12.30%

ROA (Return on Assets) EBITDA Margin

6.47%

4.71%

67.71%

58.18%

Earning per Share In 2013, Earning per Share reached Rp 196.52, showing a decrease

of decrease in Comprehensive Income for the Year Attributable to

by 16.70% compared to that of 2012 reaching Rp 235.91 as a result

Owner of the Parent Entity.

Earning per Share (full Rupiah amount) Description Earning per Share

2012

2013

∆ (Rp)

∆%

235.91

196.52

(39.39)

(16.70)

Consolidated Statements of Cash Flows Net Cash Flows Provided from Operating Activities

Net Cash Flows Used in Investing Activities

Net Cash Flows Provided from Operating Activities of 2013

Net Cash Flows Used in Investing Activities of 2013 reached Rp

reached Rp 2.08 trillion or increased by 7.98% compared to that

4.46 trillion or increased by 59.12% compared to that of 2012. The

of 2012. The increase was among others resulted from increase in

increase was among others resulted from Addition of Toll Road

receipts from Toll Revenues and Other Operating Revenues.

Concession Rights from newly operated toll roads.


132


Net Cash Flows Provided from Financing Activities

resulted from the issuance of Bond Continuous I worth Rp 2.1


Net Cash Flows Provided from Financing Activities of

trillion for refinancing and equity contribution, and Proceeds from

2013 reached Rp 1.58 trillion, showing an increased

bank Loans at Subsidiaries in line with their construction activities.


by 12.58% compared to that of 2012. The increase was


Cash Flows

(Rp billion)


2012 Description

Amount

Net Cash Flows Provided from Operating Activities Net Cash Flows Used in Investing Activities

2013

Contribution (%)

∆Rp

2,085.83


154.10

7.98

Amount

∆%

1,931.73

44.90

(2,804.74)

(65.19)

(4,463.03)

(127.00)

(1,658.29)

59.12



1,411.38

32.80

1,588.87

45.21

177.49

12.58


Cash and Cash Equivalents at End of the Year

4,302.38

100.00

3,514.06

100.00

(788.32)

(18.32)

Net Cash Flows Provided from Operating Activities

Net Cash Flows Used in Investing Activities

3,514.06

3,210.94

1,588.87

1,411.38

(2,820.74)

2,085.83

1,931.73


4,302.38

(4.463.03)

Glossary


2012 2013

Cash and Cash Equivalents at End of the Year

Segment Information As of the end of 2013, the Company has operated

Toll Revenues of Jasa Marga and Subsidiaries for each segment are

seventeen (17) toll road sections, four (4) of which are

presented in the following table:

operated by Subsidiaries and thirteen (13) of which are operated by nine (9) Branches.

Operating Revenues by Business Segment

(Rp million)

2012 No

Description

1

Head Office (JORR)

2

Jagorawi

3

Jakarta - Cikampek

4 5 6

Cawang - Tomang - Cengkareng

7

Other Segment

Amount

Amount

Contribution (%)

∆Rp

∆%

13,66

1,848,589.00

17,96

610,045.00

49,26

549,623.00

6,06

561,167.00

5,45

11,544.00

2,10

954,927.00

10,53

993,617.00

9,65

38,690.00

4,05

Purbaleunyi

963,334.00

10,62

1,029,467.00

10,00

66,133.00

6,87

Jakarta - Tangerang

418,618.00

4,62

416,038.00

4,04

(2,580.00)

(0,62)

1,138,031.00

12,55

1,142,664.00

11,10

4,633.00

0,41

TOTAL

1,238,544.00


3,807,142.00

41,97

4,303,126.00

41,80

495,984.00

13,03

9,070,219.00

100,00

10,294,668.00

100,00

1,224,449.00

13,50


133


Operating Expenses by Business Segment

(Rp million)

2012 No 1

Uraian Head Office (JORR)

Jumlah

2013 Proporsi (%)

840,312.00

13.06

Jumlah

∆Rp

∆%

1,682,831.00

Proporsi (%) 21.55

842,519.00

100.26

(3,956.00)

(1.22)

2

Jagorawi

322,951.00

5.02

318,995.00

4.09

3

Jakarta - Cikampek

682,865.00

10.61

702,594.00

9.00

19,729.00

2.89

24,697.00

8.42

4

Purbaleunyi

293,368.00

4.56

318,065.00

4.07

5

Jakarta - Tangerang

236,752.00

3.68

212,903.00

2.73

(23,849.00)

(10.07)

4.77

19,095.00

5.40

6


7

Other Segment

TOTAL

353,490.00

5.49

372,585.00

3,705,720.00

57.58

4,200,051.00

53.79

494,331.00

13.34

7,808,024.00

100.00

1,372,566.00

21.33

6,435,460.00

100.00

Profit (Loss) before Tax by Business Segment

(Rp million)

No

Description

1

Head Office (JORR)

2

Amount


2013 Contribution (%) (32.32) (554,097.00) Amount

∆Rp

∆%

(404,760.00)

271.04

14.03

12,425.00

5.45

291,662.00

17.01

25,339.00

9.51

706,524.00

41.20

35,608.00

5.31

8.96

203,076.00

11.84

18,944.00

10.29

38.16

771,786.00

45.01

(12,434.00)

(1.59)

(149,337.00)

(7.27)

Jagorawi

228,126.00

11.10

240,551.00

3

Jakarta - Cikampek

266,323.00

12.96

4

Purbaleunyi

670,916.00

32.64

5

Jakarta - Tangerang

184,132.00

6


784,220.00

7

Other Segment

70,877.00

3.45

55,153.00

3.22

(15,724.00)

(22.18)

1,714,656.00

100.00

(340,602.00)

(16.57)

TOTAL


2,055,256.00

100.00

134


Solvability and Collectability of Receivables


Short-Term Solvability

Liquidity Level

Highlights 2013

The Company’s capability to settle its short-term liabilities

The Company’s capability to settle its Short-Term Liabilities is

is influenced by its Liquidity.

reflected by Liquidity Ratio. Liquidity Level is indicated by Current


Ratio and Cash Ratio.

Liquidity Ratio

New Projects Development Human Capital Management Corporate Governance Corporate Social Responsibility Statement of Members of the Board of Commissioners and Directors on the Responsibility for Annual Report 2013 Glossary Consolidated Financial Statements

Description

2012

2013

Cash and Cash Equivalents

4,302.38

3,514.06

Current Assets

4,517.29

3,746.34

Short-Term Liabilities

6,648.16

4,919.88

Current Ratio

0.68

0.76

Cash Ratio

0.65

0.71

Ratio

The above Liquidity Ratio indicated that the Company’s

Company’s Debt to Equity Ratio reached 1.61 times, which was

liquidity level improved, as Current Ratio increased from

higher than that of 2012 reaching 1.53 times. The Company’s

0.68 in 2012 to 0.76 in 2013, whereas Cash Ratio increased

Interest Coverage Ratio of 2013 reached 3.90 times, which

from 0.65 to 0.71.

was a decrease compared to that of 2012 with 4.23 times. The abovementioned condition suggests that the Company’s Financial

Long-Term Solvability

Covenants are still in the corridor required by creditors and that

Long-Term Solvability describes the Company’s capability

the Company remains in a sound financial condition.

to settle its long-term liability. As at the end of 2013, the

Solvability Ratio Description

2012

2013

Total Assets

24,753.55

28,366.35

Total Liabilities

14,965.77

17,499.37

Equity

9,787.79

10,866.98

EBITDA

3,876.79

3,685.22

916.15

944.22

Interest Expenses Ratio DER

1.53

1.61

Debt Ratio

0.60

0.62

ICR (Interest Coverage Ratio)

4.23

3.90


135


Collectability of Receivables

receivables are employees’ receivables that are collected each

The Company does not have Account Receivables as the

month in concurrent with the payment of wages.

transactions are all cash; hence this condition does not enable the measurement of Collectability of Receivables. The Company’s

Capital Structure The Company’s Capital Structure as of 31 December 2013 is as follows:

Capital Structure

(Rp billion)

Description

2012

2013

Short-Term Liabilities

6,648.16

4,919.88

Long-Term Liabilities

8,317.60

12,579.48

14,965.77

17,499.37

9,787.79

10,866.98

Ratio Short-Term Liabilities to Equity

0.68

0.45

Ratio Long-Term Liabilities to Equity

0.85

1.16

Ratio Liabilities to Equity

1.53

1.61

Total Liabilities Total Equity

Capital Structure Policy

Capital Expenditure

The Company has set its capital in proportion against the

Realization of capital expenditure in 2013 reached Rp 4.93

risk. The Company manages capital structure and makes

trillion, of which Rp 3.36 trillion was used for the development at

adjustment in view of changes in economic condition, on

Subsidiaries with the following details:

which risk characteristics of assets are based. Consistent with

• PT Marga Lingkar Jakarta, Rp 556.75 billion.

other companies in the industry, the Company monitors equity

• PT Marga Sarana Jabar, Rp 286.01 billion.

using ratio of debt to equity as the basis. The ratio is obtained

• PT Marga Trans Nusantara, Rp 218.56 billion.

by dividing Total Liabilities by Equity. In 2013, Debt to Equity

• PT Marga Kunciran Cengkareng, Rp 149.33 billion.

Ratio reached 1.61 times; hence the Company was capable of

• PT Trans Marga Jateng, Rp 636.86 billion.

maintaining its debt to equity ratio at maximum 5:1, in accordance

• PT Trans Marga Jatim Pasuruan, Rp 332.81 billion.

with creditor’s

• PT Marga Nujyasumo Agung, Rp 218.86 billion. • PT Jasamarga Pandaan Tol, Rp 436.34 billion. • PT Jasa Marga Bali Tol, Rp 532.92 billion. The remaining Rp 2.3 trillion was allocated to the development at parent level, particularly for operational activities and road capacity increase by means of widening on Pasteur-Kopo Section of Padaleunyi Toll Road and Cibinong-Sentul Selatan Section of Jagorawi Toll Road.


136


Comparison of 2013 Target and 2013 Realization The Company targeted 2013 Operating Revenues

Achievements of these targets were resulted from the operation

(excluding Construction Revenues) to reach Rp 6.03

of new toll road sections as well as increase in Traffic Volume and

trillion and Traffic Volume to reach 1,253.65 million

toll tariff.

vehicles. The realization exceeded the said targets, as Operating Revenues and Traffic Volume each reached Rp


6.33 trillion and 1,258.52 million vehicles, respectively.


Comparison of 2013 Target and 2013 Realization


Description

Target 2013

Realization 2013

∆%


Operating Revenues (billion Rupiah)

6,037.45

6,334.13

104.91


Traffic Volume (million vehicles)

1,253.65

1,258.52

100.39


Remarks Excluding Construction Revenues

Target/Projection to Achieve Next Year For 2014, the Company is targeting the increase in Operating Revenues (excluding Construction Revenues) and Traffic Volume to Rp 7.2 trillion and 1.36 billion vehicles, respectively.

target 2014 Description

Target 2014

Operating Revenues (billion Rupiah)

7,200

Traffic Volume (million vehicles)

1,360

Remarks Excluding Construction Revenues

Material Ties for the Investment in Capital Goods

reaching 104.72, an increase compared to the previous quarter,

In 2013, the Company did not have material ties for

condition is estimated to increase when compared to the previous

investment in capital goods.

quarter.

Material Information Subsequent to the Date of Accountant’s Report

The growing economic growth was also reflected in the increase

and business prospect of Quarter 1 2014 reaching 103.93, business

of sales of motor vehicles, particularly passenger cars, in Indonesia. In 2013, car sales reached 1.23 million cars (source: Gaikindo), an

There are no subsequent events requiring adjustment

increase by 10.18% compared to that of 2012 reaching 1.12 million

and disclosure in the financial statements.

vehicles. The increase in car sales indirectly contributed to the increase in transaction traffic volume on toll roads operated by the

Business Prospect and Conditions of the Industry and Economy Based on the Indonesian Statistical Bureau (Badan Pusat Statistik – BPS), Indonesia’s 2013 economy grew by 5.78% from that of 2012 with inflation rate reaching 8.38%. This suggested that Indonesia’s economy was still relatively stable. With Business Tendency Index at Quarter 4 of 2013


Company. In 2013, Company has operated toll roads with the total length of 560 km. With additional operating toll roads, the Company is targeting to operate total length of toll roads of 612.2 km in 2014 and to become 728 km in 2017.

137


Marketing Aspect and Market Share

Tangerang and Sedyatmo (Airport) Toll Roads; Gempol-Pasuruan

To maintain its position as market leader in toll road operation

and Surabaya-Mojokerto Toll Roads are connected to Surabaya-

in Indonesia, the Company has conducted various efforts to

Gempol Toll Road; and JORR W2 North Toll Road is connected to

increase the length of toll roads operated by developing new toll

JORR Toll Road.

roads with financial feasibility. The new toll roads developed by the Company are as much as possible connected to the already

Today, with the total length of 560 km, the Company operates

operating toll roads to guarantee traffic volume on the new toll

73% of the total toll roads operated in the country. The figure will

roads. All new toll roads developed at present by the Company

continue to increase in the coming years as the Company will

are connected to its operating toll roads. Bogor Outer Ring Road

continue to add the toll roads to be developed and operated.

is connected to Jagorawi Toll Road; Semarang-Solo Toll Road

In 2014, the Company plans to operate five additional toll road

is connected to Semarang Toll Road Sections A, B, C; Serpong-

sections i.e. Bogor Outer Ring Road Section Kedung Halang-

Kunciran and Kunciran-Cengkareng Toll Roads are connected

Kedung Badak, Semarang-Solo Section Ungaran-Bawen, Gempol-

to Jakarta-

Pandaan, Gempol-Pasuruan Section Gempol-Rembang, JORR W2 North Section Ciledug-Ulujami.

Dividend Policy

or return to the Shareholders, yet still enables the Company to

The Company’s policy on dividend payout is 20% minimum;

benefit from most of the retained earnings to be reinvested in the

however, the realization from 2009 to 2012, the Company’s

Company’s business activities. The amount of dividend payout

dividend payout was 60%, 60%, 40%, and 40%, respectively. The

ratio is decided at the Annual General Meeting of Shareholders

Company plans a dividend payment that gives regular earning

based on the Directors’ proposal.

Dividend Payment 2009-2013

(Rp billion))

Description

2009

2010

2011

2012

2013

Net Income

992.69

1,193.49

1,339.46

1,602.09

1,336.32

Amount of Dividend

595.62

716.09

535.78

640.83

534.53

Dividend Ratio

60%

60%

40%

40%

40%

Time of Payment

2010

2011

2012

2013

2014

595.62

716.09

535.78

640.83

534.53

87.91

105.68

78.88

94.24

78.61

Date of Dividend Announcement

31 May 2010

16 June 2011

11 May 2012

01 May 2013

13 March 2014

Date of Dividend Payment

15 July 2010

25 July 2011

21 June 2012

18 June 2013

23 April 2014

Amount Paid Dividend per Share


138


Use of Proceeds

Rp 168.02 billion to PT Marga Sarana Jabar for Bogor Outer Ring Road Toll Road, equity contribution amounting to Rp 851.19

Profile of the Company Transformation of Jasa Marga Highlights 2013 Management Report Management Discussion and Analysis New Projects Development Human Capital Management Corporate Governance

Use of IPO Proceeds

billion to PT Trans Marga Jateng for Semarang-Solo Toll Road,

The net IPO proceeds that the Company received in

equity contribution amounting to Rp 200.10 billion to PT Trans

2007 amounted to Rp 3.36 trillion. As of the end of 2013,

Marga Jatim, equity contribution amounting to Rp 114.81 billion

Use of IPO Proceeds reached Rp 1.94 trillion or 57.63%

to PT Marga Kunciran Cengkareng for Cengkareng-Kunciran

of the total net proceeds, in line with land availability

Toll Road, equity contribution amounting to Rp 62.10 billion to

for construction. The Use of IPO Proceeds consists of

PT Marga Trans Nusantara for Kunciran-Serpong Toll Road, and

Expansion, Refinancing and Working Capital.

equity contribution amounting to Rp 394,00 billion to PT Marga Nujyasumo Agung for Surabaya-Mojokerto Toll Road.

As of the end of 2013, the Company’s Expansion in the form of equity contribution to its Subsidiaries reached

In terms of Refinancing, the Company used the proceeds to

Rp 1.79 trillion, i.e. equity contribution amounting to

settle the payment of Jasa Marga Bond VIII Series M Year 2000 amounting to Rp 150 billion, whereas the use for Working Capital


has not yet been realized.


Use of IPO Proceeds as of 31 December 2012 and 2013

(Rp billion)

Description Proceeds from IPO Public Offering Expenses

2012

2013

3,468.00

3,468.00

101.45

101.45

Net Proceeds

3,366.55

3,366.55

Expansion

1,297.07

1,790.22

96.52

168.02

551.19

851.19

99.50

200.10

EQUITY CONTRIBUTION TO SUBSIDIARIES PT Marga Sarana Jabar, Construction of BORR Toll Road PT Trans Marga Jateng, Construction of Semarang-Solo Toll Road PT Marga Kunciran Cengkareng, Construction of Cengkareng-Kunciran Toll Road PT Marga Trans Nusantara, Construction of Kunciran-Serpong Toll Road

52.80

114.81

PT Marga Nujyasumo Agung, Construction of Surabaya-Mojokerto Toll Road

387.06

62.10

PT Trans Marga Jatim Pasuruan, Construction of Gempol-Pasuruan Toll Road

110.00

394.00

150.00

150.00

150.00

150.00

Refinancing Payment of Principal of Bond Series M

-

-

Total

Working Capital

1,447.07

1,940.22

IPO Proceeds Remaining

1,919.48

1,426.33


139


Use of Bonds Proceeds

Rest and Services Areas (Tempat Istirahat & Pelayanan – TIP) and in the field of Engineering amounting to Rp 15 billion for Toll Road

Bond Jasa Marga XIV Series JM-10 Fixed Coupon and Bond

Maintenance and Other Constructions.

Jasa Marga I Series JM-10 Zero Coupon In Refinancing, the Company has used the proceeds for the In 2010, the Company issued Bond Jasa Marga XIV Series JM-

payment of Bond Series O Year 2002 worth Rp 650 billion and

10 Fixed Coupon worth Rp 1 trillion and Bond Jasa Marga I Seri

payment of Investment Credit of PT BCA Tbk amounting to Rp 400

JM-10 Zero Coupon worth Rp 500 billion. As of the end of 2013,

billion.

the Company has used 83.93% of the net proceeds from the said bonds amounting Rp 1.37 trillion. The proceeds from bonds

In terms of Working Capital, the Company has used the proceeds

offering are used for Expansion, Refinancing and Working Capital.

for the Widening of Tomang-Tangerang Toll Road Section amounting to Rp 5 billion and Construction Stability Repair of

As of the end of 2013, Expansion has been carried out in the field

Cipularang Toll Road amounting to Rp 24.41

of Property amounting to Rp 63.36 billion for the development of

Use of Proceeds from Bond JM XIV Series JM-10 Fixed Coupon and Bond JM I Series JM-10 Zero Coupon

(Rp billion)

Description Proceeds from Bonds Offering Bond JM XIV Series JM-10 Fixed Coupon Bond JM I Series JM-10 Zero Coupon Public Offering Expenses Net Proceeds Expansion Property – Development of Rest & Services Areas Communication and Information Technology Engineering – Toll Road Maintenance and Other Constructions Refinancing

2013 1,385.03 1,000.00 385.03 5.62 1,379.41 78.36 63.36 15.00 1,050.00

Payment of Bond Jasa Marga X Series O Year 2002

650.00

Acceleration Payment of Investment Credit of PT BCA

400.00

Working Capital Total IPO Proceeds Remaining


29.41 1,157.77 221.64

140


Bond Continuous I Jasa Marga Stage I Year 2013


Series S


In 2013, the Company issued Bond Continuous I

In Refinancing, the Company has used bond proceeds for the

Highlights 2013

Jasa Marga Stage I Year 2013 Series S with principal

payment of Bond Jasa Marga XI Series P Year 2003 amounting

Management Report

amounting to Rp 2.1 trillion. The proceeds from the public

to Rp 1 trillion, payment of Bond Jasa Marga I Series JM-10 Zero


offering are used for Expansion, Refinancing and Working

Coupon Year 2010 amounting to Rp 500 billion and payment of

Capital. As of the end of 2013, proceeds from the said

Bond Jasa Marga JORR I Year 2013 amounting to Rp 271.61 billion.


bond 100% realized. In terms of Working Capital, the Company has used bond proceeds The Company has carried out its Expansion through

for Road Capacity Increase amounting to Rp 164.10 billion.

Capital Investment at PT Marga Nujyasumo Agung, PT


Marga Lingkar Jakarta and PT Margabumi Adhikaraya


60.00 billion, respectively.

amounting to Rp 49.50 billion, Rp 47.45 billion, and Rp

Statement of Members of the Board of Commissioners and Use of Proceeds from Bonds Continuous I Jasa Marga Stage I Year 2013 Directors on the Responsibility for Annual Series S (Rp billion) Report 2013 Glossary Consolidated Financial Statements

Description Proceeds from Bond Offering Public Offering Expenses Net Proceeds Expansion

2013 2,100.00 7.33 2,092.67 156.95

Capital Investment at PT Marga Nujyasumo Agung

49.50

Capital Investment at PT Marga Lingkar Jakarta

47.45

Capital Investment at PT Margabumi Adhikaraya

60.00

Refinancing Payment of Bond Jasa Marga XI Series P Year 2003

1,771.62 1.000.00

Payment of Bond Jasa Marga I Series JM-10 Zero Coupon Year 2010

500.00

Payment of Bond Jasa Marga JORR I Year 2003

271.62

Working Capital Total IPO Proceeds Remaining


164.10 2,092.67 (0.00)

141


Material Increase/Decrease in Net Revenues in Relation to Sales Volume or New Services

3. Outsourced Labors

The issuance of Regulation of Minister of Manpower and Transmigration No. 19 of 2012 on Requirements for

Increase in the Company’s Net Revenues was resulted from the

Outsourcing Part of Labor Supply to Another Company

operation of several new toll road sections by Subsidiaries; hence

enacted on 19 November 2012 has resulted in the limitation

started to contribute to Toll Revenues and experienced toll tariff

of works allowed to be outsourced. Those businesses include:

increase in Quarter 4 of 2013. In addition, increase in transaction

(1) cleaning service; (2) catering service for workers/labors; (3)

traffic volume of the Company’s toll roads also served as another

security services; (4) supporting services in mining and oil; and

contributing factor.

(5) transportation service for workers/labors. The Company has made adjustments in the policy of outsourced labors in

Material Information on Investment, Expansion, Divestment and Acquisition

accordance with its business strategies while complying with rules and regulations

In 2013, the Company did not have Material Information on Investment, Expansion, Divestment and Acquisition.

Information on Material Transaction with Conflict of Interest and/or Related Parties Transaction In 2013, the Company did not have Material Transaction with

Changes in Accounting Policies Significantly Affecting the Company New accounting standard or revision to accounting standard relevant to the Company and required to be applied for the first for financial year beginning from 01 January 2013 is PSAK 60

Conflict of Interest and/or Related Parties Transaction.

(Revised 2010) “Financial Instrument: Disclosures”.

Changes in Legislation Significantly Affecting the Company

Having been implemented effective from 01 January 2013, PSAK

In 2013, several Regulations that affected the Company

60 introduces new disclosure to improve information on financial

significantly were as follows:

instruments. The PSAK requires extensive disclosures of the

1. Regulation of Minister of Energy and Mineral Resources on

financial position and performance, and quantitative and

Control over the Use of Fuel Oil

In order to maintain the volume of fuel oil as decided in State Budget, therefore on 29 May 2012 the Government through the Minister of Energy and Mineral Resources issued Regulation of Minister of Energy and Mineral Resources No. 12 of 2012 on Control over the Use of Fuel Oil that regulates every motor vehicle owned/authorized by SOEs (company car) is prohibited from using certain type of fuel oil, i.e. Gasoline Ron 88/ Premium, which is subsidized fuel oil. The issuance of the said regulation has led the Company to implement a policy in using non-subsidized fuel oil for its company cars.

2. Provincial Minimum Wage

In 2013, the Provincial Minimum Wage on several Indonesian provinces, one of which was DKI Jakarta, increased. Pursuant to Regulation of Governor of DKI Jakarta Province No. 189 of 2012 on Provincial Minimum Wage of 2013 stating “Provincial Minimum Wage of 2013 in the Province of Special Capital Region of (Daerah Khusus Ibukota – DKI) Jakarta is Rp 2,200,000.00 (two million, two hundred thousand Rupiah) per month”. The Company has then made wages adjustment to comply with the said regulation.


significance of financial instruments impact on the Company’s qualitative disclosures of risks arising from financial instruments, along with determining minimum disclosures of credit risk, liquidity risk and market risk. The PSAK also requires disclosures related to measurement of fair value using three-level fair value hierarchy, which reflects the significance of the inputs used in measuring fair value and provides guidelines in the form of quantitative disclosures on measurement of fair value and requires that information be disclosed in tabular format unless another format is more appropriate. Based on Group’s evaluation, the adjustment of PSAK 60 has no material impact to the consolidated financial statements.

142


Interview with Reynaldi Hermansjah Finance Director

Management Discussion and Analysis New Projects Development Human Capital Management Corporate Governance Corporate Social Responsibility Statement of Members of the Board of Commissioners and Directors on the Responsibility for Annual Report 2013 Glossary

Question Q Answer


A

How was the financial performance of the Company in 2013? In 2013, the Company’s Assets reached Rp 28.36 trillion, an increase by 14.60% from last year’s Assets. This was resulted from the operation of new toll roads: Bali Mandara Toll Road and JORR W2 North Toll Road Section Kebun Jeruk-Ciledug. Toll Revenues reached Rp 5.82 trillion, an increase by 4.37% resulted from increase in traffic volume and toll tariff in Quarter 4 so that the Company’s net margin reached 12.98% and Interest Coverage Ratio reached 3.90 times. These conditions indicate that the Company’s Financial Covenants are still in the corridor required by the creditors and that the Company remains in a sound financial condition.

Q T:

What challenges were faced by the Company?

J:A

The main challenge in financial aspect is maintaining financial stability during the situation when the Company is in the middle of expansion. Moreover, we also faced the challenge of maintaining the achievement in Net Income amidst expansion efforts and increase in Operating Expenses as a result of complying with Government’s regulations on minimum wage policy and use of non-subsidized fuel oil, along with outsourced labors.

T: Q

In the earlier years of new toll roads operation, is there any

J:A

There certainly is. Interest expenses in the early stage of new toll road operation are not yet able to be covered by Toll Revenues, resulting in the growth of Net Income to be relatively flattish. This is normal for a toll road company engaging in significant investment, considering in the early years of operation, revenues are not yet reaching optimum level while operating expenses are fully accounted for.

significant impact on financial performance?


143


Q T:

What are the Company’s strategies in facing those challenges?

J:A

The Company has conducted efforts in efficiency and financial engineering by continually making efforts in reducing Weighted Average Cost of Debt (WACD) and maintaining the Company’s id AA+ rating. The Company has carried out: 1. Acceleration of the payment of principal of bank loans, and 2. Refinancing of maturing bonds with much lower coupon bonds.

Q T:

What are the Company’s funding plans to support its expansion?

A

To support the Company’s future expansion, the Company has policies that in every stage of toll road development, fund sources will derive from bank loans; and once operated, funding needs will be covered by issuing bonds.

Q T:

What is the prospect of financial performance in the long term?

J:A

The prospect of operating revenues growth will continue to increase in line with the growth of traffic volume on both already operated toll roads as well as newly operated toll roads. The operation of new toll roads will cause relatively flattish growth of Net Income in the early stage of operation; however, this condition will tend to improve as Toll Revenues of the new toll roads continue to increase.


144 144


Despite land acquisition delays, this year the Company has succeeded in operating two sections of its new projects, namely Nusa Dua-Ngurah RaiBenoa (Bali Mandara) Toll Road and Kebun Jeruk-Ciledug Section of JORR W2 North Toll Road.


145



At present, through its Subsidiary, the Company has additional nine (9) new toll road concessions. The Company is the major shareholder of the Subsidiaries that are the concession holder of the nine (9) toll road sections. The percentage of the Company’s ownership at those Subsidiaries is shown in the following table:

Percentage of Jasa Marga Ownership at Subsidiaries (as of 31 December 2013) No.

Section

Length

Subsidiary

Jasa Marga Ownership

1.

(%)

11 km


55.0

2.

Semarang-Solo

73 km


60.0

3.

Surabaya-Mojokerto

36 km


55.0

4.

JORR W2 North

8 km


65.0

5.

Gempol-Pasuruan

34 km

PT Trans Marga Jatim Pasuruan

96.4

6.

Gempol-Pandaan

14 km


66.5

7.


10 km


55.0

8.

Cengkareng-Kunciran

14 km

PT Marga Kunciran Cengkareng

76.1

9.

Kunciran-Serpong

11 km


60.0

Total

211 km


146


Construction of Bogor Outer Ring Road Toll Road Section 2a Kedung Halang-Kedung Badak

Transformation of Jasa Marga Highlights 2013 Management Report Management Discussion and Analysis New Projects Development Human Capital Management Corporate Governance Corporate Social Responsibility Statement of Members of the Board of Commissioners and Directors on the Responsibility for Annual Report 2013 Glossary Consolidated Financial Statements

Performance of Toll Road Business Development Despite land acquisition delays, this year the Company has succeeded in operating two sections of its new projects, namely Nusa Dua-Ngurah Rai-Benoa (Bali Mandara) Toll Road and Kebun Jeruk-Ciledug Section of JORR W2 North Toll Road. The Company’s strategies in ensuring the accomplishments of the target of operating new toll road sections focus on land acquisition progress. The Management has conducted various efforts such as coordinating with land acquisition team, making persuasive approach to the people whose land ownership is revoked, and forming Land Acquisition Acceleration Team for the purpose of achieving the land acquisition target set by the Company. Although it has not reached expected acceleration, the efforts have resulted in positive impacts for the Company, as Jasa Marga is the only Toll Road Operator and Developer that succeeded in adding to its operating toll roads in 2013.


147


As of the end of 2013, compared to 2012, the progress of each toll road project is as follows:

Bogor Outer Ring Road Toll Road (PT Marga Sarana Jabar) Bogor Outer Ring Road

Length (Km)

Section 1

Sentul-Kedung Halang

Section 2A

Kedung Halang-

Construction (%)

Land Acquisition (%)

Construction

2012

2013

3.8

(%)

100.0

100.0

100.0

2

46.1

100.0

16.1

88.8

2.2

-

-

3

-

-

Kedung Badak Section 2B

Kedung Badak -Yasmin

Section 3

Yasmin-Darmaga Total

11

BORR connects Jagorawi Toll Road to the city of Bogor. In view of the significant economic growth of Bogor city (by ± 5.5% on average 2007-2012 according to Statistical Bureau of West Java), the city requires road infrastructure to facilitate the transportation of goods and services. With this potential, the Company is optimistic that BORR will have a promising prospect in the future. The development of BORR Toll Road is divided into four sections. Section 1 Sentul-Kedung Halang, 3.8 km, has started to operate since late 2009; whereas Section 2A Kedung Halang-Kedung Badak, 1.95 km, is scheduled to operate in 2014; Section 2B and Section 3, as of 31 December 2013 were still in land acquisition stage.

Section 2a Kedung Halang-Kedung Badak of Bogor Outer Ring Road Toll Road Development Project


148


Semarang-Solo Toll Road (PT Trans Marga Jateng) Semarang - Solo

Length (Km)

Land Acquisition

Construction (%) 2012

2013

Highlights 2013

Section 1

Semarang-Ungaran

11.3

(%)

100.0

100.0

100.0

Management Report

Section 2

Ungaran-Bawen

11.8

99.0

100.0

62.3

97.0

Section 3

Bawen-Solo

49.8

-

2.5

-

-

Total

72.9


(%)

The toll road connects the city of Semarang, the capital city of Central Java Province to the city of Solo. Semarang-


Solo Toll Road is part of the Trans Java Toll Road network, which is a business route that will connect two major cities


Company since 1983, so the operation of Semarang-Solo Toll Road will increase traffic volume on Semarang Toll Road. As


Jakarta and Surabaya. Semarang-Solo Toll Road is also connected to Semarang Toll Road that has been operated by the Semarang-Solo is located in a quite strategic location in supporting the country’s economy and brings positive impact on Semarang Toll Road, the Company is making every effort to complete and operate the said toll road section. Semarang-Solo Toll Road is scheduled to operate in three sections. Section 1 Semarang-Ungaran, 10.8 km has been operated since 2011; and Section 2 Ungaran-Bawen, 12 km is scheduled to operate in 2014. Meanwhile, Section 3 Bawen-Solo, as of 31 December 2013 was still in land acquisition stage.


Semarang-Solo Toll Road Section 1 Semarang-Ungaran


149


Surabaya-Mojokerto Toll Road (PT Marga Nujyasumo Agung) Surabaya - Mojokerto

Length (Km)

Land Acquisition

Construction (%) 2012

(%)

2013

Section 1A

Waru-Sepanjang

2.3

(%)

100.0

100.0

100.0

Section 1B

Sepanjang-Western Ring Road

4.3

53.4

69.8

-

6.9

Section 2

Western Ring Road-Driyorejo

5.1

35.8

37.7

-

-

Section 3

Driyorejo-Krian

6.1

50.9

54.8

-

-

Section 4

Krian-Mojokerto

18.3

62.7

75.6

34.3

53.5

Total

36.3

Similar to Semarang-Solo Toll Road, Surabaya-Mojokerto Toll Road is also part of Trans Java Toll Road Network, business route connecting two major cities Jakarta and Surabaya. Surabaya-Mojokerto Toll Road is also connected to Surabaya-Gempol Toll Road operated by the Company since 1986; hence the operation of Surabaya-Mojokerto Toll Road will increase the traffic volume on Surabaya-Gempol Toll Road. Given that Surabaya-Mojokerto is located in a quite strategic location in supporting the country’s economy and brings positive impact on Surabaya-Gempol Toll Road, the Company is making every effort to complete and operate the said toll road section. Surabaya-Mojokerto Toll Road is to operate in five sections. Section 1A Waru-Juanda, 2.3 km, has been operated since 2011; whereas Section 4 Kriyan-Mojokerto, 18.5 km, was under construction with a progress reaching 53.5%; and Sepanjang-Krian Section was in land acquisition stage.

Waru Toll Gate on Section 1A Waru-Sepanjang


Section 4 Krian-Mojokerto Toll Road Development

150

JORR W2 North Toll Road (PT Marga Lingkar Jakarta) JORR W2 North

Length


Section 1

Kebon Jeruk-Ciledug


Section 2

Ciledug-Ulujami Total


Land Acquisition %

Construction (%)

(Km)

(%)

Construction

2012

2013

5.7

(%)

100.0

60.4

100.0

2

84.0

98.0

9.9

47.3

7.7

JORR W2 North Toll Road is the missing link on Jakarta Outer Ring Road Toll Road already operated by the Company. The


existence of JORR W2 North is significant to ease the congestion on Jakarta Inner Ring Road Toll Road, as JORR W2 North


reduce the load of traffic on Jakarta Inner Ring Road.


JORR W2 North Toll Road is developed in two stages. Section 1 Kebun Jeruk-Ciledug, 5.7 km, has been operated since late


connects Jakarta-Cikampek Toll Road to Jakarta-Tangerang Toll Road so the full operation of JORR W2 North Toll Road will

2013, while Section 2 Ciledug-Ulujami, 2.0 km is scheduled to operate in 2014.

Corporate Social Responsibility Statement of Members of the Board of Commissioners and Directors on the Responsibility for Annual Report 2013 Glossary Consolidated Financial Statements JORR W2 North Toll Road Section Kebon Jeruk-Ciledug

Gempol-Pasuruan Toll Road (PT Trans Jatim Pasuruan) Gempol-Pasuruan

Length

Land Acquisition %

Construction (%)

(Km)

(%)

2012

2013

13.9

(%)

82.9

-

49.9

Construction

Section 1

Gempol-Rembang

Section 2

Rembang-Pasuruan

8.1

-

-

-

-

Section 3

Pasuruan-Grati

12.2

-

-

-

-

Total

34.2

Gempol-Pasuruan Toll Road is part of Trans Java Toll Road Network connecting Surabaya to the crossing of Java and Bali Islands. The toll road is also connected to Surabaya-Gempol Toll Road already operated by the Company since 1986, so the operation of Gempol-Pasuruan Toll Road will increase traffic volume on Surabaya-Gempol Toll Road. In view of the fact that Gempol-Pasuruan is located in a quite strategic location in supporting the country’s economy and brings positive impact on Surabaya-Gempol Toll Road, the Company is making every effort to complete and operate the said toll road section. The development of Gempol-Pasuruan Toll Road is divided into three sections. Section 1 Gempol-Rembang, 13.9 km, is scheduled to operate in 2014 whereas Section 2 Rembang-Pasuruan and Section 3 Pasuruan-Grati were still in the stage of land acquisition.

Section Gempol-Rembang of Gempol-Pasuruan Toll Road Project


151


Gempol-Pandaan Toll Road (PT Jasamarga Pandaan Tol) Land Acquisition (%)

Length (Km)

Gempol-Pandaan

2012 13.6

Total

Construction (%)

2013

99.0

2012 99.0

2013

17.1

83.5

13.6

Gempol-Pandaan Toll Road connects the cities of Surabaya to Malang. The characteristics of Gempol-Pandaan Toll Road are similar to that of Jagorawi Toll Road since Malang is a city with tourism objects for the residents of Surabaya as Puncak for the residents of Bogor. The operation of Gempol-Pandaan Toll Road will ease the congestion on arterial road especially during weekend. The Company plans to operate Gempol Pandaan Toll Road in 2014.

Gempol-Pandaan Toll Road Development Project

Nusa Dua-Ngurah Rai-Benoa (Bali Mandara) Toll Road (PT Jasamarga Bali Tol) Nusa Dua-

Length

Ngurah Rai-Benoa

(Km)

Land Acquisition (%) 2012 10

Total

Construction (%)

2013 100.0

100.0

2012

2013 73.7

100.0

10

Bali Mandara is the first toll road in Bali Island. With significantly high level of congestion in Bali, the operation of Nusa Dua-Ngurah RaiBenoa Toll Road is expected to reduce the traffic congestion. Having been constructed for approximately 1.5 years, Nusa Dua-Ngurah Rai-Benoa Toll Road has been operated since 2013. This proves that the Company is capable of developing toll road ahead of schedule when land acquisition is not an issue and this was shown in the development of Nusa Dua-Ngurah Rai-Benoa Toll Road.

Bali Mandara Toll Road


152

Kunciran-Cengkareng Toll Road (PT Marga Kunciran Cengkareng) Land Acquisition %

Length Identity of the Company

Kunciran-Cengkareng

(Km)

2012

2013

2012

2013

14.9

0.0

4.2

0.0

0.0


Total

Construction (%)

14.9

Highlights 2013

Part of Jakarta Outer Ring Road II, Kunciran-Cengkareng Toll Road is located in the western part of Jakarta. Kunciran-

Management Report

Cengkareng Toll Road will distribute the highly congested traffic of Jakarta.


As of 31 December 2013, Kunciran-Cengkareng Toll Road is still in the stage of land acquisition.

New Projects Development Human Capital Management Corporate Governance Corporate Social Responsibility Statement of Members of the Board of Commissioners and Directors on the Responsibility for Annual Report 2013 Compensation Payment for Land on Cengkareng-Kunciran Toll Road


Kunciran-Serpong Toll Road (PT Marga Trans Nusantara) Length Kunciran-Serpong Total

Land Acquisition %

Construction (%)

(Km)

2012

2013

2012

2013

11.2

3.4

10.1

0.0

0.0

11.2

Part of Jakarta Outer Ring Road II, Kunciran-Serpong Toll Road is located in the western part of Jakarta. Together with Kunciran-Cengkareng Toll Road, Kunciran-Serpong Toll Road will distribute the highly congested traffic of Jakarta. As of 31 December 2013, Kunciran-Serpong Toll Road is still in the stage of land acquisition. Although the progress of land acquisition is not yet optimal, in the last months of 2013, the progress increased quite significantly.

Compensation Payment for Land on Kunciran-Serpong Toll Road


153


Non-Toll Road Business Development In order to further increase the use of its assets, the Company conducts business diversification to increase the Company’s operating revenues and support its core business.

Performance of Non-Toll Road Business Development In 2013, Non-Toll Road Business Development was supported by Toll Road Maintenance Service, Toll Road Operating Service, Land Rent for advertisements, and Rest and Services Areas. The Company has conducted various efforts to increase Other Operating Revenues, such as providing more locations for advertisement, and making investment in batching plan to strengthen toll road and bridge maintenance services. The strategies applied by the Company have proven quite effective in increasing Other Operating Revenues, as in the past five years, Other Operating Revenues has grown by ± 70.2%.

Growth of Other Operating Revenues

(In billion Rupiah)

508.20

500.00 450.00 400.00

% 0.2 7 : r cag

350.00 300.00 250.00

146.31

250.00

0.00

72.48

50.00

60.52

100.00

2009

2010

2011

143.47

200.00

2012

2013

To maximize the potential of land surrounding toll roads, in early 2013 the Company has founded a subsidiary that runs the business of property and will focus on developing areas surrounding toll roads. In addition, the Company has also formed Business Unit focusing on the development and management of Rest and Services Areas owned by the Company.

Prospect of Non-Toll Road Business Going forward, the Company will still focus most on toll road operation and development strategies. Non-toll road business development focuses on supporting the abovementioned strategies; hence in the future, non-toll road business development will focus on Toll Road Maintenance Services, Toll Road Operating Service, and Property.


154


Interview with Abdul Hadi Hs Business Development Director

Management Discussion and Analysis New Projects Development Human Capital Management Corporate Governance Corporate Social Responsibility Statement of Members of the Board of Commissioners and Directors on the Responsibility for Annual Report 2013

Question Q

To begin with, how was the performance of Toll Road Business Development in 2013?

Answer

A

In 2013, the Company has succeeded in adding to its operating toll roads by operating two sections of it new toll road projects, namely Nusa Dua-Ngurah Rai-Benoa (Bali

Glossary

Mandara) Toll Road and Kebun Jeruk-Ciledug Section of JORR W2 North Toll Road. Apart


from operating the said new toll road sections, the Company is also constructing six new sections, of which three sections: Bogor Outer Ring Road Section 2A, Semarang-Solo Toll Road Section Ungaran-Bawen, and Gempol-Pandaan Toll Road, have entered the final stage of construction.

Q

A

What is the biggest challenge in developing those new toll road sections and how do you face it? The biggest challenge is the business of toll road development is the uncertainty of time in acquiring the land and this will result in the difficulty in predicting the operation of new toll road accurately. To face that challenge, we have formed land acquisition acceleration team with the task to minimize the obstacles of land acquisition occurring in the field. This is proven quite effective as Jasa Marga is the only Toll Road Business Entity with the largest construction activities compared to others.


155


Q

A

What is the progress of the nine new toll road projects of the Company? Our target is to be able to operate six of our new toll road sections, namely: Bogor Outer Ring Road Section 2a, Semarang-Solo Section Ungaran-Bawen, Gempol-Pandaan, JORR W2 North Section Ciledug-Ulujami and Gempol-Pasuruan Section Gempol-Rembang, along with the relocation of Porong-Gempol Section Kejapanan-Gempol. The remaining sections are targeted to operate in stages in 2015 and 2016.

Q

After the nine new projects, what will the Company do next?

A

We will continue to add our toll road concessions, either by means of acquisition or by tender, especially if the new toll road connects to our existing ones. Moreover, we have also started to find out the possibility of developing toll roads outside Java Island, such as in Sumatera, Kalimantan, and Sulawesi. We believe that by adding more concessions of new toll roads, the Company will continue to have sustainable growth.

Q

What about non-toll road business development?

A

Non-toll road business developed quite significantly as it was supported by Toll Road Maintenance Service, Toll Road Operating Service, Land Rent for advertisements, and Rest and Services Areas. Other Operating Revenues of 2013 succeeded to grow by more than 200% compared to 2012. Going forward, the main focus of non-toll road business development will be on three sectors, namely Toll Road Maintenance Services, Toll Road Operating Service, and Property.


156

Jasa Marga

Leading Up to the Next Growth Scheduled to Fully Operate

2016

Scheduled to Fully Operate

2015

Bogor Outer Ring Road (11 Km)

Surabaya-Mojokerto (36.27 km)

Operated: 3.8 km Under Construction: 2 Km

Operated: 2.3 km Under Construction: 18.5 km


2014

JORR W2 North (7.7 km) Operated: 5.65 km Under Construction: 2.05 km


2014

Gempol-Pandaan (13.60 km) Operated: 0 Km Under Construction: 13.6 km



Gempol-Pasuruan (34.20 km) Operated: 0 Km Under Construction: 13.90 km

2016



2016

Semarang-Solo (72.64 km)


2013

Nusa Dua-Ngurah Rai-Benoa/ Bali Mandara (10 Km)

Operated: 10.8 km Under Construction: 12.3 km

Operated: 10 Km Under Construction: 0 Km

BALI

DENPASAR


2016


Cengkareng-Kunciran (14.20 km)

Kunciran-Serpong (11.20 km)




2016

Status per 31 December 2013

158 158


To support the achievement of its Vision and Mission, in 2013 the Company launched the Transformation of Organization and Human Resources Management through the development of integrated HR System to improve employees’ efficiency and productivity as well as to create talented leaders of the future


159



New Paradigm of Human Capital Human resources (HR) is one of the most essential aspects for a company. Since 2013, we have therefore shifted the paradigm by viewing HR as human capital. The new paradigm places HR as subject to be well managed in order to become a capital that will further enhance sustainable business performance in the long run. The changes in HR management system began in 2010 by conducting audits followed by creating HR System Strategic Planning 20102020 with the following development stages.

Stages of Jasa Marga Human Capital System Development

Transition I

Transition II

Ultimate

Strengthening HR Foundation

Building Performance

Optimizing HR Capability for Business Growth

2010-2013 Short Term

2013-2017 Mid Term

2017-2022 Long Term


160


The Company carried out the changes in HR system using

The said management system is further developed using


the approach of Competency-Based Human Resources

the Nine Strategic Processes of Human Capital System, i.e.

Management system strategy, i.e. competency is used as

Organization Design, Employees Recruitment and Selection,

the basis in managing the employees and is integrated

Training & Development, Remuneration System, Performance

Highlights 2013

with the Company’s business process to achieve

Management, Career and Talent Management, Industrial

Management Report

maximum work performance and satisfaction.

Relations and Post-Employment Management, all are integrated


with and supported by Information Technology System and are


shown in the following diagram.

Nine Strategic Processes of Jasa Marga HC System


BUSINESS PERFORMANCE


Stakeholders’ Satisfaction & Engagement Labor Environment

Remuneration

Employees Recruitment and Selection

Training and Development

Industrial Relations

COST

HC Administration and Services

COMMITMENT

CONGRUENCE

COMPETENCE


Career Management

Performance Management

Post-Employment Management

INFORMATION TECHNOLOGY VISION & MISSION

ORGANIZATION DESIGN

VALUES & PARADIGM

STRATEGIC PLANNING

CHANGE IN STRATEGIC ENVIRONMENT AND GROWTH OF TOLL ROAD INDUSTRY

Nine Strategic Processes of Jasa Marga HC System: 1. Organization Design 2. Employees Recruitment and Selection 3. Training & Development 4. Remuneration 5. Performance Management 6. Career Management 7. Industrial Relations 8. Post-Employment Management 9. HC Administration & Services

Restructuring of the Company’s Organization

Organization restructuring is realized by changing the organization

To support the Transformation of the Company and to

Head Office becomes a holding that manages 12 Subsidiaries of

ensure the achievement of its new Vision to become a

toll road business and non-toll road businesses, as well as 9 Units of

leading company in Indonesia in 2022, the Company

operational Branches managing 10 toll road sections.

of Jasa Marga into Operating Holding Company, i.e. Jasa Marga

has started to realize the change in HR paradigm of viewing HR as human capital by restructuring the

The enhancement of the organization is conducted in stages,

organization and integrating HR management system by

particularly in founding the Subsidiaries to support the

implementing globally recognized practice which among

development of toll road business; the Subsidiaries for other

others includes the synchronization of performance

businesses in Property and Toll Road Maintenance Service,

management system, career management, remuneration

additional Business Unit of Rest Areas Management, to support

management, training and development management

non-toll road businesses; and changing JMDC Unit to an

and talent management.

independent unit.


161


In addition to establishing subsidiaries, organization enhancement is also conducted in the form improving job responsibilities, synchronizing the standard of job competencies with vision, mission, strategy, values and business process of the Company.

Human Capital Organization The restructuring of organization managing human capital is realized by forming 3 separate units within the organization of Human Capital, namely Human Capital Strategy and Policy, Human Capital Services and Jasa Marga Development Center, in the hope that each unit is more capable of focusing on carrying out its targets and duties yet is in synergy with each other in realizing effective human capital management. The forming of Human Capital Strategy and Policy was targeted to guide, make plans and control the organization development, HR management system, the organization managing HR and HR management. The plans and guidelines formulated by Human Capital Strategy and Policy are then implemented by Human Capital Services handling career management, industrial relations and remuneration at the Company. As a strategic organizational unit, Jasa Marga Development Center (JMDC) plays the role of organizer of the employees’ development programs that are decided by Human Capital Strategy and Policy.

Manpower Planning and Recruitment Manpower Planning In order to realize the Company’s Vision and Mission along with long-term strategic targets, with regards to the use of effective and efficient HR within the expected range of efficiency and productivity ratios, an estimated maximum number of employees and workers in the long term was decided and formed into a document called Manpower. A review on Manpower Planning has been conducted as reference in formulizing Staffing Plan and Recruitment Plan. Manpower Planning is formulized while referring to: (a) Vision, Mission and RJPP (corporate long-term plans) of Jasa Marga, (b) Review on organizational structure and concept of Strategic Planning of HR System Development.

Manpower Planning Process Cycle

workforce analysis and planning Align

Eva luate

STAFFING PLAN

Moni tor

Fine tune

integrated strategies to build workforce capability


Planning of internal and external recruitment, rotation and promotion in line with the needs of the organization

RECRUIT & PLACEMENT

162

Recruitment

The Company is constantly committed to upholding equality in HR

Recruitment and selection of employees refer to projected

selection. The Company gives equal opportunity to all applicants

number of employees while considering the development

to become the candidates of professional employees of the

plan of Toll Road and Non-Toll Road Subsidiaries as well as

Company regardless of ethnicity, religion, race, group, gender and

Highlights 2013

employee’s retirement plan.

physical condition.

Management Report

In line with the Company’s dynamics along with tougher

Throughout 2013, the Company did not recruit new employees.



and more complicated tasks, Jasa Marga is required to employ fine workforce in terms of quality and quantity.

HR Competencies Development

In conducting recruitment process, the Company


cooperates with independent consultant. The consultant

Model of HR Competencies Development

selection process is carried out in accordance with the

As the implementation of the concept of Competency-Based


Company’s regulations on procurement of goods and

Human Resources Management (CBHRM), HR development is then


services; the procedures that uphold the principles of

carried out based on employees’ competencies enhancement. The

good corporate governance (GCG). Recruitment process

Company has therefore formulated competencies model equipped

is carried out tightly in order to get employees with high

with Competencies Dictionary combining hard skills and soft skills

integrity and competencies.

that each individual must have based on the competency needs of


each unit.

Glossary

Competencies Model

LEADERSHIP COMPETENCIES • Team Leadership • Decisiveness

CORE COMPETENCIES

Soft Competencies

Business Acumen

Customer Service Orientation

• Achievement Orientation • Continuous Learning • Building Partnership • Integrity

JOB COMPETENCIES Soft Competencies • • • • •

Analytical Thinking Concern for Order Impact & Influence Conceptual Thinking Conceptual Thinking

• • • • •

Information Seeking Organizational Commitment Organizational Awareness Interpersonal Understanding Teamwork

Hard Competencies Hard Competencies


TECHNICAL COMPETENCIES (General) • IT Skills • Communication Skills • Organization Knowledge • English Proficiency • Risk Awareness • Awareness of Occupational Safety and Health (OSH) • Awareness Quality Management • Awareness of Service Standard • Execution of Strategic Program

TECHNICAL COMPETENCIES (Specific)

Leadership Competencies: Competencies related to managerial accountability and the position as a leader. Leaders with these competencies are capable of giving appropriate directions to the team and creating conducive work climate and culture, encouraging and leading the process of change, so as to encourage the team to work optimally. Core Competencies: Competencies translated from the Company’s Vision, Mission and Values, and they have to be reflected in the entire employees within the organization. Job Position Competencies: Competencies related to specific functions within the organization and they have to be reflected in the employees holding position with specific functions. Technical Competencies: Competencies related to technical capabilities of the work assigned, consisting of: General : Part of the Job Position Competencies that each structural position must have. Specific : Part of the Job Position Competencies as special requirements in accordance with job functions.


163


HR Education and Training In order to prepare Jasa Marga Human Capital to face future business challenges through formal education program, the Company has issued policies on the arrangement of Employees Scholarship to advance employees knowledge and enhance their analytical, synthetic and innovative skills. The scholarship preparation process has been carried out by benchmarking to several foreign universities such as University of California Los Angeles, University of California Berkeley, Stanford University, London Business School, University of Cambridge, and University of Oxford as the standard of world’s best universities. The Company has also selected young employees: those at the age of maximum 30 years and with potential to be future leaders of the Company to take part in the scholarship candidates eligible for Scholarship for Future Leader 2014-2015 specifically prepared the Company as one of the programs for developing Future Leaders of Jasa Marga.

MAIN POLICIES AND STRATEGIES OF EMPLOYEES EDUCATION

FORMAL EDUCATION: MASTER’S/DOCTORAL DEGREES

Age < 35 years (Talent)

Age < 45 years (Non-Talent)

Karyawan Jasa Marga Jasa Employees Marga

Strategies and Policies • 2017 : Domestic Scholarship & Short Course for those at the age of 34-45 years • 2022 : Foreign Scholarship for those at the age of < 35 years

Future Leader

Next Leader

Age > 35 years

S1

Non Formal Education : Short Course

S2 2017


S2

S2

2020

2022

164


To realize its strategic plans, the Company is aware of the importance of cadres as future leaders of the Company.


Since 2009, the Company has been preparing “Jasa Marga Future Leader” through 5-level program called Leadership


Development Program.


LEADERSHIP DEVELOPMENT PROGRAM


CORPORATE

Leadership


Leader of Company BUSINESS



FUNCTIONAL

TEAM Team Leader INDIVIDUAL Individual Leader

28 th

32 th

36 th

Level of Manager

Assistant Manager

CORPORATE Leadership

Ethic & Communication

SENIOR Leadership

Performance & Changes

ADVANCE Leadership

Leader of Functional Work Unit

26 th

TRAINING PROGRAMS

SOE

Leader of Division/ Bureau/ Branch/ Project

LEVEL


Subsidiary

FoCus

40 th

HRD & Monitoring

JUNIOR Leadership

Trust & Team Work

BASIC Leadership

Personality

45 th

Level of VP/GM/ Subsidiary Director

Level of AVP/DGM

Employees’ education and training is conducted by Jasa Marga Development Center Unit as a learning center. In 2013, the training programs for employees focus on the areas as follows: • Jasa Marga Leadership Program: leadership competencies development aimed at preparing the successor of Jasa Marga future leaders for all levels of employees. • Employees technical competencies development. • Achievement Motivation Training: program to enhance motivation as well as to form work ethics and culture for operational employees. • Certification. Throughout 2013, the Company has conducted trainings for competencies development with a total of 6,434 training participants shown in the following table: TRAININGS CONDUCTED BY JASA MARGA IN 2012 AND 2013

Type

2012

2013

Number of Participants Male Leadership

Female

Total

Number of Programs

Number of Participants Male

Female

Total

Number of Programs

325

123

448

40

156

79

235

11

Competency Development

1,108

456

1,564

169

2,646

855

3,501

325

Values, Ethics & Corporate Culture

1,902

437

2,339

112

1,959

582

2,541

74

40

14

54

22

109

42

151

29

3,375

1,030

4,405

343

4,870

1,558

6,428

439

Professional Standard


165


NUMBER OF PARTICIPANTS OF TRAININGS CONDUCTED BY JASA MARGA IN 2012 AND 2013 Competency Development 1,564 35.51%

Professional Standard 151 2.35%

Competency Development 3,501 54.46%

2013

2012

Leadership 235 3.66% Professional Standard 54 1.23%

Values, Ethics & Corporate Culture 2,339 53.10%

Leadership 450 10.17%

Values, Ethics & Corporate Culture 2,541 39.53%

NUMBER OF TRAINING PROGRAMS CONDUCTED BY JASA MARGA IN 2012 AND 2013 Competency Development 169 49.27%

Professional Standard 29 6.61%

Competency Development 325 74.03%

2013

2012

Leadership 11 2.51%

Values, Ethics & Corporate Culture 112 32.65%

Professional Standard 22 6.41% Leadership 40 11.66%

Values, Ethics & Corporate Culture 74 16.86%

Besides through external trainings, the Company has also carried

and learned by all employees. EKM is expected to increase

out other efforts to improve the competence of its employees, i.e.

the competitiveness of the Company through the knowledge

Jasa Marga has built Enterprise Knowledge Management (EKM) as

managed as effective and efficient intellectual assets that are

a reference in planning, developing and implementing Corporate

integrated with all elements of the organization at the Company.

Knowledge Management at the Company to identify, create, explain, and distribute the knowledge to be reused, recognized,


166


Employees Career Development Employees’ development programs are carried out among

Job promotion and rotation awarded to certain employees are

others by means of employees’ transfers (promotion and

intended to reward employees with excellent performance as well

rotation). In 2013, for the purpose of developing employees of

as to select the right HR at the right field.

Head Office as well as Branch and Project Offices, 34 employees were promoted functionally (promoted to higher level), and 67

Promotion of Jasa Marga employees in 2013 is shown in the

employees were promoted structurally (promoted to higher job

following table:

position).

PROMOTION OF JASA MARGA EMPLOYEES IN 2013 No.

Career Development

Head Office

Branch Office

Project Office

Total

1.

Functional Promotion

11

23

-

34

2.

Structural Promotion

18

48

1

67


167


Employees Rewards

Policies in Employment Opportunity

To show its appreciation to the employees that

The policies in employment opportunity, both employees

have dedicated their service, the Company presents

placement and employees career development are stipulated

the employees with two types of rewards, i.e. post-

in Joint Working Agreement (Perjanjian Kesepakatan Bersama –

employment rewards and loyalty rewards.

PKB). Jasa Marga conducts the filling out of formation and career development selectively and transparently without discrimination

On 01 March 2013, the Company has presented post-

(gender, race, ethnicity, religion), while prioritizing sources

employment rewards to 129 retired employees, and has

form within the Company with regarding work performance,

awarded loyalty rewards to 1,125 employees with period

capabilities and competencies of the employees.

of services of 10, 15, 20, 25 and 30 years. The two rewards for the period of 2013 will be awarded on 01 March 2014, in concurrent with the celebration of Jasa Marga’s 36th anniversary.

Loyalty Rewards for Jasa Marga Employees in 2013 Period of Service

Number of Reward Receivers

10 Years

31

15 Years

288

20 Years

198

25 Years

450

30 Years

158

Total

1,125

Employees Productivity The Management of Jasa Marga is committed to continuously reaching excellent performance by means of providing reliable human resources. To realize this commitment, Jasa Marga has been improving the empowerment of and controlling the number of its human resources. Human resources empowerment is conducted by enhancing competencies through trainings, perfecting Employees Performance Management System and increasing motivation by improving Remuneration System. Human resources control is carried out by combining the policies in the use of technology for automation of toll transaction and limited recruitment to fulfill the needs for managerial positions.


168


Number of Employees


To support its sustainable growth, the Company currently makes the efforts to optimize the empowerment of its existing


human resources. In 2013, the Company employed 4,875 people, which showed a decrease by 3.94% compared to that of

Highlights 2013

numbers of employees in 2011, 2010, and 2009 were 5,154 employees, 5,303 employees and 5,443 employees respectively.


2012 reaching 5,075 people. Over the past few years, the number of employees of the Company continued to decrease as the

The ratio of number of employees to number of kilometers representing the length of toll roads operated by the Company continued to improve at the level of 8.80 with the Company’s efforts in increasing efficiency of human resources management along with the modernization of transaction services by implementing electronic payment and the use of e-Toll Card.

New Projects Development Human Capital Management Corporate Governance Corporate Social Responsibility Statement of Members of the Board of Commissioners and Directors on the Responsibility for Annual Report 2013

Composition of Permanent Employees by Job Status Composition of Permanent Employees by Job Status in 2012 and 2013 Job Status

Number of


2012

2013 Proportion

Employees

Jumlah

Proporsi

(orang)

(%)

Operational

(%)

Non-Operational

(%)

31.6

1566

32.1

5,075

100

4,875

100

Total

67.9

Composition of Permanent Employees by Job Status in 2012 NonOperational 1,604 32%

Composition of Permanent Employees by Job Status in 2013 NonOperational 1,566 32%

Operational 3,471 68%


Operational 3,309 68%

169


Composition of Employees by Employment Status Composition of Employees by Employment Status in 2012 and 2013

Employment Status

2012

2013

Permanent

5,075

4,875

Non-Permanent

2,939

32

32

2,939

4,875

5,075

Composition of Employees by Employment Status

Non-Permanent

Permanent 2012

2013

The Company guarantees the rights of both permanent and non-permanent employees. The benefits of both types of employees are as follows: Benefits of Jasa Marga Employees

The Company’s Policy

Permanent Employees

Non-Permanent Employees

I. Services 1.

Information

√

√

2.

Health Facilities

√

√

3.

Legal Assistance

√

√

4.

Social Security

√

√

II. Benefits 1.

Education Assistance

√

-

2.

Bonus/Incentive

√

-

3.

Leave Allowance

√

-

4.

Loans (housing, education, vehicle)

√

-

5.

Rewards

√

√

6.

Comparative Study Domestic/Abroad

√

-

7.

Trainings

√

√

III.

Others & Principal

1.

Religious Allowance

√

√

2.

Salary

√

√

3.

Uniform

√

√


170


Composition of Permanent Employees by Level


Composition of Permanent Employees by Level in 2012 and 2013

Highlights 2013

Level

Management Report Management Discussion and Analysis New Projects Development Human Capital Management Corporate Governance Corporate Social Responsibility Statement of Members of the Board of Commissioners and Directors on the Responsibility for Annual Report 2013 Glossary


II III IV V VI VII VIII Total Remarks: Level II Level III Level IV

83 148 231 227 1,277 3,003 106 5,075 Corporate Secretary, Head, Vice President, General Manager, Project Manager, Advisor. Assistant Vice President, Senior Manager, Deputy General Manager, Coordinator, Head of Department, Senior Specialist. Manager, Specialist, Secretary to President Director.

2013 Proportion (%) 1.6 2.9 4.6 4.5 25.2 59.2 2.1 100

Number of Employees 70 143 232 196 1,308 2,844 82 4,875

Proportion (%) 1.4 2.9 4.8 4.0 26.8 58.3 1.7 100

Level V

Assistant Manager, Head of Toll Gate, Secretary to Director, Treasury II.

Level VI

Head of Shift, Administration Officer, Administrator of Branch Office, Secretary to VP/GM, Information and Communication Officer. Toll Collector, Traffic Service Officer, Administration, Technician. Messenger, Driver.

Level VII Level VIII


The above table shows that in 2013, by level, the Company was dominated by employees of level VII representing 58.3% of the total number of its employees.

Composition of Permanent Employees by Gender Composition of Permanent Employees by Gender in 2012 and 2013

Gender

2012

2013

Male

3,993

3,808

Female

1,082

1,059

Total

5,075

4,875


171


Managing the Relations between Employees and the Management

Post-Employment Program The Company believes that certainty in post-employment welfare

Jasa Marga has always been committed to preserving

will influence employees’ loyalty and productivity during their

good industrial relations between employees and

period of service in achieving the goals of the Company. The

the Management, and has always respected as well

Company has therefore provided the post-employment facilities

as recognized employees’ rights and obligations in

and protection in the forms of:

accordance with prevailing rules and regulations.

a. Pension Plan

Freedom of association is given as a means of realizing

The Company conducts Pension Plan through Fixed-Benefits

employees’ good and ethical aspiration. The realization

Pension Plan (Program Pensiun Manfaat Pasti – PPMP)

of this commitment is proven in the forming of the

organized by Jasa Marga Pension Fund (Dana Pensiun Jasa

Company’s Labor Union in 1999 under the name of

Marga), whose establishment has been approved by the

Serikat Karyawan Jasa Marga (SKJM – Jasa Marga Labor

Minister of Finance of the Republic of Indonesia with Decision

Union), in which all Jasa Marga employees become the

No. KEP-370/KM.17/1997 dated 15 July 1997 that was renewed

members.

with Decision No. KEP-379/KM.6/2004 dated 14 September 2004.

The harmonious relationship between the Management and SKJM in the basis of the spirit of partnership has

In 2013, the Company issued Decision of the Directors of PT

made possible of building conducive work environment.

Jasa Marga (Persero) Tbk. No. 117/KPTS/2013 dated 28 August 2013 on Regulations on Jasa Marga Pension Fund and it

In 2012, the Company and SKJM have conducted a

was approved by the Indonesia Financial Services Authority

discussion on the principles of agreement stated in the

(Otoritas Jasa Keuangan) through Decision Letter of Board of

Minutes of Bipartite Meeting of Joint Working Agreement

Commissioners of Financial Services Authority No. KEP-16/

(Perjanjian Kesepakatan Bersama – PKB) 2012-2014 dated

NB.1/2014 dated 16 January 2014.

14 June 2012. The said PKB has been registered to the Directorate General for Industrial Relations and Social

Participants of PPMP are the Company’s permanent

Security of the Ministry of Labor and Transmigration

employees that are and have been employed by the Company

of the Republic of Indonesia in Jakarta based on the

until 30 June 2012, whereas those being employed by the

Decision of the Director General for Industrial Relations

Company starting from 01 July 2012 are participated in Fixed-

and Social Security No. Kep. 137/PHUSK.PKKAD/PKB/

Contribution Pension Plan (Program Pensiun Iuran Pasti – PPIP)

VIII/2012 on Registration of Joint Working Agreement

organized by Financial Institution Pension Fund (Dana Pensiun

between PT Jasa Marga (Persero) Tbk. and Jasa Marga

Lembaga Keuangan – DPLK), in accordance with PKB 2012-

Labor Union dated 14 August 2012.

2014 articles 41.

As of the end of December 2013, the Management has

For the Coming Service contribution of the said program valid

succeeded in completing and fulfilling most of the agreed

until December 2013, 3% of pension base salary was born by

items stated in the said PKB.

the employees and 13.7% was born by the Company, while PSL Contribution of the program was entirely born by the Company.


172


b. Retirement Program In order to support the sustainability of activities

Management of Outsourced Employees

of the Company’s employees that have ended their period of service, the Company provides Retirement

Highlights 2013

To comply with prevailing rules and regulations on labor in

Allowance whose arrangement is managed in

relation to compliance with Regulation of the Minister of

Management Report

cooperation with AJB Bumiputera 1912 based on

Labor and Transmigration No. 19 of 2012 on requirements

Cooperation Agreement since 2007.

for outsourcing part of labor supply to another company, the


Company has terminated the work relationship scheme of For the Coming Service contribution for the said


outsourced labors. Existing and qualified outsourced labor

program, 2% of the Insurance-Base Salary is born by

supply is then recruited by Subsidiary executing the services of


the employees and 4% is born by the Company, while

supplying for the work of toll road operation.

PSL Contribution of the program is entirely born by


the Company. The benefits of the Program for the

employees that cease to work at normal retirement


age (56 years) equals to 24 times of Insurance-Base

Cost for Human Resources


Salary, whereas employees retiring at early retirement

During the entire year of 2013, the cost of Jasa Marga human

age receive Proportional Retirement Allowance, and

resources for remuneration amounted to Rp365,135,739,955

for those ceasing to work prior to early retirement

showing an increase compared to that of 2012 amounting to

age receive Retirement Allowance amounting to Cash

Rp350,019,702,054.

Value based on Actuarial Calculation. Total realization of investment in education and training c. Old-Age Benefit Scheme from Jamsostek

in 2013 reaching Rp18,660,453,279 showed an increased

All employees of the Company are participated in

compared to that of 2012 amounting to Rp9,911,096,482.

Old-Age Benefit Scheme (Jaminan Hari Tua – JHT)

This demonstrates Jasa Marga’s sustainable commitment to

from PT Jamsostek (employment social security

education and training for the creation of future competent

administrative body – BPJS Ketenagakerjaan). Until

leaders of the Company.

June 2013, JHT Contribution of 5.7% of salary was previously covered by the Company while starting from July 2013, 2% of the said JHT Contribution

Cost for Jasa Marga Human Resources in 2012 and 2013

is covered by the employees in accordance with prevailing rules and regulations ratified into the Decision of Directors of PT Jasa Marga (Persero) Tbk. No. 58/KPTS/2013 dated 25 March 2013.

Cost Cost for

Apart from receiving benefits in the form of cash, pensioners also receive health facilities in accordance with prevailing rules and regulations stipulated in the Decision of the Directors No. 141/KPTS/2012 jo Decision of the Directors No. 228/KPTS/2006.


2012

365,135,739,955

350,019,702,054

18,660,453,279

9,911,096,483

Remuneration Cost for Education

d. Health Insurance

2013

and Training

173


Interview with Muh Najib Fauzan Human Capital and General Affairs Director

Question Q How was the performance of HR management in 2013? Answer

A The ratio of the number of permanent employees to number of kilometers representing the length of toll roads operated by the Company in 2013 decreased to 8.8 compared to that of 2012 at the level of 9.3, showing an improvement achieved by means of increase in the efficiency of HR management and modernization of transaction payment system by implementing electronic transaction. In 2013, the number of permanent employees 4,875 decreased by 3.94% from that of 2012.

In 2013, the Company restructured the organization as an effort to support the Vision and Mission of the Company to strengthen the position of the Company in toll road industry through the development of new toll roads and enhancing operational performance. In addition, the Company also made adjustment to the strategies and system of Human Capital in accordance with Human Capital Strategic Plans that were more focused and in accordance with the dynamic of changes along with the Corporate Long-Term Plan of 2013-2017. The Management also fulfilled the HR formation in view of quality and quantity. Improvement of HR Management System was carried out by restructuring the organization into Operating Holding Company. To enhance the competencies and prepare Jasa Marga Human Capital in facing future business challenges, the Company conducted trainings in order to develop HR based on the formulized competencies model along with Competencies Dictionary. To comply with prevailing rules and regulations in the field of labor in relation to compliance with Regulation of the Minister of Labor and Transmigration No. 19 of 2012 on the for outsourcing part of labor supply to another company, the Company has terminated the work relationship scheme of outsourced labors. Existing and qualified outsourced labor supply is then recruited by Subsidiary executing the services of supplying for the work of toll road operation. Human resources control is carried out by combining the policies in the use of technology for automation of toll transaction and limited recruitment to fulfill the needs for managerial positions. Q T:

What are the challenges and obstacles in managing HR?

J:A

The challenge in managing HR includes the efforts in fulfilling the needs for job formation and enhancing the competencies to support the Company’s growth and replace retired employees. In addition, the challenge also includes the efforts in improving HR management and system to support the needs for the Company’s growth. In 2013, the Company also faced the issue of the change in regulation concerning outsourced labors.

Q T:

What strategies are used to face those challenges?

J:A

In the efforts to fulfill the demand of HR needs, the Company conducts competencies enhancement and plans recruitment that will be implemented in 2014. To anticipate long-term employees’ needs and replacement of retired employees, the Company conducts a series of structured trainings to prepare successor leaders with characters and talents to hold strategic positions in the long-term. As to the issue of outsourced labors, the Company settled it by conducting the restructuring of operational services through Subsidiary, in which outsourced labors are directed to become employees in order to comply with Government’s regulation concerning outsourced labors.

Q T:

What are the long-term HR strategies?

J:A

The Company has improved HR management and system by implementing the 9 Pillars of integrated HR Management to enhance the performance of organization. The improvement in HR system will be implemented in stages with the target of 2014 is to implement Performance Management System, which includes performancebased remuneration and production bonus as well as other incentives, so as to motivate employees to perform even further.


174 174


To realize the commitment to continuously improving the implementation of Good Corporate Governance, in 2013 the Company implemented the Whistleblowing System of Jasa Marga-Amanah (trustworthy) and cooperated with Corruption Eradication Commission (Komisi Pemberantasan Korupsi – KPK) in Gratification Handling Program. PT Jasa Marga (Persero) Tbk. 2013 An n ua l R epo r t

175



Together with Corruption Eradication Commission (Komisi Pemberantasan Korupsi – KPK) of the Republic of Indonesia, Jasa Marga signed the commitment to Gratification Handling Program on 11 July 2013, as one of the Company’s commitment to improving GCG implementation and maintaining the Company’s clean governance, free from corruption, collusion and nepotism (Korupsi, Kolusi dan Nepotisme – KKN).


176


Jasa Marga’s Commitment to Implementing GCG


All Jasa Marga Individuals has translated their commitment

Company’s Organ (Shareholders, Board of Commissioners


to implementing the principles of GCG at the Company by

and Directors), employees, customers, business partners,

signing Integrity Pact in the beginning of each year.

as well as the people and environment so that it runs well

Highlights 2013

and fulfill the interests of all parties

Management Report

Together with providers of goods/services, Integrity Pact is


services within the Company.


1. Controlling and guiding the relationship between the

also signed during the process of procurement of goods/

2. Encouraging and supporting the Company’s growth, while managing the Company’s risks prudently, accountably and responsibly, in line with GCG principles. 3. Maximizing the value of the Company so that it has powerful competitiveness both domestically and

Objectives of GCG Implementation at Jasa Marga

internationally. 4. Empowering the function and independence of each Organ of the Company.

To realize a growing company with high competitiveness, Jasa Marga has developed structure and system of Good Corporate Governance (GCG) in view of prevailing rules and regulations as well as best practice implementation. The

5. Encouraging professional, effective and efficient management of the Company for the accomplishment of the Vision and Mission of the Company. 6. Encouraging the Management to make decisions and

carrying out of GCG is based on the Regulation of the State

carry out actions in the foundation of high moral value,

Minister for SOEs No. PER-01/MBU/2011 dated 01 August 2011

compliance with prevailing rules and regulations and

on Implementation of Good Corporate Governance at SOEs,

awareness of corporate social responsibility.

which was last amended by Regulation of the State Minister

7. Improving accountability to stakeholders.

for SOEs No. PER-09/MBU/2012 stipulating that “SOEs are

8. Preventing misconduct in managing the Company.

obligated to carry out the companies’ operation by upholding

9. Improving the Company’s work culture.

GCG principles, i.e. transparency, accountability, responsibility,

10. Improving the Company’s good image.

independence and fairness”.

11. Increasing the Company’s contribution to national economy.

Based on the Code of Corporate Governance as stated in the Decision of Directors No. 174/KPTS/2013 dated 17 December 2013, the objectives of GCG implementation at Jasa Marga are as follows:


177


Legal Basis of GCG Implementation at Jasa Marga

Law

Government Regulation

a. Law of the Republic of Indonesia No. 14 of 2008 on Information Disclosure. b. Law of the Republic of Indonesia No. 11 of 2008 on Electronic Transaction and Information. c. Law of the Republic of Indonesia No. 40 of 2007 on Limited Liability Companies. d. Law of the Republic of Indonesia No. 38 of 2004 on Road. e. Law of the Republic of Indonesia No. 19 of 2003 on SOEs. f. Law of the Republic of Indonesia No. 15 of 2002 on the Crime of Money Laundering as amended by Law of the Republic of Indonesia No. 25 of 2003. g. Law of the Republic of Indonesia No. 20 of 2001 on Amendment to Law of the Republic of Indonesia No. 31 of 1999 on the Eradication of Criminal Acts of Corruption. h. Law of the Republic of Indonesia No. 8 of 1995 on Capital Market. i. Law of the Republic of Indonesia No. 14 of 1992 on Traffic.

a. Government Regulation No. 45 of 2005 on Establishment, Supervision and Liquidation of State-Owned Enterprises. b. Government Regulation No. 15 of 2005 on Toll Road. c. Government Regulation No. 12 of 1998 on Limited Liability Companies (Persero), jo Government Regulation No. 45 of 2001.

Decision of State Minister for StateOwned Enterprises (SOEs) a. Decision of State Minister for SOEs No. Kep-104/ MBU/2002 on Assessment of Candidates for Members of Directors of State-Owned Enterprises. b. Decision of State Minister for SOEs No. Kep-102/ MBU/2002 on the Making of RJPP (Corporate LongTerm Plan). c. Decision of State Minister for SOEs No. Kep-101/ MBU/2002 on the Making of RKAP (Corporate Budget and Work Plan). d. Decision of State Minister for SOEs No. Kep-100/ MBU/2002 on Assessment of Financial Health of State-Owned Enterprises. e. Decision of State Minister for SOEs No. Kep-09A/ MBU/2002 on Fit and Proper of Candidates for Members of Directors of State-Owned Enterprises.


Regulation of Bapepam-LK (Capital Market and Financial Institution Supervisory Agency) a. Decision of Chairman of Bapepam-LK No. Kep-413/ BL/2009 dated 25 November 2009, Regulation of Bapepam-LK No. IX.E.2 on Material Transaction and Changes in Main Business Activities. b. Decision of Chairman of Bapepam-LK No. Kep-412/ BL/2009 dated 25 November 2009, Regulation of Bapepam-LK No. IX.E.1 on Affiliated Transaction and Conflict of Interests in Certain Transaction. c. Decision of Chairman of Bapepam-LK No. Kep-496/ BL/2008 dated 28 November 2008, Regulation of Bapepam No. IX.I.7 on the Forming of and Guidelines on Internal Audit Charter. d. Decision of Chairman of Bapepam-LK No. Kep-179/ BL/2008 dated 14 Mei 2008, Regulation No. IX.J.1 on Principles of Articles of Association of Companies Conducting Public Offerings of Equity Securities and Public Companies. e. Copy of Decision of Chairman of Bapepam-LK No. Kep-134/BL/2006, Regulation No. X.K.6 on Obligation to Submit Annual Report for Issuers or Public Companies. f. Decision of Chairman of Bapepam No. Kep-45/ PM/2004, Regulation of Bapepam No. IX.I.6 on Directors and Board of Commissioners of Issuers and Public Companies. g. Decision of Chairman of Bapepam No. Kep-29/ PM/2004, Regulation of Bapepam No. IX.I.5 on the Forming of and Guidelines on Work Implementation of Audit Committee. h. Decision of Chairman of Bapepam No. Kep-40/ PM/2003, Regulation of Bapepam No. VIII.G.11 on the Responsibility of Directors for Financial Statements. i. Decision of Chairman of Bapepam No. Kep-36/ PM/2003 dated 30 September 2003, Regulation No. X.K.2 on Obligation to Submit Periodic Financial Statements. j. Decision of Chairman of Bapepam No. Kep-27/ PM/2003 dated 17 July 2003, Regulation No. X.K.4 on Report on Realization of the Use of Proceeds from Public Offerings. k. Decision of Chairman of Bapepam No. Kep-554/ BL/2010 dated 30 December 2010 on Amendment to Decision of Chairman of Bapepam No. Kep-06/ PM/2000 dated 13 March 2000 on Amendment to Regulation of Bapepam No. VIII.G.7 on Guidelines on Presenting Financial Statements. l. Decision of Chairman of Bapepam No. Kep-86/ PM/1996 dated 24 January 1996, Regulation of Bapepam No. X.K.1 on Disclosure of Information Required to be Made Public Immediately. m. Decision of Chairman of Bapepam No. Kep-63/ PM/1996 dated 17 January 1996, Regulation of Bapepam No. IX.I.4 on the Forming of Corporate Secretary. n. Decision of Chairman of Bapepam No. Kep-60/ PM/1996 dated 17 January 1996, Regulation No. IX.I.1 on Planning and Conducting General Meeting of Shareholders. o. Decision of Chairman of Bapepam No. Kep-38/ PM/1996 dated 17 January 1996, Regulation No. VIII.G.2 on Annual Report.

Regulation of State Minister for StateOwned Enterprises (SOEs) a. Regulation of State Minister for SOEs No. PER-16/ MBU/2012 on the Second Amendment to Regulation of State Minister for SOEs No. PER-01/MBU/2012 on Requirements and Procedures of Appointing and Dismissing Members of Directors of State-Owned Enterprises. b. Regulation of State Minister for SOEs No. PER-12/ MBU/2012 on Supporting Organs of the Board of Commissioners/Supervisory Board of State-Owned Enterprises. c. Regulation of State Minister for SOEs No. PER-09/ MBU/2012 on Amendment to Regulation of State Minister for SOEs No. PER-01/MBU/2011 on Implementation of Good Corporate Governance at State-Owned Enterprises. d. Regulation of State Minister for SOEs No. PER-06/ MBU/2012 on Amendment to Regulation of State Minister for SOEs No. PER-01/MBU/2012 on Requirements and Procedures of Appointing and Dismissing Members of Directors of State-Owned Enterprises. e. Regulation of State Minister for SOEs No. PER-03/ MBU/2012 on Guidelines on Appointing Members of Directors and Members of Board of Commissioners of Subsidiaries of State-Owned Enterprises. f. Regulation of State Minister for SOEs No. PER-01/ MBU/2011 on Implementation of Good Corporate Governance at State-Owned Enterprises. g. Regulation of State Minister for SOEs No. PER-07/ MBU/2010 on Guidelines on Deciding the Remuneration of Directors, Board of Commissioners, and Supervisory Board of State-Owned Enterprises. h. Regulation of State Minister for SOEs No. PER-05/ MBU/2008 on Procurement of Goods and Services at State-Owned Enterprises. i. Regulation of State Minister for SOEs No. PER-05/ MBU/2006 on Audit Committee for State-Owned Enterprises.

Other Regulations a. The Company’s Articles of Association, which has been amended and published in the Supplement No. 27404 of the State Gazette of the Republic of Indonesia dated 12 December 2008 No. 100, which was amended by Deed of Resolutions of General Meeting of Shareholders No. 33 dated 05 April 2011 made before Notary Ny. Poerbaningsih Adi Warsito, SH., Notary in Jakarta and approved by the Minister of Law and Human Rights of the Republic of Indonesia through the Decision No. AHU-20228. AH.01.02 of 2011 dated 21 April 2011, and was last amended by Deed of Resolutions of Extraordinary General Meeting of Shareholders No. 95 dated 21 June 2012 made before Notary Ny. Poerbaningsih Adi Warsito, SH., Notary in Jakarta and approved by the Minister of Law and Human Rights of the Republic of Indonesia and has obtained acknowledgement letter from Directorate General Public Law Administration of the Ministry of Law and Human Rights No. AHU-AH.01.10-25313 dated 10 July 2012. b. Decision of Board of Commissioners of PT Jasa Marga (Persero) Tbk. No. KEP-73/DKJM/VIII/2005 on Guidelines for Members of the Board of Commissioners of PT Jasa Marga (Persero) Tbk. c. Decision of Directors of PT Jasa Marga (Persero) Tbk. No. 41/KPTS/2013 on Organizational Structure of PT Jasa Marga (Persero) Tbk. d. Decision of Directors of PT Jasa Marga (Persero) Tbk. No. 60/KPTS/2009 on Distribution of Duties and Authorities of Directors of PT Jasa Marga (Persero) Tbk. e. Decision of Directors of PT Jasa Marga (Persero) Tbk. No. 197/KPTS/2011 on Guidelines on Conducting Meetings of Directors PT Jasa Marga (Persero) Tbk. f. Resolutions of General Meeting of Shareholders (GMS) stipulated in GMS Summary.

178


GCG Socialization and Internalization

Jasa Marga’s GCG Roadmap


In addition to regulatory improvement, the Company also

The Company has decided the direction of GCG


continued the GCG socialization and internalization to the

implementation in the form of GCG Roadmap commenced

entire Jasa Marga Individuals to ensure obedience to GCG

in 2005. GCG Roadmap is directed towards making GCG

Highlights 2013

practices. The Company believes that implementation of GCG

reference of every activity of the Company. Presently, the

Management Report

by only complying with regulations is insufficient; instead, it

Company’s position in GCG implementation is moving


has to be proven in daily practices. The Company is certain

towards good corporate citizens. With the accomplishment

that by implementing GCG, it can maintain stakeholders’ trust

of the final objective, the Company is optimistic that it can

as the Company is determined to become Good Corporate

improve performance and maintain sustainability.


Citizen.


Jasa Marga’s GCG Roadmap


Preparation Program

OBJECTIVES


GCG Good Corporate Governance

MEASUREMENT

Glossary

Explanation: 1. Vision and Mission 2. RJPP

Complying with rules and regulations (mandatory and voluntary) of corporate governance

GGC Good Governed Company

Controlling business operation, especially business risk aspect, effectively

GGC Good Corporate Citizen

Becoming ethical and responsible citizen of the industry as well as the social community

PROSES VALUE CREATION 2006

Documents: 1. Decision of Directors No. 77/2005 2. Code of GCG 3. Code of Conduct 4. Statement of Corporate Intent 5. Board Manual 6. Compliance Report

Integrity Pact of the Management

2009

Procedures on Procurement of Goods/ Services

2005 Kick Off GCG Implementation


2010

1. Code of Corporate Governance 2. Code of Conduct 3. Corporate Values 4. Review on Risk Management

2011

1. Review on COCG and COC 2. Policies on Gratification, Conflict of Interest and Whistleblowing System 3. Statement of Commencement of Whistleblowing System

2012

2013

1. Commitment of Clean Jasa Marga 2. Preparation of Whistleblowing System Infrastructure

1. Go Live Whistleblowing System Infrastructure 2. Commitment of Gratification Handling Program 3. Review on Vision, Mission and Values 4. Review on Board Manual

2014

1. Clean Jasa Marga Program 2. Implementation of ASEAN scoreboard for GCG Assessment and Annual Report

Consistent and Sustainable implementation of GCG

179


Results of Assessment of GCG Implementation In 2013, based on the result of Self-Assessment, Jasa Marga succeeded in improving GCG score GCG, to 95.01 hence included in the category of “Very Good”. This proves Jasa Marga consistently implements GCG principles at the Company and constantly makes efforts to find innovations in the aspect of GCG.

Results of Self-Assessment of the Company in 2013 2012

2013

Aspect of Assessment/Indicator/Parameter

Maximum Score

Achieved Score

Percentage of Achievement

Achieved Score

Percentage of Achievement

(1)

(2)

(3)

(4=3/2)

(5)

(6=5/2)

7

6.924

98.91

6.783

96.89

1 Commitment to Implementing Good Corporate Governance Continuously 2 Shareholders and GMS

9

8.802

97.80

8.839

98.22

3 Board of Commissioners

35

31.887

91.08

32.823

93.78

4 Directors

35

33.895

96.84

33.567

95.91

5 Information Disclosure and Transparency

9

8.636

95.96

8.709

96.76

6 Others

5

4.464

89.29

4.286

85.71

Total

100

94.598

94.60

95.007

95.01

Quality of Good Corporate Governance Implementation

Very Good

Very Good

2008

95,01

94,59

82,65

81,62

87,22

95,54

GCG Score Based on Result of Assessment of Independent Institution

2009

2010

2011

2012

2013

Notes • Scores of 2008 and 2009 are IICG score. • In 2012, new assessment parameters were applied based on SK-16/S.MBU/2012 dated 06 June 2012 on Indicators/ Parameters of Assessment and Evaluation on Implementation of Good Corporate Governance at State-Owned Enterprises.


GCG Assessment GCG in 2013 refers to the parameter/ assessment method decided by the Stated Ministry for StateOwned Enterprises based on SK-16/S.MBU/2012 dated 06 June 2012 on Indicators/Parameters of Assessment and Evaluation on Implementation of Good Corporate Governance at StateOwned Enterprises.

180


Score GCG HASIL ASSESMEN LEMBAGA INDEPENDEN

Profile of the Company Transformation of Jasa Marga Highlights 2013

84.52

Management Report

83.41


82.65



IICG is an independent institution founded by Masyarakat Transparansi Indonesia (Indonesian Transparency Society) to encourage GCG practices in business world.

81.62


83.65


2008

2009

2010

2011

2012

For the fifth times, Jasa Marga participated in the program

In 2013, the Company has completed the programs of

of research and rating of Corporate Governance Perception

strengthening the implementation of GCG at Jasa Marga. The

Index (CGPI) conducted in 2013 (for year of assessment

said programs included

of 2012) carrying the theme of “GCG in the Perspective of

1. Strengthening Jasa Marga GCG Implementation.

Knowledge”. The research and rating program was organized

The activities carried out were the signing of Integrity

by The Indonesian Institute for Corporate Governance (IICD),

Pact by all Jasa Marga Individuals and the signing of the

and the assessment consisted of several stages as follows:

Commitment of Clean Jasa Marga by President Director

1. Self-assessment

and Jasa Marga Labor Union.

2. Document completeness 3. Paper submission

2. Socialization and Training on GCG. The activities carried out were GCG socialization for new

4. Observation

employees, inclusion of GCG material in Training on Toll Based on the abovementioned stages of CGPI assessment of

Road Project Management, and GCG socialization in

2013, Jasa Marga succeeded in achieving the rating of “Trusted

various media of the Company.

Company” with improved score to become 84.52 3. Gratification Management and Whistleblowing

Strengthening GCG Implementation at Jasa Marga In understanding the meaning of good corporate governance, Jasa Marga’s basic principles encourage GCG as part of

System. • Gratification Management

managing the Company by implementing a system reflecting

The activities carried out were creating advertisement

the principles of information disclosure, accountability,

in national newspapers to inform that the Company

equality and responsibility.

does not take and give gratification in relation to religious holidays, creating and distributing circular

Jasa Marga has conducted various initiatives of GCG

letter for all Jasa Marga Individuals to not take and

implementation, both on its own and with the assistance of

give gratification, along with the reporting form for

independent party in order to reach sustainable governance.

inevitable gratification of both goods with short period of expiry as well as other kinds.


181


• Whistleblowing System Management of whistleblowing system as a means of

7. Performance Measurement. To support corporate strategies and to improve its performance,

reporting misconducts in cooperation with experienced

since 2008, the Company implemented Malcolm Baldrige

external party.

before finally in 2012 shifting to KPKU as it is mandatory of the State Ministry for SOEs. KPKU is the tools used to measure

4. Active Participation in Various Competition/Awards

companies’ performance based on Letter of State Ministry

Related to GCG.

for SOEs No. S-153/S.MBU/2012 dated 19 July 2012 on

The Company participated in several events such as Corporate

Performance Reporting Based on the Approach of Criteria for

Governance Perception Index (CGPI) 2011 where it succeeded

Excellent Performance Assessment (Kriteria Penilaian Kinerja

in being named “Trusted Company”, Anugerah BUMN (SOEs

Unggul – KPKU) for SOEs.

Award) 2012 where it came as the 2nd Runner Up for the category of Best SOEs GCG, and The 4th Indonesian Institute

Criteria for Excellent Performance Assessment (Kriteria

Corporate Directorship (IICD) awarding the Company as Best

Penilaian Kinerja Unggul – KPKU) is comprehensive criteria

Corporate Governance Equitable Treatment for Shareholders.

to measure the performance of SOEs and it is also used as guidelines to improve SOEs performance so that they are able

5. Measurement of GCG Implementation.

play greater role in realizing the country’s prosperity. The result

GCG implementation is measured by conducting assessment.

of 2012 SOEs KPKU assessment showed that the Company

In 2011, the Company conducted GCG self-assessment,

achieved total score of 537.25 representing the level of Good

whereas in 2012, GCG assessment GCG is conducted by

Performance, with varied results in the processes of certain

independent consultant selected based on the process of

areas, hence it requires emphasize on deployment, integration,

procurement of goods/services.

continuity and learning.

6. Implementation of ISO and SMK3 (Occupational Safety and Health Management System).

8. Culture of Innovation.

To build the culture of innovation, the Company implements

In order to protect its employees, Jasa Marga implements

continuous improvement of quality with Quality Improvement

OHSAS 18000, whereas to maintain quality of services to

Group (Kelompok Perbaikan Mutu – KPM) and Practical

customers, the Company implements ISO 9001:2008.

Improvement (Perbaikan Praktis – PP) so that intensive and integrated quality culture is created. The assessments carried out each year in an event of Jasa Marga Quality Creation.

Joint Commitment of Clean Jasa Marga


182


Structure, Policies and Mechanism of Corporate Governance Implementation


Governance Structure

Highlights 2013

Based on Law No. 40 of 2007 Chapter I on General

responsibility for the management of the Company for the

Provisions Article 1, corporate organs consist of

interest of the Company in accordance with the Company’s

General Meeting of Shareholders, Board of Directors

objectives and aims, as well as representing the Company both

and Board of Commissioners.

inside and outside the court in accordance with Articles of

•

Association.


•

General Meeting of Shareholders, hereinafter •

Directors are corporate organ that has the authority and full

Board of Commissioners is corporate organ that has the duty to


referred to as GMS, is corporate organ that has the authority that is not granted to Directors or Board

perform supervision in general and/or in particular in accordance


of Commissioners within the limit regulated by Law

with Articles of Association as well as to give advice to Directors.


and/or Articles of Association. In the implementation of GCG principles, Jasa Marga already has a complete governance structure, as follows:


Governance Structure


GMS

Audit Committee Board of Commissioners

Directors

Business Risk and Investment Committee

Corporate Secretary

Divisi Risk and Quality Management

Compliance (GCG)

Risk Management

Investor Relations


Internal Audit

Legal Division

183


The corporate organs play a key role in the success of GCG

members of the Board of Commissioners. The Committees report

implementation. Corporate organs perform their functions based

to the Board of Commissioners. The Committees that have been

on prevailing rules and regulations, the Company’s Articles of

formed by the Board of Commissioners of the Company are as

Association, as well as other regulations with the principles that

follows:

each organ has independence in carrying out the tasks, functions and responsibilities for the interests of the Company.

• Audit Committee.

The duties of Audit Committee are to evaluate and identify

GMS, Directors and Board of Commissioners respect each

matters requiring special attention and give independent

other’s tasks, responsibilities and authorities in accordance with

professional opinion to the Board of Commissioners concerning

prevailing rules and regulations as well as the Company’s Articles of

Directors’ financial report, internal and external auditor reports,

Association.

report on compliance with rules and regulations, as well as implementation of risk management.

In carrying out the managing the Company, the Directors are assisted by Corporate Secretary and Internal Auditing Unit as well as

• Business Risk and Investment Committee.

other working units performing the management functions of the

Company.

Business Risk and Investment Committee reports to the Board of Commissioners and it assists the Board of Commissioners in carrying out of the Board’s duties so that the management

In carrying out the supervising duties, the Board of Commissioners

of the Company is conducted effectively and efficiently by

may form committees whose members include with one or more

means of competent and independent supervision system and implementation.

Hierarchy of the Company’s GCG Policies Articles of Association

Board Manual

Code of Corporate Governance

Guidelines on Conflict of Interest

Code of Conduct

Standard Operating Procedures

Other Policies

1. 2.

Jasa Marga’s Articles of Association. The latest Jasa Marga Board Manual updated in 2013 to adjust to the Regulation of State Minister for SOEs and the changes in Vision, Mission and Values.

3.

Code of Corporate Governance, decided in 2005 based on Decision of Directors of Jasa Marga, the last amendment No. 194/ KPTS/2013 dated 17 December 2013.


Guidelines on Gratification Handling

Code of Conduct, decided in 2005 based on Decision of Directors of Jasa Marga, the last amendment No. 195/ KPTS/2013 dated 17 December 2013. 5. Guidelines on Conflict of Interest based on Decision of Directors of Jasa Marga No. 186/KPTS/2011. 3. Guidelines on Gratification Handling based on Decision of Directors of Jasa Marga No. 187/KPTS/2011. 4.

6. Guidelines on Gratification Handling based on Decision of Directors of Jasa Marga No. 187/ KPTS/2011. 7. Guidelines on Whistleblowing System, decided on 2011 based on Decision of Directors of Jasa Marga, the last amendment No. 9/KPTS/2013 dated 16 January 2013.

8. Team of Whistleblowing System Management in 2011 based on Decision of Directors of Jasa Marga, the last amendment No. 10/KPTS/2013 dated 16 January 2013.

184


Governance Mechanism


Governance Mechanism is the mechanism of GCG implementation reflected in a solid


system. It becomes essential since GCG implementation relying only on the pillars of governance structure is insufficient, hence requiring clear set of rules in the form of

Highlights 2013

mechanism. Governance mechanism is translated into clear set of

Management Report

rules, procedures and relationship between


performing control on the decision made.


mechanism as soft-structured GCG, representing a significant aspect in GCG implementation, as soft-structure GCG shall serve as living document to the entire levels in a company. Governance Mechanism owned by the Company among others is as follows:

Glossary

Integrity Pact is statement signed by the Board of Commissioners, Directors and Employees of the Company. It consists of

the party making decision and the party

The Company refers to governance

Integrity Pact

Code of Conduct (COC) COC is a system of values or norms held by all Jasa Marga Individuals in carrying out their duties and it consists of business ethics and work ethics of all Jasa Marga Individuals for the accomplishment of the its objectives, Vision and Mission. COC among others regulates the ethical relation between the Company and Employees, Toll Road Users, Shareholders, Suppliers, Creditors/ Investors, Government, Business Partners, Mass Media, Community and Environment.

vow on the commitment to implementing the principles of good corporate governance in performing all tasks and responsibilities.

Guidelines on Gratification Handling It is the guidance used by Jasa Marga Individuals in understanding, preventing and


handling gratification in the Code of Corporate Governance (COCG) COCG is a set of rules and practices serving as the basis or reference for the corporate organs and the Management in running the Company. COCG contains the Company’s principles that are in line with its Vision, Mission and Corporate Values. In the implementation, COCG is followed by policies and technical regulations in accordance with the Company’s requirements

Company.

Charters of Committees under the Board of Commissioners The Charters’ role is as guidelines

Guidance on Conflict of

for Audit Committee and Business

Interest

Risk and Investment Committee

It is the guidance for Jasa Marga

in carrying out their tasks as

Individuals to understand,

organs supporting the Board of

prevent and overcome Conflict

Commissioners. The characteristics

of Interest in the Company

of these Charters are flexible and arranged as needed. Board Manual Board Manual is compilation of the practices of managing the Company adapting from regulations (Law/

Internal Audit Charter

Regulation), Articles of Association

The role of Internal Audit Charter

and best practices agreed together

is to improve the function

in order to implement GCG. Board

of integrated control in the

Manual is used by the Company’s

Company and to make sure

Organs conducting supervision and

that the Company’s operational

management of the Company, i.e.

activities are carried out properly

Board of Commissioners

in accordance with prevailing rules

and Directors.

and regulations.


Guidance on Whistleblowing System It is the guidance for all Jasa Marga Individuals in preventing and detecting potential violations in the Company.

185


General Meeting of Shareholders As the highest instance in the Company, General Meeting of

Throughout 2013, Jasa Marga convened one (1) Annual GMS.

Shareholders (GMS) has the authorities that are not granted to Board of Commissioners or Directors within the limit regulated

The convening of the said Annual and Extraordinary GMS has

by law and or Articles of Association. The authorities include

passed the processes of preparation and implementation in

requesting the accountability of the Board of Commissioners

accordance with Law No. 40 of 2007 on Limited Liability Company

and Directors in relation to the management of the Company,

Articles 81, 82 and 83, along with Decision of Chairman of

amending the articles of association, appointing and dismissing

Bapepam No. Kep-60/PM/1996 on Plan and Implementation of

Directors and Members of the Board of Commissioners, deciding

GMS

the distribution of tasks and authorities among Directors, etc. The processes of preparation and implementation of the GMS of the Company is:

Annual GMS has been stated in the Company’s letter submitted

• Annual General Meeting of Shareholders convened every fiscal

to Bapepam-LK as well as the Announcement, Invitation

year not later than the sixth month after the fiscal year ends. • Extraordinary General Meeting of Shareholders, which is

and Resolutions each advertised in two (2) newspapers with nationwide coverage with the following details:

General Meeting of Shareholder convened whenever deemed necessary.

Process of Convening Annual GMS in 2013 Submission of Plan to Convene Annual GMS along with the Agenda

Announcement of Annual GMS

Invitation to Annual GMS

Announcement of Resolutions to Annual GMS

Letter No. BF.AK06.1739 to Chairman of Bapepam-LK

Advertisement in Bisnis Indonesia and Investor Daily



21 March 2013

28 March 2013 and 11 April 2013

12 April 2013

01 May 2013

Based on the Decision of the Board of Commissioners of the

addressed and responded, the voting process was carried out

Company, the GMS (the Meeting) was chaired by Chairman of the

taken place and only the shareholders or their proxies were

Board of Commissioners. In each of the Meeting agenda, Chairman

eligible to vote. Each share gives the right to the holder to raise

of the Meeting offered the opportunity to the shareholders or

one vote. The Company has appointed Notary Ir. Nanette Cahyanie

their proxies to ask questions/respond and/or give proposals

Handari Adi Warsito, SH. as the independent party validating the

to which the Chairman of the Meeting or anyone appointed by

votes and arranging for the Minutes of the Meeting.

the Chairman answered or responded. After all questions were

Agenda, Resolutions, Voting Results and Follow up of Resolutions of Annual GMS are shown in the following table: Number of Shares

5,725,102,411

Percentage (%)

84.193


186


Agenda, Resolutions, Voting Results and Follow Ups of Resolutions of Annual GMS 2013


Agenda

Resolutions

Highlights 2013 Management Report Management Discussion and Analysis New Projects Development

1. Approval of the Company’s Annual Report Financial Year 2012 on the Company’s Activities and the Implementation of the Supervisory Duty of the Board of Commissioners and Ratification of the Company’s Financial Statements for the Year Ended 31 December 2012.

Approving the Annual Report 2012 including Annual Report of the Directors and Supervisory Report of the Board of Commissioners and to ratifying the Company’s Consolidated Financial Statements for Financial Year 2012 that have been audited by Public Accountant Office Aryanto, Amir Jusuf, Mawar & Saptoto (RSM AAJ Associates), with the opinion of fairly in all material respect as stated in its report No. R/119.AGA/sat.1/2013 dated 15 March 2013, and granting full release and discharge of responsibilities to the Directors and Board of Commissioners of the Company for the management and supervision actions they have carried out in Financial Year ended 31 December 2012 to the extent that such actions do not constitute criminal offenses and are reflected in the Company’s reports.

2. Ratification of Partnership and Community Development Programs Report for Financial Year 2012.

Ratifying the Annual Report of PKBL (Partnership and Community Development Programs) Financial Year 2012 including PKBL Financial Statements that have been audited by Public Accountant Office Aryanto, Amir Jusuf, Mawar & Saptoto (RSM AAJ Associates) as stated in its report No. R/044.AGA/sat.1/2013 dated 15 February 2013, with the opinion of fairly in all material respect, and granting full release and discharge of responsibilities to the Directors and Board of Commissioners of the Company for the management and supervision actions of PKBL for Financial Year 2012 to the extent that such actions do not constitute criminal offenses and are reflected in the said report.


3. Decision of the Use of Net Profit for Financial Year 2011.

Use of Net Profit for Financial Year 2011 as follow: a. Deciding the use of the Company’s Net Profit amounting to Rp 1,602,090,230,000,00 (one trillion, six hundred two billion, ninety million, two hundred thirty thousand Rupiah) with the compositions as follows: • Cash Dividend amounting to 40% or Rp 640,836,092,000.00 (six hundred forty billion, eight hundred thirty-six million, ninety-two thousand Rupiah). • Required Reserve amounting to 1.56% or Rp 25,000,000,000.00 (twenty-five billion Rupiah). • Other Reserves amounting to 58.44% or Rp 936,254,138,000.00 (nine hundred thirty-six billion, two hundred fifty-four million, one hundred thirty-eight thousand Rupiah) will add to the retained earnings. b. Granting power and authority to Directors of the Company to further regulate the implementation of dividend distribution in accordance with prevailing rules and regulations, including performing round up in the payment of dividend per share. c. Starting from 2013, the Company does not allocate 2012 Net Profit for PKBL (Partnership and Community Development Programs) funding source, but will form reserve fund of 2013 for corporate social responsibility program in the amount adjusted to the needs and capability of the Company.

4. Appointment of Public Accountant to Audit the Company’s Consolidated Financial Statements for Financial Year 2013 and Financial Statements of Partnership and Community Development Programs Report for Financial Year 2013.

a. Reappointing Public Accountant Office Aryanto, Amir Jusuf, Mawar & Saptoto (RSM AAJ Associates) to audit Financial Statements of PT Jasa Marga (Persero) Tbk. Financial Year 2013 and Financial Statements of Partnership and Community Development Programs of PT Jasa Marga (Persero) Tbk. Financial Year 2013. b. Granting authority to the Board of Commissioners to decide a substitute public accountant based on prevailing rules and regulations in the event that Public Accountant Office Aryanto, Amir Jusuf, Mawar & Saptoto (RSM AAJ Associates) is incapable of continuing or carrying out its duties due to any reasons.


187


Voting Results

Follow Ups

Agree: Disagree: Abstain:

5,721,693,411 votes (99.94%) 0 votes (0.00%) 3,409,000 votes (0.06%)

-



-




5,668,877,411 votes (99.02%) 8,218,500 votes (0.14%) 48,006,500 votes (0.84%)


Cash Dividend financial year 2012 was distributed on 18 June 2013 based on Decision of Directors No. 78/KPTS/2013 dated 01 May 2013.

Having been appointed the Company’s Public Accountant, Public Accountant Office Aryanto, Amir Jusuf, Mawar & Saptoto (RSM AAJ Associates) audited the Financial Statements of PT Jasa Marga (Persero) Tbk. Financial Year 2013 and Financial Statements of Partnership and Community Development Programs of PT Jasa Marga (Persero) Tbk. Financial Year 2013.

188


Agenda, Resolutions, Voting Results and Follow Ups of Resolutions of Annual GMS 2013


Agenda

Resolutions


5. Decision of Tantieme for Financial Year 2012, Salary and Honorarium as well as Other Allowances for Members of Directors and Board of Commissioners for Financial Year 2013.

a. Deciding the 2013 salary for President Director of the Company of Rp 110,000,000.00 (one hundred and ten million Rupiah) per month, whereas salary for Directors and Honorarium for Board of Commissioners are based on the following provisions: • Directors: 90% of President Director’s salary; • Chairman of Board of Commissioners: 40% of President Director’s salary; • Commissioners: 36% of President Director’s salary. b. Deciding tantieme for the performance of the Company in the Financial Year of 2012 for Directors and Board of Commissioners of Rp 16,748,000,000.00 (sixteen billion, seven hundred fortyeight million Rupiah) distributed to President Director, Members of Directors, Chairman of Board of Commissioners, Members of Board of Commissioners each 100%, 90%, 40%, 36% and distributed proportionally in accordance with their respective period of service in 2012. Income Tax of the tantieme is born by the receiver and is not to be included in the Company’s cost. c. Deciding Allowance and Facilities for Directors and Board of Commissioners of the Company in 2013 in accordance with the Provisions of Regulation of State Minister for SOEs No. Per-07/MBU/2010 dated 27 December 2010.


6. Directors’ Report on Realization of the Use of 2007 IPO Proceeds and 2010 Jasa Marga Bonds.

The Directors have presented Report on Realization of the Use of 2007 IPO Proceeds and 2010 Jasa Marga Bonds.

7. Ratification of the Enactment of Regulation of State Minister for SOEs. a. Regulation of State Minister for SOEs No. PER06/MBU/2011 dated 30 December 2011 on Guidelines on Empowerment of Fixed Assets of SOEs. b. Regulation of State Minister for SOEs No. PER-03/ MBU/2012 dated 29 March 2012 on Guidelines on Appointment of Members of Directors and Members of Board of Commissioners of SOEs’ Subsidiaries. c. Regulation of State Minister for SOEs No. PER-12/ MBU/2012 dated 24 August 2012 on Organs Supporting Board of Commissioners/Supervisory Board of SOEs.

Enactment of Regulation of State Minister for SOEs as follows: a. Regulation of State Minister for SOEs No. PER-06/MBU/2011 dated 30 30 December 2011 on Guidelines on Empowerment of Fixed Assets of SOEs. b. Regulation of State Minister for SOEs No. PER-03/MBU/2012 dated 29 March 2012 on Guidelines on Appointment of Members of Directors and Members of Board of Commissioners of SOEs’ Subsidiaries. c. Regulation of State Minister for SOEs No. PER-12/MBU/2012 24 August 2012 on Organs Supporting Board of Commissioners/Supervisory

8.

a. Increasing pension benefits to participants of Jasa Marga Pension Plan so that the lowest pension benefits received amounting to Rp 500,000 effective from 01 July 2013. b. Deciding that Pension Base Salary (Penghasilan Dasar Pensiun – PhDP) of 2013 as the basis of the increase in PhDP will be suspended and going forward will increase by 5% per year, in order to control the obligation of the founder, effective from July 2013. c. Implementing the increase in pension benefits and deciding PhDP referred to as in Resolution to Agenda 8 points a and b after adjustment/ changes in Regulations of Pension Plan have been made and approved by Financial Services Authority (Otoritas Jasa Keuangan – OJK). d. Giving authority and power to the Directors of the Company to carry out the changes in Regulations of Pension Plan of Jasa Marga Pension Plan in order to change such Regulations of Pension Plan along with other requirements in accordance with prevailing rules and regulations.

Changes in Regulations of Jasa Marga Pension Plan.


189


Voting Results


Follow Ups


Tantieme for financial year 2012 was paid on 14 May 2013

As the Sixth Agenda was a report, no voting was required. Agree: Disagree: Abstain:





Implementation of the said Regulations of State Minister for SOEs at the Company.

Implementation of changes in Regulation of Jasa Marga Pension Plan in accordance with Decision of Directors No. 117/KPTS/2013 dated 28 August 2013.

190



Profile of the Company Transformation of Jasa Marga Highlights 2013 Management Report Management Discussion and Analysis New Projects Development Human Capital Management

The Board of Commissioners is the corporate organ that is collectively in charge of conducting supervision and giving advice to the Directors, as well as making sure that Jasa Marga implements GCG at the entire levels of the organization. In order to support the implementation of its duties, the Board of Commissioners is assisted by Audit Committee, and Business Risk and Investment Committee.

Composition of the Board of Commissioners As of 31 December 2013, Jasa Marga Board of Commissioners consists of six (6) people with the following composition:

Table Composition of Jasa Marga Board of Commissioners


Name

Job Title

Legal Basis of Appointment

Shareholder’s Representation

Agoes Widjanarko

Chairman

Resolution to Extraordinary GMS on 30 January 2012

The State of The Republic of Indonesia

Mayjen. (Purn.) Samsoedin



Independent




Independent

Ibnu Purna

Commissioner



Akhmad Syakhroza

Commissioner



Joyo Winoto

Commissioner



Duties and Responsibilities of Board of Commissioners

The Board of Commissioners’ accountability to GMS is the

The Board of Commissioners is the Company’s organ that

the Company’s management in order to implement GCG

is collectively in charge of conducting supervision, in

principles.

realization of the accountability of the supervision for

general and/or in particular, in accordance with the Articles of Association, and giving advice to the Directors. The

The Duties of members of the Board of Commissioners are

Board of Commissioners is not involved in making decision

divided into six (6) fields as follows:

regarding operational matters. Each member of the Board

1. Policies and Development Strategies of the Company.

of Commissioners, including the Chairman is of equal

2. Organization and Human Resources Development.

position. The duty of the Chairman as primus inter pares (first

3. Investment.

among equals) is to coordinate the activities of the Board of

4. Finance.

Commissioners. Members of the Board of Commissioners

5. Road Engineering.

are appointed and dismissed by the GMS. In carrying out its

6. Road Traffic Services.

duties, the Board of Commissioners is accountable to GMS.


191


Name:

Agoes Widjanarko

Job Title:

Chairman

Field of Duty:

Policy and Development Strategies of the Company

Description of Duties:

1. Give feedbacks, directions and recommendations; coordinate and integrate inputs from five other fields, in order to prepare and arrange the Company’s Vision and Mission, arrange policies and strategies for corporate mid-term plan and or long-term plan, including to prepare and prepare corporate annual work and budget plan (RKAP) as well as to supervise the implementation of resolutions of General Meeting of Shareholders; give approval on fixed assets write-off, investment and establishing subsidiaries/joint ventures, buying or selling securities, strategic joint operation and money investment in a period of 3 years or more or in 5-10 years in the forms of KSO, BOT, BOO and BRT. 2. Give directions and recommendations concerning the decision, evaluation and revision of the Vision and Mission of the Company, corporate mid-term and or long-term plan, along with corporate work and budget plan, including giving approval on actions not yet decided in RKAP, along with approval on the proposal on the candidates to represent the Company as members of Directors and Board of Commissioners at joint ventures and or subsidiaries with strategic value. 3. Lead and guarantee the accomplishment of effectiveness in decision making at Board of Commissioners meetings, Board of Commissioners – Directors joint meetings, and General Meeting of Shareholders as well as implementation of Good Corporate Governance principles within the Board of Commissioners.

Name:

Akhmad Syakhroza

Job Title:

Commissioner

Field of Duty:

Organization and Human Resources Development


1. Give feedbacks, directions and recommendations in order to prepare the decision and adjustment of organizational structure of the Company entirely at the level of Head Office, Branches, and Subsidiaries, along with to prepare the system and procedures of operation. 2. Give directions and recommendations on the policy to fulfill the need for the provision of professional, productive and competent human resources along with their further development. 3. Together with other members of the Board of Commissioners, give inputs and recommendations on the proposal of candidates for Directors of the Company and candidates for Board of Commissioners and Directors of Subsidiaries to the State Minister for SOEs as Dwiwarna Shareholder, as well as the recommendation on the appointment of main structural managers (strategic) one level below Directors. 4. Give feedbacks and recommendations in order to improve efficiency, effectiveness and empowerment of competitive human resources as well as business processes that are customer/toll road user-oriented.


192


Name:

Ibnu Purna

Job Title:

Commissioner

Field of Duty:

Investment


1. Give feedbacks, directions, recommendations in order to decide the policies and strategies in the investment of new toll road development; acquire concessions of new toll roads through tender or toll road acquisition and divestment or spin off in Subsidiaries, as well as to develop non-toll road businesses.


2. Monitor, review and give feedbacks, suggestions and recommendations in order to improve efficiency and effectiveness of financial road engineering plan, construction cost for increasing road capacity and new toll road development, along with related business risks; give approval on the proposal on investment/divestment at other companies and or give approval of cooperation in the period of more than 3 years or 5-10 years in the forms of KSO, BOT, BOO, BRT, etc.


Name:

Joyo Winoto

Job Title:

Commissioner

Field of Duty:

Finance


1. Give feedbacks, directions and recommendation in order to arrange the Company’s annual and long-term budget and work plan, review the proposal on transferring and turning the Company’s fixed assets into collateral in the amount not exceeding Rp 500 billion in one (1) transaction or more in one year, receive/give mid-term/ long-term loan of financial structure that support un-organic growth, and discuss the Company’s annual and quarterly financial reports.


2. Give feedbacks and recommendations in order to develop and improve efficiency and effectiveness of financial administration management, control loans and make use of information technology in preparing financial reports and financial transactions.

Name:


Job Title:


Field of Duty:

Road Engineering


1. Give feedbacks, directions and recommendation in order to manage, maintain and secure toll road sections to comply with the minimum level of service (SPM – Standar Pelayanan Minimal) decided by the Minister of Public Works and or achieve high level of toll road reliability in accordance with the expectation and the requirements of toll road users. 2. Give feedbacks and recommendation in order to improve efficiency and effectiveness in the maintenance of toll roads along with the facilities/traffic signs, including developing the system of Performance-Based Maintenance Contract, implementing risk management as well as modernizing toll road operation.

Name:


Job Title:


Field of Duty:

Road Traffic Services


1. Give feedbacks, directions and recommendations in order to provide smooth transaction services that comply with SPM, control and secure toll revenue, manage and provide traffic services that comply with the standard of security, travel speed as well as improve response time of handling disturbances. 2. Giving feedbacks and recommendations in order to improve efficiency and effectiveness in the use of resources to provide transaction and traffic services on toll roads.


193


Appointment and Dismissal of Board of Commissioners

Commissioners. The provisions are: (1) Coming from outside

Members of the Board of Commissioners are appointed and

the public company, (2) Not having affiliate relationship with

dismissed by GMS. Candidates are proposed by Shareholder of

the Company, Board of Commissioners, Directors and major

Series A Dwiwarna share after passing the process of candidacy in

shareholder of the Company, (3) Not having business relationship

accordance with prevailing rules and regulations. Such candidacy

both directly and indirectly with that of the Company, (4) Not

is binding to GMS. The Board of Commissioners is required to fulfill

having shares of the Company, both directly as well as indirectly,

general and specific requirements decided in Board Manual.

(5) Not having dual functions by working as director at another affiliated company, (6) Understanding capital market rules and

Independent Commissioners

regulations.

Independent Commissioner is member of the Board of Commissioners from outside the Company (not having affiliate

The number of Jasa Marga’s Independent Commissioners has

relationship with the Company), is selected transparently and

complied with what is regulated by Decision of the Directors

independently, has integrity and sufficient competencies, is free

of Indonesia Stock Exchange No. Kep-305/BEJ/07-2004 on

from influence in relation to personal or other parties’ interest,

Regulation No. I-A on the Listing of Shares and Equities Securities

and is capable of acting objectively and independently while

other than Shares Issued by Listed Companies, stating that each

upholding the principles of GCG.

public company is required to have the number of Independent Commissioners at least 30% of the total number of Board of

The existence of Independent Commissioners is intended to create

Commissioners members. Jasa Marga has two Independent

more objective and independent climate, to maintain “fairness”

Commissioners, which represents 33% of the total number of

as well as to provide balance between the interests of the

members of the Board of Commissioners.

majority shareholder and protection for the interests of majority Statement of Independence of Independent Commissioners

shareholder including public shareholder and other stakeholders.

The Company’s Independent Commissioners do not own shares of Criteria of Independent Commissioners

the Company, nor do they have any relations to other members of

As a public company listing its shares at the Indonesia Stock

the Directors and Board of Commissioners.

Exchange, Jasa Marga has complied with provisions of the capital market regulator in relation to criteria of Independent

Affiliate Relationship and Board Membership at Other Companies Family relationship between members of the Board of Commissioners and fellow members of the Board of Commissioners and/or members of the Directors as well as the Shareholders and their board membership at other companies during the period of 2013 is as follows:

Affiliation of Board of Commissioners, Directors and Controlling/Major Shareholder Affiliated to Controlling/ Major Shareholder



Ibnu Purna

Akhmad Syakhroza

Joyo Winoto

Adityawarman

Hasanudin

Abdul Hadi Hs.

Reynaldi Hermansjah

Muh Najib Fauzan

State Minister for SOEs

Directors

Agoes Widjanarko


Agoes Widjanarko

X

X

X

X

X

X

X

X

X

X

X


X

X

X

X

X

X

X

X

X

X

X


X

X

X

X

X

X

X

X

X

X

X

Ibnu Purna

X

X

X

X

X

X

X

X

X

X

X

Akhmad Syakhroza

X

X

X

X

X

X

X

X

X

X

X

Joyo Winoto

X

X

X

X

X

X

X

X

X

X

X

Adityawarman

X

X

X

X

X

X

X

X

X

X

X

Hasanudin

X

X

X

X

X

X

X

X

X

X

X

Abdul Hadi Hs.

X

X

X

X

X

X

X

X

X

X

X

Reynaldi Hermansjah

X

X

X

X

X

X

X

X

X

X

X

Muh Najib Fauzan

X

X

X

X

X

X

X

X

X

X

X

State Minister for SOEs

X

X

X

X

X

X

X

X

X

X

X

Name

Notes:

✓ yes

X

no


194


Among members of the Board of Commissioners and between each member of the Board of Commissioners and each member of the Directors is not related by blood within the third degree, both vertically and horizontally, or by marriage.

Jasa Marga Board of Commissioners’ Board Membership at Other Companies

Management Report Management Discussion and Analysis New Projects Development Human Capital Management Corporate Governance

Board Membership at Other Companies Commissioner Director Shareholder X X X X X X X X X X X X X X X X X X

Name Agoes Widjanarko Mayjen. (Purn.) Samsoedin Irjen. Polisi (Purn.) Michael Dendron Primanto Ibnu Purna Akhmad Syakhroza Joyo Winoto Notes:

✓ yes

X

no


Dual Positions and Conflict of Interest

Board of Commissioners’ Work Guidelines and Rules

Based on the provisions of the Company’s Articles of

(Board Charter)

Association, members of the Board of Commissioners are

In carrying out their duties, the Board of Commissioners

prohibited to hold dual positions as:

refers to the work guidelines for Board of Commissioners and

1. Member of Directors at SOEs, local government-owned

Directors (Board Manual). Board Manual comprises guidelines

enterprises, and private owned enterprises. 2. Other positions according to prevailing rules and regulations. 3. Member of management of political party and/or candidate/member of legislative. 4. Other positions that may cause conflict of interest.

on work procedures for the Board of Commissioners and Directors and explanation on stages of activities in manners that are well-structured, systematic, easily understood, applicable consistently, and serving as reference for Board of Commissioners and Directors in carrying out each of their duties to reach the Company’s Vision and Mission, while achieving high work standard in line with the principles of

In 2013, none of the members of the Board of Commissioners

GCG.

holds dual positions as those stated in the Company’s Articles of Association.

The existence of Board Manual is one of the forms of the Company’s commitment to implementing Good Corporate

To minimize the occurrence of conflict of interest, each

Governance (GCG) consistently in the management of the

Member of the Board of Commissioners is obligated to make

Company to achieve the already decided mission and vision.

a Special List, containing information on share ownership of Member of the Board of Commissioners and/or his family

Board Manual is created in view of the principles of legal

at the Company as well as other companies. The Special

corporation, provisions of Articles of Association, prevailing

List is kept and administered by Secretary of the Board of

rules and regulations, directions from Shareholder as well as

Commissioners.

best practices of Good Corporate Governance.


195


Contents of Board Manual Chapter I

Introduction Contains description on background, aims and purposes, as well as definition of items stated in Board Manual.

Chapter II


Chapter III

Directors

Chapter IV

Activities inter Organs of the Company Contains description on activities that need to be carried out in view of work relations between board of commissioners and directors, including board of commissioners – directors’ joint meetings and general meeting of shareholders.

Based on the Decision of the Board of Commissioners, arrangements of Board Manual relating to Board of Commissioners are provided in Chapter II on Board of Commissioners regulating the following:

DUTIES, OBLIGATIONS, AUTHORITIES AND RIGHTS COMPOSITION OF BOARD OF COMMISSIONERS COMMITTEES UNDER BOARD OF COMMISSIONERS BOARD OF COMMISSIONERS’ SECRETARY INTRODUCTORY AND CAPABILITY ADVANCEMENT PROFESSIONAL ETHICS ORGANIZATION AND PROCEDURES SUPERVISORY FUNCTION OF BOARD OF COMMISSIONERS PERFORMANCE AND REPORTING OF BOARD OF COMMISSIONERS

Board of Commissioners’ Meetings

principle of deliberation for consensus. In the event that decision

Throughout the year 2013, the Board of Commissioners

based on deliberation for consensus is not reached, decision is

periodically conducted meetings both internal meetings of the

then made by voting.

Board of Commissioners and Joint Meetings of the Board of Commissioners and the Directors.

Board of Commissioners’ Meetings consists of internal meetings and meetings by inviting the Directors to discuss various

The Board of Commissioners has had Rules of Board of

aspects of Jasa Marga’s operation, investment, HR and financial

Commissioners’ Meetings based on Letter No. KEP-73/DKJM/

management.

VIII/2005 dated 19 August 2005 on Guidelines for the Board of Commissioners, point (3) concerning Rules and Attendance. Decisions of the Board of Commissioners are made based on the


In 2013, the Board of Commissioners held 12 internal meetings.

196


Recapitulation of Attendance of the Board of Commissioners in Internal Meetings in 2013


Name

Highlights 2013

Number of Meetings Attended

Percentage of Attendance (%)

Management Report

Agoes Widjanarko

12

100


Ibnu Purna

12

100

Akhmad Syakhroza

6

50


Joyo Winoto

2

16



9

75

12

100



Note: Absence of Members of Board of Commissioners at meetings was due to their being assigned out of town or attending important meeting/event unable to be represented.

Besides the internal meetings, the Board of Commissioners

Board of Commissioners’ Meetings of 2013 among others

also holds Joint Meetings of Board of Commissioners and

discussed the following agenda:

Directors. The recapitulation of Board of Commissioners and

1. Aspect of Business Development

Glossary

Directors Joint Meetings is available in Relationship between


Board of Commissioners and Directors.

a. Follow up of policies of new toll roads investment in and outside Java. b. Evaluation on progress of new toll roads development.

The decisions made during Jasa Marga Board of Commissioners’ Meetings have been well recorded and documented in the Minutes of Meeting of the Board of Commissioners. The Minutes of Meeting is signed by meeting

c. Progress of Nusa Dua-Ngurah Rai-Benoa Toll Road project. d. Review on achievement of other businesses development.

chairman and all meeting participants and is then distributed

e. Evaluation on achievement of target to acquire toll

to all members of the Board of Commissioners who are both

road concessions: Evaluation on achievement of

present and absent at the meeting. Dissenting opinion along

acquisition of new toll roads in 2013.

with its reasons during the meeting will be stated in the minutes of meeting.

f. Report on progress of completion of new toll road projects scheduled to operate in 2014. g. Development of mass public transportation mode

To support the carrying out of its duties, the Board of

making use of toll road corridor.

Commissioners is assisted by the supporting organs consisting of Secretary of the Board of Commissioners, Audit Committee, Business Risk and Investment Committee. The discussion on Secretary of the Board of Commissioners, Audit

2. Aspect of Operation a. Progress of KTME (electronic entrance ticket) management.

Committee, Business Risk and Investment Committee is

b. Discussion on traffic services and quality on toll roads.

provided separately.

c. Evaluation on fulfillment of SPM of toll road sections by all Branches and 4 Subsidiaries, particularly on sections whose tariff will increase in 2013.


197


3. Aspect of Finance

d. Discussion on Management Report.

a. Evaluation on achievement of ROE and Operating Margin.

e. Review on and supervision of policies in management of

b. Review on evaluation on realization of RKAP compared to

Subsidiaries.

RJPP. c. Discussion on and decision of policies and strategies in preparing RKAP 2014. d. Discussion on Report on RKAP 2013 Prognosis until the end of 2013.

Procedures, Basis of Decision and Amount of Remuneration of Members of Board of Commissioners Referring to Article 96 Paragraph (1) of Law of Limited Liability Company No. 40 of 2007, the amount of salary and allowance of Directors is decided based on resolutions of GMS. This authority,

4. Aspect of Human Capital and General Affairs a. Evaluation on realization of job formation fulfillment.

based on Article 96 Paragraph (2) may be delegated to the Board of Commissioners.

b. Career development of Jasa Marga human capital: filling out of formation and direction of policies in employees’

Meanwhile, Article 113 of Law on Limited Liabilities Company No.

career development.

40 of 2007 regulates that the amount of salary and allowances

c. Mechanism/procedures of filling out formation at the Company and Subsidiaries.

of the Board of Commissioners are decided by GMS. The form of allowances, facilities, and other components included in the component of income (other than salary) refers to the Regulation

5. Aspect of Corporate Governance a. Report on results of improvement of Board Manual for

of the State Minister for SOEs No. Per-07/MBU/2010 dated 27 December 2010.

members of Board of Commissioners. b. Evaluation on and follow up of GCG implementation within the Board of Commissioners. c. Report on results of achievement of Board of Commissioners KPI (self-assessment) financial year 2012.

Procedures for Deciding the Remuneration of Members of the Board of Commissioners


GMS

• Conducting review on deciding remuneration

• Reviewing remuneration proposal

• Proposing to GMS

• Giving approval on remuneration

Remuneration of the Company’s Board of Commissioners has currently complied with the abovementioned regulation; hence the Board of Commissioners Remuneration consists of: 1. Salary/Honorarium. 2. Allowances. 3. Facilities. 4. Tantieme/Performance Incentive. 5. Post-Employment Insurance


198


The salary proportion is as follows:

achievements, financial condition and health along with


•

Chairman: 40% of President Director’s salary.

other relevant factors (merit system).

•

Commissioner Members: 36% of President Director’s salary.


Remuneration of the Board of Commissioners is decided by

Highlights 2013

Fixed remuneration such as salary/honorarium, allowances

Management Report

and facilities is decided while considering the factors of


the Company’s revenues, assets, financial condition and

Structure of Board of Commissioners Remuneration

capability, along with inflation rate and other relevant factors

Based on Regulation of State Minister for SOEs No. PER-07/

not contradicting with prevailing rules and regulations.

MBU/2010 on Guidelines on Deciding Remuneration of

Meanwhile, allowances and tantieme that are on variable

Directors, Board of Commissioners and Supervisory Board at

basis are decided while considering the factors of target

SOEs, Board of Commissioners remuneration structure is as


GMS and is valid for one year.

follows:


Structure of Board of Commissioners Remuneration Remuneration Structure 1. Salary (Decided by GMS/Minister). 2. Allowances. a. Religious Allowance. b. Communication Allowance. c. Post-Employment Benefits. d. Clothing Allowance. 3. Special Allowance of Board of Commissioners: Transportation Allowance. 4. Facilities: a. Vehicle (when not provided, it is substituted with Special Allowance of Board of Commissioners as stated in point 3 above, i.e. Transportation Allowance). b. Health insurance/medical treatment reimbursement. c. Professional Association. d. Legal Assistance. 5. Tantieme.

Realization of Board of Commissioners Remuneration 2013 Name/Job Title

Salary

(in Rupiah)

Allowances Month

Year

Transportation

Communication

8,800,000

2,200,000

Total/ Month

Total/Year

THR

Tantiem

44,000,000

689,981,225

55,000,000

1,393,981,225

Agoes Widjanarko – Chairman

44,000,000

Ibnu Purna – Commissioner

39,600,000

7,920,000

1,980,000

39,600,000

626,483,104

49,500,000

1,260,083,104

Akhmad Syakhroza – Commissioner

39,600,000

7,920,000

1,980,000

39,600,000

675,661,177

49,500,000

1,309,261,177

Joyo Winoto – Commissioner

39,600,000

7,920,000

1,980,000

39,600,000

675,661,177

49,500,000

1,309,261,177

Mayjen. (Purn.) Samsoedin – Independent Commissioner

39,600,000

7,920,000

1,980,000

39,600,000

675,661,177

49,500,000

1,309,261,177

Irjen. Polisi (Purn.) Michael Dendron Primanto – Independent Commissioner

39,600,000

7,920,000

1,980,000

39,600,000

675,661,177

49,500,000

1,309,261,177


199


Board of Commissioners Training/Competency Development Programs Training and competency development programs for the Board of Commissioners in the year 2013 are shown in the following table:

Competency Development Participated by Members of the Board of Commissioners in 2013 No. 1.

2.

Member of Board of Commissioners Irjen. Polisi (Purn.) Michael Dendron Primanto


Subject of Seminar/Workshop

Organized by

Date & Venue

Workshop of Board of Commissioners/ Supervisory Board of SOEs “Functions and Responsibilities of Board of Commissioners/Supervisory Board in Implementing Clean and Superior SOEs” Socialization of PER-19/MBU/2012 and PER-21/MBU/2012

BUMN EXECUTIVE CLUB

Wednesday, 16 January 2013 Grand Mutiara, The RitzCarlton Jakarta

Media Pekerja BUMN Tabloid

Friday-Saturday, 22-23 February 2013 Grand Inna Kuta, Bali Thursday-Friday, 07-08 March 2013

3.


Seminar on GSA-Governance SelfAssessment and SOP Design

Asia Anti Fraud

4.


Workshop of Executive & Commissioners/Supervisory Board of SOEs

BUMN EXECUTIVE CLUB

Wednesday, 03 April 2013 Mutiara Ballroom, The RitzCarlton Jakarta

5.


Pusat Studi Investasi dan Keuangan

Saturday, 29 June 2013 Novotel Hotel Semarang


Seminar on Tips and Tricks in Financial Reporting for SOEs’ Commissioners, Directors and Subsidiaries Business Executive Gathering 2013 of State Ministry for SOEs and SOEs: • Aspiration of Shareholder on Preparing the Management of SOEs IT in accordance with Regulation of State Minister for SOEs No. Per-02/ MBU/2013 dated 18 February 2013. • Sharing Session on IT Success Story by SOEs President Director

State Ministry for StateOwned Enterprises: Deputy for SOEs Strategic Plans and Restructuring

Monday, 01 July 2013 Birawa Assembly Hall, Bidakara Hotel, Jakarta

7.


Keeping Away from Corruption with Conscience and Logical Thinking


Friday, 01 November 2013 Aston Primera Hotel, Bandung

8.


CEO Networking

IDX (Indonesia Stock Exchange)

Tuesday, 05 November 2013 Bali Pecatu Indah, Pecatu Bali

9.


Leading Transformation

Hay Group

Wednesday-Thursday, 27-28 November 2013 Shanghai

10.


Prospect of Indonesia’s Economy 2014: Economic Challenges amidst the Year of Politics

Komite Ekonomi Nasional (National Economic Committee)

Tuesday, 03 December 2013 Golden Ballroom, Sultan Hotel, Jakarta

11.


Board Nomination and Election that Creates Real Value (The Public Launch of OECD Report on Board Nomination and Election in Asia)

Indonesian Institute for Corporate Directorship (IICD)

Wednesday, 04 December 2013 Four Seasons Hotel, Jakarta

12.


2-Day Workshop on Assessment Based on Decision of Secretary of State Ministry for SOEs No. SK-16/S.MBU/2012


Thursday-Friday, 19-20 December 2013 Grand Royal Panghegar Hotel, Bandung

6.

Agoes Widjanarko


200


Decision of Board of Commissioners in 2013


As part of the implementation of its duties and responsibilities, the Board of Commissioners of Jasa Marga continues to


encourage the execution of supervisory decision and more effective advisory. In 2013, the Board of Commissioners has issued various supervisory decisions, consisting of among others as follows:


Decision of Board of Commissioners in 2013 Reappointment of Members of Audit Committee of PT Jasa Marga (Persero) Tbk. Extension of Assignment Period of Personnel of Secretariat of Board of Commissioners of PT Jasa Marga (Persero) Tbk.


Amendment to the Charter of Business Risk and Investment Committee of PT Jasa Marga (Persero) Tbk.


Revision to Decision of Honorarium Amount for Meetings Held by Committees of Board of Commissioners of PT Jasa Marga (Persero) Tbk.


Forming of Committee of Price Negotiation for Public Accountant Services of PT Jasa Marga (Persero) Tbk. Financial Year 2013. Reappointment of Members of Business Risk and Investment Committee of PT Jasa Marga (Persero) Tbk. Appointment of Expert in Engineering for the Board of Commissioners of PT Jasa Marga (Persero) Tbk.


Appointment of Member of Board of Commissioners to Chair Annual GMS Financial Year 2012 and Extraordinary GMS 2013 of PT Jasa Marga (Persero) Tbk. on 29 April 2013.

Glossary

Revision to Extension of Assignment Period of Personnel of Secretariat of Board of Commissioners of PT Jasa Marga (Persero) Tbk.


Period Extension and Additional Personnel of Team of New Toll Development Acceleration.

Revision to Decision of Board of Commissioners of PT Jasa Marga (Persero) Tbk. on the Convening of General Meeting of Shareholders and Appointment of Member of Board of Commissioners to Chair GMS of PT Jasa Marga (Persero) Tbk. on 29 April 2013.

Decision and Appointment of Head of Good Corporate Governance Implementation Monitoring at Secretariat of Board of Commissioners of PT Jasa Marga (Persero) Tbk. Approval and Ratification of Revision to Corporate Budget and Work Plan of PT Jasa Marga (Persero) Tbk. Financial Year 2013. Approval and Ratification of Corporate Long-Term Plan 2013-2017 of PT Jasa Marga (Persero) Tbk. Decision and Appointment of Secretary of Board of Commissioners of PT Jasa Marga (Persero) Tbk.

Recommendations from Board of Commissioners

Committees under Board of Commissioners

The follow ups of all decisions of Board of Commissioners

As corporate organs supporting the Board of Commissioners,

and Directors Joint Meetings stated in Minutes of Meeting

the committees under the Board of Commissioners are

are always monitored in the next meeting. The Board of

collectively in charge of and responsible for assisting the

Commissioners carries out its duties and functions in giving

Board of Commissioners in carrying out the functions

advice, among others by giving Board of Commissioners

of supervision and giving advice to the Directors. The

recommendations to the Directors.

Committees supporting Jasa Marga Board of Commissioners consist of Audit Committee and Business Risk and Investment Committee. Explanation on the Committees of the Board of Commissioners is provided separately.


201


Directors

and may be re-appointed based on resolutions of GMS. The term of office of each member of Directors is terminated in the case

Directors are the Company’s organ that is collectively in charge of

of resignation, non-compliance with requirements, death, and

and responsible for managing the Company and implementing

dismissal by the Board of Commissioners or based on resolutions

GCG at the entire levels of the organization. In carrying out their

of GMS. The appointment of Directors has passed the process of fit

duties, the Directors are accountable to GMS. The Board Directors’

& proper test in accordance with prevailing rules and regulations

accountability to GMS is the realization of the accountability

as well as provision on GCG. The entire members of Directors have

of managing the Company in the framework of GCG principles

integrity, as well as sufficient competencies and reputation.

implementation. The composition of the Directors are decided in order that Members of the Directors are appointed and dismissed by the

management activities are carried out in accordance with the

General Meeting of Shareholders (GMS), in which the Shareholder

Company’s Vision and Mission, as well as short-term and long-

of Series A Dwiwarna Shares is required to attend and the decision

term plan. The Company’s Directors consists of five Directors with

of GMS is approved by the Shareholder of Series A Dwiwarna

the following composition:

Shares.

COMPOSITION OF JASA MARGA DIRECTORS Name

Job Title

Adityawarman Hasanudin Abdul Hadi Hs. Reynaldi Hermansjah Muh Najib Fauzan

Legal Basis of Appointment

President Director Operation Director Business Development Director Finance Director Human Capital and General Affairs Director

Resolutions of Extraordinary GMS on 30 January 2012 Resolutions of Extraordinary GMS on 30 January 2012 Resolutions of Extraordinary GMS on 30 January 2012 Resolutions of Extraordinary GMS on 30 January 2012 Resolutions of Extraordinary GMS on 30 January 2012

Requirements, Membership and Composition of Directors

Directors’ Fit and Proper Test

All members of the Directors of the Company have complied with

All members of Jasa Marga Directors have integrity, competencies,

prevailing formal and material requirements. Formal requirements

reputation, experience along with expertise that are required in

are general, in accordance with prevailing rules and regulations,

undertaking their functions and duties.

while material requirements are specific, adjusted in accordance The mechanism for selecting or nominating the candidate of

with the needs and nature of the Company’s business.

members of Directors is regulated by the Regulation of State The Company’s Directors consist of five (5) members, namely

Minister for SOEs No. PER-06/MBU/2012 dated 21 May 2012.

one (1) President Director and four (4) Directors. All members of

The Shareholder of Dwiwarna conducts fit and proper test in

Directors are domiciled in Indonesia. Directors are appointed by

cooperation with independent party. The results provided by

GMS, with the term of office of five (5) years for each member

the independent party are then proposed to GMS for further processed.

Based on the abovementioned regulation, the table of fit and proper test status for each Director in office in 2013 is as follows:

Status Uji Kemampuan dan Kepatutan Direksi Jasa Marga Name

Lulus Fit And Proper Test

Adityawarman

✓

Hasanudin

✓

Abdul Hadi Hs.

✓

Reynaldi Hermansjah

✓

Muh Najib Fauzan

✓


202


Duties and Responsibilities of the Directors

accordance with the mandate of the Shareholders as stated in


In performing their duties and responsibilities, the Directors

the in the resolution of GMS. The Directors are accountable for

always refer to and use the guidance from Company’s Articles

the carrying out of their duties to the shareholders through

of Association as well as internal provisions and prevailing

GMS. The Directors continuously follow up the findings

Highlights 2013

rules and regulations. The Directors’ main duties are follows:

of audit and recommendations resulted from the audit of

Management Report

•

To lead and manage the Company in accordance with the

internal auditors carried out by the Internal Auditing Unit

Company’s objectives and aims, as well as to continuously

as well as external auditor. Members of the Directors are

make every effort to improve efficiency and effectiveness

appointed and dismissed by GMS.



of the Company.


•


The Directors undertake their duties of managing the

No. 60/KPTS/2009 dated 30 March 2009, the duties and

Company for the interest and objectives of the Company, and

responsibilities of each member of the Directors are as

represent the Company both inside or outside the court in

follows:


To control, maintain and manage the Company’s assets.

In order to further synchronize with the Vision and Mission of the Company, based on the Decision of the Directors


Name:

Adityawarman

Job Title:

President Director

Duties and Authorities:

To lead and ensure: a. The achievement of the Company’s targets based on its objectives and aims, Vision and Mission, as well as RJPP (corporate long-term plan) and the responsibility of the running of the Company. b. The implementation of management and control of the functions the Corporate Secretary, Internal Control and Risk Management.

Name:

Hasanudin

Job Title:

Operation Director

Duties and Authorities:

To lead and ensure the achievement of the Company’s targets based on the Company’s objectives and aims, Vision and Mission, and RJPP, and being responsible for the running of the Company in the field of toll road operation and maintenance, comprising: a. Toll road operation in order to provide excellent service to toll road users. b. Toll fees collection. c. Maintenance and improving toll roads along with the facilities carried out either by the Company or in cooperation with business partner. d. Toll road security system. e. Risk management related to toll road operation as well as maintenance and improving toll roads along with the facilities.

Name: Job Title: Duties and Authorities:

Abdul Hadi Hs. Business and Development Director To lead and ensure the achievement of the Company’s targets based on the Company’s objectives and aims, Vision and Mission, and RJPP, and being responsible for the running of the Company in the field of business development, which covers: a. Management of investment activities in developing new toll roads carried out either by the Company, Subsidiaries and/or in cooperation with business partner. b. Management of activities of developing other businesses by maximizing the potential sources of the Company, Subsidiaries and/or in cooperation with business partner. c. Supervision and control the performance of the Subsidiaries. d. Management and development of technology in toll roads and other businesses development. e. Risk management related to investments in new toll road development and in other businesses.



203


Name:

Reynaldi Hermansjah

Job Title: Tugas dan Wewenang:

Finance Director To lead and ensure the achievement of the Company’s targets based on the Company’s objectives and aims, Vision and Mission, and RJPP, and being responsible for the running of the Company in the field of finance along with the Company’s information and technology, comprising: a. RKAP (corporate work and budget plan) and RJPP. b. Financial control of the Company. c. Management of the Company’s financial investment portfolio. d. Management of the Company’s information technology. e. Risk management for finance-related policies. f. Management of partnership program and community development program (PKBL).

Name: Job Title: Duties and Authorities:

Muh Najib Fauzan Human Capital & General Affairs Director to lead and ensure the achievement of the Company’s targets based on the Company’s objectives and aims, Vision and Mission, and RJPP, and being responsible for the running of the Company in the field of human capital development, activities in general affairs and legal, comprising: a. Development of the Company’s organization and management. b. Development of system and procedure of the human capital management. c. Development of competency of the human capital. d. Development and preservation of corporate culture. e. Management of the activities of logistics and the Company’s assets security as well as other general affairs activities. f. Management of legal service function. g. Risk management related to policies in management and development of human capital, general affairs and legal matters. h. Management and supervision of the implementation of Good Corporate Governance principles within the Company.

The additional duty and authority of Human Capital and General

those that would conflict with the rules and regulations as well as

Affairs Director in relation to the management and supervision

with the Company’s Articles of Association, which materially may

of the implementation of Good Corporate Governance principles

intrude on the objectivity and independence of the Directors in

within the Company is based on the Decision of the Directors No.

carrying out their tasks that are intended solely for the interests

199/KPTS/2011 dated 30 December 2011 on the Change in the

of the Company. Based on the Company’s Articles of Association,

Decision of the Directors of PT Jasa Marga (Persero) Tbk. No. 60/

among members of Directors and between each member of the

KPTS/2009 on Distribution of Duties and Authorities of Directors

Directors and each member of the Board of Commissioners is

(the addition of Letter h in Article 1 Paragraph (5) in Decision of

not related by blood within the third degree, both vertically and

the Directors of PT Jasa Marga (Persero) Tbk. No. 60/KPTS/2009 on

horizontally, or by marriage.

Distribution of Duties and Authorities of Directors). Directors’ Dual Positions With the said additional duty and authority, Jasa Marga Directors

Based on Article 11 Paragraph (13) of the Company’s Articles of

have then appointed one member of the Directors, i.e. Human

Association, members of the Directors are prohibited to hold dual

Capital and General Affairs Director as the Director responsible

positions as:

for the implementation and supervision of GCG at the Company.

1. Member of Directors at SOEs, local government-owned

This also shows that the Company responds to the enactment of

enterprises, and private owned enterprises, as well as other

the Decision of the Secretary to the State Ministry for SOEs No.

positions that may cause conflict of interest.

SK-16/S.MBU/2012 dated 06 June 2012 on indicators/parameters

2. Other structural and functional positions at any central and

of assessment and evaluation of Good Corporate Governance

local government institutions.

implementation at SOEs.

3. Other positions according to prevailing rules and regulations.

Independence of Directors

In 2013, none of the members of Jasa Marga Directors holds dual

The Directors are appointed to run all actions related to the

positions as stated in Article 11 Paragraph (13) of the Company’s

management of the Company or relationship with other parties

Articles of Association.

independently without interference of any other parties or of


204


Directors’ Work Guidelines and Rules (Board Charter)

duties to reach the Company’s Vision and Mission, while


In carrying out their duties, the Directors refer to the work

achieving high work standard in line with the principles of


guidelines for Board of Commissioners and Directors

GCG.

Highlights 2013

work procedures for the Board of Commissioners and

Board Manual is created in view of the principles of legal

Management Report

Directors and explanation on stages of activities in manners

corporation, provisions of Articles of Association, prevailing


that are well-structured, systematic, easily understood,

rules and regulations, directions from Shareholder as well as

applicable consistently, and serving as reference for Board

best practices of Good Corporate Governance.


(Board Manual). Board Manual comprises guidelines on

of Commissioners and Directors in carrying out each of their

Contents of Board Manual Chapter I

Introduction Contains description on background, aims and purposes, as well as definition of items stated in Board Manual.

Chapter II

Board of Commissioners Contains description on Board of Commissioners, consisting of duties, obligations, authorities, rights, requirements, membership, introductory, professional ethics, meetings, performance evaluation, committees and board of commissioners’ secretary.

Chapter III

Directors Contains description on Directors, consisting of duties, obligations, authorities, rights, requirements, membership, introductory program, professional ethics, meetings, performance evaluation, relationship between board of commissioners and directors, corporate secretary and internal control system.

Chapter IV

Activities inter Organs of the Company Contains description on activities that need to be carried out in view of work relations between board of commissioners and directors, including board of commissioners – directors’ joint meetings and general meeting of shareholders.


Arrangements of Board Manual relating to Directors are provided in Chapter III on Directors regulating the following:

DUTIES OBLIGATIONS AUTHORITIES RIGHTS REQUIREMENTS MEMBERSHIP INTRODUCTORY AND CAPABILITY ADVANCEMENT PROGRAM PROFESSIONAL ETHICS MEETINGS PERFORMANCE EVALUATION CORPORATE SECRETARY INTERNAL CONTROL SYSTEM


205


Directors Training/Seminar Activities In 2013, the members of the Company’s Directors have participated in trainings and seminars as follows:

Competency Development of Members of Directors in 2013 No.

Director

Title of Training/Seminar

Date(s) of Training

1.

Muh Najib Fauzan

Seminar on GSA-Governance Self-Assessment and SOP Design

07-08 March 2013

2.

• Hasanudin • Reynaldi Hermansjah • Muh Najib Fauzan Muh Najib Fauzan

Live One Day Seminar with Philip Kotler

18 March 2013

Workshop on Transforming Your Organization in the Digital Era: Planning, Strategy, and Building Digital Team Socialization on Communication and Information in Critical Condition

17 April 2013

3. 4.

5. 6.

• Adityawarman • Hasanudin • Abdul Hadi Hs. • Reynaldi Hermansjah • Muh Najib Fauzan Adityawarman Muh Najib Fauzan

7. 8.

Muh Najib Fauzan Muh Najib Fauzan

APEC CEO Summit Indonesia 2013 Keeping Away from Corruption with Conscience and Logical Thinking Hay Group International Conference Workshop on Assessment Based on Decision of Secretary of State Ministry for SOEs No. SK-16/S.MBU/2012

20 September 2013

05-07 October 2013 01 November 2013 27-28 November 2013 19-20 December 2013

Directors’ Meetings In 2013, the Directors have held 45 Directors’ internal meetings.

Recapitulation of Attendance of Directors in Directors’ Meetings in 2013 No.

Name

Job Title


Percentage of Attendance

1.

Adityawarman

President Director

44

97

2.

Hasanudin

Operation Director

41

91

3.

Abdul Hadi Hs.


35

77

4.

Reynaldi Hermansjah

Finance Director

43

95

5.

Muh Najib Fauzan


43

95

Note: Absence of Members of Directors at meetings was due to their being assigned out of town or attending important meeting/event unable to be represented.

Decisions made in Jasa Marga Directors’ Meetings have been well recorded and documented in Directors’ Minutes of Meeting which are signed by meeting chairman and distributed to all members

2. Operation a. Permission to opening access on Jakarta-Tangerang Toll Road km 11 and Sedyatmo Toll Road km 31

of Directors who are both present and absent at the meetings.

b. Land acquisition for expansion of Cengkareng Toll Gate

Dissenting opinion along with its reasons during the meeting will

c. Contract on Capex on JORR

be stated in the Minutes of Meeting. 3. Finance Agenda of Directors’ Meeting among others were as follows:

a. Report on dividend payment

1. Business Development a. Report on progress of 7 new toll road sections

4. Human Capital and General Affairs

b. Follow up of cooperation in monorail development

a. Report on follow up of GMS

c. PT SMU as operator of TIP (Rest and Services Area) km 29 A

b. Decision on price of legal consultant for Thamrin Tanjung

on Sedyatmo Toll Road

case

d. Plan to acquire PT Ismawa

c. Decision on TOR of Legal Consultant for Purbaleunyi case

e. Completion of land on JORR W2 North

d. Decision on consultant to review on outsourced labors e. Filling out of formation of GM Human Capital Services and VP Highway and Traffic Engineering


206


Decisions of Directors in 2013

finance, and business operation, as well as strategic aspect.


In 2013, members of the Directors have issued various

The Directors have issued a total of 184 decisions in 2012.


decisions in the aspects of human resources management,

Highlights 2013 Management Report Management Discussion and Analysis New Projects Development Human Capital Management Corporate Governance Corporate Social Responsibility Statement of Members of the Board of Commissioners and Directors on the Responsibility for Annual Report 2013 Glossary

Decisions of Directors in 2013 •

Whistleblowing System of PT Jasa Marga (Persero) Tbk.

•

Forming of Team of Whistleblowing System Management of PT Jasa Marga (Persero) Tbk.

•

Standard Operating Procedures on Control of Project Implementation within the Company.

•

Standard Operating Procedures on Implementation of Procurement of Goods/Services within the Company.

•

Religious Allowance in 2013.

•

Honorarium for Meeting Participants from Outside the Company.

•

Presenting of Loyalty Award to Employees of PT Jasa Marga (Persero) Tbk. for the Period of March 2013.

•

Organization Structure of PT Jasa Marga (Persero) Tbk.

•

Job Identification of PT Jasa Marga (Persero) Tbk.

•

Description of Functional Positions at PT Jasa Marga (Persero) Tbk.

•

Organization Structure of Type A and Type B Branch Offices of PT Jasa Marga (Persero) Tbk.

•

Organization Structure of Jasa Marga Development Center (JMDC) Unit.

•

Employees Scholarship.

•

Vision, Mission and Values of the Company.


Procedures, Basis of Decision and Amount of

Meanwhile, Article 113 of Law on Limited Liabilities Company

Remuneration of Members of Directors

No. 40 of 2007 regulates that the amount of salary and

Referring to Article 96 Paragraph (1) of Law of Limited Liability

allowances of the Directors are decided by GMS.

Company No. 40 of 2007, the amount of salary and allowance of Directors is decided based on resolutions of GMS. This authority, based on Article 96 Paragraph (2) may be delegated to the Board of Commissioners.

Prosedur Penetapan Remunerasi Anggota Dewan direksi

Directors

GMS

• Conducting review on deciding remuneration

• Reviewing remuneration proposal

• Proposing to GMS

• Giving approval on remuneration


207


The form of allowances, facilities, and other components

Remuneration of the Company’s Board of Commissioners has

included in the component of income (other than salary) refers

currently complied with the abovementioned regulation; hence

to the Regulation of the State Minister for SOEs No. Per-07/

the Board of Commissioners Remuneration consists of:

MBU/2010 dated 27 December 2010 on Guidance on Deciding

1. Salary/Honorarium.

the Remuneration of Directors, Board of Commissioners and

2. Allowances.

Supervisory Board of SOEs.

3. Facilities. 4. Tantieme/Performance Incentive.

Fixed remuneration such as salary/honorarium, allowances and facilities is decided while considering the factors of the Company’s

Structure of Directors Remuneration

revenues, assets, financial condition and capability, along with

Based on Regulation of State Minister for SOEs No. PER-07/

inflation rate and other relevant factors not contradicting with

MBU/2010 on Guidelines on Deciding Remuneration of Directors,

prevailing rules and regulations. Meanwhile, allowances and

Board of Commissioners and Supervisory Board at SOEs, Directors

tantieme that are on variable basis are decided while considering

remuneration structure is as follows:

the factors of target achievements, financial condition and health along with other relevant factors (merit system).

Structure of Directors Remuneration 1. Salary (Decided by GMS/Minister). 2. Allowances. a. Religious Allowance. b. Communication Allowance. c. Post-Employment Benefits. d. Clothing Allowance. 3. Special Allowance of Directors: a. Annual Leave Allowance. b. Long Leave Allowance. c. Housing Allowance. d. Utilities Expenses Allowance. 4. Facilities: e. Vehicle. f. Health Insurance/Medical Treatment Reimbursement. g. Professional Association. h. Legal Assistance. 5. Special Facilities of Directors: a. Company House. b. Club Membership/Corporate Member. c. Representation and Entertainment. 6. Tantieme.

The remuneration 2013 and Tantieme Financial Year 2012 for

Commissioners refer to the provisions stipulated in the Regulation

members of Directors was based on the Decision of the Board

of State Minister for SOEs No. Per-07/MBU/2010 dated 27

of Commissioners No. KEP-00102/VI/2012 dated 09 June 2012

December 2010.

on Decision of Remuneration 2013 and Tantieme Financial Year 2012 for Members of the Directors and Members of the Board

Tantieme for the Directors and Board of Commissioners for the

of Commissioners of PT Jasa Marga (Persero) Tbk. Based on the

performance in 2011 was decided Rp 16,748,000,000 (sixteen

said decision, the salary of President Director was Rp 110,000,000

billion, seven hundred forty-eight million Rupiah) and is divided in

(one hundred and ten million Rupiah) monthly, whereas that

accordance with the Composition of Job Factor as well the term of

of other members of Directors was 90% of President Directors’

office of each member of Directors and Board of Commissioners

salary. The allowances and facilities for the Directors and Board of

during the financial year.


208


Realization of Directors Remuneration 2013


Types of remuneration received by Directors in 2013 were as follows:


Realization of Directors Remuneration 2013 (in Rupiah)

Highlights 2013

Name & Job Title

Salary/Year

Allowances/Year

Total Net/Year


Housing

Utilities

Religious

Tantieme

Adityawarman – President Director

1,320,000,000

252,000,000

75,600,000

110,000,000

1,765,398,248

3,522,998,248

Hasanudin – Operation Director

1,188,000,000

252,000,000

75,600,000

99,000,000

1,483,707,763

3,098,307,763

Abdul Hadi Hs. – Business Development Director

1,188,000,000

252,000,000

75,600,000

99,000,000

1,606,652,941

3,221,252,941


Reynaldi Hermansjah – Finance Director

1,188,000,000

252,000,000

75,600,000

99,000,000

1,606,652,941

3,221,252,941

Muh Najib Fauzan – Human Capital & General Affairs Director

1,188,000,000

252,000,000

75,600,000

99,000,000

1,483,707,763

3,098,307,763



Perbandingan klasifikasi remunerasi Direksi tahun 2013 dan 2012 dapat dilihat pada tabel sebagai berikut:


Comparison of Directors Remuneration Classification in 2013 and 2012 Amount of Remuneration per person in 1 Year

2013

2012

Above Rp 1 billion

5

5

Between Rp 500 million and Rp 1 billion

-

-

Below Rp 500 million

-

-

Relationship between Board of Commissioners and Directors The duties and responsibilities of the Board of Commissioners and Directors as two corporate organs are separated as each has different daily operation. Board of Commissioners main task is supervising and giving advice whereas Directors main

organizational structure as well as decision of directors and commissioners of Subsidiaries, the Directors require Board of Commissioners formal approval. All procedures, work guidelines and relationship between the Board of Commissioners and Directors have been decided

task is managing the operation of the Company.

in Board Manual, binding each member of the Board of

The Board of Commissioners and Directors respect and

responsibilities, duties, authorities, rights, and ethics of Board

understand each other’s duties, responsibilities and authorities according to prevailing rules and regulations as well as Articles of Association. The Board of Commissioners and Directors are required to coordinate and cooperate to reach business objective and sustainability in the long run

Commissioners and Directors and stipulating among others of Commissioners and Directors, as well as arrangements of meetings and procedures of work relations between Board of Commissioners and Directors. In order to unite the views and to decided significant

and serve as role model to those in the lower levels.

matter concerning the Company’s business sustainability

Informal relationship may be carried out by each member

schedule periodic discussion in Board of Commissioners and

of the Board of Commissioners and Directors; however, it does not have legal force until being decided through legal mechanism in accordance with prevailing rules and regulations as well as Articles of Association of the Company. In certain strategic issues related to asset, loan, equity,


and operation, the Board of Commissioners and Directors Directors’ Joint Meetings. The periodic meetings are held to discuss various agenda in relation to work plan, operational activities, business opportunities, along with strategic issues requiring Board of Commissioners’ approval. The said meetings serve as the form of coordination to discuss

209


Directors’ periodic reports and give feedbacks, notes and advice

Commissioners with conflicting interest is not allowed to vote and

which are all stipulated in the Minutes of Meeting.

information on this matter is stated in the Minutes of Meeting.

Meeting decisions, made based on either the principle of

Throughout 2013, the Board of Commissioners and Directors have

deliberation for consensus or voting, are binding and are to be

held 17 Joint Meetings of Board of Commissioners and Directors.

followed up. In the voting process, any member of the Board of

The following table shows the attendance of each member of the Board of Commissioners and Directors.

Attendance of Board of Commissioners and Directors in Board of Commissioners and Directors’ Joint Meetings in 2013 Name

Job Title

Number of Attendance

Percentage of Attendance (%)

Agoes Widjanarko

Chairman

16

94

Ibnu Purna

Commissioner

17

100

Akhmad Syakhroza

Commissioner

12

70

Joyo Winoto

Commissioner

2

11



14

82



17

100

Adityawarman

President Director

17

100

Hasanudin

Operation Director

16

94

Abdul Hadi Hs.


17

100

Reynaldi Hermansjah

Finance Director

15

88

Muh Najib Fauzan


13

76

Note: Absence of Members of Board of Commissioners and Directors at meetings was due to their being assigned out of town or attending important meeting/event unable to be represented.

Assessment of Board of Commissioners and Directors

The criteria for performance assessment of the Directors consist of: 1. Implementation of duties and responsibilities of each member of the Directors according to the Articles of Association.

Assessment Implementation Process

2. Implementation of resolutions of Annual GMS of 2012.

The Shareholders, through the mechanism of GMS, conduct

3. Achievement and realization of RKAP (work and budget plan).

assessment of the performance of the Board of Commissioners and Directors. Additionally, the Board of Commissioners also

Results of Assessment on GCG of Board of Commissioners and

creates guidelines on self-assessment of the performance of the

Directors

Board of Commissioners by issuing Decision Letter of the Board of

In 2013, assessment on GCG implementation of Directors and

Commissioners No. KEP-00177/XI/2012 on Decision of Revision to

Board of Commissioners was carried out and the process was in

Performance Assessment System of the Board of Commissioners of

accordance with GCG assessment reference developed by the

PT Jasa Marga (Persero) Tbk. in 2012.

State Ministry for SOEs based on the Decision of the Secretary of State Ministry for SOEs No. SK-16/S.MBU/2012 dated 06 June 2012.

Performance Assessment Criteria

The assessment results showed that Board of Commissioners

The criteria for performance assessment of the Board of

and Directors each achieved the score of 93.78% and 95.91%,

Commissioners are as follows:

respectively.

1. GMS. 2. Financial Supervision.

In general, GCG assessment of the Board of Commissioners

3. Operational Supervision.

consists of the following aspects:

4. Development Supervision.

1. Board of Commissioners participates in continuous training

5. Human Resources. 6. Compliance Supervision. 7. Board of Commissioners’ Internal Process.

and learning programs. 2. Board of Commissioners distributes duties, authorities and responsibilities clearly and determines factors required to support the carrying out of Board of Commissioners’ duties.


210


3. Board of Commissioners conducts supervision on the implementation of policies of managing Subsidiaries/joint

4. Directors nurture relationship that adds value to the Company and the Stakeholders. 5. Directors monitor and manage potential conflict of

ventures. 4. Board of Commissioners plays the role in candidacy of members of Directors, performance assessment of

interest of members of Directors and the Management under the Directors. 6. Directors ensure that the company performs

Management Report

Directors (individual and collegial) and proposes tantieme/


performance incentive based on prevailing rules and

communication and information disclosure according

regulations as well as Directors’ performance.

to prevailing rules and regulations and submission of


5. Board of Commissioners performs required actions in relation to potential conflict of interest. 6. Board of Commissioners monitors and ensures that the practices of Good Corporate Governance have been effectively and continuously implemented. 7. Board of Commissioners holds effective Board of Commissioners’ Meetings and attends Board of Commissioners’ Meetings in accordance with prevailing

information to the Board of Commissioners and the Stakeholders is in a timely manner. 7. Directors hold Directors’ Meetings and attend Directors’ Meetings according to prevailing rules and regulations. 8. Directors are obligated to carry out effective internal supervision of high quality. 9. Directors carry out the function of effective Corporate Secretary of high quality. 10. Directors convene Annual GMS as well as other GMS in

rules and regulations. 8. Board of Commissioners has Secretary of Board of

accordance with prevailing rules and regulations.

Commissioners to support secretarial duties of Board of Directors’ Key Performance Indicator

Commissioners. 9. Board of Commissioners has effective Committee of Board

Performance of the Management is measured using Key Performance Indicator based on Criteria for Excellent

of Commissioners.

Performance Assessment (Kriteria Penilaian Kinerja Unggul In general, GCG assessment of the Directors consists of the

– KPKU) for State-Owned Enterprises (SOEs) referring to

following aspects:

Letter of State Ministry for SOEs No. S-08/S.MBU/2013 dated

1. Directors have introductory and training/learning

16 January 2013 on Performance Reporting Based on the

programs and carry out the programs continuously. 2. Directors carry out operational and financial control of the

Approach of Criteria for Excellent Performance Assessment (Kriteria Penilaian Kinerja Unggul – KPKU) for SOEs. The

implementation of the Company’s policies and plan.

measurements of Directors’ performance are divided into five

3. Directors carry out the management of Company in

(5) perspectives with a total of eighteen (18) key performance

accordance with prevailing rules and regulations as well as

indicators as follows:

the Articles of Association.

Perspective

Finance and Market

Customer Focus

Efektivitas Produk dan Proses

Labor Focus

Leadership, Corporate Governance and Community

Key Performance Indicator

1. 2. 3. 4. 5. 6. 7. 8. 9. 10. 11. 12. 13. 14. 15. 16. 17. 18.

Return on Average Equity (ROE) Net Profit Margin Operating Margin Market Share of Length of Toll Road in Kilometer Non-Toll Revenues Market Share of Transaction Traffic Volume Toll Road Users Satisfaction Index SPM Fulfillment Number of Toll Road Concessions Acquired Progress of Toll Road Projects Average Transaction Time Average Travel Speed on Toll Road compared to that on Non-Toll Road Human Capital Readiness – Job Formation Fulfillment Human Capital Readiness – Competencies Fulfillment KPKU Score GCG Score IT Implementation Corporate Social Responsibility Programs


211


The said measurements of Directors performance are agreed and

in creating KPI (Key Performance Indicator) of the Board of

signed jointly by Directors and serves as part of the Management

Commissioners, the Company was assisted by the Management

Contract between the Board of Commissioners and Directors.

Institute of the Economics Faculty of the University of Indonesia (Lembaga Manajemen Fakultas Ekonomi Universitas Indonesia –

Party Conducting Assessment

LMFE UI).

In 2013, assessment activity of the Directors was carried out by the Board of Commissioners whereas assessment of the Board

GCG assessment activity in 2013 was conducted in the form of

of Commissioners was carried out by means of self-assessment,

self-assessment following up the recommendations of results of

in which a member of Board of Commissioners was assessed by

GCG assessment in 2012.

another member of the Board of Commissioners. Meanwhile,

Directors of Direksi PT Jasa Marga (Persero) Tbk.

Policies in Directors Successor In order to realize transparent and accountable process and

Together with the Board of Commissioners, Directors select

mechanism of selecting and changing the members of Directors,

potential candidates for future leaders with excellent personal

the Company has complied with the requirements and procedures

quality along with sufficient experience and expertise to

stipulated in Regulation of State Minister for SOEs No. PER-04/

hold the positions one level below Directors and Directors at

MBU/2009 dated 16 November 2009 that was amended with

Subsidiaries. These leaders are expected to be the next members

Regulation No. PER-08/MBU/2010 dated 31 December 2011, and

of the Directors in the future deriving from the Company’s

PER-01/MBU/2012 dated 20 January 2012 on Requirements and

internal top managers.

Procedures of Appointment and Dismissal of Members of Directors of State-Owned Enterprises.

Three (3) of the current members of the Directors of the Company were members of the Directors in the previous period,

The Company prepares its leaders’ successors though the

whereas two (2) of the present members of the Directors came

mechanism of Talent Management System. By identifying 14 key

from the Company’s internal structural managers, one level

positions for executive leaders and 33 positions of Directors of

below Directors.

Subsidiaries, the Company develops the competencies of future leaders by conducting Corporate Leadership program.


212


Committee

Profile of the Company Transformation of Jasa Marga Highlights 2013 Management Report Management Discussion and Analysis New Projects Development Human Capital Management Corporate Governance

Audit Committee The Company’s Audit Committee is decided by the Decision

The Company’s Audit Committee consists of one (1) Chairman

of the Board of Commissioners No. KEP-0007/I/2012 dated

that is also Committee member and two (2) Committee

16 January 2012 on Dismissal and Appointment of Audit

members.

Committee of the Company. Members of Audit Committee are dismissed in the case of termination of term of office

The composition of Audit Committee of the Company is as

and termination based on Decision of the Board of

follows:

Commissioners, non-compliance with required performance and/or incompetence in carrying out the duties.

Composition of Jasa Marga Audit Committee



Chairman and member - Independent Commissioner

Agita Widjajanto

Member – Expert for Technical Aspect

Rustam Wahjudi

Member – Expert for Administration and Financial Aspect


Legal Basis on the Forming of Audit Committee

members. The Board of Commissioners then conducts

Audit Committee of the Company was formed based on the

meeting to decide the selected members of Audit Committee.

following rules/regulations:

Next, the decision and appointment of Audit Committee

1. Law of the Republic of Indonesia No. 19 of 2003 on State-

members is carried out through the Decision Letter of the

Owned Enterprises.

Board of Commissioners.

2. Decision of the Directors of the Jakarta Stock Exchange No. Kep-305/BEJ/07-2004 dated 19 July 2004 on

All Jasa Marga Audit Committee Members have integrity, as

Regulation No. I-A on Listing of Shares (Stock) and

well as good financial competencies and reputation.

Equity-Type Securities Other than Stock Issued by Listed Companies. 3. Decision of Chairman of Bapepam-LK No. Kep-29/

Duties and Responsibilities of Audit Committee In accordance with Regulations of the State Minister for State-

PM/2004 dated 24 September 2004 Attachment:

Owned Enterprises No. PER-05/MBU/2006 dated 20 December

Regulation IX.I.5 on Forming and Guidelines on Audit

2006 on Audit Committee for State-Owned Enterprises, the

Committee Implementation.

main function of Audit Committee is to assist the Board of

4. Law of the Republic of Indonesia No. 40 of 2007 on Limited Liability Companies. 5. Regulation of the State Minister for SOEs No. PER-05/

Commissioners in fulfilling the supervision function in order that the management of the Company is able to take place efficiently and effectively. In carrying out the duties and

MBU/2006 dated 20 December 2006 on Audit Committee

report, Audit Committee is independent and reports directly

for State-Owned Enterprises.

to the Board of Commissioners.

Educational Qualification and Work Experience

In carrying out its duties, Audit Committee reports to

The Company’s Audit Committee has sufficient educational

the Board of Commissioners. The accountability of Audit

qualification and work experience in supporting the

Committee to the Board of Commissioners represents

implementation of duties as Audit Committee. The profile

supervision accountability of the management of

of Audit Committee members is provided in Profile of Audit

the Company in the framework of GCG principles

Committee.

implementation.

The recruitment process of Audit Committee Members is

Based on Audit Committee Charter legalized by the Board of

carried out by the Board of Commissioners by considering

Commissioners in the Decision of the Board of Commissioners

competencies, expertise and integrity as well as ability to

No. KEP-00.06/I/2008 dated 22 January 2008 on Audit

cooperate. The Board of Commissioners conducts interview to

Committee Charter of PT Jasa Marga (Persero) Tbk., the duties

deepen the information on the candidates Audit Committee

and responsibilities of the Audit Committee are as follows:


213


Independence of Audit Committee

a. Assisting the Board of Commissioners in making sure the effectiveness of internal control systems and the effectiveness of

The Audit Committee is chaired by an Independent Commissioner

the implementation of internal and external auditors’ duties.

who assisted by two other professional members from outside the

b. Evaluating the implementation of audit works and audit results

Company with Financial and Engineering background, in accordance with the Company’s field of industry. This complies with the regulation

undertaken by both internal and external auditors. c. Recommending improvements for the internal control system of

stipulated in the Decision of Chairman of Capital Market Supervisory Agency (Bapepam-LK) No. Kep-29/PM/2004 on the Forming and

the Company along with its implementation.

Guidelines on Work Implementation of Audit Committee. In carrying

d. Assuring the existence of excellent review procedures of all information disclosed by the Company, including periodic financial

out their duties, the Audit Committee works professionally and

statements, financial projection/prognoses along with other

independently.

financial information submitted to the Shareholders. e. Assuring the compliance of procedures of excellent review on

Audit Committee members have complied with requirements in terms

the carrying out of the Company’s activities in accordance with

of quantity, composition, criteria, competencies, and independence

prevailing standard operating procedures.

based on the provisions in the Decision of Chairman of Bapepam-

f. Giving opinions to the Board of Commissioners regarding report

LK No. Kep-29/PM/2004 dated 24 September 2004, Attachment:

or other matters submitted to the Directors or the Board of

Regulation IX.I.5 on the Forming and Implementation Guidelines

Commissioners.

for Audit Committee, and Regulation of State Minister for SOEs No. PER-05/MBU/2006 dated 20 December 2006 on Audit Committee for

g. Identifying issues requiring attention of the Board of Commissioners, and undertaking other duties related to the Board

State-Owned Enterprises and No. PER-12/MBU/2012 dated 24 August

of Commissioners, including:

2012 on Organs Supporting Board of Commissioners/Supervisory

1. Reviewing financial information that will be published by the

Board of State-Owned Enterprises, which are:

Company such as financial report, Long-Term Plan, Work and

•

Audit Committee, consisting of one member of Independent Commissioner as Chairman of Audit Committee and two

Budget Plan, Management Report as well as other financial

members coming from outside SOE.

information. 2. Reviewing the Company’s compliance to prevailing laws and

•

Each member of Audit Committee is not related by blood by

regulations of the Capital Market as well as other regulations

blood within the third degree, both vertically and horizontally,

related to the Company.

or by marriage with members of the Board of Commissioners and/or the Directors.

3. Reviewing the audit undertaken by internal auditor and reviewing adequacy of internal audit function including the

•

One of the members of Audit Committee has educational

number of auditors, annual work plan and assignment carried

background of accounting or finance and comprehends risk

out.

management, whereas another member comprehends the

4. Reporting to the Board of Commissioners on various risks the

industry/business/technicality of the related SOE.

Company faces and the implementation of risk management by In carrying out their duties, the Audit Committee works professionally

the Directors. 5. Reviewing and reporting to the Board of Commissioners on

and independently.

complaints related to the Company. 6. Reviewing adequacy of external audit implementation including audit plan and the number of auditors.

Independence of Audit Committee Aspect of Independence


Agita Widjajanto

Rustam Wahjudi

Not related financially with Board of Commissioners and Directors

✓

✓

✓

Not related by management with Jasa Marga, Subsidiaries as well as affiliated companies

✓

✓

✓

Not related by share ownership at Jasa Marga

✓

✓

✓

Not related by blood with Board of Commissioners, Directors, and/or fellow Committee members

✓

✓

✓

Not holding the position in the management of political party, local government

✓

✓

✓


214


Audit Committee’s Meetings


Audit Committee holds periodic meetings with reference to

may invite the Company’s Management through its Internal

Audit Committee Charter.

Auditing Unit to provide information required.

Highlights 2013

The meeting with external auditor is carried out at least once

The attendance of each member of Audit Committee in Audit

Management Report

a month during audit schedule. Audit Committee meeting

Committee Meeting and the activities carried out by Audit



Committee throughout the year 2013 are as follows:

Attendance of Members of Audit Committee in Audit Committee’s Meetings and Activities in 2012 Meeting/Activity


Number of Times


Irjen. Polisi (Purn.) Michael Dendron Primanto Chairman of Committee Attendance

Agita W. Member

Rustam W. Member

Attendance

Attendance

Number of Times

%

Number of Times

%

Number of Times

%

23

23

100

20

87

23

100

Meeting with Internal Audit Unit

7

7

100

6

86

7

100

Meeting with Team of Negotiation/ Procurement of Public Accountant Office

4

4

100

3

75

4

100

Meeting with Directors/Management

14

14

100

12

86

14

100

Board of Commissioners Internal Meeting

12

12

100

12

100

12

100

Meeting/Discussion with Public Accountant

3

3

100

2

67

3

100

Meeting with PKBL Unit

1

1

100

0

0

1

100

Board of Commissioners Visit and Meeting at Branches

8

8

100

8

100

8

100

Visit to Subsidiaries

7

7

100

7

100

7

100

Audit Committee Internal Meeting

Note: Absence of Members of Audit Committee at meetings was due to their being assigned out of town or attending important meeting/event unable to be represented.

The decisions made in Jasa Marga Audit Committee meetings

Remuneration of Audit Committee

have been well recorded and documented in minutes of

Based on Regulation of State Minister for SOEs No. PER-

meeting of Audit Committee. Minutes of Meeting is signed

12/MBU/2012 dated 26 July 2012 on Organs of Board of

by meeting chairman and is distributed to all members of

Commissioners/Supervisory Board on State-Owned Enterprises,

Audit Committee both present and absent in the meeting.

Members of Audit Committee that are not members of the Board

Dissenting opinion along with its reasons during the meeting

of Commissioners receive remuneration consisting of honorarium

will be stated in the Minutes of Meeting.

amounting to Rp 9,000,000 monthly.


215


Report on Implementation of Audit Committee Activities INDEPENDENT AUDITOR AND AUDITOR INDEPENDENCE

OTHER AUDIT ASSIGNMENTS

General Audit of Financial Statements of PT Jasa Marga (Persero)

•

Audit Committee has analyzed Management Report and

Tbk. Financial Year 2013 was conducted by the same Independent

Report of KAP AAJ on the effectiveness of internal control

Auditor having audited Financial Statements of Financial Year

of the Company’s financial reporting and the Company’s

2012, i.e. Public Accounting Firm (KAP) Aryanto, Amir Jusuf, Mawar

Performance Evaluation. With the Management and KAP,

dan Saptoto (AAJ).

Audit Committee has also discussed significant weaknesses found in the evaluation and audit processes, along with Management’s plan to fix the said weaknesses.

Audit by KAP AAJ for financial year 2012 was the first audit. •

Therefore, as regulated by Article 4 of Law of the Republic of

With the Company’s Internal Audit Unit and KAP AAJ,

Indonesia No. 5 of 2011 on Public Accountant, particularly relating

Audit Committee has discussed the entire audit scope

to Limiting the Audit Service Given by Public Accountant and/

and plans. Audit Committee has also conducted meetings

or KAP of historical financial information of a client for several

with Internal Auditor and KAP AAJ without the presence

years in a row, KAP AAJ may still be reappointed to audit Financial

of the Management to discuss results of audit and results

Statements of Financial Year 2013. The said reappointment of

of evaluation of KAP on internal control and the quality of

KAP AAJ has been carried out through the process of Direct

financial reporting altogether.

Appointment with Price Negotiation, and has been approved by Annual General Meeting of Shareholders (GMS) on 29 April 2013.

Audit Committee has also analyzed and discussed the Consolidated Financial Statements and Notes to Consolidated

Audit Committee has conducted discussions with Saptoto,

Financial Statements with the Management of the Company. The

Signing Partner of KAP AAJ responsible for giving opinion on the

said discussion covered the quality and acceptability of financial

fairness of the presentation of Consolidated Financial Statements

accounting standard applied by the Company, appropriateness of

and Notes to Consolidated Financial Statements in accordance

accounting judgment and sufficiency of disclosure in consolidated

with Financial Accounting Standard in Indonesia, along with

financial statements.

the opinion on effectiveness of internal control of financial reporting, quality and acceptability of financial accounting

The Management has informed the Audit Committee that

standard applied by the Company. Analysis and discussion carried

Consolidated Financial Statements referred to above:

out by Audit Committee also included all aspects that, based

1. are the responsibility of the Management and has been

on auditing standard, Regulation of OJK and other regulations

presented objectively with the highest integrity; and

on communication with Audit Committee, were required to

2. have been presented in accordance with Financial Accounting

discuss with Audit Committee. In addition, Audit Committee also

Standard applicable in Indonesia.

discussed the Independence of KAP against the Management of the Company and against the Company itself. During the financial

Based on results of the abovementioned discussions, hence the

year 2013, there was no non-audit assignment to KAP AAJ and

Consolidated Financial Statements and Notes to Consolidated

Audit Committee has received letter from KAP AAJ to explain its

Financial Statements of Financial Year 2013, that inseparable

independence.

part from the Annual Report 2013, along with evaluation on effectiveness of internal control of the Company’s financial reporting, are included in Jasa Marga Annual Report 2013 to get approval from Annual GMS financial year 2013.

Jakarta, February 2014 Audit Committee

Irjen. Polisi (Purn.) Michael Dendron Primanto Chairman PT Jasa Marga (Persero) Tbk. 2013 An n ua l R epo r t

216


Profile of Audit Committee

Profile of the Company Transformation of Jasa Marga Highlights 2013 Management Report

Irjen. Polisi (Purn.) Michael Dendron Primanto, Chairman He was appointed Chairman of Audit Committee in January 2010. At present he is also Independent Commissioner of Jasa Marga. Profile is available in Profile of Board of Commissioners.


Rustam Wahjudi, Member •

Joined Jasa Marga Audit Committee in 2011.

•

Completed Bachelor’s Degree in Accounting from Financial Institute of the Department of Finance in 1981.

•

Career started at BPKP (Financial and Development Supervisory Board) in 1975. Several positions at BPKP among others included Director in Supervising Managing State Financial

Glossary

Sector, Region II at BPKP Head Office (2008-2010), Head of BPKP Riau Province Representative


Office (2005-2008), Head of Administration Division at BPKP East Java Province Representative Office (2004-2005), Head of Sub Directorate for Supervising Natural Resources and Production at BPKP Head Office (2002-2004), Head of Sub Directorate for Oil Supervisory at BPKP Head Office (2000-2002), Head of BUMN/BUMD Supervisory Division at BPKP NAD Province Representative Office (1998-2000), Head of Agrarian Supervisory Section at BPKP East Java Representative Office (1995-1997), and Head of Planning, Analysis and Evaluation Section at BPKP Maluku Province Representative Office (1990-1995). •

Age as of 31 December 2013 was 61 year.

Agita Widjajanto, Member •

Joined Jasa Marga Audit Committee in 2011.

•

Completed Bachelor’s Degree in Civil Engineering from Bandung Institute of Technology in 1995 and Master’s Degree in Tunnel Engineering from International Institute for Infrastructures, Hydraulic and Environmental Engineering (IHE) Delft, Netherlands in 2001.

•

Currently is also Head of Investment Scheme Development, Center for Investment Resource Development, Construction Development Agency, Ministry of Public Works. Previous position included Head of Sub Division for Investment Control, Investment Division, Secretariat of Indonesian Toll Road Authority (BPJT), Ministry of Public Works (2005-2011). Since 2005, he has been actively involved in numerous tender committees, working groups, projects, task forces, etc. of the Ministry of Public Works, among others, BPJT and Directorate General of Highways, as a member, counterpart, source person, etc. He received several awards, among others, Satya Lancana Karya Satya X Tahun from the Government (2008) and Singapore Cooperation Programme Training Awards (SCPTA) at Lee Kuan Yew School of Public Policy and Civil Service College International, Singapore (2006).

•

Age as of 31 December 2013 was 42 year.


217


Business Risk and Investment Committee The Company’s Business Risk and Investment Committee is

The Company’s Business Risk and Investment Committee consists

decided by the Decision of the Board of Commissioners No.

of one (1) Chairman that is also Committee member and two (2)

KEP-00030/I/2012 dated 20 February 2012. Members of Audit

Committee members.

Committee are dismissed in the case of termination of term of office and termination based on Decision of the Board of

The composition of Business Risk and Investment Committee of

Commissioners, non-compliance with required performance and/

the Company is as follows:

or incompetence in carrying out the duties.

Composition of Jasa Marga Business Risk and Investment Committee

Ibnu Purna

Chairman

Nasikhin Ahsanto

Member

Eduard T. Pauner

Member

All Jasa Marga Business Risk and Investment Committee Members have integrity, as well as good competencies and reputation.

and giving recommendation in order to review and decide new investment policies, strategies and business risks. 3. Preparing documents, information, material, analysis and

Legal Basis on the Forming of Business Risk and Investment

review in relation to investment implementation and risk

Committee

management, in order to minimize and or avoid the Company

Business Risk and Investment Committee of the Company was

from cost overrun and improve efficiency and effectiveness in

formed based on the following rules/regulations: 1. Law of the Republic of Indonesia No. 19 of 2003 on StateOwned Enterprises. 2. Law of the Republic of Indonesia No. 40 of 2007 on Limited Liability Company. 3. Decision of the Board of Commissioners of PT Jasa Marga (Persero) Tbk. No. Kep-OO94/VIII/2010 on Decision of the

toll road and non-toll road investments. 4. Giving feedbacks and review on feasibility and risks of toll road and non-toll road investment, in relation to traffic volume projection, land acquisition, project financing and appropriate use of technology and innovation as well as value engineering. 5. Preparing annual work program of Business Risk and

Forming of Business Risk and Investment Committee of PT Jasa

Investment Committee to get approval from the Board of

Marga (Persero) Tbk.

Commissioners and creating periodic report to be submitted to and evaluated by the Board of Commissioners.

Duties and Responsibilities of Business Risk and Investment Committee

6. Carrying out other tasks assigned by the Board of Commissioners.

Business Risk and Investment Committee reports to and assist the

7. Reporting to the Board of Commissioners in the carrying out

Board of Commissioners in carrying out the duties in order that the

of the duties of Business Risk and Investment Committee.

management of the Company takes place efficiently and effectively through competent and independent control and system.

Independence of Business Risk and Investment Committee Business Risk and Investment Committee carries out the

Based on Business Risk and Investment Committee Charter, the

duties and responsibilities independently and professionally

duties and responsibilities of the Business Risk and Investment

in accordance with prevailing rules and regulations. Business

Committee are as follows:

Risk and Investment Committee is chaired by one of the

1. Evaluating short-term and long-term investment plan stated in

Commissioners and the members are professionals with the

the Company’s RJPP and RKAP and submitting the evaluation

background in accordance with the Company’s field of industry.

to the Board of Commissioners as inputs in arranging and or reviewing RJPP, as well as in discussing the annual RKAP

The independence of Business Risk and Investment Committee is

proposed by the Directors.

reflected in the aspects described in the following table:

2. Evaluating the implementation of investment, existing investment policies and strategies along with risk management


218


Independence of Business Risk and Investment Committee Members


Ibnu Purna

Nasikhin Ahsanto

Eduard T. Pauner

Not related financially with Board of Commissioners and Directors

✓

✓

✓

Management Report

Not related by management with Jasa Marga, Subsidiaries as well as affiliated companies

✓

✓

✓


Not related by share ownership at Jasa Marga

✓

✓

✓

Not related by blood with Board of Commissioners, Directors, and/or fellow Committee members

✓

✓

✓

Not holding the position in the management of political party, local government

✓

✓

✓

Transformation of Jasa Marga Highlights 2013


Aspect of Independence

Business Risk and Investment Committee’s Meetings

the votes that agree and disagree are equal, the proposal is

Business Risk and Investment Committee holds meetings

then declined

periodically. Business Risk and Investment Committee meeting may invite the Company’s Management to provide

In 2013, Business Risk and Investment Committee (Komite

Glossary

information required.

Investasi dan Risiko Usaha – KIRU) has held meetings such


The decisions of Business Risk and Investment Committee

Commissioners, KIRU Meeting with the Management in

meetings are made based on the principle of deliberation for

relation to Jasa Marga, Site Visit and KIRU Meeting with

consensus. In the event that deliberation for consensus is not

external parties, with a total of 62 meetings. The attendance

reached, decisions are made through voting. In the event that

of each member of Business Risk and Investment Committee

as KIRU Internal Meeting, KIRU Meeting with the Board of

is as follows:

Attendance of Members of Business Risk and Investment Committee in Business Risk and Investment Committee Meetings and Activities in 2013 Name


Ibnu Purna

Percentage (%)

35

56

Nasikhin Ahsanto

0

0

Eduard T. Pauner

38

61

Note: • Eduard T. Pauner was appointed member of Business Risk and Investment Committee on 01 March 2013 and started to join meetings since 14 March 2013. • Nasikhin Ahsanto was appointed member of Business Risk and Investment Committee on 01 February 2014. • Absence of Members of Business Risk and Investment Committee at meetings was due to their being assigned out of town or attending important meeting/event unable to be represented.

The decisions made in Jasa Marga Business Risk and

Remuneration of Business Risk and Investment Committee

Investment Committee meetings have been well recorded

Members of Business Risk and Investment Committee that

and documented in minutes of meeting of Business Risk

are not members of the Board of Commissioners receive

and Investment Committee. Minutes of Meeting is signed

remuneration consisting of honorarium amounting to

by meeting chairman and is distributed to all members of

Rp 9,000,000 monthly.

Business Risk and Investment Committee both present and absent in the meeting. Dissenting opinion along with its reasons during the meeting will be stated in the Minutes of Meeting.


219


Report on Implementation of Business Risk and Investment Committee Activities In carrying out its supervisory duties, Business Risk and Investment

coordination and communication with related parties to speed up

Committee (Komite Investasi dan Risiko Usaha – KIRU) arranges

land acquisition. In the aspect of non-toll road investment, KIRU

annual work programs based on KIRU’s main duties stipulated in

gave suggestions in relation to policies and strategies in other

Business Risk and Investment Committee Charter.

businesses investment, including beauty contest tender method, re-focusing on core business, review on agreement with business

Throughout 2013, KIRU conducted various programs and activities

partners, as well as optimizing the use of managed land.

such as analysis and review in relation to the implementation of investment and risk management; review on investment

In the fulfillment of quality standard of services, KIRU gave

feasibility study; evaluation on investment implementation,

recommendations relating to perfecting the aspects of Guidelines

policies, and strategies; monitoring of risk management policies

on Measurement of Minimum Level of Service, which included

and implementation; evaluation on risk management system

among others handling potholes, supervisory mechanism

and model; as well as other assignment from the Board of

for implementation of SOP of SPM fulfillment and reporting

Commissioners.

mechanism; and improvement in toll road maintenance system and road condition handling.

Based on results of implementation of programs and activities during the year 2013, KIRU gave suggestions for improvement in

In the aspect of risk management, KIRU gave recommendations

the areas of investment, fulfillment of quality standard in services

relating to improvement in the list of corporate risk 2014 in terms

and risk management. The main principles of the said suggestions

of risks influencing the achievement of the Company’s strategic

for improvement among others included:

targets; improvement in the system of monitoring and control of Directors in the achievement of the risk management-based

In the area of toll road investment, KIRU gave recommendations

Company’s strategic targets to form early warning system on risk

relating to acceleration of the completion of new toll road

occurrence and risk handling; as well improvement in practices

sections, by among others increasing intensity and effectiveness of

and processes of risk management in order to improve the quality and depth of risk assessment.

Jakarta, February 2014 Business Risk and Investment Committee

Ibnu Purna Chairman


220


Profile of Business Risk and Investment Committee


Ibnu Purna, Chairman He was appointed Chairman of Business Risk and Investment Committee in February 2012.

Highlights 2013

At present he is also member of Board of Commissioners of Jasa Marga. Profile is available in

Management Report

Profile of Board of Commissioners.


Nasikhin Ahsanto, Member •

Joined Jasa Marga Business Risk and Investment Committee in 2014.

•

Completed Bachelor’s Degree in Accounting from Gadjah Mada University in 2003.

•

Since 2001, has actively participated in various studies and analyses, in many regions in


Indonesia, held by different offices, such as BPJT (Badan Pengatur Jalan Tol – Indonesian Toll Road Authority), Ministry of Public Works, Board of Intelligence of Security of the


Police Headquarters, Ministry of Transportation, State Ministry for Public Housing, Bank Indonesia (the central bank), several Local Governments, PT Pelindo, Ministry of ESDM (Energi dan Sumber Daya Mineral – Energy and Mineral Resources), etc. •

Age as of 31 December 2013 was 35 years.


Eduard T. Pauner, Member •

Joined Jasa Marga Business Risk and Investment Committee on 01 March 2013.

•

Completed Bachelor’s Degree in Civil Engineering in 1977 from Bandung Institute of Technology and Master’s Degree in Project Management Engineering in 2002 from University of Indonesia.

•

Presently is also Staff of Lectures of Risk Management for Post Graduate Program of Parahyangan Catholics University Bandung and Post Graduate Program of ITS (2012now). Holds license of Certified Risk Management Professional from Risk Management Professional Certification Institution. Previous positions included Director of Infrastructure Network System, Directorate General of Bina Marga, Ministry of Public Works (2003-2005), Member of Risk Committee of PT Hutama Karya (Persero) (20062010), Member of Audit Committee of PT Brantas Abipraya (Persero) (2008-2012), Risk Management Monitoring Committee of PT Brantas Abipraya (Persero) (2012).

•



221


Nomination and Remuneration Committee

addition, the Company periodically participated in assessment

Currently the Company has not yet had Remuneration and

conducted by independent party to ensure corporate governance

Nomination Committee; however, the Company does have system

implementation is carried out in accordance with the prevailing

and procedures in deciding remuneration to be implemented at

rules and regulations.

the Company by referring to prevailing rules and regulations, i.e. Regulation of State Minister for State-Owned Enterprises No. PER-

Secretary of the Board of Commissioners

02/MBU/2009 dated 27 April 2009 on Guidance on Remuneration

The Board of Commissioners has Secretary of Board of

of Directors, Board of Commissioners and Supervisory Board of

Commissioners to support the carrying out of Board of

State-Owned Enterprises.

Commissioners’ secretarial duties. Based on Decision Letter of the Board of Commissioners No. KEP-00020/I/2012 dated 10 February

Review on remuneration of the Board of Commissioners and

2012 on the Filling out of Personnel in the Organizational Structure

Directors is conducted by Human Resources Management Bureau

of Secretary of the Board of Commissioners of PT Jasa Marga

and the result is discussed in the Board of Commissioners and

(Persero) Tbk., the following matters have been decided:

Directors Joint Meeting to be agreed and proposed to the GMS.

1. Secretary of the Board of Commissioners is appointed for the

In order that the Company’s remuneration system is in line with

2. Staff in charge of handling Board of Commissioners’ Meetings.

remuneration system best practice in the industry, the Company

3. Staff in charge for general affairs of Secretariat of the Board of

period of five (5) years.

also uses independent consultant.

Commissioners, Administration and Filing.

In nominating prospective Directors, the Board of Commissioners

The duties of Secretary of the Board of Commissioners are to assist

proposes to the Shareholder of Series A Dwiwarna that managers

the Board of Commissioners in undertaking its supervisory function.

one level below Directors, based on results of their assessment,

The detailed functions of Secretary of the Board of Commissioners

performance and integrity, take fit and proper test held by

among others are as follows:

Shareholder of Series A Dwiwarna and in accordance with the

1. Creating yearly/quarterly program/agenda of Board of

Company’s Articles of Association, Shareholder of Series A

Commissioners’ activities based on the decisions of Board of

Dwiwarna, proposes the prospective Directors to GMS to get

Commissioners’ meetings.

approval.

2. Creating mechanism for the implementation of secretarial activities so that Board of Commissioners’ activities run

Meanwhile, to appoint the management of Subsidiaries, in view of procedures of appointing members of Directors and Board of Commissioners of Subsidiaries, the Directors refer to Regulation of State Minister for SOEs No. PER-03/MBU/2012 while upholding

smoothly. 3. Carrying out administration activities within the Board of Commissioners. 4. Holding Board of Commissioners’ Meetings and meetings

the foundation of good corporate governance principles of

between Board of Commissioners and the Shareholders,

professionalism, transparency, independence, accountability,

Directors as well as other related parties.

responsibility and fairness.

5. Providing data/information required by the Board of Commissioners and Committees under the Board of

Corporate Governance Committee The Company presently has not yet had Corporate Governance Committee. Nevertheless, the Board of Commissioners actively supervises the implementation of GCG at the Company. In


Commissioners.

222


Secretary of the Board of Commissioners

•

Convening General Meetings of Shareholders of the Company.

•

Carrying out communication activities between the Board of Directors/Management and the stakeholders in order

The role of Corporate Secretary is significant in ensuring

to improve the Company’s image.

the aspect of disclosure of the Company. In the Company’s •

organization structure, Corporate Secretary is accountable

Undertaking secretarial activities of the Company’s

directly to the President Director. Corporate Secretary’s main

management along with facilitating the relationship

tasks and responsibilities include corporate communication

between the Company/Management and the

either internal or external, investor relations and secretarial

stakeholders.

activities of the Management of the Company. The existence of Corporate Secretary is in accordance with Regulation of

Implementation of Corporate Secretary Activities

Bapepam-LK No. IX.I.4 on the Forming of Corporate Secretary,

The activities conducted by Corporate Secretary throughout

which is basically intended to improve the services delivered

2013 among others were as follows:

to investors of public companies.

1. Convened Annual GMS 1 time. 2. Carried out activities in relations to investor relations:

Organization Structure of Corporate Secretary

a. Public Expose 1 time.

Based on the Decision of Directors No. 41/KPTS/2013 dated

b. Site Visit 4 times.

01 March 2013 on Organization Structure of PT Jasa Marga

c. Non Deal Roadshow 1 time. d. Investor Conference 4 times.

(Persero) Tbk., the unit of Corporate Secretary consists of

3. Carried out activities in relations to corporate

several departments as follows: 1. Corporate Compliance.

communications:

2. Investor Relations.

a. Press Conference 10 times.

3. Corporate Communication.

b. Press Release 21 times.

4. Corporate Relations.

c. Media Visit 2 times. d. Advertorial 18 times.

The duties of Corporate Secretary include the following

e. Talk show (television and radio) 4 times.

activities:

f. Display advertisement 33 times

•

Managing information related to business environment 4. Carried out activities in relations to stakeholders:

and maintaining the good relationship between the

•

Company and capital market supporting institutions and

a. Customer Gathering.

regulators.

b. Stakeholder Perception Survey.

Ensuring that the Company implements the GCG

c. Communication and coordination with State Ministry

principles and complies with prevailing rules and

for SOEs, Ministry of Finance, Bapepam-LK and Local

regulations.

Government.

Organization Structure of Corporate Secretary

Corporate Secretary

Corporate Compliance

Investor Relations


Corporate Communication

Corporate Relations

223


5. Carried out activities of Directors’ meetings as well as Board of Commissioners and Directors’ Joint Meetings. 6. Carried out activities GCG: GCG Self-assessment. 7. Conducted coordination and socialization of Directors’ policies and corporate internal activities. Work Experience of Corporate Secretary Brief work experience of Corporate Secretary David Wijayatno at the Company for the past 10 years is as follows:

Brief Work Experience of Corporate Secretary No.

Nama Jabatan

Satuan Kerja

Terhitung Mulai Tanggal

1.

Corporate Secretary

Corporate Secretary

03-09-2012

2.

Business Project Manager for Property Development of JORR 2, BORR, Semarang-Solo and Surabaya-Mojokerto

Proyek Bisnis Pengembangan Properti Koridor Jakarta Outer Ring Road, Semarang-Solo dan SurabayaMojokerto

03-05-2010

3.

Senior Staff for Toll Road Development

Divisi Pengembangan Jalan Tol

15-08-2008

4.

Senior Staff for Operation Management

Divisi Manajemen Operasi

12-05-2008

5.

Head of Cawang-Tomang-Cengkareng Branch

Cabang Cawang-Tomang-Cengkareng

29-09-2006

6.

Head of Semarang Branch

Cabang Semarang

30-06-2006

7.

Head of Services and Maintenance Department

Cabang Padaleunyi-Citarum

04-12-2002

Training Programs for Competencies Development of Corporate Secretary

CORPORATE SECRETARY COMPETENCIES DEVELOPMENT No.

Subject of Seminar/Workshop

Organized by

Date & Venue

1.

Workshop on Finalization of Vision, Mission and Value of the Company

Jasa Marga Development Center

Thursday, 31 January 2013, Class Room JMDC, Jasa Marga Head Office

2.

Seminar on GSA (Governance SelfAssessment) and SOP Design

Charles Bonar Sirait

Thursday-Friday, 07-08 March 2013, Class Room JMDC, Jasa Marga Head Office

3.

14th REAAA (Road Engineering Association of Asia and Australasia) Conference 2013

Indonesian Road Association (Himpunan Pengembangan Jalan Indonesia – HPJI)

Tuesday-Thursday, 26-28 March 2013, Traders Hotel Malaysia

4.

Socialization on Communication and Information in Critical Condition

Asia Anti Fraud

Friday, 20 September 2013, Patra Jasa Resort Bali

5.

Training on Corporate Internal Control System Level I-II and Leadership Sharing

Jasa Marga Development Center

Monday-Tuesday, 09-10 December 2013, Class Room JMDC, Jasa Marga Head Office

Profile of Corporate Secretary David Wijayatno •

Joined Jasa Marga in 1988. Being appointed Corporate Secretary based on Decision of the Directors No. 102/AA.P-6a/2012 on 03 September 2012.

•

Completed Bachelor’s Degree in Civil Engineering Transportation from Gadjah Mada University Yogyakarta in 1986.

•

Previous key positions at Jasa Marga included Project Manager for Property Development Business of JORR 2, BORR, Semarang-Solo & Surabaya-Mojokerto (2010-2012) and CawangTomang-Cengkareng Branch Manager (2006-2008).

•



224


Internal Audit

Profile of the Company Transformation of Jasa Marga Highlights 2013 Management Report Management Discussion and Analysis New Projects Development Human Capital Management

The function of Internal Audit at Jasa Marga is carried out by

Internal Control System applied by the Company represents

Internal Audit Unit. In carrying out its roles, Internal Audit

an integral process in actions and activities carried out

is always positioned as Management’s strategic partner

continuously by Management and the entire employees in

that is trusted, and works professionally, objectively, and

order to provide sufficient assurance in the achievement of

independently.

organization’s objectives by means of effective and efficient activities, reliable financial reporting, the Company’s assets

Internal Audit Unit assists the President Director in conducting

security and compliance with rules and regulations.

internal audit of the Company, i.e. in assessing internal control system, risk management, and the process of corporate governance while providing suggestions for improvement.


Profile of Head of Internal Audit Djoko Dwijono


•

Joined Jasa Marga in 1986. Being appointed Head of Internal Audit in 2008 based on Decision of the Directors No. 054/AA.P-6a/2008 dated 15 August 2008.

•

Glossary

Completed Bachelor’s Degree in Civil Engineering from Bandung Institute of Technology in 1986 and Master’s Degree in Engineering from University of Melbourne Australia in 1994.

•


Previous key positions at Jasa Marga included Head of Other Businesses Development Division (2006-2008), and Head of Corporate Planning, Information System and Technology Development Division (1999-2006).

•


Qualification of Internal Audit Unit At the end of 2013, Internal Audit has 17 personnel, 7 of whom have Qualified Internal Auditor (QIA) certification. Internal Audit Unit

Number of Personnel

Head of Internal Audit Auditor Secretariat Total


1 10 6 17

225


Structure and Position of Internal Audit Unit

The organization of Internal Audit is decided based on Decision of

As regulated in Regulation of Bapepam, Internal Audit is an

the Directors No. 41/KPTS/2013 on Organization Structure of PT

independent unit to other units and is directly accountable to

Jasa Marga (Persero) Tbk.

President Director.

Organization Structure of Internal Audit

HEAD OF INTERNAL AUDIT

GROUP OF AUDITORS

PROGRAM PLANNING AND CONTROLLING DEPARTMENT

INTEGRAL MANAGEMENT DEPARTMENT

PROGRAM CONTROLLING SECTION

INTERNAL ADMINISTRATION SECTION

AUDIT RESULTS SECTION

Appointment and Dismissal of Internal Audit

development program systematically and gradually. In general,

Internal Audit is led by Head of Internal Audit appointed and

the policy of competency development in 2013 was implemented

dismissed by President Director with approval from Board of

in two ways as follows:

Commissioners. Head of Internal Audit is assisted by AVP Program Planning & Controlling and AVP Internal Management along with

1. Competency development at external institutions

Group of Auditors.

2. Competency development internally.

Competency Development of Internal Audit Human Resources

Competency development organized by the Company as well as

and Certification of Audit Profession

external institutions was carried out through formal trainings in

The Company continuously improves competencies of

form of courses or seminar/workshop in relation to the issues of

Internal Audit personnel by conducting auditors’ competency

audit.

Audit Training in 2013 Training Subject

Organized by

Number of Participants

Training of QIA Certification

YPIA

4

Seminar & Gathering FK SPI

FK SPI BUMN

6

National Seminar on Internal Audit

YPIA/PAII

11

Training on Effective Internal Audit Reporting

YPIA

11

Seminar on Delay of Business Transaction

Media BUMN

2

Workshop on Anti-Corruption Audit

BUMN Track

2

Workshop on Gratification

KPK

2

National Symposium on Implementation of COSO 2013 and ERM

BPK

2


226


Work Guidelines for Internal Audit Unit

organization; or activities that may cause prejudice that


In conducting its duties, Internal Audit Unit refers to Internal

doubts their capability to carry out the duties and fulfilling

Transformation of Jasa Marga Highlights 2013 Management Report Management Discussion and Analysis

Audit Charter and Audit Internal Manual along with Annual Audit Work Program (Program Kerja Audit Tahunan – PKAT), while using the approach of Risk-Based Audit Planning.

the responsibilities of their profession objectively. 5. Internal auditors are not allowed to take compensation in any forms from employees, clients, customers, suppliers and business partners of their organization as it may

Internal Audit Charter and Internal Audit Manual are decided based on Decision of the Directors No. 59/KPTS/2013 dated 28 March 2013. Apart from serving as work guidelines,


Internal Audit Charter and Internal Audit Manual also plays


as well as basis of existence and implementation of

an important role in enforcing the role and responsibilities

influence their professional judgments. 6. Internal auditors only conduct services that are able to complete using the professional competencies they own. 7. Internal auditors are required to make every effort so that they always fulfill Internal Audit Professional Standard. 8. Internal auditors are required to be prudent and wise in


supervisory duties of Internal Audit. The Internal Audit

using information obtained in the implementation of their

Charter and Internal Audit Manual are therefore disclosed

duties.


to be recognized by all employees and other related parties


9. Unless required by provisions of rules and regulations,

so that there is mutual understanding and cooperation in

articles of association and/or regulations of the Company,

realizing the Vision, Mission and Objectives of the Company.

Internal Auditors are required not to disclose information

The Company has Internal Audit Charter and Internal Audit

obtained during the carrying out of their duties.

Manual since 01 March 2003 and on 28 May 2009 and 28 March 2013, they were revised in accordance with prevailing regulations of Bapepam-LK. Internal Audit Charter is reviewed

10. In carrying out the duties, Internal Auditors are required to disclose all significant facts they know. 11. Internal auditors are required to continuously advance

and improved periodically in line with the changes in

their expertise and effectiveness as well as quality in the

prevailing rules and regulations.

carrying out of their duties.

In general, Internal Audit Charter and Internal Audit Manual

Duties and Responsibilities of Internal Auditing Unit

contain:

The role of Internal Audit is to make sure of and provide

1. Definition of Internal Audit.

independent and objective consulting for the Management in

2. Structure and Position of Internal Auditing Unit.

order to boost the creation of added value and improve Jasa

3. Duties and Responsibilities of Internal Auditing Unit.

Marga’ business operation.

4. Authorities of Internal Auditing Unit. 5. Code of Ethics for Auditors of Internal Auditing Unit.

Referring to the Audit Charter, the tasks and responsibilities of

6. Requirements for Auditors of Internal Auditing Unit.

Internal Auditing Unit are as follows:

7. Accountability of Internal Auditing Unit.

1. Planning and carrying out Annual Audit Work Program.

8. Prohibition to Hold Dual Positions.

2. Testing and evaluating the implementation of internal control and risk management system in accordance with

Code of Ethics for Internal Auditors In carrying out its functions and tasks, apart from complying

the Company’s policy. 3. Conducting audit and assessment on efficiency and

with the Company’s prevailing Code of Conduct in general,

effectiveness in the area of finance, accounting, operation,

Internal Audit also has Code of Ethics for Auditors, which is

human resources, information technology and other

stated in Internal Audit Charter, and consists of among others:

activities. 4. Providing corrective advice and objective information to

1. Internal auditors are required to have integrity, objectivity, and seriousness in carrying out the duties and fulfilling the responsibilities of their profession. 2. Internal auditors are required to show loyalty to their organization or the parties they serve. 3. Internal auditors are required not to be consciously involved in actions or activities that may discredit the profession of internal audit or their organization. 4. Internal auditors are required to control themselves from activities that may cause conflicting interest with their


all level of management concerning all audited activities. 5. Making report on audit results and submitting the said report to President Director and the Board of Commissioners. 6. Designing program to evaluate the quality of internal audit activities conducted. 7. Conducting special audit whenever necessary.

227


8. Conducting Internal Audit Management at Subsidiaries as

Report on results of audit carried out by Internal Audit is

special assignment from President Director, in order to provide

submitted to President Director and recommendations from audit

guidance, supervision, learning and counseling in preparing

results are considered and referred to in implementing the follow

and implementing Internal Audit at Subsidiaries.

ups. Simultaneously, report of audit results is also submitted to Audit Committee.

Pelaksanaan Kegiatan Unit Internal Audit Tahun 2013

Other Audit Supporting Activities

Implementation of Activities of Internal Audit Unit in 2013

In addition to its routine activities, Internal Audit has improved

1. Routine Audit/Operational Audit

the audit management by using computer application (Audit

In line with Annual Audit Work Program (PKAT) of 2013 decided

Management System/AMS). All audit activities starting from PKAT,

by President Director, throughout 2013 Internal Audit has

Scheduling/Assigning Audit Team, Implementation of field work,

audited 22 audit objects.

Audit Reporting and Monitoring of Audit Results Follow ups are managed by AMS.

The audits were carried out at working units of Head Office, Branch Offices and Toll Road Development/Capacity Increase

Internal Audit Unit Performance Evaluation

Projects. Monitoring of follow up of recommendations based

The performance of Internal Audit is measured and assessed from

on Audit Results was carried out through routine mechanism

the achievement of Key Performance Indicators (KPI). There are 13

on a quarterly basis.

indicators that are measured and assessed yearly and are the form of management contract between the Head of Internal Audit and

2. Special Audit/Certain-Purpose Audit

the Directors. Major indicators in KPI are as follows:

Special Audit/Certain-Purpose Audit is carried out based on

• Efficiency of audit cost

PKAT and request from the Management to conduct audit/

• Audit request from the Management

review on certain issues considered necessary to perform

• Timeliness of final report issuance

evaluation.

• Implementation of followed up recommendations • Timeliness of completion of Risk-Base Internal Audit Planning

In 2013, Internal Audit has carried out two (2) Certain-Purpose

• Implementation of audit plan

Audits, i.e. Audit on Procurement of Goods/Services and Audit

• Achievement of work programs

on implementation of outsourced labors. In order to make sure that the recommendations are followed 3. Audit at Subsidiaries

up, the Company has regulated a control mechanism through

Implementation of Audit at Subsidiaries is carried out based

Instruction of the Directors on Auditees’ Obligation to report the

on request of Subsidiaries and is previously decided in the

follow up of recommendations of Internal Audit Unit at the end of

Resolutions of General Meeting of Shareholders of Subsidiaries.

every quarter to the President Director.

Audit at Subsidiaries is carried out by forming Joint Audit Team of the shareholders.

Internal Control System The implementation of internal control system carried out by

In 2013, Internal Audit Unit has formed Audit Team to audit two

Jasa Marga refers to Article 26 of the Regulation of the State

(2) Subsidiaries further to the request of Subsidiaries.

Minister of State-Owned Enterprises No. PER-01/MBU/2011 on Good Corporate Governance Implementation at State-Owned Enterprises.

Audit Results of Internal Audit Unit Audit is carried out to evaluate the effectiveness of the Company’s

Through Decision of Directors No. 96/KPTS/2011 on Code of

Internal Control System, Risk Management, and the process of

Corporate Governance, Directors then decide Internal Control

Corporate Governance as well as to assess the efficiency and

System by adopting the concept of Internal Control from

effectiveness of the entire activities of the Company (in the fields

COSO (Committee of Sponsoring Organization of Treadway

of finance, operation, human resources, information technology

Commission).

along with other activities). The framework of integrated internal control according to COSO has three (3) categories of objectives and five (5) components of Internal Control.


228


The three categories of objectives are as follows:

The objectives of socialization of SPIP and the future plans


1. Operational Objective

among others are as follows:

• Mutual understanding on the objectives and components


This relates to the effectiveness and efficiency of the Company’s operational activities, including operational

Highlights 2013

and financial performances as well as the security of the

Management Report

Company’s assets.

Management Discussion and Analysis New Projects Development Human Capital Management Corporate Governance Corporate Social Responsibility Statement of Members of the Board of Commissioners and Directors on the Responsibility for Annual Report 2013 Glossary Consolidated Financial Statements

2. Reporting Objective

in Corporate Internal Control System (SPIP). • The Company is capable of further ensuring that SPIP is understood and implemented by all Jasa Marga Individuals.

This relates to the reliability of the Company’s financial reporting, including internal and external reports, both financial and non-financial reports.

3. Compliance Objective

Socialization of Corporate Internal Control System (SPIP) in 2013

This relates to compliance to prevailing rules and

Unit Kerja

Level Jabatan

Jumlah Peserta

II, III, IV

92

Bemera

V-VII

50

Jagorawi

V-VII

40

Surabaya Gempol

V-VII

48

V

22

regulations.

Kantor Pusat

The five components required for effective Internal Control System are as follows: 1. Control Environment 2. Risk Assessment 3. Control Activities

Divisi Operation Management

4. Information and Communication 5. Internal Control Monitoring

Review on Effectiveness of Corporate Internal Control System (SPIP)

Socialization of SPIP Framework

Reports on Audit Results that are categorized based on the

In line with the framework of Internal Control owned by the

objectives and components in SPIP (COSO framework), are

Company, i.e. Corporate Internal Control System (Sistem

then analyzed annually in order to make improvement on

Pengendalian Internal Perusahaan – SPIP), Internal Audit

components requiring it.

Unit also continues to socialize the principles of COSObased Internal Control to all working units at the Company

The Audit Results Analysis is also carried out to measure

for all levels of position through the programs of training

the effectiveness of the achievement of SPIP targets (the

and workshop carried out in cooperation with Jasa Marga

Company’s operation, accuracy/reliability of the Company’s

Development Centre (JMDC).

reports, and compliance with prevailing rules and regulations).


229


Risk Management Report

With the Vision and Mission to become the leader in toll road industry, Jasa Marga adopts modern management system and

In view of toll road business as a large investment with long-

technology to always improve its competitiveness.

term return and high level of uncertainty during the period of construction and operation, the implementation of risk

Jasa Marga’s Journey in Implementing Risk Management at

management then becomes more essential in Jasa Marga’s

the Company

business activities

Since 2007, Jasa Marga started the implementation of Risk Management system with the basis of AS/NZS 4360:1999

In carrying out its business activities, the Company realizes

standard, which was decided by Decision of the Directors No.

that risks are inseparable from each of its operational activities

139/KPTS/2007 on Risk Management Manual. With the issuance

and may influence business results and performance of the

of ISO 31000:2009 on 31 October 2009, Jasa Marga conducted

Company. Risk Management is carried out by means of systematic,

management review to amend the guidelines on implementation

structured and integrated approach to anticipate uncertainty

of risk management with the new standard of Enterprise Risk

or possible loss in the running of the Company and it consists

Management (ERM) orientation.

of two (2) main fields, i.e. field of development (operation and investment), and supporting fields (finance, human resources,

Jasa Marga’s journey in implementing Risk Management is

and IT) and other fields, in accordance with the fields of RJPP

shown in the Roadmap of Jasa Marga Risk Management System

(Corporate Long-Term Plan) 2013-2017

Development as follows:

Roadmap of Jasa Marga Risk Management System Development 2016 - 2017

RJPP TARGETS

Result of Risk Maturity Level

gap

11 Principles of ISO 31000 : 2000

2007-2011 ROADMAP

All strategic decisions consider risk analysis result The Company is prevented from the Risk of Loss

2014-2015 2012-2013 PREPARATION OF INTEGRATION WITH OTHER PROCESSES INTEGRATION PREPARATION

1. Socialization and Workshop on Risk Management 2. Training on Risk Management for VP/GM and EPRP Team 3. Integrated Risk Management in Strategic Planning (RJPP/RKAP) 4. Risk-Based Audit 5. Development of Risk Maturity Model 6. Implementation Design of Systematic and Structured Risk Management Database System using online application 7. Design of Integrated Corporate Risk Profile Perusahaan 8. Risk Appetite and Tolerance 9. Monitoring of Risk Mitigation and Evaluation on Risk Incidents

INTEGRATED WITH STRATEGIC PLANNING 1. Socialization and Workshop on Risk Management 2. Training on Risk Management for BOD/BOC 3. RPR RKAP 2015 and Report on online Risk Mitigation 2014 4. Draft of Guidelines on Risk Management-Based Strategic Planning (RJPP/RKAP) 5. Integration of Risk Management Targets with KPI 6. Measurement of Risk Maturity 7. Trial of Integrated Corporate Report with Risk Manag

risk culture

1. Review and development of risk management system 2. Integrated Risk Management: • RJPP • RKAP • Other strategic decisions • Corporate Performance Report 3. Forming of risk-awareness behavior 4. Measurement of Risk Maturity

PROCESS OF TRANSFORMATION MANAGEMENT


230


Risk Management Policies

the certainty in the achievement of the Company’s long-


Jasa Marga Risk Management Policies are regulated by the

term target as well to provide systematic and measurable


Decision of the Directors of Jasa Marga No. 129.2/KPTS/2010

framework of risk management implementation in

on Risk Management Policies and Risk Management

accordance with international requirements.

Highlights 2013

Manual at PT Jasa Marga (Persero) Tbk. dated 22 July 2010.

Management Report

The decision of the Company’s Risk Management policies

The risk management policies having been signed by


serves as basic reference in order to achieve the Company’s

all Directors shows their commitment, seriousness and

long-term targets and represents the realization of the

awareness of the importance of risk management in the

commitment to integrated and wide implementation of risk

Company’s sustainability and target achievement.


management within the organization in order to support


The objectives of implementing Risk Management at Jasa

Risk Management Governance at Jasa Marga is as follows:

Marga are as follows:

1. Board of Commissioners.

1. Improving awareness of the existence of impact from

2. Directors.

business activities and actions as well as influence of

3. Business Risk and Investment Committee.

external factors containing risks.

4. Risk Management Committee, chaired by Finance

2. Reducing the frequency of potential hazardous incidents. 3. Minimizing potential loss as an impact caused by such incidents.

Director. 5. Risk & Quality Management as facilitator. 6. Corporate Risk Management Evaluation (EPRP – Evaluasi Pengelolaan Risiko Perusahaan) Team.

Structure of Risk Management Governance

7. Risk Owner (Heads of Bureau/Division/Branch/Unit).

The Company realizes that risk management is required to be

8. Risk Officer (the facilitators in conducting assessment).

implemented at all levels. The structure of risk management

9. Risk Assessor (the person conducting assessment at each

governance is therefore created, to enable everybody’s role in developing, managing and ensuring the implementation of risk management.


working unit).

231


Structure of Risk Management Governance at Jasa Marga Business Risk and Investment

Board of Commissioners INTERNAL AUDIT

Risk Management Committee

Directors CORPORATE SECRETARY

Subsidiaries

Projects

Divisions

Branches

Bureaus

Risk & Quality Management Division

RISK OFFICER

RISK OFFICER

RISK OFFICER

RISK OFFICER

RISK OFFICER

RISK OFFICER

RISK ASSESOR

RISK ASSESOR

RISK ASSESOR

RISK ASSESOR

RISK ASSESOR

RISK ASSESOR

BUSINESS RISK AND INVESTMENT COMMITTEE: chaired by Commissioner with professional members. *

RISK MANAGEMENT COMMITTEE: chaired by Finance Director with VP Risk and Quality Management as secretary; the members are VP Corporate Planning, VP Toll Road Business Development, VP Related Businesses Development, VP Operation Management, and VP Finance and Accounting. *Profil Ketua dan anggota KIRU dapat dilihat pada bagian Komite Investasi dan Risiko Usaha *Profil Ketua dan anggota KMR dapat dilihat pada bagian Profil Direksi dan Pejabat Senior Jasa Marga

The Framework of Risk Management at Jasa Marga is the development of the Risk Management principles providing the basis and organization management and encompassing the entire activities in all levels at the Company. The scheme of Risk Management Framework at Jasa Marga is shown as follows: Scheme of Jasa Marga Risk Management Framework Mandate & Commitment

Planning of Risk Management Framework: 1. Understanding organization and its context. 2. Risk Management Policies. 3. Integration with the Company’s business processes. 4. Risk Bearer. 5. Resources. 6. Creation of Reporting and Communication Mechanism.

Continuous Improvement

Risk Management Preparation Monitoring and Review


EPRP Team

232


The Risk Management Framework encourages the carrying

The Company’s Risks and Managing Them


out of effective Risk Management by implementing Risk

In line with the commitment of Jasa Marga Directors to


Management process at various levels of the organization

implementing effective and efficient risk management,

and in specific contexts of the Company. Risk Management

each level of the organization, both corporate and business

Highlights 2013

Framework is basically a management system with system

unit, are then required to implement risk management by

Management Report

structure that forms PDCA (Plan, Do, Check, Action) cycle, in

considering priority and benefit of each work program/


order to ease the integration of Risk Management system with

project for the Company’s sustainability. With risk-based

other management systems of the Company.

work and budget plan (RKAP), the programs carried out in


2013 are expected to give meaningful contribution to the target achievement and sustainability of the Company.

To support the effectiveness of Risk Management implementation, Jasa Marga has created several procedures among others as follows:

Jasa Marga divides the risks into three (3) levels, namely


a) Procedure for Risk Management (PK/PR/01-BMMR).

high, moderate, and low. Risk identification for the year 2013

b) Procedure for Creating RPR (PPR PK/PR/02-BMMR).

was carried out in accordance with the results of review


c) Procedure for Monitoring Risk Mitigation Implementation

on the Company’s long-term plan (RJPP) 2013-2017, which


d) Procedure for Creating the Company’s Risk Profile (PK/ Following is the explanation of each risk identified by the

PR/04-BMMR). e) Procedure for Documenting and Reporting (PK/PR/05BMMR).


divided the risk into four (4) aspects.

(PK/PR/03-BMMR).

f ) Procedure for Evaluating Risk Event (PK/PR/06-BMMR).

Company and arranged based on the weight of each risk. A. Risks in Development Aspect Having carried out risk identification based on targets of RKAP 2013 in the field of Development, several risks potentially impeding target achievement were identified. The identified risks requiring attention among others were:

THE COMPANY’S 2013 RISK PROFILE IN DEVELOPMENT ASPECT No. 1.

Risk Completion of land acquisition is behind schedule.

Risk Mitigation 1. Coordinating with related parties such as: Bina Marga, BPJT, BPN, TPT, P2T, local government. 2. Making consignment payment in court. 3. Creating Legal Drafting to minimize potential claim.

2.

Completion of construction is behind schedule.

1. Handing over land before 100% acquired. 2. Processing the issuance of Notice to Proceed for construction from BPJT. 3. Forming expert panel team for issues of special condition.


233


B. Risks in Operational Aspect

target achievement were identified. The identified risks requiring

Having carried out risk identification based on targets of RKAP

attention among others were:

2013 in the field of Operational, several risks potentially impeding

The Company’s 2013 Risk Profile in Operational Aspect No.

Risk

Risk Mitigation

1.

Performance of equipment for controlling toll revenues, i.e. for measuring accuracy of toll revenues at toll gates is not optimum.

1. Installing Optical Sensor Beam (OBS) at toll booths. 2. Implementing Electronic Entrance Ticket (Kartu Tanda Masuk Elektronik – KTME).

2.

Roads and bridges damages are not identified in detail, i.e. construction damage of roads and bridges.

Researching roads and bridges on all toll road sections routinely every two (2) years and conducting routine internal inspection every year.

3.

Land stability is low/areas with potential landslide, i.e. settlement/land structure on road bed/its surroundings is unstable and has potential damage of road bed/landslide on Cipularang Toll Road.

1. Strengthening slope using bored pile on Cipularang Toll Road. 2. Using retaining wall for areas with not too high embankment, and using bored pile for fault areas. 3. Conducting observation periodically using supporting equipment of slope instruments (Inclinometer, displacement pegs, etc.).

4.

Toll road congestion, i.e. congestion of vehicles of toll road users.

1. Providing additional lanes on Cikarang-Cikampek. 2. Providing additional lanes on Tanjung Perak-Dupak and Waru-Porong. 3. Providing additional lanes on Pasteur-Kopo direction B (KM 127+500 – KM 136+000). 4. Providing additional lanes on Kopo-Buah Batu direction B (KM 136+000 – KM 143+000). 5. Providing additional lanes on Cibinong-Sentul Selatan both directions (KM 27+500 – KM 37+000).

5.

Toll tariff increase is delayed.

1. Complying with minimum level of services prior to audit by BPJT. 2. Using independent consultant to assess the sufficiency of SPM fulfillment prior to assessment by BPJT.

C. Risks in Financial Aspect Having carried out risk identification based on targets of RKAP 2013 in the field of Finance, several risks potentially impeding target achievement were identified. The identified risks requiring attention among others were:

The Company’s 2013 Risk Profile in Financial Aspect No.

Risk

Risk Mitigation

1.

Lack of cash for operational activities, i.e. unavailability of cash for the next one (1) month.

1. Monitoring the process of automatic transfer of Daily Toll Collection (Hasil Pengumpulan Tol Harian – HPT) every day from Branches’ account to Head Office’s account. 2. Monitoring policies on implementing the Operational Fund Usage (Penggunaan Dana Operasi – PDO) of Branches and limiting time for payment of transaction to maximum 14 working days since complete and correct document of payment is received. 3. Controlling payment of Other Work Fund (Dana Kerja Lain – DKL) of Branches by limiting to maximum two (2) before due date.

2.

Delay in availability of investment fund, i.e. fund availability for business development based on RKAP is delayed.

1. Having Credit Agreement (Standby Loan) with bank in sufficient plafond that can be withdrawn at any time. 2. Coordinating with related unit regarding payment schedule and investment fund requirement plan.

3.

Loss of principal of fund placement, i.e. loss of principal of time deposit savings.

1. Analyzing bank’s level of health. 2. Placing fund based on analysis of Legal Lending Limit and Portfolio Placement Limit.


234


D. Risks in HR and Other Aspects


Having carried out risk identification based on targets of RKAP

impeding target achievement were identified. The identified

2013 in the field of HR and Others, several risks potentially

risks requiring attention among others were:


The Company’s 2013 Risk Profile in HR and Other Aspects No.


Number of employees exceed ratio target, i.e. number of employees does not reach the targeted ratio: number of employees ratio (Length of Toll Roads : Employees) of 1 : 9; productivity ratio (the Company’s revenues : employees) of 940 million; number of workforce ratio (length of toll roads : workforce) of 1 : 12.7.

1. Proposing and creating interesting compensation scheme for early retirement. 2. Evaluating work load and work pattern.

2.

Unfulfillment of formation needs and job competencies, i.e. HR needs especially structural positions are not yet fulfilled.

1. Assessing employees periodically and comprehensively. 2. Creating career management system.

3.

Risiko tidak terpenuhinya kebutuhan formasi jabatan, yaitu risiko pemenuhan kebutuhan SDM terutama jabatan struktural masih belum terpenuhi.

1. Melakukan asesmen karyawan secara berkala dan komferhensif. 2. Menyusun sistem manajemen karir.



Risk Mitigation

1.



Risk


Implementation of Risk Management Work Programs in 2013

unit was approved by the Directors, for work programs costing more than Rp 5 billion, the unit is then required to first create RPR of the work program prior to carrying it

1. Risk Management Integration with the Entire Business

out.

Process of the Company.

d. Creating Risk Management-Based RKAP 2014.

a. Creating Risk Management-Based RJPP 2013-2017.

The program of creating RJPP 2013-2017 was the

This was a yearly program in line with the procedure for creating Risk Management Plan (Rencana Pengelolaan

review on RJPP 2010-2014, in line with the change in

Risiko – RPR) and Changes in Risk Management

the Company’s Vision and Mission. RJPP 2013-2017 was

(Perubahan Pengelolaan Risiko – PPR) No. PK/PR/02-

created using the basis of Risk Management with the

BMMR. In creating risk management-based RKAP 2014, the

following stages:

following stages were carried out:

i. Creating Risk Appetite and Risk Tolerance of RJPP

i. Conducting socialization and workshop on creating

2013-2017.

Risk Register of RKAP 2014.

ii. Creating Risk Assessment of RJPP 2013-2017.

ii. Creating Risk Management Plan of RKAP 2014.

iii. Creating Risk Mitigation of RJPP 2013-2017.

iii. Providing recommendation on the decision of RKAP 2014.

b. Identifying Risk Profile of 2013.

The program of Risk Profile of 2013 was the follow up

iv. Creating Risk Profile of RKAP 2014.

In creating risk management-based RKAP 2014, it was

program of preparing risk management-based RKAP 2012.

compulsory for the Subsidiaries to create and report Risk

Risk Profile of 2013 was adjustment of Risk Management

Management Plan. This was to ensure that the risks of

Plan after the decision of RKAP 2013 as the previous Risk

business operational activities in 2014 were identified and

Management Plan was prepared before the decision of

that the risk mitigation plans were created.

RKAP 2013. The process of creating risk profile was in accordance with Procedure for Creating the Company’s

e. Implementation and Monitoring Risk Mitigation of

Risk Profile No. PK/PR/04-BMMR.

2013

For the risk management plan decided in Risk Profile of the

c. Creating Program Risk Management Plan.

Company in 2013, based on the procedure for monitoring

Following the procedure for creating Risk Management

implementation of risk mitigation No. PK/PR/03-BMMR,

Plan (Rencana Pengelolaan Risiko – RPR) and Changes in

each work/business unit is then required to carry out

Risk Management (Perubahan Pengelolaan Risiko – PPR)

risk mitigation and monitor the implementation of risk

No. PK/PR/02-BMMR, once the RKAP of each work/business

mitigation along with the condition of risk status. This was


235


intended to monitor and minimize the already identified risks

2. Socialization, Sharing, Training and Certification of Risk Management

in the Risk Profile. i. Risk mitigation implementation.

In order to advance the competencies in Risk Management,

1) Work/business unit carried out risk mitigation of RPR and

Jasa Marga conducts socialization to each working unit,

PPR of RJP, RKAP and KPI approved by the Directors.

seminars and knowledge sharing of Risk Management.

2) If there were some changes in RJP/RKAP programs, each work/business unit is then required to reassess and

a. Training and Certification of Corporate Risk Governance

create Changes in Risk Management.

Jasa Marga conducted trainings and seminars as well as

ii. Risk Management Monitoring.

certifications of Risk Management that were organized

1) Monitoring included:

internally and externally in cooperation with risk

a) Continuous monitoring by risk owners on a daily

professionals such as Centre Risk Management Studies

basis.

(CRMS) and were intended for employees at managerial and

b) Supervision by head of work/business unit on a periodical basis. c) Supervision through internal and external audit on a periodical basis. d) Investigation on incident related to Risk

staff levels.

Trainings, Seminars and Certifications of Risk Management in 2013 No.

Training/Seminar

Participants

1.

Training and Certification of Corporate Risk Governance.

22 participants: Head of Division/Bureau and Corporate Risk Management (EPRP) Team.

2.

Workshop Risk Officer and Risk Assessor (Risk-Based Budgeting).

41 participants: Branch Office, Head Office, and Projects.

Management. 2) Every July and January, Heads of Work/Business Unit are required to report the progress of risk mitigation implementation to the Directors through Risk and Quality Management Division. iii. Risk And Quality Management Division evaluated and documented the effectiveness of Risk Management implementation.

b. Risk Management Comparative Study Jasa Marga conducted comparative study on the development of risk management system by participating in risk management roundtable organized by Centre Risk Management Studies (CRMS) every six (6) months.

Realization of Risk Mitigation Implementation 110

Risk Management Roundtable is a means to exchange experiences and ideas amongst practitioners and professionals in the field of risk management in Indonesia, particularly in order to enhance expertise and knowledge

% Realization

100

in how to manage risk through presentation delivered by guest speakers and discussions between/among

90

participants. 80

Several roundtables participated in 2013 were as follows: 70 60

1. Risk Management and Value Creation for Company (Developing Risk Awareness Culture at Companies) at 2008

2009

2010

2011

2012

2013

Realization

100

94

92

88

89

88

Target

100

70

85

85

80

80

United Tractor. 2. Enterprise Risk Management and Its Integration at PT Askes. 3. Creating Application of Web-Based Risk Management Risk Management Plan created by each work unit, Branch and Subsidiary was sent to Risk and Quality Management Division for evaluation as the material for creating the Company’s Risk Profile. The purpose of designing risk management application is to serve as media


236

• Obtaining recommendations (Strength and OFI)


used to support risk management administrative


activities (creating RPR, monitoring, etc.) so that

as well as guidance and corrective advice for the


risk management process becomes more efficient,

implementation of risk management going forward.

Highlights 2013

reporting is easier, faster and accessible anywhere and

Management Report

anytime.


is equipped with database and risk management

effectiveness of risk management implementation every two (2) years in the hope that in between measurement

4. Measurement of Risk Management Implementation


Jasa Marga conducted the program of measuring the

Effectiveness

programs, the improvements of risk management

To guarantee the implementation of effective Risk

effectiveness are able to be followed up continuously.

Management that supports the performance of organization, Jasa Marga, in cooperation with independent


Different from 2011, the model used to measure

consultant, has measured the level of Risk Maturity in Risk

maturity level of risk management in 2013 has five (5)


Management. This program is the measurement of risk

levels describing the competencies of the Company in

management implementation effectiveness, in order to

implementing risk management and six (6) Measurement


give guidance towards improvement in risk management

Attributes.

system carried out at Jasa Marga, with the objectives as


follows: • Obtaining data on gap and description on how far risk management implementation is at Jasa Marga.


Risk Management Maturity Measurement Model LEVEL

Initial Level 1

Beginner Level 2

Capable Level 3

Proficient Level 4

Leader Level 5

ATTRIBUTE Leadership Risk Management Principles PROCESS APPLICATION Experience CULTURE

Results of Jasa Marga Risk Maturity Measurement in 2013: 1. Jasa Marga has shown several risk understanding/ awareness. 2. Risk management process at Jasa Marga is still inconsistent, there is no learning from experience, and still uses general approach. 3. Jasa Marga has quite sufficient experience in Risk Management. 4. Risk management application at Jasa Marga is still inconsistently used and only covers main businesses


and projects. Risk management is encourage by process, and is carried out by insufficient resources. 5. Leadership style of leaders at Jasa Marga has become role model to apply risk management consistently in the organization. 6. There has been improvement in the understanding of risk management principles and small portions of risk management principles have started to apply.

237


Result of Measurement of Jasa Marga Risk Maturity Based on Attribute Karakter

Nilai

Maturity Level

Culture

3.20

Capable

Level 3

Process

3.00

Capable

Level 3

Experience

3.00

Capable

Level 3

Application

3.00

Capable

Level 3

Leadership

3.00

Capable

Level 3

Principle

3.50

Capable

Level 3

Maturity Level

3.12

Capable

Level 3

Profile of VP Risk and Quality Management Satria Ganefanto • Joined Jasa Marga in 1993. Being appointed VP Risk and Quality Management based on Decision of Directors No. 017/AA.P-6a/2013 dated 08 February 2013. • Completed Bachelor’s Degree in Civil Engineering from Parahyangan Catholic University Bandung in 1988 and Master’s Degree in Civil Engineering from University of Indonesia in 2006. • Previous key positions at Jasa Marga included Project Manager of Gempol-Pasuruan Toll Road (20112013), Head of Maintenance Implementation Department of Jagorawi Branch (2010-2011) and Head of Quality Control and Implementation Control Department of Porong-Gempol Toll Road Development Project (2009-2010). • Age as of 31 December 2013 was 50 years.


238


Material Litigation

litigations faced by Jasa Marga were all civil cases. Based on the type of merits of case, Jasa Marga’s material litigation is


Material Litigations represent legal matters faced by the

classified into Land Litigation, Corporate Litigation, Industrial Relations Litigation, and Other Litigation.

Highlights 2013

Company during the period of the report and they have been filed for legal process through both Court and Arbitration.

Management Report Management Discussion and Analysis New Projects Development Human Capital Management Corporate Governance Corporate Social Responsibility Statement of Members of the Board of Commissioners and Directors on the Responsibility for Annual Report 2013 Glossary Consolidated Financial Statements

Amount Sued represents the amount of compensation

For the below legal cases, Jasa Marga believes that the

sued against the Company as the defendant or amount of

continuation of court investigation or verdict will not have

compensation sued by the Company as the plaintiff, for both

material impact on the Company and its Subsidiaries. Based

material and immaterial losses.

on Management’s estimate, to settle the cases, Jasa Marga has budgeted fund amounting to Rp 7,140,168,600 in RKAP 2013.

As a pioneer in the field of toll road business, the Company oftentimes deals with various litigations as the Plaintiff,

Material litigation faced by the Company among others was

Defendant as well as Co-defendant. In 2013, material

as follows:

Land Litigation CASE OF RAHMAN ISA Case No.:

558/Pdt/2012/PT. Bdg

Institution:

High Court of Bandung

Parties:

Pembanding dahulu Penggugat:

Rahman Isa

Appellant formerly Plaintiff: Appellee I formerly Defendant I: Appellee II formerly Defendant II:

Rahman Isa Jasa Marga Directorate General of Bina Marga, Department of Public Works Roekiyono Affandie H. Aep Mayor of Bekasi Head of Land Office of Bekasi District Head of Bekasi Selatan District Head of Pondok Gede Village Head of Jakamulya, Bekasi Selatan District Village Head Jatibening PT Pelangi Buana Utama

Appellee III formerly Defendant III: Appellee IV formerly Defendant IV: Appellee V formerly Defendant V: Appellee VI formerly Defendant VI: Appellee VII formerly Defendant VII: Appellee VIII formerly Defendant VIII: Appellee IX formerly Defendant IX: Appellee X formerly Defendant X: Appellee XI formerly Defendant XI: Appellee XII formerly Defendant XII: Amount Sued:

Rp 23,100,000,000.00 (twenty-three billion, one hundred million Rupiah)

Merits of Case:

Lawsuit in relation to ownership of 30,130-m2 land located on Jakarta-Cikampek Toll Road KM 9 (heading from Jati Bening Toll Gate).

Status of Case:

At cassation level, the case has reached a verdict on 13 December 2012; the appeal of Rahman Isa was denied (Inkracht as of 16 July 2013).

Management’s Efforts:

Judge’s verdict has acquired permanent legal force; hence settlement effort is no longer required.

Impact of Case on the Company:

No impact.


239


CASE OF ACINTYA ANGGITA DEWI Case No.: 1116 K/ Pdt/ 2011 Institution: Mahkamah Agung Parties: Plaintiff: Acintya Anggita Dewi Defendant I: Directorate General of Bina Marga, Department of Public Works Defendant II: Jasa Marga Defendant III: BPN (National Land Agency) of South Jakarta Defendant IV: Mayor of South Jakarta Defendant V: Hidayat Nur Utomo Defendant VI: Tjoeng Andi Anthony Defendant VII: Poltak Hasudungan Malauw Amount Sued: Rp 90,625,600,000.00 (ninety billion, six hundred twenty-five million, six hundred thousand Rupiah). Merits of Case: Lawsuit in relation to ownership of 11,300-m² land on JORR Toll Road W2 South Section. Status of Case: At cassation level, the case has reached a verdict on 01 February 2012, the suit of Acintya Anggita Devi was denied. Management’s Efforts: Judge’s verdict has acquired permanent legal force; hence settlement effort is no longer required. Impact of Case on the Company: No impact. CASE OF ONIH BINTI RIDI Case No.: Institution: Parties: Amount Sued: Merits of Case: Status of Case: Management’s Efforts: Impact of Case on the Company

205/Pdt.G/2012/Jkt.Sel Supreme Court Plaintiff: Defendant:

Urip bin Nasar and Onih binti Ridi Jasa Marga

Rp 13,892,624,000.00 (thirteen billion, eight hundred ninety-two million, six hundred twenty-four thousand Rupiah). Lawsuit in relation to ownership of 9,164-m2 land on JORR Toll Road Ulujami-Pondok Aren Section Based on Verdict of State Court of South Jakarta on 15 July 2013, Plaintiff’s suit was denied. Plaintiff is filing an appeal. Jasa Marga has filed Counter Memory of Appeal to State Court of South Jakarta on 18 October 2013. No impact.

CASE OF SRI SUPARTINI Case No.:

490 PK.Pdt/2007

Institution:

Mahkamah Agung

Parties:

Plaintiff:

Sri Supartini Cs.

Defendant I:

Land Acquisition Team (P2T) of Tangerang Regency

Defendant II:

Department of Settlement and Regional Infrastructure

Defendant III:

Jasa Marga

Amount Sued:

Rp 20,140,000,000.00 (twenty billion, one hundred forty million Rupiah)

Merits of Case:

Lawsuit in relation to ownership 65,600 m2 land on JORR Toll Road Ulujami-Pondok Aren Section

Status of Case:

At the level of Judicial Review, the case has reached a verdict on 03 July 2008, Jasa Marga’s Judicial Review was denied.


Jasa Marga is still coordinating with the Ministry of Public Works to file counter suit.


No impact.


240


CASE OF AMSIR BIN SINAN Case No.:

29PK/PDT/2011

Institution:

Supreme Court

Parties:


Plaintiff:

M. Amsir Bin Sinan Cs.

Defendant I:

Jasa Marga

Defendant II:

Directorate General of Bina Marga, Department of Public Works

Defendant III:

Village Head of Pondok Ranji

Defendant IV:

Village Secretary of Pondok Ranji

Defendant V:

District Head of Ciputat

Defendant VI:

National Land Agency (BPN) of Tangerang

Defendant VII:

Tax Office of Tangerang

Defendant VIII:

Regent of Tangerang

Defendant IX:

PT Jaya Realestate

Defendant X:

PT Sinar Hidayat Utama

Defendant XI:

Mr. Insan Hartiwo

Amount Sued:

Rp 25,020,000,000.00 (twenty-five billion, twenty million Rupiah).

Merits of Case:

Lawsuit in relation to ownership of 14,380-m2 land located on JORR Toll Road Ulujami-Pondok Aren Section.

Status of Case:

At the level of Judicial Review, the case has reached a verdict on 17 May 2013, Amsir Cs’ Judicial Review was denied.




No impact.

CASE OF DIMYATI Case No.:

No. 605/PDT/2012/PT.Bdg

Institution:

High Court of Bandung

Parties:

Appellant formerly Plaintiff:

Dimyati Bin Syairih

Appellee I formerly Defendant:

Affandie

Appellee II formerly Co-Defendant I:

Roekiyono

Appellee III formerly Co-Defendant II:

GOI C.q. Minister of Public Works C.q. Director General of Bina Marga C.q. Project Executor of Land Acquisition on JORR Toll Road Project Cikunir Section I

Appellee IV formerly Co-Defendant III:

GOI C.q. Minister of Home Affairs C.q. Governor of West Java Province C.q. Mayor of Bekasi

Amount Sued:

Rp 27,074,800,000.00 (twenty-seven billion, seventy-four million, eight hundred thousand Rupiah).

Merits of Case:

Lawsuit in relation to ownership of 21,080 m2 land used for Cikunir Junction on JORR Toll Road E1 Section.

Status of Case:

At the level of Appeals, the case has reached a verdict on 28 January 2013, Dimyati’s Appeal was denied.




No impact.


241


CASE OF SABAR HUTAURUK Case No.:

66/Pdt.G/2013/PN.Bgr

Institution:

District Court of Bogor

Parties:

Plaintiff:

Sabar Hutauruk

Defendant I:

Acintya Anggita Devi

Defendant II:

Jasa Marga

Defendant III:

Bina Marga

Defendant IV:

P2T of South Jakarta

Defendant V:

Hidayat Nur Utomo

Defendant VI:

Tjoeng Andy Anthony

Defendant VII:

Bidang Poltak Hasudungan Malauw

Defendant VIII:

H. Abdullah Jufri

Co-Defendant I:

Land Office of South Jakarta

Co-Defendant II:

John Leonard Waworuntu

Amount Sued:

Rp 87,096,300,000.00 (eighty-seven billion, ninety-six million, three hundred thousand Rupiah).

Merits of Case:

Sabar Hutauruk claimed not yet having received compensation payment of land belonging to Achmad Prapto as Achmad Prapto’s promise to Sabar Hutauruk.

Status of Case:

In the process at District Court of Bogor.


Coordinating, collecting documents/evidence required and appointing consultant to deal with the case.


No impact.

CASE OF MUSTAFA RAHMAN Case No.:

1173 K/PDT/2012

Institution:

Supreme Court

Parties:

Plaintiff:

Mustafa Rahman

Defendant I:

Department of Settlement and Regional Infrastructure (Department of Public Works)

Defendant II:

Mayor of East Jakarta

Penggugat:

Jasa Marga

Amount Sued:

Rp 17,775,000,000.00 (seventeen billion, seven hundred seventy-five million Rupiah).

Merits of Case:

Lawsuit in relation to ownership of 6,670-m2 land used for JORR Toll Road E1 Section.

Status of Case:

At cassation level, the case has reached a verdict on 21 October 2013, Petition for Cassation of Jasa Marga, Minister of Public Works and Mayor of East Jakarta was denied.


Jasa Marga has applied for Judicial Review of such verdict on 12 December 2013.


No impact.


242


CASE OF BENUA CHANDRA Case No.:

No. 704 K/Pdt/2007

Institution:

Mahkamah Agung RI

Parties:

Plaintiff:

Benua Chandra

Defendant I:

Jasa Marga

Defendant II:

Directorate General of Bina Marga

Defendant III:

Directorate of Urban Road Guidance

Defendant IV:

Governor of North Sumatera Province

Defendant V:

Head of Road and Bridge Office

Defendant VI:

Chairman of Regional Development Board of North Sumatera Province

Defendant VII:

Director of PT Perkebunan Nusantara II

Defendant VIII:

Head of Regional Office of Land National Agency of North Sumatera Province

Defendant IX:

Head of Land Office of Deli Serdang Regency

Defendant X:

Director of PT Kawasan Industri Medan

Defendant XI:

Regent Deli Serdang

Defendant XII:

District Head of Percut Sei Tuan

Glossary

Defendant XIII:

Village Head of Saentis


Defendant XIV:

Tansri Chandra

Defendant XV:

Nazaruddin

Defendant XVI:

Liberti Manurung

Transformation of Jasa Marga Highlights 2013 Management Report Management Discussion and Analysis New Projects Development Human Capital Management Corporate Governance Corporate Social Responsibility Statement of Members of the Board of Commissioners and Directors on the Responsibility for Annual Report 2013

Amount Sued:

Rp 12,882,400,000.00 (twelve billion, eight hundred eighty-two million, four hundred thousand Rupiah).

Merits of Case:

Lawsuit in relation to ownership of 3,603 -m2 land used for Mabar Office and Toll Gate on Belmera Toll Road.

Status of Case:

At Cassation level, the case has reached a verdict on 26 September 2007, Jasa Marga’s Petition for Cassation was denied.


Jasa Marga has applied for Judicial Review to Supreme Court through District Court of Lubuk Pakam, and the case is still under investigation of Supreme Court.


No impact.


243


CORPORATE LITIGATION CASE OF TIRTOBUMI II Case No.:

180/PDT/2013/PT.DKI

Institution:

District Court of East Jakarta

Parties:

Plaintiff:

PT Tirtobumi

Defendant:

Jasa Marga

Co-Defendant:

Ministry of Public Works

Amount Sued:

Rp 1,247,567,000,000.00 (one trillion, two hundred forty-seven billion, five hundred sixty-seven million Rupiah).

Merits of Case:

Tirtobumi filed a lawsuit over Unlawful Act against Jasa Marga on the ground that Jasa Marga did not carry out BANI’s verdicts.

Status of Case:

At the level of Appeals, the case has reached a verdict on 15 July 2013, the appeal of Jasa Marga and Minister of Public Works was granted.


Jasa Marga has not yet received official copy of cassation statement from Plaintiff. Nonetheless, Jasa Marga keeps monitoring the continuation of the case on the next litigation process in court.


No impact.

CASE OF WIDENING OF CIKAMPEK-CIBITUNG TOLL ROAD SECTION (BTS 1) Case No.:

240 K/Pdt/2011

Institution:

Mahkamah Agung

Parties:

In rebuttal: Cassation Applicant I:

Jasa Marga

Cassation Respondent I:

PT Bangun Tjipta Sarana (BTS)

In counter-suit: Cassation Applicant II:

PT Bangun Tjipta Sarana (BTS)

Cassation Respondent II:

Jasa Marga

Amount Sued:

a. Jasa Marga sued for Rp 583,053,000,000.00 (five hundred eighty-three billion, fifty-three million Rupiah). b. BTS sued (in counter-suit) Rp 4,827,233,000,000.00 (four trillion, eight hundred twenty-seven billion, two hundred thirty-three million Rupiah).

Merits of Case:

Lawsuit filed by Jasa Marga against BTS in relation to Revenue Sharing Agreement for CikampekCibitung Section of Jakarta-Cikampek Toll Road No. 109 dated 16 October 2002.

Status of Case:

At Cassation level, the case has reached a verdict on 24 July 2012, petition for Cassation of Jasa Marga and BTS was denied.


Jasa Marga has applied for Judicial Review on 09 October 2013.


No impact.


244

Identity of the Company Profile of the Company Transformation of Jasa Marga Highlights 2013 Management Report Management Discussion and Analysis

Industrial Relations Litigation CASE OF INDUSTRIAL RELATIONS COURT BANDUNG Case No.:

116/G/2013/ PHI/PN.Bdg

Institution:

Industrial Relations Court Bandung

Parties:

Plaintiff 1:

Cecep Cahyadi, A.Md

Plaintiff 2:

Teuku Fadil, BE

Plaintiff 3:

Iwan Hitapermana

Plaintiff 4:

Nursamsu

Plaintiff 5:

Tommy Afief Noor

Plaintiff 6:

Dasep Mahmudin

Plaintiff 7:

Diki Syarif Bachtiar

Plaintiff 8:

Iif Faidullah

Plaintiff 9:

Ina Mardiah

Plaintiff 10:

Arif Rakhman Hakim

Plaintiff 11:

Eko Sukmana Purabaya

Plaintiff 12:

A. A. Riswanto

Plaintiff 13:

Deden Gumilar

Plaintiff 14:

Agus Setiawan

Defendant:

Jasa Marga


Amount Sued:

Salary and religious allowance amounting to Rp 503,011,056.00 (five hundred and three million, eleven thousand, fifty-six Rupiah).

Merits of Case:

Lawsuit filed by former employees of Purbaleunyi Branch in Industrial Relations Court Bandung.

Status of Case:

In the process of Industrial Relations Court Bandung.


Monitoring the process of Industrial Relations Court Bandung.


No impact.


245


Other Litigation CASE OF ACCIDENT AT DUKUH 2 TOLL GATE Case No.:

132/Pdt.G/ 2012/PN.Jkt Tim

Institution:


Parties:

Plaintiff:

Budiyanto Sutanto

Amount Sued:

Defendant:

Jasa Marga

Merits of Case:

Rp 10,450,218,000 (ten billion, four hundred fifty million, two hundred eighteen thousand Rupiah).

Pokok Perkara:

Lawsuit filed by Budiyanto Sutanto for the accident taking place at Dukuh 2 Toll Gate on 09 June 2011 causing the death of a toll collector (Zakaria) as a result of being hit by Budiyanto Sutanto’s vehicle. Budiyanto Suyanto was found guilty based on criminal verdict No. 1444/Pid.B/2011/PN.Jkt. Tim dated 06 December 2011.

Status of Case:

Case has reached a verdict on 13 June 2013; Budiyanto Suyanto’s lawsuit was denied.


Jasa Marga is in the process of Appeals in the High Court of DKI Jakarta.


No impact.

CASE OF THAMRIN TANJUNG Case No.:

51/Pdt.G/2013/PN.Jkt.Tim

Institution:


Parties:

Plaintiff:

Ir. Thamrin Tanjung

Defendant I:

PT Hutama Karya (HK)

Defendant II:

Jasa Marga

Defendant III:

GOI C.q. Minister of Public Works

Co-Defendant:

Attorney General

Amount Sued:

Rp 472,830,000,000.00 (four hundred seventy-two billion, eight hundred thirty million Rupiah).

Merits of Case:

Thamrin Tanjung filed a lawsuit over Unlawful Act against HK, Jasa Marga, Minister of Public Works and Attorney General of Central Jakarta in relation to execution of JORR Toll Road Section S based on Verdict No. 720 K/Pid/2001.

Status of Case:

Case has reached a verdict on 30 September 2013, Thamrin Tanjung’s lawsuit was denied. Plaintiff did not file an appeal.




No impact.


246


Litigation at Subsidiaries


In 2013, no litigation is faced by either the Subsidiaries or the Board of Commissioners


and Directors of Subsidiaries.

Litigation at Subsidiaries as of 31 December 2013 Litigation

Amount Sued

1.

PT Jalantol Lingkarluar Jakarta (Jakarta Outer Ring Road Toll Road)

None

None

2.

PT Marga Lingkar Jakarta (JORR W2 North Toll Road)

None

None

3.

PT Marga Sarana Jabar (Bogor Outer Ring Road Toll Road)

None

None


4.

PT Marga Kunciran Cengkareng (Cengkareng-Kunciran Toll Road)

None

None


5.

PT Marga Trans Nusantara (Kunciran-Serpong Toll Road)

None

None


6.

PT Marga Trans Jateng (Semarang-Solo Toll Road)

None

None

7.

PT Marga Nujyasumo Agung (Surabaya-Mojokerto Toll Road)

None

None

Glossary

8.

PT Trans Marga Jatim Pasuruan (Gempol-Pasuruan Toll Road)

None

None

9.

PT Jasamarga Bali Tol (Nusa Dua-Ngurah Rai-Benoa Toll Road)

None

None

10.

PT Marga Bumi Adhika Raya (Gempol-Pandaan Toll Road)

None

None

11.


None

None



No.

Name of Subsidiary

Litigation Faced by Members of Board of Commissioners and Directors In 2013 no litigation is faced by Members of Board of Commissioners and Directors in office.

Information on Administrative Sanctions Throughout the year 2013, no administrative sanctions were imposed by the capital market authority or other authorities on Jasa Marga, members of the Board of Commissioners and Directors.


247


Code of Conduct and Corporate Culture

With the spirit of change, there has been a revision to the book of Code of Conduct of Jasa Marga and this serves as part of GCG implementation that is expected to be the basis for all level of Jasa Marga Management and Individuals in carrying out their duties, with the Decision

Ethics and culture are the foundation

of Directors No. 175/KPTS/2013 dated 17 December 2013 on Code of Conduct.

of GCG implementation at Jasa Marga, given that organization certainly consists

Code of Conduct is the guidelines for all individuals of the Company, starting from the Board of

of people in it. In managing GCG,

Commissioners, Directors and the entire employees, in working and interacting with the entire

implementation of GCG is then inseparable

stakeholders of the Company. With the main values of the Company while carrying out the

from running ethical business and

Company’s Code of Conduct consistently, all Jasa Marga individuals, wherever they are, they

forming the awareness of the Company

will constantly support the implementation of good corporate governance, which in the end

and its employees with sense of social

will lead to the increase in corporate image for the benefit of the entire stakeholders.

responsibility to the community so as to avoid conflicts of interest and of prevailing

Principles of Code of Conduct

rules and regulations.

The Company’s Code of Conduct regulates the ethical values that are explicitly stated as standards of behavior to which all Jasa Marga Individuals must refer.

Code of Ethics In the improvement of GCG implementation,

The principles of Good Corporate Governance (GCG) implemented in Code of Conduct are as

Jasa Marga has formulated various policies

follows:

in relation to corporate ethics. Jasa Marga has made efforts to implement best practice ethical standard in carrying out all of its business activities in line with its Vision, Mission and culture though the implementation of Business Ethics and Work Ethics. The Company completely realizes that good relationship with the stakeholders and improvement in value of Shareholders in the long run are only achievable through business integrity in each of business activities of the Company as stated in Business Ethics and Work Ethics. Code of Conduct The Company has had standard of Code of Ethics called Code of Conduct since 2010. The Code of Conduct is arranged to for the carrying out of good and right corporate management, hence it requires guidelines that are intended to form and regulate the accordance of behavior to achieve consistent GCG implementation as the Company’s

CODE OF CONDUCT Based on Decision of the Directors No. 175/KPTS/2013 dated 17 December 2013 on Code of Conduct PRINSIP GCG Transparansi, Akuntabilitas, Bertanggung jawab, Kemandirian dan Kewajaran BUSINESS ETHICS 1. Compliance with Rules and Regulations 2. Gratification Handling 3. Care for Occupational Safety and Health 4. Equal Opportunity for Employees to Have Job, Be Promoted and Stop Working 5. Ethical Standard in the Relationship with Stakeholders: a. Relationship with Jasa Marga Individuals b. Relationship with Government c. Relationship with Shareholders d. Relationship with Toll Road Users and Other Customers e. Relationship with Business Partners f. Relationship with Competitors g. Relationship with Creditors/Investors h. Relationship with Suppliers/Contractor i. Relationship with Community and Surrounding Environment j. Relationship with Mass Media k. Relationship with Subsidiaries 6. Ethical Standard of the a. Superior to Subordinate b. Subordinate to Superior c. Between Colleagues 7. Intellectual Property Rights

ETHICS/CONDUCT OF JASA MARGA INDIVIDUALS 1. Commitment of Jasa Marga Individuals 2. Maintain Good Image of the Company 3. Maintain Good Relationship among Jasa Marga Individuals 4. Maintain Confidentiality of the Company 5. Maintain and Use the Company’s Assets 6. Maintain Occupational Safety, Health and Environment 7. Immoral Conducts, Narcotics, Illegal Drugs, Gambling and Smoking 8. Conduct Data Recording and Reporting 9. Avoid Insider’s Trading 10. Gratification Handling 11. Avoid Conflict of Interest 12. Political Activities

culture that maximizes the implementation of the principles of good corporate governance for the accomplishment of the Company’s Vision and Mission.


Each Jasa Marga Individual has signed Integrity Pact to show the commitment to GCG implementation in the Company’s operational activities. The signing of the said commitment has been fulfilled by 100% of Jasa Marga Individuals.

248


Socialization and Efforts to Enforce Code of Conduct


Code of Conduct is disclosed and/or distributed to all Jasa Marga Individuals by means of various media of the Company,


including by making use of the information technology so that it is accessible by all employees at any time. Periodically, through

Highlights 2013

Memo and/or Circular Letter from the Directors, all Jasa Marga Individuals are informed of the implementation of business ethics.


In 2013, the efforts to enforce Code of Conduct have been taken in various ways, including among others: 1. All Jasa Marga Individuals have made compliance statement and Integrity Pact. 2. The Company informs each of its strategic actions and its performance results accurately and punctually, and provides information media of the Company that are easily accessed by all entire stakeholders. 3. The Company always complies with prevailing rules and regulations in running its business process. 4. The Company carries out its business prudently with good business risk management through systematic risk analysis. 5. The Company firmly yet politely refuses all interventions causing the Company’s loss. 6. The Company treats the stakeholders fairly and equally and this has been reflected in every activities of the Company’s Business. 7. The Company constantly informs the stakeholders its commitment and consistency in implementing Good Corporate Governance through various means of communications.

Corporate Culture

well as to achieve the Company’s Vision and Mission, the Company then changed its Corporate Values in 2013 into:

Statement of Corporate Culture of the Company

Jujur (Trustworthy), Sigap (Agile), Mumpuni (Qualified), and

The implementation of good corporate governance will

Respek (Respectful). The four values serve as the foundation

succeed when supported by strong corporate culture. The

in the interaction between Jasa Marga Individuals and the

approach of culture internalization is carried out by means of

stakeholders.

intervention of three aspects, namely leadership, system and employees. By applying the said approach, apart from written in policies and procedures, Jasa Marga’s culture becomes soft skills that are practiced by the Board of Commissioners, Directors and employees in the carrying out of their daily tasks.

The Corporate Values have been approved by the Board of Commissioners and Directors with the Decision of Directors No. 50/KPTS/2013 dated 01 March 2013 on the Vision, Mission and Corporate Values. Principles of Corporate Culture

The Company has decided corporate culture better known as Corporate Values. To make adjustments towards the direction of long-term growth and development of the Company with great potential in toll road business in the future awaits, as

J S M R

The corporate culture serving as foundation in the interaction between Jasa Marga Individuals and the stakeholders, that is better known as Corporate Values of the Company are described as follows:

JUJUR (TRUSTWORTHY) Jasa Marga is committed to always being TRUSTWORTHY, fair, transparent and free from conflict of interests in carrying out its business activities. SIGAP (AGILE) Jasa Marga is AGILE in providing services to the customers and other stakeholders by being concerned and proactive while constantly staying prudent. MUMPUNI (QUALIFIED) Jasa Marga is QUALIFIED in performing the duties with the basis of competency, consistency and innovation. RESPEK (RESPECTFUL) Jasa Marga is RESPECTFUL to the stakeholders in creating synergy to make achievements.

Socialization of Corporate Values The above Corporate Values are continuously socialized to all Jasa Marga Individuals (Board of Commissioners, Directors, Employees of the Company, Employees assigned at Subsidiaries and other parties, and other personnel directly work for and on behalf of the Company). The distribution and socialization of Corporate Values are carried out via internal and external sites of the Company, slide presenting Corporate Values at every training or meeting, placement of banner at strategic spots at the Company.


249


SHARES OWNERSHIP PROGRAM FOR EMPLOYEES AND/OR MANAGEMENT (MSOP/ESOP)

of PT Jasa Marga (Persero) Tbk., participants of ESA program are the Company’s Permanent Employees, Directors, Board of Commissioners excluding Independent Commissioners, Secretary of Board of Commissioners, and Secretaries to Directors, all listed

Jasa Marga MSOP/ESOP Program Jasa Marga does not have MSOP/ESOP program, yet the Company

in the Administration of Information System of Human Resources Management of the Company on 31 October 2007.

has had Program Penjatahan Saham Karyawan (Employee Stock Allocation – ESA). The main objective of this program is in order

Exercise Price

that employees have a sense of belonging that is expected to

ESA Program does not have exercise price. The shares price at IPO

accelerate their productivity; hence enhancing the Company’s

was Rp 1,700 per share.

overall performance and ultimately increasing the Company’s value for all stakeholders.

Equal Treatment to All Shareholders

ESA program consists of: 1. Bonus Share

Jasa Marga ensures equal treatment to all of its shareholders,

Commissioners (other than Independent Commissioner),

including minority and foreign shareholders. Jasa Marga also

Directors and all permanent employees of Jasa Marga meeting

applies fair and equal treatments to shares that belong to same

certain criteria received Bonus Shares at the time of the Initial

category, prohibits insider trading and self-dealing, and requires

Public Offering in the amount equivalent one month’s salary

the Board of Commissioners to disclose all transactions that

of the month of June 2007. Jasa Marga anticipated the grant

contain a conflict of interest. In addition, Jasa Marga recognizes

up to approximately 11,862,000 shares under the bonus share

stakeholders’ rights, as protected by law, and seeks to promote

grant scheme, of which approximately 1.7% and 98.3% were

active cooperation with the stakeholders.

allocated to non-independent Commissioners/Directors and employees, respectively.

In GCG assessment in 2013 carried out by independent party, in

2. Fixed-Allotment Share

the aspect of Shareholders and GMS, the Company achieved the

score of 8.839 representing 98.22% of achievement.

In addition to Bonus Shares, participants were given opportunity to purchase Fixed-Allotment Shares at the time of the Initial Public Offering. The number of shares for FixedAllotment Shares was approximately 192,138,000 shares. The

Whistleblowing System

allocation was made in proportion to employee’s monthly salary and was subject to certain limits.

Whistleblowing System is a system that manages the reporting/ disclosures of illegal conducts, and unethical/improper conducts

Number of ESA Shares

in confidential, anonymous and independent manners to be used

In line with the Extraordinary General Meeting of Shareholders of

in optimizing the roles of Jasa Marga Individuals as well as other

Jasa Marga on 12 September 2007, the Shareholders approved the

parties in revealing misconducts that occur in the Company.

plan on Employee Stock Allocation (ESA), referring to BAPEPAM Regulation No.: IX A.7 that provides opportunity for employees,

As part of its commitment to continually improving GCG

management and/or certain other parties that are stated in the

implementation, the Company urges that violation to GCG

Decision Letter issued by the Company, to own a maximum of

implementation and Code of Conduct be avoided by the entire

10% of the shares that are offered to the public (or amounting to

Jasa Marga Individuals. In view of the above, the Company has

204,000,000 shares).

implemented Whistleblowing System as the media for submitting report on violation of GCG implementation and Code of Conduct

Period of ESA Program

of the Company.

In accordance with the provisions, the Bonus Shares were subject to a three-year lock up period, during which they are not allowed

The Company has provided a means of whistleblowing system

to be sold or transferred.

called JASA MARGA AMANAH (Trustworthy Jasa Marga) available for all Jasa Marga Individuals as well as external parties since 16

Requirements for Employees and/or Management to be Entitled to Participate Based on Decision of the Directors No. 182.1/KPTS/2007 on Shares Ownership Program for Employees and Management of PT Jasa Marga (Persero) Tbk. during the Privatization Process PT Jasa Marga (Persero) Tbk. 2013 An n ua l R epo r t

January 2013.

250


The management of the Company’s Whistleblowing System refers to the Decision of the Directors No. 09/KPTS/2013 dated 13


January 2013 on Whistleblowing System of PT Jasa Marga (Persero) Tbk. and Decision of the Directors No. 10/KPTS/2013 dated


13 January 2013 on the Forming of Whistleblowing System Management Team of PT Jasa Marga (Persero) Tbk.

Highlights 2013

Each incoming report will be studied, classified and followed up by means of thorough investigation based on the facts

Management Report

received. The decision whether or not the report is proven will be made based on the considerations of impact of misconduct,


degree of intentionality and motives of misconduct. Sanctions for misconducts may range from verbal warning, warning letter (I, II, III), to termination of employment. The Company does not tolerate any violation related to integrity. Whistleblowing System Management Team


Whistleblowing System (WBS) is mechanism for violation reporting conducted confidentially by employees or leaders of


Management Team assisted by Whistleblowing System Administration Management, namely PT Deloitte Konsultan Indonesia


the Company. The reporting is made by means of standard mechanism managed professionally by Whistleblowing System that was selected through the process of procurement of goods/services at the Company. Membership of Whistleblowing System Management Team is as follows:

Membership of Whistleblowing System Management Team No.

Membership Composition

Position in Team

1.

Head of Internal Audit

Chairman and Member

2.

Corporate Secretary

Secretary and Member

3.

VP Legal

Member

4.

GM Human Capital Services

Member

5.

VP Risk & Quality Management

Member

Basis of Implementing Whistleblowing System

2. Making available of early warning system mechanism.

1. The Company’s willingness to continue to enforce

3. Providing opportunity to first deal with the issues of

Good Corporate Governance principles within the entire Company, particularly in relation to integrity and transparency.

misconduct internally prior to becoming public violation. 4. Creating reluctance to commit any violations (supervision by all parties).

2. The Company’s commitment to providing means for the enforcement of Good Corporate Governance principles,

Socialization of Whistleblowing System

thus creating clean and responsible work situation.

Internal socialization of Whistleblowing System (WBS) in the

3. One of the powerful tools in avoiding and detecting potential violations in the Company.

Company was carried out through various media such as internal bulletin, poster, and ethics socializing as well as direct presentation to related units. Externally, the socialization

Objectives, Purposes and Benefits of Whistleblowing

was carried out by using the Company’s website and circular

System

letter/memo.

The objectives, purposes and benefits of implementing Whistleblowing System (WBS) at the Company are as follows:

In January 2013, the Company conducted socialization of

1. Providing the means of submitting important and critical

Whistleblowing System Management Team at all work units

information for the Company to the parties that that is required to deal with the issues securely.


of Head Office and Branch Offices.

251


Timeline of Whistleblowing System

Kick Off

Decision Letter of Directors No. 195/ KPTS/2011

14/12/2011

15/12/2011

Signing of Commencement Statement by Chairman of Board of Commissioners and President Director

Signing of Cooperation Agreement with Deloitte

04/05/2012

1. Policy 2. Type of WBS 3. Reporting/Whistleblowing Mechanism 4. Forming of Team

Socialization Presentation to Directors

19/06/2012

16/01/2013

16/01/2013 s.d 11/02/2013

Go Live Whistleblowing System

Scope of Whistleblowing The scope of reporting/whistleblowing that will be followed up by Whistleblowing System covers the actions that may cause potential loss to the Company, and they include the following: 1. Violation of prevailing rules and regulations 2. Misuse of position for the interests not of the Company’s 3. Extortion 4. Fraud 5. Conflict of interest 6. Gratification Means of Whistleblowing Whistleblower reports in the form of letter accompanied with required supporting documents. The report is submitted via one of the following means:

Means of Whistleblowing

+62 21 23 50 7022 0811 1255 550 +62 21 2350 7023

http://jasamarga.tipoffs.asia

@

[email protected]

P.O Box 2332, JKP 10023


For Whistleblowing via phone calls and text messages, live reporting time is from 07:00 WIB (Western Indonesian Time) to 21:00 WIB, otherwise will be diverted to voice mail.

252


Mekanisme Penerimaan Pelaporan


The mechanism of receiving whistleblower’s report is shown in the following diagram:


Mechanism of Receiving Reports in Whistleblowing System


Deloitte contact center responds when whistleblower asks the follow up status of the report


Means of Whistleblowing

@


Deloitte analyst asks relevant information to whistleblower

Deloitte analyst will give unique reference number to whistleblower

Deloitte forensic Investigator reviews call log, make investigation report and follow up recommendations

Report will be published in e-Room and email notice will be sent to all members of Jasa Marga WBS Management Team

WBS Management Team will follow up and respond to the case to Deloitte

Deloitte Contact Center responds to whistleblower based on reference number

Flow of Whistleblowing System Process

Unproven report will be returned to the whistleblower. When

When the documents and evidences submitted are complete,

proven, Whistleblowing Team will report finding results to

Whistleblowing Team conducts data selection and decides

the Directors. Reports related to the Management below

whether or not the case is able to move up to investigation

Directors are addressed to the President Director in the form

as the next level. With enough evidences, the report will then

of letter, whereas reports related to Directors are addressed to

move to higher stage, i.e. investigation.

the Board of Commissioners. The flow of the process of Whistleblowing System is shown in the following diagram:


253


Flow of Whistleblowing System Process

Whistleblower

Fulfill Criteria?

Whistleblowing

Preliminary Analysis by WBS Team

Reported to Directors Reported to Board of Commissioners

Further Investigation?

Forwarded to Related Function Respond/ Feedback Internal Investigation

Notes: 1. Whistleblower will always get feedback and status of the report

Report on Results of Investigation

submitted 2. Flow of Whistleblowing

If Employees and Board of Commissioners are being reported, report is addressed to WBS Team If WBS Team is reported, report is addressed to Directors

Special Investigation

WBS Team

Punishment in accordance with applicable procedures

Decision of Directors/ Board of Commissioners

If Directors are reported, report is addressed to Board of Commissioners

Case Closed

Protection for Whistleblower

WBS Implementation in 2013

The Company provides the means for whistleblowing (phone,

Throughout 2013, there were 24 incoming reports, 15 of which

letter, email); facilities that are independent, free, and confidential

were followed up until the final process.

for whistleblower, so that secured whistleblowing process is carried out. Moreover, WBS also maintains confidentiality of whistleblower’s identity for the purpose of giving protection to whistleblower and his/her family from adverse actions by reported parties or organization. Information on the carrying out of report follow up will be submitted confidentially to whistleblower with complete identity.


254


Procurement of Goods and Services The Company’s policies in the implementation of Procurement of Goods and Services are stipulated in the Decision of the Directors No. 15/ KPTS/2009 dated 20 January 2009 on the Standard Operating Procedure for the Implementation of Procurement of Goods/Services within the Company. The policies regulate the users of goods and services, parties managing procurement of goods and services, parties managing contract of procurement of goods and services, parties managing providers of goods and services, parties managing material, procurement team, and authorized officers as well providers of goods and services in accordance with the duties, functions, rights and obligations as well roles of the parties involved in the process of procurement of goods and services. The objectives of Procurement of Goods and Services are to obtain goods and services required by the Company in view of quality and delivery time from the appropriate sources with the lowest total cost by means of effective and efficient procurement strategy, plan, process and control in accordance with applicable procedures. To reach the main target of Supply Chain Management, i.e. ensuring the carrying out of business activities and providing value creation along with improving the Company’s competitiveness, the Company has the following management policies: a. Management of Procurement of Goods and Services b. Management of Contract of Procurement of Goods and Services c. Management of Providers of Goods and Services

The Company’s Ethics in the Procurement of Goods and Services The Company carries out the procurement of goods and services based on the principles of competitive, transparent, just, fair, and accountable. Ethical conducts expected in the relationship with providers of goods and services among others are as follows: • Decision of goods and services provider is required to be based on product quality, after-sales services, warranty, performance and track record, while prioritizing the interest of the Company. • Respect the rights and obligations in accordance with agreement and provisions of law. • Nurture open communication during the implementation of procurement process in order to fulfill the rights and obligations of all parties. • Evaluate providers of goods and services and take stern action against unethical providers of goods and services. Implementation of e-Procurement To prevent KKN practices, apart from the needs for improvement of system and procedure for the procurement of goods and services to be more transparent and accountable, it is also necessary to find alternatives meeting the principles of Good Corporate Governance (GCG), particularly the principles of transparency and fairness. Within the state-owned enterprises (SOEs), the State Minister for SOEs has issued Regulation of State Minister for SOEs No. Per-01/MBU/2011 on Implementation of Good Corporate Governance at StateOwned Enterprises, that explicitly explains Information Technology Corporate Governance. With the existence of the said Regulation, SOEs are required to implement the principles of Good Corporate Governance (GCG) in the aspects of business and corporate management at all levels with IT support. To realize the commitment of GCG implementation and Integrity Pact, Jasa Marga has been consistent in managing procurement process and partnership using e-Tendering system through the application


of Electronic Procurement System (Sistem Pengadaan Secara Elektronik – SPSE)/eProcurement, which minimizes physical contact between suppliers/partners with committee since the entire processes of tender and negotiation are computer-based; hence ensuring fair and transparent process. The benefits among others include fast tender process, decision on candidates of tender participants electronically in accordance with requirements, selection of winner electronically as well as other benefits in relation to improved quality of process, fairness of price, justice, transparency and intervention prevention. e-Procurement is the process of goods/ services procurement conducted electronically and web/internet-based, using the facility of communication and information technology encompassing electronic general tender organized with electronic procurement service (Layanan Pengadaan Secara Elektronik – LPSE). In line with Decision of Directors No. 149/ KPTS/DIR/2013 dated 30 August 2013, through General Affairs Division, LPSE is created with the assistance of Government Goods and Services Procurement Policy Agency (Lembaga Kebijakan Pengadaan Barang/Jasa Pemerintah – LKPP). The Company deems not only does e-Procurement increase transparency, but also improve efficiency as price and cost of transaction is lower, and procurement cycle is shorter; hence preventing corruption while boosting work productivity. Integrity Pact of Business Partners The Company makes it compulsory for vendors and business partners to sign Integrity Pact in relation to the procurement of goods and services. Integrity Pact of Jasa Marga Individuals In every process of goods and services procurement, the Company also requires that Jasa Marga Individuals sign Integrity Pact to show that there is no conflicting interest and that transparency is implemented in the process of procurement of goods and services.

255


External Auditor The function of independent supervision for the Company’s financial aspect is carried out by implementing External Audit conducted by public accounting firm. Public Accounting Firm HLB Hadori Sugiarto Adi & Rekan has audited the Company’s financial statements for 3 periods of financial years in a row (2009-2011). The year 2012 is the first period for Public Accounting Firm RSM Aryanto, Amir Jusuf, Mawar & Saptoto to perform audit of the Company’s financial statements.

External Auditor of the Company 2009-2012 Year

Public Accounting Firm

2009

HLB Hadori Sugiarto Adi & Rekan

2010 2011

Contract (Rp)

Implementing Partner

858,000,000

Drs. Hartono, Ak., CPA


660,557,500



1,065,000,000


2012

RSM Aryanto, Amir Jusuf, Mawar & Saptoto

1,622,500,000

Saptoto Agustomo

2013

RSM Aryanto, Amir Jusuf, Mawar & Saptoto

1,245,750,000

Saptoto Agustomo

Audit of Financial Statements of Financial Year 2013 For the purpose of auditing the Financial Statements of the Company and its Subsidiaries, the Company has appointed a public accounting firm that is registered at Bapepam-LK, i.e. Public Accounting Firm RSM Aryanto, Amir Jusuf, Mawar & Saptoto. The appointment of the said public accounting firm has been decided at GMS on 29 April 2013 based on the recommendation of the Board of Commissioners of the Company. The scope of Audit conducted by Public Accounting Firm RSM Aryanto, Amir Jusuf, Mawar & Saptoto includes audit of the Company’s Consolidated Financial Statements Financial Year 2013 and Financial Statements of Partnership and Community Development Programs of the Company for Financial Year 2013. Process of Appointing External Auditor The appointment of External Auditor was carried out through the following mechanism: 1. Audit Committee evaluated Public Accounting Firm. 2. Audit Committee reported the Procurement of the Service of Public Accounting Firm for Financial Year 2013 to the Board of Commissioners. 3. Board of Commissioners informed the Directors by letter of the Board of Commissioners No. DK-0066/IV/2013 dated 19 April 2013 on Decision of Public Accounting Firm to Perform General Audit of PT Jasa Marga (Persero) Tbk. for Financial Year 2013. 4. Board of Commissioners proposes to GMS to approve the appointment of Public Accounting Firm.


Other Services The party appointed External Auditor by the Company does not provide other services than audit service to the Company’s Consolidated Financial Statements and PKBL (Partnership and Community Development Programs) Financial Report. The total cost for the audit of Consolidated Financial Statements 2013 amounted to Rp 1,345,750,000.00 (one billion, three hundred forty-five million, seven hundred fifty thousand Rupiah) including VAT and Out of Pocket Expenses (OPE). The appointed Public Accounting Firm RSM Aryanto, Amir Jusuf, Mawar & Saptoto has completed its tasks independently in accordance with professional standard for public accountant, contract as well as the scope of audit decided. The period of audit was effective from the time the Contract was signed by the Parties until 31 March 2014.

Audit Team of Public Accounting Firm RSM Aryanto, Amir Jusuf, Mawar & Saptoto

Director Saptoto Agustomo

Independent Partner Amir Abadi Jusuf

IT Specialist Billy Eduardo

Implementing Partner Leknor Joni Endang Pramuwati

Quality Assurance Service Dedy Sukrisnadi

Team Leader Rini Nurzianah

Tax Specialist Felix T. Purba

Auditors and Compliance Auditors Dewi Novita Sari, Rahmat, Andre Wahyudi, Ricky Edbert, Edi Riyanto Bernando Barusela, Ary Y Putra, Putri Retno, Andreas Manurung, Rizki Lukman

256 256

Identity of the Company Identity of the Company Profile of the Company Profile of the Company Transformation Transformation of Jasa Marga of Jasa Marga Highlights 2013 Highlights 2013 Management Management Report Report Management Management Discussion and Discussion and Analysis Analysis New Projects New Projects Development Development Human Capital Human Capital Management Management Corporate Corporate Governance Governance Corporate Social Corporate Social Responsibility Responsibility Statement of Members Statement of Members of the Board of of the Board of Commissioners and Commissioners and Directors on the Directors on the Responsibility for Annual Responsibility for Annual Report 2013 Report 2013 Glossary Glossary Consolidated Financial Consolidated Financial Statements Statements

Strategies and policies of the Company in carrying out the activities of sustainability as much as possible bring about positive impacts and reduce potential negative impacts on the aspects of economy, social and environment as the main factors in supporting the Company’s business sustainability.


257



Strategies and Policies

Moreover, the foundation for

As a business institution with the core

implementing the activities of corporate

business of developing and operating

social responsibility also refers to several

toll roads, the Company’s activities are

applicable regulations that include

inseparable with managing business

among others Article 3 Paragraph (1) of

that considers the aspects of economy,

Government Regulation of the Republic

social and environment as the main

of Indonesia No. 47 of 2012 on Social

factors in supporting the Company’s

and Environmental Responsibility of

business sustainability. Therefore, the

Limited Liability Companies, as the

Company’s strategies and policies

basis in implementing Law No. 40 of

in carrying out the activities of

2007 on Limited Liability Companies

sustainability as much as possible bring

confirming that “Social and environmental

about positive impacts and reduce

responsibility as referred to in Article 2

potential negative impacts on the said

are the obligation of companies that run

aspects.

business activities in the fields of and/or related to natural resources based on Law”.


258


Regulation No. 47 of 2012 of the Government of the

Overall, the activities of social and environmental responsibilities


Republic of Indonesia specifically serves as the ground

carried out throughout the year 2013 consisted of environmental

for Jasa Marga in carrying out the aspect of corporate

preservation program; program in the field of labor, occupational

social and environmental responsibility or globally

health and safety; social and community development program

referred to as Corporate Social Responsibility (“CSR”).

comprising partnership program and empowerment of people’s

Transformation of Jasa Marga Highlights 2013 Management Report Management Discussion and Analysis New Projects Development

economy, development of public facilities and infrastructure, In view of the above, the Company makes the efforts to

assistance for natural disasters victims and people program; and

maintain its business existence with the Triple Bottom

program related to responsibility to the customers.

Line: People, Planet and Profit as the basis of its activities in maintaining the sustainability of its business.


Ecological Responsibility The Company realizes that its business activities bring impacts to the environment, in the areas of both the Head Office as well as operational. The Company therefore proactively develops the culture of environmental responsibility not only to its employees but also to the community. This is intended to reduce the negative environmental impacts resulted from the Company’s activities in developing, constructing and

1. Saving energy by using new technology that reduces the use of energy within the Company. 2. Using products that refer to eco products (environmentally friendly products). 3. Making inventory of the trees during each project to decide the number of trees to be planted. 4. Planting trees to replace the trees that are required to cut down.

operating toll roads, in addition to supporting national programs related to the environment. The efforts to boost

In 2013, Management’s commitment to environmental

the positive impacts and minimize the negative impacts

protection in order to preserve the environment and increase

of such business activities have always become the focus

the value of the Company was proven by signing the statement

of the Company’s main improvement.

of commencement of environmental management system implementation within the Company and by creating guidelines

Policies

on environmental management system approved by the

The commitment of the Company to environmental

Decision of Directors No. 165/KPTS/2013 aimed at preventing

responsibility has been carried out by means of various

environmental pollution and/or damage in the surroundings of

programs and policies. Based on Circular Letter of

the Company’s business, maintaining cleanliness and preservation

the Directors No. 18/SE/2010 on energy saving and

of environmental functions as well as complying with prevailing

environmental preservation, Jasa Marga has been making

rules and regulations, Government Regulations, Decisions of

the efforts in implementing the improvement of the

Minister and Regional Government Regulations in the field of

quality of the environment by means of the following

environment.

policies:

STATEMENT OF COMMENCEMENT OF ENVIRONMENTAL MANAGEMENT SYSTEM IMPLEMENTATION


259


Toll road operation in harmony with local culture

Activities Carried Out

2. Control of pollution, greenhouse effect, along with other hazardous air emission.

In toll road development, Jasa Marga always reviews the aspects of physical-chemical, social-economy, social-culture, and public

3. Toll road forestation as one of the efforts to mitigate changes impacting environment. Over 75,800 trees have been planted

health. The Company implements these efforts by applying

in 2013.

AMDAL to the toll road projects beginning with selection of material by as much as possible using recyclable material, to the

4. Cleaning of garbage along the toll road corridor.

efforts in reducing the impacts of increased air pollution resulted

from the services.

The effort in garbage management on toll road in accordance with Circular Letter of Operation Director No. 18/SE-DIR/2011 dated 30 November 2011 in order to maintain cleanliness in

Jasa Marga continues to carry out various programs related to

toll road surroundings. Activities include garbage management

the preservation of the environment and continues to develop

in the surroundings of toll roads’ right of way (ROW), Rest

the system to support those activities. For all the efforts in

Areas, and toll roads/toll gates/toll gate offices/branch offices/

environmental preservation it has carried out, Jasa Marga was rewarded Sustainable and Responsible Investment Index (SRI) KEHATI Appreciation by SRI KEHATI.

subsidiary offices. 5. Planting of 10,000 mangrove trees in the surroundings of Nusa Dua-Ngurah Rai-Benoa Toll Road in Bali as the form of the Company’s responsibility to the environment and as one of the

Other activities in ecological responsibility among others include:

efforts to preserve the environment in toll road surroundings

1. Use of solar cell energy, especially for street lighting on certain

as well as the prove that the Company has always prioritized

locations such as black spot areas so that such areas have lights at night. Over 2,500 solar cell lamps have been installed as public street lighting.


eco-friendly development. 6. Creating Jasa Marga Environment Roadmap (2013-2017).

260


The above various efforts demonstrate Jasa Marga’s real

The optimization of human resources management


contribution to natural preservation, providing positive

implementation is carried out by the Company by means of

impacts on the environment and overcoming global

following policies:

warming and climate change in the hope that they

1. Complying with rules and regulations on labor.

Highlights 2013

inspire the community and especially the employees to

2. Upholding labors human rights.

Management Report

become even more aware of the importance of clean and

3. Providing program of competencies training and advancement.

healthy environment.

4. Upholding equality in gender and career path.



Financial Impacts from Activities

Compliance with rules and regulations on labor.


To optimize program implementation along with

1. Managing Relationship between Employees and Management.


environmental management activities, the Company

has specifically allocated the cost for environmental

of the Company has been well nurtured. SKJM (Jasa Marga

management, which, in 2013 environmental management

labor union), whose members are 99.92% of Jasa Marga

cost reached Rp ± 3.5 billion.

employees, is organization entitled to represent the employees


The relationship between the employees and the Management

in dealing with the Management and has been actively

Environmental Certification

involved in the discussion of PKB (joint working agreement)

In line with the Company’s Vision of 2017 to become a

with the Management.

leading toll road operator and developer in Indonesia, it is essential that the Company focuses on environmental

2. HR Recruitment.

control. The Company therefore has targeted to have

environmental certification in 2015.

Recruitment of Jasa Marga HR is conducted internally and externally. Internal recruitment is carried out by optimizing existing resources to enable efficiency in employee replacement cost and to obtain the best candidate in

Labor and Occupational Health & Safety

accordance with the requirement while facilitating career development for existing employees. External recruitment is intended to fill out vacant positions at Jasa Marga.

Corporate social responsibility in the aspects of labor and occupational safety and health remains the Company’s

3. Competencies Development.

main focus. The Company is certain that as its key assets

Enhancement of HR competencies is carried out through

employees are the first customer that should receive

trainings and education to develop soft skills and hard

the best services in the fulfillment of their rights in

skills, related either directly or indirectly to operational and

order that they are able to contribute optimally and

business strategies. Competencies enhancement program for

that the existence of a company is maintained. The

employees is now managed by JMDC.

Company therefore has high concern and commitment to improving employees’ professionalism along with proper

4. Employees Remuneration.

compensation and benefit.

Jasa Marga is aware that the compensation and benefits provided by a company affect the conduciveness of employees’

Labor

performance and employee turnover. For its employees,

Policies

Jasa Marga therefore provides competitive remuneration package consisting of monthly salary, various allowances and

As a company in the line of service, the Company realizes

facilities such as pension and health benefits in accordance

that reliable human resources are the major power to keep

with prevailing rules and regulations and it is evaluated on a

the wheel of business running. Jasa Marga treats its labors

periodical basis so that the change in employees wage is in line

as partners in improving the performance of the Company

with market price.

(partner in profit), partner in carrying out operational activities (partner in responsibility) and partner in enhancing productivity (partner in production). Law No. 13 on Labor serves as the reference for the Company’s policies in labor to ensure the compliance with applicable laws and minimize violation of human rights in work relations.


5. Pension Plan.

Jasa Marga has two types of pension plan, i.e. (i) FixedContribution Pension Plan (Program Pensiun Iuran Pasti – PPIP) applicable for permanent employees recruited before 01 July 2012; and (ii) Fixed-Benefits Pension Plan (Program Pensiun Manfaat Pasti – PPMP) intended to permanent employees recruited after 01 July 2012.

261


6. Employees Rewards.

6. Employees Satisfaction Survey.

On a regular basis, Jasa Marga presents its appreciation to

The Company conducts employees’ satisfaction survey

achieving employees in supporting operational activities of the

periodically in order to receive feedback directly from the

Company, employees with high loyalty to the Company. The

employees. The survey is expected to provide each of Jasa

presenting of the reward is intended to motivate employees

Marga employees to express their views on various aspects

contribute even further in the following periods.

that determine satisfaction level and at the same time to give suggestions to Jasa Marga Management in relation to things

7. Employees Turnover.

that will increase the levels of satisfaction and productivity

Employees cease working at the Company for various reasons

of Jasa Marga. In 2013, result of ERI with the score of 1.97

such as voluntary resign, death and normal retirement.

indicated the level of Engaged of 48%. The score of 2013 improved when compared to that of 2011 with ERI score of

8. Equality in Gender and Employment Opportunity.

1.40.

Jasa Marga does not have internal labor policies whose implementation depends on gender. All applicable rules

Work Environment

are implemented consistently and equally to all employees

Conducive work environment and climate supports the

regardless of their gender. The same manner is also applied in

improvement of performance and productivity of the Company’s

employment opportunity offered to all employees.

employees. The Company is therefore committed to always creating safe and comfortable work atmosphere that enables


the enhancement of employees’ quality of work. The Company

1. Proper remuneration.

ensures the implementation of Occupational Safety and Health

Jasa Marga is aware that the compensation and benefits

Management System (Sistem Manajemen Keselamatan dan

provided by a company affect the conduciveness of employees’

Kesehatan Kerja – SMK3) recognized nationally and internationally.

performance and turnover. The Company therefore strives

SMK3 is intended to protect employees, customers, assets,

for the best remuneration that exceeds rules and regulations

business partners and the environment from potential dangers.

on regional minimum wage (UMR), in accordance with the

The Company has formed Guiding Committee of Occupational

Company’s capability and without burdening employees

Safety and Health (Panitia Pembina Keselamatan dan Kesehatan

working hours. The percentage of the lowest remuneration

Kerja – P2K3) within the Company. At present, the Branch Offices,

provided by the Company is higher than UMR in the respective

the Head Office and 1 Subsidiary have formed P2K3 whose

area.

management members come from various units involving workers representatives.

2. Freedom of assembly and association.

The Company supports the forming of various communities

Welfare Improvement

such as LKS Bipartit, Jasmapala, etc.

The aspect of employees’ wellbeing has always been Jasa Marga’s concern so that employees feel secure and comfortable while

3. Training and education through Jasa Marga Development

working, and employees are motivated to continue to improve

Center (JMDC).

work performance and productivity. Jasa Marga’s welfare

In 2013, JMDC has facilitated education and training with

programs for all of the permanent employees have complied with

an average of 15.07 days of training each year. The number

provincial minimum wage (UMP). The welfare programs include

of participants, which were divided into two categories, i.e.

employees social security; health allowance; pension plan; tax

operational and non-operational reached a total of 6,428

allowance; religious holiday allowance; leave allowance; high

people, with an average training hour per person reaching 3.06

risk incident insurance (only for operational employees); death

days/person.

compensation; uniform; education, housing or car loans; company car; training and development; work pollution prevention (only

4. Pre-retirement training for employees entering the preretirements period and pension benefits for pensioners.

for toll collectors); production bonus (based on employees performance) and facilities for sport, arts, religious as well as recreational activities.

5. Proper remuneration as well as promotion for competent employees regardless of either gender or SARA (ethnicity,

Jasa Marga is highly committed to always giving fair and equal

religion, race, and intergroup relations).

treatment to all its employees. The Company provides equal opportunity to every single employee for self-development and giving the best potentials to Jasa Marga.


262


As the realization of its commitment to improving

Guidelines on Occupational Safety and Health for Construction


employees welfare, in 2012, the Company has revised the

Projects within PT Jasa Marga (Persero) Tbk. and Circular Letter

regulation concerning remuneration for both permanent

of the Directors No. 20/SE-DIR/2010 dated 03 August 2010 on

and non-permanent employees through the issuance of

Occupational Safety and Health (OSH).

Transformation of Jasa Marga Highlights 2013

Decision Letter of the Directors No. 104/KPTS/2012 dated

Management Report

29 June 2012 on Change in Regulation of Remuneration

Government Regulation No. 50 of 2012 on Implementation of


for Permanent Employees Based on Performance

Occupational Safety and Health Management System requires

Management System and Decision Letter of the Directors

that the Company implement Occupational Safety and Health

No. 105/KPTS/2012 dated 29 June 2012 on Regulation of



Remuneration for Non-Permanent Employees.

Kesehatan Kerja – SMK3), therefore, in 2013 the Company


Employees Turnover

Safety and Health Management System and the result will be

To maintain the level of employees’ turnover, the

implemented in 2014.


reviewed its existing policies and manual of Occupational

Company provides equal opportunity to all employees in remuneration package in the forms of benefits and

Basis of Implementation of Occupational Safety and Health Management System

facilities received by employees. To date, Jasa Marga

The implementation of Occupational Safety and Health

employees’ turnover has been insignificant and this is


reflected in the number of employees resigning from the

Kesehatan Kerja – SMK3) within the Company refers to the

Company.

following regulations:

developing their career accompanied with competitive

Employees Turnover 2009-2013 2009

2010

2011

2012

2013

1

1

2

1

2

5,436

5,303

5,154

5,075

4,875

0.02

0.02

0.04

0.02

0.04

Number of Employees Having Resigned Number of Employees Percentage (%)

Financial Impact from Labor-Related Activities

a. Law No. 01 of 1970 on Occupational Safety.

The Company has been continuously carrying out proper

b. Law No. 13 of 2003 on Labor:

labor practices in order to protect the employees as its major assets. The cost for labor practices throughout 2013 amounted to Rp 964.12 billion.

• Article 86: labors/workers have the right to obtain protection for occupational safety and health. • Article 87: every company is obligated to apply Occupational Safety and Health Management System that is integrated with the company’s management system.

Occupational Safety and Health Policies

c. Regulation of the Government of the Republic of Indonesia No. 50 of 2012 on Implementation of Occupational Safety and Health Management System.

Occupational Safety and Health Management System

d. OHSAS 18001: 2007.

is intended to protect employees, customers, assets,

e. Decision of the Directors No. 129/KPTS/2010 dated 22 July

business partners and environment from potential

2010 on Quality Policies and Occupational Safety and Health,

dangers that might arise. Since 2011, management of

Quality Management Manual and Guidelines on Continuous

occupational safety and health (OSH) has focused on

Improvement within PT Jasa Marga (Persero) Tbk.

achieving zero accident level. The program is carried

f. Decision of the Directors No. 162/KPTS/2010 on Occupational

out based on regulations on labor and regulations on

Safety and Health Management System Manual along with

OSH of local manpower office while being evaluated

Guidelines on Occupational Safety and Health for Construction

and assessed every year. Jasa Marga’s commitment to realizing safety and security at workplace is indicated in the Company’s policy regulated by the Decision of the

Projects within PT Jasa Marga (Persero) Tbk. g. Circular Letter of the Directors No. 20/SE-DIR/2010 on Occupational Safety and Health (OSH).

Directors No. 162/KPTS/2010 on Occupational Safety

h. Regulation of State Minister for SOEs No. PER-01/MBU/2011 on

and Health Management System Manual along with

Implementation of Good Corporate Governance (GCG) in SOEs:


263


Medical checkup for people residing in toll road surroundings, one of Jasa Marga’s activities in Community Development Program

• Article 36: Directors are obligated to make sure that the


assets and location of business along with other facilities

Various activities related to OSH programs that were carried out in

of the SOEs comply with rules and regulations related to

2013 among others are as follows:

occupational safety and health as well as environmental

1. Forming of organization of Guiding Committee of

preservation.

Occupational Safety and Health (Panitia Pembina Keselamatan dan Kesehatan Kerja – P2K3) at work place.

Implementation of Occupational Safety and Health Management System

P2K3 is assisting body at work place to provide a means for the cooperation between employer and employees to nurture the

In accordance with the 2012-2014 Joint Working Agreement

cooperation, mutual understanding and effective participation

between the Company and Jasa Marga Labor Union, it is agreed

in implementing occupational safety and health. The forming

that the Company shall implement Occupational Safety and

of the organization of P2K3 is based on Law No. 01 of 1970

Health Management System that is integrated with the Company’s

assigning P2K3 to give consideration in assisting the carrying

existing management system. The carrying out occupational

out of the efforts to prevent work accident and work illness

Safety and Health activities is divided into several programs and

in the Company as well as to provide effective explanation to

activities encompassing preventive, curative, promotive as well as

workers.

rehabilitative health programs.


264


Organization of the Company’s P2K3


Chairman President Director


Secretary VP Risk & Quality Management Division


Members 1. VP 2. Branch Manager 3. Project Manager


2. Advancement of Competency for OSH Personnel.

To guarantee the forming of safe work environment needs the support from personnel that comprehend occupational safety and health (OSH). Jasa Marga is committed to having Occupational Safety and Health Experts in its work units. Occupational Safety and Health Experts is technical workforce having special expertise taken from Department of Labor to supervise the compliance with Law on Occupational Safety. Occupational Safety and Health Experts are authorized to enter to work

Glossary

place in accordance with the decision of their appointment, ask explanation and/or information on the implementation of


occupational safety and health requirements at the work place assigned, monitor, check, test, analyze, evaluate and give conditions as well as guidance on occupational safety and health. In order to fulfill the above requirement, the Company has then conducted training on competencies as General OSH Experts, Construction OSH Experts and Safety Officers for Head Office, each Branch and Subsidiary. The number of the Company’s employees with OSH competencies of General OSH Experts, Construction OSH Experts and Safety Officers are 13, 14 and 27 people, respectively, at the Head Office, Branches and Subsidiaries. Number of Employees of the Company with OSH Competencies at Head Office, Branches and Subsidaries No. 1. 2. 3. 4.

Description General OSH Experts Construction OSH Experts Safety Officers Hiperkes (Higiene Perusahaan dan Kesehatan Kerja/Industrial-Occupational Hygiene) TOTAL

Head Office and Branches 30 21 52 1

Projects and Subsidiaries 4 10 1

104

15

Distribution of Employees with OSH Competencies No. 1 2 3 4 5 6 7 8 9 10 11

Unit/Branch/ Subsidiary Head Office Jagorawi Cawang – Tomang – Cengkareng Jakarta – Cikampek Jakarta – Tangerang Purbaleunyi Semarang Palikanci Surabaya – Gempol Belmera PT Jalantol Lingkarluar Jakarta

Notes: √ : available x : not yet available


General OSH Experts √ √ √ √ √ √ √ √ x x √

Construction OSH Experts √ √ √ X √ √ x √ x √ √

Safety Officers

Hiperkes

√ √ √ √ √ x x x √ x √

√ x x x x x x x x x x

265


Implementation of SMK3 in the construction of new toll road

3. Socialization of regulations related to occupational safety

Meanwhile, the result of OHSAS 18001:2007 Audit shows that

and health.

the findings/Corrective Action Request (CAR) at the Branch

The regulations require the use of safety belt and helmet,

Offices were mostly in the aspect of P2K3/MR, concerning,

availability of personal protective equipment (Alat Pelindung

among others, tasks and responsibilities of P2K3 that were

Diri – APD) in official vehicles, use of APD in toll road working

not yet completely carried out, competencies of P2K3

environment, safety regulations at toll gates, installation of

members that were inadequate and lack of communication

OSH signs and stickers, safety induction and OSH briefing prior

concerning OSH to employees and visitors. In cooperation

to commencing daily operational activities

with consultant PT SUCOFINDO, the Company has performed Diagnostic Assessment of Occupational Safety and Health

4. OHSAS 18001 : 2007 and SMK3 Certificates.

to several Branches and the Head Office to measure the

The implementation of SMK3 in the Company in accordance

extent of occupational Safety and Health implementation.

with Government Regulation No. 50 of 2012 needs to be

The result showed an average of 70% fulfillment out of the

proven with monitoring and evaluating performance by

minimum target to achieved, which is 85% indicating excellent

conducting an audit. As of the year under review, the Audit

implementation based on the regulation of assessment result

of Occupational Safety and Health Management System

of SMK3 audit stipulated in Government Regulation No. 50 of

(Sistem Manajemen Keselamatan dan Kesehatan Kerja – SMK3)

2012.

has been conducted for nine (9) Branch Offices and one (1) Subsidiary. Among all Jasa Marga Subsidiaries, only PT Jalantol

5. Monitoring and evaluation of OSH activities

Lingkarluar Jakarta (JLJ) that has conducted SMK3 Audit based

implementation.

on Regulation of Minister of Labor of the Republic of Indonesia

a. Evaluation of work accident in Cawang-Tomang-

No. Per-05/MEN/1996 and received the gold award.


Cengkareng, Jakarta-Cikampek and Purbaleunyi Branches.

266


a. Evaluation of OSH implementation in branches in 2013.



• Vaccinations to prevent disease, basic vaccinations for

c. Collection and evaluation of work accident data


a. Preventive.

b. OSH Risk Inspection at PT Jasamarga Bali Tol.


9. Health programs.

from all branches.

employees’ children. • Routine medical checkup once a year to enable employees’ early detection of certain disease.

6. Diagnostic assessment along with SMK3 and

• Work nutrition for operational employees working in shifts

OHSAS 18000:2007 audits.


by giving milk to increase endurance. • Fogging to eradicate mosquito larvae to prevent the

Referring to Government Regulation No. 50 of

spreading of dengue fever.

2012 on Implementation of Occupational Safety

• Opportunity to employees and their family to participate in

and Health Management System requiring the


Family Planning.

Company to implement Occupational Safety and

• Pap smear once a year for employees and/or their wife to


Health Management System (SMK3), in 2013, the


Occupational Safety and Health Management System

enable early detection of cervical cancer.

Company reviewed its existing policies and manual of

• Reimbursement of 80% for outpatient cost for employees

to be implemented in 2014. Jasa Marga therefore


b. Curative. and their family medication to doctors or midwives

conducted Diagnostic Assessment prior to reviewing

practicing at hospitals, clinics, or other places of practice.

the policies and manual of SMK3, in order to find the

• Enabling of employees and their family for inpatient

gap in OSH implementation and its improvement


so that the targets of SMK3 implementation and

treatment to go directly to the hospitals, to receive medical

certification in 2014 are achieved.

treatment class I for Level 1 to V and class II for Level VI to VIII.

7. Empowerment in environmental management.

• Pregnancy check and birth financial assistance once for every pregnancy and maximum 9 times.

The Company has included its employees in the

• Diagnostic support in the form of USG maximum 2 times

training on comprehending and implementing

unless there is abnormalities as recommended by specialist

environmental management system and

doctor.

environmental audit & assessment of roads and toll

• Reimbursement of 80% for dental treatment and

roads.

maintenance. 8. Work facilities and safety.

c. Promotive.

To ensure safety and health of the employees while

• Health lectures periodically (conducted every 3 months

at work, the Company has equipped its operational

by Head Office and Branch Offices), in order to promote

employees with personal protective equipment

healthy living.

(Alat Pelindung Diri – APD), i.e. OSH Vest, Ear Plug, Respirator, Protection Glasses, OSH Cap, Safety Shoes, Gloves, Helmet, Raincoat, and Body Harness, as shown in the following table:

Equipment for Employees’ Occupational Safety and Health Operational Employees

OSH Vest

Ear Plug

Respirator

Toll Collector

v

v

v

Traffic Service Officer

v

v

v

Rescue Officer

v

v

Ambulance Officer

v

Inspection Officer

v

v


Protection Glasses

OSH Cap

Safety Shoes

Gloves

Helmet

Raincoat

v

v

v

v

v

v

v

v

v

v

v

v

v

v

v

v

v

v

v

v

v

v

v

Body Harness

v

v

267


• Opportunity to exercise (Physical Wellness Exercise Senam

Certification in Occupational Safety and Health

Kesegaran Jasmani – SKJ) every Friday as well as other

In line with one of its Mission, the Company is committed to

sporting activities to increase stamina and health of the

performing business activities based on the implementation

employees.

of Occupational Safety and Health principles correctly and consistently. The realization of the Company’s commitment

d. Rehabilitative.

is proven as it has obtained the certification of international

• Dentures making and implant based on medical indication,

standard OHSAS 18001 : 2007 Occupational Health & Safety

valid for employees with minimum period of service of 3

Assessment Series that are integrated with ISO 9001 for all

years, maximum three (3) dentures in a year.

branches starting from 2010 to date.

• Eye test and glasses based on doctor’s recommendation, for employees with minimum period of service of 3 years, once

Financial Impact from Activities of Occupational Safety and Health

in two years.

The Company continuously performs the practices of Safety and

• Medical aid for employees with minimum period of service of 3 years, once in three years.

Health (OSH) to protect the employees as its key assets. In 2013, the Company has invested Rp 59.89 billion for the carrying out OSH practices.

Work Accident Rate All forms of compliance in the implementation of OSH of the Company are intended to minimize the situation that may lead to work accident. Nonetheless, Jasa Marga realizes that accidents

Social and Community Development

are influenced by many factors and are not easy to eliminate (zero fatality).

Being a state-owned enterprise (SOE), Jasa Marga is tied to the obligation to conduct Partnership and Community Development At Work Place

Work Relation

Total

Programs (Program Kemitraan dan Bina Lingkungan – PKBL), based on Regulation of the State Minister for SOEs No. PER-05/

Year

Minor

Major

Death Toll

Minor

Major

Death Toll

2012

5

2

1

3

5

0

16

State-Owned Enterprises and Small Enterprises and Community

2013

1

2

1

3

3

0

10

Development Program.

MBU/2007 dated 27 April 2007 on Partnership Program between

Keterangan : Luka Ringan (LR); Luka Berat (LB); Meninggal Dunia (MD) Catatan : Korban kecelakaan termasuk petugas Outsourcing (Pul Tol, satpam, hansip, driver, THL dan lainnya)

harmonious relationship with the community, as well as to give concrete contribution to the forming of prosperous community. In

Achievements in the Aspect of OSH OSH zero accident award certificate for Palikanci and SurabayaGempol Branches awarded by Manpower Local Office of Cirebon Regency and East Java Province.

The objectives of carrying out the programs are to nurture

the implementation of the programs, the Company also considers the harmony with the potential of the surrounding community where the program is carried out. The implementation of the programs refers to the Decision of Directors No. 230/KPTS/2007 on Partnership Program with Small Enterprises and Community Development Program.

Zero accident award


268


Types of Programs

In accordance with Letter of State Ministry for SOEs Deputy


Throughout the year 2013, Jasa Marga has conducted

for Strategic Planning and Restructuring of SOEs No. S-92/


various partnership program and community

D5.MBU/2013 issued in April 2013, the Company does not allocate

development program. Partnership Program

Net Income and does not distribute new loans for Partnership

Highlights 2013

encompasses the monitoring of loan distributed to small

Program. Source of fund for both Partnership and Community

Management Report

and middle enterprises (SMEs) in the previous years,

Development Programs derives from existing balance of fund.


providing assistance in the aspects of health, education,

Financial Impact from Activities

facilities and infrastructure, natural preservation, religious

Ever since PKBL was conducted in 1992, as of 2013, the amount of

facilities and assistance for victims of natural disasters

accumulated fund distributed by Jasa Marga for working capital

along with social and community program of poverty

loan has reached Rp 301,463,908,173 with the number of Assisted

eradication.

SMEs reaching 22,004 SMEs. The amount of accumulated fund for


whereas Community Development Program includes

business development in the forms of trainings and exhibitions Partnership Program

from 1992 to 2013 has reached Rp 41,630,238,707.

Partnership Program is intended to improve the capability of small enterprises so that they become

The fund distributed for business development (trainings and

tough and independent by benefiting from a portion of

exhibitions) in 2013 was Rp 1,031,784,062 consisting of payment

SOEs profit. Partnership Program has been carried out

of training balance in 2012 and exhibition in the first quarter of

since 1992 by Partnership and Community Development

2013.

Programs Unit accountable to the Directors through Finance Director.

Based on the Regulations of the State Minister for SOEs No. PER05/MBU/2013 dated 01 May 2013 and PER-08/MBU/2013 dated 10

Activities of Partnership Program include:

September 2013, Community Development Program is intended

• Providing working capital loan intended for people

to give benefits to the community in the surrounding areas of the

residing in the Company’s operational areas with the

Company’s operation. The forms of the activities of Jasa Marga’s

following conditions:

Community Development Program focus on the aspects that

1. In possession of wealth of maximum Rp 200 million

among others include:

excluding land and building. 2. Having annual turnover amounting to maximum of Rp 1 billion. • Facilitating business development in the form of trainings and exhibitions for assisted SMEs with good track record of loan payment.

1. Assistance for victims of natural disasters. 2. Assistance in education and/or trainings. 3. Assistance in health improvement. 4. Assistance in development of public infrastructure and/or facilities. 5. Assistance in religious facilities. 6. Assistance in natural preservation.

The objectives of carrying out Partnership Program are

7. Assistance in social community for poverty eradication.

to encourage economic activities and growth and to enable the even distribution of development by means

In 2013, for Community Development Program, the Company

of extending employment and business opportunities

distributed fund amounting to Rp 14,706,106,711 with details as

in order that small entrepreneurs become tough and

follows:

independent. The growing of SMEs assisted by the

1. Assistance for victims of natural disasters amounting to

Company is expected to improve the welfare of the

Rp 422,815,000 in the forms of distribution of staple food,

people as well as to encourage partnership between the

inflatable boats, generator set and school supplies for

Company and SMEs in the surroundings of the Company’s

flood victims in the surroundings of Head Office, Kampung

areas of operation.

Melayu, as well as Jakarta-Cikampek, Jakarta-Tangerang and Purbaleunyi Branches.

Community Development Program

2. Assistance in education and/or trainings amounting to Rp

Community Development Program represents program

4,405,062,513 by donating school supplies, sports equipment

for the empowerment of the social condition of the

(football, futsal, basketball), computer, school bags,

community by SOEs by making use of the SOEs fund

improvement of learning facilities, and the “Gerakan Direksi

decided and carried out by Assisting SOE in the areas of

Mengajar” (Program of Directors Teach) at SMAN 1 Kuta Selatan

the company’s operation.

Badung Bali, SMA Plus Negeri XVII Palembang, SMA Negeri 1 Boyolangu Tulungagung, SMA Negeri I Semarang and SMA


269


Medan accompanied with the giving of band equipment, wireless mic, handy cam, Laptop and LCD TV. 3. Assistance in health improvement amounting to Rp 1,357,877,712 in the forms of free medication, mass

2. Smoothing traffic flow by increasing services capacity and providing real time traffic information to reduce traffic disruptions. 3. Improving the quality of construction of roads, bridges and operational supporting buildings.

circumcision carried out during school holidays for the less fortunate boys and distributing ta’jil (snacks for breaking the

Policies

fast in Moslem’s fasting month of Ramadhan) at toll gates

As the realization of GCG implementation and the Company’s

simultaneously at all Branches.

responsibility to the customers and people in general and in

4. Assistance in development of public infrastructure and/or

line with its mission to provide smooth, safe and comfortable

facilities amounting to Rp 5,134,354,632 by making zebra

toll road services, we continue to maintain our communication

crossing road mark of school safety zone carried out by all

with the customers. We realize that apart from ensuring that the

Branches and Subsidiary PT Jalantol Lingkarluar Jakarta;

quality meets the determined standard, smooth and proactive

paving road and repairing drainage in Kecamatan Gunung

communication plays an essential role for the sustainability of the

Putri and Kelurahan Kampung Rambutan; making landfills in

Company’s business.

cooperation with Diponegoro University; developing clean water source and repairing road in Desa Cihanjuang Rahayu

Indonesian toll road industry has to fulfill the minimum level

Kecamatan Parongpong Bandung Barat; and building compost

of service (Standar Pelayanan Minimum – SPM) determined in

barn and garbage bins, MCK (public bathing, washing and

accordance with Regulation of the Minister of Public Works No.

toilet facilities) and frontage road well drilling; constructing

392/PRT/M/2005 dated 31 August 2005 on Minimum Level of

bridge, managing RW (community unit), heightening and

Service that must be fulfilled by Toll Road Entities in order to

paving road, making dykes and pos kamling (neighborhood

improve services to toll road users.

security post) and building frontage road. 5. Assistance in religious facilities amounting to Rp 1,589,096,354

In compliance with the said regulation and in response to the

by renovating places of worship, donating equipment for

commitment to toll road users, the Directors of the Company

religious facilities and providing marbles for floors, walls and

issued Circular Letter No. 17/SE-DIR/2006 dated 29 July 2006 on

stairs for Cisadane Mosque Bogor.

Guidelines for Measuring the Fulfillment of Minimum Level of

6. Assistance in natural preservation amounting to Rp

Service (SPM) for Toll Road and Policy of the Directors No. 111/

1,396,075,000 by planting fruit trees in all Branches along with

KPTS/2011 dated 24 June 2011 on Guidelines for Excellent Services

seedling and planting mangrove in Tanjung Benoa Bali.

within PT Jasa Marga (Persero) Tbk.

7. Assistance in social community for poverty eradication amounting to Rp 400.825.500 by distributing staple food in the

Types of Programs

operational areas of Jagorawi, Cawang-Tomang-Cengkareng

In 2013, many activities were carried out and improved, for the

and Belmera Branches.

purpose of none other than providing comfort and assurance of consumer protection by providing smooth, safe and comfortable toll roads.

Responsibility to Customers

As stated above, the minimum level of service (SPM) based on the

Jasa Marga is highly committed to fulfilling its responsibly to the

Regulation of Minister of Public Works No. 392/PRT/M/2005 dated

consumers or customers. To Jasa Marga, the customers, i.e. the toll

31 August 2005 on Minimum Level of Service that must be fulfilled

road users, are its partner in developing business in the future.

by Toll Road Entities in order to improve services to toll road

Therefore, Jasa Marga has always placed customers’ satisfaction as

users, every toll road operator is required to meet the standard

the service of the utmost fundamental and importance.

represented in a number of indicators.

Jasa Marga is committed to implementing the programs of

One of the important points in the evaluation of SPM by BPJT is

customers’ satisfaction by campaigning the importance of Service

the indicators of road marking, public street lighting (Penerangan

Excellence while putting the main priority in the safety aspect of

Jalan Umum – PJU) in urban areas, and right of way fence are

workers, working areas, equipment and environment.

the types of information serving as the requirements of toll road services. SPM evaluation and assessment by BPJT has shown that

The abovementioned commitments are realized by carrying out

the Company’s toll roads have fulfilled the standard of information

the following strategic measures:

provision for services that support safety for the customers. The

1. Speeding up transaction time to reduce congestion at toll gates.

quality of such services is continually improved with the target to accomplish beyond the standard.


270


In order to always improve the services to toll road users as the Company’s customers, while complying with SPM, in 2013, the


Company has conducted activities that among others include the following:


STRATEGIES OF SERVICES AND THE APPLICATION ON TOLL ROADS


Strategies of Services

Application

Speeding up transaction time to reduce congestion at toll gates.

1. Implementation of Green-Green-Green at congested toll gates. 2. Implementation of PUTTRA (Petugas Jemput Transaksi, toll collectors proactively come to toll road users instead of waiting for the toll road users to make transaction) at congested toll gates. 3. Implementation of e-Toll Card. 4. Implementation of e-Toll Pass.

Smoothing out traffic flow by increasing services capacity and providing real time traffic information to reduce traffic disruptions.

1. Implementation of contra flow system. 2. Provision of operational technology facilities (CCTV, VMS, RTMS, Fiber Optic). 3. Diversification of taking and giving information (Jasa Marga Traffic Information Center). 4. Implementation of communication technology (mobile application, live streaming CCTV, website, twitter).

Improving the quality of construction of roads, bridges and operational supporting buildings; and increasing toll road capacity.

1. Installation of solar cell PJU. 2. Optimization of land use to increase toll gate capacity. 3. Periodic maintenance of toll roads (scrapping, filling, overlay). 4. Provision of additional lanes.


Consumer Protection To facilitate its customers with media that provides information on its services while at the same time also support customers’ safety, Jasa Marga now has information center called Jasa Marga Traffic Information Center (JMTIC) that serves as a means of communication for its toll road users. JMTIC will record and follow up the questions and complaints from toll road users. JMTIC is accessible by toll road users at several communication lines, as follows: • JMTIC Call center 021-80880123 • Website www.jasamargalive.com • Application mobile m.jasamargalive.com FOLLOW UP OF CUSTOMERS COMPLAINT

Customer (Toll Road Users Management Representative Customer Services Officer

Complaint

Suggestion

Suggestion


Give Information

Request Assistance

Ask for Information

CCTV, LAN TV, RTMS

271


Advancing the capabilities of operational officers through training on simulation of handling broken down heavy vehicles

Financial Impact from Activities

To comply with information disclosure, Jasa Marga also reports

The cost for activities related to responsibility to the customer in

information and facts deemed material to the capital market

the year 2013 amounted to Rp 25.99 billion.

authority via mail to Bapepam-LK (Indonesian Capital Market Supervisory Agency) and through electronic reporting to the Indonesia Stock Exchange. Jasa Marga also actively makes

Access to Information and Data of the Company

publication for every corporate action conducted with the use of bilingual (Indonesian and English Languages) press release. The said publication is available at Jasa Marga website.

In order to provide its stakeholders with easy access, the Company has constantly updated the means of information provision

For further information on the Company, people in general as well

along with the supporting facilities. In addition, the Company

as investors in particular may reach Corporate Secretary (David

also continuously makes the effort in advancing the platform of

Wijayatno) and AVP Investor Relations (Rudi Kurniadi) at Tel. (62-

information technology to maintain and improve the reliability in

21) 841 3630, 841 3526; Fax. (62-21) 841 3540; and e-mail: sekper@

providing integrated information in the right time and for the right

jasamarga.com, [email protected]

target through the Company’s website www.jasamarga.com.


Management’s Responsibility for Annual Report 2013

Statement of Members of the Board

on the Responsibility for Annual PT Jasa Marga (Persero) Tbk. We, the undersigned, herewith declare that all information contained in the Annual Report 2013 of PT Jasa Marga (Persero) Tbk. is complete and we are fully responsible for the content of the Company’s Annual Report. This statement is made truthfully. Jakarta,

February 2014



Ibnu Purna Commissioner

Akhmad Syakhroza Commissioner

Mayjen. (Purn.) Samsoedin Independent Commissioner


Joyo Winoto Commissioner

Irjen. PolISI (Purn.) Michael Dendron Primanto Independent Commissioner


of Commissioners and Directors

Report 2013

Directors


Hasanudin Operation Director

Abdul Hadi Hs. Business Development Director

Reynaldi Hermansjah Finance Director

Muh Najib Fauzan Human Capital & General Affairs Director


274

Glossary

Identitas Perseroan Profil Perseroan

Term / Abbreviation

Transformasi Jasa Marga Ikhtisar 2013

JMTIC

Laporan Manajemen Analisa dan Pembahasan Manajemen Pengembangan Proyek Baru Pengelolaan Capital Tata Kelola Perusahaan Tanggung Jawab Sosial Perusahaan Tanggung Jawab Manajemen Atas Laporan Tahunan 2013

Jasa Marga Traffic Information Center. Jasa Marga’s call center that provides information on condition of Jasa Marga’s toll roads to toll road users and receives suggestions/complaints from toll road users.

GTO e-Toll Card e-Toll Pass OBU

Gardu Tol Otomatis (automated toll booth). Toll booth with toll equipment that enables self-transaction service. Card used for making electronic toll payment.

Non-stop transaction at GTO, using e-Toll Card attached on OBU.

On Board Unit. Device that supports non-stop transaction. It is placed inside the car and is used to enable communication between transceiver and electronic toll payment card (e-Toll Card).

Glossary Laporan Keuangan Konsolidasian

Description

KTME

Kartu Tanda Masuk Elektronik (electronic entrance ticket). Ticket used at entrance toll gates on toll roads with closed system, operated by toll equipment that dispenses card with chip that electronically stores vehicles data of vehicle class and entrance toll gate.

VMS SPM RTMS SFO V/C ratio PJU

Variable Message Sign. Electronic traffic sign displaying information on traffic condition on toll roads. Standar Pelayanan Minimal (minimum level of service). Standard that must be achieved in carrying out toll road operation. Remote Traffic Microwave Sensor. Censoring device installed on toll roads to detect vehicles speed on toll road. Scrapping Filling Overlay. Maintenance activities carried out to maintain toll road asphalt in good condition. Volume/Capacity Ratio. Ratio used to measure density of vehicles on toll roads. Penerangan Jalan Umum (public street lighting). Lightings installed on the side of toll roads.


Leading Up to The Next Growth

275



PT JASA MARGA (PERSERO) Tbk DAN ENTITAS ANAK Laporan Keuangan Konsolidasian Untuk Tahun-tahun yang Berakhir pada Tanggal 31 Desember 2013 dan 2012

d1/February 17, 2014

PT JASA MARGA (PERSERO) Tbk AND SUBSIDIARIES Consolidated Financial Statements For the Years Ended December 31, 2013 and 2012

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PT JASA MARGA (PERSERO) Tbk DAN ENTITAS ANAK

Daftar Isi

PT JASA MARGA (PERSERO) Tbk AND SUBSIDIARIES

Halaman/ Page

Surat Pernyataan Direksi

Table of Contents

Directors’ Statement Letter

Laporan Auditor Independen

Independent Auditor’s Report

Laporan Keuangan Konsolidasian Untuk Tahun yang Berakhir pada Tanggal 31 Desember 2013 dan 2012

Consolidated Financial Statements For the Years Ended December 31, 2013 and 2012

Laporan Posisi Keuangan Konsolidasian

1

Consolidated Statements of Financial Position

Laporan Laba Rugi Komprehensif Konsolidasian

3

Consolidated Statements of Comprehensive Income

Laporan Perubahan Ekuitas Konsolidasian

4

Consolidated Statements of Changes in Equity

Laporan Arus Kas Konsolidasian

5

Consolidated Statements of Cash Flows

Catatan Atas Laporan Keuangan Konsolidasian

6

Notes to the Consolidated Financial Statements


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12

12

PT JASA MARGA (PERSERO) Tbk AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF FINANCIAL POSITION For the Years Ended December 31, 2013 and 2012 (In Thousand Rupiah, Unless Otherwise Stated)

PT JASA MARGA (PERSERO) Tbk DAN ENTITAS ANAK LAPORAN POSISI KEUANGAN KONSOLIDASIAN Untuk Tahun-tahun yang Berakhir pada 31 Desember 2013 dan 2012 (Dalam Ribuan Rupiah, Kecuali Dinyatakan Lain)

Catatan/ Notes ASET ASET LANCAR Kas dan Setara Kas Investasi Jangka Pendek Piutang Lain-lain - Lancar Biaya Dibayar di Muka Pajak Dibayar di Muka

2013 Rp

1 Januari/ January 2012 31 Desember/ December 2011 Rp

2012* Rp

3,514,061,335 6,627,910 177,197,911 47,356,940 1,100,643

4,302,382,487 7,821,744 50,267,652 155,529,466 1,291,131

3,764,008,591 38,787,728 70,431,914 101,985,146 3,965,464

ASSETS CURRENT ASSETS Cash and Cash Equivalents Short Term Investments Other Receivables - Current Prepaid Expenses Prepaid Taxes

3,746,344,739

4,517,292,480

3,979,178,843

Total Current Assets

19,750,666 459,315,101 192,095,078 241,607,444 593,028,346

13,824,674 165,044,677 175,745,092 241,607,444 422,506,867

17,561,679 45,200,244 200,921,819 114,797,944 397,098,595

22,300,271,393 641,118,538 41,848,567 130,965,456

18,547,705,598 362,097,252 41,848,567 265,878,790

15,571,088,046 213,190,107 41,848,567 335,004,723

NON CURRENT ASSETS Other Receivables - Non Current Appropriated Funds Investment in Associates Other Financial Assets Property and Equipment - Net Intangible Assets Toll Road Concession Rights - Net Others Goodwill Other Assets

Total Aset Tidak Lancar

24,620,000,589

20,236,258,961

16,936,711,724

Total Non Current Assets

TOTAL ASET

28,366,345,328

24,753,551,441

20,915,890,567

TOTAL ASSETS

2.d, 2.e, 2.p, 2.s, 3 2.d, 2.s, 4 2.d, 2.s, 5 2.g, 6 2.q, 7.a

Total Aset Lancar ASET TIDAK LANCAR Piutang Lain-lain - Tidak Lancar Dana Ditetapkan Penggunaannya Investasi pada Entitas Asosiasi Aset Keuangan Lainnya Aset Tetap - Bersih Aset Takberwujud Hak Pengusahaan Jalan Tol - Bersih Lainnya Goodwill Aset Lain-lain

2.d, 2.s, 5 2.d, 2.s, 8 2.d, 2.j, 9 2.d, 10 2.h, 11 2.k, 12 12 2.t, 13 14

*) Direklasifikasi, lihat catatan 52/Reclassified, see note 52

Catatan terlampir merupakan bagian yang tidak terpisahkan dari laporan keuangan konsolidasian secara keseluruhan


The accompanying notes form an integral part of these consolidated financial statements

1

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PT JASA MARGA (PERSERO) Tbk AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF FINANCIAL POSITION (Continued) For the Years Ended December 31, 2013 and 2012 (In Thousand Rupiah, Unless Otherwise Stated)

PT JASA MARGA (PERSERO) Tbk DAN ENTITAS ANAK LAPORAN POSISI KEUANGAN KONSOLIDASIAN (Lanjutan) Untuk Tahun-tahun yang Berakhir pada 31 Desember 2013 dan 2012 (Dalam Ribuan Rupiah, Kecuali Dinyatakan Lain)

Catatan/ Notes

2013 Rp


2012* Rp

LIABILITAS DAN EKUITAS LIABILITAS JANGKA PENDEK Utang Usaha Utang Kontraktor Utang Pajak Utang Lain-lain Beban Akrual Liabilitas Jangka Panjang yang Jatuh Tempo dalam Satu Tahun Utang Bank Utang Obligasi Utang Bantuan Pemerintah Liabilitas Kerjasama Operasi Liabilitas Pembebasan Tanah Utang Sewa Pembiayaan Provisi Pelapisan Jalan Tol

LIABILITES AND EQUITY CURRENT LIABILITIES 2.d, 2.s, 15 2.d, 2.s, 16 2.q, 7.b 2.d, 2.s, 17 2.s, 18

80.668.899 1.153.448.281 164.329.238 66.267.404 464.678.613

92.043.627 1.325.014.167 281.375.171 36.384.038 437.317.112

136.141.780 608.921.041 84.534.137 42.632.202 480.072.443

2.d, 2.s, 19 2.d, 2.m, 20 2.d, 2.s, 21 2.d, 22 2.d, 2.s, 23 2.d, 2.i, 24 2.l, 25

951.057.511 700.000.000 -820.300 1.112.701.093 19.776.022 206.136.188

1.640.778.297 1.771.616.920 5.886.734 820.300 809.430.952 18.471.092 229.025.982

1.631.876.383 -14.442.902 820.302 867.271.758 12.121.937 190.666.107

4.919.883.549

6.648.164.392

4.069.500.992

Total Liabilitas Jangka Pendek LIABILITAS JANGKA PANJANG Pendapatan Diterima di Muka Liabilitas Pajak Tangguhan Liabilitas Jangka Panjang - Setelah Dikurangi Bagian yang Jatuh Tempo Dalam Satu Tahun Utang Bank Utang Obligasi Utang Bantuan Pemerintah Liabilitas Kerjasama Operasi Liabilitas Pembebasan Tanah Utang Sewa Pembiayaan Provisi Pelapisan Jalan Tol Liabilitas Jangka Panjang Lainnya Liabilitas Imbalan Kerja

Accounts Payable Contractors Payable Taxes Payable Other Payables Accrued Expenses Current Portion of Long - Term Liabilities Bank Loans Bonds Payable Loan from Government Joint Operation Liabilities Land Acquisition Liabilities Capital Lease Payable Provision for Overlay Total Current Liabilities NON CURRENT LIABILITIES

26 2.q, 7.c

2.d, 2.s, 19 2.d, 2.m, 20 2.d, 2.s, 21 2.d, 22 2.d, 2.s, 23 2.d, 2.i, 24 2.l, 25 45.i, 46.a 2.r, 27

71.028.456 522.668.019

57.119.855 466.565.928

5.320.197.953 5.144.375.988 -21.385.913 566.171.896 47.125.235 124.954.213 435.465.081 326.108.985

3.046.235.536 3.749.446.582 -21.385.913 374.102.952 27.356.411 95.773.316 202.454.407 277.160.581

49.295.196 422.310.725

Unearned Revenues Deferred Tax Liabilities

1.550.702.483 5.516.485.411 5.886.734 23.983.532 307.928.457 54.642.148 108.852.653 202.454.407 243.338.174

Long Term Liabilities - Net of Current Portion Bank Loans Bonds Payable Loans from Government Joint Operation Liabilities Land Acquisition Liabilities Capital Lease Payable Provision for Overlay Other Long Term Liabilities Employee Benefits Liabilities

Total Liabilitas Jangka Panjang

12.579.481.739

8.317.601.481

8.485.879.920

Total Non Current Liabilities

Total Liabilitas

17.499.365.288

14.965.765.873

12.555.380.912

Total Liabilities





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PT JASA MARGA (PERSERO) Tbk AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF FINANCIAL POSITION (Continued) For the Years Ended December 31, 2013 and 2012 (In Thousand Rupiah, Unless Otherwise Stated)

PT JASA MARGA (PERSERO) Tbk DAN ENTITAS ANAK LAPORAN POSISI KEUANGAN KONSOLIDASIAN (Lanjutan) Untuk Tahun-tahun yang Berakhir pada 31 Desember 2013 dan 2012 (Dalam Ribuan Rupiah, Kecuali Dinyatakan Lain)

Catatan/ Notes EKUITAS Ekuitas yang Dapat Diatribusikan kepada Pemilik Entitas Induk Modal Saham Modal Dasar 19.040.000.000 saham - nilai nominal Rp 500 (Rupiah penuh) per saham, Modal ditempatkan dan disetor 6.800.000.000 saham terdiri dari 1 Saham Seri A Dwiwarna dan 6.799.999.999 saham Seri B Tambahan Modal Disetor Keuntungan yang Belum Direalisasi dari Efek Tersedia untuk Dijual Saldo Laba Ditentukan Penggunaannya Cadangan Wajib Cadangan Umum Belum Ditentukan Penggunaannya Modal Saham Diperoleh Kembali Total Ekuitas yang Dapat Diatribusikan kepada Pemilik Entitas Induk Kepentingan Non Pengendali

28 29

2013 Rp


2012* Rp

EQUITY Equity Attributable to Owners of the Parent Entity Share Capital Authorized of 19,040,000,000 shares -par value of Rp. 500 (full Rupiah) per share, issued and fully paid up capital of 6,800,000,000 shares comprising 1 Series A Dwiwama share and 6,799,999,999 shares series B Additional Paid in Capital Unrealized Gain on Securities Available for Sale Retained Earnings Appropriated Mandatory Reserves General Reserves

3,400,000,000 2,453,890,100

3,400,000,000 2,453,890,100

3,400,000,000 2,335,525,034

2,098,260

3,292,095

2,758,079

125,000,000 2,876,455,967

100,000,000 1,940,201,829

75,000,000 1,188,313,887

2.x, 30

447,989,854 --

713,763,337 --

451,135,075 (12,261,750)

2.u, 31

9,305,434,181 1,561,545,859

8,611,147,361 1,176,638,207

7,440,470,325 920,039,330

Total Equity Attributable to Owners of the Parent Entity Non-Controlling Interests

Total Ekuitas

10,866,980,040

9,787,785,568

8,360,509,655

Total Equity

TOTAL LIABILITAS DAN EKUITAS

28,366,345,328

24,753,551,441

20,915,890,567

TOTAL LIABILITIES AND EQUITY

2.d, 4

Unappropriated Treasury Stocks





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PT JASA MARGA (PERSERO) Tbk DAN ENTITAS ANAK LAPORAN LABA RUGI KOMPREHENSIF KONSOLIDASIAN Untuk Tahun-tahun yang Berakhir pada Tanggal 31 Desember 2013 dan 2012 (Dalam Ribuan Rupiah, Kecuali Dinyatakan Lain)

Catatan/ Notes PENDAPATAN USAHA Pendapatan Tol Pendapatan Konstruksi Pendapatan Usaha Lainnya

2.o, 35 2.o, 36 2.o, 37 2.o, 38 2.o, 39 2.o, 33 2.o, 40 2.o, 41

5,825,932,269 3,960,538,543 508,196,823

5,581,752,793 3,344,997,734 143,468,547

Toll Revenues Construction Revenues Others Operating Revenues

10,294,667,635

9,070,219,074

Total Operating Revenues

254,728,826 (872,702,807) (481,739,923) (1,143,307,645) (308,000,582) (3,914,452,489) (1,087,820,721) (78,195,152)

400,171,550 (705,621,185) (276,506,441) (882,245,033) (285,225,065) (3,310,946,174) (974,916,052) (59,694,757)

Others Income Toll Collection Expenses Toll Road Service Expenses Toll Road Maintenance Expenses Joint Operations Expenses Constructions Expenses General and Administrative Expenses Other Expenses

(7,631,490,493)

(6,094,983,157)

2,663,177,142

2,975,235,917

OPERATING INCOME

(944,219,190) (4,302,810)

(916,145,910) (3,833,305)

Finance Charges Net Income (Loss) of Associates

(948,522,000)

(919,979,215)

1,714,655,142 (476,834,608)

2,055,256,702 (519,444,502)

INCOME BEFORE TAXES Tax Expenses

1,237,820,534

1,535,812,200

INCOME OF THE YEAR

LABA USAHA Biaya Keuangan Bagian Laba (Rugi) Bersih Entitas Asosiasi

LABA SEBELUM PAJAK Beban Pajak

2012 Rp OPERATING REVENUES

2.o, 32 2.o, 33 2.o, 34

Total Pendapatan Usaha Penghasilan Lain-lain Beban Pengumpulan Tol Beban Pelayanan Pemakai Jalan Tol Beban Pemeliharaan Jalan Tol Beban Kerjasama Operasi Beban Konstruksi Beban Umum dan Administrasi Beban Lain-lain

2013 Rp

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME For the Years Ended December 31, 2013 and 2012 (In Thousand Rupiah, Unless Otherwise Stated)

42

2.q, 7.c

LABA TAHUN BERJALAN PENDAPATAN KOMPREHENSIF LAIN Keuntungan (Kerugian) yang Belum Direalisasi dari Efek Tersedia untuk Dijual

OTHER COMPREHENSIVE INCOME 2.d, 4

TOTAL LABA KOMPREHENSIF TAHUN BERJALAN

(1,193,835)

534,016

Unrealized Gain (Loss) on Securities Available for Sale

1,236,626,699

1,536,346,216

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

Laba Tahun Berjalan yang Dapat Diatribusikan kepada:

Income for the Year Attributable to:

Pemilik Entitas Induk Kepentingan Non Pengendali

1,602,090,230 (66,278,030)

1,237,820,534

1,535,812,200

2.w, 48

1,335,122,900 (98,496,201)

1,602,624,246 (66,278,030)

1,236,626,699

1,536,346,216

196.52

235.91



Owner of the Parent Entity Non Controlling Interest

Total Comprehensive Income For the Year Attributable to:

Total Laba Komprehensif Tahun Berjalan yang Dapat Diatribusikan kepada: Pemilik Entitas Induk Kepentingan Non Pengendali

Laba Per Saham (Rupiah penuh)

1,336,316,735 (98,496,201)

Owner of the Parent Entity Non Controlling Interest

Earnings Per Share (full Rupiah)


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PT JASA MARGA (PERSERO) Tbk DAN ENTITAS ANAK

CONSOLIDATED STATEMENTS OF CASH FLOWS

LAPORAN ARUS KAS KONSOLIDASIAN INTERIM

For the Years Ended

Untuk Tahun-tahun yang Berakhir pada Tanggal 31 Desember 2013 dan 2012 (Dalam Ribuan Rupiah, Kecuali Dinyatakan Lain)

December 31, 2013 and 2012 (In Thousand Rupiah, Unless Otherwise Stated) Catatan/ Notes

2013 Rp

2012 Rp

ARUS KAS DARI AKTIVITASI OPERASI

CASH FLOWS FROM OPERATING ACTIVITIES

Penerimaan Pendapatan Tol Penerimaan Pendapatan Lainnya Pembayaran Kepada Pemasok dan Pihak Pembayaran Kepada Karyawan Pembayaran Beban Kerjasama Operasi Pembayaran Pajak Pembayaran Bunga Pinjaman Arus Kas Neto Diperoleh dari Aktivitas Operasi

5,825,932,269 508,196,823 (1,440,831,502) (1,196,198,582) (308,000,582) (585,900,300) (717,366,596)

5,581,752,793 143,468,546 (943,874,799) (1,085,623,357) (409,422,821) (498,558,602) (856,013,532)

Receipts from Toll Revenues Receipts from Other Revenues Payments to Vendors and Third Parties Payments to Employees Payments of Under Joint Operation Payments of Taxes Payment Interest of Bond Payable and

2,085,831,530

1,931,728,228

Net Cash Flows Provided by Operating Activities ACTIVITIES

--213,210,523 (274,539,837) (331,075,672) (4,070,621,864)

30,259,823 187,502,064 198,528,688 (297,740,299) (290,132,389) (2,633,154,329)

(4,463,026,850)

(2,804,736,442)

2,072,459,612 (786,123,299) 2,100,000,000 (1,771,616,920)

1,641,983,174 (59,446,222) ---

(294,270,425) (5,886,734) (640,836,088) 101,104,402 --

(119,844,473) (8,556,168) (562,574,203) 66,174,505 130,768,590

814,043,620

322,876,907

Proceeds from Bank Loans Payment of Bank Loans Bonds Issued Payment of Bond Payable Increase (Decrease) of Appropriated Fund - Net Payment of Loan from Government Payments of Dividend and PKBL Proceeds from Land Acquisition Loans Sales from Treasury Stocks Paid in Capital on Minority Interest at Subsidiary Companies

1,588,874,168

1,411,382,110

Net Cash Flow Provided by Financing Activities

ARUS KAS DARI AKTIVITAS INVESTASI Pencairan (Penempatan) Investasi Jangka Pendek - Bersih Penjualan (Penambahan) Investasi Jangka Panjang Penerimaan Bunga PeroIehan Aset Tetap Selain Jalan Tol Pembayaran Biaya Pelapisan Ulang Perolehan Aset Hak Pengusahaan Jalan Tol Arus Kas Neto Digunakan untuk Aktivitas Investasi ARUS KAS DARI AKTIVITAS PENDANAAN Penerimaan Utang Bank Pelunasan Utang Bank Penerbitan Utang Obligasi Pelunasan Utang Obligasi Pencairan (Penempatan) Dana Ditetapkan Penggunaannya - Bersih Pembayaran Utang Bantuan Pemerintah Pembayaran Dividen dan PKBL Penerimaan Bantuan Pembebasan Tanah Penjualan dari Saham Treasuri Setoran Modal Hak Minoritas Pada Anak Perusahaan Arus Kas Neto Diperoleh dari Aktivitas Pendanaan

Proceeds from (Placement to) Short Investment - Net Proceeds from Long Term Invesment Receipts from Interest Income Other Then Toll Road Expenditure Overlay Charges Expenditure Addition of Toll Road Concession Rights Net Cash Flows Used in Investing Activities CASH FLOWS FROM FINANCING ACTIVITIES

KENAIKAN (PENURUNAN) NETO KAS DAN SETARA KAS SALDO KAS DAN SETARA KAS PADA AWAL TAHUN

(788,321,152)

538,373,896

4,302,382,487

3,764,008,591

NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS CASH AND CASH EQUIVALENTS AT BEGINNING OF THE YEAR

SALDO KAS DAN SETARA KAS PADA AKHIR TAHUN

3,514,061,335

4,302,382,487

CASH AND CASH EQUIVALENTS AT END OF THE YEAR

Kas dan Setara Kas Terdiri dari :

3

Kas Bank Deposito Berjangka Total

Cash and Cash Equivalents Consist of: 47,626,488 363,149,238 3,103,285,609

77,831,752 267,318,660 3,957,232,075

3,514,061,335

4,302,382,487

Total

Supplemental cash flows information of non cash investing activities is presented in Note 51

Tambahan informasi aktivitas investasi yang tidak mempengaruhi arus kas disajikan pada Catatan 51



Cash on Hand Cash in Banks Time Deposits


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PT JASA MARGA (PERSERO) Tbk DAN ENTITAS ANAK CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN

PT JASA MARGA (PERSERO) Tbk AND SUBSIDIARIES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

Untuk Tahun-tahun yang Berakhir pada Tanggal 31 Desember 2013 dan 2012 (Dalam Ribuan Rupiah, Kecuali Dinyatakan Lain) 1.

For the Years Ended December 31, 2013 and 2012 (In Thousands of Rupiah, Unless Otherwise Stated)

Umum

1.

General

1.a. Pendirian Perusahaan PT Jasa Marga (Persero) Tbk, selanjutnya disebut Perusahaan, dibentuk berdasarkan Peraturan Pemerintah Republik Indonesia No. 4 Tahun 1978 tentang Penyertaan Modal Negara Republik Indonesia mengenai pendirian Perusahaan Perseroan (Persero) di bidang pengelolaan, pemeliharaan dan pengadaan jaringan jalan tol, serta ketentuan-ketentuan pengusahaannya (Lembaran Negara Republik Indonesia No. 4 Tahun 1978 juncto Surat Keputusan Menteri Keuangan Republik Indonesia No. 90/KMK.06/1978 tentang Penetapan Modal Perusahaan Perseroan (Persero) PT Jasa Marga, tanggal 27 Pebruari 1978).

1.a. The Company’s Establishment PT Jasa Marga (Persero) Tbk, here in after 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 N o . 90/KMK.06/1978 regarding the Determination of the Share Capital of PT Jasa Marga (Persero) dated February 27, 1978).

Perusahaan didirikan berdasarkan Akta No. 1, tanggal 1 Maret 1978 dari Notaris Kartini Mulyadi, SH, dan telah disahkan oleh Menteri Kehakiman Republik Indonesia No. Y.A.5/130/1, tanggal 22 Pebruari 1982 dan didaftarkan di Kantor Pengadilan Negeri Jakarta No. 766 dan No. 767, tanggal 2 Maret 1982 serta diumumkan dalam Lembaran Berita Negara Republik Indonesia No. 73, tanggal 10 September 1982, tambahan No. 1138.

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, adddition No. 1138.

Anggaran Dasar Perusahaan telah beberapa kali mengalami perubahan dan terakhir berdasarkan keputusan Rapat Umum Pemegang Saham Luar Biasa pada tanggal 12 September 2007, tentang perubahan seluruh Anggaran Dasar Perusahaan dalam rangka Penawaran Umum Perdana Saham, termasuk peningkatan modal dasar, modal ditempatkan dan disetor, perubahan nilai nominal dan klasifikasi saham, perubahan status Perusahaan dari perusahaan tertutup menjadi perusahaan terbuka, dan perubahan nama Perusahaan menjadi Perusahaan Perseroan (Persero) PT Jasa Marga (Indonesia Highway Corporation) Tbk atau PT Jasa Marga (Persero) Tbk. Keputusan mengenai perubahan seluruh Anggaran Dasar tersebut dinyatakan dalam Akta No. 27, tanggal 12 September 2007 dari Notaris Ny. Poerbaningsih Adi Warsito SH. Akta tersebut telah memperoleh pengesahan dari Menteri Hukum dan Hak Asasi Manusia Republik Indonesia melalui Keputusan No. W7-10487 HT.01.04-TH.2007, tanggal 21 September 2007.

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 end 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 Corporation) Tbk or PT Jasa Marga (Persero) Tbk. The decision of the changes of the Company’s articles of association is 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.

Berdasarkan Pasal 3 Anggaran Dasar, maksud dan tujuan Perusahaan adalah turut serta melaksanakan dan menunjang kebijaksanaan dan program Pemerintah di bidang ekonomi dan pembangunan nasional pada umumnya, khususnya pembangunan di bidang pengusahaan jalan tol dengan sarana penunjangnya dengan menerapkan prinsip-prinsip perusahaan terbatas.

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.


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PT JASA MARGA (PERSERO) Tbk DAN ENTITAS ANAK CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN (Lanjutan)

PT JASA MARGA (PERSERO) Tbk AND SUBSIDIARIES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Continued)



Untuk mencapai maksud dan tujuan tersebut, Perusahaan melaksanakan kegiatan usaha sebagai berikut: (i) Melakukan perencanaan teknis, pelaksanaan konstruksi, pengoperasian dan/atau pemeliharaan jalan tol; (ii) Mengusahakan lahan di ruang milik jalan tol (Rumijatol) dan lahan yang berbatasan dengan Rumijatol untuk tempat istirahat dan pelayanan berikut dengan fasilitas-fasilitasnya dan usaha lainnya, baik diusahakan sendiri maupun bekerja sama dengan pihak lain; dan (iii) Menjalankan kegiatan dan usaha lain dalam rangka pemanfaatan dan pengembangan sumber daya yang dimiliki Perusahaan, baik secara langsung maupun melalui penyertaan, dengan memperhatikan peraturan perundang-undangan.

For achieving these purposes, the Company performs the following activities:

Perusahaan mulai beroperasi secara komersial sejak tahun 1978.

The Company commenced its commercial operations since 1978.

Perusahaan menjalankan kegiatan operasionalnya berdasarkan UU No. 38 tahun 2004 tentang Jalan dan PP No. 15 tahun 2005 tentang Jalan Tol: Wewenang penyelenggaraan jalan tol berada pada Pemerintah. Sebagian wewenang Pemerintah dalam penyelenggaraan jalan tol dilaksanakan oleh Badan Pengatur Jalan Tol. Pengusahaan jalan tol dilakukan oleh badan usaha milik negara dan/atau badan usaha milik daerah dan/atau badan usaha milik swasta. Pengusahaan jalan tol yang diberikan oleh Pemerintah kepada badan usaha dilakukan melalui pelelangan secara transparan dan terbuka.

The Company run their operations based on Law no. 38 of 2004 about the Road and PP. 15 of 2005 about Toll Road “Toll road management authority on the government”.Half of government authority in the administration of toll roads implemented by the Toll Road Regulatory Agency. Toll road concession implemented by state-owned enterprises and / or regional owned enterprises and / or private companies. Concession granted by the Government to the business entity through a transparent and open auctions.

Selama periode laporan yang disajikan (per 31 Desember 2013), ekspansi yang dilakukan oleh Perusahaan adalah dibentuknya Entitas Anak baru yang bergerak dalam bidang properti, yaitu PT Jasamarga Properti (JMP), dengan bidang usaha pembangunan, penjualan dan jasa properti. PT Jasamarga Properti didirikan berdasarkan Akta No. 02 tanggal 15 Januari 2013 dari Notaris Windalina, SH, dan telah mendapatkan pengesahan dari Menteri Hukum dan Hak Asasi Manusia melalui surat keputusan No. AHU-02309.AH.01.01.Tahun 2013 tanggal 23 Januari 2013. Penyertaan pada JMP dilakukan sehubungan dengan penyelenggaraan usaha di bidang pembangunan, penjualan dan jasa properti. Perusahaan memiliki 24.750 saham dengan nilai nominal Rp 1.000.000 (Rupiah penuh) per saham atau setara dengan Rp 24.750.000.000 (Rupiah penuh), yang merupakan 99% kepemilikan Perusahaan pada tanggal 31 Desember 2013.

During the reporting period presented (as of December 31, 2013), the expansion carried out by the Company's expansion was the establishment of new subsidiaries engaged in property, ie PT Jasamarga Property (JMP), with field of business of property development, sales and services. PT Jasamarga Properti established based on the Deed. 02 dated January 15, 2013 of Notary Windalina, SH, and has been approved by the Minister of Law and Human Rights through its letter No.AHU-02309.AH.01.01.year of 2013 dated January 23, 2013. Inclusion in JMP relates to the business in the areas of property development, sales and services. The Company has 24,750 shares with a par value of Rp 1,000,000 (full amount) per share or equivalent to Rp 24,750,000,000 (full amount), which is 99% ownership of the Company on December 31, 2013.

Perusahaan berdomisili di Jakarta dan pada saat ini mengoperasikan 25 ruas jalan tol yang dikelola oleh 9 kantor cabang dan Entitas Anak dengan rincian sebagai berikut:

The Company is domiciled in Jakarta and is currently operating 25 toll roads managed by its 9 branch offices and the Company’s Subsidiaries with details are as follows:


(i) To perform technical planning, construction, operate and/or maintenance of toll road; (ii) To organize the land in toll road area (Rumijatol) and the land aside on Rumijatol using for rest area and service including facilities and other business operated either separately or in cooperation with other parties; and (iii) To perform other activity and business in order to utilize and develop the Company's resources, either directly or through investment, subject to laws and regulations.

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For the Years Ended December 31, 2013 and 2012 (In Thousands of Rupiah, Unless Otherwise Stated) Ruas Jalan Tol/ Toll Road Sections

Kantor Cabang/ Branch Offices Jagorawi Jakarta - Tangerang Cawang - Tomang – Cengkareng Surabaya - Gempol Jakarta - Cikampek Purbaleunyi Semarang Belmera Palikanci Entitas Anak/ Subsidiaries PT Jalantol Lingkarluar Jakarta (JLJ) PT Marga Sarana Jabar (MSJ) PT Trans Marga Jateng (TMJ) PT Marga Kunciran Cengkareng (MKC) PT Marga Trans Nusantara (MTN) PT Marga Nujyasumo Agung (MNA) PT Transmarga Jatim Pasuruan (TJP) PT Jasamarga Pandaan Tol (JPT) PT Jasamarga Bali Tol (JBT) PT Marga Lingkar Jakarta (MLJ)

Jakarta - Bogor- Ciawi Jakarta - Tangerang Cawang - Tomang - Pluit dan/ and Prof. Dr. Ir. Soediyatmo Surabaya - Gempol Jakarta - Cikampek Cikampek - Padalarang dan/ and Padalarang - Cileunyi Semarang Seksi/Section A B C Belawan - Medan - Tanjung Morawa Palimanan - Kanci Jakarta Outer Ring Road (JORR) Section E1, E2, E3, W2 dan/ and JORR Section S dan/ and Pondok Aren - Bintaro Viaduct - Ulujami Bogor Outer Ring Road Semarang - Solo Kunciran - Batu Ceper - Cengkareng *) Kunciran - Serpong *) Surabaya - Mojokerto Gempol - Pasuruan *) Gempol - Pandaan *) Nusa Dua - Benoa JORR W2 Utara (Ulujami - Kebon Jeruk) *)

*) Belum Beroperasi/ Not Yet Operated

Selain itu, Perusahaan juga melakukan usaha lain melalui Cabang dan Entitas Anak sebagai berikut: Kantor Cabang/ Branch Offices Unit Rest Area and Business Entitas Anak/ Subsidiaries PT Sarana Marga Utama (SMU) PT Jasamarga Properti (JMP)

In addition, the Company also manage other business activities through its branch and Subsidiaries, are as follows:

Jenis Usaha/ Nature of Business Pengelolaan rest area di jalan tol dan SPBU / Management of the rest area on the highway and gas station Jenis Usaha/ Nature of Business Jasa konstruksi, perdagangan dan persewaan kendaraan/ Construction, trade and rental vehicles Pembangunan, penjualan dan jasa properti/ Development, sales and services in property

1.b. Entitas Anak

1.b. Subsidiaries

1.b.1. PT Jalantol Lingkarluar Jakarta (JLJ)

1.b.1. PT Jalantol Lingkarluar Jakarta (JLJ)

PT Jalantol Lingkarluar Jakarta didirikan berdasarkan Akta No. 113, tanggal 22 Desember 2000 dari Notaris Agus Madjid, SH, dan telah disahkan oleh Menteri Kehakiman Republik Indonesia No. C1598.HT.01.01Th 2001, tanggal 6 Maret 2001. Anggaran Dasar JLJ telah mengalami beberapa kali perubahan dengan perubahan terakhir berdasarkan Akta No. 28 tanggal 16 Desember 2013, dari Notaris Amriyati A. Supriyadi, SH, M.Kn, dan telah disahkan oleh Menteri Kehakiman dan Hak Asasi Manusia dengan surat keputusan No. AHU-00222.AH.01.02 Tahun 2013, tanggal 3 Januari 2014.

PT Jalantol 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. C1598.HT.01.01-Th 2001 dated March 6, 2001. JLJ’s article association has changed several times with the most recent change of the last JLJ's article association is based on the Deed No. 28 dated December 16, 2013 of Notary Amriyati A. Supriyadi, SH., M.Kn. This Deed has been approved by the Minister of Law and Human Rights of the Republic of Indonesia AHU-00222.AH.01.02 Year 2013 dated January 3, 2014.

JLJ berdomisili di Jakarta. JLJ mulai beroperasi secara komersial sejak tanggal 1 Oktober 2001.

JLJ is domiciled in Jakarta. JLJ started its operation since October 1, 2001.


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Perusahaan memiliki 27.348.750 saham dengan nilai nominal Rp 1.000 (Rupiah penuh) per saham atau setara dengan Rp 27.348.750.000 (Rupiah penuh) yang merupakan 99% kepemilikan pada tanggal 31 Desember 2013.

The Company owns 27,348,750 shares with par value of Rp 1,000 (full Rupiah) per share amounting to Rp 27,348,750,000 (full Rupiah), representing 99% ownership as of December 31, 2013.

1.b.2. PT Marqa Sarana Jabar (MSJ)

1.b.2. PT Marga Sarana Jabar (MSJ)

PT Marga Sarana Jabar merupakan perusahaan patungan antara Perusahaan dan PT Jasa Sarana dalam pengusahaan ruas jalan tol Bogor Outer Ring Road. MSJ didirikan berdasarkan Akta No. 10 tanggal 11 Mei 2007 dari Notaris Iwan Ridwan, SH, dengan modal dasar sebesar Rp 475.000.000.000 (Rupiah penuh), modal ditempatkan dan disetor sebesar Rp 118.750.000.000 (Rupiah penuh) dan telah memperoleh pengesahan dari Menteri Hukum dan Hak Asasi Manusia Republik Indonesia melalui Keputusan No. W8-01909 HT.01.01.TH.2007, tanggal 6 Juli 2007 serta diumumkan dalam Lembaran Berita Negara Republik Indonesia No. 82, tanggal 12 Oktober 2007.

PT Marga Sarana Jabar is a joint venture company between the Company and PT Jasa Sarana for development of Bogor Outer Ring Road. MSJ was established based on the Deed No. 10 dated May 11, 2007 of Notary lwan Ridwan, SH, with authorized capital amounting to Rp 475,000,000,000 (full Rupiah), issued and paid in capital amounting to Rp 118,750,000,000 (full Rupiah) and has been approved by the Minister of Law and Human Rights of the Republic of Indonesia through Decree No. W801909 HT.01.01.TH.2007 dated July 6, 2007 and announced in State Gazette No. 82 dated October 12, 2007.

Anggaran Dasar MSJ telah beberapa kali mengalami perubahan, dimana terakhir diubah berdasarkan Akta No. 16 tanggal 27 November 2013 yang dibuat dihadapan Notaris Nitra Reza, SH, M.Kn., di Jakarta, sehubungan dengan peningkatan modal disetor. Perubahan anggaran dasar tersebut masih dalam proses pengesahan di Kementerian Hukum dan Hak Asasi Manusia.

MSJ’s article of association has been amended several times, with the most recent change of the article was based on the Deed No. 16 dated November 27, 2013 from Notary Nitra Reza, SH, M.Kn., in Jakarta, in accordance with the increase of paid share capital. The amendment is in the process of authorization from the Ministry of of Law and Human Rights.

MSJ berdomisili di Bogor. MSJ mulai beroperasi secara komersial sejak 23 Nopember 2009.

MSJ is domiciled in Bogor. MSJ started its operation since November 23, 2009.

Perusahaan memiliki 15.632.650 saham dengan nilai nominal Rp 10.000 (Rupiah penuh) per saham atau setara dengan Rp 156.326.500.000 (Rupiah penuh) yang merupakan 55% kepemilikan dan tambahan modal disetor sebesar Rp 22.000.000.000 (Rupiah penuh) pada tanggal 31 Desember 2013.

The Company owns 15,632,650 shares with par value of Rp 10,000 (full Rupiah) per share amounting to Rp 156,326,500,000 (full Rupiah), representing 55% ownership and addition of share capital amounting to Rp 22,000,000,000 (full Rupiah) as of December 31, 2013.

1.b.3. PT Trans Marqa Jatenq (TMJ)

1.b.3. PT Trans Marqa Jatenq (TMJ)

PT Trans Marga Jateng merupakan perusahaan patungan antara Perusahaan dan PT Sarana Pembangunan Jawa Tengah dalam pengusahaan pembangunan ruas jalan tol Semarang - Solo. TMJ didirikan berdasarkan Akta No. 27 tanggal 7 Juli 2007 dari Notaris Prof. DR. Liliana Tedjosaputro, SH, MH, yang kemudian diubah dengan Akta No. 84 dari Notaris yang sama dan telah memperoleh pengesahan dari Menteri Hukum dan Hak Asasi Manusia Republik Indonesia melalui Keputusan No. C-03976 HT.01.01TH.2007, tanggal 22 Nopember 2007.

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 which has been approved by the Minister of Law and Human Rights of the Republic of Indonesia No. C-03976 HT.01.01‐ TH.2007, dated November 22, 2007.

TMJ berdomisili di Semarang. TMJ mulai beroperasi secara komersial sejak 17 Nopember 2011.

TMJ is domiciled in Semarang. TMJ operation since November 17, 2011.


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Perusahaan memiliki 63.000.000 saham dengan nilai nominal Rp 10.000 (Rupiah penuh) per saham atau setara dengan Rp 630.000.000.000 (Rupiah penuh) yang merupakan 60% dan tambahan modal disetor sebesar Rp 255.000.000.000 (Rupiah Penuh) pada tanggal 31 Desember 2013.

The Company owns 63,000,000 shares with par value of Rp 10,000 (full Rupiah) per share amounting to Rp 630,000,000,000 (full Rupiah), representing 60% ownership and addition of share capital amounting to Rp 255,000,000,000 (Full Rupiah) as of December 31, 2013.

1.b.4. PT Marga Trans Nusantara (MTN)

1.b.4. PT Marga Trans Nusantara (MTN)

PT Marga Trans Nusantara didirikan berdasarkan Akta No. 8, tanggal 14 Mei 2008 dari Notaris Suzy Anggraini Muharam, SH. Penyertaan pada MTN dilakukan sehubungan dengan penyelenggaraan proyek jalan tol Kunciran - Serpong, berdasarkan Akta perjanjian antara calon pendiri PT Marga Trans Nusantara No. 1 tanggal 11 Pebruari 2008 yang dikeluarkan Notaris Suzy Anggraini Muharam, SH. Akta pendirian tersebut telah mendapat pengesahan dari Menteri Hukum dan Hak Asasi Manusia Republik Indonesia dalam Surat Keputusan No. AHU37791.AH.01.01. Tahun 2008, tanggal 2 Juli 2008, dan telah diumumkan dalam Berita Negara No.10 tanggal 3 Pebruari 2009.

PT Marga Trans Nusantara was established based on the Deed No. 8, dated May 14, 2008 of Notary Suzy Anggraini Muharam, SH. The investment in MTN relates to the construction of the Kunciran - Serpong toll road project, based on the Deed of Agreement between the founders of PT Marga Trans Nusantara No. 1 dated February 11, 2008 of Notary Suzy Anggraini Muharam, SH. The article of association has been approved by the Minister of Law and Human Rights of the Republic of Indonesia in Decision Letter No. AHU37791.AH.01.01. Year 2008, dated July 2, 2008, and has been announced in the State Gazette No. 10 dated February 3, 2009.

Anggaran Dasar MTN telah beberapa kali mengalami perubahan, terakhir pada tanggal 12 September 2013, dengan Akta No. 30 dari Notaris Kumala Tjahjani Widodo, SH, MH, M.Kn., mengenai peningkatan modal ditempatkan dan disetor. Perubahan anggaran dasar tersebut masih dalam proses pengesahan di Kementerian Hukum dan Hak Asasi Manusia.

MTN’s article of association has been amended several times, with the most recent change of the article was based on the Deed No. 30 dated September 12, 2013 by Notary Kumala Tjahjani Widodo, SH, MH, M.Kn., regarding to the increase of issued and paid share capital. The amendment is in the process of authorization from the Minister of of Law and Human Rights.

MTN berdomisili di Tangerang. MTN belum beroperasi secara komersial hingga 31 Desember 2013.

MTN is domiciled in Tangerang. MTN has not started its operation until December 31, 2013.

Perusahaan memiliki 62.100 saham dengan nilai nominal Rp 1.000.000 (Rupiah penuh) per saham atau setara dengan Rp 62.100.000.000 (Rupiah penuh) yang merupakan 60% kepemilikan pada tanggal 31 Desember 2013.

The Company owns 62.100 shares with par value of Rp 1,000,000 (full Rupiah) per share amounting to Rp 62,100,000,000 (full Rupiah), representing 60% ownership as of December 31, 2013.

1.b.5. PT Marga Nujyasumo Aqunq (MNA)

1.b.5. PT Marga Nujyasumo Aqunq (MNA)

PT Marga Nujyasumo Agung didirikan berdasarkan Akta No. 121, tanggal 19 Agustus 1994 dari Notaris Sutjipto, SH, juncto Akta No. 177, tanggal 26 Pebruari 1998 dari Notaris Rachmat Santoso, SH. Penyertaan pada MNA dilakukan sehubungan dengan pelaksanaan proyek jalan tol Surabaya - Mojokerto.

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 was made in relation to the construction and operation of the Surabaya Mojokerto toll road project.

Anggaran Dasar MNA telah beberapa kali mengalami perubahan, terakhir dengan Akta Pernyataan Keputusan di Luar Rapat Umum Pemegang Saham No. 09 tanggal 18 Juli 2012 mengenai peningkatan modal ditempatkan dan disetor. Perubahan tersebut telah memperoleh persetujuan dari Menteri Hukum

MNA’s article of association has been amended several times, with the most recent change of the article was based on the Deed of Decision Statement beyond General Shareholders’ Meeting No 09 dated July 18, 2012, regarding to increase of issued and paid share capital. The amendment has received approval


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dan Hak Asasi Manusia Republik Indonesia berdasarkan Surat Keputusan No. AHU-50085.AH.01.02 Tahun 2012 tanggal 25 September 2012.

from the Minister of of Law and Human Rights of the Republic of Indonesia based on Letter No. AHU--50085.AH.01.02 Year 2012 dated September 25, 2012.

MNA berdomisili di Surabaya. MNA mulai beroperasi secara komersial sejak 5 September 2011.

MNA is domiciled in Surabaya. MNA operation since September 5, 2011.

Perusahaan memiliki 473.000.000 saham dengan nilai nominal Rp 1.000 (Rupiah penuh) per saham atau setara dengan Rp 473.000.000.000 (Rupiah penuh) yang merupakan 55% kepemilikan pada tanggal 31 Desember 2013.

The Company owns 473,000,000 shares with par value of Rp 1,000 (full Rupiah) per share amounting to Rp 473,000,000,000 (full Rupiah), representing 55% ownership as of December 31, 2013.

1.b.6. PT Marga Linqkar Jakarta (MLJ)

1.b.6. PT Marga Linqkar Jakarta (MLJ)

PT Marga Lingkar Jakarta didirikan berdasarkan Akta No. 26 tanggal 24 Agustus 2009 dari Notaris Edi Priyono, SH dan telah disahkan oleh Menteri Kehakiman Republik Indonesia No.C-98-HT.03.02-Th 2002. Penyertaan pada MLJ dilakukan sehubungan dengan pelaksanaan proyek Jalan Tol Lingkarluar Jakarta Seksi W2 Utara.

PT Marga Lingkar Jakarta was established based on the Deed No. 26, dated August 24, 2009 of Notary Edi Priyono, SH which has been approved by Minister of Justice of the Republic of Indonesia No.C-98HT.03.02-Th 2002. The investment in MLJ relates to the construction and operation of the Jakarta Toll Outer Ring Road Section W2 North.

Anggaran Dasar MLJ telah beberapa kali mengalami perubahan, terakhir dengan Akta Notaris Tatyana Indrati Hasjim, S.H. No.13 tanggal 19 Desember 2013 mengenai peningkatan modal ditempatkan dan disetor. Perubahan tersebut telah memperoleh persetujuan dari Menteri Hukum dan Hak Asasi Manusia Republik Indonesia berdasarkan Surat Keputusannya Nomor: AHU-0005942.AH.01.09. Tahun 2014 tanggal 23 Januari 2014.

MLJ’s article of association has been amended several times, with the most recent change of the article was based on the Deed No. 13 dated September 19, 2013 by Notary Tatyana Indrati Hasjim, S.H regarding to the increase of issued and paid share capital. The amendment has received approval from the Minister of of Law and Human Rights of the Republic of Indonesia based on Letter No. AHU-0005942.AH.01.09. Year 2014 dated January 23, 2014.

MLJ berdomisili di Jakarta. MLJ belum beroperasi secara komersial hingga 31 Desember 2013.

MLJ is domiciled in Jakarta. MLJ has not started its operation until December 31, 2013.

Perusahaan memiliki 267.167.550 saham dengan nilai nominal Rp 1.000 (Rupiah penuh) per saham atau setara dengan Rp 267.167.550.000 (Rupiah penuh) yang merupakan 65% kepemilikan dan tambahan modal disetor sebesar Rp 96.980.000.000 (Rupiah penuh) pada tanggal 31 Desember 2013.

The Company owns 267,167,550 shares with par value of Rp 1,000 (full Rupiah) per share amounting to Rp 267,167,550,000 (full Rupiah), representing 65% ownership and additional of share capital amounting to Rp 96,980,000,000 (full Rupiah) as of December 31, 2013.

1.b.7. PT Transmarga Jatim Pasuruan (TJP)

1.b.7. PT Transmarqa Jatim Pasuruan (TJP)

PT Transmarga Jatim Pasuruan didirikan berdasarkan Akta No. 57 tanggal 28 Juni 2010 dari Notaris Retno Suharti, SH dan telah mendapat pengesahan dari Departemen Hukum dan Hak Asasi Manusia Republik Indonesia No. AHU.AH.01.10.15244-Th. 2008, tanggal 20 Juni 2008.

PT Transmarga Jatim Pasuruan was established based on the Deed No. 57 dated June 28, 2010 of Notary Retno Suharti, SH which has been approved by the Minister of Law and Human Rights of the Republic of Indonesia No. AHU.AH.01.10.15244-Th. 2008, dated June 20, 2008.

Anggaran Dasar TJP telah beberapa kali mengalami perubahan, terakhir dengan Akta Notaris Dra. EC. Inggriati Djojoseputro, SH, No.10 tanggal 15 April 2013 mengenai peningkatan modal dasar, ditempatkan dan disetor. Perubahan tersebut telah memperoleh persetujuan dari Menteri Hukum dan Hak

TJP’s article of association has been amended several times, with the most recent change of the article was based on the Deed No. 10 dated April 15, 2013 by Notary Dra. EC. Inggriati Djojoseputro, SH regarding to the increase of issued and paid share capital. The amendment has received approval from the Minister of


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Asasi Manusia Republik Indonesia berdasarkan Surat Keputusannya No. AHU-22281.AH.01.02. Tahun 2013 tanggal 26 April 2013.

of Law and Human Rights of the Republic of Indonesia based on Letter No. AHU-22281.AH.01.02. Year 2013 dated April 26, 2013.

Penyertaan pada TJP dilakukan sehubungan dengan pelaksanaan proyek Jalan Tol Gempol - Pasuruan.

The investment in TJP relates to the construction and operation of the Gempol - Pasuruan toll.

TJP berdomisili di Sidoarjo. TJP belum beroperasi secara komersial hingga 31 Desember 2013.

TJP is domiciled in Sidoarjo. TJP has not started its operation until December 31, 2013.

Perusahaan memiliki 20.010.000 saham dengan nilai nominal Rp 10.000 (Rupiah penuh) per saham atau setara dengan Rp 200.010.000.000 (Rupiah penuh) yang merupakan 96,39% kepemilikan pada tanggal 31 Desember 2013.

The Company owns 20,010,000 shares with par value of Rp 10,000 (full Rupiah) per share amounting to Rp 200,010,000,000 (full Rupiah), representing 96.39% ownership as of December 31, 2013.

1.b.8. PT Marga Kunciran Cengkareng (MKC)

1.b.8. PT Marqa Kunciran Cengkarenq (MKC)

PT Marga Kunciran Cengkareng didirikan berdasarkan Akta No. 7 tanggal 14 Mei 2008 dari Notaris Suzy Anggraini Muharam, SH, yang telah memperoleh pengesahan dari Menteri Hukum dan Hak Asasi manusia Republik Indonesia melalui surat keputusan No. AHU-04634.AH.01.01-Th. 2009 tanggal 12 Pebruari 2009. Penyertaan pada MKC dilakukan sehubungan dengan pelaksanaan proyek jalan tol Kunciran- Cengkareng.

PT Marga Kunciran Cengkareng was established based on the Deed No. 7 dated May 14, 2008 by Notary Suzy Anggraini Muharam, SH, which has been approved by Minister of Law and Human Rights of the Republic of Indonesia No. AHU-04634.AH.01.01-Th. 2009 dated February 12, 2009. The investment in MTN was made in relation of the Kunciran-Cengkareng toll road.

Anggaran Dasar MKC telah beberapa kali mengalami perubahan, terakhir dengan Akta No. 02 Tanggal 4 April 2013 dari Notaris Efemia Surjawati Salim, SH, M.Hum yang telah mendapat pengesahan dari Menteri Hukum dan Hak Asasi Manusia melalui Surat Keputusan No. AHU-35521.AHA.01.02. Tahun 2013 tanggal 2 Juli 2013 tentang persetujuan perubahan anggaran dasar perseroan.

MKC’s article of association has been amended several times, with the most recent change of the article was based on the Deed No. 02 dated April 4, 2013 by Notary Efemia Surjawati Salim, SH, M.Hum. The amendment has received approval from the Minister of Law and Human Rights of the Republic of Indonesia based on Letter No. AHU35521.AHA.01.02.Year 2013 dated July 2, 2013.

MKC berdomisili di Tangerang. MKC belum beroperasi secara komersial hingga 31 Desember 2013.

MKC is domiciled in Tangerang. MKC has not started its operation until December 31, 2013.

Perusahaan memiliki 10.933.867 saham dengan nilai nominal Rp 9.100 (Rupiah penuh) per saham atau setara dengan Rp 99.498,189.700 (Rupiah penuh) yang merupakan 76,10% kepemilikan dan tambahan modal disetor sebesar Rp 15.311.296.000 pada tanggal 31 Desember 2013.

The Company owns 10,933,867 shares at par value of Rp 9,100 (full Rupiah) per share amounting to Rp 99,498,189,700 (full Rupiah), representing 76.10% ownership and addition of share capital amounting to Rp 15.311.296.000 (full Rupiah) as of December 31, 2013.

1.b.9. PT Sarana Marga Utama (SMU)

1.b.9. PT Sarana Marga Utama (SMU)

PT Sarana Marga Utama, perusahaan semula bernama PT Rezekibhakti Saranasejahtera, yang didirikan berdasarkan Akta No. 41 tanggal 26 Agustus 1988 dari Notaris Abdul Latif, SH, dan telah mendapatkan pengesahan dari Departemen Kehakiman Republik Indonesia dengan Keputusan No. C2.137.HT.01.01-Th. 1989 tanggal 10 Pebruari 1989. Perubahaan anggaran dasar yang terakhir berdasarkan Akta No. 8 Tanggal 10 April 2013 dari Notaris Bagus Nugraha Kusuma Wardhana, SH,

PT Sarana Marga Utama, was originally known as PT Rezekibhakti Saranasejahtera established based on Deed No. 41 dated August 26, 1988 by Notary Abdul Latif SH, which has been approved by the Ministry of Justice of the Republic of Indonesia No. C2.137.HT.01.01-Th. 1989, dated February 10, 1989. The most recent amendmend of the article of association was based on the Deed No. 8 dated April 10, 2013 by Notary Bagus Nugraha Kusuma Wardhana, SH, regarding to the increase of


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tentang peningkatan modal dasar dan modal disetor. Perubahaan ini telah mendapat pengesahan dari Menteri Kehakiman Republik Indonesia dengan Surat Keputusan No. AHU-AH.01.10.10-26179 tanggal 27 Juni 2013.

authorized, issued and paid share capital. The amendment has received approval from the Minister of of Law and Human Rights of the Republic of Indonesia based on Letter No. AHU-AH.01.10.10-26179 dated June 27, 2013.

Penyertaan pada SMU dilakukan sehubungan dengan bidang usaha jasa konstruksi, perdagangan dan persewaan kendaraan.

The investment in SMU was made in relation to the construction, trade and rental vehicles.

SMU berdomisili di Jakarta. SMU mulai beroperasi secara komersial sejak 10 Pebruari 1989.

SMU is domiciled in Jakarta. SMU operation since February 10, 1989.

Perusahaan memiliki 62.747 saham dengan nilai nominal Rp 1.000.000 (Rupiah penuh) per saham atau setara dengan Rp 62.747.000.000 (Rupiah penuh) yang merupakan 99% kepemilikan pada tanggal 31 Desember 2013.

The Company owns 62,747 shares at par value of Rp 1,000 (full Rupiah) per share amounting to Rp 62,747,000,000 (full Rupiah), representing 99% ownership as of December 31, 2013.

1.b.10. PT Jasamarga Pandaan Tol (JPT) (dahulu PT Margabumi Adhikaraya (MAR)

1.b.10. PT Jasamarga Pandaan Tol (JPT) (Previously PT Margabumi Adhikaraya (MAR)

PT Margabumi Adhikaraya (MAR) didirikan berdasarkan Akta No. 142, tanggal 25 September 1996 dari Notaris Ny. Poerbaningsih Adi Warsito, SH.

PT Margabumi Adhikaraya (MAR) was established based on the Deed No. 142, dated September 25, 1996 of Notary Poerbaningsih Adi Warsito, SH.

Anggaran Dasar Perusahaan telah mengalami beberapa kali perubahan, terakhir dengan akta nomor 04 tanggal 20 Juni 2013 dari Dra. EC. Inggriati Djojoseputro, SH, notaris di Surabaya, mengenai perubahan Susunan Dewan Komisaris dan perubahan nama Perseroan Terbatas "PT Margabumi Adhikaraya" menjadi Perseroan Terbatas "PT Jasamarga Pandaan Tol". Akta perubahan ini sudah memperoleh persetujuan dari Menteri Hukum dan Hak Asasi Manusia Republik Indonesia sesuai dengan surat keputusan Nomor: AHU46221.AH.01.02. Tahun 2013 tanggal 3 September 2013.

JPT’s article of association has been amended several times, with the most recent change of the article was based on the Deed No. 04 dated June 20, 2013 by Notary Dra. EC. Inggriati Djojoseputro SH, a notary in Surabaya regarding to the change of composition of board of Commissioners and change of the Company’s name Perseroan Terbatas "PT Margabumi Adhikaraya" into Perseroan Terbatas "PT Jasamarga Pandaan Tol". The amendment has received approval from the Minister of of Law and Human Rights of the Republic of Indonesia based on Letter No. AHU-46221.AH.01.02. Year 2013 dated September 3, 2013.

JPT berdomisili di Surabaya. JPT belum beroperasi secara komersial hingga 31 Desember 2013.

JPT is domiciled in Surabaya. JPT has not started its operation until December 31, 2013.

Perusahaan memiliki 205.850.000 saham dengan nilai nominal Rp 1.000 (Rupiah penuh) per saham atau setara dengan Rp 205.850.000.000 (Rupiah penuh), yang merupakan 66,48% kepemilikan Perusahaan pada tanggal 31 Desember 2013.

The Company owns 205,850,000 shares at par value of Rp 1,000 (full Rupiah) per share or equivalent to Rp 205,850,000,000 (full Rupiah) representing 66.48% ownership as of December 31, 2013.

1.b.11. PT Jasamarga Bali Tol (JBT)

1.b.11. PT Jasamarga Bali Tol (JBT)

PT Jasamarga Bali Tol didirikan berdasarkan Akta No. 2 tanggal 22 Agustus 2011 dari Notaris Paulina S.S. Endah Putri, SH, dan telah mendapatkan pengesahan dari Menteri Hukum dan Hak Asasi Manusia melalui surat keputusan No.C-372.HT.03.01Th. 2006, tanggal 4 September 2006. Anggaran dasar Perseroan telah mengalami perubahan dan terakhir akta Pernyataan Keputusan Rapat Umum Pemegang

PT Jasamarga Bali Tol was established based on the Deed No. 2, dated August 22, 2011 by Notary Paulina S.S. Endah Putri, SH, which has been approved by Minister of Law and Human Rights of the Republic of Indonesia No. C-372.HT.03.01-Th. 2006, dated September 4, 2006. JBT’s article of association has been amended several times, with the most recent change of the article was based on Notarial Deed of Extraordinary General


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Saham Luar Biasa No. 1 tanggal 17 Oktober 2012 oleh Notaris Paulina S.S. Endah Putri, SH, notaris di Depok. Perubahan Anggaran Dasar tersebut telah memperoleh persetujuan dari Menteri Kehakiman Republik Indonesia No. AHU-62682.AH.01.02-Tahun 2012 tanggal 6 Desember 2012.

Shareholders’ Meeting No. 1 dated October 17, 2012 by Notary Paulina S.S. Endah Putri, SH, notary in Depok. The amendment has received approval from the Minister of of Law and Human Rights of the Republic of Indonesia based on Letter No. AHU-62682.AH.01.02Year 2012 dated December 6, 2012.

Penyertaan pada JBT dilakukan sehubungan dengan penyelenggaraan proyek jalan tol Nusa Dua - Benoa.

The investment in JBT relates to the operation of the Nusa Dua – Benoa toll road.

JBT berdomisili di Bali. JBT mulai beroperasi secara komersial tanggal 01 Oktober 2013.

JBT is domiciled in Bali. JBT started its operation since October 01, 2013.

Perusahaan memiliki 409.993 saham dengan nilai nominal Rp 1.000.000 (Rupiah penuh) per saham atau setara dengan Rp 409.993.000.000 (Rupiah penuh), yang merupakan 55% kepemilikan Perusahaan dan tambahan modal disetor sebesar Rp 2.551.744.970 (Rupiah penuh) pada tanggal 31 Desember 2013.

The Company owns 409,993 shares at par value of Rp 1,000,000 (full Rupiah) per share or equivalent to Rp 409,993,000,000 (full Rupiah) representing 55% ownership and additional paid in capital amounting to Rp 2,551,744,970 (full Rupiah) as of December 31, 2013.

1.b.12. PT Jasamarga Properti (JMP)

1.b.12. PT Jasamarga Properti (JMP)

PT Jasamarga Properti didirikan berdasarkan Akta No. 02 tanggal 15 Januari 2013 dari Notaris Windalina, SH, dan telah mendapatkan pengesahan dari Menteri Hukum dan Hak Asasi Manusia melalui surat keputusan No. AHU-02309.AH.01.01. Tahun 2013 tanggal 23 Januari 2013. Akta pendirian Perusahaan telah mengalami perubahan dan yang terakhir dengan Akta Notaris Windalina, SH, di Jakarta, No. 25 tanggal 28 Maret 2013. Perubahan Akta ini telah disahkan oleh Menteri Hukum dan Hak Asasi Manusia Republik Indonesia melalui surat keputusan Nomor. AHU-0044014.AH.01.09. Tahun 2013 tanggal 14 Mei 2013.

PT Jasamarga Properti was established based on the Deed No. 02, dated January 15, 2013 by Notary Windalina, SH, which has been approved by Minister of Law and Human Rights of the Republic of Indonesia No. AHU02309.AH.01.01. Year 2013, dated January 23, 2013. JMP’s article of association has been amended several times, with the most recent change of the article was based on the Deed No. 25 dated March 28, 2013 by Notary Notaris Windalina SH, notary in Jakarta. The amendment has received approval from the Minister of of Law and Human Rights of the Republic of Indonesia based on Letter No. AHU-0044014.AH.01.09. Year 2013 dated May 14, 2013.

Penyertaan pada JMP dilakukan sehubungan dengan penyelenggaraan usaha di bidang pembangunan, penjualan dan jasa properti.

The investment in JMP relates to the development, sales and services in property.

JMP berdomisili di Jakarta. JMP belum beroperasi secara komersial hingga 31 Desember 2013.

JMP is domiciled in Jakarta. JMP has not started its operation until December 31, 2013.

Perusahaan memiliki 24.750 saham dengan nilai nominal Rp 1.000.000 (Rupiah penuh) per saham atau setara dengan Rp 24.750.000.000 (Rupiah penuh), yang merupakan 99% kepemilikan Perusahaan dan tambahan modal disetor sebesar Rp 38.610.000.000 (Rupiah penuh) pada tanggal 31 Desember 2013.

The Company owns 24,750 shares at par value of Rp 1,000,000 (full Rupiah) per share or equivalent to Rp 24,750,000,000 (full Rupiah) representing 99% ownership and additional paid in capital amounting to Rp 38,610,000,000 (full Rupiah) as of December 31, 2013.

Jumlah aset dan pendapatan usaha Entitas Anak sebelum jurnal eliminasi adalah sebagai berikut:

Total assets and revenues of the Subsidiaries before elimination journal are as follows:


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For the Years Ended December 31, 2013 and 2012 (In Thousands of Rupiah, Unless Otherwise Stated) Total Aset/Assets 2013 2012 Rp Rp

Perusahaan/ Company PT Trans Marga Jateng (TMJ) PT Jasamarga Bali Tol (JBT) PT Marga Lingkar Jakarta (MLJ) PT Marga Nujyasumo Agung (MNA) PT Marga Sarana Jabar (MSJ) PT Jasamarga Pandaan Tol (JPT) PT Trans Marga Jatim Pasuruan (TMJP) PT Marga Trans Nusantara (MTN) PT Marga Kunciran Cengkareng (MKC) PT Sarana Marga Utama (SMU) PT Jalantol Lingkarluar Jakarta (JLJ) PT Jasamarga Properti (JMP)

3,407,470,487 2,172,599,696 1,846,870,401 1,766,141,082 896,352,182 801,575,563 629,222,947 351,564,379 270,393,300 178,020,265 103,281,607 63,548,090

Total Pendapatan/Revenues 2013 2012 Rp Rp

2,682,556,359 1,659,510,652 1,237,391,546 1,564,140,921 548,357,000 405,636,162 208,613,652 132,097,736 126,828,694 78,227,545 67,676,199 --

671,919,441 575,693,464 564,542,637 237,954,936 336,559,364 443,326,091 499,556,649 --205,466,019 234,499,728 --

846,523,781 1,250,870,221 539,499,885 316,771,494 133,197,912 98,153,049 ---35,017,116 170,471,250 --

Dalam laporan keuangan konsolidasian ini, Perusahaan dan entitas anak secara bersama-sama disebut sebagai “Grup”.

In these consolidated financial statements, the Company and its subsidiaries are collectively referred as the “Group”.

1.c. Dewan Direksi, Komisaris, Komite Audit dan Karyawan Berdasarkan Risalah Rapat Umum Pemegang Saham (RUPS) Luar Biasa PT Jasa Marga Persero Tbk No. 80 tanggal 30 Juni 2012, susunan Direksi dan Komisaris Perusahaan pada tanggal 31 Desember 2013 dan 2012 sebagai berikut:

1.c. Board of Directors, Commissioners, Audit Committee and Employees Based on the Company’s Extraordinary Minutes of Meeting of Shareholders No. 80 dated June 30, 2012, the composition of the Company’s Board of Directors and Commissioners as of December 31, 2013 and 2012 are as follows:

Direktur Utama Direktur Operasi Direktur Keuangan Direktur Pengembangan Usaha Direktur Sumber Daya Manusia dan Umum Komisaris Utama Komisaris Komisaris Komisaris Komisaris (Komisaris Independen) Komisaris (Komisaris Independen)

Direksi/Directors Ir. Adityawarman Ir. Hasanudin, M.Eng.Sc Ir. Reynaldi Hermansjah Ir. Abdul Hadi H.S, MM Ir. Muh. Najib Fauzan, Msc Komisaris/ Commissioners Ir. Agoes Widjanarko, MIP Ibnu Purna Muchtar, S.E, MA Dr. Joyo Winoto Prof. Dr. Akhmad Syakhroza Mayjen. (Purn) Samsoedin Irjen Polisi (Purn) Drs. Michael Dendron Primanto, SH, MH

Berdasarkan Keputusan Komisaris No.KEP0010/I/2013, tanggal 15 Pebruari 2013, susunan Komite Audit Perusahaan pada 31 Desember 2013 adalah sebagai berikut:

President Director Operation Director Finance Director Business Development Director Human Capital Affairs Development Director President Commissioner Commissioner Commissioner Commissioner Commissioner (Independent Commissioner) Commissioner (Independent Commissioner)

Based on the Decision of the Commissioners No.KEP0010/I/2013, date February 15, 2013, the composition of the Company's Audit Committee as of December 31, 2013 are as follows:

Komite Audit/ Audit Committee Ketua Merangkap Anggota Anggota Anggota


Irjen Polisi (Purn) Drs. Michael Dendron Primanto, SH, MH. Ir. Agita Widjajanto, MSc. Drs. Rustam Wahyudi, Ak.

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For the Years Ended December 31, 2013 and 2012 (In Thousands of Rupiah, Unless Otherwise Stated) Based on the Decision of the Commissioners No.KEP0007/I/2012, date January 16, 2012, the composition of the Company's Audit Committee as of December 31, 2012 are as follows:

Berdasarkan Keputusan Komisaris No.KEP-0007/I/2012, tanggal 16 Januari 2012, susunan Komite Audit Perusahaan pada 31 Desember 2012 adalah sebagai berikut:

Komite Audit/ Audit Committee Ketua Merangkap Anggota Anggota Anggota Anggota

Irjen Polisi (Purn) Drs. Michael Dendron Primanto, SH, MH. Ir. Bambang Widijanto Suwignjo, MSc. Drs. Nugroho Widjajanto, Ak. Setyo Puji Hartono, SE

Chairman and Member Member Member Member

Pembentukan Unit Audit Internal Perusahaan berdasarkan Keputusan Direksi Nomor 41/KPTS/2013 tentang Struktur Organisasi Perusahaan. Ketua unit audit internal per 31 Desember 2013 adalah Djoko Dwijono.

Establishment of the company Internal Audit Unit was based on Directors Decree No. 41/KPTS/2013 about the Organizational Structure of the Company. Chairman of the internal audit unit by December 31, 2013 is Djoko Dwijono.

Penerapan sistem pengendalian internal yang dilakukan oleh Perusahaan mengacu pada Peraturan Meneg BUMN No. PER-01/MBU/2011 tentang Penerapan Tata Kelola Perusahaan yang Baik (Good Corporate Governance) pada Badan Usaha Milik Negara Pasal 26. Unit audit internal merupakan bagian dari sistem pengendalian intern Perusahaan yang didalam pelaksanaan tugas auditnya menggunakan kerangka sistem pengendalian intern COSO (Committee of Sponsoring Organization of the Treadway Commission).

Implementation of internal control systems made by the Company refers to the State Enterprises Minister Regulation No. PER-01/MBU/2011 on the Implementation of Good Corporate Governance (GCG) at the State-owned Enterprise of Art 26. Internal audit unit is part of the Company's system of internal control in the execution of audit assignments using the COSO (Committee of Sponsoring Organizations of the Treadway Commission) framework for internal control system.

Berdasarkan Surat Keputusan Direksi No. 102/AA.P6a/2012, tanggal 31 Agustus 2012, Sekretaris Perusahaan pada 31 Desember 2013 dan 2012 adalah Ir. David Wijayatno.

Based on in Decision of the Director No. 102/AA.P6a/2012 dated August 31 2012, the corporate secretary as of December 31, 2013 and 2012 is Ir. David Wijayatno.

Jumlah karyawan tetap Perusahaan dan Entitas Anak pada 31 Desember 2013 dan 2012 masing-masing sebanyak 4.875 dan 5.075 orang (tidak diaudit).

As of December 31, 2013 and 2012 the Company and Subsidiaries had total permanent employees of 4,875 and 5,075 person, respectively (unaudited).

1.d. Penawaran Umum Obligasi Perusahaan Perusahaan telah menerbitkan obligasi dengan total nilai sebesar Rp 9.523.978.000.000 (Rupiah penuh). Jumlah utang obligasi yang belum dilunasi atau belum jatuh tempo adalah sebesar Rp 5.859.154.384.000 (Rupiah penuh) dan sisanya telah dilunasi, dengan rincian sebagai berikut:


1.d. Public Bond Offering The Company has issued bonds with total amount of Rp 9,523,978,000,000 (full Rupiah). The total amount of bonds that have not been paid or not yet reached their maturity date amounting to Rp 5,859,154,384,000 (full Rupiah) and the balance has been paid, with details of bonds are as follows:

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No. 1. 2. 3. 4. 5. 6. 7. 8. 9. 10. 11. 12. 13. 14. 15. 16. 17. 18. 19. 20. 21. 22.

23. 24. 25. 26. 27

Obligasi/ 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) Obligasi Indeks Pendapatan Tahap I / Fixed Income Index Bonds Phase I Obligasi Indeks Pendapatan Tahap II / Fixed Income Index Bonds Phase II Jasa Marga VII (L) Jasa Marga VIII (M) Jasa Marga IX (N) Jasa Marga X (O) Jasa Marga XI (P) Obligasi JORR I Obligasi JORR II(A) Obligasi JORR II (B) Obligasi JORR II (C) Jasa Marga XII (0) Jasa Marga XIII (R) Jasa Marga XIV (JM — 10) Jasa Marga I (JM — 10) Jasa Marga Seri / Series S A Jasa Marga Seri / Series S B Jasa Marga Seri / Series S C


Total (Rp Juta)/ Tenor Par value (Tahun/ (Rp Million) Years)

Tanggal Tanggal Penerbitan/ Jatuh Issuance Tempo/ Date Maturity Date

Status

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

5 5 5 5 5 5 5 5 5 5 5 8 8

3/11/1983 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

3/11/1988 31/10/1988 6/2/1989 5/3/1989 31/3/1989 28/12/1989 1/3/1990 27/12/1990 24/3/1991 6/7/1992 19/11/1992 20/6/1996 1/2/1997

Lunas/ Paid Lunas/ Paid Lunas/ Paid Lunas/ Paid Lunas/ Paid Lunas/ Paid Lunas/ Paid Lunas/ Paid Lunas/ Paid Lunas/ Paid Lunas/ Paid Lunas/ Paid Lunas/ Paid

40,000

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31/7/1989

31/7/2001

Lunas/ Paid

30,000 100,000 150,000 400,000 650,000 1,000,000 274,260 78,300 78,300 104,400 1,000,000 1,500,000 1,000,000 500,000 700,000 400,000 1,000,000

12 8 8 5 8 10 10 10 12 15 10 10 10 3 1 3 5

21/9/1989 8/6/1990 27/3/2000 12/4/2002 4/12/2002 10/10/2003 19/11/2003 5/1/2006 5/1/2006 5/1/2006 6/7/2006 21/6/2007 12/10/2010 12/10/2010 12/27/2013 12/27/2013 12/27/2013

21/9/2001 8/6/1998 27/3/2008 12/4/2007 4/12/2010 10/10/2013 19/11/2013 5/1/2016 5/1/2018 5/1/2021 6/7/2016 21/6/2017 12/10/2020 12/10/2013 10/2/2014 9/27/2016 9/27/2018

Lunas/ Paid Lunas/ Paid Lunas/ Paid Lunas/ Paid Lunas/ Paid Lunas/ Paid Lunas/ Paid Belum Lunas/ Not Yet Paid *) Belum Lunas/ Not Yet Paid **) Belum Lunas/ Not Yet Paid Belum Lunas/ Not Yet Paid Belum Lunas/ Not Yet Paid Belum Lunas/ Not Yet Paid Lunas/ Paid Belum Lunas/ Not Yet Paid Belum Lunas/ Not Yet Paid Belum Lunas/ Not Yet Paid

*) Dilunasi pada tanggal 24 Nopember 2008 sebesar/ Paid on November 24, 2008, amounted to Rp 923 **) Dilunasi pada tanggal 24 Nopember 2008 sebesar/ Paid on November 24, 2008, amounted to Rp 923

1.e. Penawaran Umum Perusahaan Pada tanggal 1 Nopember 2007, Perusahaan memperoleh pernyataan efektif dari Badan Pengawas Pasar Modal-Lembaga Keuangan (Bapepam-LK), sekarang bernama Otoritas Jasa Keuangan (OJK), melalui Surat No. S-5526/BL/2007 untuk melakukan penawaran umum perdana saham sebanyak 2.040.000.000 saham atas nama Seri B dengan nilai nominal Rp 500 (Rupiah penuh) setiap saham yang berasal dari saham dalam simpanan (portepel) Perusahaan kepada masyarakat dengan harga penawaran sebesar Rp 1.700 (Rupiah penuh) per saham melalui pasar modal dan dicatatkan pada Bursa Efek Indonesia (BEI).


1.e. The Company Initial Public Offering On November 1, 2007 the Company received the effective statement from the Capital Market and Financial Institutions Supervisory Board (BapepamLK), now named Indonesia Financial Services Authority (OJK), through the Letter No.S-5526/BL/2007 to perform the initial public offering amounting to 2,040,000,000 Series B shares with par value of Rp 500 (full Rupiah) each share from the Company porteple shares to the public at the offering price amounting to Rp 1,700 (full Rupiah) each share through capital market and listed in Indonesia Stock Excange (IDX).

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For the Years Ended December 31, 2013 and 2012 (In Thousands of Rupiah, Unless Otherwise Stated) In the period since its initial public offering until the last reporting period the Company has made the following corporate actions: 1. Buy back of Company shares on October 24, 2008 until January 12, 2009 was done considering the condition of the stock market potentially crisis where the Composite Stock Price Index (CSPI) Indonesia Stock Exchange (IDX) significantly decreased thus providing an opportunity to the Company to buy back its shares with respect the ability of the Company and applicable regulations. The company in this case aided by PT Bahana Securities as Corporate Broker Securities Trading. Funds issued by the Company to buy back 24,523,500 shares (Treasury Stock) amounting to Rp 21,837,595,326 (full amount).

Dalam kurun waktu sejak penawaran umum perdana sampai dengan tahun pelaporan terakhir Perusahaan melakukan aksi korporasi sebagai berikut: 1. Pembelian kembali saham Perusahaan pada 24 Oktober 2008 sampai dengan 12 Januari 2009 dilakukan mengingat kondisi pasar saham saat itu berpotensi krisis dimana Indeks Harga Saham Gabungan (IHSG) Bursa Efek Indonesia (BEI) menurun cukup signifikan sehingga memberikan peluang pada Perusahaan untuk membeli kembali sahamnya dengan memperhatikan kemampuan Perusahaan dan ketentuan yang berlaku. Perusahaan dalam hal ini dibantu oleh PT Bahana Securities sebagai Perusahaan Wakil Perantara Perdagangan Efek. Dana yang dikeluarkan Perusahaan untuk membeli kembali 24.523.500 lembar saham (Treasury Stock) sejumlah Rp 21.837.595.326 (Rupiah penuh). 2. Sesuai dengan Poin 4D Peraturan Bapepam dan LK No. KEP-105/BL/2010, Peraturan XI.B2 perihal Pembelian Kembali Saham yang dikeluarkan oleh Emiten atau Perusahaan Publik, maka treasury stock tersebut telah memasuki periode wajib menjual (sudah dikuasai Perusahaan selama 3 tahun) dan wajib untuk dijual kembali. Perusahaan dalam penjualan kembali saham Treasury dibantu oleh PT Danareksa Sekuritas. Masa penjualan berlangsung dari 5 April 2012 sampai dengan 25 Juni 2012.

2.

2. Ikhtisar Kebijakan Akuntansi Signifikan

Based on 4D points Bapepam-LK Regulation No. KEP-105/BL/2010, XI.B2 Regulations regarding Buy Back Shares issued by the Issuer or Public Company, then the treasury stock has entered a period required to sell (already held by the Company for 3 years) and mandatory for resale. The Company in the resale of treasury shares aided by PT Danareksa Securities. Sales period runs from Apri 5, 2012 until June 25, 2012.

2. Summary of Significant Accounting Policies

2.a. Pernyataan Kepatuhan Laporan keuangan konsolidasian ini disusun dan disajikan sesuai dengan Pernyataan Standar Akuntansi Keuangan (“PSAK”) di Indonesia yang ditetapkan oleh Ikatan Akuntan Indonesia dan sesuai dengan Keputusan Ketua Badan Pengawas Pasar Modal-Lembaga Keuangan (Bapepam-LK) No. VIII.G.7 Lampiran Surat Keputusan No. KEP347/BL/2012 tanggal 25 Juni 2012 tentang Pedoman Penyajian dan Pengungkapan Laporan Keuangan Emiten atau Perusahaan Publik.

2.a. Statement of Compliance The consolidated financial statements have been prepared and presented in conformity with Indonesian Statements of Financial Accounting Standards (PSAK) established by the Indonesian Institute of Accountants, and Regulation of Capital Market Supervisory BoardFinancial Institution No. VIII.G.7 attachment No.KEP347/BL/2012 dated June 25, 2012 regarding the Guidelines of Financial Statements Presentations and Disclosures for Issuers or Public Companies.

2.b. Dasar Pengukuran dan Penyusunan Laporan Keuangan Konsolidasian Dasar pengukuran dalam penyusunan laporan keuangan konsolidasian ini adalah konsep biaya perolehan (historical cost), kecuali beberapa akun tertentu disusun berdasarkan pengukuran lain sebagaimana diuraikan dalam kebijakan akuntansi masing-masing akun tersebut. Laporan keuangan konsolidasian disusun dengan metode akrual kecuali laporan arus kas.

2.b. Basis of Measurement and Preparation of the Consolidated Financial The basis used in preparing the consolidated financial statements is historical cost, except for certain accounts which are measured based on another basis described in the related accounting policies for those accounts. The consolidated financial statements are prepared under the accrual basis of accounting except for the statement of cash flows.


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Laporan arus kas konsolidasian disajikan dengan metode langsung (direct method) dengan mengelompokkan arus kas dalam aktivitas menjadi kegiatan operasi, investasi dan pendanaan.

The consolidated statement cash flows are prepared using the direct method with classifications of cash flows into the operating, investing and financing activities.

Mata uang fungsional dan penyajian yang digunakan dalam penyusunan laporan keuangan konsolidasian adalah Rupiah (Rp).

The reporting and functional currency used in the preparation of the consolidated financial statements is the Indonesian Rupiah (Rp).

Standar Akuntansi Baru Standar akuntansi baru atau penyesuaian atas standar akuntansi yang wajib diterapkan untuk pertama kalinya untuk tahun buku yang dimulai 1 Januari 2013, yang relevan terhadap Perusahaan adalah penyesuaian atas PSAK 60 (Revisi 2010) “Instrumen Keuangan: Pengungkapan". Perusahaan telah rnengevaluasi dampak yang ditimbulkan dan penyesuaian PSAK 60 tersebut tidak material terhadap laporan keuangan konsolidasian.

New Accounting Standards New accounting standard or improvement on accounting standard which is relevant to the Company and mandatory for the first time for the financial period beginning 1 January 2013 is the improvement on PSAK 60 (Revised 2010) “Financial Instrument: Disclosures”. The Company has evaluated the impact of the improvement on PSAK 60 to be immaterial to the consolidated financial statements.

Sementara itu, Revisi atas PSAK 38, “Kombinasi Bisnis pada Entitas Sepengendali”, PSAK 60, “Instrumen Keuangan: Penyajian”, dan pencabutan atas PSAK 51, “Akuntansi Kuasi-Reorganisasi” yang berlaku efektif sejak 1 Januari 2013 tidak relevan, serta tidak menghasilkan perubahan kebijakan akuntansi Perusahaan dan tidak memiliki dampak terhadap jumlah yang dilaporkan untuk tahun berjalan atau tahun sebelumnya.

Meanwhile, the revisions to PSAK 38, “Business Combinations on Entities under Common Control”, PSAK 60 “Financial Instrument: Disclosure”, and withdrawal of PSAK 51, “Quasi Reorganizations” with an effective date of 1 January 2013 did not result in changes to the Company's accounting policies and had no effect on the amounts reported for the current period or prior financial years.

2.c. Prinsip-prinsip Konsolidasian Laporan keuangan konsolidasian mencakup laporan keuangan Entitas Induk dan Entitas Anak yang dikendalikan secara langsung ataupun tidak langsung oleh Entitas Induk. Entitas anak dikonsolidasikan sejak tanggal di mana pengendalian efektif beralih kepada Entitas Induk dan tidak lagi dikonsolidasikan sejak tanggal Entitas Induk tidak memiliki pengendalian efektif.

2.c. Principles of Consolidation The consolidated financial statements incorporate financial statements of the Parent Entity and Subsidiaries, direct and indirectly owned by the Parent Entity. Subsidiaries are fully consolidated from the date of effective control are achieved by the Parent Entity and will be no longer consolidated from the date of the Parent Entity has cease effective controls.

Pengendalian dianggap ada apabila Entitas Induk memiliki baik secara langsung atau tidak langsung melalui Entitas Anak, lebih dari setengah kekuasaan suara pada suatu entitas, kecuali kepemilikan tersebut tidak diikuti dengan pengendalian. Suatu pengendalian juga ada apabila Entitas Induk memiliki setengah atau kurang kekuasaan suara jika terdapat: 1. Kekuasaan yang melebihi setengah hak suara sesuai perjanjian dengan investor lainnya; 2. Kekuasaan untuk mengatur kebijakan keuangan dan operasional entitas berdasarkan anggaran dasar atau perjanjian; 3. Kekuasaan untuk menunjuk atau memberhentikan sebagian besar dewan direksi dan dewan komisaris atau organ pengatur setara dan mengendalikan entitas melalui dewan atau organ tersebut; atau

Control is presumed to exist when the Parent Entity owns, directly or indirectly through Subsidiaries, more than half of the voting power of an entity unless, except that, such ownership does not constitute control. Control also exists when the parent owns half or less of the voting power of an entity when there is:


1. Power over more than half of the voting rights by virtue of an agreement with other investors; 2. Power to govern the financial and operating policies of the entity under a statute or an agreement; 3. Power to appoint or remove the majority of the members of the board of directors or equivalent governing body and control of the entity is by that board or body; or

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4. Kekuasaan untuk memberikan suara mayoritas pada rapat dewan direksi dan dewan komisaris atau organ tersebut.

4. Power to cast the majority of votes at meetings of the board of directors or equivalent governing body and control of the entity is by that board or body.

Laporan keuangan konsolidasian harus disusun dengan basis yang sama yaitu; kebijakan akuntansi yang sama untuk transaksi, peristiwa dan keadaan yang sama. Kebijakan tersebut telah diterapkan secara konsisten oleh Entitas Anak, kecuali dinyatakan secara khusus.

The consolidated financial statements are prepared using uniform basis, i.e.: similar accounting policy for similar transactions, events and circumstances. The policy has been applied consistently by Subsidiaries, unless otherwise stated.

Dalam menyusun laporan keuangan konsolidasian, laporan keuangan Entitas Induk dan Entitas Anak digabungkan secara baris per baris yakni dengan menjumlahkan satu persatu unsur-unsur sejenis dari aset, liabilitas, ekuitas, pendapatan dan beban. Seluruh saldo akun dan transaksi yang material antara Perusahaan dengan Entitas Anak telah dieliminasi.

In preparing the consolidated financial statements, the financial statements of the Parent Company and Subsidiaries are combined on a line by line basis by adding together similar elements of assets, liabilities, equity, income and expenses. All balances and material transactions between the Parent Company and the Subsidiaries have been eliminated.

Akun "Kepentingan Non-Pengendali" pada laporan posisi keuangan konsolidasian merupakan hak pemegang saham non pengendali pada Entitas Anak tersebut. Kepentingan non pengendali atas laba (rugi) bersih Entitas Anak pada laporan laba rugi komprehensif konsolidasian disajikan sebagai “Laba/Rugi Tahun Berjalan yang Dapat Diatribusikan kepada Kepentingan Non Pengendali”.

The account of “Non Controlling Interests” in consolidated financial statement is represents interest of the minority shareholders in the Subsidiaries. Non controlling interest in net income (loss) of Subsidiaries in the consolidated statement of comprehensive income is presented as “Current Year Profit/Loss Attributable to Non Controlling Interest”.

Rugi Entitas Anak yang tidak dimiliki secara penuh diatribusikan pada kepentingan non pengendali bahkan jika hal ini mengakibatkan kepentingan non pengendali mempunyai saldo defisit.

Losses of non-wholly owned Subsidiary are attributed to the non controlling interest even if the non controlling interest results in deficit balance.

2.d. Instrumen Keuangan PSAK 60 yang berlaku efektif 1 Januari 2013 memperkenalkan pengungkapan baru untuk meningkatkan informasi mengenai instrumen keuangan. PSAK ini mewajibkan pengungkapan secara luas mengenai signifikansi pengaruh instrumen keuangan terhadap posisi keuangan dan kinerja Perusahaan, dan pengungkapan kuantitatif dan kualitatif atas risiko yang timbul dari instrumen keuangan, serta menentukan pengungkapan minimum mengenai risiko kredit, risiko likuiditas dan risiko pasar. PSAK ini juga mewajibkan pengungkapan terkait dengan pengukuran nilai wajar menggunakan tiga tingkat hirarki nilai wajar dimana mencerminkan signifikansi input yang digunakan dalam mengukur nilai wajar dan memberikan arahan dalam bentuk pengungkapan kuantitatif mengenai pengukuran nilai wajar dan mewajibkan informasi yang diungkapkan dalam format tabel kecuali terdapat lain yang lebih sesuai.

2.d. Financial Instruments PSAK 60 which effectively applied on January 1, 2013 introduces new disclosures to improve the information about financial instruments. It requires extensive disclosures about the significance of financial instruments for an entity’s financial position and performance, and quantitative and qualitative disclosures on the nature and extent of risks arising from financial instruments, including specified minimum disclosures about credit risk, liquidity risk and market risk, as well as sensitivity analysis to market risk. It also requires disclosures relating to fair value measurements using a three-level fair value hierarchy that reflects the significance of the inputs used in measuring fair values and provides more direction in the form of quantitative disclosures about fair value measurements and requires information to be disclosed in a tabular format unless another format is more appropriate.

Aset Keuangan Aset keuangan dikelompokkan menjadi 4 kategori, yaitu (i) aset keuangan yang diukur pada nilai wajar melalui laba rugi, (ii) pinjaman yang diberikan dan piutang, (iii) investasi yang dimiliki hingga jatuh tempo d1/February 19, 2014

Financial Assets Financial assets are classified into 4 categories, i.e., (i) financial assets at fair value through profit or loss, (ii) loans and receivables, (iii) held-to-maturity financial assets and (iv) available-for-sale financial assets. The 21

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serta (iv) aset keuangan yang tersedia untuk dijual. Klasifikasi ini tergantung dari tujuan perolehan aset keuangan tersebut. Manajemen menentukan klasifikasi aset keuangan tersebut pada saat awal pengakuannya.

classification depends on the purpose for which the financial assets were acquired. Management determines the classification of its financial assets at initial recognition.

(i) Aset keuangan yang diukur pada nilai wajar melalui laba rugi Aset keuangan yang diukur pada nilai wajar melalui laba rugi adalah aset keuangan yang ditujukan untuk diperdagangkan. Aset keuangan diklasifikasikan sebagai diperdagangkan jika diperoleh terutama untuk tujuan dijual atau dibeli kembali dalam waktu dekat dan terdapat bukti mengenai pola ambil untung dalam jangka pendek yang terkini. Derivatif diklasifikasikan sebagai aset diperdagangkan kecuali telah ditetapkan dan efektif sebagai instrumen lindung nilai.

(i) Financial assets at fair value through profit or loss Financial assets at fair value through profit or loss are financial assets which are held for trading. Financial asset is classified as held for trading if it is acquired principally for the purpose of selling or repurchasing it in the near term and for which there is evidence of recent actual pattern of short term profit taking. Derivatives are also categorized as held for trading unless they are designated and effective as hedging instruments.

Grup tidak mempunyai aset keuangan yang diklasifikasikan sebagai aset keuangan yang diukur pada nilai wajar melalui laporan laba rugi.

The Group has no financial asset classified as financial assets at fair value through profit or loss.

(ii) Pinjaman yang diberikan dan piutang Pinjaman yang diberikan dan piutang adalah aset keuangan non derivatif dengan pembayaran tetap atau telah ditentukan dan tidak mempunyai kuotasi di pasar aktif. Pada saat pengakuan awal, pinjaman yang diberikan dan piutang diakui pada nilai wajarnya ditambah biaya transaksi dan selanjutnya diukur pada biaya perolehan diamortisasi dengan menggunakan metode suku bunga efektif.

(ii) Loans and receivables Loans and receivables are non-derivative financial assets with fixed or determinable payments that are not quoted in an active market. Loan and receivables are initially recognized at fair value plus transaction cost and subsequently measured at amortized cost using the effective interest rate method.

Grup mempunyai kas dan setara kas, piutang lainlain dan dana ditetapkan penggunaannya yang diklasifikasikan sebagai pinjaman yang diberikan dan piutang.

The Group has cash and cash equivalents, other receivables and appropriated funds, are classified as loans and receivables.

(iii) Investasi yang dimiliki hingga jatuh tempo Investasi yang dimiliki hingga jatuh tempo adalah investasi non-derivatif dengan pembayaran tetap atau telah ditentukan dan jatuh temponya telah ditetapkan, dimana manajemen mempunyai intensi positif dan kemampuan untuk memiliki aset keuangan tersebut hingga jatuh tempo, selain: a) Investasi yang pada saat pengakuan awal ditetapkan sebagai aset keuangan yang diukur pada nilai wajar melalui laporan laba rugi; b) Investasi yang ditetapkan dalam kelompok tersedia untuk dijual; dan c) Investasi yang memenuhi definisi pinjaman yang diberikan dan piutang.

(iii) Held to maturity financial asset Held-to-maturity financial assets are nonderivative financial assets with fixed or determinable payments and fixed maturities that management has the positive intention and ability to hold to maturity, other than:

Pada saat pengakuan awal, investasi dimiliki hingga jatuh tempo diakui pada nilai wajarnya ditambah biaya transaksi dan selanjutnya diukur pada biaya perolehan diamortisasi dengan menggunakan metode suku bunga efektif.

These are initially recognized at fair value including transaction costs and subsequently measured at amortized cost, using the effective interest rate method.


a) Those that are designated as at fair value through profit or loss upon initial recognition; b) Those that are designated as available for sale; and c) Those that meet definition of loans and receivable.

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Grup tidak mempunyai aset keuangan yang diklasifikasikan sebagai investasi dimiliki hingga jatuh tempo.

The Group has no financial assets classified as investments held to maturity.

(iv) Aset keuangan tersedia untuk dijual Aset keuangan dalam kelompok tersedia untuk dijual adalah aset keuangan non-derivatif yang ditetapkan untuk dimiliki selama periode tertentu, dimana akan dijual dalam rangka pemenuhan likuiditas atau perubahan suku bunga, valuta asing atau yang tidak diklasifikasikan sebagai pinjaman yang diberikan atau piutang, investasi yang diklasifikasikan dalam kelompok dimiliki hingga jatuh tempo atau aset keuangan yang diukur pada nilai wajar melalui laba rugi.

(iv) Available for sales financial assets Available-for-sale financial assets are non derivative financial assets that are intended to be held for indefinite period of time, which might be sold in response to needs for liquidity or changes in interest rates, exchange rates or that are not classified as loans and receivables, held-to-maturity investments or financial assets at fair value through profit or loss.

Pada saat pengakuan awal, aset keuangan tersedia untuk dijual diakui pada nilai wajarnya ditambah biaya transaksi dan selanjutnya diukur pada nilai wajarnya dimana laba atau rugi diakui pada laporan perubahan ekuitas konsolidasian kecuali untuk kerugian penurunan nilai dan laba rugi dari selisih kurs hingga aset keuangan dihentikan pengakuannya. Jika aset keuangan tersedia untuk dijual mengalami penurunan nilai, akumulasi laba rugi yang sebelumnya diakui pada bagian ekuitas akan diakui pada laporan laba rugi konsolidasian.

Available-for-sale financial assets are initially recognized at fair value, plus transaction costs and measured subsequently at fair value with gains and losses being recognized in the consolidated statement of changes in equity, except for impairment losses and foreign exchanges gains and losses, until the financial assets is derecognized. If an available-for-sale financial asset is determined to be impaired, the cumulative gain or loss previously recognized in the equity section will be recognized in the consolidated statements of income.

Sedangkan pendapatan bunga yang dihitung menggunakan metode suku bunga efektif dan keuntungan atau kerugian akibat perubahan nilai tukar dari aset moneter yang diklasifikasikan sebagai kelompok tersedia untuk dijual diakui pada laporan laba rugi konsolidasian.

While, interest income is calculated using the effective interest method, and foreign currency gain or losses on monetary assets classified as available-for-sale is recognized in the consolidated statements of income.

Grup mempunyai aset keuangan yang diklasifikasikan sebagai aset keuangan tersedia untuk dijual yaitu investasi jangka pendek dan investasi pada saham yang tidak tersedia nilai wajarnya dengan kepemilikan kurang dari 20% dan aset keuangan lainnya yang dicatat pada biaya perolehannya.

The Group has financial assets classified as of available for sale which are, short term investment and investment in shares with ownership interest of less than 20% that do not have readily determinable its fair values and intended for long-term investments are stated at cost (the cost method).

Penyisihan kerugian penurunan nilai aset keuangan Grup menentukan secara individual jika terdapat bukti objektif mengenai penurunan nilai atas aset keuangan. Jika terdapat bukti objektif penurunan nilai secara individual, maka perhitungan penurunan nilai dengan menggunakan metode discounted cash flow dan/atau nilai wajar jaminan.

Provision for impairment loss of financial assets The Group assessed individually if there is objective evidence of impairment to the financial assets. If there is objective evidence of individual impairment, the impairment calculation is made using discounted cash flow method and/or the fair value of collateral.

Untuk aset keuangan yang tidak terdapat bukti objektif mengenai penurunan nilai, maka Group membentuk penyisihan kerugian penurunan nilai secara kolektif. Perhitungan secara kolektif dilakukan dengan persentase tertentu. Setiap d1/February 19, 2014

For financial assets that have no any objective evidence of impairment, the Group will provide a provision for impairment loss collectively. The collective impairment is calculated by a certain percentage. Every year the Group will review the 23

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tahun Group akan mengkaji basis persentase tersebut sampai dengan diperoleh data historis yang memadai.

basis of such percentage until the Company obtained adequate historical data.

Dampak atas penurunan nilai yang terjadi sebelum penerapan dibebankan pada tahun berjalan karena pemisahan atas dampak tersebut tidak dapat dilakukan oleh Perusahaan dan tidak praktis.

The effect on the impairment occured before the application is charged to the current year, since the separation of such impact can not be done by the Company and is not practical.

Liabilitas Keuangan Liabilitas keuangan dikelompokkan kedalam kategori (i) Liabilitas keuangan yang diukur pada nilai wajar melalui laba rugi dan (ii) liabilitas keuangan yang diukur dengan biaya perolehan diamortisasi. a. Liabilitas keuangan yang diukur pada nilai wajar melalui laba rugi Nilai wajar liabilitas keuangan yang diukur pada nilai wajar melalui laporan laba rugi adalah liabilitas keuangan yang ditujukan untuk diperdagangkan. Liabilitas keuangan diklasifikasikan sebagai diperdagangkan jika diperoleh terutama untuk tujuan dijual atau dibeli kembali dalam waktu dekat dan terdapat bukti mengenai pola ambil untung dalam jangka pendek terkini. Derivatif diklasifikasikan sebagai liabilitas diperdagangkan kecuali ditetapkan dan efektif sebagai instrumen lindung nilai.

Financial Liabilities Financial liabilities are classified into (i) financial liabilities are measured at fair value through profit or loss, (ii) financial liabilities are measured at amortized cost. a. Financial liabilities are measured at fair value through profit or loss The fair value of financial liabilities measured at fair value through profit and loss is financial liabilities that are designated for trading. Financial liabilities are classified as trading if acquired primarily for the purpose of sale or repurchase in the near future and there is evidence of the current short-term profit taking pattern. Derivatives are classified as trading liabilities unless specified and effective as hedging instruments.

Grup tidak memiliki liabilitas keuangan yang diukur pada nilai wajar melalui laba rugi.

The Group has no financial liabilities at fair value through profit or loss.

b. Liabilitas keuangan yang diukur dengan biaya perolehan diamortisasi Liabilitas keuangan yang tidak diklasifikasikan sebagai liabilitas keuangan yang diukur pada nilai wajar melalui laba rugi dikategorikan dan diukur dengan biaya perolehan diamortisasi dengan menggunakan metode suku bunga efektif.

b. Financial liabilities are measured at amortized cost. Financial liabilities that not classified as financial liabilities measured at fair value through profit or loss are classified in this category and are measured at amortized cost by using effective interest method.

Liabilitas keuangan diakui awalnya pada nilai wajar ditambah biaya transaksi yang dapat diatribusikan secara langsung dalam hal liabilitas keuangan selain derivatif.

Financial liabilities are recognized initially at fair value plus transaction costs that are directly attributable to financial liabilities other than derivatives.

Setelah pengakuan awal, utang bank dan utang pembiayaan/liabilitas lancar lainnya diukur pada biaya perolehan diamortisasi dengan menggunakan metode suku bunga efektif. Keuntungan atau kerugian diakui pada laba rugi komprehensif ketika liabilitas dihentikan pengakuannya dan melalui proses amortisasi.

After initial recognition, bank debt and debt financing/other current liabilities are measured at amortized cost using the effective interest method. Gains or losses are recognized in profit or loss when the liabilities are derecognized, and through the amortization process.

Grup memiliki utang usaha, utang kontraktor, utang lain-lain, utang bank, utang obligasi, utang bantuan pemerintah, utang kerjasama

The Group has account payables, contractor payables, other payables, bank loans, bond payables, loans from government, liabilities under


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operasi, utang pembebasan tanah dan utang sewa pembiayaan yang diklasifikasikan sebagai liabilitas keuangan yang diukur dengan biaya perolehan diamortisasi.

joint operation agreements, land acquisition liabilities and finance lease liabilities that classified as financial liabilities are measured at amortized cost.

Instrumen Ekuitas Instrumen ekuitas merupakan setiap kontrak yang memberikan hak residual atas aset suatu entitas setelah dikurangi dengan seluruh liabilitas.

Equity Instrument Equity instrument is any contract that evidences a residual interest in the assets of an entity after deducting all liabilities.

Biaya transaksi yang timbul dari transaksi ekuitas dicatat sebagai pengurang ekuitas (setelah dikurangi manfaat pajak penghasilan terkait), sepanjang biaya tersebut merupakan biaya tambahan yang dapat diatribusikan secara langsung dengan ekuitas, namun diabaikan jika tidak dapat diatribusikan secara langsung.

Transaction costs arising from equity transactions are recorded as a deduction from equity (net of related income tax benefit), provided that such costs are additional costs that are directly attributable to the equity, but ignored if it is not directly attributable.

Metode saham diperoleh kembali dicatat menggunakan metode biaya (cost method) sebesar nilai perolehan, disajikan sebagai pengurang akun Modal Saham.

Treasury share methods recorded the cost method amounted at cost, are presented as a deduction from Capital Stock account.

Estimasi nilai wajar Nilai wajar untuk instrumen keuangan yang diperdagangkan di pasar aktif ditentukan berdasarkan nilai pasar yang berlaku pada laporan posisi keuangan.

Fair Value Estimate The fair value of financial instruments traded in active markets is determined based on prevailing market value at each reporting date.

Investasi pada efek ekuitas yang nilai wajarnya tidak tersedia dicatat sebesar biaya perolehan.

Investments in equity securities with unavailable fair value are recorded at cost.

Nilai wajar untuk instrumen keuangan lain yang tidak diperdagangkan di pasar ditentukan dengan menggunakan teknik penilaian tertentu.

The fair value for other financial instruments not traded in the market is determined using certain valuation techniques.

Aset keuangan dan liabilitas keuangan yang diukur dengan biaya perolehan diamortisasi, disajikan sebesar nilai tercatat yang nilainya mendekati nilai wajar pada akhir tahun buku pelaporan.

Financial assets and financial liabilities are measured at amortized cost, which are stated at carrying value is close to fair value at end of year end reporting.

Saling Hapus Instrumen Keuangan Aset keuangan dan liabilitas keuangan saling hapus buku dan nilai netonya disajikan dalam laporan posisi keuangan konsolidasian jika memiliki hak yang berkekuatan hukum untuk melakukan saling hapus buku atas jumlah yang telah diakui tersebut dan berniat untuk menyelesaikan secara neto atau untuk merealisasikan aset dan menyelesaikan liabilitasnya secara simultan.

Offsetting of Financial Instruments Financial assets and financial liabilities are offset and its net amount presented in the consolidated statement of financial position only if it has a legally enforceable right to set off the recognized amount; and intends either to settle on a net basis or to realize the assets and settle liabilities simultaneously.

Penghentian Pengakuan Penghentian pengakuan aset keuangan dilakukan ketika hak kontraktual atas arus kas yang berasal dari aset keuangan tersebut berakhir atau ketika

Derecognition Derecognition of a financial asset when the contractual rights to the cash flows from the financial asset expire or when the financial asset has been


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aset keuangan tersebut telah ditransfer dan secara substansial seluruh risiko dan manfaat atas kepemilikan aset telah ditransfer (jika secara substansial seluruh risiko dan manfaat tidak ditransfer, maka Grup akan melakukan evaluasi untuk memastikan keterlibatan berkelanjutan atas kontrol yang masih dimiliki tidak mencegah penghentian pengakuan).

transferred and substantially all the risks and rewards of ownership have been transferred (if, substantially all the risks and rewards are not transferred, then the Group will conduct an evaluation to ensure ongoing involvement of the controls which are still not prevent derecognition).

Liabilitas keuangan dihentikan pengakuannya ketika liabilitas yang ditetapkan dalam kontrak dihentikan atau dibatalkan atau kadaluwarsa. Jika liabilitas keuangan yang ada digantikan dengan liabilitas lain dari pemberi pinjaman yang sama dengan persyaratan yang berbeda secara substansial, atau persyaratan dari liabilitas yang ada telah dimodifikasi secara substansial, pertukaran atau modifikasi tersebut diperlakukan sebagai penghentian pengakuan liabilitas awal dan pengakuan atas liabilitas baru, dan selisih antara masing-masing nilai tercatat liabilitas keuangan diakui dalam laporan laba rugi komprehensif.

Financial liabilities are derecognized when the liability specified in the contract is discharged or canceled or expire. If an existing financial liability is replaced by another liability from the same lender on substantially different terms, or the terms of an existing liability are substantially modified, such an exchange or modification is treated as a derecognition of original liabilities and the recognition of a new liability, and the difference between the carrying amount of each financial liabilities are recognized in the statement of comprehensive income.

2.e. Kas dan Setara Kas Setara kas meliputi deposito jangka pendek yang jangka waktunya sama dengan atau kurang dari 3 (tiga) bulan sejak tanggal penempatannya dan tidak dijaminkan serta tidak dibatasi penggunaannya.

2.e. Cash and Cash Equivalents Cash equivalents consist of short-term deposits with maturities equal to 3 (three) months or less from the date of placement and are not pledged as collateral and unrestricted.

2.f. Penurunan Nilai Aset Non Keuangan Pada setiap tanggal laporan posisi keuangan, Grup mereviu nilai tercatat aset non keuangan untuk menentukan ada tidaknya indikasi penurunan nilai aset. Dalam menilai apakah terdapat indikasi bahwa aset mungkin mengalami penurunan nilai, entitas harus mempertimbangkan informasi dari sumber eksternal maupun informasi dari sumber internal untuk menentukan adanya indikasi tersebut. Jika terdapat indikasi penurunan nilai aset, jumlah yang terpulihkan dari aset tersebut diestimasi untuk menentukan besarnya jumlah penurunan nilai aset, jika ada. Jika estimasi jumlah terpulihkan tidak dapat dilakukan secara individual, Grup melakukan estimasi jumlah terpulihkan dari unit penghasil kas dimana aset tersebut berada.

2.f. Impairment of Non Financial Assets At each statement of financial position date, the Group reviews the carrying amounts of their nonfinancial assets to determine whether there is any indication that those assets have suffered an impairment loss. In assesing whether there is any indication that an assets may be impaired, an entity shall consider from external and internal sources of information. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss, if any. Where it is not possible to estimate the recoverable amount of an individual asset, the Group estimate the recoverable amount of the cash-generating unit to which the asset belongs.

Jika suatu jumlah terpulihkan dari suatu aset atau unit penghasil kas ditaksir lebih kecil dari nilai tercatatnya, nilai tercatat aset tersebut atau unit penghasil kasnya harus diturunkan menjadi sebesar jumlah terpulihkan. Rugi penurunan nilai aset segera diakui sebagai beban pada laporan laba rugi komprehensif, kecuali aset tersebut dicatat dengan metode revaluasi, maka rugi penurunan nilai diperlakukan sebagai penurunan revaluasi dan diakui sebagai rugi pada laporan laba rugi komprehensif konsolidasian.

If the recoverable amount of the asset or cashgenerating unit is estimated to be less than its carrying amount, the carrying amount of the asset or cashgenerating unit is reduced to its recoverable amount. An impairment loss is recognized immediately in statements of comprehensive income, unless the relevant asset is carried at revaluation model, in which case the impairment loss is treated as a revaluation decrease and is recognized as loss in the consolidated statements of comprehensive income.


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Kerugian penurunan nilai yang telah diakui dalam tahun sebelumnya untuk aset selain goodwill dibalik hanya jika terdapat perubahan asumsi-asumsi yang digunakan untuk menentukan jumlah terpulihkan aset tersebut sejak rugi penurunan nilai terakhir diakui. Dalam hal ini, jumlah tercatat aset dinaikkan ke jumlah terpulihkannya. Pembalikan tersebut dibatasi sehingga jumlah tercatat aset tidak melebihi jumlah terpulihkannya maupun jumlah tercatat, setelah penyusutan, seandainya tidak ada rugi penurunan nilai yang telah diakui untuk aset tersebut pada tahun sebelumnya.

A previously recognized impairment loss for an asset other than goodwill is reversed only if there has been a change in the assumptions used to determine the asset’s recoverable amount since the last impairment loss was recognized. If that is the case, the carrying amount of the asset is increased to its recoverable amount. The reversal is limited so that the carrying amount of the asset does not exceed its recoverable amount, nor exceeds the carrying amount that would have been determined, net of depreciation, had no impairment loss been recognized for the asset in prior year.

Pembalikan rugi penurunan nilai diakui dalam laporan laba rugi komprehensif konsolidasian. Setelah pembalikan tersebut, penyusutan aset tersebut disesuaikan di tahun mendatang untuk mengalokasikan jumlah tercatat aset yang direvisi, dikurangi nilai sisanya, dengan dasar yang sistematis selama sisa umur manfaatnya.

Reversal of an impairment loss is recognized in the consolidated statements of comprehensive income. After such a reversal, the depreciation charge on the said asset is adjusted in future years to allocate the asset’s revised carrying amount, less any residual value, on a systematic basis over its remaining useful life.

2.g. Biaya Dibayar di Muka Biaya dibayar di muka dibebankan dalam laporan laba rugi sesuai masa manfaatnya.

2.g. Prepaid Expense Prepaid expenses are charged to the statements of income in accordance with the beneficial periods.

2.h. Aset Tetap Aset tetap pada awalnya dinyatakan sebesar harga perolehan. Setelah pengakuan awal, dipertanggungjawabkan dengan menggunakan model biaya dan dinyatakan sebesar harga perolehan dikurangi dengan akumulasi penyusutan dan penyisihan penurunan nilai. Hak atas tanah tidak disusutkan dan disajikan sebesar biaya perolehan.

2.h. Property and Equipment Property and equipment, after initial recognition, are measured based on cost method and stated at cost less accumulated depreciation and provision for impairment. Land rights are not depreciated and are stated at cost.

Aset tetap disusutkan dengan menggunakan metode garis lurus (straight line method) untuk mengalokasikan harga perolehan hingga mencapai nilai residu sepanjang estimasi masa manfaatnya sebagai berikut:

Property and equipment are depreciated using the straight-line method over the estimated useful lives of the assets as follows:

Tahun/ Years Gedung Kantor dan Bangunan Lain Peralatan Operasional dan Kantor Kendaraan Bermotor

20 3-5 3-5

Office and Other Buildings Operational and Office Equipment Vehicles

Tanah dinyatakan sebesar biaya perolehan dan tidak disusutkan.

Land is stated at cost and not depreciated.

Biaya pemeliharaan dan perbaikan dibebankan ke dalam Iaporan laba rugi pada saat terjadinya, sedangkan pemugaran dan penambahan dalam jumlah material dikapitalisasi. Aset tetap yang sudah tidak digunakan lagi atau yang dilepas, biaya perolehan serta akumulasi penyusutannya dikeluarkan dari aset tetap yang bersangkutan dan keuntungan atau kerugian yang timbul dilaporkan di dalam laporan Iaba rugi tahun yang bersangkutan.

The cost of maintenance and repairs is charged to the statements of income as incurred, significant renewals and betterment are capitalized. When assets are retired or otherwise disposed of, carrying value and the related accumulated depreciation are removed from the accounts and any resulting gain or loss is reflected in the statements of income for the years.


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Aset tetap dalam penyelesaian disajikan sebagai bagian dalam aset tetap dan dinyatakan sebesar biaya perolehan. Semua biaya, termasuk biaya pinjaman, yang terjadi sehubungan dengan pembangunan aset tersebut dikapitalisasi sebagai bagian dari biaya perolehan aset tetap dalam penyelesaian. Akumulasi biaya perolehan yang akan dipindahkan ke masingmasing aset tetap yang bersangkutan pada saat aset tersebut selesai dikerjakan atau siap digunakan dan disusutkan sejak beroperasi.

Construction in progress are presented as part of property and equipment and stated at cost. All costs, including borrowing costs, incurred in connection with the construction of assets are capitalized as part of the cost of fixed assets in progress. The accumulated cost will be reclassified to the appropriate fixed asset account when the asset is completed or ready for use and depreciated since the operation.

Jumlah tercatat aset tetap dihentikan pengakuannya pada saat dilepaskan atau saat tidak ada manfaat ekonomis masa depan yang diharapkan dari penggunaan atau pelepasannya. Laba atau rugi yang timbul dari penghentian pengakuan aset (dihitung sebagai perbedaan antara jumlah neto hasil pelepasan dan jumlah tercatat dari aset) dimasukkan dalam laporan laba rugi komprehensif pada tahun aset tersebut dihentikan pengakuannya.

An item of fixed assets is derecognized upon disposal or when no future economic benefits are expected from its use or disposal. Any gain or loss arising on derecognition of the asset (calculated as the difference between the net disposal proceeds and the carrying amount of the asset) is included in the statements of comprehensive income in the year the asset is derecognized.

Pada akhir pelaporan/tahun buku, Grup melakukan penelaahan berkala atas masa manfaat ekonomis aset, nilai residu, metode penyusutan dan sisa umur pemakaian berdasarkan kondisi teknis.

At the end of reporting year end, the Group periodically reviews the useful lives of the assets, asset’s residual value, depreciation method and the remaining usage expectation based on technical specification.

2.i. Sewa Pembiayaan Apabila dalam suatu kontrak sewa porsi yang signifikan atas risiko dan manfaat kepemilikan aset tetap berada ditangan lessor, maka sewa tersebut diklasifikasikan sebagai sewa operasi. Pembayaran sewa operasi dibebankan ke laporan laba rugi komprehensif konsolidasian atas dasar garis lurus yang masa manfaatnya adalah 5 tahun.

2.i. Capital Lease Leases in which a significant portion of the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to the consolidated statements of comprehensive income on a straight-line basis with useful life for 5 years.

Sewa aset tetap dimana Grup memiliki secara substansi seluruh risiko dan manfaat kepemilikan aset diklasifikasikan sebagai sewa pembiayaan. Sewa pembiayaan dikapitalisasi pada awal masa sewa sebesar nilai yang lebih rendah antara nilai wajar aset sewaan dan nilai kini pembayaran sewa minimum.

Leases of property and equipment where the Group has substantially all the risks and rewards of ownership are classified as finance leases. Finance leases are capitalized at the leases’ commencement at the lower of the fair value of the leased property and the present value of the minimum lease payments.

Setiap pembayaran sewa dialokasikan antara bagian yang merupakan pelunasan liabilitas dan bagian yang merupakan biaya keuangan sedemikian rupa sehingga menghasilkan tingkat suku bunga yang konstan atas saldo pembiayaan. Unsur bunga dalam biaya keuangan dibebankan di laporan laba rugi komprehensif konsolidasian selama masa sewa sehingga menghasilkan suatu tingkat suku bunga periodik yang konstan atas saldo liabilitas setiap tahun. Aset tetap yang diperoleh melalui sewa pembiayaan disusutkan dengan metode yang sama dengan metode penyusutan aset tetap yang dimiliki sendiri. Jika tidak terdapat kepastian yang memadai bahwa Grup akan mendapatkan kepemilikan atas aset pada akhir masa sewa, aset tersebut disusutkan selama jangka waktu yang lebih pendek antara umur manfaat aset dan masa sewa.

Each lease payment is allocated between the liabilities and finance charges so as to achieve a constant rate of interest on the outstanding balance. The interest elements of the finance charges is charged to the consolidated statement of comprehensive income over the lease period so as to produce a constant periodic rate of interest on the remaining balance of the liability for each year. Property and equipment acquired under finance leases are depreciated similarly to owned assets. If there is no reasonable certainty that the Group will hold the ownership by the end of the lease term, the asset is depreciated over the shorter of the useful life of the asset and the lease term.


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Grup memiliki peralatan tol yang pembangunannya didanai oleh pihak ketiga, selanjutnya pihak ketiga menyewakan peralatan tol tersebut kepada Perusahaan yang dapat dikategorikan sebagai sewa pembiayaan.

The Group has toll equipment which its construction was funded by third party, and then third party lease such toll equipment to the Group and this can be classified as a finance lease.

2.j. Investasi pada Entitas Asosiasi Entitas asosiasi adalah suatu perusahaan dimana Grup mempunyai pengaruh yang signifikan, namun tidak mempunyai pengendalian atau pengendalian bersama, melalui partisipasi dalam pengambilan keputusan atas kebijakan finansial dan operasional investi.

2.j. Investments in Associates An associate is an entity over which the Group have a significant influence, but does not have control or joint control, through participation in decision-making over financial and operating policies investee.

Investasi pada entitas asosiasi dicatat dengan metode ekuitas, yaitu pada awalnya investasi dicatat sebesar biaya perolehan dan selanjutnya disesuaikan untuk perubahan dalam bagian kepemilikan Grup atas aset bersih entitas asosiasi yang terjadi setelah perolehan, dikurangi dengan penurunan nilai yang ditentukan untuk setiap investasi secara individu.

Investments in associates are accounted for using the equity method, the investment is initially recorded at cost and subsequently adjusted for changes in the Group’s ownership on net assets of the entity after the acquisition of the associate, less any impairment in value is determined for each investment individually.

Bagian Grup atas kerugian entitas asosiasi yang melebihi nilai tercatat dari investasi (yang mencakup semua kepentingan jangka panjang, secara substansi, membentuk investasi neto Grup dalam entitas asosiasi) maka Grup akan menghentikan pengakuan bagian atas ruginya lebih lanjut.

If Groups share of losses of Subsidiaries and associates exceed of the carrying amount of the investment (which includes all long-term interest, in substance, form part of the Group’s net investment in associates) the Group will discontinue recognising its shares of further losses.

Grup akan menentukan pada setiap tanggal pelaporan apakah terdapat bukti yang obyektif yang mengindikasikan bahwa investasi pada entitas asosiasi mengalami penurunan nilai. Dalam hal ada indikasi tersebut, jumlah penurunan nilai dihitung berdasarkan selisih antara jumlah terpulihkan dengan nilai tercatat investasi pada entitas asosiasi, dan mengakuinya sebagai kerugian dalam laporan laba rugi komprehensif konsolidasian.

The Group will determine at each reporting date whether there is objective evidence which indicates that investments in associates maybe impaired. In case there is any indication, the impairment amount is calculated based on the difference between the recoverable amount to the carrying value of investments in associates, and recognized as a loss in the consolidated statements of comprehensive income

2.k. Aset Takberwujud Aset hak konsesi merupakan hak Grup untuk membebankan pengguna jasa publik berdasarkan perjanjian jasa konsesi. Aset hak konsesi dicatat pada nilai wajar dari imbalan yang diterima atau akan diterima atas jasa kontrak konstruksi yang diberikan ditambah dengan margin konstruksi yang telah ditentukan oleh manajemen. Aset hak konsesi ini diamortisasi selama masa hak konsesi dengan menggunakan metode garis lurus sebagai berikut:

2.k. Intangible Assets Concession assets are the Group’s rights to charge users of public services based on concession services arrangements. Concession assets are recorded at fair value of benefit that received or to be received for construction services rendered. These concession assets are intangible assets which are amortized over the concession period using the straight-line method as follows:

Ruas Jalan Tol Jakarta – Bogor – Ciawi Jakarta – Tangerang Surabaya – Gempol Jakarta – Cikampek Padalarang – Cileunyi Prof. Dr. Ir. Sedyatmo Cawang – Tomang – Pluit


Tahun/ Years 40 40 40 40 40 40 40

29

Toll Roads Jakarta – Bogor – Ciawi Jakarta – Tangerang Surabaya – Gempol Jakarta – Cikampek Padalarang – Cileunyi Prof. Dr. Ir. Sedyatmo Cawang – Tomang – Pluit

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Untuk Tahun-tahun yang Berakhir pada Tanggal 31 Desember 2013 dan 2012 (Dalam Ribuan Rupiah, Kecuali Dinyatakan Lain) Ruas Jalan Tol

For the Years Ended December 31, 2013 and 2012 (In Thousands of Rupiah, Unless Otherwise Stated) Tahun/ Years

Toll Roads

40 40 40 40 40

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 *

Belawan – Medan – Tanjung Morawa Semarang Seksi A, B dan C Pondok Aren – Bintaro Viaduct – Ulujami Palimanan – Kanci Jakarta Outer Ring Road (JORR) Section E1, E2, E3 dan W2 Cikampek – Padalarang JORR Seksi S *

40 15

*) lihat Catatan 45.i

*) see Note 45.i

Biaya Konstruksi Biaya konstruksi merupakan seluruh biaya konstruksi pembangunan jalan tol atau peningkatan kapasitas jalan tol yang meliputi pengadaan tanah, studi kelayakan dan biaya-biaya lain yang berhubungan langsung dengan pembangunan jalan tol, termasuk biaya pembangunan jalan akses ke jalan tol, jalan alternatif dan fasilitas jalan umum yang disyaratkan, ditambah biaya pinjaman lain yang secara langsung digunakan untuk mendanai proses pembangunan aset tersebut. Biaya pinjaman dikapitalisasi sampai dengan saat proses pembangunan tersebut selesai dan dioperasikan.

Construction Cost Construction Cost comprehend all the amount of toll road construction costs or toll road escalation consisting of land acquisition cost, feasibility study cost and other costs that are directly related to toll road construction, including construction costs for access roads, alternative roads and required public road facilities, interest and other borrowing costs, either directly or indirectly used for financing the development of assets. These borrowing costs are capitalized until the construction accomplished and operated.

Grup mencatat pendapatan dan biaya konstruksi bersamaan dengan pengakuan aset takberwujud pada tahap konstruksi.

The Group accounted for construction revenue and construction cost at the same time recognition of intangible asset during construction phase.

Aset Takberwujud Lainnya Biaya-biaya Pra-Konstruksi yakni biaya-biaya yang terkait dengan perolehan tanah yang disiapkan untuk konstruksi jalan tol dicatat sebagai aset takberwujud lainnya dan nilai buku perangkat lunak.

Other Intangible Assets Pre-Construction costs which are costs associated with the acquisition of land prepared for construction of toll roads are recorded as part of other intangible asset and book value of software.

Aset Kerjasama Operasi Dengan diterapkannya ISAK 16: “Perjanjian Konsesi Jasa” sejak 1 Januari 2012, maka seluruh aset kerjasama operasi telah direklasifikasi menjadi aset takberwujud.

Joint Operation Assets Since the Group adopted ISAK 16: “Concession Services Arrangements” which effective on January 1, 2012 all joint operation assets has been reclassified into intangible assets.

Sebelumnya, di dalam aset hak pengusahaan jalan tol, terdapat jalan tol yang pembangunannya didanai oleh investor (tanpa kuasa penyelenggaraan). Sebelum berlakunya Undang-undang Jalan No.38 Tahun 2004 pengganti Undang-undang Jalan No.13 Tahun 1980, Perusahaan diberi wewenang untuk bekerja sama dengan investor dalam penyelenggaraan jalan tol dengan persetujuan Pemerintah yang meliputi kerjasama operasi tanpa kuasa penyelenggaraan dan kerjasama operasi dengan kuasa penyelenggaraan.

Previously 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.

Jalan tol yang pembangunannya didanai oleh investor tanpa kuasa penyelenggaraan dengan pola bagi pendapatan atau bagi hasil tol untuk masa tertentu, dan pengoperasiannya dikendalikan oleh Perusahaan, dicatat oleh Perusahaan sebagai jalan tol kerjasama

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


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operasi dan mengakui liabilitas (jangka panjang) kerjasama operasi pada saat jalan tol selesai dibangun dan diserahkan oleh investor untuk dioperasikan.

recognized joint operation liabilities (long term) when the construction is completed and transferred by the investor to be operated.

Jalan tol kerjasama operasi disusutkan selama masa hak pengusahaan jalan tol pada saat aset selesai dibangun dan diserahkan oleh investor untuk dioperasikan Perusahaan dengan menggunakan metode garis lurus (straight-line method).

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.

Sehubungan dengan pelaksanaan Undang-undang Jalan No.38 Tahun 2004, Perusahaan telah memperoleh hak pengusahaan jalan tol (hak konsesi) untuk 13 ruas jalan tol yang diusahakannya menurut Perjanjian Pengusahaan Jalan Tol (PPJT) pada 7 Juli 2006 selama 40 tahun yang berlaku efektif sejak 1 Januari 2005 sampai dengan 31 Desember 2044. Penerimaan hak pengusahaan jalan tol tersebut berdampak pada perubahan taksiran masa manfaat aset tetap khususnya pada kelompok aset Jalan dan Jembatan dan perubahan klasifikasi aset Jalan dan Jembatan yang sebelumnya dikelompokkan sebagai Aset Pemilikan Langsung dan Jalan Tol Kerjasama Operasi menjadi kelompok Aset Hak Pengusahaan Jalan Tol.

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 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.

Sebelum diterimanya hak pengusahaan jalan tol pada tanggal 1 Januari 2005, aset jalan tol yang terdiri dari aset Jalan dan Jembatan dan aset Jalan Tol Kerjasama Operasi disusutkan selama masa manfaat ekonomi diestimasi sejak perolehan aset. Setelah diterimanya hak pengusahaan jalan tol pada tanggal 1 Januari 2005, taksiran masa manfaat aset Jalan dan Jembatan dan Jalan Tol Kerjasama Operasi diperpanjang menjadi selama masa hak pengusahaan jalan tol yang diterima dan disusutkan setiap tahunnya sebesar nilai buku aset Jalan dan Jembatan pada 1 Januari 2005 dibagi dengan masa hak pengusahaan jalan tol.

Prior to the accepted 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.

Aset takberwujud dihentikan pengakuannya jika dilepas atau ketika tidak terdapat lagi manfaat ekonomi masa depan yang diperkirakan dari penggunaannya atau pelepasannya. Keuntungan atau kerugian yang muncul dari penghentian pengakuan aset takberwujud ditentukan sebagai selisih antara hasil neto pelepasan (jika ada) dan jumlah tercatat aset. Keuntungan atau kerugian diakui dalam laba rugi ketika aset tersebut dihentikan pengakuannya. Keuntungan tidak diakui sebagai pendapatan.

An intangible asset shall be derecognised on disposal or when no future economic benefits are expected from its use or disposal. The gain or loss arising from the derecognition of an intangible asset shall be determined as the difference between the net disposal proceeds, if any, and the carrying amount of the asset. It shall be recognised in profit or loss when the asset is derecognised. Gain shall not be recognized as revenue.

2.l. Provisi Pelapisan Jalan Tol Dalam pengoperasian jalan tol, Grup mempunyai kewajiban untuk menjaga standar kwalitas jalan tol sesuai dengan SPM (Standar Pelayanan Minimum) yang ditetapkan oleh Kementerian Pekerjaan Umum, yaitu dengan melakukan pelapisan ulang jalan tol

2.l. Provision for Overlay In operating toll roads, the Group is obliged to maintain the quality in accordance with the Minimum Service Standards that have been established by the Ministry of Public Works that is by perfoming overlay regularly. The cost of this overlay will periodically be provision


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secara berkala akan diprovisi berdasarkan estimasi seiring dengan penggunaan jalan tol oleh pelanggan. Provisi diukur dengan nilai kini atas estimasi manajemen terhadap pengeluaran yang diperlukan untuk menyelesaikan liabilitas kini pada tanggal pelaporan.

based on estimation with the utilization of toll road by customers. This provision is measured using the present value of management‘s estimate of expenditures required to settle present obligation at the reporting date.

2.m. Utang Obligasi dan Biaya Emisi Obligasi Utang obligasi disajikan sebesar nilai nominal setelah memperhitungkan amortisasi premium atau diskonto. Biaya emisi obligasi merupakan biaya transaksi yang dikurangkan langsung dari hasil emisi dalam menentukan hasil emisi bersih obligasi. Selisih antara hasil emisi bersih dengan nilai nominal merupakan diskonto atau premium dan diamortisasi selama jangka waktu obligasi yang bersangkutan.

2.m. 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.

2.n. Biaya Emisi Saham Biaya emisi saham disajikan sebagai pengurang dalam akun Tambahan Modal Disetor.

2.n. Stock Issuance Costs Stock issuance costs are presented as deduction to the Additional Paid in Capital.

2.o. Pengakuan Pendapatan dan Beban

2.o. Revenue and Expense Recognition

Pendapatan Konstruksi Grup mengakui aset takberwujud atas jasa konstruksi dan peningkatan kemampuan dimana Grup menerima hak (lisensi) untuk membebankan pengguna jasa publik. Suatu hak untuk membebankan pengguna jasa publik bukan merupakan hak tanpa syarat untuk menerima kas karena jumlahnya bergantung pada sejauh mana publik menggunakan jasa. Pada fase konstruksi, Grup mencatat aset takberwujud dan mengakui pendapatan dan biaya konstruksi sesuai dengan basis kontrak biaya-plus.

Construction Revenues The Group recognizes intangible assets of construction services and increased capacity in which the Group receives the rights (license) to charge users of public services. A right to charge users of public services is not an unconditional right to receive cash because the amounts depend on the extent of public using the service. In the construction period, the Group recorded intangible assets and recognize revenues and costs of construction by using cost-plus contract basis.

Pendapatan Tol Pendapatan tol dari hasil pengoperasian jalan tol dicatat pada saat penjualan karcis tol dan/atau jasa telah diberikan. Pendapatan tol dari hasil kerjasama pengoperasian jalan tol dengan investor dengan kuasa penyelenggaraan diakui pada saat penjualan karcis tol setelah dikurangi bagian investor tersebut. Pembayaran kepada investor tanpa kuasa penyelenggaraan dicatat sebagai angsuran liabilitas kerjasama operasi. Selisih antara jumlah pembayaran ini dengan angsuran liabilitas kerjasama operasi dicatat sebagai beban atau penghasilan kerjasama operasi.

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 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.

Pendapatan Usaha Lainnya Pendapatan sewa iklan, lahan dan tempat peristirahatan serta pendapatan jasa pengoperasian diakui sesuai periode yang sudah berjalan dalam tahun yang bersangkutan. Pendapatan diterima di muka untuk periode yang belum berjalan diakui sebagai pendapatan diterima di muka dan disajikan di laporan posisi keuangan sebagai liabilitas.

Other Operating Revenues Revenues from advertisement, space and rest area rental 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 statements of financial position as a liability.


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Pendapatan Lainnya Pendapatan dividen dari aset keuangan lainnya diakui pada saat pembagian dividen diumumkan. Pendapatan lainnya diakui atas dasar akrual.

Other Income Dividend income from other financial asset is recognized when the dividend distribution has been declared. Other income is recognized based on accrual basis.

Beban Beban diakui pada saat terjadinya (basis akrual).

Expenses Expenses are recognized when incurred (accrual basis).

Beban Konstruksi Beban konstruksi diakui sejak kegiatan konstruksi dimulai sampai dengan proses pembangunan aset selesai dan siap untuk digunakan.

Construction Cost Construction cost are recognized during construction stage up to construction activity was finished and asset ready to use.

2.p. Transaksi dan Saldo Dalam Mata Uang Asing Grup menyelenggarakan pembukuannya Dalam mata uang Rupiah. Transaksi-transaksi dalam mata uang asing dicatat dengan kurs yang berlaku pada saat terjadinya transaksi. Pada tanggal neraca, aset dan liabilitas moneter dalam mata uang asing dijabarkan dalam mata uang Rupiah dengan kurs Bank Indonesia yang berlaku pada tanggal tersebut sebagai berikut:

2.p. Transactions and Balances in Foreign Currencies The Group 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 of Indonesia average rate of exchange at such date, as follows:

2013 Rp Dolar Amerika Serikat

2012 Rp

12,189

9,670

United States Dollar

Keuntungan atau kerugian yang timbul sebagai akibat dari penjabaran aset dan liabilitas dalam mata uang asing dicatat sebagai laba atau rugi tahun berjalan.

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.q. Pajak Penghasilan Seluruh perbedaan temporer antara jumlah tercatat aset dan liabilitas dengan dasar pengenaan pajaknya diakui sebagai pajak tangguhan dengan metode liabilitas (liability method). Pajak tangguhan diukur dengan tarif pajak yang berlaku saat ini.

2.q. 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.

Saldo rugi fiskal yang dapat dikompensasi diakui sebagai aset pajak tangguhan apabila besar kemungkinan bahwa jumlah laba fiskal mendatang akan memadai untuk dikompensasi, koreksi terhadap kewajiban perpajakan diakui saat surat ketetapan pajak diterima atau jika Perusahaan mengajukan keberatan dan banding maka pada saat keputusan atas keberatan dan banding tersebut telah ditetapkan.

Deferred tax assets relating to the carry forward of unused tax losses are recognized to the extent that if 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.

Pajak penghasilan kini dihitung dari laba kena pajak, yaitu laba yang telah disesuaikan dengan peraturan pajak yang berlaku.

Current income tax is calculated from taxable income which is net income adjusted under the current tax regulations.

Aset dan liabilitas pajak tangguhan saling hapus jika terdapat hak yang dapat dipaksakan secara hukum untuk melakukan saling hapus aset pajak kini dan liabilitas pajak kini dan aset dan liabilitas pajak tangguhan yang terkait dengan pajak penghasilan

Deferred tax assets and liability mutually write-off is a right that can be enforced by law to do another write-off current tax asset and current tax liability and tax deferred assets and liability related to income taxes that applied by the same taxation authority, both on the


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yang dikenakan oleh otoritas perpajakan yang sama, baik atas entitas kena pajak yang sama ataupun berbeda dan adanya niat untuk menyelesaikan saldosaldo tersebut secara neto.

same entity's taxable or different entity's and there is an intention to settle the outstanding net balance.

2.r. Imbalan Kerja Perusahaan Efektif 1 Januari 2012, Perusahaan menerapkan PSAK 24 (Revisi 2010), “Imbalan Kerja”. Revisi SAK ini antara lain membolehkan entitas untuk menerapkan metode sistematis atas pengakuan yang lebih cepat dari keuntungan/kerugian aktuarial yang timbul dari imbalan pasti, antara lain pengakuan langsung keuntungan/kerugian yang terjadi pada periode berjalan ke dalam pendapatan komprehensif lain. Karena Perusahaan memilih tetap menggunakan metode pengakuan keuntungan/kerugian dengan menggunakan metode koridor seperti diuraikan di bawah ini. Dengan Demikian penerapan awal PSAK 24 (Revisi 2010) ini tidak berdampak signifikan terhadap laporan keuangan konsolidasian Perusahaan selain tambahan pengungkapan.

2.r. Employee Benefits The Company Effective Januari 1, 2012, the Company follows PSAK 24 (Revised 2010), “Employee Benefits”. The revised SAK permit an entity to adopt any systematic method that results in faster recognition of actuarial gains and losses, which among others is immediate recognition of actuarial gains and losses in the period in which they occur recognized in other comprehensive income. The Company choose to continue to use the corridor approach in recognized the actuarial gains and losses as futher described below. Therefore intial adoption of PSAK 24 (Revised 2010) did not give significant impact to the Company’s consolidated financial statements aside from additional disclosure.

Program Pensiun Nilai kini liabilitas pasca kerja tergantung pada beberapa faktor yang ditentukan dengan dasar aktuarial berdasarkan beberapa asumsi. Asumsi yang digunakan untuk menentukan biaya (penghasilan) pensiun neto mencakup tingkat diskonto. Perubahan asumsi ini akan mempengaruhi jumlah tercatat imbalan pasca kerja.

Pension Program The present value of post employment benefit depends on several factors which are determined by actuarial basis based on several assumptions. Assumptions used to determine pension costs (benefits) covered discount rate. The changes of assumption might affect carrying value of post employment benefit.

Perusahaan menentukan tingkat diskonto yang sesuai pada akhir periode pelaporan, dengan mempertimbangkan tingkat suku bunga obligasi pemerintah yang didenominasi dalam mata uang imbalan yang akan dibayar dan memiliki jangka waktu yang serupa dengan jangka waktu liabilitas yang terkait.

The Company determines the appropriate discount rate at the end reporting period, by considering the discount rate of government’s bond which denominated in currency of benefit and of that will be paid and have a similar terms with the terms of the related liabilities.

Perusahaan menyelenggarakan program pensiun manfaat pasti untuk pegawai tetap yang dikelola oleh Dana Pensiun Jasa Marga (DPJM). Manfaat pensiun yang akan dibayar dihitung berdasarkan penghasilan dasar pensiun dan masa kerja pegawai.

The Company provides a defined benefit pension plan covering all permanent employees which is managed by the Jasa Marga Pension Fund (DPJM). Pension benefit to be paid are determined based on basic pension income and the period of the employment.

DPJM telah mendapat persetujuan dari Menteri Keuangan Republik Indonesia No.KEP370/KM.17/1997, tanggal 15 Juli 1997 dan diperbaharui dengan Surat Keputusan No.KEP-379/KM.6/2004, tanggal 14 September 2004.

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.

Jumlah iuran karyawan untuk program pensiun sebesar 3% dari gaji pokok dan sisa pendanaan sebesar 7,48% menjadi beban Perusahaan.

The employees contribute 3% of their basic salaries to the plan and the remaining funding of 7.48% is contributed by the Company.


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Program Purna Karya Berdasarkan Surat Keputusan Direksi No. 163/KPTS/2003, tanggal 23 September 2003, Perusahaan akan memberikan tunjangan purna karya berupa pembayaran sekaligus sebanyak 24 kali penghasilan terakhir (diluar lembur dan tunjangan pajak) kepada karyawan yang berhenti bekerja karena pensiun, meninggal, atau cacat. Bagi karyawan yang memasuki usia pensiun dipersyaratkan memiliki masa kerja minimal 25 tahun. Surat keputusan ini berlaku efektif sejak 1 Januari 2003.

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.

Jumlah iuran premi coming service setiap bulan adalah sebesar 6% dari Penghasilan Dasar Asuransi (PhDA) dengan proporsi Perusahaan dan karyawan masingmasing sebesar 4% dan 2% dari PhDA.

The amount premium contribution coming service each month is 6% from insurance basic income with representing by the Company and employee proportion 4% and 2% from insurance basic income, respectively.

Perusahaan mengadakan kontrak kerjasama pengelolaan program Purna Karya karyawan dengan AJB Bumiputera 1912, melalui Perjanjian No. 34/Kontrak-DIR/2007 dan No. 441/AJB/JM/ PKS/12/07, tanggal 19 Desember 2007. Program Purna Karya dalam kontrak ini akan memberikan manfaat dalam bentuk uang purna karya secara sekaligus (lumpsum) kepada karyawan tetap yang berhenti bekerja.

The Company entered into cooperation agreement to manage employee Post Retirement with AJB Bumiputera 1912, through agreement No. 34/KontrakDIR/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 lump sum to the resign permanent employee.

Program Kesehatan Pensiunan Berdasarkan Surat Keputusan Direksi No. 165/KPTS/2003, tanggal 23 September 2003, tentang Penyempurnaan Kedua Keputusan Direksi No. 61/KPTS/2001 tentang Pengelolaan Pemeliharaan Kesehatan Pensiunan dan Keluarga, yang bertujuan untuk tetap menjaga agar pensiunan dan keluarga pensiunan dapat melakukan pola hidup sehat dan memiliki produktivitas yang tinggi, keluarga pensiunan yang mendapat bantuan pengobatan dari Perusahaan dibatasi dengan jumlah anak sebanyak-banyaknya 3 orang dan telah terdaftar di Perusahaan.

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, which its objective is to allow the pensionary and their family to have a healthy life and high productivity, the pensionary family that are eligible to receive medical assistance from the Company are limited to 3 children that are registered with the Company.

Perusahaan menghitung liabilitas imbalan pasca kerja dengan metode projected unit credit, sesuai dengan PSAK 24 (Revisi 2004). Biaya jasa kini diakui sebagai beban pada tahun berjalan. Biaya jasa lalu sebagai dampak perubahan asumsi aktuaria bagi karyawan aktif diakui dalam laporan laba rugi selama sisa masa kerja rata-rata karyawan tersebut. Imbalan kerja atas pemutusan hubungan kerja diakui sebagai liabilitas dan beban pada saat terjadi.

Based on PSAK 24 (Revised 2004), the Company has calculated the liability for other employee benefits using the projected unit credit method. Current service cost is recognized as an expense in the current year. 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.

Entitas Anak

Subsidiaries

Program Pensiun PT Jalantol Lingkarluar Jakarta (JLJ) menyelenggarakan program pensiun iuran pasti untuk semua karyawan tetapnya. Program pensiun didanai

Pension Program PT Jalantol Lingkarluar Jakarta (JLJ) provides a defined contribution pension program covering all permanent employees. The pension program is entirely


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seluruhnya oleh JLJ. Kontribusi yang diberikan JLJ dibebankan pada laporan laba rugi tahun berjalan.

funded by JLJ. The contribution borne by JLJ is charged to the statement of income in the current period.

Program Imbalan Kerja Lainnya JLJ, SMU, TMJ dan MNA (Entitas Anak) membukukan liabilitas program imbalan kerja sesuai dengan Undang-undang Ketenagakerjaan No.13 Tahun 2003. Sesuai dengan PSAK 24 (Revisi 2004), liabilitas atas masa kerja lalu diestimasi dengan menggunakan metode projected unit credit. Tidak terdapat pendanaan yang disisihkan oleh Entitas Anak sehubungan dengan estimasi liabilitas tersebut.

Other Employee Benefit Program JLJ, SMU, TMJ and MNA (Subsidiaries) recognized other employee benefit liabilities conducted in accordance with Labor Law No.13 Year 2003. Based on PSAK 24 (Revised 2004), employee benefit liabilities are estimated using the projected unit credit method. No funding is provided by Subsidiaries relation with estimation of employee benefits.

Biaya jasa kini diakui sebagai beban pada tahun berjalan. Biaya jasa lalu sebagai dampak perubahan asumsi aktuaria bagi karyawan aktif diakui dalam laporan laba rugi selama sisa masa kerja rata-rata karyawan tersebut. Imbalan kerja atas pemutusan hubungan kerja diakui sebagai liabilitas dan beban pada saat terjadi.

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.s. Transaksi dengan Pihak Berelasi Pihak berelasi adalah orang atau entitas yang terkait dengan entitas yang terkait dengan Grup (entitas pelapor). 1) Orang atau anggota keluarga terdekat mempunyai relasi dengan entitas pelapor jika orang tersebut: a. Memiliki pengendalian atau pengendalian bersama atas entitas pelapor; b. Memiliki pengaruh signifikan atas entitas pelapor; atau c. Personil manajemen kunci entitas pelapor atau entitas induk entitas pelapor.

2.s. Transactions with Related Parties A related party is a person or entity that is related to the Group (the reporting entity).

2) Suatu entitas berelasi dengan entitas pelapor jika memenuhi salah satu hal berikut: a. Entitas dan entitas pelapor adalah anggota dari kelompok usaha yang sama (artinya entitas induk, entitas anak, dan entitas anak berikutnya terkait dengan entitas lain); b. Satu entitas adalah entitas asosiasi atau ventura bersama dari entitas lain (atau entitas asosiasi atau ventura bersama yang merupakan anggota suatu kelompok usaha, yang mana entitas lain tersebut adalah anggotanya); c. Kedua entitas tersebut adalah ventura bersama dari pihak ketiga yang sama; d. Satu entitas adalah ventura bersama dari entitas ketiga dan entitas yang lain adalah entitas asosiasi dari entitas ketiga; e. Entitas tersebut adalah suatu program imbalan pasca kerja untuk imbalan kerja dari salah satu entitas pelapor atau entitas yang terkait dengan entitas pelapor. Jika entitas

2) An entity is related to a reporting entity if any of the following conditions applies: a. The entity and the reporting entity are members of the same group (which means that each parent, subsidiary and fellow subsidiary is related to the others); b. One entity is an associate or joint venture of the other entity (or an associate or joint venture of a member of a group of which the other entity is a member);


1) A person or a close member of that person's family is related to the reporting entity if that: a. has control or joint control over the reporting entity; b. has significant influence over the reporting entity; or c. is a member of the key management personnel of the reporting entity or of a parent of the reporting entity.

c. Both entities are joint ventures of the same third party; d. One entity is a joint venture of a third entity and the other entity is an associate of the third entity; e. The entity is a post-employment defined benefit plan for the benefit of employees of either the reporting entity or an entity related to the reporting entity. If the reporting entity is itself 36

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yang pelapor adalah entitas menyelenggarakan program tersebut, maka entitas sponsor juga berelasi dengan entitas pelapor; f. Entitas yang dikendalikan atau dikendalikan bersama oleh orang yang dildentifikasikan dalam huruf a; atau g. Orang yang diidentifikasikan dalam huruf (1) (a) memiliki pengaruh signifikan atas entitas atau personil manajemen kunci entitas (atau entitas induk dari entitas.

such a plan, the sponsoring employers are also related to the reporting entity; f. The entity is controlled or jointly controlled by a person identified in (a); or g. A person identified in (1)(a) has significant influence over the entity or is a member of the key management personnel of the entity (or of a parent of the entity).

Entitas Berelasi dengan Pemerintah dapat diklasifikasikan sebagai berikut adalah: Entitas yang dikendallikan secara signifikan oleh Kementerian Keuangan atau Pemerintah Daerah yang merupakan Pemegang Saham Entitas. Pemerintah RI yang diwakili oleh Kementerian BUMN sebagai kuasa pemegang saham.

Related Parties with Government classified as follows: Entities which significantly controlled by the Finance Ministry or Local Government that representing as the shareholders of the entity. The Government of Indonesia, represented by the SOE’e Ministry as shareholder’s representative.

2.t. Goodwill Goodwill merupakan selisih lebih antara harga perolehan investasi dan nilai wajar bagian Perusahaan, atas aset bersih entitas anak atau perusahaan asosiasi pada tanggal akuisisi.

2.t. Goodwill Goodwill represents the excess of the cost of an acquisition over the fair value of the Company’s share of the net assets of the acquired subsidiary or associate at the date of acquisition.

Efektif tanggal 1 Januari 2011, goodwill tidak lagi diamortisasi, tetapi menjadi subjek dari uji penurunan nilai (lihat Catatan 2.d). Selisih lebih bagian pengakuisisi atas nilai wajar aset dan liabilitas yang dapat diidentifikasi yang diakuisisi atas harga perolehan akuisisi pada tanggal transaksi diakui sebagai laba rugi.

Effective January 1, 2011, goodwill is no longer amortized, but is subject to impairment test (see Note 2.d). The excess of the acquirer’s interest in the fair value of identifiable assets and liabilities acquired over the cost of acquisition at the date of the exchange transaction is recognized in profit or loss.

2.u. Kepentingan Non Pengendali Bagian kepemilikan dari pemegang saham nonpengendali atas ekuitas dari Entitas Anak disajikan sebagai ”Kepentingan Non-Pengendali” dalam laporan posisi keuangan konsolidasian. Apabila akumulasi kerugian yang dibebankan kepada Kepentingan Non-Pengendali melebihi bagian pemegang saham non-pengendali dalam ekuitas Entitas Anak, kelebihan dari kerugian tersebut akan dibebankan kepada pemegang saham mayoritas dan tidak dicatat sebagai aset, kecuali apabila pemegang saham nonpengendali mempunyai liabilitas yang mempunyai kemampuan untuk menanggung kerugian tersebut. Keuntungan yang diperoleh Entitas Anak setelahnya harus dialokasikan terlebih dahulu kepada pemegang saham mayoritas sampai dengan sama dengan kerugian kepentingan non-pengendali yang ditanggung oleh pemegang saham mayoritas.

2.u. Non Controlling Interest The interest of minority shareholders in the equity of Subsidiaries is presented as “Non Controlling Interest” in the consolidated statement of financial position. When cumulative loss attributable to Non Controlling interest exceeds the Non Controlling interest in the equity of Subsidiaries, the excess of losses will be borne by the majority shareholders and is not recorded as an asset, unless the minority shareholders have a binding obligation and able to cover the losses. Profit generated by the Subsidiaries in subsequent period shall be first allocated to the majority shareholders until being equal to the losses of the non controlling interests previuosly absorbed by the majority shareholders.

2.v. Segmen Operasi Perusahaan menerapkan PSAK 5 (Revisi 2009): Segmen Operasi. Standar mengharuskan entitas untuk mengungkapkan informasi yang memungkinkan pengguna laporan keuangan untuk mengevaluasi

2.v. Operating Segments The Company adopted PSAK 5 (Revised 2009): Operating Segments. Standard requires an entity to disclose information which enables users of financial statements to evaluate the nature and financial effects


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sifat dan dampak keuangan dari aktivitas bisnis. Standar juga menyempurnakan definisi segmen operasi dan prosedur yang digunakan untuk mengidentifikasi dan melaporkan segmen operasi. Standar mengharuskan “pendekatan manajemen” dalam menyajikan informasi segmen menggunakan dasar yang sama seperti halnya pelaporan internal. Hal ini tidak menyebabkan tambahan penyajian segmen yang dilaporkan. Perusahaan mengoperasikan dan menjalankan bisnis melalui beberapa segmen operasi. Segmen operasi dilaporkan dengan cara yang konsisten dengan pelaporan internal yang disampaikan kepada pengambil keputusan operasional.

of business activity. Standard also refines the definition of operating segments and the procedures used to identify and report operating segments. Standard requires that "management approach" in the present segment information using the same base as well as internal reporting. This does not cause additional presentation of the reported segment. The Company operates and conducts business through a single segment with managing the existing network infrastructure. The segment reported operating in a manner consistent with internal reporting provided to operational decision-makers.

Pembuat keputusan operasional adalah Dewan Direksi dan Kepala Divisi. Dewan Direksi dan Kepala Divisi menelaah pelaporan internal Perusahaan untuk menilai kinerja dan mengalokasikan sumber daya. Manajemen menentukan operasi segmen berdasarkan laporan ini.

Operational decision have made by the Board of Directors and Head of Divisions. Board of Directors and Head of Divisions review of the Company’s internal reporting to assess performance and allocate resources. Management determines the operating segments based on this report.

Pelaporan informasi segmen usaha disajikan untuk menunjukkan hasil usaha per wilayah yang berasal dari pendapatan tol.

Reporting of business segment information is disclosed to show the results of operations per region derived from toll revenue.

2.w. Laba Per Saham Laba per saham dihitung dengan membagi laba bersih yang dapat diatribusikan ke pemilik entitas induk dengan rata-rata tertimbang saham yang beredar selama tahun yang bersangkutan.

2.w. Earnings Per Share Earning per share is computed by dividing net income attributable to owner of the parent entity by weighted average shares outstanding during the year.

Laba bersih per saham dilusian dihitung dengan membagi total laba tahun berjalan dengan rata-rata tertimbang jumlah saham biasa yang beredar pada periode pelaporan, yang disesuaikan untuk mengasumsikan konversi efek berpotensi saham biasa yang sifatnya dilutif.

Diluted earnings per share is calculated by dividing profit for the period with the weighted average number of ordinary shares outstanding during the reporting period, adjusted to assume conversion of all potential dilutive ordinary shares.

2.x. Modal Saham Diperoleh Kembali Saham diperoleh kembali dicatat dengan menggunakan nilai perolehannya sebagai "Modal Saham yang Diperoleh Kembali" dan disajikan sebagai pengurang ekuitas pemegang saham. Harga pokok dari penjualan saham yang diperoleh kembali dicatat dengan menggunakan metode rata-rata tertimbang. Selisih antara harga perolehan kembali dan harga jual kembali saham dicatat sebagai "Tambahan Modal Disetor".

2.x. Treasury Stock Treasury stock is accounted for using the acquisition as the "Treasury Stock" and presented as a deduction from shareholders' equity. Costs of sale of repurchased shares are accounted for using the weighted average method. Difference between the reacquisition price and the resale price of shares is recorded as "Additional Paid in Capital".


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3. Kas dan Setara Kas

3.

Cash and Cash Equivalents

2013 Rp

2012 Rp

Kas Kas Proyek

46,716,488 910,000

77,176,549 655,203

Cash Cash for Project

Total Kas

47,626,488

77,831,752

Cash on Hand

212,335,353

Cash in Banks Rupiah Related Parties (Note 44)

Kas

Cash on Hand

Bank Rupiah Pihak Berelasi (Catatan 44) Pihak Ketiga PT Bank Pembangunan Daerah Jawa Barat dan Banten Tbk PT Bank Permata Tbk PT Bank Pembangunan Daerah Jawa Tengah PT Bank DBS Indonesia PT Bank Central Asia Tbk PT Bank Pembangunan Daerah Sumatera Utara PT Bank Bukopin Tbk PT Bank Muamalat Indonesia Tbk PT Bank Jabar Banten Syariah PT Bank Pembangunan Daerah Jawa Timur Tbk PT Bank DKI PT Bank Syariah Mandiri PT Bank OCBC NISP Tbk

262,848,231

Third Parties: PT Bank Pembangunan Daerah Jawa Barat dan Banten Tbk PT Bank Permata Tbk PT Bank Pembangunan Daerah Jawa Tengah PT Bank DBS Indonesia PT Bank Central Asia Tbk PT Bank Pembangunan Daerah Sumatera Utara PT Bank Bukopin Tbk PT Bank Muamalat Indonesia Tbk PT Bank Jabar Banten Syariah PT Bank Pembangunan Daerah Jawa Timur Tbk PT Bank DKI PT Bank Syariah Mandiri PT Bank OCBC NISP Tbk

77,633,787 5,050,851

44,076,237 1,588,109

4,697,296 3,867,514 2,915,177

3,289,524 -307,052

2,804,065 1,593,015 368,300 289,194

2,278,162 2,432,853 1,015 288,196

124,039 17,080 16,901 976

57,275 -16,984 1,645

362,226,426

266,672,405

922,812 922,812

646,255 646,255

Total Bank

363,149,238

267,318,660

Cash in Banks

Total Kas dan Bank

410,775,726

345,150,412

Total Cash on Hand and in Banks

Dolar Amerika Serikat Pihak Berelasi (Catatan 44)


39

United States Dollar Related Parties (Note 44)

Paraf:




For the Years Ended December 31, 2013 and 2012 (In Thousands of Rupiah, Unless Otherwise Stated) 2013 Rp

Deposito Berjangka Rupiah Pihak Berelasi (Catatan 44)

2012 Rp

Time Deposits Rupiah Related Parties (Note 44)

2,036,802,514

2,086,636,000

315,600,000

541,365,616

256,090,000 99,989,326 91,593,000

625,790,000 75,500,000 67,353,459

71,700,000 64,000,000 35,050,000 32,000,000 27,000,000 15,000,000 10,000,000 9,000,000 8,000,000 3,500,000 3,012,268

250,550,000 72,000,000 20,000,000 -45,000,000 --92,000,000 3,000,000 2,500,000 --

3,000,000 2,000,000 2,000,000 2,000,000 1,830,377 710,224

18,000,000 ----46,900,000

3,089,877,709

3,946,595,075

13,407,900

10,637,000

13,407,900

10,637,000

Total Deposito Berjangka

3,103,285,609

3,957,232,075

Total Time Deposits

Total Kas dan Setara Kas

3,514,061,335

4,302,382,487

Total Cash and Cash Equivalents

Pihak Ketiga PT Bank Bukopin Tbk PT Bank Pembangunan Daerah Jawa Barat dan Banten Tbk PT Bank Permata Tbk PT Bank Muamalat Indonesia Tbk PT Bank Pembangunan Daerah Jawa Tengah PT Bank CIMB Niaga Tbk PT Bank Pembangunan Daerah Bali PT Bank Bukopin Syariah PT Bank Tabungan Pensiunan Nasional PT Bank Panin Syariah PT Bank Sinar Harapan Bali PT Bank Syariah Mega Indonesia PT Bank Jatim Syariah PT Bank Mutiara Tbk PT Bank Himpunan Saudara 1906 Tbk PT Bank Pembangunan Daerah Jawa Timur Tbk PT Bank Panin Tbk PT Bank UOB Buana Indonesia Tbk PT Bank International Indonesia Syariah PT Bank DBS PT Bank Pembangunan Daerah DKI Dolar Amerika Serikat Pihak Berelasi (Catatan 44)

Deposito Berjangka Jatuh Tempo (Bulan) Tingkat Suku Bunga (%) Rupiah Dolar Amerika Serikat

1-3

1-3

4.5 - 11.5 1.5

3.5 - 8 1

Kas proyek merupakan uang tunai dan rekening giro yang tersedia untuk membiayai pemeliharaan dan pembangunan jalan tol.


Third Parties: PT Bank Bukopin Tbk PT Bank Pembangunan Daerah Jawa Barat dan Banten Tbk PT Bank Permata Tbk PT Bank Muamalat Indonesia Tbk PT Bank Pembangunan Daerah Jawa Tengah PT Bank CIMB Niaga Tbk PT Bank Pembangunan Daerah Bali PT Bank Bukopin Syariah PT Bank Tabungan Pensiunan Nasional PT Bank Panin Syariah PT Bank Sinar Harapan Bali PT Bank Syariah Mega Indonesia PT Bank Jatim Syariah PT Bank Mutiara Tbk PT Bank Himpunan Saudara 1906 Tbk PT Bank Pembangunan Daerah Jawa Timur Tbk PT Bank Panin Tbk PT Bank UOB Buana Indonesia Tbk PT Bank International Indonesia Syariah PT Bank DBS PT Bank Pembangunan Daerah DKI United States Dollar Related Partiy (Note 44)

Time Deposits Maturity Period (Months) Interest Rate (%) Rupiah United States Dollar

Cash for projects represent cash on hand and in banks to finance expenditures related to maintenance and toll roads construction.

40

Paraf:





4. Investasi Jangka Pendek

4. 2013 Rp

2012 Rp Marketable Securities Available for Sale

Efek Tersedia untuk Dijual Reksadana Mandiri Investasi Dana Obligasi Seri II Kenaikan Nilai Aset Bersih

4,529,650 2,098,260

4,529,650 3,292,094

Total

6,627,910

7,821,744

Mutasi kenaikan nilai aset bersih adalah sebagai berikut:

Saldo Akhir

Sub Total Dikurangi: Cadangan Kerugian Penurunan Piutang Pihak Berelasi Pihak Ketiga Sub Total Total Bersih Piutang Lain-lain - Tidak Lancar Pihak Berelasi (Catatan 44) Pihak Ketiga PT Nancy Wijaya Lain-lain (Masing-masing dibawah Rp 1 Miliar) Sub Total Dikurangi: Cadangan Kerugian Penurunan Piutang Pihak Berelasi Pihak Ketiga Sub Total Total Bersih


Total

2012 Rp

3,292,094 (1,193,834)

2,758,078 534,016

Beginning Balance Unrealized Profit (Loss)

2,098,260

3,292,094

Ending Balance

5. Piutang Lain-lain

Piutang Lain-lain - Lancar Pihak Berelasi (Catatan 44) Pihak Ketiga Kementerian Pekerjaan Umum Pegawai PT Graha Sarana Duta PT Indocement Tunggal Prakarsa Lain-lain (Masing-masing dibawah Rp 1 Miliar)

Mutual Fund Mandiri Investment - Bond II Series Increase in Net Assets Value

A movement of increase in net assets value is as follows:

2013 Rp Saldo Awal Laba (Rugi) Belum Direalisasi

Short Term Investments

5. 2013 Rp

2012 Rp

10,999,014

12,407,500

91,438,316 9,421,998 3,629,682 2,625,182

-----

59,083,719

38,104,011

177,197,911

50,511,511

---

(205,682) (38,177)

--

(243,859)

177,197,911

50,267,652

4,486,214

10,083,566

9,500,000

9,500,000

22,064,295

1,012,805

36,050,509

20,596,371

(1,239,952) (15,059,891)

(1,239,952) (5,531,745)

(16,299,843)

(6,771,697)

19,750,666

13,824,674

41

Other Receivables

Other Receivables - Current Related Parties (Note 44) Third Parties Minister of Public Works Employees PT Graha Sarana Duta PT Indocement Tunggal Prakarsa Others (Each below Rp 1 Billion) Sub Total Less: Allowance for Impairment Losees Related Parties Third Parties Sub Total Total Net Other Receivables - Non Current Related Parties (Note 44) Third Parties PT Nancy Wijaya Others (Each below Rp 1 Billion) Sub Total Less: Allowance for Impairment Losees Related Parties Third Parties Sub Total Total Net

Paraf:





Piutang lain-lain merupakan pendapatan yang akan diterima dari sewa lahan, sewa tempat istirahat, sewa ruang iklan dan bunga deposito berjangka yang akan diterima.

Other receivables represent revenues to be received from rent of land, rest areas, advertisement spaces and interest on time deposits.

Piutang kepada Kementerian Pekerjaan Umum merupakan piutang atas Dana Dukungan Pemerintah berdasarkan Amandemen I Perjanjian Pengusahaan Jalan Tol Lingkar Luar Jakarta (JORR) Seksi W2 Utara sesuai Akta Notaris Nomor 24 tanggal 18 November 2011 dibuat dihadapan Notaris Rina Utami Djauhari, dalam hal realisasi Pengadaan tanah melebihi batasan kewajiban Biaya Pengadaan Tanah, Perusahaan memperoleh dana dukungan Pemerintah sebesar Rp 387.643.000.000. Sesuai Perjanjian Pemberian Dukungan Pemerintah (PPDP) Nomor 05/KU.08.01/PPDP/DDPPTJT/III/2012 tanggal 21 Maret 2012, Perusahaan membiayai terlebih dahulu Kenaikan harga tanah yang menjadi tanggungan Pemerintah dan mengajukan permohonan penggantian dana (reimbursement) kepada Pemerintah.

Receivable from the Ministry of Public Works represents receivables of Government Support Fund based on first amendment Concession Agreement (JORR Section "S") W2 Northern according to the Deed No. 24 dated November 18, 2011 of Notary Rina Utami Djauhari, in realization of the soil exceeds the limit Procurement obligations of the Land Acquisition Costs, the Company obtained government support of Rp 387,643,000,000. Based on Government Support Agreement (PPDP) No. 05/KU.08.01/PPDP/DDPPTJT/III/2012 on March 21, 2012, the Company financed increase the price of land to be dependant by the Government and apply for reimbursement to the Government.

Manajemen berpendapat bahwa cadangan penyisihan penurunan nilai atas piutang lain-lain adalah cukup untuk menutupi kerugian yang mungkin timbul dari tidak tertagihnya piutang tersebut.

Managemet believes that allowances made for impairment losses on other receivables are adequate to cover possible loss on uncollectible receivable.

Mutasi penyisihan kerugian penurunan nilai adalah sebagai berikut:

Movement of allowance for impairment losses as follows:

2013 Rp Saldo Awal Penyisihan Kerugian selama Tahun Berjalan Saldo Akhir

2012 Rp

6,771,697

2,990,643

9,528,146

3,781,054

Beginning Balance Allowance for Losses of Current Year

16,299,843

6,771,697

Ending Balance

6. Biaya Dibayar di Muka

6.

Merupakan biaya dibayar di muka atas sewa, asuransi, perlengkapan kantor dan tol serta uang muka perjalanan dinas.

Prepaid Expenses

Represent prepaid rent, insurance, office and toll supplies and advances for business travel.

2013 Rp

2012 Rp

Uang Muka Pekerjaan Biaya Dibayar di Muka Uang Muka Internal

39,916,352 5,532,072 1,908,516

144,871,503 7,613,424 3,044,539

Work Advances Prepaid Expenses Internal Advances

Total

47,356,940

155,529,466

Total


42

Paraf:





7. Perpajakan

7.

a. Pajak Dibayar di Muka

a. Prepaid Taxes 2013 Rp

Entitas Anak Pajak Penghasilan: Pasal 28.a Tahun 2011 Pajak Pertambahan Nilai Total

2012 Rp

-1,100,643

1,291,131 --

1,100,643

1,291,131

1,100,643

1,291,131

b. Utang Pajak

Entitas Anak Pajak Penghasilan: Pasal 4 (2) Pasal 21 Pasal 23 Pasal 26 Pasal 29 Pajak Bumi dan Bangunan Pajak Pertambahan Nilai Total


Subsidiaries Income Taxes: Article 28.a: Value Added Tax Total

b. Tax Payables 2013 Rp

Perusahaan Pajak Penghasilan: Pasal 4 (2) Pasal 21 Pasal 23 Pasal 29 Pajak Pertambahan Nilai Kewajiban Pajak Lainnya

Taxation

2012 Rp

8,548,260 25,935,317 1,191,347 87,455,162 21,455,327 646,066

7,623,128 45,814,479 1,481,206 173,307,920 31,023,201 --

145,231,479

259,249,934

12,665,878 3,726,995 1,297,505 13,712 1,354,816 -38,853

13,953,641 4,523,664 1,377,692 -274,841 1,145,236 850,163

19,097,759

22,125,237

164,329,238

281,375,171

43

The Company Income Tax: Article 4 (2) Article 21 Article 23 Article 29 Value Added Tax Other Tax Liabilities Subsidiaries Income Tax: Article 4 (2) Article 21 Article 23 Article 26 Article 29 Land and Building Tax Value Added Tax

Total

Paraf:





c. Beban Pajak Penghasilan

c. Income Tax Expenses 2013 Rp

2012 Rp

419,879,949 35,507,493

470,363,331 34,265,803

455,387,442

504,629,134

1,537,942 19,909,224

274,841 14,540,527

21,447,166

14,815,368

Konsolidasian Pajak kini Pajak Tangguhan

421,417,891 55,416,717

470,638,172 48,806,330

Consolidated Current Tax Deffered Tax

Total

476,834,608

519,444,502

Total

Perusahaan Pajak Kini Pajak Tangguhan Entitas Anak Pajak Kini Pajak Tangguhan

Pajak Kini Rekonsiliasi antara laba sebeIum pajak penghasilan menurut laporan laba rugi dengan laba kena pajak:

The Company Current tax Deferred Tax Subsidiaries Current tax Deferred Tax

Current Tax A reconciliation between income before income tax as reported in the statements of income and taxable income is as follows:

2013 Rp

2012 Rp

Laba Konsolidasian Sebelum Pajak Penghasilan Badan Dikurangi: Laba (Rugi) Entitas Anak

1,714,655,142 (77,049,035)

2,055,256,702 (51,462,662)

Less: Portion of Subsidiaries Income (Loss)

Laba Sebelum Pajak Penghasilan - Perusahaan

1,791,704,177

2,106,719,364

Income Before Tax - The Company

Perhitungan Pajak Penghasilan Perusahaan sebagai berikut: Koreksi Positif (Negatif) atas Laba Komersial: Beban Pengumpulan Tol Pendapatan Konstruksi Beban Pelayanan Pemakai Jalan ToI Beban Pemeliharaan Jalan Tol Beban Konstruksi Beban Umum dan Administrasi Bagian Rugi (Laba) Entitas Asosiasi Penyusutan Aset Tetap, Pelapisan Ulang dan Amortisasi Biaya Emisi Obligasi Tantiem Beban Bunga Penghasilan Dikenakan Pajak Final Biaya Perolehan Penghasilan Dikenakan Pajak Final Liabilitas Imbalan Kerja Beban Piutang Karyawan Beban Bunga Efektif Interest Rate Realisasi Pembayaran Tantiem Total


Consolidated Income Before Tax

20,358,453 (755,561,481) 2,570,683 1,183,047 749,452,797 56,009,933 122,763,538

11,822,184 (241,918,473) 5,864,490 1,922,546 241,651,582 72,399,588 93,652,438

(195,032,376) 19,250,000 93,363,207 (423,632,083)

(167,617,202) 19,430,000 90,906,859 (384,034,512)

151,578,634 52,840,837 1,327,219 3,343,212 (12,000,000)

4,039,768 32,240,841 1,795,760 4,578,090 (12,000,000)

Calculation of Income Tax the Company as follows: Positive (Negative) Corrections on Commercial Income: Toll Road Collection Expenses Construction Revenues Toll Road Services Expenses Maintenance Cost of Toll Road Construction Expenses General and Administrative Expenses Income (loss) of Associates Depreciation of Fixed Assets, Overlay Cahrges and Amortization of Bond Issuance Cost Bonuses Interest Expenses Income Subject to Final Tax Acquisition Cost of Income Subject to Final Tax Employee Benefits Obligation Employee Receivable Expenses Effective Rate Interest Expenses Realization of Payment Bonuses

(112,184,380)

(225,266,041)

Total

44

Paraf:





2012 Rp

1,679,519,797

1,881,453,323

Taxable Income

Beban Pajak Kini pada Tarif Pajak yang Berlaku

419,879,949

470,363,331

Current Tax Expense at Effective Tax Rate

Dikurangi: Uang Muka Pajak Pajak Penghasilan Pasal 23 Pajak Penghasilan Pasal 25

375,192 362,235,922

331,565 296,723,846

Less: Prepaid Taxes Income Tax Article 23 Income Tax Article 25

Total

362,611,114

297,055,411

Total

Kurang (Lebih) Bayar Pajak Penghasilan Perusahaan Entitas Anak

57,268,835 1,354,816

173,307,920 274,841

Less (excess) Payment Income Tax The Company Subsidiaries

Total Utang Pajak - Konsolidasian

58,623,651

173,582,761

Consolidated Income Tax Payable

Laba Kena Pajak

Berdasarkan peraturan perpajakan Indonesia, Perusahaan menyampaikan surat pemberitahuan sendiri atas jumlah pajak yang terutang. Direktorat Jenderal Pajak dapat menetapkan dan mengubah kewajiban pajak dalam batas waktu 5 tahun sejak tanggal terutangnya pajak.

Under the taxation laws of Indonesia, the Company submits tax returns on the basis of self-assessment. The Directorate General of Taxes may assess and amend the tax payable within 5 years after the date when the tax becomes payable.

Perhitungan pajak penghasilan untuk tahun yang berakhir pada tanggal 31 Desember 2012 telah dilaporkan dalam SPT Tahunan Pajak Penghasilan yang disampaikan ke Kantor Pajak.

The income tax calculation for the year ended December 31, 2012 had been reported in the Annual Corporate Income Tax Return submitted to the Tax Office.

Pajak Tangguhan Pajak tangguhan dihitung berdasarkan pengaruh dari perbedaan temporer antara jumlah tercatat aset dan liabilitas menurut laporan keuangan dengan dasar pengenaan pajak aset dan liabilitas. Rincian aset dan liabilitas pajak tangguhan sebagai berikut:

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:

31 Desember 2011/ Dibebankan ke 31 Desember 2012/ December 31, 2011 Laba Rugi/ December 31, 2012 Charge to Statements Income Rp Rp Rp Liabilitas (Aset) Pajak Tangguhan/ Deferred Tax Liabilities (Assets) Perusahaan/ Company Aset Tetap dan Aset Tak Berwujud/ Fixed Assets and Intangible Assets Provisi Pelapisan Jalan Tol/ Provision for Overlay Liabilitas Imbalan Kerja/ Employee Benefits Liabilities Total Entitas Anak/ Subsidiaries Aset Tetap dan Aset Tak Berwujud/ Fixed Assets and Intangible Assets Provisi Pelapisan Jalan Tol/ Provision for Overlay Liabilitas Imbalan Kerja/ Employee Benefits Liabilities Penyisihan Kerugian Penurunan Piutang/ Allowance for Impairment Loses Rugi Fiskal/ Loss on Fiscal

Total Liabilitas Pajak Tangguhan Konsolidasian/ Consolidated Deferred Tax Liability


Dibebankan ke Laba Rugi/ Charge to Statements Income Rp

Penyesuaian/ 31 Desember 2013/ Adjustment December 31, 2013

Rp

Rp

463,454,195

45,225,483

508,679,678

50,685,360

4,177,326

563,542,364

16,223,222

(7,450,597)

8,772,625

(1,927,266)

--

6,845,359

(55,248,219)

(8,060,210)

(63,308,429)

(13,250,601)

(3,836,287)

(80,395,317)

424,429,198

29,714,676

454,143,874

35,507,493

341,039

489,992,406

(404,187)

14,540,528

14,136,341

26,042,917

--

40,179,258

--

--

--

(3,239,186)

--

(3,239,186)

(2,129,582)

--

(2,129,582)

997,653

--

(1,131,929)

-415,295

---

-415,295

(2,390,137) (1,502,023)

-344,335

(2,390,137) (742,393)

(2,118,474)

14,540,528

12,422,054

19,909,224

344,335

32,675,613

422,310,724

44,255,204

466,565,928

55,416,717

685,374

522,668,019

45

Paraf:




For the Years Ended December 31, 2013 and 2012 (In Thousands of Rupiah, Unless Otherwise Stated) 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:

Rekonsiliasi antara beban pajak penghasilan dan hasil perkalian laba akuntansi sebelum pajak penghasilan dengan tarif pajak yang berlaku sebagai berikut: 2013 Rp

2012 Rp

1,791,704,177

2,106,719,364

Income BeforeTax of the Company

447,926,044

526,679,841

Tax Expense at Effective Tax Rate:

5,089,613 (188,890,370) 642,671 295,762 187,363,199 14,002,483 1,537,941 30,690,885

2,955,546 (60,479,618) 1,466,122 480,636 60,412,896 18,374,735 421,712 23,413,110

(48,758,094) 4,812,500 23,340,802 (105,908,021)

(42,326,013) 4,857,500 22,726,719 (96,008,628)

37,894,659 13,210,209 331,805 835,803 (3,000,000)

1,009,941 8,060,210 448,940 1,144,523 (3,000,000)

Toll Road Collection Expenses Construction Revenue Toll Road Services Expenses Toll Road Maintenance Expenses Construction Expenses General and Administrative Expenses Deferred Tax Profit on Associate Companies’ Net Income Depreciation of Fixed Asset, Amortization of Overlay Charges and Bond Issuance Cost Bonuses Interest Expenses Income Subject to Final Tax Acquisition Cost of Income Subject to Final Tax Employee Benefits Obligation Employee Receivable Expense Effective Rate Interest Expenses Actual Payment Tantiem

Total

(26,508,153)

(56,041,669)

Total

Total Beban Pajak Kini Total Beban Pajak Tangguhan

421,417,891 55,416,717

470,638,172 48,806,330

Total Current Tax Expenses Total Deferred Tax Expenses

Total Beban Pajak Kini – Konsolidasian

476,834,608

519,444,502

Total of Tax Expenses – Consolidation

Laba Sebelum Pajak Penghasilan Perusahaan Beban Pajak pada Tarif yang Berlaku Beban Pengumpulan Tol Pendapatan Konstruksi Beban Pelayanan Pemakai Jalan Tol Beban Pemeliharaan Jalan Tol Beban Konstruksi Beban Umum dan Administrasi Pajak Tangguhan Bagian Laba Perusahaan Asosiasi Penyusutan Aset Tetap, Pelapisan Ulang dan Amortisasi Biaya Emisi Obligasi Tantiem Beban Bunga Penghasilan Dikenakan Pajak Final Biaya Perolehan Penghasilan Dikenakan Pajak Final Kewajiban Imbalan Kerja Beban Piutang Karyawan Beban Bunga Efektif Interest Rate Realisasi Pembayaran Tantiem

8. Dana Ditetapkan Penggunaannya

8. 2013 Rp

Obligasi Jasa Marga XI seri P Jaminan Pelaksanaan/ Pihak Berelasi (Catatan 44) Jaminan Pembebasan Tanah Pihak Berelasi (Catatan 44) Pihak Ketiga PT Bank Pembangunan Daerah Jawa Barat dan Banten Tbk PT Bank UOB Indonesia PT Bank Bukopin Tbk


Appropriated Funds

2012 Rp --

32,500,000

27,656,063

--

6,496,257

6,723,370

44,036,995 26,850,000 11,250,000

68,820,370 15,500,000 11,250,000

46

Jasa Marga Bond XI, P Series Performance Bond Related Parties (Note 44) Land Acquisition Guarantees Related Party (Note 44) Third Parties PT Bank Pembangunan Daerah Jawa Barat dan Banten Tbk PT Bank UOB Indonesia PT Bank Bukopin Tbk

Paraf:




Jaminan Sindikasi Bank Pihak Berelasi (Catatan 44) Pihak Ketiga PT Bank Pembangunan Daerah Jawa Tengah Rekening Khusus Total


2012 Rp

110,015,112

30,141,000

-233,010,674

109,937 --

Syndicated Bank Guarantee Related Party (Note 44) Third Parties PT Bank Pembangunan Daerah Jawa Tengah Special Account

459,315,101

165,044,677

Total

Obligasi Jasa Marga XI Seri P Tahun 2003 Berdasarkan Akta Perjanjian Perwaliamanatan Obligasi No.6 tanggal 19 Agustus 2003 yang diubah dengan Akta Addendum I Perjanjian Perwaliamanatan No.24 tanggal 25 September 2003 juncto Akta Addendum I Perjanjian Penjaminan Emisi Obligasi No.26 tanggal 25 September 2003 dari Notaris Julius Pumawan, SH, Msi, juncto Berita Acara Rapat Umum Pemegang Obligasi No.22, tanggal 7 Oktober 2004 dari Notaris Poerbaningsih Adi Warsito, SH, Perusahaan diwajibkan membentuk penyisihan dana untuk jaminan pelunasan bunga sebesar Rp 32.500.000.000 (Rupiah penuh) setiap triwulan pada Januari, April, Juli dan Oktober, selambat-lambatnya dua minggu sebelum tanggal pembayaran bunga obligasi. Perusahaan telah melunasi hutang pokok dan bunga obligasi seri P per tanggal 8 Oktober 2013 sehingga tidak lagi mencadangkan dana untuk jaminan pelunasan bunganya.

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 of Trustee Agreement No. 24 dated September 25, 2003 in conjunction with the Deed of Addendum I of Bond Underwriting Agreement No.26 dated September 25, 2003 of Notary Julius Pumawan, SH, Msi, in conjunction with the Minutes of the General Meeting of Bondholders No.22 dated October 7, 2004 of Notary Poerbaningsih Adi Warsito, SH, the Company is required to established a sinking fund to secure payment of interest amounting to Rp 32,500,000,000 (full Rupiah) every quarter in January, April, July and October, no later than two weeks before the date of the bond interest payment. The company had paid off the bond payable as of October 8, 2013 and the sinking fund to guarantee its interest payment had been terminated.

Rekening Khusus Rekening khusus merupakan rekening atas pendapatan dari pengoperasian JORR Seksi S setelah dikurangi biaya operasional, termasuk didalamnya beban amortisasi, dan pemeliharaan yang dipisahkan dan dimasukkan dalam rekening khusus sesuai dengan Surat Keputusan Menteri Pekerjaan Umum No. 80.1/KPTS/M/ 2013 tanggal 25 Pebruari 2013 (lihat Catatan 45.i).

Appropriated Account Appropriated account represents account derived from operational income of JORR Section S after deduction of operational, including amortization expense and maintenance expenses which were separated and transferred to a specific account in accordance with decision letter of Minister of Public Works No.80.1/KPTS/M/2013 date February 25, 2013 (see Note 45.i).

9. Investasi pada Entitas Asosiasi Perusahaan memiliki penyertaan saham pada entitas asosiasi yang dipertanggungjawabkan dengan metode ekuitas. Nilai tercatat penyertaan saham tersebut sebagai berikut:


9.


The Company has investments in associates accounted for by using the equity method. The carrying values of such investment in shares are as follows:

47

Paraf:




For the Years Ended December 31, 2013 and 2012 (In Thousands of Rupiah, Unless Otherwise Stated) 31 Desember/ December 2013

Perusahan Asosiasi/ Associated Company PT Citra Bhakti Margatama Persada (CBMP) PT Citra Ganesha Marga Nusantara (CGMN) PT Jatim Marga Utama (JMU) PT lsmawa Trimitra (IT) PT Bukaka Marga Utama (BMU) PT Trans Lingkar Kita Jaya (TLKJ)

Status Pengakhiran PKP/ Termination of Concession Pengakhiran PKP/ Termination of Concession Belum Operasi/ Not Yet Operated Operasi/ Operate Belum Operasi/ Not Yet Operated Operasi/ Operate

Nilai Tercatat Penyertaan Persentase Awal Tahun/ Kepemilikan/ Carrying Value Percentage at Beginning Ownership of Year

Perubahan Selama Periode Berjalan/ Changes in Current Period Penambahan (Pengurangan) Bagian Laba Penyertaan/ (Rugi) Bersih/ Penerimaan Additions Portion in Deviden/ (Deduction) Net Profit Dividend (Loss) Received of Investment

Nilai Tercatat Penyertaan Akhir Tahun/ Carrying Value at End of Year

34.83

56,787,000

--

--

--

56,787,000

30.00

16,914,266

--

--

--

16,914,266

26.00 25.00

12,858,000 8,305,808

---

-670,634

---

12,858,000 8,976,442

20.00 21.24

9,436,000 154,581,281 258,882,355

-21,240,000 21,240,000

-(5,560,648) (4,890,014)

----

9,436,000 170,260,633 275,232,341

Dikurangi/ Deducted Penurunan Nilai Penyertaan pada CBMP/ Impairment of Investment in CBMP Penurunan Nilai Penyertaan pada CGMN/ Impairment of Investment in CGMN Penurunan Nilai Penyertaan pada BMU/ Impairment of Investment in BMU Total

(56,786,999)

(56,786,999)

(16,914,265)

(16,914,265)

(9,435,999) (83,137,263)

(9,435,999) (83,137,263)

175,745,092

192,095,078

31 Desember/ December 2012

Perusahan Asosiasi/ Associated Company PT Citra Bhakti Margatama Persada (CBMP) PT Citra Ganesha Marga Nusantara (CGMN) PT Jatim Marga Utama (JMU) PT lsmawa Trimitra (IT) PT Bukaka Marga Utama (BMU) PT Jakarta Lingkar Barat Satu PT Trans Lingkar Kita Jaya (TLKJ) Dikurangi/ Deducted Penurunan Nilai/ Impairment of Investment in CBMP Penurunan Nilai/ Impairment of Investment in CGMN Penurunan Nilai/ Impairment of Investment in BMU Total


Status/ Status Pengakhiran PKP/ Termination of Concession Pengakhiran PKP/ Termination of Concession Belum Operasi/ Not Yet Operated Operasi/Operate Belum Operasi/ Not Yet Operated Belum Operasi/ Not Yet Operated Operasi/Operate

Nilai Tercatat Penyertaan Persentase Awal Tahun/ Kepemilikan/ Carrying Value Percentage at Beginning Ownership of Year

Perubahan Selama Periode Berjalan/ Changes in Current Period Penambahan (Pengurangan) Bagian Laba Penyertaan/ (Rugi) Bersih/ Penerimaan Additions Portion in Deviden/ (Deduction) Net Profit Dividend (Loss) Received of Investment

Nilai Tercatat Penyertaan Akhir Tahun/ Carrying Value at End of Year

34.83

56,787,000

--

--

--

56,787,000

30.00

16,914,266

--

--

--

16,914,266

26.00 25.00

12,858,000 7,431,816

---

-873,992

---

12,858,000 8,305,808

20.00

9,436,000

--

--

--

9,436,000

18.05 21.24

180,632,000 -284,059,082

(180,632,000) 159,288,577 (21,343,423)

-(4,707,296) (3,833,304)

----

-154,581,281 258,882,355

(56,786,999)

(56,786,999)

(16,914,265)

(16,914,265)

(9,435,999) (83,137,263)

(9,435,999) (83,137,263)

200,921,819

175,745,092

48

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a. PT Citra Bhakti Margatama Persada (CBMP) PT Citra Bhakti Margatama Persada didirikan berdasarkan Akta No. 50, tanggal 11 Desember 1995 dari Notaris Siti Pertiwi Henny Singgih, SH. Penyertaan pada CBMP dilakukan sehubungan dengan penyelenggaraan proyek jalan tol JORR Seksi E2-E3- N (Cikunir-Cakung-Cilincing-Tanjung Priok) untuk jangka waktu 33 tahun yang berakhir pada tahun 2028, Perusahaan memiliki 56.787.000 saham dengan nilai nominal Rp 1.000 (Rupiah penuh) per saham atau setara dengan Rp 56.787.000.000 (Rupiah penuh) yang merupakan 34,83% kepemilikan.

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 Pertrwi Henny Singgih, SH. The investment in CBMP was made in relation to the construction and operation of JORR toll road Section E2-E3-N (CikunirCakung-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 Rupiah) per share or equivalent to Rp 56,787,000,000 (full Rupiah), representing 34.83% ownership.

Pembangunan jalan tol oleh CBMP dibiayai dari fasilitas pinjaman sindikasi bank. Krisis ekonomi telah menyebabkan ketidakpastian terhadap kemampuan CBMP dalam menyelesaikan kewajibannya pada saat jatuh tempo dan dalam merealisasikan fasilitas pinjaman untuk pembiayaan jalan tol tahap konstruksi. Restrukturisasi perbankan yang dilakukan terhadap sebagian dari kreditur CBMP telah mengakibatkan penghentian pelaksanaan pembangunan jalan tol. Adanya surat Perusahaan kepada CBMP No. AA.02.1009 tanggal 25 JuIi 2000 mengenai pengakhiran PKP No.96 tanggal 16 Desember 1995 mengakibatkan penyertaan Perusahaan pada entitas asosiasi ini tidak memiliki nilai ekonomis. Perusahaan mengakui kerugian penurunan nilai penyertaan saham pada CBMP pada tahun 2000 sebesar Rp 56.786.999.000 (Rupiah penuh).

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 banking 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 has recognized loss on impairment of the investment shares of CBMP in 2000 amounting to Rp 56,786,999,000 (full Rupiah).

b. PT Citra Ganesha Marga Nusantara (CGMN) PT Citra Ganesha Marga Nusantara didirikan berdasarkan Akta No. 300, tanggal 22 Desember 1993 dari Notaris Siti Pertiwi Henny Singgih, SH, juncto Akta No. 67, tanggal 7 Juli 1994 dari Notaris Sri Laksmi Damayanti, SH. Penyertaan pada CGMN dilakukan sehubungan dengan penyelenggaraan proyek jalan tol Cikampek–Padalarang. Perusahaan memiliki 5.310 saham dengan nilai nominal Rp 1.841.000 (Rupiah penuh) per saham atau setara dengan Rp 9.775.710.000 (Rupiah penuh) yang merupakan 30% kepemilikan.

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 Rupiah) per share or equivalent to Rp 9,775,710,000 (full Rupiah) representing 30% ownership.

Berdasarkan surat Menteri Pekerjaan Umum Republik Indonesia No. KU.201-Mn/68 tanggal 4 Maret 1996 dan surat Menteri Keuangan Republik Indonesia No. 1562/A/52/0496 tanggal 18 April 1996, Perusahaan memperoleh pengalihan Intelectual Property Rights (IPR) dalam bentuk disain proyek jalan tol Cikampek – Padalarang sebesar UK Poundsterling 4,700,000 atau setara dengan Rp 16.914.266.000 (Rupiah penuh) sebagai Tambahan Modal Disetor Pemerintah pada Perusahaan. Selanjutnya, Perusahaan mengalihkan IPR tersebut kepada CGMN sebagai penyertaan saham Perusahaan di CGMN. Berdasarkan perjanjian usaha patungan antara Perusahaan dengan CGMN, IPR tersebut dinilai setara dengan USD 8,530,000.

Based on the Decree of the Minister of Public Works of the Republic of Indonesia No. KU.201-Mn/68 dated March 4, 1996 and the Letter of the Minister of Finance of the Republic of Indonesia No. 1562/A/52/0496 dated April 18, 1996, the Company obtained a transfer of “Intelectual 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 Rupiah) as Additional Paid up Capital from the Government to the Company. 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


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Berdasarkan Keputusan Rapat Umum Pemegang Saham Luar Biasa CGMN tanggal 10 Juli 1998 mengenai Peningkatan Modal Disetor, kepemilikan saham pada CGMN sejumlah 8.530 saham dengan nilai nominal USD 8,530,000 atau setara dengan Rp 16.914.266.000 (Rupiah penuh).

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 Rupiah).

Berdasarkan surat Perusahaan kepada CGMN No. AA.HK01.1273 tanggal 25 Juli 2001 mengenai pengakhiran PKP No. 297 sebagai tindak lanjut dari Surat Keputusan Menteri Pemukiman dan Prasarana Wilayah Republik Indonesia (Menkimpraswil) No. 417, tanggal 18 Juli 2001 mengenai pencabutan Keputusan Menteri Pekerjaan Umum Republik Indonesia No. 321/KPTS/1994, tanggal 24 Oktober 1994 mengenai Pemberian Izin Kerjasama Penyelenggaraan Jalan Tol Cikampek – Padalarang kepada Perusahaan dalam bentuk usaha patungan dengan CGMN mengakibatkan penyertaan Perusahaan pada entitas asosiasi ini tidak memiliki nilai ekonomis. Perusahaan mengakui kerugian penurunan nilai penyertaan saham pada CGMN sebagai beban tahun 2001 sebesar Rp 16.914.266.000 (Rupiah penuh).

On July 25, 2001, by the Company’s Letter No. AA.HK01.1273 to CGMN regarding termination of the Concession Agreement No. 297 in order to implement the Decree of the Minister of Settlement and Regional Infrastructure of the Republic of Indonesia No. 417 dated July 18, 2001 regarding cancellation of the Decree of the Minister of Public Works of the Republic of Indonesia No. 321/KPTS/1994 dated October 24,1994 regarding the Granting of license to Concession Agreement 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 in shares of CGMN as an expense in 2001 amounting to Rp 16,914,266,000 (full Rupiah).

c. PT Jatim Marga Utama (JMU) PT Jatim Marga Utama didirikan berdasarkan Akta No. 25, tanggal 27 Desember 2002 dari Notaris Rosida, SH. Perusahaan memiliki 12.858 saham dengan nilai nominal Rp 1.000.000 (Rupiah penuh) per saham atau setara dengan Rp 12.858.000.000 (Rupiah penuh) yang merupakan 30% kepemilikan.

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 Rupiah) per share or equivalent to Rp 12,858,000,000 (full Rupiah), representing 30% ownership.

JMU merupakan perusahaan patungan antara Perusahaan dan Pemerintah Daerah Jawa Timur. Perusahaan patungan ini didirikan dengan maksud untuk meneruskan kelanjutan proyek jalan tol Surabaya - Mojokerto yang telah terhenti setelah Menkimpraswil mencabut izin konsesi yang diberikan kepada PT Marga Nujyasumo Agung (MNA) melalui surat Menkimpraswil No.418/KPTS/M/2001 tanggal 18 Juli 2001. Setelah Mahkamah Agung menolak pengajuan Peninjauan Kembali dari Menkimpraswil pada 31 Maret 2005, maka hak penyelenggaraan jalan tol dikembalikan kepada MNA. Sebagai akibatnya, JMU tidak lagi terlibat dalam proyek jalan tol tersebut. Pada 8 Mei 2007, JMU ikut serta dalam penyertaan saham PT Transmarga Jatim Pasuruan (TJP) untuk proyek jalan tol Gempol Pasuruan dengan kepemilikan sebesar 20%.

JMU is a joint venture company with Local Government of East Java. This company was established in order to continue construction of the Surabaya - Mojokerto toll road project that was suspended after the Minister 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. After the Supreme Court refused the application for Judicial Review of Minister 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 Transmarga Jatim Pasuruan (TJP) to develop toll road project of Gempol Pasuruan, with ownership of 20%.

Berdasarkan Berita Acara RUPS PT Jatim Marga Utama tanggal 1 Juni 2011, JMU meningkatkan modal disetor menjadi sebesar Rp 50.360.000.000 (Rupiah penuh), yang ditempatkan dan disetor penuh oleh Pemerintah Provinsi Jawa Timur sebesar Rp 7.500.000.000 (Rupiah penuh). Atas penambahan modal disetor tersebut kepemilikan saham oleh Pemerintah Provinsi Jawa Timur meningkat menjadi sebesar 74% sementara kepemilikan PT Jasa Marga (Persero) Tbk terdilusi menjadi sebesar 26%.

Based on Minutes of General Meeting of Shareholders dated June 1, 2011, JMU increased its additional paid in capital became Rp 50,360,000,000 (full Rupiah) that fully paid by the Government of East Java Province amounting to Rp 7,500,000,000 (full Rupiah). Upon the addition by the Government of East Java Province, their ownership rose to 74% while the ownership of PT Jasa Marga (Persero) Tbk was diluted to 26%.


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d. PT Ismawa Trimitra (IT) PT Ismawa Trimitra didirikan untuk pengusahaan sewa gedung perkantoran dan pengelolaan tempat istirahat di jalan tol. IT didirikan berdasarkan Akta No. 69 tanggal 14 Juni 1995 dibuat di hadapan Notaris Imas Fatimah, SH. Perubahan Anggaran Dasar terakhir dinyatakan di dalam Akta No. 62 tanggal 23 Desember 2008 dibuat di hadapan Notaris Imas Fatimah, SH. Akta ini disahkan oleh Menteri Hukum dan Hak Asasi Manusia Republik Indonesia dengan Surat Keputusan No. AHU31703.A.H.01.01 tanggal 10 Juli 2009. IT berdomisili di Jakarta.

d. PT Ismawa Trimitra (IT) PT Ismawa Trimitra established for the sales of office buildings and rest areas rental. IT established based on the Deed No. 69 dated June 14, 1995 by Notary Imas Fatimah, SH. The latest statute changes stated in the Deed No. 62 dated December 23, 2008 by Notary Imas Fatimah, SH. This deed was approved by the Ministry of Justice and Human Rights of the Republic of Indonesia in the Decree No. AHU-31703.A.H.01.01 dated July 10, 2009. IT is domiciled in Jakarta.

Perusahaan memiliki 6.250.000 saham dengan nilai nominal Rp 1.000 (Rupiah penuh) per saham atau setara dengan Rp 6.250.000.000 (Rupiah penuh), yang merupakan 25% kepemilikan Perusahaan pada tanggal 31 Desember 2013.

The Company owns 6.250.000 shares at par value of Rp 1,000 (full Rupiah) per share or equivalent to Rp 6,250,000,000 (full Rupiah) representing 25% ownership as of December 31, 2013.

e. PT Bukaka Marga Utama (BMU) PT Bukaka Marga Utama didirikan berdasarkan Akta No. 5 tanggal 17 Pebruari 1997 dari Notaris Sri Rahayu Sedyono, SH. Penyertaan pada BMU dilakukan sehubungan dengan penyelenggaraan proyek jalan tol Ciawi-Sukabumi. Perusahaan memiliki 4,000 saham dengan nilai nominal Rp 2.359.000 (Rupiah penuh) per saham atau setara dengan Rp 9.436.000.000 (Rupiah penuh) yang merupakan 20% kepemilikan.

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 Rupiah) per share or equivalent to Rp 9,436,000,000 (full Rupiah), representing of 20% ownership.

Pemegang saham mayoritas BMU tidak dapat memberi kepastian atas pembangunan ruas jalan tol yang telah disetujui sesuai dengan PKP. Perusahaan mengakui kerugian penurunan nilai atas penyertaan saham pada BMU sebagai beban tahun 2005 sebesar Rp 9.435.999.000 (Rupiah penuh).

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 on impairment of this investment as an expense in 2005 amounted to Rp 9,435,999,000 (full Rupiah).

f. PT Trans Lingkar Kita Jaya (TLKJ) PT Trans Lingkar Kita Jaya didirikan untuk pengusahaan ruas tol Cinere-Jagorawi. TLKJ didirikan berdasarkan Akta No. 18 tanggal 19 Januari 2005 dibuat di hadapan Notaris Agus Madjid, SH. Akta ini disahkan oleh Menteri Hukum dan Hak Asasi Manusia Republik Indonesia dengan Surat Keputusan No. C-03269.HT.01.01 tanggal 7 Pebruari 2006. Perubahan Anggaran Dasar terakhir dinyatakan di dalam Akta No. 76 tanggal 29 November 2012 dibuat di hadapan Notaris Nanette Cahyanie Handari Adi Warsito, SH. Akta ini disahkan oleh Menteri Hukum dan Hak Asasi Manusia Republik Indonesia dengan Surat Keputusan No. AHU-AH.01.10-42662 tanggal 30 November 2012. TLKJ berdomisili di Jakarta.

f. PT Trans Lingkar Kita Jaya (TLKJ) PT Trans Lingkar Kita Jaya established for the concession of Cinere-Jagorawi toll road. TLKJ established based on the Deed No. 18 dated January 19, 2005 by Notary Agus Madjid, SH. This deed was approved by the Ministry of Justice and Human Rights of the Republic of Indonesia in the Decree No. C-03269.HT.01.01 dated February 7, 2006. The latest statute changes stated in the Deed No. 76 dated November 29, 2012 by Notary Nanette Cahyanie Handari Adi Warsito, SH. This deed was approved by the Ministry of Justice and Human Rights of the Republic of Indonesia in the Decree No. AHU-AH.01.10-42662 dated November 30, 2012. TLKJ is domiciled in Jakarta.

Perusahaan memiliki 131.688 saham dengan nilai nominal Rp 1.000.000 (Rupiah penuh) per saham atau setara dengan Rp 131.688.000.000 (Rupiah penuh), yang merupakan 21,24% kepemilikan Perusahaan pada tanggal 31 Desember 2013.

The Company owns 131,688 shares at par value of Rp 1,000,000 (full Rupiah) per share or equivalent to Rp 131,688,000,000 (full Rupiah) representing 21.24% ownership as of December 31, 2013.


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10. Aset Keuangan Lainnya

10. Other Financial Assets

Perusahaan memiliki penyertaan saham yang dikategorikan sebagai aset keuangan tersedia untuk di jual yang dicatat sebagai harga perolehan sebagai berikut:

The Company has investment in shares categorized as available-for-sale financial asset that accounted for at cost which detail as follow: 2013

Perusahaan/ Company 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 Net One Limited (MNOL)

PT Jakarta Lingkar Barat Satu (JLB)

Status/ Status

Rp

2012 %

Rp

%

Operasi/ Operate Operasi/ Operate Pengakhiran PKP/ Termination of Concession Operasi/ Operate Pengakhiran PKP/ Termination of Concession Belum Operasi/ Not Yet Operated Operasi/ Operate Pengakhiran PKP/ Termination of Concession Pengakhiran PKP/ Termination of Concession

28,000,000 20,000,000

1.94 5.26

28,000,000 20,000,000

1.94 5.26

9,500,000 5,500,000

10.00 6.47

9,500,000 5,500,000

10.00 6.47

4,725,000

15.00

4,725,000

15.00

4,143,438 3,332,000

2.47 1.47

4,143,438 3,332,000

2.47 1.47

2,780,862

8.33

2,780,862

8.33

15,291

10.00

15,291

10.00

Operasi/ Operate

180,632,000 258,628,591

19.10

180,632,000 258,628,591

19.10

Total

258,628,591

258,628,591

(9,499,999)

(9,499,999)

(4,724,999)

(4,724,999)

(2,780,860)

(2,780,860)

(15,289)

(15,289)

(17,021,147)

(17,021,147)

241,607,444

241,607,444

Dikurangi/Deducted: Penurunan Nilai Penyertaan pada MNB/ Impairment of Investment in MNB Penurunan Nilai Penyertaan pada CMSP/ Impairment of Investment in CMSP Penurunan Nilai Penyertaan pada MME/ Impairment of Investment in MME Penurunan Nilai Penyertaan pada MNOL/ Impairment of Investment in MNOL Total

a. PT Citra Marga Nusaphala Persada Tbk (CMNP) PT Citra Marga Nusaphala Persada didirikan berdasarkan Akta No. 58, tanggal 13 April 1987 dari Notaris Kartini Muljadi, SH, juncto Akta No.19 dan 20, tanggal 11 Juli 2001 dari Notaris Siti Pertiwi Henny Singgih, SH. Penyertaan pada CMNP dilakukan sehubungan dengan penyelenggaraan proyek jalan tol Cawang Tanjung Priok-Jembatan Tiga. Tahun 1997, Perusahaan meningkatkan penyertaan saham pada CMNP menjadi 355.760.000 saham dengan menggunakan hak pada penawaran umum terbatas sebanyak 177.880.000 saham dengan nilai nominal Rp 500 (Rupiah penuh) per saham atau sebesar d1/February 19, 2014

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 was made in relation 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 of Rp 500 (full Rupiah) per share or amounting to Rp 88,940,000,000 (full Rupiah) as a 52

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Rp 88.940.000.000 (Rupiah penuh) sehingga seluruh penyertaan berjumlah Rp 133.410.000.000 (Rupiah penuh) yang merupakan 17,79% kepemilikan.

result, the total investment amounting to Rp 133,410,000,000 (full Rupiah) representing 17.79% ownership.

Pada 28 Desember 2006, Perusahaan menjual sejumlah 271.186.000 saham atau sebesar Rp 91.123.000.000 (Rupiah penuh) dengan harga Rp 1.770 (Rupiah penuh) per saham atau Rp 479.999.220.000 (Rupiah penuh) sehingga sisa pernyertaan Perusahaan di CMNP menjadi sebesar 4,23% atau 84.574.000 saham dengan nilai nominal Rp 500 (Rupiah penuh) per lembar atau Rp 42.287.000.000 (Rupiah penuh). Perusahaan menerima hasil penjualan bersih saham sebesar Rp 477.316.024.360 (Rupiah penuh) pada tanggal 4 Januari 2007.

On December 28, 2006, the Company sold 271,186,000 shares or equivalent to Rp 91,123,000,000 (full Rupiah) of the investment at a price of Rp 1,770 (full Rupiah) per share or in total Rp 479,999,220,000 (full Rupiah). Therefore, the Company's ownership in CMNP became 4.23% or 84,574,000 shares with par value of Rp 500 (full Rupiah) per share or in total Rp 42,287,000,000 (full Rupiah). The Company received the net proceeds from sale of shares on January 4, 2007 amounting to Rp 477,316,024,360 (full Rupiah).

Pada tahun 2007, Perusahaan telah menjual 1.535.500 saham atau setara dengan Rp 3.598.475.000 (Rupiah penuh) dengan harga berkisar antara Rp 2.300 (Rupiah penuh) dan Rp 2.425 (Rupiah penuh) per saham dengan membukukan keuntungan bersih sebesar Rp 2.818.130.337 (Rupiah penuh) sehingga bersisa 83.038.500 saham atau 4,15% kepemilikan. Pada tahun 2008, Perusahaan menjual 0,07% atau 1.393.500 saham atau setara dengan Rp 3.212.550.000 (Rupiah penuh) dengan harga berkisar antara Rp 2.300 (Rupiah penuh) dan Rp 2.325 (Rupiah penuh) per saham dengan membukukan keuntungan bersih sebesar Rp 696.750.000 (Rupiah penuh) sehingga sisa penyertaan di CMNP adalah 4,08%. Pada April 2012, Perusahaan telah menjual 81.645.000 saham atau setara dengan Rp 40.822.500.000 (Rupiah penuh) dengan harga Rp 2.300 (Rupiah penuh) per saham dengan membukukan keuntungan bersih sebesar Rp 146.961.000.000 (Rupiah penuh) sehingga per 31 Desember 2013 Perusahaan sudah tidak mempunyai penyertaan saham pada CMNP.

In 2007, the Company sold 1,535,500 shares or equivalent to Rp 3,598,475,000 (full Rupiah) of the investment at price among of Rp 2,300 (full Rupiah) and Rp 2,425 (full Rupiah) per share and recorded gain on sale amounting to Rp 2,818,130,337 (full Rupiah), therefore, the Company’s shares remain 83,038,500 shares or 4.15% ownership. In 2008, the Company sold 1,393,500 shares represent 0.07% or equivalent to Rp 3,212,550,000 (full Rupiah) at price range of Rp 2,300 (full Rupiah) to Rp 2,325 (full Rupiah) per share and recorded gain on sale amounting to Rp 696,750,000 (full Rupiah) and therefore, the Company’s shares to become 4.08% ownership. At April 2012, the Company sold 81,645,000 shares or equivalent to Rp 40,822,500,000 (full Rupiah) of the investment at price Rp 2,300 (full Rupiah) per share and recorded gain on sale amounting to Rp 146,961,000,000 (full Rupiah), therefore, as of December 31, 2013 the Company has no shares ownership in CMNP.

b. PT Marga Mandala Sakti (MMS) PT Marga Mandala Sakti didirikan berdasarkan Akta No. 14, tanggal 4 Oktober 1989 dari Notaris Kartini Muljadi, SH. Penyertaan pada MMS dilakukan sehubungan dengan penyelenggaraan proyek jalan tol Tangerang – Merak. Perusahaan memiliki 28.000.000 saham dengan nilai nominal Rp 1.000 (Rupiah penuh) per saham atau setara dengan Rp 28.000.000.000 (Rupiah penuh) yang merupakan 8,68% kepemilikan. Berdasarkan Akta No. 4, tanggal 4 April 1995 dari Notaris Sutjipto, SH, penyertaan saham Perusahaan pada MMS sebesar 14.000.000 saham dengan nilai nominal Rp 1.000 (Rupiah penuh) per saham telah dijaminkan oleh MMS sehubungan dengan fasilitas kredit sindikasi yang diperoleh MMS.

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 Rupiah) per share or equivalent to Rp 28,000,000,000 (full Rupiah), 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 Rupiah) per share has been pledged by the Company connection with syndicated credit facilities received by MMS.

Berdasarkan risalah RUPSLB dengan Akta No. 5, tanggal 9 Desember 2004 dari Notaris Hendra Karyadi,

Based on the minutes of the Extraordinary General Meeting of Shareholders as included in the Deed No. 5


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SH, para pemegang saham menyetujui penerbitan 921.310.773 saham baru kepada pemegang obligasi konversi. Para pemegang saham lama menyatakan telah melepaskan hak masing-masing untuk membeli saham baru yang diterbitkan kepada pemegang obligasi konversi tersebut. Perubahan pemegang saham tersebut sesuai dengan Akta No. 11, tanggal 1 Agustus 2005 dari Notaris Benny Kristianto, SH, mengenai perubahan pemegang saham MMS dan telah diterima oleh Departemen Hukum dan Hak Asasi Manusia Direktorat Administrasi Hukum Umum No.C-UM.02.01.14078, tanggal 23 September 2005, sehingga kepemilikan Perusahaan pada MMS menjadi 1,94%.

dated December 9, 2004 of Notary Hendra Karyadi, SH 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 ownership in MMS become 1.94%.

c. PT Citra Margatama Surabaya (CMS) PT Citra Margatama Surabaya didirikan berdasarkan Akta No. 99, tanggal 26 Desember 1996 dari Notaris Siti Pertiwi Henny Singgih, SH. Penyertaan pada CMS dilakukan sehubungan dengan penyelenggaraan proyek Jalan Tol Waru–Juanda. Perusahaan memiliki 8.550.000 saham dengan nilai nominal Rp 1.000 (Rupiah penuh) per saham atau sebesar Rp 8.550.000.000 (Rupiah penuh) yang merupakan 15% kepemilikan.

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 was made in relation to the constructions and operations of the Waru-Juanda toll road project. The Company owns 8,550,000 shares at par value of Rp 1,000 (full Rupiah) per share or equivalent to Rp 8,550,000,000 (full Rupiah), representing 15% ownership.

Berdasarkan Akta No. 717 tanggal 27 Juni 2007 dari Notaris Margaretha Dynawati, SH, para pemegang saham antara lain menyetujui peningkatan modal ditempatkan dan disetor penuh menjadi Rp 380.000.000.000 (Rupiah penuh). Perusahaan hanya melakukan setoran modal sebesar Rp 20.000.000.000 (Rupiah penuh) dari Rp 48.000.000.000 (Rupiah penuh) yang ditetapkan. Dengan demikian kepemilikan Perusahaan di CMS mengalami penurunan menjadi 5,26% yang merupakan 20.000.000 saham dengan nilai nominal Rp 1.000 (Rupiah penuh) per saham atau setara dengan Rp 20.000.000.000 (Rupiah penuh).

Based on the Deed No. 717, dated June 27, 2007 of Notary Margaretha Dynawati, SH, the shareholders agreed to increase the issued and paid up capital to become Rp 380,000,000,000 (full Rupiah). The Company had paid up capital amounted to Rp 20,000,000,000 (full Rupiah) from total Rp 48,000,000,000 (full Rupiah). Therefore, the Company’s ownership in CMS was decreased to become 5.26%, representing 20,000,000 shares at par value of Rp 1,000 (full Rupiah) per share or equivalent to Rp 20,000,000,000 (full Rupiah).

Berdasarkan Akta No. 40, tanggal 21 Mei 2005 dari Notaris Poerbaningsih Adi Warsito, SH, Perusahaan dan CMS mengadakan Perjanjian Kuasa Penyelenggaraan yang mengubah wewenang penyelenggaraan jalan tol Waru–Tanjung Perak menjadi kurang lebih 12 Km. Perjanjian Kuasa Penyelenggaraan telah dialihkan menjadi Perjanjian Pengusahaan Jalan Tol (PPJT) antara Pemerintah dengan CMS pada tanggal 12 Pebruari 2007 dengan masa hak pengusahaan (konsesi) hingga tahun 2040.

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 with the concession right until year 2040.

Jalan Tol Waru–Juanda telah beroperasi sejak April 2008.

Waru-Juanda toll road has been operated since April 2008.

d. PT Marga Nurindo Bhakti (MNB) PT Marga Nurindo Bhakti didirikan berdasarkan Akta No. 9, tanggal 2 Desember 1991 dari Notaris BRAY Mahyastoeti Notonogoro, SH, juncto Akta No. 19,

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


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tanggal 4 Maret 1998 dari Agus Madjid, SH. Penyertaan pada MNB dilakukan sehubungan dengan penyelenggaraan proyek Jalan Tol JORR Seksi S dan E1 (Pondok Pinang – Jagorawi – Cikunir). Perusahaan memiliki 1.350 saham dengan nilai nominal Rp 10.000.000 (Rupiah penuh) per saham atau setara dengan Rp 13.500.000.000 (Rupiah penuh) yang merupakan 10% kepemilikan.

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 (Pondok Pinang – Jagorawi – Cikunir). The Company owns 1,350 shares at par value of Rp 10,000,000 (full Rupiah) per share or equivalent to Rp 13,500,000,000 (full Rupiah), representing 10% ownership.

Berdasarkan surat Perusahaan kepada MNB No. AA.HK.02.1143, tanggal 11 Agustus 2000, Perusahaan mengambil alih proyek yang dibangun oleh MNB. Pengambilalihan proyek ini mengakibatkan penyertaan Perusahaan dinilai sudah tidak memiliki nilai ekonomis dan mengakui kerugian atas penurunan nilai penyertaan yang bersifat permanen sebagai beban tahun 2000 sebesar Rp 9.499.999.000 (Rupiah penuh).

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 Rupiah).

e. PT Margabumi Matraraya (MBM) PT Margabumi Matraraya didirikan berdasarkan Akta No. 15, tanggal 15 Pebruari 1991 dari Notaris Tawangningrum Purwono, SH, juncto Akta No. 15 tanggal 13 Agustus 1997 dari Notaris Agus Hashim Admad, SH. Penyertaan pada MBM dilakukan sehubungan dengan penyelenggaraan proyek jalan tol Surabaya – Gresik. Perusahaan memiliki 550 saham dengan nilai nominal Rp 10.000.000 (Rupiah penuh) per saham atau setara dengan Rp 5.500.000.000 (Rupiah penuh) yang merupakan 6,47% kepemilikan.

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 constructions and operations of the Surabaya – Gresik toll road. The Company owns 550 shares at par value of Rp 10,000,000 (full Rupiah) per share or amounting to Rp 5,500,000,000 (full Rupiah), representing 6.47% ownership.

f. PT Citra Mataram Satriamarga Persada (CMSP) PT Citra Mataram Satriamarga Persada didirikan berdasarkan Akta No. 36, tanggal 12 April 1996 dari Notaris Siti Pertiwi Henny Singgih, SH. Penyertaan pada CMSP dilakukan sehubungan dengan penyelenggaraan proyek jalan tol JORR Seksi W2 (Kebon Jeruk – Pondok Pinang). Perusahaan memiliki 4.725.000 saham dengan nilai nominal Rp 1.000 (Rupiah penuh) per saham atau setara dengan Rp 4.725.000.000 (Rupiah penuh) yang merupakan 15% kepemilikan.

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 Rupiah) per share or equivalent to Rp 4,725,000,000 (full Rupiah) representing 15% ownership.

Berdasarkan surat Perusahaan kepada CMSP No. AA.HK.02.820, tanggal 21 Juni 2000, dinyatakan mengenai pengambilalihan proyek dan pengakhiran PKP. Penyertaan Perusahaan pada CMSP ini dipandang sudah tidak memiliki nilai ekonomis, sehingga Perusahaan mengakui kerugian atas penurunan nilai penyertaan sebagai beban tahun 2000 sebesar Rp 4.724.999.000 (Rupiah penuh).

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 impairment of this investment as an expense in 2000 amounting to Rp 4,724,999,000 (full Rupiah).

g. PT Margaraya Jawa Tol (MJT) PT Margaraya Jawa Tol didirikan berdasarkan Akta No. 18, tanggal 6 Juni 1997 dari Notaris Enimarya Agoes Suwarako, SH. Penyertaan pada MJT dilakukan sehubungan dengan penyelenggaraan proyek Jalan Tol Waru (Aloha) – Tanjung Perak. Perusahaan

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


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memiliki 4.143.438 saham dengan nilai nominal Rp 1.000 (Rupiah penuh) per saham atau setara dengan Rp 4.143.438.000 (Rupiah penuh) yang merupakan 5% kepemilikan.

owned 4,143,438 shares at par value of Rp 1,000 (full Rupiah), amounting to Rp 4,143,438,000 (full Rupiah), or representing 5% ownership.

Berdasarkan Rapat Umum Pemegang Saham Luar Biasa mengenai restrukturisasi MJT yang tercantum dalam Akta No. 17 tanggal 20 Oktober 2004 dari Notaris Adrian Djuaini, SH, Perusahaan memperoleh 1.250.000 saham dari hasil kapitalisasi atau konversi 20.000.000 saham baru sehingga kepemilikan saham Perusahaan menjadi 5.393.438 saham atau setara dengan Rp 5.393.438.000 (Rupiah penuh). Selain itu, MJT juga mengeluarkan saham baru dari saham portepel sebanyak 110.458.000 saham. Perusahaan tidak ambil bagian dalam tambahan setoran modal disetor tersebut sehingga kepemilikan Perusahaan mengalami penurunan menjadi 2,47%. Pemerintah dan MJT telah menandatangani PPJT pada tanggal 19 Juli 2007 dengan masa konsesi hingga tahun 2047.

Based on the Extraordinary General Meeting of Shareholders, regarding MJT restructuring, as included 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 Rupiah). 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 to become 2.47%. The Government and MJT have entered into Concession Rights Agreement on July 19, 2007 with concession period until year 2047.

h. PT Bosowa Marga Nusantara (BMN) PT Bosowa Marga Nusantara didirikan berdasarkan Akta No. 20, tanggal 12 April 1993 dari Notaris Mestariany Habie, SH. Penyertaan pada BMN dilakukan sehubungan dengan penyelenggaraan proyek jalan tol Ujung Pandang yaitu Jalan Satando – Simpang Urip Sumoharjo/Petta Rani (tahap l) – Jalan Sultan Alauddin (tahap ll). Berdasarkan Akta No. 25, tanggal 5 September 1998, Perusahaan memiliki 3.332 saham dengan nilai nominal Rp 1.000.000 (Rupiah penuh) per saham atau setara dengan Rp 3.332.000.000 (Rupiah penuh) yang merupakan 10% kepemilikan.

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 was made in relation 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 Rupiah) per share or equivalent to Rp 3,332,000,000 (full Rupiah), representing 10% ownership.

Keputusan Menteri Pekerjaan Umum No. 276/KPTS/1994, tanggal 26 Agustus 1994 dan Akta No. 322, tanggal 29 Agustus 1994, dari Notaris Mestariany Habie, SH, menyatakan bahwa BMN mengoperasikan jalan tol selama 30 tahun untuk tahap I dan tahap II akan ditentukan kemudian namun tidak lebih dari 30 tahun sejak dioperasikannya jalan tol baik sebagian atau seluruhnya. Ruas jalan tol Ujung Pandang tahap I dan II telah dioperasikan sejak tahun 1998.

The Decree of the Minister 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 and Phase II of the Ujung Pandang toll road has been operated since 1998.

Berdasarkan perubahan Anggaran Dasar BMN yang tercantum dalam Akta Karin Christiana Basoeki, S.H, No.13 tanggal 16 Mei 2008 terdapat peningkatan modal dasar, ditempatkan dan disetor perusahaan. Dengan adanya perubahan tersebut penyertaan saham Perusahaan terdilusi menjadi 1,47%.

Based on amanded the Article of Association of BMN as stated on the Deed No.13 dated May 16, 2008 of notary Karin Christiana Basoeki, S.H, there was the increase of the company’s authorized, issued and fully paid in capital. As result of such amendment, the Company’s investment in shares has been diluted to 1.47%.

i. PT Marga Mawatindo Esprit (MME) PT Marga Mawatindo Esprit didirikan berdasarkan Akta No. 96, tanggal 30 Mei 1997 dari Notaris Siti Pertiwi Henny Singgih, SH. Penyertaan pada MME dilakukan sehubungan dengan penyelenggaraan proyek jalan tol

i. 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


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Semarang – Demak. Perusahaan memiliki 1.154.364 saham dengan nilai nominal Rp 2.409 (Rupiah penuh) per saham atau setara dengan Rp 2.780.862.876 (Rupiah penuh) yang merupakan 8,33% kepemilikan.

Semarang – Demak toll road. The Company owns 1,154,364 shares at par value of Rp 2,409 (full Rupiah) per share or equivalent to Rp 2,780,862,876 (full Rupiah), representing 8.33% ownership.

Berdasarkan Surat No. 001/SPK-DIR/2003, tanggal 6 Januari 2003, Perusahaan dan MME sepakat untuk mengakhiri Perjanjian Kuasa Penyelenggaraan No. 58, tanggal 25 Pebruari 1998. Pengakhiran PKP ini mengakibatkan penyertaan pada perusahaan ini tidak memiliki nilai ekonomis, sehingga Perusahaan mengakui adanya kerugian atas penurunan nilai penyertaan yang bersifat permanen sebagai beban tahun 2002 sebesar Rp 2.780.861.876 (Rupiah penuh).

Based on Letter No. 001/SPK-DIR/2003, dated January 6, 2003, the Company and MME agreed to terminate the Concession Rights Agreement No. 58, dated February 25, 1998. The result of such termination of Concession Rights Agreement 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 Rupiah).

j. PT Marga Net One Limited (MNOL) PT Marga Net One Limited didirikan berdasarkan 57 hukum Negara Bangladesh sebagaimana termuat dalam Incoporated Under The Company Act 1994 (ACT-XVIII of 1994) (Private Company Limited By Shares) dan Memorandum of Association of Marga Net One Limited, tanggal 29 Pebruari 2003 juncto Certificate of Incoporation No. C-50732 (1027)/ 2003 tanggal 11 Oktober 2003 yang dikeluarkan Registrar of Joint Stock Companies Bangladesh.

j. PT Marga Net One Limited (MNOL) PT 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.

Berdasarkan Memorandum of Association of MNOL, tanggal 29 Pebruari 2003, Perusahaan memiliki 200 saham dengan nominal TK 100 (mata uang Taka penuh) per lembar saham atau 10% kepemilikan dan setoran modal sejumlah USD 1.800 (Dolar penuh) atau setara dengan Rp 15.290.775 (Rupiah penuh) yang dilakukan pada 2 September 2003.

Based on the Memorandum of Association of MNOL dated February 29, 2003, the Company owns 200 shares at par value of TK 100 (full Taka amount) per share or 10% ownership and paid in capital amounting to USD 1,800 (full Rupiah) or equivalent to Rp 15,290,775 (full Rupiah) was subscribed on September 2, 2003.

Perusahaan sepakat melakukan kerjasama pemberian jasa teknik dalam manajemen pengumpulan tol, manajemen lalu lintas dan manajemen pemeliharaan atas pengelolaan dan pengoperasian jembatan tol Jamuna di Bangladesh selama 5 tahun.

The Company agreed to render technical services by providing a management of toll collecting, traffic management, and management of maintenance for the operations of the Jamuna toll bridge in Bangladesh for 5 years.

Perusahaan menganggap penyertaan pada MNOL sudah tidak memiliki nilai ekonomis disebabkan tidak adanya kepastian pengembalian investasi atas penyertaannya dan mengakui kerugian atas penurunan nilai penyertaan yang bersifat permanen sebagai beban tahun 2006 sebesar Rp 15.289.775 (Rupiah penuh).

The Company has identified that the investment in MNOL does not have any expected future economic benefit and the Company recognized the loss on impairment of the investment amounted to Rp 15,289,775 (full Rupiah) as an expense in 2006.

k. PT Jakarta Lingkar Baratsatu (JLB) Perusahaan telah melakukan pengakhiran kerjasama penyelenggaraan jalan tol JORR Seksi W1 dan pencabutan izin kerjasama dalam Surat Keputusan Menteri Pekerjaan Umum No. 80/KPTS/1997, tanggal 4 April 1997 sehubungan dengan tidak adanya kejelasan kelanjutan pembangunan proyek jalan tol JORR W-1. Menunjuk surat Menteri Pekerjaan Umum No. JL.0103-Mn/271, tanggal 31 Maret 2005, Menteri Pekerjaan Umum meminta Perusahaan dan JLB melakukan penilaian kembali tentang kelayakan untuk

k. PT Jakarta Lingkar Baratsatu (JLB) The Company had terminated cooperation in completing Toll Road JORR Section W1 and withdrawn cooperation license in the Decree of the Minister of Public Works No. 80/KPTS/1997 dated April 4, 1997 due to there’s no clear willingness to continue construction project of Toll Road JORR W-1. With reference to the Decree of the Minister of Public Works No. JL.0103-Mn/271 dated March 31, 2005, the Minister of Public Works asked the Company and JLB to conduct reevaluation on the feasibility of continuing cooperation in development of


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kerjasama dalam pelaksanaan melanjutkan pembangunan ruas jalan tol JORR Seksi W-1.

Toll Road JORR Section W-1.

Pada tanggal 2 Pebruari 2007, PT Jakarta Lingkar Baratsatu (JLB) selaku pemegang hak pengusahaan jalan tol JORR Seksi W-1 telah menandatangani Perjanjian Pengusahaan Jalan Tol (PPJT) JORR Seksi W-1 No. 02/PPJT/II/Mn/2007 dengan masa konsesi selama 35 tahun dan berlaku efektif sejak 2 Pebruari 2007. Berdasarkan perjanjian penyertaan saham pada JLB No.2 tanggal 4 Pebruari 2009 dari Notaris Febrian, SH, Perusahaan melakukan penyertaan pada JLB dengan cara in-kind berupa bangunan Simpang Susun Penjaringan dengan nilai penyertaan sebesar Rp 180.632.000.000 (Rupiah penuh) atau setara dengan 180.632 saham dengan nilai nominal Rp 1.000.000 per-lembar, atau setara dengan 23% penyertaan dari total saham ditempatkan.

On February 2, 2007, PT Jakarta Lingkar Baratsatu (JLB) as the owner of concession rights of Toll Road JORR Section W1 has entered into Contract of Concession Toll Road JORR Section W-1 No. 02/PPJT/II/Mn/2007 with concession period of 35 years and effectively on February 2, 2007. Based on agreement of the investments in shares of JLB No.2 dated February 4, 2009 from Notary Febrian, SH, the Company had participated in JLB with in-kind method for building of Simpang Susun Penjaringan with participation value of Rp 180,632,000,000 (full Rupiah) or equivalent with 180,632 shares wih par value Rp 1,000,000 per share, or equivalent to 23% participation from total issued share capital.

Berdasarkan Berita Acara Rapat Umum Luar Biasa Pemegang Saham No.18 tanggal 28 September 2009 dari Notaris Kartono SH, penyertaan Perusahaan secara in-kind berupa bangunan Simpang Susun Penjaringan dengan nilai Rp 180.632.000.000 (Rupiah penuh) terdiri dari 180.632 lembar atau 19,1 % kepemilikan.

Based on Minutes of the Extraordinary General Meeting of Shareholders No.18 dated September 28, 2009 by Notary Kartono SH, the Company participation with inkind method were in form of Simpang Susun Penjaringan building amounting to Rp 180,632,000,000 (full Rupiah) consisting of 180.632 shares or 19.1% ownership.

11. Aset Tetap

11. Property and Equipment Saldo Awal/ Beginning Balance

31 Desember/ December 2013 Penambahan/ Pengurangan/ Addition Disposals

Saldo Akhir/ Ending Balance

Harga Perolehan Aset Tetap Pemilikan Langsung

Acquisition Cost 3,515,187 145,866,546 580,000,957 37,043,819 766,426,509

-55,107,277 194,992,743 16,151,695 266,251,715

185,400 389,276 1,100,000 2,709,430 4,384,106

3,329,787 200,584,547 773,893,700 50,486,084 1,028,294,118

Direct Acquisition Assets Land Rights Office and Other Buildings Operational and Office Equipment Vehicles Sub Total

112,480,223 112,480,223

16,988,196 16,988,196

32,339,887 32,339,887

97,128,532 97,128,532

Finance Lease Assets Sub Total

76,339,726 76,339,726

89,301,732 89,301,732

69,908,715 69,908,715

95,732,743 95,732,743

Construction in Progress Sub Total

955,246,458

372,541,643

106,632,708

1,221,155,393

Total Acquisition Cost

Aset Sewa Guna Usaha Total Akumulasi Penyusutan

59,033,036 417,086,406 24,280,262 500,399,704 32,339,887 532,739,591

15,841,309 105,044,205 6,907,096 127,792,610 2,475,496 130,268,106

230,276 32,568,593 2,081,781 34,880,650 -34,880,650

74,644,069 489,562,018 29,105,577 593,311,664 34,815,383 628,127,047

Finance Lease Assets Total Accumulated of Depreciations

Nilai Buku

422,506,867

593,028,346

Book Value

Hak atas Tanah Gedung Kantor dan Bangunan Lain Peralatan Operasi dan Kantor Kendaraan Bermotor Sub Total Aset Sewa Guna Usaha Sub Total Aset Tetap dalam Konstruksi Sub Total Total Harga Perolehan Akumulasi Penyusutan Gedung Kantor dan Bangunan Lain Peralatan Operasi dan Kantor Kendaraan Bermotor


Accumulated Depreciation

58

Offiice and Other Buildings Operational and Office Equipment Vehicles

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Untuk Tahun-tahun yang Berakhir pada Tanggal 31 Desember 2013 dan 2012 (Dalam Ribuan Rupiah, Kecuali Dinyatakan Lain) Saldo Awal/ Beginning Balance

For the Years Ended December 31, 2013 and 2012 (In Thousands of Rupiah, Unless Otherwise Stated) 31 Desember/ December 2012 Penambahan/ Pengurangan/ Addition Disposals

Saldo Akhir/ Ending Balance

Harga Perolehan Aset Tetap Pemilikan Langsung

Acquisition Cost 3,684,116 150,120,532 552,772,261 39,463,346 746,040,255

-3,500,000 44,197,004 2,977,701 50,674,705

168,929 7,753,986 16,968,308 5,397,228 30,288,451

3,515,187 145,866,546 580,000,957 37,043,819 766,426,509

Direct Acquisition Assets Land Rights Office and Other Buildings Operational and Office Equipment Vehicles Sub Total

Aset Sewa Guna Usaha Sub Total

45,176,526 45,176,526

67,303,697 67,303,697

---

112,480,223 112,480,223

Finance Lease Assets Sub Total

Aset Tetap dalam Konstruksi Sub Total

32,115,574 32,115,574

121,552,334 121,552,334

77,328,182 77,328,182

76,339,726 76,339,726

Construction in Progress Sub Total

823,332,355

239,530,736

107,616,633

955,246,458

Total Acquisition Cost

Aset Sewa Guna Usaha Total Akumulasi Penyusutan

53,280,238 323,198,472 24,887,272 401,365,982 24,867,778 426,233,760

6,108,740 94,131,897 3,972,152 104,212,789 8,474,787 112,687,576

355,942 243,963 4,579,162 5,179,067 1,002,678 6,181,745

59,033,036 417,086,406 24,280,262 500,399,704 32,339,887 532,739,591

Finance Lease Assets Total Accumulated of Depreciations

Nilai Buku

397,098,595

422,506,867

Book Value

Hak atas Tanah Gedung Kantor dan Bangunan Lain Peralatan Operasi dan Kantor Kendaraan Bermotor Sub Total

Total Harga Perolehan Akumulasi Penyusutan Gedung Kantor dan Bangunan Lain Peralatan Operasi dan Kantor Kendaraan Bermotor

Accumulated Depreciation

Alokasi Beban Penyusutan Aset Tetap Sebagai Berikut:

Beban Pengumpulan Tol Beban Pemeliharaan Jalan Tol Beban Umum dan Administrasi Beban Pelayanan Pemakai Jalan Tol

Offiice and Other Buildings Operational and Office Equipment Vehicles

Allocation of Depreciation Expenses as follows:

2013 Rp

2012 Rp

68,191,177 33,293,259 27,059,774 1,723,896

69,492,257 7,097,353 32,126,071 3,971,895

130,268,106

112,687,576

Toll Collection Expenses Toll Road Maintenance Expenses General and Administrative Expenses Toll Road Service Expenses

Aset tetap gedung dan peralatan telah diasuransikan terhadap risiko gempa bumi, kebakaran, pencurian dan risiko lainnya, kepada PT Asuransi Jasa Indonesia (Persero) sebesar Rp 274.548.343.578 (Rupiah penuh), PT Jasa Raharja Putera sebesar Rp 98.764.500.000 (Rupiah penuh), PT Asuransi Staco Mandiri sebesar Rp 23.116.912.000 (Rupiah penuh), PT Asuransi Takaful Umum sebesar Rp 4.252.049.050 (Rupiah penuh), PT Asuransi Himalaya Pelindung sebesar Rp 60.600.000.000, PT Asuransi Purna Artanugraha sebesar Rp 28.827.215.970 (Rupiah penuh) dan PT Asuransi Bina Dana Arta Tbk sebesar Rp 39.002.793.750 (Rupiah penuh) per 31 Desember 2013.

Building and equipments have been insured against earthquake, fire, theft and other risks associated with the property and equipment to PT Asuransi Jasa Indonesia (Persero) amounting to Rp 274,548,343,578 (full Rupiah), PT Jasa Raharja Putera amounting to Rp 98,764,500,000 (full Rupiah), PT Asuransi Staco Mandiri amounting to Rp 23,116,912,000 (full Rupiah), PT Asuransi Takaful Umum amounting to Rp 4,252,049,050 (full Rupiah), PT Asuransi Himalaya Pelindung amountin to Rp 60,600,000,000, PT Asuransi Purna Artanugraha amounting to Rp 28,827,215,970 (full Rupiah) and PT Asuransi Bina Dana Arta Tbk amounting to Rp 39,002,793,750 (full Rupiah) as of December 31, 2013.

Manajemen berpendapat bahwa nilai pertanggungan tersebut cukup untuk menutupi kemungkinan kerugian atas aset yang dipertanggungkan.

Management believes that the insured amounts are adequate to cover possible losses that might arise from the assets insured.


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Rincian tingkat penyelesaian atas aset tetap dalam konstruksi per 31 Desember 2013 dan 31 Desember 2012 adalah sebagai berikut:

The detail of property and equipment under construction in progress as of December 31, 2013 and 2012 are as follows: 2013

2012 Persentase Penyelesaian/ Percentage Completion

Rp Gedung Kantor/ Office Buildings Bangunan Sarana Pelengkap/Facility Buildings

78,146,082 17,586,661

Total

95,732,743

Rp

50% 98%

53,347,079 22,992,647

47% 7%

76,339,726

12. Aset Takberwujud

12. Intangible Assets

a. Hak Pengusahaan Jalan Tol

a. Saldo Awal/ Beginning Balance Rp

Biaya Perolehan Akumulasi Amortisasi

21.851.814.512 3.304.108.914

Nilai Buku

18.547.705.598

Saldo Awal/ Beginning Balance Rp Biaya Perolehan Akumulasi Amortisasi

18,380,122,431 2,809,034,385

Nilai Buku

15,571,088,046

Beban Pemeliharaan Jalan Tol Beban Pelayanan Pemakai Jalan Tol Beban Pengumpulan Tol

Toll Road Concession Rights

31 Desember/ December 2013 Penambahan/ Pengurangan/ Additions Disposals Rp Rp 4.298.687.938 546.122.143

Saldo Akhir/ Ending Balance Rp ---

31 Desember/ December 2012 Penambahan/ Pengurangan/ Additions Disposals Rp Rp 3,471,692,081 495,074,529

Alokasi beban amortisasi Hak Pengelolaan Jalan Tol sebagai berikut:

26.150.502.450 3.850.231.057

Cost Accumulated Amortization

22.300.271.393

Book Value

Saldo Akhir/ Ending Balance Rp ---

21,851,814,512 3,304,108,914

Cost Accumulated Amortization

18,547,705,598

Book Value

Allocation of amortization Toll Road Concession Rights expenses as follows:

2013 Rp

2012 Rp

474.594.854 54.080.527 17.446.762

424.442.444 56.727.295 13.904.790

546.122.143

495.074.529

Kapitalisasi bunga pinjaman dalam masa konstruksi ke dalam hak pengelolaan jalan tol adalah sebagai berikut:


Persentase Penyelesaian/ Percentage Completion

Toll Road Maintenance Expenses Toll Road Service Expenses Toll Collection Expenses

Capitalization of interest during construction to the toll road concession rights are as follows:

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Kredit Bank Sindikasi PT Bank Mandiri (Persero) Tbk PT Bank Bank Negara Indonesia (Persero) Tbk PT Bank Rakyat Indonesia (Persero) Tbk PT Bank Pembangunan Daerah DKI PT Bank Central Asia Tbk PT Bank Pembangunan Daerah Jawa Barat dan Banten Tbk PT Bank Pembangunan Daerah Jawa Timur Tbk PT Bank Tabungan Negara (Persero) Tbk PT Bank Pembangunan Daerah Bali PT Bank Bukopin Tbk PT Bank Pembangunan Daerah Jawa Tengah PT Bank Pembangunan Daerah Sumatera Utara Sub Total Bunga Pinjaman PT Bank Mandiri (Persero) Tbk PT Bank Bank Negara Indonesia (Persero) Tbk PT Bank Rakyat Indonesia (Persero) Tbk PT Bank Pembangunan Daerah DKI PT Bank Central Asia Tbk PT Bank Tabungan Negara (Persero) Tbk PT Bank Pembangunan Daerah Bali PT Bank Pembangunan Daerah Jawa Barat dan Banten Tbk PT Bank Pembangunan Daerah Jawa Timur Tbk PT Bank Pembangunan Daerah Jawa Tengah PT Bank Bukopin Tbk PT Bank Pembangunan Daerah Sumatera Utara Sub Total Total

2012 Rp

1,306,589,787 550,206,691 456,221,805 124,887,016 112,624,451

741,296,452 871,114,845 659,761,819 11,726,070 53,780,508

86,953,452 60,208,493 58,733,651 56,312,226 6,839,115 4,806,868 3,520,546

38,467,473 19,370,769 28,046,535 26,890,254 45,159,639 25,979,154 14,645,895

Syndicated Bank Loans PT Bank Mandiri (Persero) Tbk PT Bank Bank Negara Indonesia (Persero) Tbk PT Bank Rakyat Indonesia (Persero) Tbk PT Bank Pembangunan Daerah DKI PT Bank Central Asia Tbk PT Bank Pembangunan Daerah Jawa Barat dan Banten Tbk PT Bank Pembangunan Daerah Jawa Timur Tbk PT Bank Tabungan Negara (Persero) Tbk PT Bank Pembangunan Daerah Bali PT Bank Bukopin Tbk PT Bank Pembangunan Daerah Jawa Tengah PT Bank Pembangunan Daerah Sumatera Utara

2,827,904,101

2,536,239,413

Sub Total

80,407,346 17,124,264 16,732,216 7,653,653 7,079,593 3,692,008 3,539,797

71,793,633 77,876,619 47,920,899 -207,567 108,246 210,712

2,608,524 2,064,426 ----

372,881 126,681 3,803,700 3,082,706 70,223

Interest During Construction PT Bank Mandiri (Persero) Tbk PT Bank Bank Negara Indonesia (Persero) Tbk PT Bank Rakyat Indonesia (Persero) Tbk PT Bank Pembangunan Daerah DKI PT Bank Central Asia Tbk PT Bank Tabungan Negara (Persero) Tbk PT Bank Pembangunan Daerah Bali PT Bank Pembangunan Daerah Jawa Barat dan Banten Tbk PT Bank Pembangunan Daerah Jawa Timur Tbk PT Bank Pembangunan Daerah Jawa Tengah PT Bank Bukopin Tbk PT Bank Pembangunan Daerah Sumatera Utara

140,901,827

205,573,867

Sub Total

2,968,805,928

2,741,813,280

Total

b. Aset Takberwujud Lainnya

b. Others Intangible Assets

Akun ini merupakan biaya perolehan persiapan konstruksi jalan tol yang antara lain terdiri dari biaya pembebasan lahan, biaya perencanaan dan pengembangan proyek, dan biaya lainnya. Saldo Awal/ Beginning Balance Rp Tanah Pra-Konstruksi Perangkat Lunak

338,821,284 23,275,968

Total

362,097,252


This account is the cost of highway construction preparation which is comprised of the cost of land acquisition, planning and project development costs, and other costs.

31 Desember/ December 2013 Penambahan/ Pengurangan/ Additions Disposals Rp Rp 439,129,096 --

61

147,911,956 12,195,854

Saldo Akhir/ Ending Balance Rp 630,038,424 11,080,114

Pre-Construction Land Software

641,118,538

Total

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Untuk Tahun-tahun yang Berakhir pada Tanggal 31 Desember 2013 dan 2012 (Dalam Ribuan Rupiah, Kecuali Dinyatakan Lain) Saldo Awal/ Beginning Balance Rp Tanah Pra-Konstruksi Perangkat Lunak

210,445,102 2,745,005

Total

213,190,107

For the Years Ended December 31, 2013 and 2012 (In Thousands of Rupiah, Unless Otherwise Stated) 31 Desember/ December 2012 Penambahan/ Pengurangan/ Additions Disposals Rp Rp 128,377,182 20,530,963

1,000 --

13. Goodwill

Total

338,821,284 23,275,968

Pre-Construction Land Software

362,097,252

Total

13. Goodwill 2013 Rp

2012 Rp

36,879,508 2,120,709 2,848,350

36,879,508 2,120,709 2,848,350

41,848,567

41,848,567

Nilai Tercatat Akuisisi PT Marga Nujyasumo Agung Akuisisi PT Marga Kunciran Cengkareng Akuisisi PT Sarana Marga Utama

Saldo Akhir/ Ending Balance Rp

Carrying Amount Acquisition of PT Marga Nujyasumo Agung Acquisition of PT Marga Kunciran Cengkareng Acquisition of PT Sarana Marga Utama Total

Berdasarkan Akta Perubahan Anggaran Dasar No.23, tanggal 10 Januari 2007, dari Notaris Buntario Tigris, SH dan telah mendapat persetujuan dari Menteri Hukum dan Hak Asasi Manusia dengan Surat Keputusan No.W700655.HT.01.04.Th.2007 tanggal 18 Januari 2007, pemegang saham PT Marga Nujyasumo Agung (MNA) menyetujui peningkatan modal dasar serta modal ditempatkan dan modal disetor masing-masing menjadi Rp 600.000.000.000 (Rupiah penuh) dan Rp 350.000.000.000 (Rupiah penuh) melalui penerbitan saham baru.

Based on the Deed of Changes of Articles of Association No. 23 dated January 10, 2007 of Notary Buntario Tigris, SH and as approved by the Minister of Law and Human Rights through Decree No.W7-00655.HT.01.04.Th.2007 dated January 18, 2007, the shareholders of PT Marga Nujyasumo Agung (MNA) agreed to increase its authorized capital and the issued and paid in capital to become Rp 600,000,000,000 (full Rupiah) and Rp 350,000,000,000 (full Rupiah), respectively, through a rights issue.

Berdasarkan kesepakatan bersama No. 46 tanggal 18 Pebruari 2009 dari Notaris Johny Dwikora Aron, SH atas peningkatan modal dasar tersebut, Perusahaan mengambil bagian sebesar Rp 330.000.000.000 (Rupiah penuh) atau setara dengan 55% penyertaan. Dengan demikian, klasifikasi investasi Perusahaan pada MNA berubah dari investasi jangka panjang menjadi konsolidasian. Peningkatan di MNA ini dilakukan dengan akuisisi saham dari beberapa pemegang saham di MNA yaitu PT Moeladi, PT Kaliurang Daya Cipta, PT Dressa Cipta, PT Induco Matra dan pembelian saham portepel PT Marga Nujyasumo Agung.

Based on the Deed No.46 dated February 18, 2009 of Notary Johny Dwikora Aron, SH regarding the increasing of authorized capital, the Company participated in capital amounting to Rp 330,000,000,000 (full Rupiah) or representing 55% ownership. Therefore, the Company’s investment in MNA changed from long term investment to become consolidation. The capital increase in MNA was getting done by doing acquisition from the shareholders of MNA consisted of PT Moeladi, PT Kaliurang Daya Cipta, PT Dressa Cipta, PT Induco Matra and MNA’s shares.

Pada tahun 2009 Perusahaan telah mencatat goodwill Rp 36.879.508.000 (Rupiah penuh) berdasarkan estimasi yang dilakukan Perusahaan dan nilai yang tercatat pada tahun 2010 sebesar Rp 70.693.667.450 (Rupiah penuh) telah disesuaikan dengan hasil penilaian dari apraisal independen.

In 2009, the Company has recorded goodwill which was estimated by the Company amounting to Rp 36,879,508,000 (full Rupiah) and the carrying value in 2010 amounted to Rp 70.693.667.450 (full Rupiah) has been adjusted for appraisal value from the independent appraisal.

Pada tahun 2010 Perusahaan melakukan akuisisi terhadap PT Marga Kunciran Cengkareng (MKC) yang bergerak dalam bidang jalan tol dengan jumlah penyertaan saham sebesar 75% kepemilikan. Perusahaan telah mencatat goodwill yang timbul dari akuisisi ini.

In 2010, the Company acquired PT Marga Kunciran Cengkareng (MKC), a company engaged in toll road with value of investment of shares representing 75% ownership. The Company has recorded goodwill arose from this acquisition.


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Pada tahun 2010, Perusahaan juga telah melakukan akuisisi pada PT Sarana Margabhakti Utama (SMBU) yang bergerak di bidang jasa konstruksi, perdagangan dan persewaan kendaraan. Jumlah akuisisi adalah sebesar 99% kepemilikan saham. Perusahaan telah mencatat goodwill yang timbul dari akuisisi ini.

In 2010, the Company also acquired PT Sarana Margabhakti Utama (SMBU) which is engaged in construction, trading and rental vehicles. Total acquisition value amounted to 99% ownership. The Company has recorded goodwill arose from this acquisition.

Berdasarkan Akta Notaris No. 108 tanggal 10 Pebruari 2011 dari Notaris H. Feby Rubein Hidayat, SH., Notaris di Jakarta terdapat perubahan nama PT Sarana Margabhakti Utama (SMBU) menjadi PT Sarana Marga Utama (SMU).

Based on Notarial Deed No. 108 dated February 10, 2011 from Notary H. Feby Rubein Hidayat, SH., a Notary in Jakarta, there was a change of name from PT Sarana Margabhakti Utama (SMBU) become PT Sarana Marga Utama (SMU).

14. Aset Lain-lain

14. Other Assets 2013 Rp

2012 Rp

51,485,132 54,877,581 34,203,915

183,585,661 49,904,731 34,203,915

12,027,508 -4,673,373

12,027,508 2,534,209 9,924,819

Advance for Contractors Guarantees Foreclosed Assets Surabaya – Gempol Toll Road Porong-Gempol Section Net - Deferred Charges Others

Total Aset Lain-lain

157,267,509

292,180,843

Total Other Assets

Penyisihan Penurunan Nilai Aset

(26,302,053)

(26,302,053)

Allowance for Impairment Losses

Total – Bersih

130,965,456

265,878,790

Total – Net

Uang Muka Kontraktor Jaminan Aset Diambil Alih Jalan Tol Ruas Surabaya – Gempol Seksi Porong – Gempol Biaya Ditangguhkan – Bersih Lainnya

a. Aset Diambil Alih Aset diambil alih dari pengakhiran Perjanjian Kuasa Penyelenggaraan (PKP) adalah sebagai berikut:

a. Foreclosed Assets Foreclosed assets from termination of Concession Rights Agreements are as follows:

2013 Rp

2012 Rp

Ruas Tol Semarang-Demak (MME) Ruas Tol Cileunyi-Nagrek (PT Wijaya Karya) Ruas Tol Pandaan-Pasuruan (PT Giri Adya Sejati)

20,129,778 12,000,000 2,074,137

20,129,778 Toll Road Semarang-Demak (MME) 12,000,000 Toll Road Cileunyi-Nagrek (PT Wijaya Karya) 2,074,137 Toll Road Pandaan-Pasuruan (PT Giri Adya Sejati)

Sub Total

34,203,915

34,203,915

Penyisihan Penurunan Nilai Aset: Ruas Tol Semarang-Demak (MME) Ruas Tol Cileunyi-Nagrek (PT Wijaya Karya) Ruas Tol Pandaan-Pasuruan (PT Giri Adya Sejati)

12,227,916 12,000,000 2,074,137

Allowance for Impairment Losses: 12,227,916 Ruas Tol Semarang-Demak (MME) 12,000,000 Ruas Tol Cileunyi-Nagrek (PT Wijaya Karya) 2,074,137 Ruas Tol Pandaan-Pasuruan (PT Giri Adya Sejati)

Sub Total

26,302,053

26,302,053

b. Uang Muka Merupakan uang muka kontraktor dan konsultan dalam rangka pembangunan jalan tol, pelapisan ulang, pengadaan peralatan jalan tol dan pengadaan jalan lain yang akan diperhitungkan dengan tagihan atas kemajuan pekerjaan kontraktor dan konsultan.


Sub Total

Sub Total

b. Advances Represents down payments to contractors and consultants for toll road construction, overlay, toll road equipment procurement and other road procurements and are calculated from the invoice of working progress from the contractors and consultants.

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15. Utang Usaha

15. Accounts Payable

Merupakan utang kepada pemasok untuk pengadaan barang cetakan, alat tulis kantor, karcis tol, obat-obatan dan pakaian dinas serta utang usaha atas jasa pemeliharaan dan pembersihan jalan tol.

Represent payables to suppliers associated with the procurement of printing goods, office stationery, toll tickets, medicine, uniform, toll road maintenance and cleaning services.

2013 Rp

2012 Rp

Pihak Berelasi (Catatan 44) Pihak Ketiga

7,990,621 72,678,278

9,852,756 82,190,871

Related Parties (Note 44) Third Parties

Total

80,668,899

92,043,627

Total

16. Utang Kontraktor

16. Contractors Payable

Merupakan utang kepada kontraktor, konsultan dan rekanan sehubungan dengan pembangunan jalan, pelapisan ulang, pengadaan fasilitas tol dan bangunan lain.

Represents payables to contractors, consultants and partners associated with the construction of roads, overlay and procurement of toll facilities and other buildings.

2013 Rp Pihak Berelasi (Catatan 44) Pihak Ketiga PT Aremix 3M PT Manikam Mega Persada PT Jaya Konstruksi Manggala Pratama Tbk PT Delameta Bilano PT Perkasa Adiguna Sembada PT Module Intracs Yasatama PT Widya Sapta Colas PT Kadi International PT Tata Guna Patria PT Bauer Pratama Indonesia PT Sumber Batu PT Citra Cahaya Trimanunggal PT Roadmixindo Raya PT Merakindo Mix PT Wiga Nusantara Sejati PT Pancatunggal Karsasejati PT Perkasa Adiguna PT Aremix Planindo PT Areabangun PS Lain-lain (masing-masing dibawah Rp 2 Milyar) Subtotal Total


2012 Rp

1,018,819,471

1,094,451,677

Related Parties (Note 44)

17,805,793 13,855,080 10,481,810 10,474,087 7,020,997 7,003,216 6,074,078 4,073,554 3,922,033 2,554,174 2,463,756 2,436,599 2,259,859 2,171,369 -----42,032,405

--4,241,828 ---13,475,498 -------4,369,311 9,214,027 2,593,012 3,210,277 3,510,996 189,947,541

134,628,810

230,562,490

Pihak Ketiga PT Aremix 3M PT Manikam Mega Persada PT Jaya Konstruksi Manggala Pratama Tbk PT Delameta Bilano PT Perkasa Adiguna Sembada PT Module Intracs Yasatama PT Widya Sapta Colas PT Kadi International PT Tata Guna Patria PT Bauer Pratama Indonesia PT Sumber Batu PT Citra Cahaya Trimanunggal PT Roadmixindo Raya PT Merakindo Mix PT Wiga Nusantara Sejati PT Pancatunggal Karsasejati PT Perkasa Adiguna PT Aremix Planindo PT Areabangun PS Others (each below Rp 2 Billion) Subtotal

1,153,448,281

1,325,014,167

Total

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17. Utang Lain-lain

17. Other Payables 2013 Rp

Pihak Berelasi (Catatan 44)

2012 Rp

9,858,000

9,858,000


Pihak Ketiga PT PPA Finance PT Astra Credit Company Sumbangan Area Pramuka Cibubur & TMII Lainnya

12,262,599 2,799,979 2,388,715 38,958,111

1,990,898 1,805,114 2,388,715 20,341,311

Third Parties PT PPA Finance PT Astra Credit Company Contribution to Pramuka Cibubur Area & TMII Others

Sub Total

56,409,404

26,526,038

Sub Total

Total

66,267,404

36,384,038

Total

Utang kepada pihak berelasi merupakan utang kepada PT Jatim Marga Utama (JMU) yang merupakan setoran modal sebagai penyertaan pada JMU yang diterima kembali oleh Perusahaan pada bulan April 2003.

Payable to related party represented payable to PT Jatim Marga Utama (JMU) for payment related to the Company's investment in JMU that was received by the Company in April 2003.

Sumbangan Area Pramuka Cibubur dan Taman Mini Indonesia Indah merupakan sumbangan Perusahaan kepada Kwartir Nasional Gerakan Pramuka dan Taman Mini Indonesia lndah yang didasarkan pada Keputusan Presiden No.14 Tahun 1981 tentang penggunaan sebagian dari pendapatan tol pada pintu gerbang menuju/dari Taman Mini Indonesia lndah dan Arena Pramuka Cibubur. Namun, sejak tanggal 26 Januari 2008, Pemerintah mengeluarkan Peraturan Presiden No.3 Tahun 2008 mengenai pencabutan Keputusan Presiden No.14 Tahun 1981.

Contribution to Pramuka Cibubur Area and Taman Mini Indonesia lndah (TMII) represents the Company's contribution to Kwartir Nasional Gerakan Pramuka Cibubur and TMII that is based on Presidential Decree No.14 year 1981 regarding the use of a portion of toll revenue at the gateway to/from Taman Mini Indonesia Indah and Cibubur Scout Area Toll gates. However, since the date of January 26, 2008, the Government issued Presidential Regulation No.3 year 2008 for the revocation of the Presidential Decree No.14 year 1981.

18. Beban Akrual

18. Accrued Expenses 2013 Rp

2012 Rp Interest Expenses

Beban Bunga Obligasi Utang Bank PT Bank Central Asia Tbk Pihak Berelasi (Catatan 44) Utang Bank Sindikasi Utang Bantuan Pemerintah Beban Gaji dan Tunjangan Beban Umum dan Administrasi Beban Kerjasama Operasi Lain-lain

77,530,340

114,176,093

7,971,200 2,979,167 15,971,358 -118,064,239 155,431,430 66,890,996 19,839,883

17,326,813 2,760,417 3,534,016 134,659 123,235,535 84,060,590 66,890,996 25,197,993

Bonds Bank Loans PT Bank Central Asia Tbk Related Party (Note 44) Syndicated Bank Loan Loan from Government Salaries and Allowances Expenses General and Administrative Expenses Joint Operation Expenses Others

Total

464,678,613

437,317,112

Total


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19. Utang Bank

19. Bank Loans

Bagian Jangka Pendek:

Pihak Berelasi (Catatan 44) Pihak Ketiga PT Bank Central Asia Tbk PT Bank DBS Indonesia PT Bank Pembangunan Daerah Jawa Barat dan Banten Tbk Total

Current Portion: 2013 Rp

2012 Rp

292,972,283

258,500,000

636,007,177 19,833,171

1,380,028,297 --

2,244,880

2,250,000

658,085,228

1,382,278,297

951,057,511

1,640,778,297

Bagian Jangka Panjang:

Pihak Ketiga PT Bank Pembangunan Daerah DKI PT Bank Central Asia Tbk PT Bank Pembangunan Daerah Jawa Timur Tbk PT Bank Pembangunan Daerah Jawa Barat dan Banten Tbk PT Bank Pembangunan Daerah Sumatera Utara PT Bank Pembangunan Daerah Bali PT Bank Bukopin Tbk PT Bank Pembangunan Daerah Jawa Tengah Total

Third Parties PT Bank Central Asia Tbk PT Bank DBS Indonesia PT Bank Pembangunan Daerah Jawa Barat dan Banten Tbk Total

Long Term Portion: 2013 Rp

Pihak Berelasi (Catatan 44)


2012 Rp

4,632,708,859

2,772,099,080

130,226,657 119,704,044

42,475,224 53,988,074

119,398,896

19,497,449

88,924,692

38,440,353

75,988,929 59,852,022 51,835,794 41,558,060

14,716,119 26,994,037 48,242,345 29,782,855

687,489,094

274,136,456

5,320,197,953

3,046,235,536

Related Parties (Note 44) Third Parties PT Bank Pembangunan Daerah DKI PT Bank Central Asia Tbk PT Bank Pembangunan Daerah Jawa Timur Tbk PT Bank Pembangunan Daerah Jawa Barat dan Banten Tbk PT Bank Pembangunan Daerah Sumatera Utara PT Bank Pembangunan Daerah Bali PT Bank Bukopin Tbk PT Bank Pembangunan Daerah Jawa Tengah Total

Persyaratan rasio keuangan Perusahaan berdasarkan perjanjian kredit masing-masing bank adalah Rasio Utang terhadap Ekuitas (DER) maksimal 5:1 dan Interest Coverage Ratio (ICR) minimal 1,25:1.

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.

Pinjaman pada PT Bank Central Asia Tbk a. Berdasarkan Akta Perjanjian Kredit Modal Kerja No. 28, tanggal 11 Juli 2003, yang telah mengalami beberapa kali perubahan dan terakhir dengan Akta Adendum perjanjian kredit No.05 tanggal 12 Agustus 2013 dari Notaris Ir. Nanette Cahyanie Handari Adi Warsito, SH, Perusahaan memperoleh fasilitas pinjaman sebesar Rp 150.000.000.000 (Rupiah penuh) untuk jangka waktu 1 tahun. Tingkat suku bunga pinjaman sama dengan suku bunga deposito rupiah untuk jangka waktu 3 (tiga) bulan yang berlaku di BCA untuk nilai nominal deposito lebih besar atau sama dengan Rp 25.000.000.000 (Rupiah penuh) yang dipublikasikan

Loan from PT Bank Central Asia Tbk a. Based on the Deed of Working Capital Credit Agreement No. 28, dated July 11, 2003 and lastly amended by the Deed of Amendment to Credit Agreement No. 05, dated August 12, 2013 of Notary Ir. Nanette Cahyanie Handari Adi Warsito, SH, the Company has obtained loan facilities amounting to Rp 150,000,000,000 (full Rupiah) for a period of 1 year.The loan interest rate equal to the rate of rupiah deposits for a period of 3 (three) months in the BCA applies to the nominal value of deposits greater than or equal to Rp 25,000,000,000 (full Rupiah), published in general plus 3.9% per annum. The maturity of this


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secara umum ditambah 3,9% per tahun. Batas waktu jatuh tempo fasilitas Kredit Modal Kerja tersebut diperpanjang menjadi 13 Agustus 2014. Perusahaan tidak memberikan jaminan terhadap pinjaman ini. Utang bank diberikan secara Negative Pledge, sehingga debitur tidak menyerahkan jaminan/ agunan yang sifatnya preferen dan/atau separatis baik kepada bank maupun kepada kreditur lainnya. Pada tanggal 30 Oktober 2013 Perusahaan telah melakukan pelunasan untuk pinjaman bank tersebut.

working capital credit facility has been extended to August 13, 2014. The Company does not provide a guarantee against the loan. The bank loan is given by Negative Pledge, so that the debtor does not submit guarantee/collateral that are preferred and/or separated either to the bank or other creditors. On Oct 30, 2013, The Company has fully paid the bank loan.

b. Berdasarkan Akta Perjanjian Kredit Investasi No. 37, tanggal 25 Oktober 2005 dibuat dihadapan Notaris Ir. Nanette Cahyanie Handari Adi Warsito, SH, Perseroan mendapatkan fasilitas kredit investasi dengan tujuan untuk pembiayaan proyek jalan tol JORR II (Seksi E1, E3) sebesar Rp 350.000.000.000 (Rupiah penuh). Akta ini diubah dengan Akta Adendum Perjanjian Kredit Investasi No. 53, tanggal 28 April 2006 untuk fasilitas kredit investasi sebesar Rp 310.000.000.000 (Rupiah penuh) dan Akta Perjanjian Kredit No. 54, tanggal 28 April 2006 sebagaimana kemudian diubah dalam Akta Adendum Perjanjian Kredit Modal Kerja No. 6, tanggal 10 Agustus 2006 dari Notaris Ir. Nanette Cahyanie Handari Adi Warsito, SH, Akta Adendum Perjanjian Kredit No. 47 tanggal 29 Maret 2007 dan Akta Adendum Perjanjian Kredit No. 06 tanggal 6 Juni 2007 dari Notaris Poerbaningsih Adi Warsito, SH, Perusahaan memperoleh fasilitas time loan revolving sebesar Rp 40.000.000.000 (Rupiah penuh) untuk jangka waktu 1 tahun dan mendapat tambahan jumlah pokok fasilitas kredit sebesar Rp 596.000.000.000 (Rupiah penuh) sehingga jumlah fasilitas yang diterima Perusahaan menjadi Rp 636.000.000.000 (Rupiah penuh), tingkat suku bunga pinjaman sama dengan suku bunga deposito rupiah untuk jangka waktu 3 (tiga) bulan yang berlaku di BCA untuk nilai nominal deposito lebih besar atau sama dengan Rp. 25.000.000.000 (Rupiah penuh) yang dipublikasikan secara umum ditambah 3,9% per tahun. Berdasarkan Akta Adendum No. 07 tanggal 12 Agustus 2013, jangka waktu kredit diperpanjang dari 13 Agustus 2013 menjadi jatuh tempo pada 13 Agustus 2014. Perusahaan tidak memberikan jaminan terhadap pinjaman ini. Utang bank diberikan secara Negative Pledge, sehingga debitur tidak menyerahkan jaminan/ agunan yang sifatnya preferen dan/atau separatis baik kepada bank maupun kepada kreditur lainnya. Jumlah pinjaman bank pada 31 Desember 2013 sebesar Rp 636.000.000.000 (Rupiah penuh).

b. Based on the Deed of Credit Agreement No. 37, dated October 25, 2005 of Notary Ir. Nanette Cahyanie Handari Adi Warsito, SH, the Company has obtained loan facilities amounting to Rp 350,000,000,000 (full Rupiah) 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 Rupiah) and based on the Deed of Credit Agreement No. 54 dated April 28, 2006 as changed in Deed of Amendment 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 Amendment to Credit Agreement No. 06 dated June 6, 2007 of Notary Ir. Nanette Cahyanie Handari Adi Warsito, SH, the Company has obtained time loan revolving facility amounting to Rp 40,000,000,000 (full Rupiah) for a period of 1 year and an additional credit facility amounting to Rp 596,000,000,000 (full Rupiah). Total facilities obtained by the Company were amounting to Rp 636,000,000,000 (full Rupiah), the loan interest rate equal to the rate of rupiah deposits for a period of 3 (three) months in the BCA applies to the nominal value of deposits greater than or equal to Rp. 25,000,000,000 (full Rupiah), published in general plus 3.9% per annum. Based on the Deed of Amendment No. 07 dated August 12, 2013, the maturity of the loan has been extended from August 13, 2013 to August 13, 2014. The Company does not provide a guarantee against the loan. The bank loan is given by Negative Pledge, so that the debtor does not submit guarantee/collateral that are preferred and/or separated either to the bank or other creditors. The Total outstanding loan as of December 31, 2013 amounting to Rp 636,000,000,000 (full Rupiah).

c. Berdasarkan Akta Perjanjian Kredit No. 33, tanggal 13 Agustus 2009, dari Notaris Ir. Nanette Cahyanie Handari Adi Warsito, SH, Perusahaan mendapatkan fasilitas kredit dari PT Bank Central Asia Tbk (BCA) sebesar Rp 375.000.000.000 (Rupiah penuh), untuk jangka waktu 1 tahun. Tingkat suku bunga pinjaman sama dengan suku bunga deposito rupiah untuk jangka

c. Based on the Deed of Credit Agreement No. 33, dated August 13, 2009, from Notary Ir. Nanette Cahyanie Handari Adi Warsito, SH, the Company obtained credit facility from PT Bank Central Asia Tbk (BCA) amounting to Rp 375,000,000,000 (full Rupiah), for the period of 1 year. the loan interest rate equal to the rate of rupiah deposits for a period of 3 (three) months in the BCA


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waktu 3 (tiga) bulan yang berlaku di BCA untuk nilai nominal deposito lebih besar atau sama dengan Rp. 25.000.000.000 (Rupiah penuh) yang dipublikasikan secara umum ditambah 3,9% per tahun. Perjanjian tersebut telah mengalami perubahan dengan Akta Adendum No. 06 tanggal 12 Agustus 2013, sehingga jatuh tempo kredit menjadi 13 Agustus 2014. Perusahaan tidak memberikan jaminan terhadap pinjaman ini. Utang bank diberikan secara Negative Pledge, sehingga debitur tidak menyerahkan jaminan/ agunan yang sifatnya preferen dan/atau separatis baik kepada bank maupun kepada kreditur lainnya. Pada tanggal 30 Oktober 2013 Perusahaan telah melakukan pelunasan untuk pinjaman bank tersebut.

applies to the nominal value of deposits greater than or equal to Rp. 25,000,000,000 (full Rupiah), published in general plus 3.9% per annum. The Deed most recently, was amended by the Deed of Amendment No. 06 dated August 12, 2013, so that the maturity has been extended to August 13, 2014. The Company does not provide a guarantee against the loan. The bank loan is given by Negative Pledge, so that the debtor does not submit guarantee/collateral that are preferred and/or separated either to the bank or other creditors. On Oct 30, 2013, The Company has fully paid the bank loan.

d. Berdasarkan Akta Perjanjian Kredit No. 67, tanggal 31 Mei 2010, dari Notaris Poerbaningsih Adi Warsito, SH, Perusahaan mendapatkan fasilitas kredit dari PT Bank Central Asia Tbk (BCA) sebesar Rp 1.000.000.000.000 (Rupiah penuh) untuk jangka waktu selama 1 tahun dan berakhir pada tanggal 31 Mei 2011. Akta ini diperpanjang dengan Akta No. 08 tanggal 12 Agustus 2013 dan jatuh tempo pada 13 Agustus 2014. Pinjaman ini akan digunakan untuk pembiayaan modal kerja (KMK). Tingkat suku bunga pinjaman sama dengan suku bunga deposito rupiah untuk jangka waktu 3 (tiga) bulan yang berlaku di BCA untuk nilai nominal deposito lebih besar atau sama dengan Rp. 25.000.000.000 (Rupiah penuh) yang dipublikasikan secara umum ditambah 3,9% per tahun. Perusahaan wajib membayar provisi kepada BCA sebesar 0,25% per tahun dihitung secara proporsional. Perusahaan tidak memberikan jaminan terhadap pinjaman ini. Utang bank diberikan secara Negative Pledge, sehingga debitur tidak menyerahkan jaminan/ agunan yang sifatnya preferen dan/atau separatis baik kepada bank maupun kepada kreditur lainnya. Pada tanggal 13 November 2013 Perusahaan telah melakukan pelunasan untuk pinjaman bank tersebut.

d. Based on the Deed of Credit Agreement No. 67, dated May 31, 2010 of Notary Ir. Nanette Cahyanie Handari Adi Warsito, SH, the Company has obtained a loan facility from PT Bank Central Asia Tbk (BCA) amounted Rp 1,000,000,000,000 (full Rupiah) for the period of 1 year and ended May 31, 2011. The Deed has been extended by the Deed of Amendment No. 08 dated August 12, 2013 and ended on August 13, 2014. The objective of the loan is for financing working capital. the loan interest rate equal to the rate of rupiah deposits for a period of 3 (three) months in the BCA applies to the nominal value of deposits greater than or equal to Rp. 25,000,000,000 (full Rupiah), published in general plus 3.9% per annum. The Company obliged to pay the provision fee to BCA at 0.25% per annum calculated proportionally. The Company does not provide a guarantee against the loan. The bank loan is given by Negative Pledge, so that the debtor does not submit guarantee/collateral that are preferred and/or separated either to the bank or other creditors. On Nov 13, 2013, The Company has fully paid the bank loan.

Pinjaman pada PT Bank Mandiri (Persero) Tbk Berdasarkan Akta Perjanjian Kredit No. 22, tanggal 09 Agustus 2010, yang telah mengalami perubahan dengan Akta Addendum No.03 tanggal 02 Agustus 2013 dari Notaris Ir. Nanette Cahyani Handari Adi Warsito, SH, Perusahaan memperoleh fasilitas pinjaman sebesar Rp 1.000.000.000.000 (Rupiah penuh) untuk jangka waktu 1 tahun. Tingkat bunga pinjaman mengacu pada suku bunga deposito 3 (tiga) bulan Bank ditambah 4,00% (empat persen) . Batas waktu jatuh tempo fasilitas kredit modal kerja tersebut diperpanjang menjadi 08 Agustus 2014. Perusahaan wajib membayar provisi kepada PT Bank Mandiri (Persero) Tbk sebesar 0,25% per tahun dihitung secara proporsional. Perusahaan tidak memberikan jaminan terhadap pinjaman ini. Utang bank diberikan secara Negative Pledge, sehingga debitur tidak menyerahkan jaminan/ agunan yang sifatnya preferen dan/atau separatis baik kepada bank maupun kepada kreditur lainnya. Sampai

Loan from PT Bank Mandiri (Persero) Tbk Based on the Deed of Credit Agreement No. 22, dated August 09, 2010 which lastly amended by the Deed of Amendment to Credit Agreement No.03, dated August 02, 2013 of Notary Ir. Nanette Cahyani Handari Adi Warsito, SH, the Company has obtained loan facilities amounting to Rp 1,000,000,000,000 (full Rupiah) for a period of 1 year. The loan interest rate refers to the deposit rate 3 (three) months Bank plus 4.00% (four percent). The maturity of this working capital credit facility has been extended to August 08, 2014. The company obliged to pay the provision fee to PT Bank Mandiri (Persero) Tbk at 0.25% per annum calculated proportionally. The Company does not provide a guarantee against the loan. The bank loan is given by Negative Pledge, so that the debtor does not submit guarantee/collateral that are preferred and/or separated either to the bank or other creditors. Until the date of the financial statements, as of December 31, 2013, the


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dengan laporan keuangan dibuat, pada tanggal 31 Desember 2013, Perusahaan telah mencairkan fasilitas kredit tersebut sebesar Rp 250.000.000.000 (Rupiah penuh).

Company has drawdown the loan facility amounting to Rp 250,000,000,000 (full Rupiah).

Pinjaman pada PT Bank DBS Indonesia PT Sarana Marga Utama (Entitas Anak) mengadakan perjanjian gadai No. 29/PG-DBSI/II/2013 antara Perusahaan dengan PT Bank DBS Indonesia yang dituangkan dalam akta notaris Sulistyanigsih, SH, No. 88 tanggal 22 Februari 2013, Perusahaan memperoleh fasilitas perbankan dari Bank dalam bentuk Uncommitted Revolving Credit Facility dengan jumlah fasilitas tersedia maksimum sebesar Rp 30.000.000.000, Uncommitted Omnibus Facility dengan jumlah fasilitas tersedia maksimum sebesar Rp 10.000.000.000 dan Uncommitted Bank Guarantee Facility dengan jumlah fasilitas tersedia maksimum sebesar Rp 10.000.000.000 Semua fasilitas kredit berakhir pada tanggal 22 February 2014 atas masa kredit 1 tahun, dengan pembebanan tingkat suku bunga sebesar 10,25 – 10,75% pertahun berbasis mengambang.

Loan from PT Bank DBS Indonesia PT Sarana Marga Utama (the Subsidiary) held the agreement of Pledge No. 29/PG-DBSI/II/2013 between the company and PT Bank DBS Indonesia noted in the notary deed Sulistyanigsih, SH, no. 88 dated February 22, 2013, the company acquired the banking facilities from banks in the form of Uncommitted Revolving Credit Facility with a maximum amount of available facilities amounting to Rp 30,000,000,000, Uncommitted Omnibus Facility with maximum amount of facilities available at Rp 10,000,000,000 and Uncommitted Bank Guarantee Facility with maximum amount of facilities available at Rp 10,000,000,000. All of credit facility expired on the 22nd of February 2014 1 year credit period is over, with the imposition of interest rate of 10.25 - 10.75% per year based floating.

Pinjaman Sindikasi dengan PT Bank Mandiri (Persero) Tbk, PT Bank Negara Indonesia (Persero) Tbk, PT Bank Rakyat Indonesia (Persero) Tbk, PT Bank Pembangunan Daerah Jawa Barat dan Banten Tbk dan PT Bank Bukopin Tbk

Syndicates Loan from PT Bank Mandiri (Persero) Tbk, PT Bank Negara Indonesia (Persero) Tbk, PT Bank Rakyat Indonesia (Persero) Tbk, PT Bank Pembangunan Daerah Jawa Barat dan Banten Tbk and PT Bank Bukopin Tbk

a. PT Marga Sarana Jabar (MSJ) Pada tanggal 18 Nopember 2009, MSJ mengadakan perjanjian kredit sindikasi antara MSJ dengan PT Bank Mandiri (Persero) Tbk, PT Bank Negara Indonesia (Persero) Tbk, PT Bank Rakyat Indonesia (Persero) Tbk dan PT Bank Pembangunan Daerah Jawa Barat dan Banten Tbk berdasarkan Akta Perjanjian Kredit Sindikasi No. 64, tanggal 18 Nopember 2009 oleh Notaris Fatimah, SH. Fasilitas kredit yang diberikan adalah maksimum sebesar Rp 1.053.447.000.000 (Rupiah penuh) dan jatuh tempo pada tanggal 6 Maret 2022. Pinjaman ini dikenakan suku bunga sebesar 14,16% per tahun untuk pinjaman tahap pertama dan 11.62% pertahun untuk pinjaman tahap kedua. Saldo Per 31 Desember 2013 adalah Rp 440.669.655.567 (Rupiah penuh), dengan jaminan atas pendapatan jalan tol sesuai akta perjanjian No. 43 tanggal 16 Desember 2009 oleh Notaris Fatimah, SH.

a. PT Marga Sarana Jabar (MSJ) On November 18, 2009, MSJ obtained syndicate credit agreement between MSJ with PT Bank Mandiri (Persero) Tbk, PT Bank Negara Indonesia (Persero) Tbk, PT Bank Rakyat Indonesia (Persero) Tbk and PT Bank Pembangunan Daerah Jawa Barat dan Banten Tbk based on the Deed of Syndicate Credit Agreement No. 64 dated November 18, 2009 of Notary Fatimah, SH. Credit facility is granted with maximum limit amounting to Rp 1,053,447,000,000 (full Rupiah) and will mature on March 6, 2022, The interest loan rate is 14.16% per annum for the first phase and 11.62% for the second phase. As of March 31, 2013, the outstanding loan amounting to Rp 440,669,655,567 (full Rupiah), provided with collateral in form of toll road revenue as stipulated in the Deed No. 43 dated December 16, 2009 of Notary Fatimah, SH.

b. PT Marga Nujyasumo Agung (MNA) Pada tanggal 24 Januari 2007, MNA telah mengadakan perjanjian kredit sindikasi dengan PT Bank Negara Indonesia Tbk, PT Bank Rakyat Indonesia Tbk dan PT Bank Bukopin Tbk, dan telah dikuatkan dengan akta Perjanjian Kredit Sindikasi No. 33, tanggal 24 Januari 2007 oleh Fatimah, SH, Notaris di Jakarta. Fasilitas kredit yang diterima MNA adalah maksimum sebesar Rp 1.526.000.000.000 (Rupiah penuh) yang terdiri dari Fasilitas Kredit Investasi sebesar Rp 1.374.576.000.000 (Rupiah penuh) dan Fasilitas

b. PT Marga Nujyasumo Agung (MNA) On January 24, 2007, MNA entered into syndicated credit agreement with PT Bank Negara Indonesia Tbk, PT Bank Rakyat Indonesia Tbk dan PT Bank Bukopin Tbk as put forth into Deed of Syndicated Credit Agreement No.33 dated January 24, 2007 of Fatimah, SH, Notary in Jakarta. The credit facility granted by MNA with the maximum limit of Rp 1,526,000,000,000 (full Rupiah) comprises of Investment Credit Facility amounting to Rp 1,374,576,000,000 (full Rupiah) and Interest During


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Bunga Masa Konstruksi (Interest During Construction) sebesar Rp 151.424.000.000 (Rupiah penuh), dengan jangka waktu 44 Triwulan atau 11 tahun termasuk masa tenggang 2 tahun 6 bulan terhitung sejak ditandatanganinya akta dan berakhir pada tanggal 24 Januari 2018. Atas pinjaman ini perusahaan dikenakan suku bunga secara Weighted Average atas dasar suku bunga yang disampaikan oleh masingmasing kreditur kepada agen fasilitas yaitu PT Bank Negara Indonesia Tbk. Untuk pertama kalinya bunga dibebankan sebesar 16% pertahun. Jaminan pinjaman antara lain Tagihan atas pendapatan tol dan pendapatan usaha lain yang akan diikat secara fidusia dengan nilai penjaminan sebesar Rp 3.356.656.000.000 (Rupiah penuh). Saldo 31 Desember 2013 sebesar Rp 687.404.318.724 (rupiah penuh).

Construction Facility amounting to Rp 151,424,000,000 (full Rupiah), with term of credit for 44 quarter or 11 years including grace period of 2 years and 6 months since the signing of loan agreement deed and will mature on January 24, 2018. The interest were charged on weighted average rate on the basis of the rate of each bank which were provided to the PT Bank Negara Indonesia Tbk as the agent of the syndicated banks. For the first time interest loan changed was 16% per annum. The loan is proved with collaterals consisting of toll road revenue and other operating revenues which are binded fiducially with the amount of guarantee of Rp 3,356,656,000,000 (full Rupiah). The outstanding loan as of December 31, 2013 amounting to Rp 687,404,318,724 (full Rupiah).

c. PT Trans Marga Jateng (TMJ) Berdasarkan Perjanjian Kredit No. 21 tanggal 11 Desember 2009, TMJ mengadakan perjanjian kredit sindikasi dengan PT Bank Negara Indonesia (Persero) Tbk, PT Bank Mandiri (Persero) Tbk, PT Bank Rakyat Indonesia (Persero) Tbk, PT Bank Pembangunan Daerah Jawa Tengah untuk pembiayaan Proyek Jalan Tol Semarang-Solo seksi 1 sebesar maksimum kredit Rp 4.697.960.000.000 (Rupiah penuh) yang terdiri dari Fasilitas Kredit Tranche I sebesar Rp 2.745.579.000.000 (Rupiah penuh) dan Tranche II sebesar Rp 1.952.381.000.000 (Rupiah penuh). Jangka waktu fasilitas kredit, termasuk masa tenggang terhitung sejak ditandatanganinya akta dan berakhir pada tanggal 6 Maret 2022. Tingkat suku bunga Average Time Deposit untuk jangka waktu 3 bulan dari bank-bank sindikasi yang dimuat di media massa ditambah margin 6% dengan jaminan berupa tagihan atas pendapatan tol dan pendapatan usaha lain yang akan diikat secara fidusia dengan nilai penjaminan sebesar Rp 6.711.371.000.000 (Rupiah penuh). Saldo 31 Desember 2013 sebesar Rp 1.952.381.032.341 (Rupiah penuh).

c. PT Trans Marga Jateng (TMJ) Based on the Deed No. 21 dated December 11, 2009 TMJ had syndicates credit agreement with PT Bank Negara Indonesia (Persero) Tbk, PT Bank Mandiri (Persero) Tbk, PT Bank Rakyat Indonesia (Persero) Tbk, PT Bank Pembangunan Daerah Jawa Tengah for financing Semarang-Solo Toll Road Project Section I amounting to Rp 4,697,960,000,000 (full Rupiah) comprises of investment scheme facilities for Tranche I amounting to Rp 2,745,579,000,000 (full Rupiah) and Tranche II amounting to Rp 1,952,381,000,000 (full Rupiah). Credit Facility period included grace period start since signed loan agreement deed and it will mature on March 6, 2022. The Weighted Average Time Deposit Rate for 3 months period from syndicated banks plus 6% for margin with collateral toll revenue and others revenues and will bonded fiducially amounting to Rp 6,711,371,000,000 (full Rupiah). As of December 31, 2013, the outstanding loan was Rp 1,952,381,032,341 (full Rupiah).

d. PT Marga Lingkar Jakarta (MLJ) Berdasarkan Perjanjian Kredit Sindikasi No.13 tanggal 13 Oktober 2011, MLJ menandatangani perjanjian kredit sindikasi dengan PT Bank Mandiri (Persero) Tbk dan PT Bank Pembangunan Daerah DKI untuk pembiayaan proyek pembagunan jalan tol Lingkarluar Jakarta Seksi W2 Utara dengan maksimum kredit Rp 1.554.000.000.000 (Rupiah penuh) termasuk IDC Rp 168.000.000.000 (Rupiah penuh). Jangka waktu fasilitas kredit adalah 15 tahun sejak ditandatanganinya akta. Tingkat suku bunga untuk 1 tahun pertama adalah 10%, untuk selanjutnya menggunakan tingkat suku bunga Average Time Deposit untuk jangka waktu 3 bulan dari bank-bank sindikasi yang dimuat di media massa ditambah margin 4% dengan jaminan berupa tagihan atas pendapatan tol dan pendapatan usaha

d. PT Marga Lingkar Jakarta (MLJ) Based on the Deed of Syndicates Credit No.13 dated October 13, 2011, MLJ signed syndicates credit agreement with PT Bank Mandiri (Persero) Tbk and PT Bank Pembangunan Daerah DKI for financing Jakarta Outer Ring Road Section W2 North with maximum limit of Rp 1,554,000,000,000 (full Rupiah) including Interest During Construction (IDC) Rp 168,000,000,000 (full Rupiah). The Maturity Date of Credit is 15 years which be effective since the signing of the Deed. The interest rate is 10% per annum for the first year and for the remaining years using 3 months of Average Time Deposit Rate from syndicated banks plus 4% of margin with collateral toll revenues and other revenues and will bonded fiducially amounting to Rp 2,149,000,000,000 (full Rupiah). The outstanding


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lainnya yang akan diikat secara fidusia dengan nilai penjaminan sebesar Rp 2.149.000.000.000 (Rupiah penuh). Saldo per 31 Desember 2013 sebesar Rp 665.860.147.951 (Rupiah penuh).

loan as of December 31, 2013 amounting to Rp 665,860,147,951 (full Rupiah).

e. PT Jasamarga Bali Tol (JBT) Berdasarkan Akta Perjanjian Kredit Sindikasi No. 79 tanggal 22 Juni 2012, JBT telah memperoleh fasilitas Kredit Investasi (KI) Sindikasi Pembiayaan Proyek Jalan Tol Nusa Dua – Ngurah Rai – Benoa dari PT Bank Mandiri (Persero) Tbk, PT Bank Negara Indonesia (persero) Tbk, PT Bank Rakyat Indonesia (Persero) Tbk, PT Bank Central Asia Tbk, PT Bank Tabungan Negara (Persero) Tbk dan PT Bank Pembangunan Daerah Bali dengan jumlah maksimum kredit sebesar Rp 1.622.000.000.000 (Rupiah penuh) termasuk IDC sebesar Rp 117.300.000.000 (Rupiah penuh). Jangka waktu fasilitas kredit adalah 15 tahun sejak ditandatanganinya akta. Tingkat suku bunga untuk 1 tahun pertama adalah 10%, untuk selanjutnya menggunakan tingkat suku bunga Simple Interest Rate ditambah marjin sebesar 5% dengan jaminan berupa tagihan atas pendapatan tol dan pendapatan usaha lainnya yang akan diikat secara fidusia dengan nilai penjaminan sebesar Rp 2.484.780.000.000 (Rupiah penuh). Saldo per 31 Desember 2013 sebesar Rp 1.041.006.222.823 (Rupiah penuh).

e. PT Jasamarga Bali Tol (JBT) Based on the Deed of Syndicates Credit No. 79 dated June 22, 2012, JBT signed syndicates credit agreement with PT Bank Mandiri (Persero) Tbk, PT Bank Negara Indonesia (Persero) Tbk, PT Bank Rakyat Indonesia (Persero) Tbk, PT Bank Central Asia Tbk, PT Bank Tabungan Negara (Persero) Tbk dan PT Bank Pembangunan Daerah Bali for financing Nusa Dua – Ngurah Rai – Benoa Toll Road Project with maximum limit of Rp 1,622,000,000,000 (full Rupiah) including Interest During Construction with maximum limit of Rp 117,300,000,000 (full Rupiah). The Maturity Date of Credit is 15 years which be effective since the signing of the Deed. The Interest Rate is 10% per annum for the first year and for the remaining years using Simple Interest Rate from syndicated banks plus 5% of margin with collateral toll revenues and other revenues and will bonded fiducially amounting to Rp 2,484,780,000,000 (full Rupiah). The outstanding loan as of December 31, 2013 amounting to Rp 1,041,006,222,823 (full Rupiah).

f. PT Jasamarga Pandaan Tol (JPT) Berdasarkan Perjanjian Kredit Sindikasi No. 38 tanggal 12 Juni 2012, MAR menandatangani perjanjian kredit sindikasi dengan PT Bank Mandiri (Persero) Tbk, PT Bank Pembangunan Daerah DKI, PT Bank Pembangunan Daerah Jawa Barat dan Banten Tbk, PT Bank Pembangunan Daerah Jawa Timur Tbk untuk pembiayaan proyek pembagunan jalan tol Gempol Pandaan dengan maksimum kredit Rp 733.000.000.000 (Rupiah penuh) termasuk IDC Rp 84.000.000.000 (Rupiah penuh). Jangka waktu fasilitas kredit adalah 15 tahun sejak ditandatanganinya akta. Tingkat suku bunga untuk 1 tahun pertama adalah 10,50%, untuk selanjutnya menggunakan tingkat suku bunga Simple Interest Rate ditambah margin 5,25% dengan jaminan berupa tagihan atas pendapatan tol dan pendapatan usaha lainnya yang akan diikat secara fidusia dengan nilai penjaminan sebesar Rp 1.202.242.000.000 (Rupiah penuh). Saldo per 31 Desember 2013 sebesar Rp 359.232.432.862 (Rupiah penuh).

f. PT Jasamarga Pandaan Tol (JPT) Based on the Deed of Syndicates Credit No. 38 dated June 12, 2012, MAR signed syndicates credit agreement with PT Bank Mandiri (Persero) Tbk, PT Bank Pembangunan Daerah DKI, PT Bank Pembangunan Daerah Jawa Barat dan Banten Tbk, PT Bank Pembangunan Daerah Jawa Timur Tbk for financing Gempol – Pandaan Toll Road with maximum limit of Rp 733,000,000,000 (full Rupiah) including Interest During Construction (IDC) Rp 84,000,000,000 (full Rupiah). The Maturity Date of Credit is 15 years which be effective since the signing of the Deed. The Interest Rate is 10.50% per annum for the first year and for the remaining years using Simple Interest Rate from syndicated banks plus 5.25% of margin with collateral toll revenues and other revenues and will bonded fiduciary amounting to Rp 1,202,242,000,000 (full Rupiah). The outstanding loan as of December 31, 2013 amounting to Rp 359,232,432,862 (full Rupiah).


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20. Utang Obligasi

20. Bonds Payable 2013 Rp

Obligasi Jasa Marga: XIII Seri R

2012 Rp Jasa Marga Bond: XIII - R Series

1,500,000,000 1,000,000,000 -1,000,000,000 --259,154,384 700,000,000 400,000,000 1,000,000,000

1,500,000,000 1,000,000,000 1,000,000,000 1,000,000,000 500,000,000 271,616,920 259,154,384 ----

Total

5,859,154,384

5,530,771,304

Total

Biaya Penerbitan yang Belum Diamortisasi Total Utang Obligasi

(14,778,396) 5,844,375,988

(9,707,802) 5,521,063,502

Unamortized Bond Issuance Cost Total Bond Payable

Bagian yang Jatuh Tempo Dalam Satu Tahun

(700,000,000)

(1,771,616,920)

Current Maturities

Utang Obligasi Bagian Jangka Panjang

5,144,375,988

3,749,446,582

Bond Payable of Long - Term Portion

XII Seri Q XI Seri P XIV Seri JM - 10 I Seri JM - 10 JORR I JORR II Seri S A Seri S B Seri S C

Jumlah pelunasan utang obligasi menurut tahun jatuh tempo adalah sebagai berikut:

XII - Q Series Xl - P Series XIV JM - 10 Series I JM - 10 Series JORR I JORR II Seri S A Seri S B Seri S C

The amounts of repayments of bonds payable by the year of maturity are as follows:

Tahun Jatuh Tempo/ Year of Maturity

Total Rp

2014 2016 2017 2018 2020 2021

700,000,000 2,477,377,192 1,500,000,000 77,377,192 1,000,000,000 104,400,000

Total

5,859,154,384

Persyaratan rasio keuangan Perusahaan berdasarkan perjanjian obligasi adalah Rasio Utang terhadap Ekuitas maksimal 5:1 dan Interest Coverage Ratio minimal 1,25: 1.

The Company's financial ratio requirements of all bonds payable are Debt to Equity Ratio maximum of 5:1 and Interest Coverage Ratio (ICR) minimum of 1.25:1.

a. Obligasi Jasa Marga XIII Seri R Tahun 2007 Berdasarkan Akta No. 26, tanggal 4 Mei 2007, Akta Adendum 1 No.10, tanggal 6 Juni 2007, Perjanjian Perwaliamanatan Obligasi Jasa Marga XIII Seri R Tahun 2007 dari Notaris Poerbaningsih Adi Warsito, SH, dengan nilai nominal obligasi Rp 1.500.000.000.000 (Rupiah penuh), tingkat bunga tetap sebesar 10,25% per tahun. Obligasi ditawarkan dengan nilai 100% dari jumlah pokok. Bunga obligasi dibayarkan setiap triwulan. Jangka waktu obligasi yaitu 10 tahun, jatuh tempo 21 Juni 2017. Bertindak selaku wali amanat adalah PT Bank Mega Tbk. Peringkat obligasi adalah idA+ dari PT Pemeringkat Efek Indonesia (Pefindo).

a. Jasa Marga Bond XIII Series R Year 2007 Based on the Deed No. 26 dated May 4, 2007, the Deed of Addendum 1 No.10, dated June 6, 2007, and Bond Trustee Agreement of Jasa Marga XIII Series R Year 2007 of Notary Poerbaningsih Adi Warsito, SH, with a par value of Rp 1,500,000,000,000 (full Rupiah), a fixed interest rate of 10.25% per annum. The bonds were offered at 100% of the principal amount. Bond interest payable quarterly. The timing of 10-years bonds, maturing June 21, 2017. Acting as trustee is PT Bank Mega Tbk. The bond ratings are idA+ by PT Pemeringkat Efek Indonesia (Pefindo),

Berdasarkan Akta Addendum I Perjanjian Perwaliamanatan Obligasi Jasa Marga XIII Seri R,

Based on the Deed of Agreement Addendum I of the Trustee Agreement for Jasa Marga Bond XIII Series R,


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tujuan penerbitan obligasi tersebut adalah untuk melunasi sebagian pinjaman (refinancing) Bank BCA, Bank Mandiri, Bank Bukopin, Bank Jabar dan utang bantuan pemerintah dengan proporsi masing-masing sekitar 48%, 25%, 10%, 14% dan 3%.

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. Obligasi Jasa Marga XII Seri Q Tahun 2006 Berdasarkan Akta No. 66, tanggal 18 Mei 2006, Akta Addendum I No.74, tanggal 19 Juni 2006 dan Akta Addendum II No.89, tanggal 26 Juni 2006, Perjanjian Perwaliamanatan Obligasi Jasa Marga XII Seri Q Tahun 2006, dari Notaris Imas Fatimah, SH, dengan nilai nominal obligasi sebesar Rp 1.000.000.000.000 (Rupiah penuh), tingkat bunga tetap sebesar 13,5% per tahun. Obligasi ini ditawarkan dengan nilai 100% dari jumlah pokok obligasi. Bunga obligasi dibayarkan setiap triwulan. Jangka waktu penyelesaian obligasi yaitu 10 tahun, jatuh tempo 6 Juni 2016. Bertindak selaku wali amanat adalah PT Bank Mega Tbk. Peringkat obligasi tersebut adalah idA+ dari Pefindo.

b. Jasa Marga Bond XII Series Q Year 2006 Based on the Deed No. 66 dated may 18, 2006, the Deed of Addendum I No.74 dated June 19, 2006, and the Deed of Addendum II No. 89 dated June 26, 2006, and Bond Trustee Agreement of 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 Rupiah), with a fixed interest rate of 13.5% per annum. The bonds were offered at 100% of principal amount. Bond interest payable quarterly. The timing of 10 years bond, maturing June 6, 2016. Acting as trustee of this bond is PT Bank Mega Tbk. The bond ratings are rated idA+ by Pefindo.

Berdasarkan Akta Addendum II Perjanjian Perwaliamanatan Obligasi Jasa Marga XII Seri Q, tujuan penerbitan obligasi tersebut adalah untuk melunasi sebagian pinjaman (refinancing) Bank BCA, Bank Mandiri, Bank BNI dan Bank Jabar dengan proporsi masing-masing sekitar 15%, 28%, 53% dan 4%.

Based on the Deed of Addendum II of the Trustee Agreement for Jasa Marga Bond XII Series Q, the Company's purpose issued the bonds is to repay part of the loans (refinancing) due to Bank BCA, Bank Mandiri, Bank BNI and Bank Jabar in the following proportions: 15%, 28%, 53% and 4%, respectively..

c. Obligasi Jasa Marga XI Seri P Tahun 2003 Pada September 2003, Perusahaan memperoleh pernyataan efektif dari Ketua Badan Pengawas Pasar Modal (BAPEPAM) untuk menerbitkan Obligasi Jasa Marga XI Seri P Tahun 2003. Nilai nominal obligasi adalah Rp 1.000.000.000.000 (Rupiah penuh) dengan tingkat bunga tetap sebesar 12,3% per tahun untuk bunga ke-1 sampai bunga ke-20,13% untuk bunga ke 21 sampai bunga ke-40. Obligasi ini ditawarkan dengan nilai 100% dari jumlah pokok obligasi. Bunga dibayarkan setiap 3 bulan. Jangka waktu penyelesaian obligasi yaitu 10 tahun dengan jatuh tempo pada 10 Oktober 2013.

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 Rupiah) with a fixed interest rate of 12.3% per annum for the first up to the twentieth interest payment, and 13% for the twenty first up to the fortieth interest payment. The bonds were offered at 100% of the principal amount. The interest is paid quarterly. The timing of 10-years bonds, maturing October 10, 2013.

d. Obligasi Jasa Marga XIV Seri JM-10 Tahun 2010 Pada Oktober 2010, Perusahan memperoleh pernyataan efektif dari Badan Pengawas Pasar Modal (BAPEPAM) untuk menerbitkan Obligasi Jasa Marga XIV Seri JM-10 tahun 2010. Nilai nominal obligasi adalah Rp 1.000.000.000.000 (Rupiah penuh) dengan tingkat bunga tetap 9,35% per tahun. Obligasi ini ditawarkan dengan nilai 100% dari jumlah pokok obligasi. Bunga obligasi dibayarkan setiap triwulan. Jangka waktu penyelesaian obligasi yaitu 10 tahun, jatuh tempo 12 Oktober 2020. Bertindak selaku wali amanat PT Bank Mega Tbk. Berdasarkan surat No.1044/PEF-DirN11/2010 tanggal 29 Juli 2010 dari Peringkat Obligasi tersebut PT Pemeringkat Efek Indonesia (Pefindo) adalah idAA+ (double A; Stable Outlook).

d. Jasa Marga Bonds XIV Series JM-10 Year 2010 In October 2010, the Company received an effective statement from the Chairman of Capital Market Supervisory Agency (BAPEPAM) for offering Jasa Marga Bond XIV Series JM-10 year 2010. The par value of bonds is Rp 1.000.000.000.000 (full Rupiah) with fixed interest rate of 9.35% per annum. The bonds were offered at 100% of the principal amount. The interests paid quarterly. The timing of 10-years bond, maturing October 12, 2020. Acting as trustee of the bonds is PT Bank Mega Tbk. Based on letters No.1044/PEFDirN11/2010 dated July 29, 2010, the bonds rated by PT Pemeringkat Efek Indonesia (Pefindo) is idAA+ (double A; Stable Outlook).


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Berdasarkan Akta Perjanjian Penjamin Efek Obligasi tanggal 4 Agustus 2010 juncto Addendum 1 Akta Perjanjian Penjamin Emisi Efek Obligasi No.45 tanggal 26 Agustus 2010 tujuan penerbitan obligasi adalah untuk pelunasan Obligasi Jasa Marga X Seri O Tahun 2002, percepatan pelunasan Kredit Investasi Bank BCA, pengembangan investasi pada bidang usaha nontol (bidang properti, bidang teknologi informasi dan komunikasi, serta bidang engineering), dan pembiayaan modal kerja Perusahaan dengan proporsi masing-masing 43%, 27%, 25% dan 5%.

Based on the Deed of Bond Issuance Agreement dated August 4, 2010 in conjunction with Addendum 1 of the Deed of Bond Issuance Agreement No.45 dated August 26, 2010, the purpose of issued the bonds is for settlement the Jasa Marga Bonds X Series O Year 2002, accelerated settlement of the Investment Credit due to Bank BCA, non-toll investment development (property, information technology and communication, and also engineering), and financing the Company's working capital with the following proportions: 43%, 27%, 25% and 5%.

e. Obligasi Jasa Marga I Seri JM-10 Tahun 2010 Pada bulan Oktober 2010, Perusahaan memperoleh pernyataan efektif dari Badan Pengawas Pasar Modal (BAPEPAM) untuk menerbitkan Obligasi Jasa Marga I Seri JM-10 tahun 2010. Nilai nominal Obligasi Tanpa Bunga adalah Rp 500.000.000.000 (Rupiah penuh), jangka waktu 3 (tiga) tahun. Obligasi ini ditawarkan dengan dengan nilai 77,0062% dari jumlah pokok Obligasi Tanpa Bunga. Bertindak selaku wali amanat PT Bank Mega Tbk. Peringkat obligasi tersebut adalah IdAA+ dari Pefindo. Pembayaran pokok Obligasi Tanpa Bunga dilakukan secara penuh (bullet payment) sebesar 77,0062% dari pokok pada saat tanggal jatuh tempo yaitu 12 Oktober 2013.

e. Jasa Marga Bonds 1 Series JM-10 Year 2010 In October 2010, the Company received an effective statement from the Chairman of Capital Market Supervisory Agency (BAPEPAM) for offering Jasa Merga Bond I Series JM-10 year 2010. The par value of the Non-Interest Bonds is Rp 500.000.000.000 (full amount) with the terms of the bonds is 3 years. The bonds offered at 77.0062% the principal amount of the Non-Interest Bonds. Acting as trustee is PT Bank Mega Tbk. The principal payment of the Non-Interest Bonds are made in bullet payment equal to 77.0062% of the principal amount on due date of October 12, 2013.

f. Obligasi Jasa Marga JORR I Tahun 2003 Berdasarkan Akta Perjanjian Penyelesaian Utang JORR No.44, tanggal 19 Nopember 2003 dari Notaris Imas Fatimah, SH, Perusahaan berkewajiban untuk menyelesaikan utang JORR kepada kreditur JORR sejumlah Rp 1.070.251.000.000 (Rupiah penuh). Sebagai bagian dari pelaksanaan perjanjian tersebut, pada tanggal 29 Nopember 2003 Perusahaan menyelesaikan utang JORR Seksi Non S sejumlah Rp 548.521.000.000 (Rupiah penuh) melalui pembayaran tunai, sejumlah Rp 274.260.500.000 (Rupiah penuh) dan sisanya sejumlah Rp 274.260.500.000 (Rupiah penuh) dilunasi dengan penerbitan Obligasi Jasa Marga JORR I Tahun 2003. Obligasi tersebut tidak terdaftar di bursa.

f. Jasa Marga Bond JORR 1 Year 2003 Based on the Deed of JORR Debt Settlement No.44, dated November 19, 2003 of Notary Imas Fatimah, SH, the Company has committed to settle debts to JORR creditors amounting to Rp1,070,251,000,000 (full Rupiah). As part of performance of this commitment, on November 29, 2003 the Company settled the JORR debt other than in respect of JORR Section non S amounted to Rp 548,521,000,000 (full Rupiah) by cash payment amounting to Rp 274,260,500,000 (full Rupiah) and by issuance of Jasa Marga Bond JORR I Year 2003 for the remaining Rp 274,260,500,000 (full Rupiah). The bonds are not listed on any stock exchange.

Berdasarkan Akta Perjanjian Penerbitan Obligasi Jasa Marga JORR I Tahun 2003 No.44, tanggal 9 Nopember 2003 yang dibuat di hadapan Notaris Imas Fatimah, SH, Perusahaan menerbitkan obligasi Jasa Marga JORR I Tahun 2003 dengan nilai nominal obligasi sebesar Rp 274.260.500.000 (Rupiah penuh) dengan tingkat suku bunga berdasarkan tingkat suku bunga Sertifikat Bank Indonesia (SBI) 3 bulanan yang dihitung selama rata-rata 6 (enam) bulan. Bunga dibayarkan setiap tanggal 2 Januari dan 1 Juli. Obligasi ini berjangka waktu 10 tahun dengan jatuh tempo pada 19 Nopember 2013.

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 Rupiah) with interest rate based on the average interest rate of 3months Certificates of Bank Indonesia (SBI), calculated over 6 months average. 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.

Berdasarkan Akta Perjanjian Perwaliamanatan No.45, tanggal 29 Nopember 2003 dari Notaris Imas Fatimah,

Based on the Deed of Bond Trustee Agreement No.45 dated November 29, 2003 of Notary Imas Fatimah, SH,


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SH, obligasi tersebut terdiri dari 2 sertifikat yang dimiliki oleh PT Perusahaan Pengelola Aset (Persero) dengan nominal Rp 224.900,208.364 (Rupiah penuh) dan 18 sertifikat yang dimiliki oleh 18 kreditur lain dengan nilai keseluruhan Rp 46.716.711.824 (Rupiah penuh).

the bonds have 2 (two) certificates owned by PT Perusahaan Pengelola Aset (Persero) at par value of Rp 224,900,208,364 (full Rupiah) and 18 certificates owned by 18 creditors with a total value amounting to Rp 46,716,711,824 (full Rupiah).

g. Obligasi Jasa Marga JORR II Tahun 2005 Berdasarkan Akta Perjanjian Penerbitan Obligasi Jasa Marga JORR II Tahun 2005 No.2 tanggal 5 Januari 2006, Perusahaan menerbitkan obligasi dengan nilai nominal sebesar Rp 261.000.000.000 (Rupiah penuh) yang terbagi dalam 3 Tranche, sebagai berikut:  Tranche A sebesar Rp 78.300.000.000 (Rupiah penuh) untuk jangka waktu 10 tahun dan dikenakan bunga sebesar 11,5% per tahun untuk 5 tahun pertama, dan sebesar 15,25% per tahun untuk 5 tahun kedua;  Tranche B sebesar Rp 78.300.000.000 (Rupiah penuh) untuk jangka waktu 12 tahun dan dikenakan bunga sebesar 12,5% per tahun untuk 5 tahun pertama, dan sebesar 15,25% per tahun untuk tahun ke enam dan selanjutnya; dan  Tranche C sebesar Rp 104.400.000.000 (Rupiah penuh) untuk jangka waktu 15 tahun dan dikenakan bunga sebesar 13,5% per tahun untuk 5 tahun pertama, dan sebesar 15,5% per tahun untuk tahun ke enam dan selanjutnya.

g. Jasa Marga Bond JORR II Year 2005 Based on the Deed of Bond Issuance Agreement Jasa Marga JORR II Year 2005 No.2 dated January 5, 2006, the Company issued bonds at par value of Rp 261,000,000,000 (full Rupiah) divided into 3 Tranches as follows:  Tranche A amounting to Rp 78,300,000,000 (full Rupiah) for a term of 10 years with an interest rate of 11.5% per annum for the first 5 years, and 15.25% per annum for the second 5 years;

Pada tanggal 24 Nopember 2008 Perusahaan telah membeli kembali obligasi JORR II ini sejumlah Rp 1.845.625.895 (Rupiah penuh) meliputi sertifikat yang dimiliki Bank IFI dan menurut ketetapan surat Direktur Keuangan No.BA.KU2.1744 tanggal 28 Nopember 2008 atas pengalihan tersebut dianggap sebagai pelunasan dipercepat.

On November 24, 2008, the Company repurchased this obligation JORR 11 amounting to Rp 1,845,625,895 (full Rupiah) covers certificate owned by PT Bank IFI and according to the decision letter of Finance Director No.BA.KU2.1744 dated November 28, 2008 such transfer was assumed as the accelerated settlement.

h. Obligasi Berkelanjutan I Jasa Marga Tahap I Tahun 2013 Seri S Pada September 2013, Perusahaan memperoleh pernyataan efektif dari Otoritas Jasa Keuangan (OJK) untuk menerbitkan Obligasi berkelanjutan I Jasa Marga Tahap I Tahun 2013 Seri S dengan nilai nominal sebesar Rp. 2.100.000.000.000,- (rupiah penuh) yang terdiri dari Obligasi Seri A dengan tingkat bunga tetap sebesar 8,40% per tahun berjangka waktu 370 (tiga ratus tujuh puluh) hari sebesar Rp. 700.000.000.000,- (rupiah penuh), Obligasi Seri B dengan tingkat bunga tetap sebesar 8,70% per tahun berjangka waktu 3 (tiga) tahun sebesar Rp. 400.000.000.000,- (rupiah penuh), Obligasi Seri C dengan tingkat bunga tetap sebesar 8,90% per tahun berjangka waktu 5 (lima) tahun sebesar Rp. 1.000.000.000.000,- (rupiah penuh). Berdasarkan Prospektus Final Obligasi Berkelanjutan I Jasa Marga Tahap I Tahun 2013 Seri S tujuan penerbitan obligasi adalah sekitar 84,36% digunakan untuk Pelunasan Obligasi Perseroan XI Seri P Tahun 2003, pelunasan d1/February 19, 2014

 Tranche B amounting to 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 5 years and 15.25% per annum for the sixth years and after; and  Tranche C with amounting to Rp 104,400,000,000 (full Rupiah) for a term of 15 years with an interest rate of 13.5% per annum for the first 5 years and 15.5% per annum for the sixth years and after.

h. Jasa Marga Bond Phase I Year 2013 Series S In September 2013, the Company received an effective statement from Financial Services Authority (OJK) for offering Jasa Marga Bonds Phase I Year 2013 Series S with the par value of bonds is Rp 2.100.000.000 (full rupiah), consisting of, A Series Bonds with fixed interest rate of 8.40% per annum, 370 (three hundreds and seventy) days period of time, is amount to Rp 700.000.000.000 (full rupiah), B Series Bonds with fixed interest rate of 8.70% per annum , 3 (three) years period of time, is amount to Rp. 400.000.000.000 (full rupiah), C Series Bonds with fixed interest rate of 8.90% per annum, 5 (five) years period of time, is amount to Rp. 1.000.000.000.000 (full rupiah). Based on Prospectus of Jasa Marga bonds Phase I Year 2013 Series S, the purposed of issued the bonds 84.36% is for settlement The Jasa Marga Bond XI Series P Year 2003, The Jasa Marga Bond I Series JM-10 (zero coupon), and The Jasa Marga Bond JORR I, 7.48% bonds is for expansion of equity investment in 75

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Obligasi Jasa Marga I Seri JM-10 Tanpa Bunga (zero coupon), dan pelunasan Obligasi Jasa Marga JORR I, kemudian 7,48% digunakan untuk kegiatan pengembangan usaha Perseroan melalui penyertaan modal di Entitas Anak Perseroan (MNA, MLJ, JPT) dan 8,16% digunakan untuk modal kerja Perseroan, yaitu peningkatan kapasitas jalan. Bertindak selaku wali amanat adalah PT. Bank Mega Tbk. Berdasarkan hasil pemeringkat atas surat utang jangka panjang sesuai dengan surat dari PT Pemeringkat Efek Indonesia (Pefindo) No. 1150/PEF-Dir/IV/2013 tanggal 26 Juni 2013, hasil pemeringkat atas Obligasi Berkelanjutan I Tahun 2013 Perseroan adalah idAA (double A).

subsidiaries (MNA, MLJ, JPT) and 8.16% bonds is for company’s working capital in enhancement toll road capacity. Acting as trustee of the bonds is PT Bank Mega Tbk. Based on letters No. 1150/PEF-Dir/IV/2013, dated June 26, 2013, The Bonds rated by PT Pemeringkat Efek Indonesia (Pefindo) is idAA (Doube A).

Rincian jumlah sertifikat yang dimiliki oleh para kreditur pada tanggal 31 Desember 2013 sebagai berikut:

The detail amount of certificates owned by creditors as of December 31, 2013 consist of: Tranche A dan/ and B*

full Rupiah) Total

Tranche C

PT Bank Pan Indonesia (Panin) Tbk PT Bank Bukopin Tbk PT Bank Pembangunan Daerah DKI PT Interartha Multi Finance PT Bank Harapan Santosa (dalam likuidasi/ in liquidation ) PT Bank Guna Internasional (dalam likuidasi/ in liquidation) PT Bank Windu Kentjana International Tbk PT Bank Mega Tbk PT Syariah Mega Indonesia PT Bank Ekonomi Raharja Tbk PT Bank Swadesi Tbk PT Bank Permata Tbk PT Bank Bisnis lnternasional PT Bank Antardaerah PT Bank Kesawan Tbk PT Bank Himpunan Saudara 1906 Tbk PT Bank IFI

134,828,777 8,909,584 6,638,733 863,097 531,809 405,764 402,409 378,401 378,401 286,657 258,929 257,340 215,774 172,619 138,509 87,580 --

89,885,851 5,939,723 4,425,822 575,398 354,540 270,509 268,273 252,267 252,267 191,105 172,619 171,560 143,850 115,080 92,339 58,386 1,230,411

224,714,628 14,849,307 11,064,555 1,438,495 886,349 676,273 670,682 630,668 630,668 477,762 431,548 428,900 359,624 287,699 230,848 145,966 1,230,411

Total

154,754,384

104,400,000

259,154,384

* Catatan : persentase jumlah utang obligasi Tranche A dan B masing-masing sebesar 50%.

* Notes: percentage of bonds payable under Tranche A and B is 50% each.

21. Utang Bantuan Pemerintah

21. Loan from Government 2013 Rp

2012 Rp

Utang Bantuan Pemerintah Dikurangi: Bagian Jangka Pendek

--

5,886,734

--

(5,886,734)

Loan from Government Less: Current Maturities Portion

Bagian Jangka Panjang

--

--

Long - Term Portion

Dalam pembiayaan pembangunan jalan tol, Perusahaan memperoleh pinjaman dari Pemerintah Republik Indonesia. Perusahaan melakukan penarikan pinjaman tersebut sesuai d1/February 19, 2014

In toll road construction financing, the Company obtained a loan from the Government of the Republic of Indonesia. The Company drew down the loan in accordance with the 76

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dengan mata uang yang ditagh oleh kontraktor dan dibayarkan langsung oleh Bank Indonesia melalui Bank Penatausaha yang ditunjuk. Penarikan pinjaman dikonversi ke dalam mata uang Rupiah berdasarkan kurs Bank Indonesia pada tanggal penarikan dan dinyatakan sebesar ekuivalen Rupiah pada tanggal penarikan. Pembayaran utang ini dilakukan secara angsuran setiap 6 bulan sejak bulan Juni 1998.

currency billed by the contractor and paid directly by the Bank Inonesia via appointed Bank Penatausaha. Withdrawal of loans converted into Rupiah exchange rate of Bank Indonesia on the withdrawal date and are stated at the equivalent amount on the date of withdrawal. Repayment of this loan is done in installments every 6 months since June 1998.

Sisa pinjaman dari Pemerintah Republik Indonesia sebesar Rp 5.886.733.805 (Rupiah Penuh) telah dilunasi sebelum tanggal jatuh tempo 28 Pebruari 2013.

The remainning of the loan from the Government of the Republic of Indonesia of Rp 5,886,733,805 (full Rupiah) has been paid before the due date on February 28, 2013.

22. Liabilitas Kerjasama Operasi

22. Joint Operation Liabilities

Merupakan liabilitas kerjasama operasi kepada investor dalam pembiayaan pembangunan aset tetap jalan tol.

Represents liabilities under joint operation agreements to investors arising from acquisition of toll road assets.

2013 Rp Bagi Pendapatan Tol PT Jakarta Baru Cosmopolitan Sub Total Bagian Jatuh Tempo Setelah Satu Tahun: Bagi Pendapatan Tol PT Surya Cipta Swadaya Sub Total Total

2012 Rp 820,300 820,300

Toll Revenue Sharing PT Jakarta Baru Cosmopolitan Sub Total

21,385,913

21,385,913

Non Current Maturities: Toll Revenue Sharing PT Surya Cipta Swadaya

21,385,913

21,385,913

22,206,213

22,206,213

820,300 820,300

23. Liabilitas Pembebasan Tanah Merupakan liabilitas Grup atas dana talangan pembelian tanah, untuk pembangunan ruas Jalan, dengan menggunakan dana talangan Badan Layanan Umum Badan Pengatur Jalan Tol. Penggunaan dana talangan tersebut oleh PT Marga Nujyasumo Agung adalah untuk pembangunan ruas jalan tol Surabaya – Mojokerto, untuk PT Trans Marga Jateng adalah untuk ruas Tol Semarang – Solo, untuk PT Margabumi Adhikaraya adalah untuk ruas tol Gempol-Pandaan, untuk PT Transmarga Jatim Pasuruan adalah untuk ruas tol Gempol-Pasuruan, Untuk PT Marga Trans Nusantara adalah ruas Tol KunciranSerpong, dan untuk PT Marga Lingkar Jakarta adalah ruas Tol Ulujami-Kebon Jeruk (JORR W2 North), serta untuk PT Marga Sarana Jabar adalah ruas Tol Bogor Outer Ring Road. Selain itu, kewajiban pembebasan tanah merupakan kewajiban pembebasan tanah untuk pelunasan ganti rugi pelebaran Jalan Tol Sedyatmo.


Sub Total Total

23. Land Acquisition Liabilities Represent liabilities of the Group for the bail-out loan for land acquisition, for construction of roads by using bail out from the Public Service Assistance Unit - the Indonesian Toll Road Authority (ITRA). The use of bail out funds by PT Marga Nujyasumo Agung is for construction of Surabaya - Mojokerto toll road. PT Trans Marga Jateng is for construction of Semarang-Solo toll Road, PT Margabumi Adhikaraya is for construction Gempol- Pandaan Toll Road, PT Transmarga Jatim Pasuruan is for construction GempolPasuruan Toll Road, PT Marga Trans Nusantara is for construction Kunciran- Serpong Toll road and PT Marga Lingkar jakarta is for construction Ulujami-Kebon Jeruk (JORR W2 North) and for PT Marga Sarana Jabar is for construction Bogor Outer Ring Road Toll Road. In addition, the land acquisition liability is also for settlement payment for widening of Sedyatmo toll road.

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24. Utang Sewa Pembiayaan

24. Capital Lease Payable

Perusahaan mengadakan kerjasama dengan PT Module Intracs Yasatama, PT New Module Int Efkom AG untuk Pekerjaan Pengadaan dan Pemeliharaan Peralatan Tol pada Jalan Tol Jakarta - Cikampek, Jalan Tol Cipularang dan Jalan Tol Padaleunyi dengan Sistem Pendanaan dari Pihak Kontraktor, selanjutnya Pihak Kontraktor menyewakan peralatan tol kepada Perusahaan untuk jangka waktu 8 (delapan) tahun terhitung sejak ditandatanganinya Berita Acara Pengoperasian.

The Company entered into a joint operation with PT Module Intracs Yasatama, PT New Module Int Efkom AG for Work Procurement and Maintenance of Toll Equipments at Jakarta-Cikampek Toll Road, Cipularang Toll Road and Padaleunyi Toll Road under Financing System from the Contractor, then the Contractor party would rent such toll equipments to the Company for a period of 8 (eight) years from the signing of the Minutes of Operation.

Saldo utang sewa pembiayaan kepada PT Module Intracs Yasatama pada tanggal 31 Desember 2013 dan 2012 sebagai berikut:

Total of the capital lease payable to PT Module Intracs Yasatama as of December 31, 2013 and 2012 as follows:

Utang Sewa Pembiayaan Bagian yang Jatuh Tempo Dalam Waktu Satu Tahun Bagian Jangka Panjang

2013 Rp

2012 Rp

66,901,257

45,827,503


(19,776,022)

(18,471,092)

Current Maturities Portion

47,125,235

27,356,411

Long - Term Portion

25. Provisi Pelapisan Jalan Tol

25. Provision for Overlay 2013 Rp

2012 Rp

Saldo Awal Penambahan Realisasi

324,799,298 340,108,272 (333,817,169)

299,518,760 315,412,927 (290,132,389)

Beginning Balance Addition Realization

Saldo Akhir

331,090,401

324,799,298

Ending Balance

Bagian Jangka Pendek Bagian Jangka Panjang

206,136,188 124,954,213

229,025,982 95,773,316

Current Portion Long Term Portion

Total

331,090,401

324,799,298

Total

Provisi pelapisan jalan tol merupakan estimasi liabilitas pelapisan ulang jalan tol secara berkala seiring dengan penggunaan jalan tol oleh pelanggan. Provisi ini diukur dengan menggunakan nilai kini atas estimasi manajemen terhadap pengeluaran yang diperlukan untuk menyelesaikan kewajiban pelapisan ulang.

Provision for overlay is a periodic estimated liabilities of overlay as it is in line with toll roads usage. Provision is measured by present value of management’s estimates of expenditure required to accomplish the overlay liabilities.

26. Pendapatan Diterima Dimuka

26. Unearned Revenue Represents revenue received from rental of advertisements, space and rest areas, and other unearned revenue for use of the Space Owned Toll Road Area (Rumijatol).

Merupakan pendapatan sewa iklan, lahan, tempat peristirahatan dan pendapatan lain yang diterima di muka atas pemanfaatan Ruang Milik Jalan Tol (Rumijatol).


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27. Liabillitas Imbalan Kerja

27. Employee Benefit Liabilities

Liabilitas imbalan kerja terdiri dari:

Perusahaan Program Kesehatan Pensiunan Program Pensiun Program Purna Karya Sub Total

Entitas Anak Program Pensiun dan Imbalan Pasca Kerja Lainnya PT Marga Nujyasumo Agung PT Sarana Marga Utama PT Trans Marga Jateng PT Jalantol Lingkarluar Jakarta Sub Total Total

Employee benefit liabilities consist of: 2013 Rp

2012 Rp

241,633,603 49,274,028 31,726,612

210,797,570 21,362,045 42,316,323

322,634,243

274,475,938

2,102,460 1,021,442 350,840 --

1,559,534 868,654 247,927 8,528

3,474,742

2,684,643

326,108,985

277,160,581

The Company Pension Health - Care Program Pension Program Post-Retirement Benefits Program Sub Total

Subsidiaries Pension Program and Other Post Benefits Program PT Marga Nujyasumo Agung PT Sarana Marga Utama PT Trans Marga Jateng PT Jalantol Lingkarluar Jakarta Sub Total Total

Estimasi liabilitas imbalan kerja yang diakui Perusahaan dan Entitas Anak adalah sebagai berikut:

The estimated employee benefits liabilities recognized by the Company and the Subsidiaries are as follows:

a. Program Kesehatan Pensiunan Status pendanaan dan biaya yang dibentuk atas program imbalan ini dapat diuraikan sebagai berikut:

a. Pension Healthcare Program Funding status and cost formed on of these benefits program can be described as follow:

2013 Rp

2012 Rp

Nilai Kini Liabilitas - Awal Tahun Biaya Jasa Kini Biaya Bunga Pembayaran Imbalan Penyesuaian Keuntungan (Kerugian) Aktuarial

330,967,879 9,265,717 20,154,454 (8,505,058) 292,775 (43,869,020)

259,738,117 9,958,528 20,779,049 (5,346,265) -45,838,450

Present Value Liability - Beginning of Year Present Service Cost Interest Cost Benefits Payments Adjustment Actuarial Gain (Loss)

Nilai Kini Liabilitas - Akhir Tahun

308,306,747

330,967,879

Present Value Liability - End of Year

2013 Rp

2012 Rp

Nilai Kini Liabilitas Tidak Didanai - Akhir Tahun Nilai Kini Liabilitas Didanai - Akhir Tahun

308,306,747 --

330,967,879 --

Present Value Liability Unfunded - End of Year Present Value Liability Funded - End of Year


308,306,747

330,967,879


2013 Rp

2012 Rp

Nilai Kini Liabilitas Manfaat Pasti Posisi Pendanaan Biaya Jasa Lalu yang Belum Diakui (Non Vested) Keuntungan (Kerugian) Aktuarial yang Belum Diakui

308,306,747 (22,804,124) (43,869,020)

330,967,879 (25,654,640) (94,515,669)

Present value - Defined Benefit Liability Funding Unrecognized Past Service (Non Vested) Unrecognized Actuarial Gain (Loss)

Liabilitas yang Diakui

241,633,603

210,797,570

Recognized Liability


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2012 Rp

Liabilitas - Awal Tahun Beban yang diakui Pembayaran Imbalan Penyesuaian

210,797,570 38,512,110 (8,505,058) 828,981

180,506,698 35,637,137 (5,346,265) --

Liability - Beginning of Year Recognized Expenses Benefits Payments Adjustment

Liabilitas - Akhir Tahun

241,633,603

210,797,570

Liability - End of Year

2013 Rp

2012 Rp

Biaya Jasa Kini Biaya Bunga Biaya Jasa Lalu yang Belum Menjadi Hak Keuntungan (Kerugian) Aktuarial yang Diakui

9,265,717 20,154,454 2,850,516 6,241,423

9,958,528 20,779,049 2,850,516 2,049,044

Current Service Cost Interest Cost Unrecognized Past Service (Non Vested) Recognized Actuarial Gain (Loss)

Beban yang Diakui

38,512,110

35,637,137

Recognized Expenses

2013 Rp Nilai Kini Liabilitas Manfaat Pasti/ Present value of Defined Benefit Liability Nilai Wajar Aset Program/ Fair Value of Program Assets Posisi Pendanaan/ Funding

2012 Rp

2011 Rp

2010 Rp

308,306,747

330,967,879

259,738,117

244,569,023

239,753,409

--

--

--

--

--

308,306,747

330,967,879

259,738,117

244,569,023

239,753,409

2013

2012

6% 6% 6.5% 6.5% 7.5% 5% TMI 3 TMI 3 10 % dari TMI 3 10 % dari TMI 3 Tingkat 6% 3% 1.8% 1.2% 0.6% 0% Garis lurus/ Straight line Rata-rata sisa masa kerja/ Average of remaining of working period

Tingkat Diskonto/ Discount Rate Estimasi Kenaikan Gaji Pegawai Aktif/ Salary Increment Estimasi Kenaikan Biaya Kesehatan/ Health Care Increment Tingkat Mortalita/ Mortality Rate Tingkat Cacat/ Disability Rate Usia/ Age 15 – 29 30 – 34 35 – 39 40 – 50 51 – 52 > 52 Metode Aktuaria/ Acturial Method Usia Pensiun Normal/ Pension Normal Age Metoda Amortisasi dan Periode Amortisasi Biaya jasa lalu Metode Amortisasi/ Amortization Method Periode Amortisasi/ Amortization Period

Garis lurus/ Straight line Rata-rata sisa masa kerja/ Average of remaining of working period

Keuntungan/ Kerugian Metode Amortisasi/ Amortization Method Periode Amortisasi/ Amortization Period


2009 Rp


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b. Program Pensiun Status pendanaan dan biaya yang dibentuk atas program imbalan ini dapat diuraikan sebagai berikut:

b. Pension Program Funding status and cost formed on of these benefits program can be described as follow:

2013 Rp Nilai Kini Liabilitas - Awal Tahun Biaya Jasa Kini Biaya Bunga Pembayaran Imbalan Keuntungan (Kerugian) Aktuarial Nilai Kini Liabilitas - Akhir Tahun

2012 Rp

1,045,409,247 25,041,537 62,724,555 (28,076,485) (194,439,191)

705,743,341 29,587,777 56,459,467 (23,019,745) 276,638,407

Present Value Liability - Beginning of Year Present Service Cost Interest Cost Benefits Payments Actuarial Gain (Loss)

910,659,663

1,045,409,247


2013 Rp

2012 Rp

Nilai Kini Liabilitas Tidak Didanai - Akhir Tahun Nilai Kini Liabilitas Didanai - Akhir Tahun

-910,659,663

-1,045,409,247

Present Value Liability Unfunded - End of Year Present Value Liability Funded - End of Year


910,659,663

1,045,409,247


2013 Rp

2012 Rp

Nilai Wajar Aset Program - Awal Tahun Iuran Perusahaan Imbal Hasil Ekspektasian Aset Program Imbalan yang Dibayarkan Keuntungan (Kerugian) Aktuarial

614,800,234 32,637,433 54,717,221 (28,076,485) (56,234,038)

568,750,035 Fair Value of Program Assets - Beginning of Year 33,314,960 Contribution of Employer 56,875,004 Expected Return from Program Assets (23,019,745) Benefit Payment (21,120,020) Actuarial Gain (Loss)

Nilai Wajar Aset Program - Akhir Tahun

617,844,365

614,800,234

2013 Rp

2012 Rp

Nilai Kini Liabilitas Manfaat Pasti Nilai Wajar Aset Program Posisi Pendanaan Keuntungan (Kerugian) Aktuarial yang Belum Diakui Liabilitas yang Diakui

Liabilitas - Awal Tahun Beban yang diakui Pembayaran Imbalan Liabilitas - Akhir Tahun

Fair Value of Program Assets - End of Year

910,659,663 (617,844,365) 292,815,298 (243,541,270)

1,045,409,247 (614,800,233) 430,609,014 (409,246,969)

Present value - Defined Benefit Liability Fair Value of Program Assets Funding Unrecognized Actuarial Gain (Loss)

49,274,028

21,362,045


2013 Rp

2012 Rp

21,362,045 60,549,416 (32,637,433)

21,437,823 33,239,182 (33,314,960)

Liability - Beginning of Year Recognized Expenses Benefits Payments

49,274,028

21,362,045


2013 Rp

2012 Rp

25,041,537 62,724,555 (54,717,221) 27,500,545

29,587,777 56,459,467 (56,875,004) 4,066,942

Current Service Cost Interest Cost Expected Return from Program Assets Recognized Actuarial Gain (Loss)

Beban yang Diakui

60,549,416

33,239,182

Recognized Expenses


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Biaya Jasa Kini Biaya Bunga Imbal Hasil Ekspektasian Aset Program Keuntungan (Kerugian) Aktuarial yang Diakui

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Nilai Kini Liabilitas Manfaat Pasti/ Present value ofDefined Benefit Liability Nilai Wajar Aset Program/ Fair Value of Program Assets Posisi Pendanaan/ Funding

2012 Rp

2011 Rp

2010 Rp

2009 Rp

910,659,663

1,045,409,247

705,743,341

598,270,558

239,753,409

(617,844,365)

(614,800,233)

(568,750,035)

(494,154,344)

(432,972,807)

292,815,298

430,609,014

136,993,306

104,116,214

(193,219,398)

Estimasi Kenaikan Gaji Pegawai Aktif/ Salary Increment Estimasi Kenaikan Biaya Kesehatan/ Health Care Increment Tingkat Mortalita/ Mortality Rate Tingkat Cacat/ Disability Rate Tingkat Mengundurkan Diri/ Early Retirement Rate Usia/ Age 15 – 29 30 – 34 35 – 39 40 – 50 51 – 52 > 52 Metode Aktuaria/ Acturial Method Usia Pensiun Normal/ Pension Normal Age

2013 % 5%

2012 % 5%

0% GA 1971 10 % dari GA 1971

0% GA 1971 10 % dari GA 1971

Tingkat 6% 3% 1.8% 1.2% 0.6% 0% Garis lurus/ Straight line Rata-rata sisa masa kerja/ Average of remaining of working period

Metoda Amortisasi dan Periode Amortisasi Biaya jasa lalu Metode Amortisasi/ Amortization Method Periode Amortisasi/ Amortization Period




c. Program Purna Karya Status pendanaan dan biaya yang dibentuk atas program imbalan ini dapat diuraikan sebagai berikut:

c. Post-Retirement Benefits Program Funding status and cost formed on of these benefits program can be described as follow:

2013 Rp

2012 Rp

Nilai Kini Liabilitas - Awal Tahun Biaya Jasa Kini Biaya Bunga Pembayaran Imbalan Keuntungan (Kerugian) Aktuarial

457,261,315 17,875,652 27,435,679 (30,728,336) (51,164,196)

369,489,979 20,023,434 29,559,198 (28,925,254) 67,113,958

Present Value Liability - Beginning of Year Present Service Cost Interest Cost Benefits Payments Actuarial Gain (Loss)


420,680,114

457,261,315


2013 Rp

2012 Rp --

--

Present Value Liability Unfunded - End of Year

Nilai Kini Liabilitas Didanai - Akhir Tahun

420,680,114

457,261,315

Present Value Liability Funded - End of Year


420,680,114

457,261,315


Nilai Kini Liabilitas Tidak Didanai - Akhir Tahun


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2012 Rp

Nilai Wajar Aset Program - Awal Tahun Iuran Perusahaan Imbal Hasil Ekspektasian Aset Program Imbalan yang Dibayarkan Keuntungan (Kerugian) Aktuarial

249,834,059 45,208,235 22,485,065 (30,728,336) 6,019,785

159,107,655 Fair Value of Program Assets-Beginning of Year 45,045,168 Contribution of Employer 14,319,689 Expected Return from Program Assets (28,925,254) Benefit Payment 60,286,801 Actuarial Gain (Loss)

Nilai Wajar Aset Program - Akhir Tahun

292,818,808

249,834,059

2013 Rp

2012 Rp

Fair Value of Program Assets - End of Year

420,680,114 (292,818,808) 127,861,306 (31,558,994) (64,575,700)

457,261,315 (249,834,059) 207,427,256 (35,278,690) (129,832,243)

Present value - Defined Benefit Liability Fair Value of Program Assets Funding Unrecognized Past Service (Non Vested) Unrecognized Actuarial Gain (Loss)

Liabilitas yang Diakui

31,726,612

42,316,323


Liabilitas - Awal Tahun Beban yang diakui Pembayaran Imbalan

2013 Rp 42,316,323 34,618,524 (45,208,235)

2012 Rp 40,290,577 47,070,914 (45,045,168)

Liability - Beginning of Year Recognized Expenses Benefits Payments

31,726,612

42,316,323


2013 Rp

2012 Rp

Nilai Kini Liabilitas Manfaat Pasti Nilai Wajar Aset Program Posisi Pendanaan Biaya Jasa Lalu yang Belum Diakui (Non Vested) Keuntungan (Kerugian) Aktuarial yang Belum Diakui

Liabilitas - Akhir Tahun

Biaya Jasa Kini Biaya Bunga Imbal Hasil Ekspektasian Aset Program Biaya Jasa Lalu yang Belum Menjadi Hak Keuntungan (Kerugian) Aktuarial yang Diakui Beban yang Diakui

17,875,652 27,435,679 (22,485,065) 3,719,696 8,072,562

20,023,434 29,559,198 (14,319,689) 3,719,696 8,088,275

Current Service Cost Interest Cost Expected Return from Program Assets Unrecognized Past Service (Non Vested) Recognized Actuarial Gain (Loss)

34,618,524

47,070,914

Recognized Expenses

2013 Rp Nilai Kini Liabilitas Manfaat Pasti/ Present value of Defined Benefit Liability Nilai Wajar Aset Program/ Fair Value of Program Assets Posisi Pendanaan/ Funding


2012 Rp

2011 Rp

2010 Rp

2009 Rp

420,680,114

457,261,315

369,489,979

334,793,006

236,117,393

(292,818,808)

(249,834,059)

(159,107,655)

(113,369,001)

(124,574,904)

127,861,306

207,427,256

210,382,324

221,424,005

111,542,489

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Tingkat Diskonto/ Discount Rate Estimasi Kenaikan Gaji Pegawai Aktif/ Salary Increment Estimasi Kenaikan Biaya Kesehatan/ Health Care Increment Tingkat Mortalita/ Mortality Rate Tingkat Cacat/ Disability Rate Tingkat Mengundurkan Diri/ Early Retirement Rate Usia/ Age 15 – 29 30 – 34 35 – 39 40 – 50 51 – 52 > 52 Metode Aktuaria/ Acturial Method Usia Pensiun Normal/ Pension Normal Age Metoda Amortisasi dan Periode Amortisasi Biaya jasa lalu Metode Amortisasi/ Amortization Method Periode Amortisasi/ Amortization Period

6% 6.5% 0%

6% 6.5% 0%

Tingkat 6% 3% 1.8% 1.2% 0.6% 0% Projected Unit Credit 56 tahun/ year

Garis lurus/ Straight line Rata-rata sisa masa kerja/ Average of remaining of working period Garis lurus/ Straight line Rata-rata sisa masa kerja/ Average of remaining of working period

28. Modal Saham


2012

CSO 1980 10 % dari CSO 1980


Pemegang Saham Seri A mempunyai hak istimewa tertentu sebagai tambahan atas hak yang diperoleh Pemegang Saham Seri B. Hak istimewa tersebut mencakup hak khusus untuk mencalonkan anggota direksi dan komisaris dan untuk memberikan persetujuan atas: (a) peningkatan modal, (b) perubahan anggaran dasar, (c) penggabungan, peleburan, dan pengambilalihan, (d) pembubaran dan likuidasi, (e) pengangkatan dan pemberhentian anggota direksi dan komisaris. Perusahaan telah melakukan pembelian kembali atas saham yang beredar (treasury stocks) sampai tanggal 31 Desember 2013 sebanyak 24.523.500 lembar saham, dan hal ini mengakibatkan jumlah saham beredar terkoreksi.

2013

28. Share Capital The Shareholders of Series A shares have certain privileges in addition to any rights acquired by Series B Shareholders. These privileges include the exclusive rights to nominate directors and commissioners and to give approval for: (a) an increase in capital, (b) changes in the article of association, (c) merger, consolidation and acquisition, (d) dissolution and liquidation, (e) appointment and dismissal of directors and commissioners. The Company has bought back the outstanding shares (treasury stocks) to December 31, 2013 amounting to 24,523,500 shares, and this has resulted in the number of outstanding shares adjusted.

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Untuk Tahun-tahun yang Berakhir pada Tanggal 31 Desember 2013 dan 2012 (Dalam Ribuan Rupiah, Kecuali Dinyatakan Lain) Pemegang Saham

Saham Seri A Dwiwarna Pemerintah Republik Indonesia Saham Seri B Pemerintah Republik Indonesia Manajemen; Ir. Agoes Widjanarko, MIP (Komisaris Utama) Ibnu Purna Muchtar, SE, MA. (Komisaris) Ir. Adityawarman (Direktur Utama) Ir. Hasanudin, M.Eng.Sc. (Direktur Operasi) Ir. Abdul Hadi HS, MM. (Direktur Pengembangan Usaha) Ir. Reynaldi Hermansjah (Direktur Keuangan) Ir. Muh. Najib Fauzan, MSc. (Direktur SDM dan Umum) Karyawan Total Manajemen dan Karyawan


31 Desember/ December 2013 Total Saham/ Presentase Total Kepemilikan/ (Rupiah Penuh)/ Shares Percentage of (Full Rupiah) Ownership

Shareholders

107,500 17,642,261 18,603,761

0.26 0.27

53,750,000 8,821,130,500 9,301,880,500

Series A Dwiwarna - Share The Government of the Republic of Indonesia Series B - Share The Government of the Republic of Indonesia Management Ir. Agoes Widjanarko, MIP (General Commissioner) Ibnu Purna Muchtar, SE, MA. (Comissioner) Ir. Adityawarman (President Director) Ir. Hasanudin, M.Eng.Sc. (Operation Director) Ir. Abdul Hadi HS, MM. (Business Development Director) lr. Reynaldi Hermansjah (Finance Director) Ir. Muh. Najib Fauzan, MSc. (Human Capital and General Affairs Director) Employees Total Management and Employees

PT Jamsostek (Persero) - JHT Masyarakat (masing-masing dibawah 2%)

148,751,000 1,872,645,239

2.19 27.54

74,375,500,000 936,322,619,500

PT Jamsostek (Persero) - JHT Public (each below 2%)

Total

6,800,000,000

100.00

3,400,000,000,000

Total

Pemegang Saham

Saham Seri A Dwiwarna Pemerintah Republik Indonesia Saham Seri B Pemerintah Republik Indonesia Manajemen; Ir. Agoes Widjanarko, MIP (Komisaris Utama) Ibnu Purna Muchtar, SE, MA. (Komisaris) Ir. Adityawarman (Direktur Utama) Ir. Hasanudin, M.Eng.Sc. (Direktur Operasi) Ir. Abdul Hadi HS, MM. (Direktur Pengembangan Usaha) Ir. Reynaldi Hermansjah (Direktur Keuangan) Ir. Muh. Najib Fauzan, MSc. (Direktur SDM dan Umum) Karyawan Total Manajemen dan Karyawan

1 4,759,999,999

500 70.00

2,379,999,999,500

80,000 10,500 134,500 8,500

40,000,000 5,250,000 67,250,000 4,250,000

260,500

130,250,000

360,000

180,000,000

31 Desember/ December 2012 Total Saham/ Presentase Total Kepemilikan/ (Rupiah Penuh)/ Shares Percentage of (Full Rupiah) Ownership

Shareholders

107,500 23,327,919 24,289,419

0.34 0.36

53,750,000 11,663,959,500 12,144,709,500

Series A Dwiwarna - Share The Government of the Republic of Indonesia Series B - Share The Government of the Republic of Indonesia Management Ir. Agoes Widjanarko, MIP (General Commissioner) Ibnu Purna Muchtar, SE, MA. (Comissioner) Ir. Adityawarman (President Director) Ir. Hasanudin, M.Eng.Sc. (Operation Director) Ir. Abdul Hadi HS, MM. (Business Development Director) lr. Reynaldi Hermansjah (Finance Director) Ir. Muh. Najib Fauzan, MSc. (Human Capital and General Affairs Director) Employees Total Management and Employees

PT Jamsostek (Persero) - JHT Masyarakat (masing-masing dibawah 2%)

115,689,500 1,900,021,081

1.70 27.94

57,844,750,000 950,010,540,500

PT Jamsostek (Persero) - JHT Public (each below 2%)

Total

6,800,000,000

100.00

3,400,000,000,000

Total

1 4,759,999,999

70.00

2,379,999,999,500

80,000 10,500 134,500 8,500

40,000,000 5,250,000 67,250,000 4,250,000

260,500

130,250,000

360,000

180,000,000

Berdasarkan Rapat Umum Pemegang Saham Luar Biasa, tanggal 17 Januari 1998, yang dinyatakan dalam Akta No.52, tanggal 16 Maret 1998 dari Notaris Imas Fatimah, SH, dan telah memperoleh pengesahan dari Menteri Kehakiman Republik Indonesia melalui Surat Keputusan No.C2-3192. HT.01.04.Th.98, tanggal 3 April 1998, para pemegang saham menyetujui untuk meningkatkan modal d1/February 19, 2014

500

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.C23192.HT.01.04.Th.98 dated April 3, 1998, the shareholders of the Company agreed to increase the authorized share 85

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dasar dari sebesar Rp 350.000.000.000 (Rupiah penuh) menjadi sebesar Rp 2.000.000.000.000 (Rupiah penuh) yang terbagi atas 2.000.000 saham dengan nilai nominal Rp 1.000.000 (Rupiah penuh) per saham dan meningkatkan modal ditempatkan dan disetor menjadi sebesar Rp 1.000.000.000.000 (Rupiah penuh).

capital from Rp 350,000,000,000 (full Rupiah) to Rp 2,000,000,000,000 (full Rupiah) which consist of 2,000,000 shares with par value of Rp 1,000,000 (full Rupiah) per share, and to increase the issued and paid in capital to become Rp 1,000,000,000,000 (full Rupiah).

Rapat Umum Pemegang Saham Luar Biasa yang telah dituangkan dalam Risalah No.RIS-292/D6.MBU/2007, tanggal 12 September 2007 dengan Akta No.27 tanggal 12 September 2007 dari Notaris Ny. Poerbaningsih Adi Warsito, SH, memutuskan antara lain:

The Extraordinary General Meeting of Shareholders as set forth in Proceedings No.RIS-292/D6.MBU/2007, through the Deed No.27 dated September 12, 2007, of Notary Ny. Poerbaningsih Adi Warsito, SH, decided, among other as follows:

1 Perubahan Anggaran Dasar Perusahaan sebagai berikut: a. Peningkatan modal dasar Perusahaan dari semula Rp 2.000.000.000.000 (Rupiah penuh) menjadi sebesar Rp 9.520.000.000.000 (Rupiah penuh) dan modal ditempatkan dan disetor penuh dari Rp 1.000.000.000.000 (Rupiah penuh) menjadi sebesar Rp 2.380.000.000.000 (Rupiah penuh) yang berasal dari kapitalisasi sebagian saldo laba (ditahan) per 30 Juni 2007 sebesar Rp 1.380.000.000,000 (Rupiah penuh), sehingga saldo laba (ditahan) posisi per 30 Juni 2007 tersisa sebesar Rp 24.895.100.523 (Rupiah penuh); b. Perubahan nilai nominal saham Perusahaan dari semula Rp 1.000.000 (Rupiah penuh) setiap saham menjadi sebesar Rp 500 (Rupiah penuh) setiap saham; c. Perubahan modal ditempatkan dan disetor penuh Perusahaan menjadi sebesar Rp 2.380.000.000.000 (Rupiah penuh), terbagi atas 4.760.000.000 lembar saham yang terdiri dari 1 (satu) saham Seri A Dwiwarna dan sebesar 4.759.999.999 lembar saham Seri B; dan d. Penyesuaian Anggaran Dasar Perusahaan dengan Undang-undang No.8 Tahun 1995 tentang Pasar Modal.

1. Amendment of the Company's Articles of Association by:

2. Perubahan status Perusahaan dari Perusahaan Tertutup menjadi Perusahaan Terbuka.

2. Changes of the Company’s status from a Limited Company to become a Public Company.

3. Penjualan saham dalam simpanan Perusahaan kepada masyarakat melalui pasar modal sebanyak-banyaknya 30% dari jumlah saham yang dikeluarkan setelah Perusahaan melakukan Penawaran Umum Perdana (Initial Public Offering) atau sebanyak-banyaknya 2.040.000.000 lembar saham.

3. Sales of the Company's share in the portfolio to public through capital market as much as 30% of the issued shares after the Company made an Initial Public Offering or a maximum of 2,040,000,000 shares.

4. Penetapan program kepemilikan saham Perusahaan untuk karyawan dan manajemen Perusahaan melalui Employee and Management Stock Allocation (ESA) sebanyak-banyaknya 10% dari emisi saham baru Perusahaan yang diterbitkan (sebanyak-banyaknya 204.000.000 saham) sesuai dengan ketentuan pasar modal. Ketentuan alokasi saham tersebut sebagai berikut:

4. Determination of the Company's share ownership program for employees and management through the Employee and Management Stock Allocation (ESA) as much as 10% of the Company’s issuance of new shares issued (as much as 204,000,000 shares) in accordance with capital market regulation. The stock allocation provisions are as follows:


a Increase of the Company's authorized share capital from Rp 2,000,000,000,000 (full Rupiah) to become Rp 9,520,000,000,000 (full Rupiah) and issued and paid up capital of Rp 1,000,000,000,000 (full Rupiah) to become Rp 2,380,000,000,000 (full Rupiah) derived from partial capitalization of retained earnings position as of June 30, 2007 amounting to Rp 1,380,000,000,000 (full Rupiah), therefore the retained earnings position as of June 30, 2007 remained at Rp 24,895,100,523 (full Rupiah); b. Changes of the par value of the Company’s shares from Rp 1,000,000 (full Rupiah) per share to Rp 500 (full Rupiah) per share; c. Changes in the Company's issued and fully paid up capital became Rp 2,380,000,000,000 (full Rupiah), divided into 4,760,000,000 shares consisting of 1 (one) Series A Dwiwarna Share and 4,759,999,999 Series B shares; and d. Changes of the Company's Articles of Association to conform with the Law No.8 Year 1995 regarding Capital Market.

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a. Saham Bonus - Sebesar 1 (satu) kali gaji bersih bulan Juni 2007

a. Shares Bonus - An amount of 1 (one) times the net salary in June 2007; - A 3-years lock up period or the employee resigned from the Company; and - Imposition of bonus shares will be treated as expenses in the 2007 cost budget, with a condition, a target profit after tax in 2007 which has been set at the previous RUPS.

- Masa lock up 3 tahun atau yang bersangkutan tidak bekerja lagi di Perusahaan; dan - Pembebanan saham bonus tersebut akan dibiayakan pada anggaran biaya tahun 2007, dengan catatan, target laba setelah pajak tahun 2007 yang telah ditetapkan pada RUPS yang lalu. b. Saham Jatah Pasti Sebanyak 204.000.000 lembar saham (10% dari emisi saham baru) dikurangi jumlah saham bonus; dan tidak ada masa lock up.

b. The Fixed Allotment Shares A total of 204,000,000 shares (10% of the new shares issued) minus the number of bonus shares; and no lock up period.

c. Yang berhak memperoleh program kepemilikan saham karyawan dan manajemen Perusahaan adalah: - Direksi Perusahaan; - Komisaris, Sekretaris Komisaris dan Staf Sekretaris Perusahaan; dan - Karyawan tetap Perusahaan.

c. Those entitled for employee and management stock ownership program of the Company are:

Komisaris Independen dan Komite Audit yang bukan anggota komisaris tidak diperkenankan mengikuti program ESA.

Independent Commissioners and the Audit Committee who are not member of the Commissioner are not allowed to participate in the ESA program.

Jumlah saham yang diterbitkan sehubungan penawaran umum perdana saham tersebut adalah sebanyak 6.800.000.000 saham dengan nilai nominal per saham Rp 500 atau setara dengan Rp 3.400.000.000.000 (Rupiah penuh). Selisih antara jumlah yang diterima dengan jumlah nilai nominal dari saham yang diterbitkan adalah sebesar Rp 2.448.000.000.000 (Rupiah penuh) disajikan dalam bagian Tambahan Modal Disetor.

The number of shares issued related to the initial public offering were 6,800,000,000 shares with the par value of shares Rp 500 (full Rupiah) per share or equivalent to Rp 3,400,000,000,000 (full Rupiah). The difference between the proceeds amount and the amount of par value of shares issued amounted to Rp 2,448,000,000,000 (full Rupiah) are presented as part of Additional Paid in Capital.

Jumlah saham yang diterbitkan sehubungan pelaksanaan program ESA terdiri dari 11.862.000 saham bonus dan 189.337.500 saham jatah pasti dengan jumlah nilai nominal sebesar Rp 100.599.750.000 (Rupiah penuh). Selisih antara jumlah yang diterima dan jumlah nilai nominal dari saham yang diterbitkan dari saham bonus dan saham jatah pasti masing-masing sebesar Rp 14.234.400.000 (Rupiah penuh) dan Rp 227.205.000.000 (Rupiah penuh) disajikan dalam bagian Tambahan Modal Disetor. Jumlah beban kompensasi yang diakui sehubungan pelaksanaan program ESA sebesar Rp 20.165.400.000 (Rupiah penuh), dibebankan pada beban operasi tahun berjalan dan dikreditkan pada bagian dari Tambahan Modal Disetor. Sisa dari seluruh pelaksanaan program ESA yang tidak digunakan sejumlah 2.800.500 saham jatah pasti menjadi tidak berlaku.

The number of shares issued related to the implementation of the ESA program consists of 11,862,000 shares and 189,337,500 bonus shares for the fixed allotment share with total par value amounting to Rp 100,599,750,000 (full Rupiah). The difference between the proceeds amount and the total par value of the issued shares from bonus shares and the fixed allotment share amounting to Rp 14,234,400,000 (full Rupiah) and Rp 227,205,000,000 (full Rupiah), respectively, are presented as part of Additional Paid in Capital. Total compensation expenses recognized related to the program implementation ESA amounted to Rp 20,165,400,000 (full Rupiah) charged to current year operating expenses and is credited in part of Additional Paid in Capital. The rest of the entire implementation of the program ESA are not used a number of 2,800,500 shares from the fixed allotment share become expired.


- Directors of the Company; - Commissioners, Secretary to Commissioners and the Staffs of the Corporate Secretary; and - Permanent employees of the Company

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29. Tambahan Modal Disetor

29. Additional Paid in Capital 2013 Rp

2012 Rp

Tambahan Modal Disetor dari: Penawaran Umum Perdana Saham Tahun 2007 Pembelian Saham Kembali (Treasury Shares) Hasil Bersih Penjualan Treasury Shares Total

2,343,266,337

2,343,266,337

(7,741,303)

(7,741,303)

118,365,066

118,365,066

2,453,890,100

2,453,890,100

30. Modal Saham Diperoleh Kembali Pada tahun 2008, pemerintah melalui Menteri Negara BUMN dan Menteri Keuangan mengharuskan BUMN untuk melakukan pembelian kembali saham treasuri. Pembelian dilakukan secara bertahap sebanyak 24.523.500 lembar saham atau setara dengan Rp 21.805.477.755 (Rupiah penuh). Adanya pembelian kembali saham treasuri tersebut menyebabkan agio saham terkoreksi sebesar Rp 9.543.727.755 (Rupiah penuh) dan modal saham terkoreksi Rp 12.261.750.000 (Rupiah penuh). Pada tahun 2012, perusahaan menjual kembali seluruh modal saham treasuri senilai Rp 118.561.300.087 sehingga menambah agio saham menjadi sebesar Rp 108.821.338.000 (Rupiah penuh).

Repurchase of Shares Net Proceeds from Sales of Treasury Shares Total

30. Treasury Stocks In 2008, Government through the Minister of State Owned Enterprise and the Minister of Finance suppose to the State Owned Enterprise to buy back treasury stocks. The procurement is executed gradually as 24,523,500 shares or equivalent to Rp 21,805,477,755 (full Rupiah). The repurchased of treasury stocks result adjustment of additional paid in capital amounting to Rp 9,543,727,755 (full Rupiah) and share capital amounting to Rp 12,261,750,000 (full Rupiah). In 2012, the Company selling back all of the treasury stocks amounting to Rp 118,561,300,087 therefore increase additional paid in capital amounting to Rp 108,821,338,000 (full Rupiah).

31. Kepentingan Non Pengendali Merupakan hak pemegang saham non pengendali atas aset bersih dan bagian Iaba (rugi) bersih entitas anak yang dikonsolidasikan.

Additional Paid in Capital from: Inital Public Offering Year 2007

31. Non Controlling Interests Represent non controlling interest in net assets and portion of net income (loss) of the consolidated subsidiaries. 2013 Rp

PT Trans Marga Jateng (TMJ) PT Marga Sarana Jabar (MSJ) PT Marga Trans Nusantara (MTN) PT Marga Nujyasumo Agung (MNA) PT Jasamarga Bali Tol (JBT) PT Marga Lingkar Jakarta (MLJ) PT Sarana Marga Utama (SMU) PT Jasamarga Pandaan Tol (JPT) PT Marga Kunciran Cengkareng (MKC) PT Transmarga Jatim Pasuruan (TJP) PT Jalantol Lingkarluar Jakarta (JLJ) PT Jasamarga Properti (JMP)

Total


88

2012 Rp

956,914,552 277,946,551 97,528,232 75,086,406 59,319,335 44,341,403 27,647,375 17,547,142 3,008,904 1,518,487 671,981 15,491

329,258,494 74,372,751 37,125,155 182,005,296 293,399,283 136,528,507 17,196,342 72,566,141 30,081,737 3,993,695 110,806 --

1,561,545,859

1,176,638,207

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32. Pendapatan Tol

32. Toll Revenues 2013 Rp

2012 Rp

976,573,383 741,088,701 710,633,832 686,795,164 548,248,469 423,161,468 408,011,261 276,294,982 270,467,516 235,740,905 131,848,482 107,487,136 104,770,032 81,566,269

896,244,511 655,380,103 665,483,579 674,789,714 508,088,195 388,780,631 379,581,422 269,473,344 240,801,088 434,686,271 115,577,419 100,541,337 97,177,899 73,210,199

The Company Jakarta - Cikampek Cikampek - Padalarang JORR Seksi non S Cawang - Tomang - Pluit Jakarta - Bogor - Ciawi Prof. Dr. Ir. Sedyatmo Jakarta - Tangerang Padalarang - Cileunyi Surabaya - Gempol JORR S Pondok Aren - Bintaro Viaduct - Ulujami Palimanan - Kanci Semarang Seksi A,B,C Belawan - Medan - Tanjung Morawa

5,702,687,600

5,499,815,712

Total

45,553,674 36,485,489 17,554,363 23,651,143

41,064,104 27,457,799 13,415,178 --

Subsidiaries Bogor Outer Ring Road Semarang - Solo Surabaya - Mojokerto Nusa Dua - Benoa

Total

123,244,669

81,937,081

Total

Total

5,825,932,269

5,581,752,793

Total

Perusahaan Jakarta - Cikampek Cikampek - Padalarang JORR Seksi non S Cawang - Tomang - Pluit Jakarta - Bogor - Ciawi Prof. Dr. Ir. Sedyatmo Jakarta - Tangerang Padalarang - Cileunyi Surabaya - Gempol JORR S Pondok Aren - Bintaro Viaduct - Ulujami Palimanan - Kanci Semarang Seksi A,B,C Belawan - Medan - Tanjung Morawa Total Entitas Anak Bogor Outer Ring Road Semarang - Solo Surabaya - Mojokerto Nusa Dua - Benoa

Pendapatan jalan tol diperoleh dari jumlah kendaraan yang lewat dikalikan dengan tarif sesuai dengan golongan kendaraan. Tarif tol yang ditetapkan didasarkan pada:

Revenue from toll road are derived from total number of passing vehicles multiplied with the tariff based on class of vehicles. The toll tariff shall be based on:

- Undang-undang (UU) No.38 tahun 2004 sebagai pengganti Undang-undang No.13 tahun 1980. - Peraturan Pemerintah (PP) No.15 tahun 2005 sebagai pengganti PP No.8 tahun 1990 dan PP No.40 tahun 2001.

- The Law No.38 of Year 2004 as a replacement for the Law No.13 year 1980. - The Government Regulation (GR) No.15 year 2005 as a replacement for the GR No.8 of Year 1990 and the GR No.40 year 2001.

UU dan PP tersebut merupakan landasan hukum perhitungan/penyesuaian tarif tol yang kemudian ditetapkan oleh Keputusan Menteri Pekerjaan Umum (Kepmen PU).

Law and Government Regulations are legal basis for calculation/adjustment of the toll tariff which later determined by the Decree of Minister of Public Works.

Berdasarkan Peraturan Pemerintah No. 15 tahun 2005, pasal 66 ayat (1) dinyatakan: "Tarif dihitung berdasarkan kemampuan bayar pengguna jalan tol, besar keuntungan biaya operasi kendaraan, dan kelayakan investasi unsurunsur kelayakan investasi" dan pasal 66 ayat (2): "Besar keuntungan biaya operasi kendaraan sebagaimana dimaksud pada ayat (1) dihitung berdasarkan pada selisih biaya operasi kendaraan dan nilai waktu pada jalan tol dengan lintas alternatif jalan umum yang ada".

Based on the Government Regulation No. 15 of Year 2005, article 66 section (1) declares that: "Tariff will be calculated based on payment capability of the toll user, amount of profits from the vehicles operating cost, and investment properness elements" and article 66 section (2): "The amount of profits from the vehicles operating cost as of referred to under section (1) is to be calculated based on difference of vehicle operating cost on the toll road with the available alternative public road".


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Untuk Tahun-tahun yang Berakhir pada Tanggal 31 Desember 2013 dan 2012 (Dalam Ribuan Rupiah, Kecuali Dinyatakan Lain) Berdasarkan Kepmen PU No. 212/KPTS/M/2012 tanggal 27 Juli 2012 untuk ruas Prof. Dr. Ir. Sedyatmo dan berlaku pada tanggal 03 Agustus 2012, tarif terjauh untuk ruas tersebut adalah sebagai berikut:

For the Years Ended December 31, 2013 and 2012 (In Thousands of Rupiah, Unless Otherwise Stated) Based on the Decree of Minister of Public Works No. 212/KPTS/M/2012, dated July 27, 2012, and expired date August 03, 2012, the toll tariff for Prof. Dr. lr. Sedyatmo section toll road is as follows:

Ruas/ Section

(Dalam Rupiah Penuh/ Full Rupiah) Golongan/ Group I II III IV V 7,000 8,500 11,000 14,000 17,000

Tarif tol berdasarkan KEPMEN PU RI No. 311/KPTS/M/2012, tanggal 01 Oktober 2012 dan berlaku pada tanggal 08 Oktober 2012, Tentang Penetapan Perubahan Sistem Pengumpulan Tol pada Seksi Jakarta IC - Cikarang Barat dan Tarif Tol pada Ruas Jalan Tol Jakarta - Cikampek, berikut tarif terjauh untuk ruas tersebut:

Based on the Decree of Minister of Public Works No. 311/KPTS/M/2012, dated October 01, 2012 and effective on October 08, 2012, On the Establishment of Toll Collection System Changes in Section IC Jakarta - Cikarang West and Toll Rates Toll Road in Jakarta - Cikampek, the toll tariff for Jakarta - Cikampek section toll road is:

No 1

Prof DR IR Soedyatmo

Sistem Transaksi Terbuka/ Open System Transaction Sistem Transaksi Tertutup/ Close System Transaction Ramp/ Ramp

(Dalam Rupiah Penuh/ Full Rupiah) Golongan/ Group I II III IV V 3,000 4,000 4,500 5,500 7,000 8,000 10,000 14,000 17,000 20,500 2,000 2,000 2,000 2,500 3,000

Berdasarkan Kepmen PU No. 394 /KPTS/M/2013, tanggal 04 Oktober 2013 dan berlaku pada tanggal 11 Oktober 2013 untuk ruas-ruas Jakarta - Tangerang, Serpong Pondok Aren, Ulujami - Pondok Aren, Padaleunyi, Cipularang, Surabaya - Gempol, Belmera, Palikanci, Semarang, JORR (W,S,E) dan Jagorawi, tarif terjauh untuk ruas tersebut adalah sebagai berikut:

Based on the Decree of Minister of Public Works No. 394 /KPTS/M/2013, dated October 04, 2013, and effective on October 11, 2013, the long distance of toll tariff for toll road sections: Jakarta - Tangerang, Serpong - Pondok Aren, Ulujami - Pondok Aren, Padaleunyi, Cipularang, Surabaya Gempol, Belmera, Palikanci, Semarang, JORR (W,S,E) and Jagorawi is as follows:

No. 1 2 3

Ruas/ Section

No. 1 2 3 4 5 6 7

8 9 10

11 12

Ruas/ Section Jakarta - Tangerang Serpong - Pondok Aren Pondok Aren - Ulujami Padaleunyi Cipularang Lingkar Dalam Kota Surabaya - Gempol Sistem Transaksi Terbuka/ Open System Transaction (Dupak-Waru) Sistem Transaksi Tertutup/ Close System Transaction Belmera Palikanci Semarang (Jatingaleh - Krapyak) Semarang (Jatingaleh - Srondol) Semarang (Jatingaleh - Kaligawe) Semarang (Jatingaleh - Gayamsari) Semarang (Gayamsari - Kaligawe) JORR (W2-S-E1-E2) Sistem Transaksi Terbuka/ Open System Transaction Sistem Transaksi Tertutup/ Close System Transaction Ramp/ Ramp


90

I 5,000 5,000 2,500 8,000 34,000 8,000 3,000 4,000 6,500 5,000 2,000 2,000 2,000 2,000 2,000 8,500 3,000 8,000 2,000

(Dalam Rupiah Penuh/ Full Rupiah) Golongan/ Group II III IV V 6,000 8,000 10,000 11,500 9,500 11,500 14,500 17,000 5,000 6,000 7,500 9,000 13,000 15,000 19,000 22,500 51,000 67,500 84,500 101,500 10,000 13,000 16,000 19,000 4,000 5,000 6,000 7,500 5,000 8,000 10,000 12,000 10,500 11,500 14,500 17,500 6,000 9,500 11,500 14,000 2,500 3,000 4,000 4,500 2,500 3,000 4,000 4,500 3,000 4,000 5,000 6,000 3,000 4,000 5,000 6,000 3,000 4,000 5,000 6,000 10,500 12,000 15,000 18,000 4,000 4,500 5,500 7,000 10,000 14,000 17,000 20,500 2,000 2,000 2,500 3,000 Paraf:





33. Pendapatan dan Beban Konstruksi

33. Construction Revenues and Expense

Pendapatan konstruksi merupakan jasa kompensasi yang diakui oleh Grup dalam pembangunan jalan tol baru dan peningkatan kapasitas jalan tol. Pendapatan konstruksi dinilai dengan menggunakan metode cost-plus, yang mana seluruh biaya yang dapat diatribusikan langsung sebagai nilai perolehan aset tambahan dengan marjin tertentu.

Construction revenue is the compensation of the service recognised by the Group for building new toll roads and to upgrade toll roads capacity. Construction revenue measured using cost-plus method, which specified margin ranging added up to all cost directly attributable to the acquiring cost of the assets.

2013 Rp Pendapatan Konstruksi Beban Konstruksi Pendapatan Konstruksi - Bersih

2012 Rp

3,960,538,543 (3,914,452,489)

3,344,997,734 (3,310,946,174)

Construction Revenues Construction Expenses

46,086,054

34,051,560

Profit from Construction - Net

34. Pendapatan Usaha Lainnya

34. Other Operating Revenues 2013 Rp

2012 Rp

Pendapatan BBM SPBU Sewa Lahan Jasa Pengoperasian Jalan Tol Pihak Lain Pendapatan Iklan Lainnya

153,072,190 90,060,436 32,405,824 6,721,041 225,937,332

-75,227,897 21,934,036 5,777,837 40,528,777

Petroleum Revenues Land Rent Toll Road Operating Service Advertisement Others

Total

508,196,823

143,468,547

Total

35. Penghasilan Lain-lain

35. Others Income 2013 Rp

2012 Rp

Penghasilan Bunga Deposito Penghasilan Jasa Giro Keuntungan Penjualan Aset Tetap Lainnya

223,817,722 5,313,797 2,886,399 22,710,908

192,560,785 5,967,903 -201,642,862

Deposits Interest Income Current Accounts Income Gains on Disposal of Fixed Assets Others

Total

254,728,826

400,171,550

Total

36. Beban Pengumpulan Tol

36. Toll Collection Expenses

Beban pengumpulan tol merupakan beban yang timbul dari kegiatan di gerbang tol.

Toll collection expenses represent expenses incurred in relation to activities at the toll gates.

2013 Rp

2012 Rp

Gaji dan Tunjangan Penyusutan Aset Tetap Administrasi dan Perlengkapan Tol Perbaikan dan Pemeliharaan Aset Tetap Bahan Bakar, Listrik dan Air Sewa Kendaraan dan Peralatan Tol Amortisasi Hak Pengusahaan Jalan Tol Lainnya

593,809,291 68,191,177 63,632,925 53,931,682 32,386,100 20,851,538 17,446,762 22,453,332

488,914,453 47,880,154 41,988,657 40,204,245 27,978,202 19,762,105 13,904,790 24,988,579

Salaries and Allowance Property and Equipment Depreciation Administration and Toll Supplies Property and Equipment Repair and Fuel, Electricity and Water Car Rental and Equipment Tol Amortization of Toll Road Concession Rights Others

Total

872,702,807

705,621,185

Total


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37. Beban Pelayanan Pemakai Jalan Tol

37. Toll Road Service Expenses

2013 Rp

2012 Rp

SPBU TIP Gaji dan Tunjangan Amortisasi Hak Pengusahaan Jalan Tol Bahan Bakar, Listrik dan Air Pelayanan Pemakai Jalan Tol Perbaikan dan Pemeliharaan Aset Tetap Sewa Kendaraan Publikasi Penyusutan Aset Tetap Lainnya

147,935,120 125,785,251 54,080,527 49,730,195 32,506,719 28,068,331 16,232,015 5,199,164 1,723,896 20,478,705

-102,343,878 56,727,295 31,613,610 21,553,391 25,361,838 13,394,485 4,437,830 2,736,635 18,337,479

SPBU TIP Salaries and Allowance Amortization of Toll Road Concession Rights Fuel, Electricity and Water Toll Road User Services Property and Equipment Repair and Car Rental Publications Property and Equipment Depreciation Others

Total

481,739,923

276,506,441

Total

Beban pelayanan pemakai jalan tol merupakan beban yang timbul karena kegiatan terkait dengan pelayanan jalan tol seperti patroli jalan tol, keperluan rescue, publikasi dan penyuluhan jalan tol.

Toll road service expenses represent expenses incurred in relation to toll road services such as toll patrol, rescue, publications and toll road information.

38. Beban Pemeliharaan Jalan Tol

Amortisasi Hak Pengusahaan Jalan Tol Provisi Pelapisan Ulang Perbaikan dan Pemeliharaan Aset Tetap Gaji dan Tunjangan Penyusutan Aset Tetap Pembersihan Jalan dan Pertamanan Sewa Kendaraan Bahan Bakar, Listrik dan Air Lainnya Total

38. Toll Road Maintenance Expenses 2013 Rp

2012 Rp

474.594.854 340.108.272 197.243.719 55.681.739 33.293.259 30.391.744 5.521.027 4.151.739 2.321.292

423.352.634 322.153.759 59.856.089 36.887.407 4.890.075 26.654.349 3.362.509 2.603.876 2.484.335

Amortization of Toll Road Concession Rights Provision for Overlay Property and Equipment Repair and Maintenance Salaries and Allowance Fixed Asset Depreciation Cleaning and Gardening Car Rental Fuel, Electricity and Water Others

1.143.307.645

882.245.033

Total

39. Beban Kerjasama Operasi Beban Kerjasama Operasi merupakan selisih antara jumlah pendapatan tol yang menjadi bagian investor dengan pembayaran liabilitas kerjasama operasi tanpa kuasa penyelenggaraan, termasuk bagian bunga atas liabilitas kerjasama operasi dalam bentuk bagi pendapatan tol dengan jumlah minimum dan angsuran pasti. Beban kerjasama operasi dalam bentuk bagi hasil pendapatan tol merupakan beban kerjasama operasi dengan PT Bangun Tjipta Sarana, PT Adhika Prakarsatama dan PT Surya Cipta Swadaya.


39. Joint Operations Expenses Joint Operations Expenses represent the difference between the amount of toll revenues that are investors’ share over 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. Joint operations expenses in the form of toll revenue sharing represents joint operations expenses with PT Bangun Tjipta Sarana, PT Adhika Prakarsatama and PT Surya Cipta Swadaya.

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40. Beban Umum dan Administrasi

Gaji dan Tunjangan Pajak Iuran dan Retribusi Administrasi Kantor dan Sumbangan Perbaikan dan Pemeliharaan Aset Tetap Jasa Profesional Penyusutan Aset Tetap Transportasi dan Perjalanan Dinas Bahan Bakar, Listrik dan Air Sewa Publikasi Biaya Pengamanan Aset Amortisasi Biaya Ditangguhkan Biaya Administrasi Bank Lainnya Total

40. General and Administrative Expenses 2013 Rp

2012 Rp

556,929,962 210,139,464 81,795,761 47,304,403 35,483,080 27,059,774 21,337,296 21,274,005 20,328,691 16,561,297 6,494,697 5,547,588 875,062 36,689,641

518,154,312 173,535,146 70,614,213 41,387,601 38,063,847 22,134,858 14,395,412 19,332,274 17,159,229 13,067,214 1,062,051 7,774,423 88,458 38,147,014

Salaries and Allowance Taxes, Contribution and Retribution Office Administration and Donation Property and Equipment Repair and Professional Fees Property and Equipment Depreciation Transportation and Business Travel Fuel, Electricity and Water Rental Publications Security Assets Expenses Amortization of Deffered Charges Bank Administrative Expenses Others

1,087,820,721

974,916,052

Total

41. Beban Lain-lain

41. Other Expenses

Merupakan beban administrasi bank, provisi pinjaman, penghapusan piutang dan lainnya.

Represent bank administration expenses, loan provision, receivable return off and other.

2013 Rp

2012 Rp

Lainnya

78,195,152

59,694,757

Others

Total

78,195,152

59,694,757

Total

42. Biaya Keuangan

42. Finance Charges 2013 Rp

2012 Rp

Utang Obligasi Utang Bank Utang Bantuan Pemerintah Lainnya

619,819,599 298,442,330 25,957,261 --

613,628,912 297,175,278 894,724 4,446,996

Bonds Bank Loans Loan from Government Others

Total

944,219,190

916,145,910

Total

43. Penggunaan Laba Undang-undang (UU) No.1 Tahun 1995, tanggal 7 Maret 1995 yang telah diubah dengan UU No.40 Tahun 2007, tanggal 16 Agustus 2007 mengenai Perusahaan Terbatas mengharuskan perusahaan untuk membuat penyisihan cadangan sekurang-kurangnya 20% dari jumlah modal yang ditempatkan dan disetor penuh. UU tersebut tidak mengatur jangka waktu untuk penyisihan cadangan d1/February 19, 2014

43. Distribution of Income 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. Based on decision of the General Meeting of Shareholders dated April 29, 2008 and 93

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tersebut. Menindaklanjuti hal tersebut maka dengan memperhatikan Keputusan RUPS tanggal 29 April 2008 dan Keputusan Rapat Direksi No.51 tahun 2008 tanggal 9 Desember 2008, Perusahaan memutuskan membentuk Dana Cadangan Wajib sebesar Rp 25.000.000.000 (Rupiah penuh).

decision of Directors Meeting No.51 Year 2008 dated December 9, 2008, the Company decided to provide Statutory Reserves amounted to Rp 25,000,000,000 (full Rupiah).

Berdasarkan Keputusan RUPS, penggunaan laba tahuntahun buku 2012 dan 2011 sebagai berikut:

Based on the General Meeting of Shareholders, the following are distribution of profit of the year 2012 and 2011 as follows:

Dividen Cadangan Umum Cadangan Wajib Dana Program Kemitraan dan Bina Lingkungan (PKBL) Total

2012 Rp

2011 Rp

640,836,088 936,254,138 25,000,000

535,784,787 751,887,942 25,000,000

--

26,789,239

Dividend General Reserve Obligatory Reserve Partnership and Community Development Program (PKBL)

1,602,090,226

1,339,461,968

Total

44. Pihak-pihak Berelasi

44. Related Parties

Perusahaan melakukan transaksi dengan pihak-pihak berelasi. Kebijakan Perusahaan mengatur bahwa penetapan harga atas transaksi tersebut sama dengan apabila Perusahaan melakukan transaksi dengan pihak ketiga. Berikut adalah transaksi dengan pihak-pihak berelasi yang material: Pihak Berelasi/ Related Parties

The Company entered into transactions with related parties. The Company's policy requires that the pricing of these transactions should be the same as if the Company entered into transactions with the third parties. Below are the material transactions with related parties:

Hubungan/ Nature of Relationship

Jenis Transaksi/ Nature of Transactions

Pemerintah Republik Indonesia Kementerian Keuangan Kementerian Badan Usaha Milik Negara

Dikendalikan oleh Pemerintah Pusat Republik Indonesia/ Controlled by Central Government of the Republic of Indonesia

Hak Konsesi atas Ruang Tol, Utang Bantuan Pemerintah, Dana Talangan Pembebasan Tanah dan Perpajakan/ Grantor of Toll Road Concession Rights, Loan from Government Bail Out of Land Acquisition and Taxation

PT Adhi Karya (Persero) Tbk


Kontraktor dalam Pembangunan dan Pemeliharaan Aset Tetap dan Jalan Tol/ Contractor for Construction and Maintenance of Fixed Assets and Toll Roads Beban Penghargaan Masa Kerja kepada Karyawan/ Expenses of

PT Aneka Tambang (Persero) Tbk


PT Askes (Persero)


for Employees


for Pension Employees

PT Asuransi Jiwasraya (Persero)

Achievement Rewards to Employees Beban Asuransi Kesehatan Karyawan/ Helath Insurance Expenses Beban Asuransi Jiwa Pensiunan Karyawan/ Life Insurance Expenses

PT Bank Mandiri (Persero) Tbk


Penempatan Giro, Deposito Berjangka, Investasi Jangka Pendek, Dana yang Dibatasi Penggunaannya, Fasilitas Kredit Modal Kerja, Fasilitas Kredit Sindikasi, Biaya Keuangan dan Pendapatan Bunga/ Placement of Current Accounts, Time Deposits, Short Term Investments, Appropriated Funds, Working Capital Credit Facility, Syndicated Loans Facility, Finance Charges and Interest Income

PT Bank Negara Indonesia (Persero) Tbk


Penempatan Giro, Deposito Berjangka, Fasilitas Kredit Investasi, Fasilitas Kredit Sindikasi, Bank untuk Pengumpulan Tol, Biaya Keuangan dan Pendapatan Bunga/ Placement of Current Accounts, Time Deposits, Investment Credit Facility, Syndicated Loans Facility, Bank for Toll Collection, Finance Charges and Interest Income


94

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Untuk Tahun-tahun yang Berakhir pada Tanggal 31 Desember 2013 dan 2012 (Dalam Ribuan Rupiah, Kecuali Dinyatakan Lain) Pihak Berelasi/ Related Parties PT Bank Rakyat Indonesia (Persero) Tbk


Hubungan/ Nature of Relationship

Jenis Transaksi/ Nature of Transactions


Penempatan Giro, Deposito Berjangka, Fasilitas Kredit Investasi, Fasilitas Kredit Sindikasi, Bank untuk Pengumpulan Tol, Biaya Keuangan dan Pendapatan Bunga/ Placement of Current Accounts, Time Deposits, Investment Credit Facility, Syndicated Loans Facility, Bank for Toll Collection, Finance Charges and Interest Income

PT Bank Tabungan Negara (Persero) Tbk


Penempatan Giro, Deposito Berjangka, Fasilitas Kredit Investasi, Fasilitas Kredit Sindikasi, Biaya Keuangan dan Pendapatan Bunga/ Placement of Current Accounts, Time Deposits, Investment Credit Facility, Syndicated Loans Facility, Finance Charges and Interest Income

PT Hutama Karya (Persero) Tbk


Kontraktor dalam Pembanguna dan Pemeliharaan Aset Tetap dan Jalan Tol/ Contractor for Construction and Maintenance of Property and Equipment and Toll Roads

PT Istaka Karya (Persero)



PT Jamsostek (Persero) Tbk


Beban Asuransi Kecelakaan Kerja Karyawan, Pemegang Saham Non Pengendali/ Insurance Expenses for Employees and Non Controlling Shareholder

PT Nindya Karya (Persero)



PT Pembangunan Perumahan (Persero) Tbk Dikendalikan oleh Pemerintah Pusat Republik Indonesia/ Controlled by Central Government of the Republic of Indonesia


PT Pertamina (Persero)

Pendapatan Kerjasama Bagi Hasil SPBU, Beban Bahan Bakar Minyak Sebagai Pemasok Persediaan Bahan Bakar Tempat Istirahat/ Revenue from


Profit Sharing of SPBU, Engine Fuel Expenses as Supplier of Rest Area's Fuel Inventory PT Perusahaan Listrik Negara (Persero)

Beban Listrik Peralatan Tol dan Gedung/ Electricity for Toll Equipment and


Buildings

PT Waskita Karya (Persero) Tbk


Kontraktor dalam Pembangunan dan Pemeliharaan Aset Tetap dan Jalan Tol/ Contractor for Construction and Maintenance of Fixed Assets and

PT Wijaya Karya (Persero) Tbk


Kontraktor dalam Pembangunan dan Pemeliharaan Aset Tetap dan Jalan Tol/ Contractor for Construction and Maintenance of Fixed Assets and

Wika - Adhi - Hutama JO



Koperasi Jasa Marga Bhakti

Pengendalian Manajemen Kunci/ Key Management Control

Pembelian Aset dan Perlengkapan, Beban Outsourcing Pegawai, Sewa Kendaraan dan Peralatan Tol/ Purchase of Property and Equipment,

Toll Roads

Toll Roads

Outsourcing Expenses, Vehicles and Toll Equipment Lease Yayasan Dana Pensiun Jasa Marga

Penempatan Dana Imbalan Kerja Karyawan/ Placement of Employee

Pengendalian Manajemen Kunci/ Key Management Control

Benefit Funds

PT Bukaka Marga Utama

Entitas Asosiasi/ Associated Company

Investasi pada Perusahaan Asosiasi/ Investments in Associated Company

PT Ismawa Trimitra



PT Jakarta Lingkar Baratsatu



PT Jatim Marga Utama



PT Trans Lingkar Kita Jaya




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Untuk Tahun-tahun yang Berakhir pada Tanggal 31 Desember 2013 dan 2012 (Dalam Ribuan Rupiah, Kecuali Dinyatakan Lain) a. Pemerintah Induk Perusahaan memiliki Perjanjian Pengusahaan Jalan Tol (PPJT) dengan Badan Layanan Umum-Badan Pengatur Jalan Tol (BLU-BPJT) mengenai penggunaan fasilitas pinjaman dana untuk pengadaan tanah dalam rangka pembangunan jalan tol baru. Ketika PPJT dialihkan dari Entitas Induk ke Entitas Anak, Utang BLU secara otomatis menjadi milik Entitas Anak. Total transaksi per 31 Desember 2013 dan 31 Desember 2012 adalah masing-masing sebesar Rp 1.392.158.863.978 (Rupiah penuh), Rp 1.183.533.904.382 (Rupiah penuh).

For the Years Ended December 31, 2013 and 2012 (In Thousands of Rupiah, Unless Otherwise Stated) a. Government The Company has a Toll Road Concession Agreements (PPJT) with the General Services Agency-Toll Road Regulatory Agency (BLU-BPJT), regarding the use of funds loan facilities for land acquisition designated for the development of new toll roads. When PPJT is transferred from the Parent Company to its Subsidiaries, these BLU Payables automatically belonged to the Subsidiaries. Total transactions as of December 31, 2013 and December 31, 2012 amounted to Rp 1,392,158,863,978 (full Rupiah), and Rp 1,183,533,904,382 (full Rupiah), respectively.

PT Marga Lingkar Jakarta PT Marga Nujyasumo Agung PT Marga Trans Nusantara PT Trans Marga Jateng PT Marga Kunciran Cengkareng PT Jasa Marga (Persero) Tbk (Induk/ Parent) PT Transmarga Jatim Pasuruan PT Jasamarga Pandaan Tol PT Marga Sarana Jabar Total

2012 Rp

498,023,311 331,774,459 243,497,728 153,298,369 125,389,087 109,008,350 108,134,817 88,595,538 21,151,330

444,024,596 328,524,406 39,018,204 119,803,522 -45,578,546 97,647,373 88,572,557 20,364,700

1,678,872,989

1,183,533,904

The Company entered into toll roads overlay transactions for its intangible assets in fulfilling the minimum level of services (Standar Pelayanan Minimum – SPM) decided by the Indonesian Toll Road Authority (Badan Pengatur Jalan Tol – BPJT). The work of overlay submitted to both the BUMN and private contractors. Total of the work of overlay transaction with related parties on December 31, 2013 and 2012 are as follows:

Perusahaan melakukan transaksi atas pekerjaan pelapisan ulang aset takberwujud jalan tol untuk memenuhi persyaratan Standar Pelayanan Minimum yang ditetapkan oleh Badan Pengatur Jalan Tol (BPJT). Pekerjaan pelapisan ulang diserahkan kepada kontraktor BUMN maupun kontraktor swasta. Total pekerjaan pelapisan ulang atas transaksi dengan pihak berelasi masing-masing per 31 Desember 2013 dan 2012 adalah sebagai berikut:

PT Adhi Karya (Persero) Tbk

2013 Rp

2012 Rp

27,543,808

21,743,995

In the normal course of business, the Company entered into certain transactions with the related parties conducted by normal terms and conditions. These transactions include payments made by the Company to the related parties or vice versa. Ending balance of related parties transactions as of December 31, 2013, and 2012 are as follows:

Dalam kegiatan usahanya, Perusahaan melakukan transaksi dengan pihak-pihak berelasi yang dilakukan dengan syarat-syarat dan kondisi normal, termasuk pembayaran oleh Perusahaan atas beban-beban pihakpihak berelasi atau sebaliknya. Saldo transaksi dengan pihak berelasi per 31 Desember 2013 dan 2012, sebagal berikut:


2013 Rp

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2013 Rp

2012 Rp

Persentase dari Total Aset/ Percentage from Total Assets 2013 2012 % %

Aset/ Assets Kas dan Setara Kas/ Cash and Cash Equivalents Bank/ Cash in Banks Rupiah PT Bank Mandiri (Persero) Tbk PT Bank Rakyat Indonesia (Persero) Tbk PT Bank Negara Indonesia (Persero) Tbk PT Bank Tabungan Negara (Persero) Tbk

146,093,198 103,195,062 11,741,073 1,818,898

83,044,531 120,014,320 9,234,634 41,868

0.52% 0.36% 0.04% 0.01%

0.34% 0.48% 0.04% 0.00%

Sub Total

262,848,231

212,335,353

0.93%

0.86%

Dolar Amerika Serikat/ United States Dollar PT Bank Mandiri (Persero) Tbk Sub Total

922,812

646,255

0.00%

0.00%

922,812

646,255

0.00%

0.00%

1,160,300,000 552,252,514 184,250,000 140,000,000

714,900,000 493,000,000 416,536,000 462,200,000

4.09% 1.95% 0.65% 0.49%

2.89% 1.99% 1.68% 1.87%

2,036,802,514

2,086,636,000

7.18%

8.43%

Deposito Berjangka/ Time Deposits Rupiah PT Bank Rakyat Indonesia (Persero) Tbk PT Bank Tabungan Negara (Persero) Tbk PT Bank Mandiri (Persero) Tbk PT Bank Negara Indonesia (Persero) Tbk Sub Total Dolar Amerika Serikat/ United States Dollar PT Bank Rakyat Indonesia (Persero) Tbk Sub Total Deposito Berjangka/ Time Deposits Total Kas dan Setara Kas/ Cash and Cash Equivalents

13,407,900

10,637,000

0.05%

0.04%

13,407,900

10,637,000

0.05%

0.04%

2,313,981,457

2,310,254,608

8.16%

9.33%

5,039,047 3,236,616 1,105,764 699,284 638,750 133,907 63,558 ----82,088

------726,227 1,586,533 792,671 1,071,024 393,553 7,837,492

0.02% 0.01% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%

0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.01% 0.00% 0.00% 0.00% 0.03%

10,999,014

12,407,500

0.04%

0.05%

4,486,214 --

-10,083,566

0.02% 0.00%

0.00% 0.04%

4,486,214

10,083,566

0.02%

0.04%

Piutang Lain-lain/ Other Receivables Lancar/ Current PT Wijaya Karya (Persero) Tbk PT Adhi Karya (Persero) Tbk PT Translingkar Kita Jaya PT Waskita Karya (Persero) Tbk INKOPKAR JAGA PT Istaka Karya (Persero) PT Bank Mandiri (Persero) Tbk PT Bank Rakyat Indonesia (Persero) Tbk PT Bank Tabungan Negara (Persero) Tbk PT Bank Negara Indonesia (Persero) Tbk PT Wijaya Karya (Persero) Tbk Lain-lain/ Others Total Tidak Lancar/ Non Current Pemerintah Daerah Bogor PT Istaka Karya (Persero) Total


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2013 Rp


2012 Rp

Dana Ditetapkan Penggunaannya/ Appropriated Funds Jaminan Pelaksanaan/ Performance Bond PT Bank Negara Indonesia (Persero) Tbk PT Bank Tabungan Negara (Persero) PT Bank Mandiri (Persero) Tbk

19,863,287 7,750,000 42,776

----

0.00% 0.00% 0.00%

0.00% 0.00% 0.00%

Sub Total

27,656,063

--

0.10%

0.00%

Jaminan Pembebasan Tanah/ Land Acquisition Guarantees PT Bank Mandiri (Persero) Tbk

6,496,257

6,723,370

0.02%

0.03%

Sub Total

6,496,257

6,723,370

0.02%

0.03%

87,821,547 22,189,544 4,021

-30,141,000 --

0.31% 0.08% 0.00%

0.00% 0.12% 0.00%

Jaminan Sindikasi Bank/ Syndicated Bank Guarantee PT Bank Negara Indonesia (Persero) Tbk PT Bank Mandiri (Persero) Tbk PT Bank Rakyat Indonesia (Persero) Tbk Sub Total

110,015,112

30,141,000

0.39%

0.12%

Total Dana Ditetapkan Penggunaannya/ Appropriated Funds

144,167,432

36,864,370

0.51%

0.15%

PT Bank Mandiri (Persero) Tbk PT Bank Rakyat Indonesia (Persero) Tbk PT Bank Negara Indonesia (Persero) Tbk

262,966,718 28,493,565 1,512,000

257,500,000 500,000 500,000

1.50% 0.16% 0.01%

1.72% 0.00% 0.00%

Sub Total Utang Jangka Panjang/ Long Term Loans

292,972,283

258,500,000

1.67%

1.73%

PT Bank Mandiri (Persero) Tbk PT Bank Negara Indonesia (Persero) Tbk PT Bank Rakyat Indonesia (Persero) Tbk PT Bank Tabungan Negara (Persero) Tbk

2,054,399,848 1,404,703,029 1,111,180,323 62,425,659

1,088,270,118 948,391,463 707,282,718 28,154,781

11.74% 8.03% 6.35% 0.36%

7.27% 6.34% 4.73% 0.19%

4,632,708,859 4,925,681,142

2,772,099,080 3,030,599,080

26.47% 28.15%

18.52% 20.25%

3,744,354 1,531,348 1,199,298 666,117 638,336 211,168 ------

3,905,862 -1,237,940 --119,132 1,853,205 1,686,306 461,604 270,385 318,322

0.02% 0.01% 0.01% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%

0.03% 0.00% 0.01% 0.00% 0.00% 0.00% 0.01% 0.01% 0.00% 0.00% 0.00%

7,990,621

9,852,756

0.05%

0.07%

PT Waskita Karya (Persero) Tbk Wika - Adhi - Hutama JO PT Wijaya Karya (Persero) Tbk PT Adhi Karya (Persero) Tbk PT Pembangunan Perumahan (Persero) Tbk PT Istaka Karya (Persero) PT Hutama Karya (Persero) PT Yodya Karya (Persero) PT Nindya Karya (Persero) PT Bina Karya (Persero) PT Telkom Indonesia (Persero) Tbk

366,580,413 134,564,614 254,241,823 185,691,627 51,753,257 12,581,649 8,408,898 3,245,248 1,037,511 688,556 25,875

478,061,112 273,011,569 180,572,791 100,658,612 46,272,945 12,581,649 --3,292,999 ---

2.09% 0.77% 1.45% 1.06% 0.30% 0.07% 0.05% 0.02% 0.01%

3.19% 1.82% 1.21% 0.67% 0.31% 0.08% 0.00% 0.00% 0.02%

0.00%

0.00%

Total Utang Kontraktor/ Contractors Payable

1,018,819,471

1,094,451,677

5.82%

7.31%

Liabilitas/ Liabilities Utang Bank/ Bank Loans Utang Jangka Pendek/ Short Term Loans

Sub Total Total Utang Bank/ Bank Loans Utang Usaha/ Accounts Payable Koperasi Jasa Marga Bhakti PT Pertamina Retail PT Bank Rakyat Indonesia (Persero) Tbk PT Asuransi Umum Bumiputera Muda 1967 Dana Pensiun Jasa Marga Karyawan/ Employees Tim Pembebasan Tanah (TPT) PT Aneka Tambang (Persero) Tbk PT Ismawa Trimitra PT Bank Negara Indonesia (Persero) Tbk Lainnya/ Others Total Utang Usaha/ Accounts Payable Utang Kontraktor/ Contractors Payable


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2013 Rp


2012 Rp

Utang Lain-lain/ Other Payables 9,858,000

9,858,000

0.06%

0.07%

9,858,000

9,858,000

0.06%

0.07%

2,979,167

2,760,417

0.02%

0.02%

2,979,167

2,760,417

0.02%

0.02%

Utang Bantuan Pemerintah/ Loan from Government Jangka Pendek/ Current Maturities Jangka Panjang/ Non Current Maturities

---

5,886,734 --

0.00% 0.00%

0.04% 0.00%

Total Utang Bantuan Pemerintah/ Loan from Government

--

5,886,734

0.00%

0.04%

PT Jatim Marga Utama Total Utang Lain-lain/ Other Payables Beban Akrual/ Accrued Expenses Utang Bank/ Bank Loan PT Bank Mandiri (Persero) Tbk Total Beban Akrual/ Accrued Expenses

b. Remunerasi Komisaris dan Direksi (i). Jumlah remunerasi yang diterima Dewan Komisaris untuk tahun-tahun yang berakhir pada 31 Desember 2013 dan 2012 masing-masing sebesar Rp 9.290.470.585 (Rupiah penuh) dan Rp 7.337.164.708 (Rupiah penuh).

b. Remuneration of Commissioners and Directors (i) Total remuneration received by the Board of Commissioners for the years ended on December 31, 2013 and 2012 amounted to Rp 9,290,470,585 (full Rupiah) and Rp 7,337,164,708 (full Rupiah), respectively.

(ii) Jumlah remunerasi yang diterima Dewan Direksi untuk tahun-tahun yang berakhir pada 31 Desember 2013 dan 2012 masing-masing sebesar Rp 16.322.731.648 (Rupiah penuh) dan Rp 12.058.029.413 (Rupiah penuh).

(ii) Total remuneration received by the Board of Directors for the years ended on December 31, 2013 and 2012 amounted to Rp 16,322,731,648 (full Rupiah) and Rp 12,058,029,413 (full Rupiah), respectively.

45. Perjanjian dan Perikatan Penting a.

45. Significant Agreement and Commitment

Perjanjian Pengusahaan Jalan Tol (PPJT) (i)

1. 2. 3.

a. Concession Agreements

Perusahaan telah memperoleh penetapan hak pengusahaan jalan tol (Hak Konsesi) yang diterbitkan oleh Pemerintah meliputi 13 (tiga belas) ruas jalan tol berdasarkan Keputusan Menteri Pekerjaan Umum No. 242/KPTS/M/2006, tanggal 8 Juni 2006 yang kemudian ditindaklanjuti dengan penandatanganan Perjanjian Pengusahaan Jalan Tol (PPJT) pada tanggal 7 Juli 2006 untuk masingmasing ruas jalan tol, dengan masa konsesi selama 40 (empat puluh) tahun, yang berlaku efektif sejak tanggal 1 Januari 2005 sampai dengan 31 Desember 2045, dengan rincian sebagai berikut:

(i)

Ruas Jakarta - Bogor - Ciawi, berdasarkan PPJT No. 246/PPJT/VII/Mn/2006; Ruas Jakarta - Tangerang, berdasarkan PPJT No. 247/PPJT/VII/Mn/2006; Ruas Surabaya - Gempol, berdasarkan PPJT No. 248/PPJT/VII/Mn/2006;


1. 2. 3.

99

The Company has acquired the right of toll road concession (Concession Right) issued by the Government, which consists of 13 (thirteen) toll roads, in accordance with Minister of Public Works Decree No. 242/KPTS/M/2006, dated June 8, 2006, followed by the signing of the Toll Road Concession Agreement (PPJT) for each toll road dated July 7, 2006 with concession period of 40 (forty) years, effective commenced as of January 1, 2005 until December 31, 2045 with details as follows:

Jakarta – Bogor – Ciawi Toll Road, according to PPJT No. 246/PPJT/VII/Mn/2006; Jakarta – Tangerang Toll Road, according to PPJT No. 247/PPJT/VII/Mn/2006; Surabaya – Gempol Toll Road, according to PPJT No. 248/PPJT/VII/Mn/2006; Paraf:



Untuk Tahun-tahun yang Berakhir pada Tanggal 31 Desember 2013 dan 2012 (Dalam Ribuan Rupiah, Kecuali Dinyatakan Lain) 4. 5. 6. 7. 8. 9. 10. 11. 12. 13.


Ruas Jakarta - Cikampek, berdasarkan PPJT No. 249/PPJT/VII/Mn/2006; Ruas Padalarang - Cileunyi, berdasarkan PPJT No. 250/PPJT/VII/Mn/2006; Ruas Prof. Dr. Ir. Sedyatmo, berdasarkan PPJT No. 251/PPJT/VII/Mn/2006; Ruas Cawang - Tomang - Pluit, berdasarkan PPJT No. 252/PPJT/VII/Mn/2006; Ruas Belawan - Medan - Tanjung Morawa, PPJT No. 253/PPJT/VII/Mn/2006; Ruas Semarang Seksi A, B, C, berdasarkan PPJT No. 254/PPJT/VII/Mn/2006; Ruas Pondok Aren - Bintaro Viaduct - Ulujami, berdasarkan PPJT No. 255/PPJT/VII/Mn/2006; Ruas Palimanan - Kanci, berdasarkan PPJT No. 256/PPJT/VII/Mn/2006; Ruas Lingkar Luar Jakarta (JORR) Ruas E1, E2, E3, W2, berdasarkan PPJT No.257/PPJT/VII/Mn/2006; dan Ruas Cikampek - Padalarang, berdasarkan PPJT No. 258/PPJT/VII/Mn/2006.

4. 5. 6. 7. 8. 9. 10. 11. 12. 13.

Jakarta – Cikampek Toll Road, according to PPJT No. 249/PPJT/VII/Mn/2006; Padalarang – Cileunyi Toll Road, according to PPJT No. 250/PPJT/VII/Mn/2006; Prof. Dr. Ir. Sedyatmo Toll Road, according to PPJT No. 251/PPJT/VII/Mn/2006; Cawang - Tomang – Pluit Toll Road, according to PPJT No. 252/PPJT/VII/Mn/2006; Belawan - Medan - Tanjung Morawa Toll Road, according to PPJT No. 253/PPJT/VII/Mn/2006; Semarang Toll Road, Sections A, B, C according to PPJT No. 254/PPJT/VII/Mn/2006; Pondok Aren - Bintaro Viaduct – Ulujami Toll Road, according to PPJT No. 255/PPJT/VII/Mn/2006; Palimanan – Kanci Toll Road, according to PPJT No. 256/PPJT/VII/Mn/2006; Jakarta Outer Ring Road Toll Road, Sections E1, E2, E3, W2, according to PPJT No. 257/PPJT/VII/Mn/2006; and Cikampek – Padalarang Toll Road, according to PPJT No. 258/PPJT/VII/Mn/2006.

Sehubungan dengan perolehan Hak Konsesi dimaksud, Perusahaan diwajibkan membentuk jaminan pemeliharaan dengan nilai sekurangkurangnya 10% (sepuluh persen) dari realisasi pendapatan tol dan pendapatan usaha lain yang diterima pada atau sebelum tahun terakhir masa konsesi dimana besarannya didasarkan pada laporan keuangan tahunan terakhir yang tersedia dan telah diaudit. Jaminan pemeliharaan tersebut diserahkan kepada Pemerintah melalui Badan Pengelola Jalan Tol (BPJT) dalam waktu 6 (enam) bulan sebelum masa konsesi berakhir dan jaminan pemeliharaan ini tetap berlaku sampai dengan 12 (dua belas) bulan setelah berakhirnya masa konsesi.

With regard to the above Concession Rights, the Company is required to establish a maintenance guarantee with a value in the amount of not less than 10% (ten percent) from the actual toll revenue and revenue obtained from other businesses on or before the last year of the concession period whereby such amount is calculated based on the latest audited annual financial statements. The aforementioned maintenance guarantee shall be given to the Government through Indonesian Toll Road Authority (BPJT) within 6 (six) months before the expiration of concession period and shall prevail for the successive 12 (twelve) months from the expiration of concession period.

(ii) Perjanjian Investasi Jalan Tol 1. Ruas Bogor Outer Ring Road Perusahaan dan PT Jasa Sarana telah menandatangani Akta Kerjasama Pendanaan dan Investasi Pengusahaan Jalan Tol Ruas Lingkar Luar No. 10, tanggal 3 Oktober 2006, dari Notaris Agus Madjid, SH, dan Perjanjian Usaha Patungan No. 9, tanggal 11 Mei 2007, dari Notaris Iwan Ridwan, SH, untuk melaksanakan pengusahaan jalan tol yang meliputi pendanaan, perencanaan teknik, pelaksanaan konstruksi, pengoperasian dan pemeliharaan jalan tol, serta usaha-usaha lainnya yang terkait. Perjanjian Usaha Patungan tersebut berlaku sejak tanggal penandatanganan perjanjian sampai dengan akhir masa konsesi sesuai PPJT (lihat Catatan 1.b).

(ii) Toll Road Investment Agreements 1. Bogor Outer Ring Road The Company and PT Jasa Sarana have signed Deed of Financing and Investment of Toll Road Concession Cooperation of Bogor Outer Ring Road No. 10, dated October 3, 2006, from Notary Agus Madjid, SH, and Deed of Joint Venture Agreement No. 9, dated May 11, 2007, from Notary Iwan Ridwan, SH, in order to implement the toll road concession, which consists of financing, technical plan, construction, operation and maintenance of the toll road, as well as other related businesses. Such Joint Venture Agreement is effective as of the date of signing until the expiration date of concession period in accordance with the PPJT (see Note 1.b).


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2.

Ruas Gempol – Pasuruan Perusahaan dan PT Jatim Marga Utama telah menandatangani Akta Kerjasama Pendanaan dan Investasi Pengusahaan Jalan Tol Gempol - Pasuruan No.11, tanggal 3 Oktober 2006, dari Notaris Agus Madjid, SH, dan Akta Perjanjian Usaha Patungan No. 28, tanggal 8 Mei 2007 dari Notaris Retno Suharti, SH, untuk melaksanakan pengusahaan jalan tol yang meliputi pendanaan, perencanaan teknik, pelaksanaan konstruksi, pengoperasian dan pemeliharaan jalan tol, serta usaha-usaha lainnya yang terkait. Perjanjian Usaha Patungan tersebut berlaku sejak tanggal penandatanganan perjanjian sampai dengan akhir masa konsesi sesuai PPJT.

2.

Gempol – Pasuruan Toll Road The Company and PT Jatim Marga Utama have signed Deed of Financing and Investment of Toll Road Concession Cooperation of Gempol - Pasuruan No. 11, dated October 3, 2006, from Notary Agus Madjid, SH, and Deed of Joint Venture Agreement No. 28, dated May 8, 2007, from Notary Retno Suharti, SH, in order to implement the toll road concession, which consists of financing, technical plan, construction, operation and maintenance of the toll road, as well as other related businesses. Such Joint Venture Agreement is effective as of the date of signing until the expiration date of concession period in accordance with the PPJT.

3.

Ruas Semarang - Solo Perusahaan dan PT Sarana Pembangunan Jawa Tengah telah menandatangani Akta Perjanjian Usaha Patungan No. 35, tanggal 8 Juni 2007, dari Notaris Prof. Dr. Liliana Tedjosaputro, SH, MH, untuk melaksanakan pengusahaan jalan tol yang meliputi pendanaan, perencanaan teknik, pelaksanaan konstruksi, pengoperasian dan pemeliharaan jalan tol, serta usaha-usaha lainnya yang terkait. Perjanjian Usaha Patungan tersebut berlaku sejak tanggal penandatanganan perjanjian sampai dengan akhir masa konsesi sesuai PPJT (lihat Catatan 1.b).

3.

Semarang - Solo Toll Road The Company and PT Sarana Pembangunan Jawa Tengah have signed Deed of Joint Venture Agreement No. 35, dated June 8, 2007, from Notary Prof. Dr. Liliana Tedjosaputro, SH, MH, in order to implement the toll road concession which consists of financing, technical plan, construction, operation and maintenance of the toll road, as well as other related businesses. Such Joint Venture Agreement is effective as of the date of signing until the expiration date of concession period in accordance with the PPJT (see Note 1.b).

4.

Ruas Cengkareng - Kunciran Perusahaan telah menandatangani Akta Perjanjian Konsorsium No. 03/CMS/PKKXII/05 berdasarkan Akta No. 53, tanggal 21 Mei 2007 dari Notaris Ny. Poerbaningsih Adi Warsito, SH. Notaris Konsorsium tersebut terdiri dari (i) Perusahaan; (ii) CMS Works International Limited, Malaysia; (iii) PT Wijaya Karya (Persero); (iv) PT Nindya Karya (Persero); dan (v) PT Istaka Karya (Persero) untuk membangun ruas tol Cengkareng – Kunciran. Proporsi Perusahaan dalam penyertaan saham di konsorsium tersebut sebesar 20% (dua puluh persen).

4.

Cengkareng – Kunciran Toll Road The Company has entered into the Consortium Agreement No. 03/CMS/PKK-XII/05 as set forth in Deed No. 53, dated May 21, 2007 from Notary Mrs. Poerbaningsih Adi Warsito, SH Notary The Consortium consists of (i) the Company; (ii) CMS Works International Limited, Malaysia; (iii) PT Wijaya Karya (Persero); (iv) PT Nindya Karya (Persero); and (v) PT Istaka Karya (Persero) to build Cengkareng – Kunciran Toll Road Segment. The Company’s shares proportion in such Consortium is 20% (twenty percent). According to Amendment of Consortium Agreement No. 03/CMS/PKK-XII/05 as set forth in Deed No. 52, dated May 21, 2007 from Notary Ny. Poerbaningsih Adi Warsito, SH. The Company’s shares proportion in such Consortium is increased to 55% (fifty five percent).

Berdasarkan Adendum Perjanjian Konsorsium No. 03/CMS/PKK-XII/05 dengan Akta No. 52, tanggal 21 Mei 2007 dari Notaris Ny. Poerbaningsih Adi Warsito, SH., proporsi Perusahaan dalam penyertaan saham di konsorsium tersebut mengalami perubahan menjadi 55% (lima puluh lima persen). d1/February 19, 2014

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Berdasarkan Akta Pendirian No. 7, tanggal 14 Mei 2008, dari Notaris Suzy Anggraini Muharam, SH, telah didirikan PT Marga Kunciran Cengkareng, sehubungan dengan proyek Jalan Tol Kunciran – Cengkareng.

According to Deed of Establishment No. 7, dated May 14, 2008, from Notary Suzy Anggraini Muharam, SH, Notary in Jakrta, PT Marga Kunciran Cengkareng was established in relation to the Kunciran – Cengkareng Toll Road project. According to Deed of Establishment No. 7, dated May 14, 2008, from Notary Suzy Anggraini Muharam, SH, Notary in Jakrta, PT Marga Kunciran Cengkareng was established in relation to the Kunciran – Cengkareng Toll Road project.

Berdasarkan Akta Pendirian No. 7, tanggal 14 Mei 2008, dari Notaris Suzy Anggraini Muharam, SH, telah didirikan PT Marga Kunciran Cengkareng, sehubungan dengan proyek Jalan Tol Kunciran Cengkareng.

According to Deed No. 22 dated December 13, 2010, Deed No. 23 dated December 13, 2010, Deed No. 32 dated December 15, 2010, Deed No. 37 dated December 16, 2010, all of which from Notary Dra. Ayu Tiara Siregar, SH, Notary in Tangerang, concerning Sale and Purchase of Shares between PT Istaka Karya (Persero), PT Nindya Karya (Persero), PT Wijaya Karya (Persero) Tbk., and CMS Works International Limited (CMS WIL), and Deed of Statement of Resolution of General Meeting of Shareholders of PT Marga Kunciran Cengkareng No. 40 dated December 17, 2010, The Company’s shares proportion in PT Marga Kunciran Cengkareng is increased to 75% (seventy five percent).

Berdasarkan Akta No. 22 tanggal 13 Desember 2010, Akta No. 23 tanggal 13 Desember 2010, Akta No. 32 tanggal 15 Desember 2010, Akta No. 37 tanggal 16 Desember 2010, yang seluruhnya dari Notaris Dra. Ayu Tiara Siregar, SH. Notaris di Tangerang, perihal Jual Beli Saham antara Perusahaan dengan PT Istaka Karya (Persero), PT Nindya Karya (Persero), PT Wijaya Karya (Persero) Tbk., dan CMS Works International Limited (CMS WIL), dan Akta Pernyataan Keputusan Rapat Para Pemegang Saham PT Marga Kunciran Cengkareng No. 40 tanggal 17 Desember 2010, proporsi Perusahaan dalam penyertaan saham atas PT Marga Kunciran Cengkareng berubah menjadi 75% (tujuh puluh lima persen). 5.

Ruas Kunciran – Serpong Perusahaan telah menandatangani Akta Perjanjian Konsorsium No. 60 tanggal 22 Mei 2007, dari Notaris Benny Kristianto, SH, Notaris di Jakarta. Konsorsium tersebut terdiri dari (i) Perusahaan; (ii) PT Astratel Nusantara; (iii) PT Leighton Contractors Indonesia; dan (iv) PT Transutama Arya Sejahtera untuk membangun ruas tol Kunciran – Serpong. Proporsi Perusahaan dalam penyertaan saham di konsorsium tersebut sebesar 10% (sepuluh persen).

5.

According to the Deed of Consortium Founder Agreement No. 24 dated May, 22, 2007 from Notary Benny Kristianto, SH. The Company’s shares proportion in the Consortium is increased to 60% (sixty percent) whereby the parties agreed to promptly finalize the realization of such shares proportion in accordance with the prevailing terms and conditions. The Parties indicated that such realization shall be made effective upon Consortium being awarded the bid for the

Perjanjian Para Pendiri Konsorsium dengan Akta No. 24, tanggal 22 Mei 2007 dari Notaris Benny Kristianto, SH. antara lain menyebutkan bahwa porsi kepemilikan Perusahaan dalam konsorsium tersebut berubah menjadi 60% (enam puluh persen). Dimana para pihak setuju untuk merealisasikan porsi kepemilikan final sesegera mungkin dengan ketentuan yang ada. Para pihak mengindikasikan bahwa realisasi tersebut akan diusahakan untuk d1/February 19, 2014

Kunciran – Serpong Toll Road The Company has signed Deed of Consortium Agreement No. 60 dated May 22, 2007 from Notary Benny Kristianto, SH. The Consortium consists of (i) the Company; (ii) PT Astratel Nusantara; (iii) PT Leighton Contractors Indonesia; and (iv) PT Transutama Arya Sejahtera to build Kunciran – Serpong Toll Road. The Company’s shares proportion in such Consortium is 10% (ten percent).

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6.


diberlakukan segera setelah konsorsium dinyatakan sebagai pemenang proyek dan sebelum pembentukan Perusahaan.

project and prior to the establishment of the Toll Road Company.

Pada tanggal 14 Mei 2008 berdiri perusahaan konsorsium PT Marga Trans Nusantara berdasarkan Akta No. 8 dari Notaris Suzy Anggraini Muharam, SH, sehubungan dengan proyek Jalan Tol Kunciran-Serpong.

Based on the Deed of Establishment No. 8, dated May 14, 2008, from Notary Suzy Anggraini Muharam, SH, PT Marga Trans Nusantara was established in relation to the Kunciran - Serpong Toll Road project.

Ruas JORR Seksi W2 Utara Pada tanggal 2 April 2007, Perusahaan bersama-sama dengan PT Jakarta Propertindo telah menandatangani Perjanjian Pendahuluan tentang Rencana Kerjasama Pengusahaan Jalan Tol JORR W2 Utara. Pada tanggal 24 Agustus 2009 berdiri Perusahaan konsorsium PT Marga Lingkar Jakarta berdasarkan Akta No.26 dari Notaris Edi Priyono, SH. dan telah disahkan oleh Menteri Kehakiman Republik Indonesia No. C-98-HT.03.02-Th 2002. Porsi Perusahaan dalam penyertaan saham dalam konsorsium tersebut sebesar 65% (enam puluh lima persen).

b. Perjanjian Fasilitas Kredit Investasi

6.

b. Investment Credit Facility Agreements

PT Bank Mandiri (Persero) Tbk Pada tanggal 7 Maret 2007, Perusahaan memperoleh fasilitas kredit investasi dari PT Bank Mandiri (Persero) Tbk. dengan jumlah seluruhnya sebesar Rp 2.881.802.800.000 (Rupiah penuh) terdiri dari: (I) Perjanjian Kredit Investasi No. KP.COD/PK.KI/006/2007 sebesar Rp 1.879.184.000.000 (Rupiah penuh) untuk pembiayaan Proyek Pembangunan Jalan Tol ruas Semarang - Solo. Jangka waktu fasilitas kredit selama 15 tahun. Pembayaran bunga dilakukan setiap bulan dengan tingkat bunga pinjaman 14% per tahun, floating rate (ii) Perjanjian Kredit Investasi No. KP.COD/PK.K1/007/2007 sebesar Rp 450.682.000.000 (Rupiah penuh) untuk pembiayaan proyek pembangunan jalan tol ruas Bogor Outer Ring Road. Jangka waktu fasilitas kredit selama 15 tahun. Pembayaran bunga dilakukan setiap bulan dengan tingkat bunga pinjaman 14% per tahun, floating rate dan (iii) Perjanjian Kredit Investasi No. KP.COD/PK.KI/008/2007 sebesar Rp 551.936.800.000 (Rupiah penuh) untuk pembiayaan Proyek Pembangunan Jalan Tol ruas Gempol Pasuruan. Jangka waktu fasilitas kredit selama 13 tahun. Pembayaran bunga dilakukan setiap bulan dengan tingkat bunga pinjaman 14% per tahun, floating rate.


JORR Toll Road, Section W2 North On April 2, 2007, the Company and PT Jakarta Propertindo have signed the Preliminary Agreement concerning Cooperation Plan of Toll Road Concession of North Jakarta Outer Ring Road Section W2. Furthermore, by Deed No. 26 dated August 24, 2009 of notary Edi Priyono, SH, the Consortium Party has incorporated PT Marga Lingkar Jakarta which has been legalized with Minister of Law and Human Rights Decree No. C-98-HT.03.02-Th 2002. The shares proportion of the Company in such Consortium has been defined in the amount of 65% (sixty five percent).

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 Rupiah) consisting of: (i) Investment Credit Agreement No, KP.COD/PK.KI/006/2007 amounting to Rp 1,879,184,000,000 (full Rupiah) 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.K1/007/2007 amounting to Rp 450,682,000,000 (full Rupiah) for financing the construction of the Bogor Outer 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 Rupiah) 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.

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PT Bank Negara Indonesia (Persero) Tbk Pada tanggal 7 Maret 2007, Perusahaan memperoleh fasilitas kredit investasi dari PT Bank Negara Indonesia (Persero) Tbk, dengan jumlah seluruhnya sebesar Rp 2.521.577.450.000 (Rupiah penuh) terdiri dari: (i) Perjanjian Kredit Investasi No.13/PK/KPI/2007 sebesar Rp 394.346.750.000 (Rupiah penuh) untuk pembiayaan Proyek Pembangunan Jalan Tol ruas Bogor Outer Ring Road. Jangka waktu fasilitas kredit selama 15 tahun. Pembayaran bunga dilakukan setiap bulan dengan tingkat bunga pinjaman 14% per tahun, floating rate, (ii) Perjanjian Kredit Investasi No.14/PK/KPI/2007 sebesar Rp 482.944.700.000 (Rupiah penuh) untuk pembiayaan proyek pembangunan jalan tol ruas Gempol Pasuruan. Jangka waktu fasilitas kredit selama 15 tahun. Pembayaran bunga dilakukan setiap bulan dengan tingkat bunga pinjaman 14% per tahun, floating rate dan (iii) Perjanjian Kredit Investasi No.15/PK/KPI/2007 sebesar Rp 1.644.286.000.000 (Rupiah penuh) untuk pembiayaan proyek pembangunan jalan tol ruas Semarang - Solo. Jangka waktu fasilitas kredit selama 15 tahun, pembayaran bunga dilakukan setiap bulan dengan tingkat bunga pinjaman 14% per tahun, 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 Rupiah) consisting of: (I) Investment Credit Agreement No.13/PK/KPI/2007 amounting to Rp 394,346,750,000 (full Rupiah) for financing The Construction of the Bogor Outer 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 Rupiah) 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 Rupiah) 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 Pada tanggal 7 Maret 2007, Perusahaan menandatangani Perjanjian untuk Memberikan Fasilitas Kredit Investasi dari PT Bank Rakyat Indonesia (Persero) Tbk. dengan jumlah seluruhnya sebesar Rp 1.537.089.043.000 (Rupiah penuh) yang akan berlaku efektif setelah Perjanjian Kredit Investasi atas fasilitas pinjaman tersebut ditandatangani terdiri dari: (i) Perjanjian untuk Memberikan Fasilitas Kredit Investasi No.12/2007 sebesar Rp 184.750.000,000 (Rupiah penuh) untuk pembiayaan proyek pembangunan jalan tol ruas Bogor Outer Ring Road, (ii) Perjanjian untuk Memberikan Fasilitas Kredit Investasi No.13/2007 sebesar Rp 326.500.000.000 (Rupiah penuh) untuk pembiayaan proyek pembangunan jalan tol ruas Gempol - Pasuruan dan (iii) Perjanjian untuk Memberikan Fasilitas Kredit Investasi No.14/2007 sebesar Rp 1.025.839.043.000 (Rupiah penuh) untuk pembiayaan Proyek Pembangunan Jalan Tol ruas Semarang - Solo.

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 Rupiah) 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.12/2007 amounting to Rp 184,750,000,000 (full Rupiah) for financing The Construction of the Bogor Outer Ring Road toll road section; (ii) agreement for the provision of investment credit facility No.13/2007 amounting to Rp 326,500,000,000 (full Rupiah) for financing The Construction of the Gempol - Pasuruan toll road section; and (iii) agreement for the provision of investment credit facility No.14/2007 amounting to Rp 1,025,839,043,000 (full Rupiah) for financing The Construction of the Semarang - Solo toll road.

c. Perjanjian Penggunaan Dana Bergulir Pembelian Tanah untuk Jalan Tol dengan Badan Layanan Umum - Badan Pengatur Jalan Tol (BLU – BPJT) Perusahaan telah memiliki perjanjian dengan BLU BPJT, mengenai penggunaan dana bergulir untuk penggantian pembelian tanah dalam rangka pengusahaan ruas jalan tol Semarang - Solo, Gempol Pasuruan dan Bogor Outer Ring Road masing-masing sebesar Rp 127.000.000.000 (Rupiah penuh), Rp 100.000.000.000 (Rupiah penuh) dan

c. 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') and 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 104

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Rp 80.000.000.000 (Rupiah penuh) sesuai dengan Akta No.1, 2 dan 3 tanggal 6 Juni 2007 dari Notaris Suzy Anggraini Muharam, SH.

Bogor Outer Ring Road sections amounting to Rp 127,000,000,000 (full Rupiah), Rp 100,000,000,000 (full Rupiah) and Rp 80,000,000,000 (full Rupiah), respectively.

Tata cara penggunaan dana bergulir pada Badan Layanan Umum - Badan Pengatur Jalan Tol (BLUBPJT) untuk pengadaan tanah jalan tol diatur dalam Peraturan Menteri PU No.04/PRT/M/2007, tanggal 26 Pebruari 2007. BLU-BPJT akan melaksanakan pembayaran terlebih dahulu (dana talangan), pembelian tanah untuk pembangunan ruas jalan tol yang merupakan kewajiban dari Perusahaan kepada Pemerintah sebagaimana diatur dalam PPJT. Dalam hal 1 (satu) Seksi selesai dibebaskan, Perusahaan harus mentransfer seluruh biaya ganti rugi tanah termasuk bunga ke Rekening BLU-BPJT dan BLUBPJT membuat Berita Acara Serah Terima Tanah kepada Badan Usaha.

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 February 26, 2007. BLUBPJT 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 Company should transfer all indemnity costs including interest to BLU-BPJT account and BLU-BPJT should make minutes of land hand over to the entity.

Dalam hal Perjanjian Pengusahaan Ruas Jalan Tol untuk ruas jalan tol Semarang - Solo, Gempol Pasuruan dan Bogor Outer Ring Road dialihkan kepada Entitas Anak dari Perusahaan, maka hak dan kewajiban Perusahaan dalam Perjanjian Penggunaan Dana BLU ini akan dialihkan kepada Entitas Anak.

After the transfer of the Company's rights under the Concession Agreements for Semarang - Solo, Gempol Pasuruan and Bogor Outer Ring Road toll road to Subsidiaries, the Company's rights and obligations in the BLU Fund Usage Agreement will be transferred to Subsidiaries.

Menunjuk Peraturan Menteri Pekerjaan Umum No.14/PRT/M/2008 tentang tata cara penggunaaan dana bergulir pada Badan Layanan Umum - Badan Pengatur Jalan Tol untuk pengadaan tanah jalan tol, diatur penghapusan surety bond (jaminan) dalam perjanjian Penggunaan Dana Bergulir BLU, maka sebagai pengganti jaminan atas pengembalian dana bergulir ini akan diberlakukan cross default PPJT apabila Perusahaan gagal membayar dana bergulir BLU.

Referring to the Decree of the Minister of Public Works No.14/PRT/M/2008 regarding the procedure of pre-fund usage at Public Service Assistance Unit ("Badan Layanan Umum /BLU”) for land acquisition of toll road, manage the surety bond erasing on pre-fund usage agreement of BLU, therefore as a replacement of guarantee on the pre-fund return, then will be occured cross default PPJT if the Company failed to pay such pre-fund from BLU.

d. Kerjasama Pengoperasian Jalan Tol dengan PT Jalan tol Lingkarluar Jakarta Berdasarkan Surat Kuasa No.111/SK/2003, tanggal 21 Nopember 2003, Perusahaan telah memberi kuasa kepada PT Jalantol Lingkarluar Jakarta (JLJ) (Entitas Anak), untuk melakukan pengoperasian, pengamanan dan pemeliharaan aset proyek JORR termasuk penyerahan pelaksanaan pekerjaan penyelenggaraan usaha lain. Surat Kuasa tersebut terakhir diubah dengan Surat Perubahan II tanggal 29 Desember 2006, jangka waktu kuasa selama 1 tahun terhitung sejak tanggal 29 Desember 2006.

d. Toll Road Joint Operation 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.

Berdasarkan akta perjanjian No: 068/KONTRAKDIR/2010 tanggal 30 Desember 2010, Perusahaan telah menyerahkan pelaksanaan pengoperasian, pengamanan dan pemeliharaan jalan tol ruas JORR dan ruas Ulujami-Pondok Aren selama jangka waktu 3 tahun terhitung sejak tanggal 1 Januari 2011 sampai

Based on the agreement No: 068/KONTRAK-DIR/2010 dated December 30 ,2010, the Company has appointed the implementation of the operation, safe guarding and maintenance of the JORR and Ulujami-Pondok Aren toll road sections for over 3 years start which be effective since January 1, 2011 until December 31, 2013. On


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dengan 31 Desember 2013. Pada tanggal 29 Desember 2011 akta perjanjian tersebut telah diubah dengan Adendum I, Adendum II, Adendum III, Adendum IV, Adendum V dan Adendum VI atas Perjanjian Pengoperasian, Pengamanan dan Pemeliharaan Jalan Tol Ruas JORR Seksi W2, S, El dan E2+E3 serta Ruas Ulujami - Pondok Aren. Berdasarkan Adendum I, Adendum II, Adendum III, Adendum IV, Adendum V kedua belah pihak menyepakati tentang perubahan biaya pengoperasian, pengamanan dan pemeliharaan atas ruas tersebut untuk tahun 2012 dan 2013. Sedangkan berdasarkan Adendum VI kedua belah pihak menyepakati tentang penambahan jangka waktu perjanjian selama 3 tahun dan berlaku terhitung sejak tanggal 1 Januari 2014 sampai dengan tanggal 31 Desember 2016.

December 29, 2011, the agreement amended with Amendment I, Amendment II, Amendment III, Amendment IV, Amendment V, Amendment VI of Agreement of the Operation, Safe Guarding and Maintenance of JORR W2, S, El and E2+E3 Toll Road section and Ulujami - Pondok Aren toll road section. Based on the Amendment I, Amendment II, Amendment III, Amendment IV, Amendment V, both of the parties agreed the changes of cost of operation, safe guarding and maintenance of these sections for 2012 and 2013.Thus, based on Amendment VI both parties agreed to extend the agreement period for 3 (three) years and commencing from January1, 2014 up to December 31, 2016.

e. Kerjasama Pengoperasian Jalan Tol dengan PT Citra Marga Nusaphala Persada (CMNP) Perusahaan mengadakan kerjasama dengan CMNP dalam bentuk pengoperasian jalan tol secara terpadu yang dimuat dalam Akta No.42, tanggal 4 Juni 1993 juncto Akta No.386, tanggal 31 Desember 1994. Dalam Keputusan Bersama Menteri Pekerjaan Umum No.272A/KPTS/2996 dan Menteri Keuangan No.434/ KMK.016/2996, tanggal 20 Juni 1996 tentang Pengoperasian Terpadu Jalan Tol Lingkar Dalam Kota Jakarta (Tomang - Cawang Tanjung Priok - Ancol Timur - Jembatan Tiga Pluit - Grogol Tomang) serta Penetapan Angka Perbandingan Pembagian Pendapatan Tol dinyatakan bahwa jatan tol lingkar dalam kota dijadikan sebagai satu kesatuan sistem jaringan jalan tol dalam kota Jakarta yang pengoperasiannya dilakukan secara terpadu dengan bagi pendapatan tol masing-masing sebesar 25% untuk perusahaan dan sebesar 75% untuk CMNP.

e. 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 December 31, 1994. Based on the Joint Decrees of the Minister of Public Works of the Republic of Indonesia No.272-A/KPTS/2996 and the Minister 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.

Berdasarkan Surat Keputusan Menteri Pemukiman dan Prasarana WIlayah No.JL.01.04-Mn/582, tanggal 7 Nopember 2002, ditetapkan persentase bagi hasil jalan tol dalam kota Jakarta antara CMNP dan Perusahaan sebagai berikut:

Based on the subsequent Decree of the Minister of Housing and Regional Infrastructure No.JL.01.04Mn/582 dated November 7, 2002, the Jakarta Inner Ring Road revenue sharing between CMNP and the Company is set forth as follows:

Persentase Bagi Hasil/ Percentage of Revenue Sharing CMNP Perusahaan/ Company •Mulai Awal Konsesi s/d 9 Mei 2002 •Mulai 10 Mei 2002 s/d 31 Desember 2002 •Mulai 1 Januari 2003 s/d Akhir Masa Konsensi (Tahun 2025)


75% 65%

25% 35%

55%

45%

106

•Beginning of Concession Period until May 9, 2002 •From May 10, 2002 to December 31, 2002 •From January 1, 2003 to the End of Concession Period (Year 2025)

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f. Kerjasama Pengoperasian Jalan Tol dengan PT Bintaro Serpong Damai (BSD) Perusahaan telah mengadakan kerjasama kontrak manajemen dengan BSD sebagai operator jalan tol berdasarkan perjanjian kerjasama pengoperasian dan pemeliharaan jalan tol Pondok Aren - Serpong No.004/SPK-DIR/1998, tanggal 19 Mei 1998 yaitu dimulai sejak tanggal pengoperasian sampai dengan berakhirnya masa penyelenggaraan jalan tol Pondok Aren-Serpong atau pada saat diakhirinya perjanjian ini lebih awal. Berdasarkan Putusan Badan Arbitrase Nasional Indonesia No.217/1/ARB-BANI/2006, tanggal 31 Agustus 2006, lingkup pengoperasian Perusahaan sebagai berikut:

f. 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 which started from the date of operation until the expiration of the toll concession for Pondok Aren-Serpong or at the time of the termination of the agreement which ever is earlier. Based on the Decree of the Indonesian Board of Arbitration No.217/1/ARBBANI/2006 dated August 31, 2006, the scope of operations are as follows:

1. Pengoperasian gerbang tol Pondok Ranji (Pondok Aren Timur). 2. Pelayanan lalu lintas dan keamanan pengguna jalan tol, serta pengamanan Aset, dengan catatan yang dilakukan oleh Perusahaan adalah yang menyangkut patroli seperti kendaraan rusak, kecelakaan sesuai lingkup pekerjaan patroli. Mengenai standar jumlah sesuai dengan Standar Pelayanan Minimum (SPM) jalan tol yang dikeluarkan Menteri Pekerjaan Umum.

1. Operation of Pondok Ranji toll gates (East Pondok Aren). 2. 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 Minister of Public Works.

g. Perjanjian Kerjasama Operasi Perusahaan mengadakan perjanjian kerjasama dengan sejumlah investor dalam rangka pembangunan, pembiayaan dan penyelengaraan jalan tol. Secara umum pokok yang diatur dalam perjanjian kerjasama operasi tanpa kuasa penyelenggaraan sebagai berikut:

g. Joint Operation Agreements The Company has entered into joint operation agreement with several investors for the construction, financing and operation of toll roads. Generally, the key provisions stipulated in such agreements are as follows :

(i) Investor membangun dan mendanai pembangunan jalan tol sesuai dengan desain, spesifikasi dan persyaratan yang telah ditetapkan. (ii) Investor menyerahkan jalan tol tersebut yang telah selesai dibangun kepada Perusahaan untuk dikelola dan dioperasikan. (iii) Perusahaan menanggung seluruh beban dan risiko yang timbul sehubungan dengan pengelolaan dan pengoperasian jalan tol. (iv) Pembayaran kepada investor selama masa kerja operasi dilakukan dengan cara sebagai berikut:

(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 be managed and operated by the Company. (iii) The Company has responsibility to take any expenses and risk arising from the management and operations of the toll road. (iv) Payments to the investors during the operations period are arranged under one of the following:

1. Bagi hasil pendapatan tol; atau 2. Bagi hasil pendapatan tol dengan jaminan pembayaran minimum; atau 3. Pembayaran secara angsuran dalam jumlah tetap (angsuran pasti), selama masa kerjasama operasi.

1. Toll revenue sharing; or 2. Toll revenue sharing with minimum guaranteed payment; or 3. Fixed installments during the joint operations period.

Rincian proyek kerjasama operasi tanpa kuasa penyelenggaraan pada 31 Desember 2013 sebagai berikut:


Details of joint operations agreement without operating rights as of December 31, 2013 are as follows:

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Investor

Proyek Kerjasama Operasi/ Joint Operation Project

For the Years Ended December 31, 2013 and 2012 (In Thousands of Rupiah, Unless Otherwise Stated) Bagian Pendapatan Tol/ Toll Revenue Sharing

Masa Kerjasama Operasi/ Joint Operation Period Investors

Bagi Hasil Pendapatan Tol Pelebaran Ruas Jalan PT Bangun Tjipta Sarana

PT Adhika Prakarsatama Simpang Susun PT Surya Cipta Swadaya

Toll Revenue Sharing Widening of Toll Road Cikampek Cibitung

69%

Cawang Cibitung

41%

Jakarta - Tangerang

27%

Karawang Timur II

4 - 14%

20 Tahun, sejak 1989/ 20 Years, since 1989 22 Tahun, sejak 1994/ 22 Years, since 1994 17 Tahun 9 Bulan, sejak 1984/ 17 Years 9 Months, since 1994 17 Tahun, sejak 1998/ 17 Years, since 1998

PT Bangun Tjipta Sarana

PT Adhika Prakarsatarna Toll Road Interchanges PT Surya Cipta Swadaya

Perjanjian kerjasama operasi yang telah mengalami perubahan dapat diikhtisarkan sebagai berikut:

The joint operations agreements that have been recently amended are summarized below:

1. Perjanjian Kerjasama Operasi dengan PT Bangun Tjipta Sarana PT Bangun Tjipta Sarana tidak dapat menyelesaikan proyek pelebaran ruas Cawang Cibitung sesuai dengan jadwal yang ditetapkan dan persentase penyelesaian pada saat terhentinya di tahun 1998 sebesar 85,5%. Sementara itu, Perusahaan telah mengoperasikan hasil pelebaran jalan tol tersebut.

1. 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.

Pada tanggal 4 September 2002 dibuat Berita Acara Kesepakatan Penerusan dan Revisi Bagi Hasil Pelebaran Jalan Tol Jakarta - Cikampek Ruas Cawang-Cibitung No.032/BA-DIR/2002 yaitu mengenai pengurangan masa konsesi selama 3 tahun dari 25 tahun menjadi 22 tahun.

On September 4, 2002, the Company and STS made an Agreement for Continuation and Revision of Revenue Sharing for Widening the Jakarta-Cikampek Toll Road Cawang-Cibitung Section No.032/BADIR/2002 that reduced the concession period by 3 years from 25 years to 22 years.

2. Perjanjian Kerjasama Operasi dengan PT Adhika Prakarsatama Berdasarkan perubahan kerjasama operasi pembangunan pelebaran jalan tol Jakarta - Merak No. 8, tanggal 28 Pebruari 2003, telah disepakati pengurangan masa kerjasama operasi yang semula 18 tahun menjadi 17 tahun, 9 bulan.

2. 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.

3. Perjanjian Kerjasama Operasi dengan PT Surya Cipta Swadaya Tbk PT Surya Cipta Swadaya melakukan pembangunan Modifikasi Simpang Susun Karawang Timur Jalan Tol Jakarta-Cikampek. Bagi Hasil dilakukan apabila PT Surya Cipta Swadaya telah menyelesaikan proyek tersebut dengan Perjanjian Kerjasama yang dibuat tertuang dalam Akta Notaris No.50 Tanggal 13 Juli 1998 oleh Notaris Agus Madjid, SH dengan Addendum I No.171 Tanggal 20 September 1998 dan Addendum ke II No. 1 Tanggal 01 Maret 1998.

3. Joint Operation Agreement with PT Surya Cipta Swadaya Tbk PT Surya Cipta Swadaya Tbk conducted modification of construction on Karawang Timur Interchange of Jakarta-Cikampek toll road. Based on Joint Agreement No. 50 dated July 13, 1998 of Notary Agus Madjid, SH, and its Amendment I and II each No.171 dated September 20, 1998 and No. I dated March 1, 1998, profit sharing will be made when PT Surya Cipta Swadaya Tbk has completed the project.


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Untuk Tahun-tahun yang Berakhir pada Tanggal 31 Desember 2013 dan 2012 (Dalam Ribuan Rupiah, Kecuali Dinyatakan Lain) h. Restrukturisasi Utang JORR Estimasi nilai liabilitas yang diambil alih sesuai dengan Surat Keputusan Komite Kebijakan Sektor Keuangan (KKSK) No.KEP-02/K.KKSK/02/2001, tanggal 5 Pebruari 2001 sebesar Rp 1.070.521.000.000 (Rupiah penuh) dengan rincian sebagai berikut:

For the Years Ended December 31, 2013 and 2012 (In Thousands of Rupiah, Unless Otherwise Stated) h. JORR Debt Restructuring 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 Rupiah), with details as follows:

Ruas Jalan Tol dan Investor/ JORR Sections and Investors

Estimasi Kewajiban/ Estimated Liabilities

Surat Ketetapan Dasar Estimasi/ Letter of Liability Estimation Basis

Pondok Pinang - Cikunir (Seksi/ Section S dan/ and El) - MNB

721,149,000

No. IJK/5/0257 tanggal 12 Januari 2001/ dated January 12, 2001

Cikunir - Tanjung Priok (Seksi/ Section E2, E3, N) - CBMP

243,415,000

No. SFN/031/2000 tanggal 11 Januari 2000/ dated January 11, 2000

Kebon Jeruk - Pondok Pinang (Seksi/ Section W2) - CMSP

105,957,000

No, 2000.1128/DIRCO - DPI tanggal 1 Nopember 2000/ dated November 1, 2000

1,070,521,000

Total

Berdasarkan Akta No.42 dan 43 tanggal 19 Nopember 2003, dari Notaris Imas Fatimah, SH, dicapai kesepakatan antara Perusahaan, PT Perusahaan Pengelola Aset (Persero) (PPA d/h BPPN) dan para kreditur JORR berkenaan dengan penyelesaian utang yang terkait dengan proyek JORR sebagai berikut:

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 :

1. Utang kepada PPA (d/h BPPN) dan para kreditur JORR lainnya senilai Rp 1.070.521.000.000 (Rupiah penuh) tidak jadi dikonversi menjadi ekuitas di JLJ melainkan akan diselesaikan oleh Perusahaan;

1. JORR debt obligations to PPA (formerly IBRA) and other JORR creditors amounting to Rp 1,070,521,000,000 (full Rupiah) will be settled by the Company instead of being converted into equity in JLJ;

2. Utang yang berhubungan dengan JORR Seksi non S sebesar Rp 548.521.000.000 (Rupiah penuh) diselesaikan dengan pembayaran tunai sebesar Rp 274.260.500.000 (Rupiah penuh) dan sisanya dengan penerbitan obligasi JORR I Tahun 2003 sebesar Rp 274.260.500.000 (Rupiah penuh) kepada PPA (d/h BPPN) dan para kreditur JORR; dan

2. Part of debt obligations associated with JORR Section excluding Section S, amounting to Rp 548,521,000,000 (full Rupiah), will be settled by cash payment of Rp 274,260,500,000 (full Rupiah) and the remaining balance of Rp 274,260,500,000 (full Rupiah) will be settled by the issuance of JORR I Bond year 2003 series to PPA (formerly IBRA) and the other JORR creditors; and

3. Sisa utang JORR sebesar Rp 522.000.000.000 (Rupiah penuh) yang berhubungan dengan Seksi S (‘JORR S”) akan diselesaikan Perusahaan setelah terdapat pelaksanaan eksekusi atas Putusan Mahkamah Agung.

3. The remaining JORR debt obligations associated with Section (‘JORR S”), amounting to Rp 522,000,000,000 (full Rupiah), will be settled by the Company after the execution of the Supreme Court Verdict validating the Company's concession rights for Section S.

Memperhatikan Putusan Mahkamah Agung No. 720 K/Pid/2001, tanggal 11 Oktober 2001, Surat Perintah Pelaksanaan Putusan dari Kejaksaan Negeri Jakarta Pusat No.154/01.10/FU.1/10/2003 tanggal 14 Oktober 2003 dan Berita Acara Pelaksanaan Putusan

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


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Perampasan Barang Bukti, tanggal 7 April 2004, Menteri Pekerjaan Umum dalam Surat Keputusan No.276/KPTS/M/2005, tanggal 9 Juni 2005 tentang Perubahan Wewenang Penyelenggaraan Jalan Tol Lingkar Luar Jakarta Seksi Pondok Pinang - Jagorawi (JORR S) kepada Perusahaan, telah memutuskan antara lain:

Confiscation of Evidence dated April 7, 2004, and Minister 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:

1. Mengubah wewenang penyelenggaraan Jalan Tol Lingkar Luar Jakarta Seksi Pondok Pinang Jagorawi (JORR S) kepada PT Jasa Marga (Persero) Tbk. untuk melunasi kredit dari Kreditur Sindikasi; dan 2. Dana sebesar Rp 50.431.647.999 (Rupiah penuh) dalam Escrow Account yang tidak ada kaitan dan relevansi yang dapat dipertanggungjawabkan dengan tegas dan jelas terhadap JORR S untuk sementara tidak diperhitungkan dalam pembayaran utang sampai adanya klarifikasi berdasarkan penelitian lebih lanjut oleh Badan Pengawasan Keuangan dan Pembangunan. 3. Setelah seluruh kredit dari Kreditur Sindikasi untuk pembangunan JORR S dilunasi, Pemerintah akan menentukan kemudian pengelolaan JORR S sesuai dengan keputusan Mahkamah Agung RI.

1. 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

Berdasarkan Surat Keputusan Menteri Pekerjaan Umum No. 276/KPTS/M/2005 dan Perjanjian Penyelesaian Hutang (PPH) JORR S tanggal 29 Desember 2005, Perusahaan mencatat aset tetap hak pengusahaan jalan tol dan kewajiban karena pemberian hak pengusahaan jalan tol masing-masing sebesar Rp 522.000.000.000 (Rupiah penuh). Perusahaan telah melunasi kewajiban JORR S sebesar Rp 522.000.000.000 (Rupiah penuh) dengan pembayaran tunai sebesar Rp 261.000.000.000 (Rupiah penuh) pada tanggal 3 Januari 2006 dan sisanya diselesaikan melalui penerbitan obligasi JORR II Tahun 2005 pada tanggal 5 Januari 2006.

Based on Decree of Minister of Public Works No. 276/KPTS/M/2005 and the Debt Settlement Agreement for JORR S dated December 29, 2005, the Company registers its fixed assets of right to development of toll roads and obligation from handing over right to development of toll roads each in the amount of Rp 522,000,000,000. The Company has settled the JORR Section S debt obligations in the amount of Rp 522,000,000,000 by paying in cash an amount of Rp 261,000,000,000 on January 3, 2006 and the remaining balance through the issuance of JORR II Year 2005 bonds on January 5, 2006.

Di dalam surat dari BPJT No. 845/BPJT/KE/PW.10.01/ 2009 tanggal 15 Oktober 2009 dan No. 993/BPJT/KU. 09.03/2009 tanggal 15 Desember 2009 disebutkan bahwa wewenang penyelenggaraan jalan tol JORR S diberikan kepada Perusahaan sampai dengan tercapainya pelunasan Utang dari Kreditur Sindikasi. Sehingga, perlu dilakukan penunjukan pihak independen untuk melakukan analisa/kajian terhadap pendapatan tol, beban serta arus kas JORR S dalam kaitannya dengan proyeksi pelunasan utang tersebut.

In the letters from Indonesian Toll Road Authority (ITRA) No. 845/BPJT/KE/PW.10.01/2009 dated October 15, 2009 and No. 993/BPJT/KU.09.03/2009 dated December 15, 2009, it was stated that the authority of developing JORR Toll Road S is handed over to Company until debt obligations towards the Syndicated Crediturs have been fully settled. As such, an independent body must be selected to perform an analysis/review of the toll revenues, liabilities, as well as the cash flow of JORR S in relation to the projected settlement of of such debt.

Perusahaan telah mengirimkan surat kepada BPJT pada bulan September 2011, mengenai hasil analisa/kajian pihak independen tersebut. Perusahaan pada tanggal 23 Januari 2013 mendapatkan surat dari Sekretaris Jenderal Pekerjaan Umum (PU) perihal pemisahaan pendapatan tol JORR S dari pendapatan JORR, dan Perusahaan telah melakukannya.

The Company has sent letters to BPJT in September 2011, the results of analysis / assessment independent parties. On January 23, 2013, the Company to get a letter from the Secretary-General of Public Works (PU) with respect to separation of toll revenue from income JORR S, and the Company has separated the revenue.


2. The funds of Rp 50,431,647,999 (full Rupiah) 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. 3. 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 of the Republic of Indonesia.

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Pada tanggal 20 Maret 2013 Perusahaan telah menerima Surat Keputusan Menteri Pekerjaan Umum No. 80.1/KPTS/M/2013 tanggal 25 Pebruari 2013 tentang Pengoperasian Sementara Jalan Tol Lingkarluar Jakarta Seksi Pondok Pinang – Jagorawi (JORR “S”), yang berisi antara lain: 1. Menugaskan Perusahaan untuk melaksanakan pengoperasian sementara dan pemeliharaan Jalan Tol JORR S sampai dengan ditetapkan Badan Usaha Jalan Tol sebagai operator tetap. 2. Tugas Operasi dan Pemeliharaan Jalan Tol JORR S meliputi sebagai berikut: a. Pengoperasian dan pemeliharaan rutin Jalan Tol JORR S termasuk penanganan darurat. b. Pemeliharaan berkala dan rehabilitasi/ rekonstruksi kerusakan akibat bencana alam, setelah mendapat persetujuan Menteri cq. Kepala BPJT. 3. Pendapatan dan Pengoperasian Jalan Tol JORR S setelah dikurangi biaya sebagaimana dimaksud diktum kedua, dipisahkan dan dimasukkan kedalam rekening khusus. 4. Melaporkan secara periodik setiap bulan pelaksanaan pengoperasian dan pemeliharaan Jalan Tol JORR S termasuk status rekening khusus kepada Menteri Pekerjaan Umum cq. Kepala Badan Pengatur Jalan Tol. 5. Konsesi Jalan Tol JORR S akan ditetapkan oleh Menteri Pekerjaan Umum secara proporsional berdasarkan hasil audit dari auditor yang ditunjuk bersama PT Jasa Marga (Persero) Tbk, PT Hutama Karya (Persero) dan PT Marga Nurindo Bhakti. 6. Dengan berlakunya Keputusan ini, maka Keputusan Menteri Pekerjaan Umum Nomor: 276/KPTS/M/2005 tentang Perubahan Wewenang Penyelenggaraan Jalan Tol Lingkarluar Jakarta Seksi Pondok Pinang – Jagorawi (JORR S) dicabut dan dinyatakan tidak berlaku. 7. Keputusan ini mulai berlaku pada tanggal ditetapkan.

On March 20, 2013 the Company received Decree Letter from the Minister of Public Works No. 80.1/KPTS/M/2013 dated February 25, 2013, regarding the temporary operation of Jakarta Outer Ring Road Section Pondok Pinang - Jagorawi (JORR Section S), which stipulated that: 1. Assigned the Company to temporarily operate and maintain JORR Section S until BPJT legally decides the legitimate operator.

Pada tanggal 26 Juni 2013 melalui surat No. JL.01.03-Mn/417, Menteri Pekerjaan Umum memerintahkan agar PT Hutama Karya (Persero), PT Marga Nurindo Bhakti, dan PT Jasa Marga (Persero)Tbk membuat kesepakatan bersama untuk menunjuk auditor independen dalam rangka mengaudit JORR S selambat-lambatnya 14 hari setelah tanggal diterimanya surat dimaksud. Apabila sampai dengan waktu yang ditetapkan PT Hutama Karya, PT Marga Nurindo Bhakti, dan PT Jasa Marga tidak menyerahkan kesepakatan bersama terkait penunjukan auditor independen dimaksud, maka Pemerintah akan menunjuk auditor untuk mengaudit Pengusahaan Tol JORR S.

On June 26, 2013 by letter No. Jl.01.03-Mn/417, the Minister of Public Works has assigned PT Hutama Karya (Persero), PT Marga Nurindo Bhakti and PT Jasa Marga (Persero) Tbk to make a mutual agreement regarding appointment of an independent auditor to perform audit of JORR S at the latest 14 days after date of receipt of the letter referred to. If until the specified time PT Hutama Karya, PT Bhakti Marga Nurindo, and PT Jasa Marga does not submit the relevant collective agreement referred to the appointment of independent auditors, the government would appoint an auditor to audit the JORR S Toll Concession.


2.

3.

4.

5.

6.

7.

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Operation and maintenance of JORR Section “S” includes among others are: a. Regular operation and maintenance of JORR Section S including emergency responses. b. Periodic maintenance and rehabilitation/ reconstruction of damages due to natural disasters, after obtaining approval from the Head of BPJT. Operation and toll revenue of JORR Section S, after deducted by fees referred in the second point, is separated and placed in a particular bank account. Periodic report is compulsory to be submitted monthly to the Minister of Public Works cq. Head of BPJT clarifying the operation and maintenance of JORR Section S, including statement of balance of particular bank accounts. JORR Section S concession will be determined by the Minister of Public Works proportionally based on the results of the audit by the appointed auditors after agreed by PT Jasa Marga (Persero) Tbk, PT Hutama Karya (Persero) and PT Marga Nurindo Bhakti. As this Decree Letter is issued, the Decree of the Minister of Public Works No: 276/KPTS/M/2005 regarding the change of authority of JORR Section S operation is revoked and no longer valid. This decree is valid started from the date of enactment.

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Mengingat tidak tercapainya kesepakatan dalam waktu 14 hari tersebut, maka Pemerintah menunjuk BPK sebagai auditor untuk melakukan audit terhadap JORR S.

Consider the disagreement within such 14 days, then the Government appointed BPK as auditor to perform audit of JORR S.

j. Perjanjian Pengoperasian Jalan Tol Jembatan Surabaya - Madura (Suramadu) Sesuai Surat Keputusan Menteri Pekerjaan Umum No.KU.03.01-Mn/315, tanggal 29 Mei 2009, Perihal Penetapan Lelang Pengoperasian Jalan Tol Surabaya Madura (Suramadu) ditetapkan untuk melaksanakan Pengoperasian dan Pemeliharaan Jalan Tol Jembatan Suramadu dengan masa Pengoperasian dan Pemeliharaan adalah 18 bulan terhitung sejak tanggal 10 Juni 2009.

j. Agreement Toll Road Operation of Surabaya Madura (Suramadu) Bridge Based on Decree of Minister of Public Works No.KU.03.01-Mn/315, dated May 29, 2009, about The Auction of Toll Road Operation of Surabaya - Madura (Suramadu) Bridge for Operation and maintenance Suramadu Bridge Toll Road during Operation and Maintenance for 18 months since June 10, 2009.

Berdasarkan Surat Keputusan Menteri Pekerjaan Umum No.391/KPTS/M/2009, tanggal 4 Juni 2009, tentang Penugasan Kepada Kepala Badan Pengatur Jalan Tol untuk menandatangani Perjanjian Pengusahaan Jalan Tol, maka Perusahaan telah menandatangani Surat Perintah Mulai Kerja No. 446/BPJT/SPMK/KE/2009 dengan Badan Pengatur Jalan Tol atas nama Menteri Pekerjaan Umum.

Based on Decree of Minister of Public Works No. 391/KPTS/M/2009, dated June 4, 2009, about The Assignment for Head of To// Road Coordination to sign the concession toll road, the company signed Instruction Letter Work Beginning No.446/BPJT/SPMK/KE/2009 with Toll Road Coordination Board in the name of Minister of Public Works.

Sesuai surat Menteri Pekerjaan Umum No. KU.03.01Mn/339 tanggal 18 Juni 2012, Perihal Penetapan Pemenang Pelelangan Pengoperasian dan Pemeliharaan Jalan Tol Suramadu ditetapkan untuk melaksanakan Pengoperasian dan Pemeliharaan Jalan Tol Jembatan Suramadu dengan jadwal pelaksanaan selama 6 (enam) tahun (2012-2017) dengan biaya pelaksanaan sebesar Rp 324.922.103.034 (Rupiah Penuh) termasuk PPN 10%, dan diwajibkan untuk menandatangani Perjanjian Pengoperasian dan Pemeliharaan Jalan Tol Jembatan Suramadu dalam waktu 1 (satu) bulan sejak tanggal Surat Penetapan. Sampai dengan tanggal laporan ini, Perusahaan belum mendapatkan Perjanjian Pengoperasian dan Pemeliharaan Jalan Tol Jembatan Suramadu.

Based on Decree of Minister of Public Works No. KU.03.01-Mn/339, dated June 18, 2013, about The Auction Winner Determination of Suramadu Toll Road Operation and Maintenance assigning Company to perform Suramadu Toll Road operation and maintenance with the implementation schedule for six years (2012-2017) and its cost amounted to Rp 324,922,103,034 (full Rupiah) including VAT 10%, it required Company to sign letter of agreement of SuramaduToll Road operation and maintenance within one month from the date of the determination letter. Until December 31, 2013, Company hasn’t received the letter of agreement of Suramadu Toll Road operation and maintenance.

Sehubungan dengan belum ditandatanganinya surat Perjanjian Pengoperasian dan Pemeliharaan Jalan Tol Jembatan Suramadu, pada tanggal 16 Oktober 2012 Perusahaan dan Badan Pengembangan Wilayah Suramadu telah menandatangani Nota Kesepahaman tentang pengusahaan jalan tol Suramadu yang berlaku sampai dengan 16 Oktober 2013.

Related to the agreeement hasn’t been signed, on October 16, 2012, Company and Development Agency of Suramadu has been signing an Memorandum Of Understanding regarding Toll Road Suramadu concession which is valid until October 16, 2013.

k. PT Kresna Kusuma Dyandra Marga (KKDM) PT Kresna Kusuma Dyandra Marga (KKDM) didirikan berdasarkan Akta No.94, tanggal 20 Desember 1996 dari Notaris Mudofir Hadi, SH. Penyertaan pada KKDM dilakukan sehubungan dengan penyelenggaraan proyek jalan tol Bekasi Timur - Cawang - Kampung Melayu yang meliputi pembangunan, pengoperasian dan pemeliharaan jalan tol. Perusahaan memiliki

k. 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


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7.650.000 saham dengan nilai nominal Rp 1.000 (Rupiah penuh) per saham atau setara dengan Rp 7.650.000.000 (Rupiah penuh) yang merupakan 10% kepemilikan Perusahaan. Sampai dengan tanggal laporan ini, Perusahaan belum melakukan penyetoran saham tersebut.

of Rp 1,000 (full Rupiah) per share or equivalent to Rp 7,650,000,000 (full Rupiah), representing 10% ownership of KKDM. Up to the date of this report, the subscriptions of shares have not been paid by the Company.

Pada tanggal 29 Desember 2006, melalui Surat Perusahaan No.AA.KU05.2002 kepada Menteri BUMN, Perusahaan mengajukan permohonan persetujuan pelepasan penyertaan saham Perusahaan di KKDM dan Perusahaan telah memperoleh persetujuan pelepasan saham KKDM dari Menteri BUMN melalui Surat No.S-175/MBU/2007, tanggal 29 Maret 2007. Sampai dengan tanggal laporan ini, Perusahaan belum melakukan pelepasan saham tersebut.

On December 29, 2006, through Letter of the Company No.AA.KU05.2002 to the Minister of State-Owned Enterprises the Company requested approval for disposal of the Company's investment in KKDM and the Company obtained approval for the share disposal from the Minister 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 disposed the shares.

46. Kontinjensi

46. Contingencies

a. Kewajiban Karena Pengakhiran Perjanjian Kuasa Penyelenggaraan Perusahaan melakukan kerjasama operasi dengan PT Citra Ganesha Marga Nusantara (CGMN) untuk pembangunan Jalan Tol Cikampek - Padalarang pada tahun 1994, sebagaimana tertuang dalam Perjanjian Kuasa Penyelenggaraan (PKP) No.297 tanggal 21 Desember 1994. Namun demikian, pada 18 Juli 2001 Menteri Pemukiman dan Prasarana Wilayah (Menkimpraswil) dengan Surat Keputusan No.417 mencabut keputusan pemberian izin Kerjasama Penyelenggaraan Jalan Tol antara Perusahaan dengan CGMN. Pada 25 Juli 2001, Perusahaan mengakhiri PKP dengan CGMN.

a. Obligation Due Termination of Concession Agreement The Company entered into a joint operation in 1994 with PT Citra Ganesha Marga Nusantara (CGMN) for construction of the Cikampek - Padalarang Toll Road as set forth in the Concession Agreement No.297 dated December 21, 1994. However, on July 18, 2001, the Minister of Housing and Regional Infrastructure with the Letter No.417 revoked the decision granting permission of 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.

Perjanjian Kuasa Penyelengaraan (PKP) No.297 tanggal 21 Desember 1994 menyebutkan bahwa bila terjadi pengakhiran masa penyelenggaraan jalan tol lebih awal sebelum masa konsesi berakhir, maka Perusahaan berkewajiban untuk mengambil-alih seluruh utang dan harus memenuhi hak Penanam Modal (CGMN). Dalam pasal 14.1 PKP disebutkan bahwa Perusahaan harus membayar sejumlah uang atas nilai buku jalan tol setelah dikurangi nilai kewajiban yang harus diambilalih Perusahaan.

The Concession Agreement No.297 dated December 21, 1994 states that if there is termination of concession agreement before the concession period is due, the Company has an obligation to take over the overall liabilities and should fulfill the rights of shareholders (CGMN). Article 14.1 of the Concession Agreement states that the Company should pay some amount over the book value of the toll road after deducting amount of liabilities taken over by the Company.

Perusahaan telah melakukan estimasi kewajiban dan nilai aset akibat pengakhiran PKP dengan CGMN sebesar Rp 202.454.407.000 yang merupakan nilai buku yang telah diaudit atas aset dalam penyelesaian pada tanggal 31 Desember 1999. Perusahaan masih terus mengupayakan penyelesaian penetapan secara definitif atas jumlah liabilitas.

The Company has recorded that the estimation of liabilities and assets value as a result of termination of PKP with CGMN is in the amount of Rp 202,454,407,000, which constitutes the book value that has been audited on the settlement assets on December 31, 1999. The Company is still on the process on determining the definitive value of liabilities.

Perusahaan telah membentuk tim untuk mengkaji penyelesaian permasalahan akibat pengakhiran PKP Jalan Tol Cikampek - Padalarang antara Perusahaan dan CGMN.

The Company has formed a team to analyze the dispute settlement that has arisen from the termination of the Cikampek-Padalarang Toll Road PKP between the Company and CGMN.


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b. Tuntutan Ganti Rugi Kepada PT Lapindo Brantas dan Penutupan Sebagian Jalan Tol SurabayaGempol Seksi Porong-Gempol

b. Claim of Compensation Against PT Lapindo Brantas and Closing of Part of the Surabaya Gempol Toll Road Section Porong - Gempol

Sebagai dampak dari bencana luapan Lumpur PT Lapindo Brantas yang mengakibatkan kerusakan pada sebagian jalan tol Surabaya - Gempol, Perusahaan telah mengirimkan beberapa surat permintaan ganti rugi dan somasi di tahun 2006 atas kehilangan pendapatan tol dan pengeluaran berbagai biaya kepada PT Lapindo Brantas. Klaim kerusakan jalan tol tersebut akan meningkat menjadi klaim biaya relokasi ruas jalan tol Porong - Gempol, yang akan diselesaikan sesuai dengan ketentuan dalam Perjanjian Pengusahaan Jalan Tol (PPJT) Surabaya - Gempol dan kebijakan Pemerintah dalam penyelesaian dampak semburan Lumpur di Sidoarjo, sesuai dengan Keputusan Menteri Pekerjaan Umum No.394/KPTS/M/2006, tanggal 30 Nopember 2006 tentang penutupan sebagian Jalan Tol Surabaya 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 roads is expected to increase and later include a claim for cost to relocated 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 Minister of Public Works No.394/KPTS/M/2006 dated November 30, 2006 regarding the Closure of Part of the Surabaya -Gempol Toll Road.

Berdasarkan Keputusan Presiden No.13 Tahun 2006, tanggal 3 September 2006 mengenai Tim Nasional Penanggulangan Semburan Lumpur di Sidoarjo, semua biaya yang timbul sebagai akibat relokasi pembangunan jalan tol dimaksud selain biaya rehabilitasi kerusakan sarana menjadi tanggung jawab PT Lapindo Brantas. Selain itu, Surat Keputusan Menteri Pekerjaan Umum No.394/KPTS/M/2006, tanggal 30 Nopember 2006, mengenai Penutupan sebagian Jalan Tol Surabaya -Gempol seksi Porong Gempol, menyatakan antara lain sebagai berikut:

Based on the Decree of President No.13 Year 2006 dated September 3, 2006 regarding the National Team for Mud Floods Disaster at Sidoarjo, all expenditures incurred due to the relocation of toll road development except for rehabilitation expenses for damaged facilites will become the responsibility of PT Lapindo Brantas. In addition, the Decree of Minister 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:

1. Menutup

1. To close and stop the

2. Segala hal yang timbul pada pengusahaan jalan tol

2. Those all matter which impact on the operation of

Surabaya - Gempol sebagai akibat dari penutupan seksi Porong - Gempol akan diselesaikan sesuai dengan ketentuan dalam PPJT Surabaya - Gempol dan kebijakan Pemerintah dalam penyelesaian dampak semburan lumpur di Sidoarjo.

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.

Berdasarkan Surat Menteri Pekerjaan Umum No.JL. 0103-Mn/131, tanggal 30 Maret 2007, dalam rangka relokasi jalan tol seksi Porong - Gempol, kebutuhan tanah untuk relokasi infrastruktur akan disediakan oleh Pemerintah dan pelaksana konstruksi.

Based on the Minister of Public Works Letter No.JL.0103-Mn/131, dated March 30, 2007, in order to relocated the Porong - Gempol toll road section, the land requirements for relocation of the infrastructure will be provided by the Government and contractors.

Berdasarkan Surat Menteri Negara Badan Usaha Milik Negara No.S-196/MBU/2007, tanggal 4 April 2007 kepada Menteri Pekerjaan Umum dan Menteri Keuangan, sehubungan dengan kerugian atas hilangnya sebagian aset jalan tol seksi Porong Gempol, maka sejalan dengan Undang-undang Jalan

Based on the Minister of State-Owned Enterprises Letter No.S-196/MBU/2007 dated April 4, 2007 regarding the loss of part of 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

dan tidak mengoperasikan kembali sebagian jalan tol Surabaya - Gempol Seksi Porong -Gempol; dan


operation a part of the Surabaya - Gempol toll road Porong Gempol Section; and

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No.38 Tahun 2004 dan Undang-undang Keuangan Negara No.17 Tahun 2003, klaim atas kerugian dimaksud seyogyanya dilakukan oleh Pemerintah melalui Departemen Pekerjaan Umum kepada PT Lapindo Brantas.

Departement of Public Works to PT Lapindo Brantas.

Pada tanggal 17 Juli 2007, melalui Surat Perusahaan No. AA.TN.02.1153, Perusahaan mengajukan tuntutan ganti rugi akibat genangan lumpur pada ruas jalan tol seksi Porong - Gempol kepada PT Lapindo Brantas. Klaim atas kerugian kehilangan pendapatan tol dan biaya tambahan lainnya akibat genangan lumpur pada ruas Porong - Gempol sampai dengan bulan Mei 2007 adalah sebesar Rp 24.724.788.651 (Rupiah penuh) dan klaim atas kerusakan jalan tol sebesar Rp 16.334.396.000 (Rupiah penuh).

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 addition expenditures arising from mud in Porong Gempol Section until May amounts to Rp 24,724,788,651 (full Rupiah) and the claim for damage to the toll road amountd to Rp 16,334,396,000 (full Rupiah).

Dalam Surat Perusahaan No.AA.KU.02.1268, tanggal 7 Agustus 2007 kepada Menteri Pekerjaan Umum, Perusahaan menyampaikan antara lain mengenai kesediaan Perusahaan untuk membiayai pembangunan relokasi ruas jalan tol Porong - Gempol dengan memperhitungkan pengembalian investasi dari tarif baru (termasuk pengembalian akibat tidak berfungsinya ruas jalan tol Porong-Gempol).

Based on the Company's Letter No.AA.KU.02.1268, dated August 7, 2007 to the Minister 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 Porong Gempol toll road section).

Surat Ketua Dewan Pengarah Badan Penanggulangan Lumpur Sidoarjo/ Menteri Pekerjaan Umum No.20/DPBPLS/2007, tanggal 24 September 2007 kepada Menteri Negara BUMN, menyebutkan antara lain mengenai usulan pelaksanaan konstruksi jalan tol Porong-Gempol dapat dilakukan oleh Perusahaan.

Letter of the Chairman of Direction Board of Mud Prevention Agency Sidoarjo/ the Minister of Public Works No.20/DP-BPLS/2007, dated September 24, 2007 to Minister of State-Owned Enterprises, Mentioned such of proposal construction implementation of Porong - Gempol toll road can be performed by the Company.

Pada tanggal 14 Januari 2008, melalui Surat Perusahaan No.AA.TN.02.50 kepada Menteri Negara BUMN, Perusahaan menyampaikan antara lain mengenai jumlah klaim total kerugian sampai dengan bulan Mei 2007 sebesar Rp 24.724.788.651 (Rupiah penuh), dan permohonan bantuan agar Pemerintah memfasilitasi melalui Biro Hukum dan Humas Kementerian BUMN dalam menyelesaikan permasalahan dengan PT Lapindo Brantas dengan musyawarah mufakat, dan apabila musyawarah mufakat tersebut tidak dapat ditempuh dapat mempertimbangkan untuk melakukan upaya hukum di Pengadilan.

On January 14, 2008, through the Company's Letter No.AATN.02.50 to the Minister of State-Owned Enterprises, the Company reported loss until May 2007 amounting to Rp 24,724,788,651 (full Rupiah), and requesting assistance from the Government to facilitate through Law Bureau and Public Relation of the Minister of State-Owned Enterprises in solving the problem with PT Lapindo Brantas by deliberation. Otherwise, the Company will take the case to the court.

Pada tanggal 13 Mei 2009, melalui Surat Perusahaan No.AA.TN.02.730 kepada Direktur Utama PT Lapindo Brantas, Perusahaan kembali mengajukan tuntutan ganti rugi akibat penutupan Ruas Jalan Tol Porong Gempol. Adapun klaim atas kehilangan pendapatan tol dan kehilangan keuntungan atas bunga sampai dengan periode Maret 2009, beserta biaya-biaya lainnya, termasuk biaya pembongkaran Jembatan Tol Porong adalah sebesar Rp 71.976.187.741 (Rupiah penuh).

On May 13, 2009 through Letter No.AA.TN.02.730 to the President Director of PT Lapindo Brantas, the Company claimed compensation due to closure of the PorongGempol Toll Road Section. The claim for loss of toll revenue, loss of interest income and other expenses, including demolishing cost of Porong Toll Bridge until March 2009 totaling Rp 71,976,187,741 (full Rupiah).


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Pada tanggal 17 September 2009, melalui surat Perusahaan No.AA.TN.02.1286 kepada Direktur Utama PT Lapindo Brantas, Perusahaan kembali mengajukan tambahan kenaikan besaran rugi atas kehilangan pendapatan tol sebesar Rp 76.942.149.750 (Rupiah penuh), dan kehilangan keuntungan atas bunga sampai dengan bulan Juni 2009 yakni sebesar Rp 4.965.962.009 (Rupiah penuh).

On September 17, 2009 through Letter No.AA.TN.02.1286 to the President Director of PT Lapindo Brantas, the Company claimed additional compensation for the loss of toll revenue amounting to Rp 76,942,149,750 (full Rupiah), and the loss of interest income until June 2009 amounting to Rp 4,965,962,009 (full Rupiah).

Pada tanggal 9 Pebruari 2010, Perusahaan mengirimkan surat No.AA.PR.02.94 tentang Relokasi Jalan Tol Ruas Porong-Gempol kepada BPJT yang ditembuskan kepada Menteri Negara BUMN. Surat tersebut dibuat dengan dasar bahwa Pemerintah (Kementerian PU) mempunyai rencana untuk melakukan relokasi terhadap jalan tol Ruas Porong Gempol yang terendam luapan lumpur Sidoarjo.

On February 9, 2010, the Company sent Letter No.AA.PR.02.94 to BPJT, which copy forwarded to Minister of State-Owned Enterprises. The letter was made based on plan by government (Ministry of Public Works) to relocate Porong - Gempol Toll Road affected by the mudflow.

Sejak Mei 2011, Perusahaan telah melakukan aktivitas pembangunan relokasi jalan tol ruas Porong-Gempol per 31 Desember 2013 sebesar Rp 321.509.714.791 (Rupiah penuh).

Since May 2011, the Company completed a relocation of Porong – Gempol toll road amounting to Rp 321,509,714,791 (full Rupiah) as of December 31, 2013.

c. Gugatan Ganti Rugi dari Pemilik Tanah untuk Jalan Tol Perusahaan masih menghadapi perkara litigasi/ gugatan dari beberapa orang yang mengklaim sebagai pemilik tanah yang tanahnya digunakan untuk pembangunan Ruas Jalan Tol JORR S, Jalan Tol JORR E1, Jalan Tol Sediyatmo, Jalan Tol JORR W2 , Jalan Tol Pondok Aren-Ulujami, Jalan Tol Belmera (Gerbang Tol Mabar dan Kantor Cabang Belmera). Penanganan perkara litigasi tersebut masih dalam proses peradilan di Pengadilan Negeri, Pengadilan Tinggi dan kasasi di Mahkamah Agung.

c. Claims from Land Owners for Toll Road

d. Gugatan Perusahaan Terkait Perjanjian Kerjasama Bagi hasil Jalan Tol Jakarta-Cikampek Ruas Cikampek-Cibitung kepada PT Bangun Tjipta Sarana (BTS) Perusahaan melakukan kerjasama bagi hasil jalan tol Jakarta-Cikampek ruas Cikampek-Cibitung dengan BTS yang dituangkan dalam Akta No . 109 tanggal 16 Oktober 1992 beserta perubahannya.

d. Lawsuit to PT Bangun Tjipta Sarana (BTS) Regarding Toll Revenue Sharing of JakartaCikampek Toll Road Section Cikampek-Cibitung

Saat ini Perusahaan sedang berperkara dengan BTS terkait Akta No.109 tanggal 19 Oktober 1992 beserta perubahannya. Perkara tersebut telah diputus ditingkat Mahkamah Agung pada tanggal 24 Juli 2012 dengan bunyi “Menolak permohonan kasasi dari para pemohon, 1. PT Jasa Marga (Persero) Tbk, 2. PT Bangun Tjipta Sarana”. Salinan resmi pemberitahuan isi putusan diterima oleh Perusahaan pada tanggal 24 April 2013.

The Company is currently facing a litigation with BTS regarding to the Deed No. 109 dated October 19, 1992 along with its amendments. The case has been decided on the level of the Supreme Court dated July 24, 2012 with the sound of "Rejecting an appeal of the applicant, 1. PT Jasa Marga (Persero) Tbk, 2. PT Bangun Cipta Sarana ". A copy of the official notification of the decision is received by the Company on 24 April 2013.

Atas putusan tersebut, pada tanggal 9 Oktober 2013, Perusahaan mengajukan permohonan Peninjauan

Of that decision, in October 9, 2013, the Company filed a request for reconsideration to The Central Jakarta District


The Company is still facing a litigation from certain persons who claimed to be the land owners whose land were used for Toll Road Section JORR S, Toll Road Section JORR E1, Toll Road Sediyatmo, Toll Road Section JORR W2, Toll Road Pondok Aren-Ulujami, Toll Road Belmera (Mabar Toll Gate and Belmera Branch Office). These claims are still processed in the District Courts, the High Courts and the Supreme Court.

The Company has entered into a toll revenue sharing agreement with BTS for toll road Jakarta-Cikampek section Cikampek-Cibitung which stipulated in the Deed No. 109 dated October 16, 1992 along with its amendments.

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Kembali (PK) ke Pengadilan Negeri Jakarta Pusat dengan akta no: 20/SRT.PDT.PK/2013/PN.JKT.PST Jo.Nomor: 200/PDT.G/2009/PN.JKT.PST. Permohonan PK Perusahaan telah ditanggapi BTS dengan kontra memori PK yang telah dikirimkan ke Mahkamah Agung melalui Pengadilan Negeri Jakarta Pusat tanggal 16 Desember 2013.

Court by deed No: 20/SRT.PDT.PK/2013/PN.JKT.PST Jo No: 200/PDT.G/2009/PN.JKT.PST. Bangun Tjipta Sarana has given respon by filling counter against the reconsideration to Supreme Court through the Central Jakarta District Court dated Desember 16, 2013.

e. Gugatan Perpanjangan Bagi Hasil Pendapatan Tol untuk Pelebaran Kebon Jeruk-Tangerang dari PT Tirtobumi Prakarsatama Berdasarkan amandemen kerjasama bagi hasil pembangunan pelebaran jalan tol Jakarta - Merak No. 8 tanggal 28 Pebruari 2003, Perusahaan dan PT Adhika Prakarsatama telah menyepakati pengurangan masa kerjasama bagi hasil yang semula 18 tahun menjadi 17 tahun, 9 bulan dan berakhir pada 29 Pebruari 2012.

e. Claim of Toll Revenue Sharing Against PT Tirtobumi Prakarsatama for Widening Kebon Jeruk – Tangerang Highway Based on the amendment regarding revenue sharing agreement of Jakarta - Merak toll road extension No. 8 dated February 28, 2003, the Company and PT Adhika Prakarsatama agreed to reduce the period of agreement from 18 years to 17 years and 9 months ended on February 29, 2012.

Pada tanggal 4 Januari 2011 dan 2 Pebruari 2011 PT Tirtobumi Prakarsatama (dahulu bernama PT Adhika Prakarsatama) menyampaikan permohonan kepada Perusahaan untuk melakukan pengkajian perpanjangan masa kerjasama bagi hasil dan meminta Perusahaan meneruskan hal tersebut kepada Menteri Pekerjaan Umum. Alasan permohonan perpanjangan adalah karena PT Tirtobumi Prakarsatama berpendapat tidak ada kenaikan tarif tol dari tahun 1993 sampai dengan 2005. Masa perpanjangan kerjasama bagi hasil yang diajukan sekitar 24 tahun 2 bulan. Perusahaan telah menjawab permohonan tersebut dengan surat No. EC.HK.02.082 pada tanggal 9 Pebruari 2011 yang intinya menyatakan bahwa Perusahaan sedang mengkaji permohonan dimaksud.

On January 4, 2011 and February 2, 2011 PT Tirtobumi Prakarsatama (previously named as PT Adhika Prakarsatama) submitted request to the Company to review the extension periods of revenue sharing agreement and urged the Company to forward the proposal to the Minister of Public Works. The reason of this proposal was due to PT Tirtobumi Prakarsatama claimed that there has never been toll rates increase which during the year 1993 to 2005. The extension periods proposed by PT Tirtobumi Prakarsatama was approximately 24 years 2 months. The Company responded the request with the letter No. EC.HK.02.082 dated February 9, 2011 which mainly stated that the Company is in the process of review the respective request.

Pada tanggal 7 Juni 2011 PT Tirtobumi Prakarsatama mengajukan gugatan di BANI (Badan Arbitrase Nasional Indonesia) dengan tuntutan sebagai berikut: 1. Mengabulkan permohonan PT Tirtobumi Prakarsatama untuk seluruhnya. 2. Menyatakan PT Jasa Marga tidak berhak dan/ atau berwenang untuk melakukan kajian dan/ atau mengambil pertimbangan apapun terkait permohonan perpanjangan masa kerjasama bagi hasil yang diajukan oleh PT Tirtobumi Prakarsatama melalui PT Jasa Marga kepada pihak yang berwenang. 3. Kelalaian PT Jasa Marga untuk meneruskan permohonan perpanjangan masa kerjasama bagi hasil kepada pihak yang berwenang dapat menimbulkan kerugian bagi PT Tirtobumi Prakarsatama. 4. Memerintahkan PT Jasa Marga untuk dengan segera meneruskan permohonan PT Tirtobumi Prakarsatama tersebut di atas kepada pihak yang berwenang. 5. Menghukum PT Jasa Marga untuk mengganti segala kerugian yang mungkin timbul sebagai

On June 7, 2011 PT Tirtobumi Prakarsatama sued the Company in the National Arbitration Board (BANI) with the following terms: 1. Accept the proposal for PT Tirtobumi Prakarsatama entirely. 2. Declare that PT Jasa Marga has no right and/ or authorized to conduct the review and/ or take any considerations related to the proposal of extension periods of revenue sharing agreement that proposed by PT Tirtobumi Prakarsatama through PT Jasa Marga to the Authorities.


3. Omissions of PT Jasa Marga to forward the proposal to the Authorities may create damage for PT Tirtobumi Prakarsatama. 4. Instruct PT Jasa Marga to immediately forward the proposal of PT Tirtobumi Prakarsatama to the Authorities. 5. Punish PT Jasa Marga to replace any losses that might arise as a result of that omissions and pay all 117

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akibat kelalaian tersebut di atas serta membayar seluruh biaya proses arbitrase ini, termasuk mengganti biaya-biaya yang telah dan akan dikeluarkan oleh PT Tirtobumi Prakarsatama.

any costs that arise from the arbitrase process, including replace that costs that have been and will be issued by PT Tirtobumi Prakarsatama.

BANI menerbitkan keputusan No. 406/VI/ARBBANI/2011 pada tanggal 5 Januari 2012 dengan uraian sebagai berikut:

BANI issued the verdict No. 406/VI/ARB-BANI/2011 on January 5, 2012 with the following terms:

1. Mengabulkan permohonan PT Tirtobumi Prakarsatama untuk sebagian. 2. Mewajibkan PT Jasa Marga untuk menyampaikan dan mendiskusikan kajian mengenai perpanjangan kerjasama bagi hasil kepada PT Tirtobumi Prakarsatama dalam jangka waktu 30 hari sejak tanggal Putusan. 3. Mewajibkan Perusahaan dalam Jangka waktu 40 hari sejak Putusan diterbitkan, untuk meneruskan permohonan PT Tirtobumi Prakarsatama disertai hasil Kajian Perusahaan kepada Menteri Pekerjaan Umum. 4. Menolak permohonan PT Tirtobumi Prakarsatama untuk selebihnya. 5. Menyatakan Putusan ini merupakan Putusan dalam tingkat pertama dan terakhir serta mengikat Para Pihak. 6. Memerintahkan kepada Sekretaris Majelis untuk mendaftarkan salinan Putusan ini ke Pengadilan Negeri Jakarta Pusat.

1. Consent the claim of PT Tirtobumi Prakarsatama partially. 2. Obliged the Company to discuss the review with PT Tirtobumi Prakarsatama within 30 days from the date this decision pronounced.

BANI mendaftarkan keputusan No. 406/VI/ARBBANI/2011 tanggal 5 Januari 2012 pada tanggal 30 Januari 2012 Ke Pengadilan Negeri Jakarta Pusat dan disampaikan kepada Para Pihak oleh BANI melalui surat No. 12.209/II/BANI/ED tanggal 7 Pebruari 2012 dengan tambahan amar Putusan menjadi sebagai berikut : 1. Mengabulkan permohonan PT Tirtobumi Prakarsatama untuk sebagian. 2. Mewajibkan PT Jasa Marga untuk menyampaikan dan mendiskusikan kajian mengenai perpanjangan kerjasama bagi hasil kepada PT Tirtobumi Prakarsatama dalam jangka waktu 30 hari sejak tanggal Putusan diucapkan. 3. Mewajibkan Perusahaan dalam Jangka waktu 40 hari sejak Putusan diucapkan, untuk meneruskan permohonan PT Tirtobumi Prakarsatama disertai hasil Kajian Perusahaan kepada Menteri Pekerjaan Umum 4. Menolak Permohonan PT Tirtobumi untuk selebihnya. 5. Menyatakan Putusan ini merupakan Putusan dalam tingkat pertama dan terakhir serta mengikat Para Pihak.

BANI has registered the above Verdict No. 406/VI/ARBBANI/2011 on January 5, 2012 to Central Jakarta District Court on January 30, 2012 and delivered to all parties through letter No. 12.209/II/BANI/ED dated February 7, 2012 with additional verdict as follows:


3. Obliged the Company to forward the request of PT Tirtobumi Prakarsatama along with the result of the review to the Minister of Public Works within 40 days from the date this decision pronounced. 4. Rejected the rest of PT Tirtobumi Prakarsatama’s claims. 5. Declared the Verdict as the first decree and final and bounded all parties. 6. Asked to the Secretary Council to register the Verdict to Central Jakarta District Court.

1. Consent the claim of PT Tirtobumi Prakarsatama partially. 2. Obliged the Company to submit and discuss the review of extension of revenue sharing agreement with PT Tirtobumi Prakarsatama within 30 days from the date this decision pronounced. 3. Obliged the Company to forward the request of PT Tirtobumi Prakarsatama along with the result of the review to the Minister of Public Works within 40 days from the date this decision pronounced. 4. Rejected the rest of PT Tirtobumi Prakarsatama’s claims. 5. Declared the Verdict as the first decree and final and bounded all parties.

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Untuk Tahun-tahun yang Berakhir pada Tanggal 31 Desember 2013 dan 2012 (Dalam Ribuan Rupiah, Kecuali Dinyatakan Lain) 6.

7.


Mewajibkan Jasa Marga untuk mengembalikan setengah biaya administrasi sebesar Rp 255.000.000 (Rupiah penuh) kepada PT Tirtobumi Prakarsatama. Memerintahkan kepada Sekretaris Majelis untuk mendaftarkan salinan Putusan ini ke Pengadilan Negeri Jakarta Pusat.

6. Oblige the Company to indemnify half of the administration fee amounting to Rp 255,000,000 (full Rupiah) to PT Tirtobumi Prakarsatama. 7. Asked to the Secretary Council to register the Verdict to Central Jakarta District Court.

Pada tanggal 27 Pebruari 2012 Perusahaan telah melaksanakan keputusan BANI tersebut dengan mengirimkan hasil kajian dan permohonan perpanjangan kerjasama bagi hasil kepada Menteri Pekerjaan Umum.

On February 27, 2012, the Company has conducted BANI's Verdicts by forwarding the review and the proposal of extension periods of revenue sharing agreement to the Minister of Public Works.

Pada tanggal 15 Maret 2012, Perusahaan telah membayarkan setengah dari biaya perkara sebesar Rp 255.000.000 kepada PT Tirtobumi Prakarsatama.

On March 15, 2012, the Company has paid half of the administration fee amounting to Rp 255,000,000 to PT Tirtobumi Prakarsatama.

Terdapat perbedaan persepsi terhadap Putusan BANI: PT Tirtobumi Prakarsatama berpendapat bahwa hasil Putusan tersebut seharusnya dipenuhi setelah Putusan diterbitkan, sedangkan Perusahaan meyakini bahwa berdasarkan Hukum Arbitrase Pasal 59, seharusnya Putusan BANI dilaksanakan setelah Putusan didaftarkan ke Pengadilan Negeri.

There was different perception on BANI’s verdicts: PT Tirtobumi Prakarsatama believed that the verdicts should be executed after the verdicts declared, whereas the Company believed that based on Law of Arbitration Article 59, the verdicts should be executed after they were registered at District Court.

Berdasarkan perbedaan persepsi di atas, PT Tirtobumi Prakarsatama menuntut Perusahaan di Pengadilan Negeri Jakarta Timur dengan alasan Perusahaan tidak melaksanakan putusan BANI. Perkara ini telah diputuskan berdasarkan Putusan No. 64/PDT.G/2012/PN.JKT.TIM pada tanggal 10 Desember 2012 yang menyatakan bahwa Perusahaan harus mengganti rugi kepada PT Tirtobumi Prakarsatama sebesar Rp 1.247.576.000.000, atau setara dengan perpanjangan waktu bagi hasil tol selama 24 tahun 2 bulan.

Based on the different perception stated above, PT Tirtobumi Prakarsatama sued the Company in District Court of Jakarta Timur with the argument that the Company did not fulfill the BANI's verdicts. The claims had been declared based on the verdict No. 64/PDT.G/2012/PN.JKT.TIM on December 10, 2012, stated that the Company had to indemnify PT Tirtobumi Prakarsatama Rp 1,247,576,000,000, or equivalent to the extension period of the toll roads for 24 years and 2 months.

Atas putusan ini Perusahaan banding ke Pengadilan Tinggi DKI Jakarta, putusan banding telah dibacakan pada tanggal 15 Juli 2013 dengan inti putusan mengabulkan permohonan banding PT Jasa Marga (Persero) Tbk dan Menteri Pekerjaan Umum. dan membatalkan Putusan No. 64/PDT.G/2012/PN.JKT.TIM pada tanggal 10 Desember 2012.

According to the Verdict, the Company had registered the appeal statement to the Jakarta High Court on December 17, 2012. In response to the Verdict, The Company registered the appeal statement to the Jakarta High Court, Appeal Verdict was read on July 15, 2013 which is stated to grant the appeal from PT Jasa Marga (Persero) Tbk and the Minister of Public Works and to cancel the verdict No. 64/PDT.G/2012/PN.JKT.TIM pada dated December 10, 2012.

Perusahaan telah menyerahkan Memori Banding kepada PengadilanTinggi DKI Jakarta melalui Pengadilan Negeri jakarta Timur pada tanggal 22 Maret 2013.

The Company has rendered appeal memory to DKI Jakarta High Court through the East Jakarta District Court on March 22, 2013.


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47. Segmen Operasi

47. Operating Segments

Perusahaan dikelola dan dikelompokkan dalam segmen usaha yang terdiri dari beberapa cabang sebagai berikut (dalam jutaan Rupiah): Pusat/ Head Office

Jagorawi

The Company is managed and classified into bussines segments which consist of branches as follow (in million Rupiah): 31 Desember/ December 2013 Purbaleunyi Jakarta Camareng Tangerang

Jakarta Cikampek

Lainnya/ Others

Eliminasi/ Elimination

Konsolidasian/ Consolidated

Pendapatan/ Revenues Total Pendapatan untuk Segmen Dilaporkan/ Segmented Revenues Pendapatan Konstruksi/ Construction Revenues Pendapatan Lainnya/ Others Income Pendapatan Entitas/ Total Revenues

1.078.223 755.561 14.804 1.848.589

548.248 -12.918 561.167

976.573 -17.044 993.617

1.017.384 -12.083 1.029.467

408.011 -8.026 416.038

1.109.957 -32.707 1.142.663

687.535 3.204.978 632.361 4.524.873

--(221.747) (221.747)

5.825.932 3.960.539 508.197 10.294.668

(1.682.831) 184.808 (744.033) (156.328)

(318.995) 140 -(1.760)

(702.594) 258 -381

(318.065) 97 -(4.975)

(212.903) 113 -(171)

(372.585) 245 (65) 1.528

(4.421.798) 42.410 (200.121) 109.790

221.747 ----

(7.808.024) 228.071 (944.219) (51.537)

(4.303)

--

--

--

--

--

--

--

(4.303)

(554.097) (455.387)

240.551 --

291.662 --

706.524 --

203.076 --

771.786 --

55.153 (21.448)

---

1.714.656 (476.835) 1.237.821

Aset Segmen Dilaporkan/ Segment Assets

2.024.060

2.208.130

2.607.762

3.648.177

1.475.152

6.121.268

15.964.365

(5.682.569)

28.366.345

Liabilitas Segmen Dilaporkan/ Segment Liabilities

8.654.282

48.228

186.867

105.370

53.003

202.189

8.306.176

(56.751)

17.499.365

Laba Rugi/ Profit and Loss Beban Usaha/ Operating Expenses Pendapatan Bunga/ Interest Income Biaya Keuangan/ Finance Charges Pendapatan (Beban) Lain/ Others Income (Expenses) Bagian Laba-Rugi atas Entitas Asosiasi/ Net Equity on Associates Laba (Rugi) Sebelum Pajak Penghasilan/ Earning Before Income Tax Beban Pajak Penghasilan/ Income Tax Laba Tahun Berjalan/ Income for the Year

Pusat/ Head Office

Jagorawi

31 Desember/ December 2012 Purbaleunyi Jakarta Camareng Tangerang

Jakarta Cikampek

Lainnya/ Others

Eliminasi/ Elimination

Konsolidasian/ Consolidated

Pendapatan/ Revenues Total Pendapatan untuk Segmen Dilaporkan/ Total Segmented Revenues Pendapatan Konstruksi/ Contruction Revenues Pendapatan Lainnya/ Others Income Pendapatan Entitas/ Total Revenues

1.215.747 14.581 8.216 1.238.544

508.088 30.181 11.354 549.623

896.245 45.979 12.704 954.927

924.853 22.503 15.977 963.334

379.581 35.018 4.019 418.618

1.063.570 47.325 27.136 1.138.031

593.668 3.149.412 224.192 3.967.272

--(160.130) (160.130)

5.581.753 3.344.998 143.468 9.070.219

(840.312) 161.916 (740.601) 34.950

(322.951) 72 -1.382

(682.865) 153 -(5.891)

(293.368) 42 -908

(236.752) 49 -2.218

(353.490) 123 (895) 451

(3.865.850) 37.475 (174.650) 187.041

160.130 --(88.078)

(6.435.460) 199.829 (916.146) 132.981

(3.833)

--

--

--

--

--

7.667

--

3.833

(149.337) (504.629)

228.126 --

266.323 --

670.916 --

184.132 --

784.220 --

158.955 2.040.441

(88.078) --

2.055.256 (519.445) 1.535.812

Aset Segmen Dilaporkan/ Segment Assets

3.878.467

1.999.565

2.339.251

2.953.275

1.289.914

5.229.212

9.168.114

(2.104.248)

24.753.551

Liabilitas Segmen Dilaporkan/ Segment Liabilities

8.895.638

80.700

210.104

74.201

61.427

80.011

5.594.203

(30.519)

14.965.766

Laba Rugi/ Profit and Loss Beban Usaha/ Operating Expenses Pendapatan Bunga/ Interest Income Biaya Keuangan/ Finance Charges Pendapatan (Beban) Lain/ Others Income (Expenses) Bagian Laba-Rugi atas Entitas Asosiasi/ Net Equity on Associates Laba (Rugi) Sebelum Pajak Penghasilan/ Earning Before Income Tax Beban Pajak Penghasilan/ Income Tax Laba Tahun Berjalan/ Income for the Year

48. Laba Per Saham Pada tanggal 1 Nopember 2007, Perusahaan memperoleh pernyataan efektif dari BAPEPAM-LK melalui Surat No. S5526/BL/2007 untuk melakukan penawaran umum perdana saham sebanyak 2.040.000.000 saham atas nama seri B dengan nilai nominal Rp 500 (Rupiah penuh) setiap saham (lihat Catatan 1.e dan 28). Perusahaan telah melakukan pembelian kembali atas saham yang beredar (Treasury Stocks) pada tahun 2008 sebanyak 8.758.000 lembar saham periode (4 Oktober 2008 - 6 Nopember 2008) dan sampai tahun 2009 perusahaan telah menarik kembali saham yang beredar sebanyak 24.523.500 lembar saham. d1/February 19, 2014

48. Earnings Per Share On November 1, 2007, the Company obtained effective statement from Bapepam-LK through Letter No. S5526/BL/2007 for initial public offering as much as 2,040,000,000 shares of series B shares with a par value of Rp 500 (full Rupiah) per share (see Note 1.e and 28). The Company has made repurchase of shares outstanding (Treasury Stocks) in the year 2008 as many as 8.758 million shares period (October 4, 2008 - November 6, 2008) and up in 2009 the Company has pulled back shares as many as 24,523,500 shares outstanding. This resulted in the weighted average number of shares turn out to be as much as 120

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Hal ini mengakibatkan jumlah rata-rata tertimbang saham yang beredar berubah menjadi sebanyak 6.775.840.609 lembar. Perusahaan menjual kembali seluruh saham treasuri, sehingga pada tanggal 31 Desember 2013, jumlah rata-rata tertimbang saham yang beredar kembali menjadi 6.800.000.000 lembar.

6,775,840,609 outstanding shares. In 2012, the Company has sold back all of the treasury shares,thereafter as of December 31, 2013, the weighted average number of shares become as much as 6,800,000,000 shares.

Laba bersih per saham dihitung dari laba tahun berjalan yang dapat diatribusikan kepada pemilik entitas induk dibagi dengan jumlah rata-rata tertimbang saham, dengan rincian sebagai berikut:

Earnings per share is calculated from profit of the current year attributable to owners of the parent divided by the weighted average of outstanding shares, with details as follows:

2013 Rp Laba Bersih (Rupiah penuh) Rata-rata Tertimbang Saham Beredar (lembar) Laba Bersih Per Saham (Rupiah penuh)

2012 Rp

1,336,316,734,569 1,602,090,230,262 6,800,000,000

6,790,965,684

Net Income (full Rupiah) Weighted Average of Outstanding Shares

196.52

235.91

Earnings per Share (full Rupiah)

49. Kebijakan Manajemen Risiko

49. Risks Management Policy

Bisnis Grup mencakup aktivitas pengambilan risiko dengan sasaran tertentu dengan pengelolaan yang profesional. Fungsi utama dari manajemen risiko Perusahaan dan Entitas Anak adalah untuk mengidentifikasi seluruh risiko kunci, mengukur risiko-risiko ini dan mengelola sistem manajemen resiko.

Business of the Group include risk - taking activities with certain target by professional management. The main function of the risk management of the Company and its Subsidiaries is to identify all key risks, to measure these risks and manage risk positions.

Grup mendefinisikan risiko keuangan sebagai kemungkinan kerugian atau laba yang hilang, yang disebabkan oleh faktor internal maupun faktor eksternal yang berpotensi negatif terhadap pencapaian tujuan Perusahaan.

The Group define financial risk as the possibility of loss or lost profit, caused by internal factors as well as external factors that potentially negative impact on achievement of Company goals.

Tujuan Grup dalam mengelola risiko keuangan adalah untuk mencapai keseimbangan yang sesuai antara risiko dan tingkat pengembalian serta meminimalisasi potensi efek memburuknya kinerja keuangan Perusahaan.

The purpose of the Group in managing financial risks is to achieve an appropriate balance between risk and returns and minimize potential adverse effects of the financial performance of the Company.

Risiko keuangan utama yang dihadapi Grup adalah risiko kredit, risiko suku bunga, risiko likuiditas, risiko nilai tukar mata uang asing dan risiko perubahan kebijakan pemerintah, kondisi ekonomi dan sosial politik. Perhatian atas pengelolaan risiko ini telah meningkat secara signifikan dengan mempertimbangan perubahan dan volatilitas pasar keuangan di Indonesia dan internasional.

The main financial risks facing by the Group are credit risk, interest rate risk, liquidity risk, foreign currency exchange rates and the risk of changes in government policy, socio economic and political conditions. Attention to this risk management has increased significantly by considering changes and financial market volatility in Indonesia and internationally.

a. Risiko Kredit Risiko kredit adalah risiko dimana salah satu pihak atas instrumen keuangan akan gagal memenuhi kewajibannya dan menyebabkan pihak lain mengalami kerugian keuangan.

a. Credit Risk Credit risk is the risk that one party of a financial instrument will fail to meet its obligations and cause the other party suffered financial losses.

Instrumen keuangan Perusahaan yang mempunyai potensi atas risiko kredit terdiri dari kas dan setara kas

The Company's financial instruments that have the potential for credit risk consist of cash and cash


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di bank, piutang lain dan investasi tertentu. Jumlah eksposur risiko kredit maksimum sama dengan nilai tercatat atas akun-akun tersebut.

equivalents in bank, other receivables and certain investments. Total maximum credit risk exposure equal to the carrying value of these accounts.

31 Desember/ December 2013 0 - 1 Tahun/ > 1 Tahun/ Nilai Tercatat/ Year Years Carrying Amount Rp Rp Rp Piutang Lain-lain Lancar - Bersih Pihak Berelasi Pihak Ketiga

Other Receivables Current - Net Related Parties Third Parties

10,999,014 166,198,897

---

10,999,014 166,198,897

177,197,911

--

177,197,911

Total

Tidak Lancar - Bersih Pihak Berelasi Pihak Ketiga

---

3,246,262 16,504,404

3,246,262 16,504,404

Non Current - Net Related Parties Third Parties

Total

--

19,750,666

19,750,666

Total

Total

b. Risiko Mata Uang Risiko mata uang adalah risiko fluktuasi nilai instrumen keuangan yang disebabkan perubahan nilai tukar mata uang asing.

b. Currency Risk Currency risk is the risk of fluctuations in the value of financial instruments due to changes in foreign currency exchange rates.

Pendapatan, pendanaan dan sebagian besar biaya operasi dari Perusahaan, dilakukan dalam mata uang Rupiah, oleh karena itu Perusahaan tidak memiliki eksposur yang signifikan terhadap fluktuasi nilai tukar mata uang asing.

Revenue, funding and most of the operating costs of the Company, made in the Rupiah currency, and therefore the Company do not have significant exposure to fluctuations in foreign currency exchange rates.

c. Risiko Likuiditas Risiko Likuiditas adalah risiko di mana Perusahaan akan mengalami kesulitan dalam rangka memperoleh dana untuk memenuhi komitmennya terkail dengan instrumen keuangan.

c. Liquidity Risk Liquidity risk is the risk in which the Company will experience difficulties in acquiring funds to meet commitments associated with financial instruments.

Perusahaan mengelola risiko likuiditas dengan mempertahankan kas dan secara kas yang mencukupi untuk memungkinkan Perusahaan dalam memenuhi komitmen Perusahaan untuk operasi normal Perusahaan. Selain itu Perusahaan juga melakukan pengawasan proyeksi dan arus kas aktual secara terus menerus serta pengawasan tanggal jatuh tempo aset dan kewajiban keuangan.

The Company manages liquidity risk by maintaining cash and cash equivalents are sufficient to enable the Company to meet its commitment to the normal operation of the Company. In addition, the Company also controls the cash flow projections and actual and continuous monitoring maturity date of financial assets and liabilities.

d. Risiko Harga Risiko harga adalah risiko fluktuasi nilai instrumen keuangan sebagai akibat perubahan harga pasar, terlepas dari apakah perubahan tersebut disebabkan oleh faktor - faktor spesifik dari instrumen individual atau penerbitnya atau faktor-faktor yang mempengaruhi seluruh instrument yang diperdagangkan di pasar.

d. Price Risk Price risk is the risk of fluctuations in the value of financial instruments as a result of changes in market prices, regardless of whether the change was caused by factors - specific factors of the individual instruments or the issuer or factors affecting all instruments traded in the market.

Perusahaan memiliki risiko harga terutama karena investasi Perusahaan atas aset keuangan yang diklasifikasikan dalam kelompok tersedia untuk dijual.

The company has a price risk primarily because the Company's investment of financial assets classified as available for sale. The Company manages the price risk


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Perusahaan mengelola risiko harga dengan melakukan pengawasan internal oleh manajemen secara berkelanjutan.

by performing internal control by management in a sustainable manner.

e. Risiko Suku Bunga Risiko bunga atas arus kas adalah risiko dimana arus kas masa datang suatu instrumen keuangan akan berfluktuasi akibat perubahan suku bunga pasar.

e. Interest Rate Risk Interest on the cash flow risk is the risk that future cash flows of a financial instrument will fluctuate due to changes in market interest rates.

Eksposure terhadap suku bunga Perusahaan dinilai rendah apabila ditinjau dari sisi Laporan Posisi Keuangan, namun Perusahaan terus memonitor hal ini untuk meminimalkan dampak negatif terhadap perusahaan. Pinjaman yang dikeluarkan pada tingkat suku bunga variabel mengekspos perusahaan terhadap arus kas dari risiko tingkat suku bunga.

Company's exposure to interest rate is considered low when viewed from the side of the balance sheet, but continue to monitor these companies to minimize the negative impact on the company. Borrowings issued at variable interest rates expose the company to cash flows from interest rate risk.

f. Nilai Wajar Nilai wajar aset dan liabillitas keuangan diestimasi untuk keperluan pengakuan dan pengukuran atau untuk keperluan pengungkapan. Aset dan liabilitas keuangan Perusahaan yang diukur dan diakui pada nilai wajar adalah piutang dan utang derivatif.

f. Fair Value The fair value of financial assets and financial liabilities must be estimated for recognition and measurement or for disclosure purposes. The Company’s financial assets and liabilities that are measured and recognised at fair value are derivative receivables and payables.

Nilai wajar untuk instrumen keuangan yang diperdagangkan di pasar aktif ditentukan berdasarkan kuotasi nilai pasar pada tanggal pelaporan. Kuotasi nilai pasar yang digunakan Perusahaan untuk aset keuangan adalah harga penawaran (bid price), sedangkan untuk liabilitas keuangan menggunakan harga jual (ask price).

The fair value of financial instruments traded in active markets is based on quoted market prices at the reporting date. The quoted market price used for financial assets held by the Company is the current bid price, while financial liabilities use ask price.

Nilai wajar instrumen keuangan yang tidak diperdagangkan di pasar aktif ditentukan dengan menggunakan teknik penilaian tertentu. Teknik tersebut menggunakan data pasar yang dapat diobservasi sepanjang tersedia, dan seminimal mungkin mengacu pada estimasi. Apabila seluruh input signifikan atas nilai wajar dapat diobservasi.

The fair value of financial instruments that are not traded in an active market is determined using valuation techniques. These valuation techniques maximise the use of observable market data where it is available and rely as little as possible on estimates. If all significant inputs required to fair value an instrument are observable.

Jika satu atau lebih input yang signifikan tidak berdasarkan data pasar yang dapat diobservasi. Teknik penilaian tertentu digunakan untuk menentukan nilai instrumen keuangan mencakup:  Penggunaan harga yang diperoleh dari bursa atau pedagang efek untuk instrumen sejenis dan;  Teknik lain seperti analisis arus kas yang didiskonto digunakan untuk menentukan nilai instrumen keuangan lainnya.

If one or more of the significant inputs is not based on observable market data. Specific valuation techniques used to value financial instrument include:

Tabel di bawah ini menggambarkan nilai tercatat dan nilai wajar dari aset dan liabilitas keuangan:

The fair values of financial assets and liabilities, together with the carrying amounts, are as follow:


 The use of quoted market prices or dealer quotes for similar instruments and;  Other techniques, such as discounted cash flows analysis, are used to determine fair value for the remaining financial instruments

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For the Years Ended December 31, 2013 and 2012 (In Thousands of Rupiah, Unless Otherwise Stated) 2013 Nilai Tercatat/ Nilai Wajar/ Carrying Value Fair Value

Aset Keuangan Kas dan Setara Kas Investasi Jangka Pendek Piutang Lain-lain - Lancar Piutang Lain-lain - Tidak Lancar Dana Ditetapkan Penggunaannya Aset Keuangan Lainnya

3,514,061,335 6,627,910 177,197,911 19,750,666 459,315,101 241,607,444

3,514,061,335 6,627,910 177,197,911 19,750,666 459,315,101 241,607,444

Financial Assets Cash and Cash Equivalents Short Term Investments Other Receivables - Current Other Receivables - Non Current Appropriated Funds Investment in Associates

Total

4,418,560,367

4,418,560,367

Total

2013 Nilai Tercatat/ Nilai Wajar/ Carrying Value Fair Value Liabilitas Keuangan Utang Usaha Utang Kontraktor Utang Lain-lain Liabilitas Jangka Panjang yang Jatuh Tempo dalam Satu Tahun Utang Bank Utang Obligasi Utang Bantuan Pemerintah Liabilitas Kerjasama Operasi Liabilitas Pembebasan Tanah Utang Sewa Pembiayaan Provisi Pelapisan Jalan Tol Liabilitas Jangka Panjang-Setelah Dikurangi Bagian yang Jatuh Tempo dalam Satu Tahun Utang Bank Utang Obligasi Utang Bantuan Pemerintah Liabilitas Kerjasama Operasi Liabilitas Pembebasan Tanah Utang Sewa Pembiayaan Provisi Pelapisan Jalan Tol Liabilitas Jangka Panjang Lainnya Total

80,668,899 1,153,448,281 66,267,404

80,668,899 1,153,448,281 66,267,404

951,057,511 700,000,000 -820,300 1,112,701,093 19,776,022 206,136,188

951,057,511 700,000,000 -820,300 1,112,701,093 19,776,022 206,136,188

5,320,197,953 5,144,375,988 -21,385,913 566,171,896 47,125,235 124,954,213 435,465,081

5,320,197,953 5,144,375,988 -21,385,913 566,171,896 47,125,235 124,954,213 435,465,081

Financial Liabilities Accounts Payable Contractors Payable Other Payables Current Maturities of Long - Term Liabilities Bank Loans Bonds Payable Loan from Government Joint Operation Liabilities Land Acquisition Liabilities Capital Lease Payable Provision for Overlay Long - Term Liabilities Net of Current Maturity Bank Loans Bonds Payable Loans from Government Joint Operation Liabilities Land Acquisition Liabilities Capital Lease Payable Provision for Overlay Other Long Term Liabilities

15,950,551,977

15,950,551,977

Total

Manajemen Permodalan Tujuan dari Perusahaan dalam mengelola permodalan adalah untuk melindungi kemampuan entitas dalam mempertahankan kelangsungan usaha, sehingga entitas dapat tetap memberikan hasil bagi pemegang saham dan manfaat bagi pemangku kepentingan lainnya, dan untuk memberikan imbal hasil yang memadai kepada pemegang saham dengan menentukan harga produk dan jasa yang sepadan dengan tingkat risiko.

Capital Management The Company purpose in managing capital is to protect the ability of the entity in maintaining business continuity, so that entities can still deliver results for shareholders and benefits for other stakeholders, and to provide adequate returns to shareholders by pricing products and services that are commensurate with the level of risk.

Perusahaan menetapkan sejumlah modal sesuai proporsi terhadap risiko. Perusahaan mengelola struktur modal dan membuat penyesuaian dengan memperhatikan perubahan kondisi ekonomi dan

The Company set a number of capitals in proportion to the risk. The Company manages its capital structure and makes adjustments taking into account changes in economic conditions and risk characteristics of the


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For the Years Ended December 31, 2013 and 2012 (In Thousands of Rupiah, Unless Otherwise Stated) underlying asset. Consistent with other companies in the industry, the Company monitors capital on the basis of the ratio of adjusted debt to capital. This ratio is calculated as follows: net debt divided by adjusted capital. Net debt is total debt (as the amount in the statement of financial position) less cash and cash equivalents. Adjusted capital comprises all components of equity (including capital stock, foreign exchange translation adjustment of foreign currency and retained earnings). During the year 2013, the Company's strategy has not changed, namely, to maintain the debt to equity ratio at maximum 5:1. The ratio of debt to equity as at December 31, 2013 are as follows:

karakteristik risiko aset yang mendasari. Konsisten dengan Perusahaan lain dalam industri, Perusahaan memonitor modal dengan dasar rasio utang terhadap modal yang disesuaikan. Rasio ini dihitung sebagai berikut: utang neto dibagi modal yang disesuaikan. Utang neto merupakan total utang (sebagaimana jumlah dalam laporan posisi keuangan) dikurangi kas dan setara kas. Modal yang disesuaikan terdiri dari seluruh komponen ekuitas (meliputi modal saham, selisih kurs penjabaran laporan keuangan dalam valuta asing dan saldo laba). Selama tahun 2013, strategi Perusahaan tidak berubah yaitu mempertahankan rasio utang terhadap modal sebesar maksimum 5:1. Rasio utang terhadap modal pada 31 Desember 2013 adalah sebagai berikut: 2013 Rp Liabilitas Jangka Pendek Liabiltas Jangka Panjang Total Liabilitas Total Ekuitas Rasio Utang terhadap Ekuitas

4,919,883,549 12,579,481,739 17,499,365,288 10,866,980,040 1.5 : 1

Short-term Liabilities Long-term Liabilities Total Liabilities Total Equity Debt to Equity Ratio

50. Estimasi dan Pertimbangan Akuntansi yang Penting

50. Significant and Estimates Accounting Judgements

Perusahaan membuat estimasi dan asumsi mengenai masa depan. Estimasi dan pertimbangan yang digunakan dalam penyusunan laporan keuangan terus dievaluasi berdasarkan pengalaman historis dan faktor lainnya, termasuk ekspektasi dari peristiwa masa depan yang diyakini wajar. Walaupun estimasi ini dibuat berdasarkan pengetahuan terbaik manajemen atas kejadian dan tindakan saat ini, hasil yang timbul mungkin berbeda dengan jumlah yang diestimasi semula. Asumsi dan pertimbangan yang memiliki pengaruh signifikan terhadap jumlah tercatat aset dan liabilitas diungkapkan di bawah.

The Company makes estimates and assumptions concerning the future. Estimates and considerations used in the preparation of financial statements continue to be evaluated based on historical experience and other factors, including expectations of future events that are believed reasonable. Although these estimates are based on management's best knowledge of current events and actions, actual results may differ from those estimates. Assumptions and considerations have a significant effect on the carrying amount of assets and liabilities disclosed in below.

Estimasi dan Asumsi Akuntansi yang Penting Asumsi utama masa depan dan sumber utama estimasi ketidakpastian lain pada tanggal pelaporan yang memiliki risiko signifikan bagi penyesuaian yang material terhadap nilai tercatat aset dan liabilitas untuk tahun berikutnya diungkapkan di bawah ini. Perusahaan mendasarkan asumsi dan estimasi pada parameter yang tersedia pada saat laporan keuangan disusun. Asumsi dan situasi mengenai perkembangan masa depan mungkin berubah akibat perubahan pasar atau situasi di luar kendali Perusahaan. Perubahan tersebut dicerminkan dalam asumsi terkait pada saat terjadinya.

Significant and Estimates Accounting Assumption The main assumptions of the future and the main source of estimation uncertainty on another reporting date that have significant risk of material adjustment to the carrying value of an asset and a liability for the following year is disclosed below. The company based its assumptions and estimation on parameters that are available at the time the financial statements drawn up. Assumptions and the situation regarding future developments may change due to changes in the market or the situation beyond the control of the company. The changes are reflected in the related assumptions at the time of the occurrence.


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Estimasi Umur Manfaat Aset Tetap dan Aset Takberwujud Hak Konsesi Pengusahaan Jalan Tol Perusahaan melakukan penelahaan berkala atas masa manfaat ekonomis aset tetap dan hak konsesi pengusahaan jalan tol berdasarkan faktor-faktor seperti kondisi teknis, perkembangan teknologi di masa depan dan masa konsesi. Hasil operasi di masa depan akan dipengaruhi secara material atas perubahan estimasi ini yang diakibatkan oleh perubahan faktor yang telah disebutkan di atas.

Estimated of Useful Lives of Fixed Assets and Intangible Asset- Toll Road Concession Rights The Company periodically reviews the useful lives of the fixed assets and toll road concession rights expectation based on technical specification and technology development in the future and the length of concession. Operating results in the future will be affected by the estimated changes of those factors.

Estimasi Marjin Konstruksi Interpretasi Standar Akuntansi Keuangan yang berlaku mensyaratkan pendapatan konstruksi diakui sebesar nilai wajarnya. Perusahaan menentukan profit atau margin konstruksi dalam menghitung nilai wajar pendapatan konstruksi tersebut berdasarkan estimasi terbaik manajemen yang dihitung dengan model tertentu.

Estimated of Construction Margin The accepted interpretation of accounting standard required that the construction revenue recognized at their fair value. The company determined the profit or construction margin in calculating the fair value of construction margin based on management estimation calculated in certain model.

Pertimbangan Penting dalam Penentuan Kebijakan Akuntansi Pertimbangan berikut ini dibuat oleh manajemen dalam rangka penerapan kebijakan akuntansi Perusahaan yang memiliki pengaruh paling signifikan atas jumlah yang diakui dalam laporan keuangan.

Significant Judgements in Determination of Accounting Policy These following judgments were made by management in order the adoption of accounting policy of the company which has the most significant impact on the recognized amount in financial statement.

Klasifikasi Aset dan Liabilitas Keuangan Perusahaan menetapkan klasifikasi atas aset dan liabilitas tertentu sebagai aset keuangan dan liabilitas keuangan dengan mempertimbangkan bila definisi yang ditetapkan oleh standar akuntansi dipenuhi. Dengan demikian, aset keuangan dan liabilitas keuangan diakui sesuai dengan kebijakan akuntansi Perusahaan seperti diungkapkan pada Catatan 2.d.

Classification Financial Asset and Liability The Company determines the classifications of certain assets and liabilities as financial assets and financial liabilities by judging if they meet the definition set forth in the accountant standards. Accordingly, the financial assets and financial liabilities are accounted for in accordance with the Company’s accounting policies disclosed in Note 2.d.

Pengakuan dan Pengukuran Aset Takberwujud Hak Konsesi Pengusahaan Jalan Tol Perusahaan mengakui aset takberwujud sejauh Perusahaan memiliki hak (lisensi) untuk membebankan pengguna jasa publik. Suatu hak untuk membebankan pengguna jasa publik. Suatu hak untuk membebankan pengguna jasa publik bukan merupakan hak tanpa syarat untuk menerima kas karena jumlahnya bergantung pada sejauh mana publik menggunakan jasa.

Recognition and Measurement of Intangible Asset – Toll Road Concession Rights The company recognized intangible assets to the extent that the company owned right (license) to charge the public. A right to charge users of the public service. A right to charge users of the public service is not an unconditional right to receive cash because the amount depends on the extent to which the public using the service.

Sifat imbalan yang diberikan oleh pemberi konsesi kepada Perusahaan akan ditentukan dengan mengacu pada syarat kontrak dan, jika ada, hukum kontrak yang relevan.

The nature of the rewards given by the concession principal to the Company will be determined by reference to the terms of the contract and, if applicable, the relevant contract law.

Reklasifikasi pada Saat Transisi Berdasarkan rencana bisnis yang merupakan bagian tidak terpisahkan dari Perjanjian Pengusahaan Jalan Tol yang mengikat keseluruhan aset yang diperjanjikan sebagai satu kesatuan aset, maka gedung kantor termasuk aset dalam kategori yang menyatu dengan jalan tol, sehingga direklasifikasikan sebagai bagian aset takberwujud konsesi jasa pengelolaan jalan tol.

Reclassification during Transition Based on a business plan that is inseparable part from the toll road concession agreement which binds all assets that are enforced as a single entity, the Office building including assets in the category which merges with the highways, so its reclassified as a part of intangible asset of toll road service concessions.


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Aset Takberwujud Lainnya Hak konsesi jalan tol mulai berlaku efektif sejak diterbitkan Surat Perintah Mulai Kerja (SPMK) oleh BPJT, sehingga biaya-biaya yang dikeluarkan sebelum kegiatan konstruksi dimulai atau biaya pra konstruksi jalan tol, termasuk biaya pembebasan lahan atau tanah ditangguhkan dan belum diklasifikasikan sebagai aset takberwujud - konsesi jasa pengusahaan jalan tol.

Other Intangible Asset The toll road concession rights effective from order start working letter published by BPJT, so that the costs incurred before the construction activities started or pre-construction costs of toll roads, including the cost of land or soil acquisition suspended and has not been classified as intangible asset of toll road service concessions.

51. Aktivitas Non Kas

51. Non Cash Activities

Informasi tambahan atas laporan arus kas terkait aktivitas investasi non kas adalah sebagai berikut:

Supplemental cash flows information of non cash investing activities is as follows:

2013 Rp

2012 Rp

Aset Sewa Pembiayaan Aset Takberwujud Hak Pengusahaan Jalan Tol

4,697,319

34,051,560

89,890,149

184,179,605

Capital Lease Assets Intengible Assets Toll Road Concession Rights

Total

94,587,468

218,231,165

Total

52. Reklasifikasi

52. Reclassification

Beberapa akun dalam laporan keuangan tahun 31 Desember 2012 telah direklasifikasi agar sesuai dengan penyajian laporan keuangan pada 31 Desember 2013, dengan rincian sebagai berkut

Some of the account on financial statement as of December 31, 2012 have been reclassificated with the disclose on financial statement for the year ended December 31, 2013 are as follow: 2012

Akun

Sebelum Reklasifikasi/ Before Reclasification

2011

Setelah Reklasifikasi/ After Reclasification

Sebelum Reklasifikasi/ Before Reclasification

Setelah Reklasifikasi/ After Reclasification

Laporan Posisi Keuangan Konsolidasian/ Consolidated Statements of Financial Posisiton Aset Lain-lain/ Other Assets

289,154,758

265,878,790

335,004,723

335,004,723

Aset Tak Berwujud - Lainnya/ Intangible Assets - Others

338,821,284

362,097,252

213,190,107

213,190,107

627,976,042

627,976,042

548,194,830

548,194,830

Jumlah/Total


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53. Standar Akuntansi Baru yang Belum Berlaku Tahun Buku 2013

53. New Accounting Standards Not Yet Effective For Year 2013

Beberapa intepretasi baru standar baru berikut ini berlaku sejak 1 Januari 2014 terhadap laporan keuangan konsolidasian Perusahaan:

The following new Interpretations are effective on 1 January 2014 to the Company's consolidated financial statements:

-

ISAK No. 27 : Pengalihan Aset dari pelanggan ISAK No. 28 : Pengakhiran Liabilitas Keuangan dengan Instrumen Ekuitas

-

ISAK No. 27 : Transfer of Assets from Customers ISAK No. 28 : Extingushing Financial Liabilities with Equity Instruments

Disamping itu, pada bulan Desember 2013, Dewan Standar Akuntansi Keuangan Ikatan Akuntan Indonesia telah menerbitkan beberapa standar akuntansi baru dan revisian yang akan berlaku efektif pada tahun buku yang dimulai 1 Januari 2015. Penerapan dini atas standar-standar tersebut tidak di perkenan kan.

In addition, in December 2013, the Accounting Standards Board of The Indonesian Institute of Accountants issued a number of new and revised accounting standards that will become effective for the annual period beginning of January 2015. Early adoption of these standards is not permitted.

Standar-standar tersebut adalah sebagai berikut: - PSAK 65 “Laporan keuangan konsolidasian” - PSAK 66 “Pengaturan bersama” - PSAK 67 “Pengungkapan kepentingan dalam entitas lain” - PSAK 68 “Pengukuran nilai wajar” - PSAK 1 (revisi 2013) “Penyajian laporan keuangan”

The new standards are: PSAK 65 “Consolidated financial statements” PSAK 66 “Joint arrangements” PSAK 67 “Disclosure of interests in other entities”

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PSAK 4 (revisi 2013) “Laporan keuangan tersendiri” PSAK 15 (revisi 2013) “Investasi pada entitas asosiasi dan ventura bersama” PSAK 24 (revisi 2013) “Irnbalan kerja”

Hingga tanggal pengesahan laporan keuangan konsolidasian ini, Perusahaan masih melakukan evaluasi atas dampak potensial dari intepretasi standar serta PSAK baru dan revisian tersebut.

54. Tanggung Jawab Manajemen Laporan Keuangan Konsolidasian

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PSAK 68 “Fair value measurement” PSAK 1 (revised 2013) “Presentation of financial statements” PSAK 4 (revised 2013) “Separate financial statements” PSAK 15 (revised 2013) “investment in associates and joint ventures” PSAK 24 (revised 2013) “Employee benefits”

As at the authorisation date of this consolidated of financial statements, the Company is still evaluating the potential impact of these interpretations and new and revised PSAK.

atas

54. The Management’s Responsibility on the Consolidated Financial Statements

Manajemen Perusahaan bertanggung jawab atas penyusunan dan isi laporan keuangan konsolidasian yang diotorisasi untuk terbit tanggal 12 Pebruari 2014.

The Company’s management is responsible for the preparation and content of the consolidated financial statements that were authorized for issued on February 12, 2014.


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Paraf:

Leading Up to the Next Growth

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