Page 53 - Buku BPJT 2020

optimal in order to meet the increasingly Rp2.58 trillion at the end of 2020. The increase in assets amid the pandemic
high needs and expectations of the public shows the resilience of business entities
for the quality of toll road services. against pressure. The earning assets in
Meanwhile, Nusantara Infrastructure noted the future will be a sustainable source of
Business Entities Performance a 1.38 percent decrease in total revenues income for business entities. Moreover,
to Rp1.57 trillion by the end of December the toll road concession period is fairly
The infrastructure sector, particularly toll 2020. In particular, the toll revenue long, ranging from 35 years to 50 years.
roads, were experiencing big challenges decreased by 21.07 percent to Rp328.26
in 2020. The toll road operators in the billion due to declining performance in three Capital Market Funding
country also experienced the impact of the toll roads, namely Pondok Aren-Serpong,
Covid-19 pandemic that has suppressed Tallo-Hasanuddin Airport, and Soekarno- The constraints faced by business
BADAN PENGATUR JALAN TOL the toll road sector listed on the Indonesia However, on the other hand, business of these corporate debt securities, such
Hatta-Pettarani Port.
entities have caused a number of credit
economic growth globally and nationally.
Currently there are three companies of
rating agencies to downgrade the rating
entities were still able to increase their
as PT Jasa Marga (Persero) Tbk, PT Wijaya
Stock Exchange. The three companies are
assets in 2020. Jasa Marga recorded an
PT Jasa Marga (Persero) Tbk, PT Nusantara
Karya (Persero) Tbk, and PT Waskita Karya
increase in total assets of 4.42 percent to
(Persero) Tbk. Even so, throughout 2020, a
Infrastructure Tbk, and PT Cipta Marga
Nusaphala Persada Tbk or CMNP.
to Rp99.67 trillion at the end of 2019.
and sukuk as well as Limited Participation
In general, the earning performance of Rp 104.06 trillion as of end 2020, compared few of these 4 companies still issued bonds
Fund (RDPT) for divestment purposes.
these three companies experienced a Nusantara Infrastructure also experienced
decrease until the end of 2020 (year an increase in total assets by 15.15 PT Hutama Karya (Persero), that controls
on year) due to the pandemic. This is percent to Rp5.84 trillion during the same the share of toll road work on Sumatra island,
categorized as force majeure. Under normal period. The 50 percent increase in toll issued global bonds worth 600 million US
conditions, the performance of Jasa Marga, road concession rights contributed to the dollars or around Rp9 trillion in May 2020.
Nusantara Infrastructure, and CMNP grew increase in assets resulting Rp3.12 trillion. The company listed the global bond on the
by an average of 10.46 percent in the last Singapore Stock Exchange (SGX) and was
five years. At the same time, PT Citra Marga Nusaphala guaranteed by the Government Insurance.
Persada Tbk was able to record toll road
Until the end of December 2020, Jasa concession assets by 10.57 percent to Domestically, most of the bonds were
Marga’s toll revenues decreased by Rp8.79 trillion. CMNP’s overall assets issued by PT Jasa Marga (Persero) Tbk worth
12,71 percent to Rp9.58 trillion. A number increased 6.64 percent to Rp16.47 trillion. Rp2.56 trillion, including Commercial Paper
of roads that were revenue sources (Surat Berharga Komersial/SBK) worth
experienced corrections, such as the
Jakarta Outer Ring Road or JORR (excluding
Section S) by 22.42 percent to Rp826.12 Tren Kinerja Pendapatan Badan Usaha (Business Entity Earning Performance Trends)
billion. Likewise, the Cawang-Tomang-Pluit Dalam Miliar Rupiah (In Billion IDR)
and Jagorawi roads were corrected 23.70
percent and 7.50 percent, respectively. Jasa Marga Nusantara Infrastructure CMNP

There is a significant decline at Prof. Dr. 15.232
Sedyatmo toll road to just 38.87 percent, 13.639
or down to Rp376.38 billion. The decrease Gabungan
in toll revenues on the road access to (Combined) 11.979 3.527
Soekarno Hatta Airport occurred in line with 9.262 11.223 3.821
the decline in service users of the aviation 2.906 1.574
sector. 1.523 2.310 782 10,46%
987 792
Similar to Jasa Marga, CMNP also noted 618
a reduction in the toll roads that are the 7.121 7.926 8.281 9.036 10.131 18,29%
BADAN PENGATUR JALAN TOL
access to the airport. As of the end of
December 2020, revenue for the SS
Waru-Juanda Airport Toll Road in East Java
decreased by 30.70 percent to Rp113.41 20,55%
billion. Likewise, the revenue from the Inner
City Ring Road Toll Road that is the biggest 7,31%
contributor to it also fell 23.59 percent 2015 2016 2017 2018 2019 CAGR
to Rp864.54 billion. The total revenue of
CMNP decreased by 26.62 percent to Sumber/Source: Laporan Tahunan Jasa Marga, Nusantara Infrastructure, CMNP,
diolah (Jasa Marga, Nusantara Infrastructure, CMNP Annual Reports, processed)

Transformasi Jalan Tol, Merajut Nusantara (Toll Road Transformation, Connecting The Nation) | 53