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Management Presentation 2016_Update 1Q-16_v20

Adrianto Januri
Adrianto Januri

PT Nusantara Infrastructure Tbk is an Indonesia's leading private infrastructure company with businesses in toll roads, ports, water, renewable energy and telecommunications towers. The company presentation outlines its diversified portfolio and growth strategy through organic expansion, acquisitions and partnerships. It provides an overview of the toll road, water and port business units and highlights their strong financial performance with triple digit revenue, EBITDA and profit growth in recent years. The port business has benefited from increased tank storage capacity while future capacity upgrades are expected to drive further growth in the water segment.

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息 2016 PT Nusantara Infrastructure Tbk 1 PT Nusantara Infrastructure Tbk. Management Presentation Jakarta, May 2016
息 2016 PT Nusantara Infrastructure Tbk Presentation Contents 2 PART I : Company Profile 3 PART II : Business Strategy 8 PART III : Business Overview 12 PART IV : Financial Highlights 34 www.nusantarainfrastructure.com
息 2016 PT Nusantara Infrastructure Tbk Indonesias Leading Private Infrastructure Investor and Operator PT Nusantara Infrastructure Tbk. is listed at the Indonesia Stock Exchange. The company currently serves over 103 million customers, 550,000 households, 266 factories and 210 vessels, 1,269 telecommunication tenancies, in its toll road, water, port, energy, and telecommunication tower businesses. 3
息 2016 PT Nusantara Infrastructure Tbk Company Overview Founded through backdoor listing in 2006, PT Nusantara Infrastructure Tbk. is an Indonesias leading private infrastructure company. PT Nusantara Infrastructure Tbk. is listed at the Indonesia Stock Exchange (Ticker: META). The company manages diversified infrastructure sectors across: 1. Toll Road 2. Port 3. Water 4. Renewable Energy 5. Telecommunication Tower 4 Transportation Infrastructure Utilities Infrastructure
息 2016 PT Nusantara Infrastructure Tbk Company Overview Consistent growth throughout year 2006 to 2015 on financial performance. Companys Financial Performance Snapshot: Total Assets 1Q-16 IDR 5.139 Billion CAGR 2006 2015 = 29% Total Equity 1Q-16 IDR 2.667 Billion CAGR 2006 2015 = 26% Total Revenue 2015 IDR 618 Billion CAGR 2006 2015 = 21% EBITDA 2015 IDR 349 Billion CAGR 2006 2015 = 29% Net Income 2015 IDR 131 Billion CAGR 2006 2015 = 74% 5
息 2016 PT Nusantara Infrastructure Tbk 99.99% Shareholding Structure PT Hijau Makmur Sejahtera 21.00% Eagle Infrastructure 22.32% Public and Others 56.68% 6 PT Margautama Nusantara (MUN) PT Portco Infranusantara (Portco) PT Potum Mundi Infranusantara (POTUM) PT Telekom Infranusantara (TI) PT Energi Infranusantara (EI) 74.98% 99.99% 99.99% 99.99% Note: (1) As of December 2015.
息 2016 PT Nusantara Infrastructure Tbk Corporate Structure Cap Asia invested in 2013 Partnered with PEP in 2014 ISAB Acquired 2012 Acquired & Developed 2013 Acquired & Developed 2012 SCTK Developed 2012 Acquired 2014 Acquired 2006 Expanded 2008 Acquired 2006 Acquired & Developed 2009 Developed 2007 BSD JLB Acquired 2012 TBN TKCM 74.99% 99.99% 99.99% 99.99% 99.99% 88.93% 98.53% 25.00% 39.00% 51.00% 51.00% 64.99% 54.64% 69.36% 99.39% 28.00% Partnered with JEXWAY in 2014 Partnered with LDC in 2012 7 Note: (1) As of December 2015. BMN JTSE DCC KINIME Acquired 2012 Legend: : Business Unit Level BSD : PT Bintaro Serpong Damai BMN : PT Bosowa Marga Nusantara JTSE : PT Jalan Tol Seksi Empat JLB : PT Jalan Lingkar Baratsatu ISAB : PT Inti Sentosa Alam Bahtera TBN : PT Tirta Bangun Nusantara TKCM : PT Tirta Kencana Cahaya Mandiri DCC : PT Dain Celicani Cemerlang SCTK : PT Sarata Catur Tirtakelola IME : PT Inpola Meka Energi KIN : PT Komet Infra Nusantara Partnered with PTPP in 2012
息 2016 PT Nusantara Infrastructure Tbk 8 PART II: Business Strategy
息 2016 PT Nusantara Infrastructure Tbk Investment Policy and Strategy Diversified Infrastructure Portfolio Focus Strategic Assets Stable & Growth Assets Relatively High Margin Medium Long Term Contract 9
息 2016 PT Nusantara Infrastructure Tbk Business Strategy Grow through Organic (Business Development), Acquisitions, and Optimizing & Enhancement Existing Assets Alliances with Strategic Partners, Co-Investment with Global Players Value Engineering, Structuring Competence, Creative Financing Well Positioned to benefit Indonesia Infrastructure Gap 10
息 2016 PT Nusantara Infrastructure Tbk Business Sector Growth Drivers 11 Toll Roads Ports Water Renewable Energy Telco Tower 901 Telecommunication Towers across Java, Sumatera, Kalimantan, and East Region 4 Toll Roads in Jakarta and Makassar City Panjang Seaport in Lampung, South Sumatera 3 Water Treatment Plants in Greater Jakarta and North Sumatera Mini Hydro Power Plant in North Sumatera Medium to Long-Term key contracts (10 12 years period) with Telecommunication Operators. Contract Inflationary Adjusted Relatively stable margin. Additional colocation to capture higher margin. Strategic roads providing direct access between urban areas and Central Business District Area (CBD), Airports, and Seaports. Business Development initiatives to capture potential traffic surroundings. Commercial port with local and international customers. Major customers: Louis Dreyfus Commodities and Wilmar International. Operational of 105,000 MT tank storage capacity to drive future growth. Long term off-take contracts with Local Government (PDAM), Industrial Developer (KIM), and Commercial customers. Water treatment capacity upgrades drive future business growth. Long term concession of 30 years with PLN as off taker. Amendment of PPA with Feed-In tariff (US$ 9 cent per KWh) secures the business revenue model. Diversified and Agile Growth Drivers Allows Company to Achieve Sustainable Growth Growth + Stability Growth Growth + Stability Growth + Stability Growth + Stability
息 2016 PT Nusantara Infrastructure Tbk PART II: Business Overview 12
息 2016 PT Nusantara Infrastructure Tbk Toll Road 13
息 2016 PT Nusantara Infrastructure Tbk Margautama Nusantara (MUN) Focus in Developing Strategic Roads. Current Portfolio: 1. Harbour Road Makassar 2. Commuter Road Greater Jakarta 3. Airport Toll Road Makassar 4. Jakarta International Airport Road (2nd) JORR 1 14
息 2016 PT Nusantara Infrastructure Tbk Toll Roads Portfolio Profile 15 Connectivity Direct access from South Tangerang area to Jakarta inner city Direct Access from Makassar city to Soekarno Hatta Harbour Direct Access to Makassar Airport from Makassar inner city. Direct access to Jakarta International Airport from West Jakarta area Length 7.25 Km 5.95 Km 11.57 Km 10.00 Km Concession 1999 - 2028 1998 - 2028 2007 - 2041 2007 - 2042 Tariff Class I: IDR 5,000 Class I: IDR 3,500 Class I: IDR 8,500 Class I: IDR 8,500 Traffic 2015: 79.1 2014: 80.8 2015: 57.2 2014: 55.6 2015: 42.4 2014: 40.3 2015: 103.3 2014: 87.2 Commuter Road (BSD) Harbour Road (BMN) Airport Toll Road (JTSE) Jakarta International Airport Road JORR 1 (JLB) CAGR 1999 2015 19.4% Average Daily Traffic In 000 Vehicles per Day Average Daily Traffic In 000 Vehicles per Day Average Daily Traffic In 000 Vehicles per Day Average Daily Traffic In 000 Vehicles per Day CAGR 1998 2015 8.4% CAGR 2008 2015 16.8% CAGR 2010 2015 27.3%
息 2016 PT Nusantara Infrastructure Tbk Triple Double Digit Growth 16 149 185 229 269 307 337 347 413 2009 2010 2011 2012 2013 2014 2015 2016 CAGR 5 Years (2009 2014) Revenue(1) 17.7% Solid performance over 5 years period reflected in triple double digit growth in toll roads sector. Note: (1) Total Toll Road Revenue, excluding Construction Revenue. Actual Actual Actual Actual Actual Actual Actual Target 2016 Target vs. 2015 Revenue(1) +19.0% YoY Margautama Nusantara (MUN) Revenue Trend 2010 2015 IDR Billion; unless otherwise stated
息 2016 PT Nusantara Infrastructure Tbk Triple Double Digit Growth 17 56 66 116 148 182 212 208 252 2009 2010 2011 2012 2013 2014 2015 2016 Solid performance over 5 years period reflected in triple double digit growth in toll roads sector. Actual Actual Actual Actual Actual Actual Actual Target CAGR 5 Years (2009 2014) Operating Income 30.5% 2016 Target vs. 2015 Operating Income +22.3% YoY Margautama Nusantara (MUN) Operating Income Trend 2010 2015 IDR Billion; unless otherwise stated
息 2016 PT Nusantara Infrastructure Tbk Triple Double Digit Growth 18 106 127 173 211 242 276 275 331 2009 2010 2011 2012 2013 2014 2015 2016 Solid performance over 5 years period reflected in triple double digit growth in toll roads sector. Note: (1) Earnings Before Interest, Taxes, Depreciation & Amortization. CAGR 5 Years (2009 2014) EBITDA(1) 21.1% 2016 Target vs. 2015 EBITDA(1) +21.2% YoY Actual Actual Actual Actual Actual Actual Actual Target Margautama Nusantara (MUN) EBITDA Trend 2010 2015 IDR Billion; unless otherwise stated
息 2016 PT Nusantara Infrastructure Tbk JEXWAY Partnership Signing Ceremony at Osaka, Japan Group Photo with JEXWAY Team 19 In November 2014, JEXWAY joined as part of BSD shareholders. JEXWAY is entering a mutually beneficial cooperation agreement, to ensure the business expansion of MUN, using Japanese Advance Technologies, comprise of: 1. Project estimation 2. Traffic Control System 3. Facilities Control Center 4. Asset Management
息 2016 PT Nusantara Infrastructure Tbk Water 20
息 2016 PT Nusantara Infrastructure Tbk Potum Mundi Infranusantara (POTUM) Providing clean water supply, distributed in bulk water to PDAM and end- customers (households and commercial / industrial). Current Portfolio: 1. Cisadane Water Treatment Plant TKCM 2. Medan Industrial Water Treatment Plant DCC 3. East Serang Industrial Water Treatment Plant SCTK 21
息 2016 PT Nusantara Infrastructure Tbk 1,275 1,286 1,575 2014 2015 Future 100 100 235 2014 2015 Future 65 110 375 2014 2015 Future Water Portfolio Profile 22 Location Tangerang (Greater Jakarta) Medan (North Sumatera) Serang (Greater Jakarta) Water Tariff IDR 1,507 / m3 IDR 5,800 / m3 IDR 8,500 / m3 Concession 2004 2019 2012 2032 2015 2038 (Amendment) Customers Tangerang PDAM Tangerang area households through PDAM Kawasan Industri Medan consists of 153 industrial customers 140 industrial customers in East Serang Regency Surrounding households through PDAM Capacity Cisadane WTP (TKCM) Medan Industrial WTP (DCC) East Serang WTP (SCTK) +300 lps +135 lps +310 lps Water Production Capacity In liter per second (lps) Water Production Capacity In liter per second (lps) Water Production Capacity In liter per second (lps)
息 2016 PT Nusantara Infrastructure Tbk POTUM Financial Performance 23 Potum Mundi Infranusantara (POTUM) Financial Performance 2015 vs. 2014 IDR Billion; unless otherwise stated Future capacity upgrades drive the potential performance growth in water sector. 24 8 6 9 32 11 10 19 Revenue EBITDA Operating Income Net Income Revenue(1) +31.6% YoY +8 Billion 2014 2015 EBITDA(2) +48.8% YoY 2015 Margin 35.7% Operating Income +66.3% YoY 2015 Margin 32.6% Net Income(3) +104.9% YoY 2015 Margin 61.1% 2014 2015 2014 2015 2014 2015 Note: (1) Excluding Construction Revenue, as per Stated in the Financial Statements. (2) Earnings Before Interest, Taxes, Depreciation & Amortization. (3) Net Income Attributable to Owner of the Parent Entity (After Minority Interest).
息 2016 PT Nusantara Infrastructure Tbk Port 24
息 2016 PT Nusantara Infrastructure Tbk ISAB Panjang Seaport One of Indonesias 25 strategic seaports located in Lampung (South Sumatera). Major customers are Louis Dreyfus Commodities and Wilmar International. ISAB is the operator of Panjang Seaport, providing port services, warehousing, stevedoring services, and tank storage rental. The tank storage is mostly serving liquid storage (crude palm oil) and dry bulk storage (fertilizers). ISAB Port Jetty ISAB Port Liquid Tank Storage Dry Bulk Warehouse 14,000 48,000 48,000 105,000 105,000 2011 2012 2013 2014 2015 Tank Storage Capacity In Metric Ton 25
息 2016 PT Nusantara Infrastructure Tbk PORTCO Financial Performance 26 Portco Infranusantara (Portco) Financial Performance 2015 vs. 2014 IDR Billion; unless otherwise stated Stable performance in port services benefit from tank farm capacity upgrades. 216 62 16 3 280 64 31 15 Total Assets Investment in ISAB Retained Earnings Net Income Total Assets +25.5% YoY 2014 2015 Investment in ISAB(1) +48.8% YoY Retained Earnings +66.3% YoY Net Income(2) +502.8% YoY 2014 2015 2014 2015 2014 2015 Note: (1) Total Investment in Associate Company (ISAB: PT Inti Sentosa Alam Bahtera). (2) Net Income Attributable to Owner of the Parent Entity (After Minority Interest).
息 2016 PT Nusantara Infrastructure Tbk Renewable Energy 27
息 2016 PT Nusantara Infrastructure Tbk Lau Gunung Mini Hydro Power Plant Currently constructing a Mini Hydro Power Plant, 2 x 7.5 MW capacity located in North Sumatera. The project has a 30 year contract with PLN with Feed-In tariff regulation of US$ 9 cent per KWh. First operation is expected to start by 3Q-2018 (third quarter year 2018). The company is partnering with PT Pembangunan Perumahan (Persero) Tbk. (PTPP) as a joint shareholder and the main contractor. Location Lau Gunung River, North Sumatera Energy Type Hydro / Run-off River Concession 30 years Annual Energy Output 107 GWh Installed Capacity 15 MW (2 x 7.5 MW) Feed-In Tariff US$ 9 cent per KWh Project Cost IDR 288 Billion (US$1.44 Million per MW) Estimated Y1 Revenue IDR 115 Billion Project Profile Project Location 74.5 km from Medan Capital City 28
息 2016 PT Nusantara Infrastructure Tbk Telecommunication Tower Sector 29
息 2016 PT Nusantara Infrastructure Tbk Komet Infra Nusantara (KIN) 30 KIN is an independent telecommunication tower operator in Indonesia, providing tower space for lease and services based on long-term contracts to telecommunication operators in Indonesia. KIN is committed to be one of the major players in the telecommunication tower industry, and to achieve this, KIN is growing aggressively through organic growth and asset acquisitions. KIN Corporate Structure(1) KIN 69.36% 99.99% PT Tara Telco Indonesia (existing founder shareholder, individual) PT Grha Mekatama Telindo (existing founder shareholder, individual) 13.70% 16.94% Telekom Infranusantara Providence Equity Partners Debt Instrument Legend: KIN : PT Komet Infra NusantaraNote: (1) As of December 2015.
息 2016 PT Nusantara Infrastructure Tbk Portfolio Overview 31 Note: (1) As of December 2015. Operator Total Tenants (Anchor + Colo) Avg. Rental per Month (IDR Million) % of Total Tenancies % of 2015 Revenue 353 15.5 28% 30% 272 12.6 21% 20% 191 15.1 15% 15% 238 14.1 19% 21% 165 12.8 13% 11% 43 12.5 3% 3% 7 9.0 1% 0% Total 1,269 14.1 100% 100% Tier1Operator Tier2 Operator Tier-1 operator as % of 2015 Revenue: 86% Tier-2 operator as % of 2015 Revenue: 14% KIN 901 telecommunication towers(1) cover the area of 45% Sumatera Island, 41% Java Island, 8% Jabodetabek, and 7% in Kalimantan, Bali, and Nusa Tenggara (East Region). Asset Type consists of 76% Ground Based (Macro Tower) and 24% Rooftop Based. KIN Customer Contract Profile(1)
息 2016 PT Nusantara Infrastructure Tbk Tower Growth Evolution Summary Chart KIN Tower Evolution 2014 2015 Number of Tower 32 KIN 21-Jan-14 2014 Organic B2S 2014 Inorganic M&A KIN 2014 2015 Organic B2S 2015 Inorganic M&A KIN 2015 193 30 368 591 80 230 901 Size Growth +3.7x in 2 years period 5 M&A transactions (portfolio size ~20 70 towers per acquisition) 3 M&A transactions (portfolio size ~10 156 towers per acquisition) Fair Valuation: Careful and adequate due diligence to value the fundamentals and understand the true asset potential. Efficient Process: Best in class M&A team, swift transactions to maintain a good reputation for KIN. Flexible structure: Open to suggestions on the transaction structure that would fit best for both parties. KIN Growth Strategy
息 2016 PT Nusantara Infrastructure Tbk KIN Financial Performance 33 133 77 76 86 199 119 103 102 Revenue EBITDA Operating Income Net Income Revenue +50.1% YoY +67 Billion 2014 2015 EBITDA(1) +53.1% YoY 2015 Margin 59.5% Operating Income +34.8% YoY 2015 Margin 51.7% Net Income(2) +17.8% YoY 2015 Margin 51.0% 2014 2015 2014 2015 2014 2015 Komet Infra Nusantara (KIN) Performance 2015 vs. 2014 IDR Billion; unless otherwise stated Combination between organic and inorganic strategy resulting strong growth in financial performance. Note: (1) Earnings Before Interest, Taxes, Depreciation & Amortization. (2) Net Income Attributable to Owner of the Parent Entity (After Minority Interest).
息 2016 PT Nusantara Infrastructure Tbk 34 PART III: Financial Highlights
息 2016 PT Nusantara Infrastructure Tbk Financial Performance 35 518 278 202 92 618 349 252 131 Revenue EBITDA Operating Income Net Income Revenue(1) +19.3% YoY +100 Billion 2014 2015 EBITDA(2) +25.5% YoY 2015 Margin 56.5% Operating Income +24.7% YoY 2015 Margin 40.8% Net Income(3) +42.4% YoY 2015 Margin 21.2% 2014 2015 2014 2015 2014 2015 NI Consolidated Financial Performance 2015 vs. 2014 IDR Billion; unless otherwise stated Solid growth on 2015 Financial Performance as the Company maintained its double digit growth. Note: (1) Including Construction Revenue, as per Stated in the Financial Statements. (2) Earnings Before Interest, Taxes, Depreciation & Amortization. (3) Net Income Attributable to Owner of the Parent Entity (After Minority Interest).
息 2016 PT Nusantara Infrastructure Tbk 641 4,075 942 2,361 637 4,840 1,280 2,604 Cash and Cash Equivalents Total Assets Interest Bearing Liabilities Total Equity Financial Position 36 Cash and Cash Equivalents IDR 637 Billion Current Ratio 252.8% Total Assets +18.8% YoY Debt(1) to Assets Ratio 26.4% Interest Bearing Liabilities(2) +35.9% YoY Net Debt(3) to EBITDA 1.84x Total Equity +10.3% YoY Debt(1) to Equity Ratio 49.2% NI Consolidated Financial Position 2015 vs. 2014 IDR Billion; unless otherwise stated Strong Financial Position remained in 2015, stable cash flows and maintained leverage ratio for future growth. 2014 2015 2014 2015 2014 2015 2014 2015 Note: (1) Debt = Outstanding Interest Bearing Liabilities (Current & Non-Current). (2) Excluding Islamic Financing debt from Providence Equity Partners in Telecommunication Tower segment (Non-Interest Bearing Liabilities). (3) Net Debt = Debt minus Cash and Cash Equivalents
息 2016 PT Nusantara Infrastructure Tbk Financial Performance Trend 37 270 426 518 618 131 163 2012 2013 2014 2015 1Q-15 1Q-16 CAGR 3 Years (2012 2015) 31.7% 1Q-16 +24.7% YoY +32 Billion NI Consolidated Revenue(1) Contribution 2015 vs. 1Q-16 59% 6% 35% 63% 5% 32% 2015 1Q-16 Note: (1) Including Construction Revenue, as per Stated in the Financial Statements. NI Consolidated Revenue(1) Trend 2012 1Q-16 IDR Billion; unless otherwise stated
息 2016 PT Nusantara Infrastructure Tbk Financial Performance Trend 38 104 127 202 252 63 82 171 193 278 349 84 107 2012 2013 2014 2015 1Q-15 1Q-16 CAGR 3 Years (2012 2015) Operating Income 34.4% EBITDA(1) 26.8% 1Q-16 Operating Income +30.4% YoY 50.1% Margin EBITDA(1) +27.4 YoY 65.7% Margin Operating Income EBITDA Operating Income EBITDA Operating Income EBITDA Operating Income EBITDA Operating Income EBITDA Operating Income EBITDA Well diversified portfolio drives the company to achieve robust growth. Note: (1) Earnings Before Interest, Taxes, Depreciation & Amortization. NI Consolidated Operating Income and EBITDA Trend 2012 1Q-16 IDR Billion; unless otherwise stated
息 2016 PT Nusantara Infrastructure Tbk Financial Performance Trend 39 43 60 92 131 26 37 2.8 3.9 6.1 8.6 1.7 2.4 2012 2013 2014 2015 1Q-15 1Q-16 Net Income EPS CAGR 3 Years (2012 2015) Net Income(1) 44.6% 1Q-16 Net Income(1) +40.2% YoY 22.7% Margin With stable and growth assets, the Company manages to maintain its earning generation. Note: (1) Net Income Attributable to Owner of the Parent Entity (After Minority Interest). NI Consolidated Net Income and EPS Trend 2012 1Q-16 IDR Billion for Net Income and IDR for EPS; unless otherwise stated
息 2016 PT Nusantara Infrastructure Tbk 513 2,580 737 1,756 641 4,075 942 2,361 637 4,840 1,280 2,604 632 5,139 1,366 2,662 Cash and Cash Equivalents Total Assets Interest Bearing Liabilities Total Equity Financial Position Trend 40 1Q-16 Cash Ratio 94.7% Current Ratio 247.6% NI Consolidated Financial Position Trend 2013 1Q-16 IDR Billion; unless otherwise stated Trend showed companys financial position is at healthy condition and well-maintained. 2013 2014 2015 1Q-16 2013 2014 2015 1Q-16 2013 2014 2015 1Q-16 2013 2014 2015 1Q-16 1Q-16 Total Assets +6.2% vs. 2015 Debt(1) to Assets Ratio 26.6% 1Q-16 Debt(1) Service Coverage Ratio 2.47x Net Debt(2) to EBITDA 1.71x 1Q-16 Total Equity +2.2% vs. 2015 Debt(1) to Equity Ratio 51.3% CAGR 3 Years (2012 2015) 33.8% CAGR 3 Years (2012 2015) 35.5% Note: (1) Debt = Outstanding Interest Bearing Liabilities (Current & Non-Current). (2) Net Debt = Debt minus Cash and Cash Equivalents
息 2016 PT Nusantara Infrastructure Tbk Positioning Local Company with Global Partners 41 Proven track record of operating, building and acquiring strategic assets throughout Indonesia and working with foreign investors and partners, including 1. Louis Dreyfus Commodities Holdings Limited (LDC). 2. Capital Advisors Partners Asia Pte Ltd (Cap Asia). 3. Providence Equity Partners (PEP). 4. Japan Expressway and West Nippon Expressway (JEXWAY). 2012 Strategic Partnership with Louis Dreyfus Commodities (LDC) In ISAB for a multi-purpose seaport in Lampung 2013 Investment with Capital Advisors Partners Asia Pte. Ltd. (Cap Asia) 25% in MUN amounting IDR 681 Billion via capital enlargement and divestment 2014 Co-Investment with Providence Equity Partners (PEP) IDR 460 Billion of debt instrument for KIN acquisitions 2015 Cooperation with JEXWAY (Japan Expressway) and W-NEXCO (West Nippon Expressway) Entering to a mutually beneficial cooperation in Toll Road Operational Excellence programs, as a following action on BSD Share Purchase 4.18%
息 2016 PT Nusantara Infrastructure Tbk 42 www.nusantarainfrastructure.com Thank You

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Management Presentation 2016_Update 1Q-16_v20

  • 1. 息 2016 PT Nusantara Infrastructure Tbk 1 PT Nusantara Infrastructure Tbk. Management Presentation Jakarta, May 2016
  • 2. 息 2016 PT Nusantara Infrastructure Tbk Presentation Contents 2 PART I : Company Profile 3 PART II : Business Strategy 8 PART III : Business Overview 12 PART IV : Financial Highlights 34 www.nusantarainfrastructure.com
  • 3. 息 2016 PT Nusantara Infrastructure Tbk Indonesias Leading Private Infrastructure Investor and Operator PT Nusantara Infrastructure Tbk. is listed at the Indonesia Stock Exchange. The company currently serves over 103 million customers, 550,000 households, 266 factories and 210 vessels, 1,269 telecommunication tenancies, in its toll road, water, port, energy, and telecommunication tower businesses. 3
  • 4. 息 2016 PT Nusantara Infrastructure Tbk Company Overview Founded through backdoor listing in 2006, PT Nusantara Infrastructure Tbk. is an Indonesias leading private infrastructure company. PT Nusantara Infrastructure Tbk. is listed at the Indonesia Stock Exchange (Ticker: META). The company manages diversified infrastructure sectors across: 1. Toll Road 2. Port 3. Water 4. Renewable Energy 5. Telecommunication Tower 4 Transportation Infrastructure Utilities Infrastructure
  • 5. 息 2016 PT Nusantara Infrastructure Tbk Company Overview Consistent growth throughout year 2006 to 2015 on financial performance. Companys Financial Performance Snapshot: Total Assets 1Q-16 IDR 5.139 Billion CAGR 2006 2015 = 29% Total Equity 1Q-16 IDR 2.667 Billion CAGR 2006 2015 = 26% Total Revenue 2015 IDR 618 Billion CAGR 2006 2015 = 21% EBITDA 2015 IDR 349 Billion CAGR 2006 2015 = 29% Net Income 2015 IDR 131 Billion CAGR 2006 2015 = 74% 5
  • 6. 息 2016 PT Nusantara Infrastructure Tbk 99.99% Shareholding Structure PT Hijau Makmur Sejahtera 21.00% Eagle Infrastructure 22.32% Public and Others 56.68% 6 PT Margautama Nusantara (MUN) PT Portco Infranusantara (Portco) PT Potum Mundi Infranusantara (POTUM) PT Telekom Infranusantara (TI) PT Energi Infranusantara (EI) 74.98% 99.99% 99.99% 99.99% Note: (1) As of December 2015.
  • 7. 息 2016 PT Nusantara Infrastructure Tbk Corporate Structure Cap Asia invested in 2013 Partnered with PEP in 2014 ISAB Acquired 2012 Acquired & Developed 2013 Acquired & Developed 2012 SCTK Developed 2012 Acquired 2014 Acquired 2006 Expanded 2008 Acquired 2006 Acquired & Developed 2009 Developed 2007 BSD JLB Acquired 2012 TBN TKCM 74.99% 99.99% 99.99% 99.99% 99.99% 88.93% 98.53% 25.00% 39.00% 51.00% 51.00% 64.99% 54.64% 69.36% 99.39% 28.00% Partnered with JEXWAY in 2014 Partnered with LDC in 2012 7 Note: (1) As of December 2015. BMN JTSE DCC KINIME Acquired 2012 Legend: : Business Unit Level BSD : PT Bintaro Serpong Damai BMN : PT Bosowa Marga Nusantara JTSE : PT Jalan Tol Seksi Empat JLB : PT Jalan Lingkar Baratsatu ISAB : PT Inti Sentosa Alam Bahtera TBN : PT Tirta Bangun Nusantara TKCM : PT Tirta Kencana Cahaya Mandiri DCC : PT Dain Celicani Cemerlang SCTK : PT Sarata Catur Tirtakelola IME : PT Inpola Meka Energi KIN : PT Komet Infra Nusantara Partnered with PTPP in 2012
  • 8. 息 2016 PT Nusantara Infrastructure Tbk 8 PART II: Business Strategy
  • 9. 息 2016 PT Nusantara Infrastructure Tbk Investment Policy and Strategy Diversified Infrastructure Portfolio Focus Strategic Assets Stable & Growth Assets Relatively High Margin Medium Long Term Contract 9
  • 10. 息 2016 PT Nusantara Infrastructure Tbk Business Strategy Grow through Organic (Business Development), Acquisitions, and Optimizing & Enhancement Existing Assets Alliances with Strategic Partners, Co-Investment with Global Players Value Engineering, Structuring Competence, Creative Financing Well Positioned to benefit Indonesia Infrastructure Gap 10
  • 11. 息 2016 PT Nusantara Infrastructure Tbk Business Sector Growth Drivers 11 Toll Roads Ports Water Renewable Energy Telco Tower 901 Telecommunication Towers across Java, Sumatera, Kalimantan, and East Region 4 Toll Roads in Jakarta and Makassar City Panjang Seaport in Lampung, South Sumatera 3 Water Treatment Plants in Greater Jakarta and North Sumatera Mini Hydro Power Plant in North Sumatera Medium to Long-Term key contracts (10 12 years period) with Telecommunication Operators. Contract Inflationary Adjusted Relatively stable margin. Additional colocation to capture higher margin. Strategic roads providing direct access between urban areas and Central Business District Area (CBD), Airports, and Seaports. Business Development initiatives to capture potential traffic surroundings. Commercial port with local and international customers. Major customers: Louis Dreyfus Commodities and Wilmar International. Operational of 105,000 MT tank storage capacity to drive future growth. Long term off-take contracts with Local Government (PDAM), Industrial Developer (KIM), and Commercial customers. Water treatment capacity upgrades drive future business growth. Long term concession of 30 years with PLN as off taker. Amendment of PPA with Feed-In tariff (US$ 9 cent per KWh) secures the business revenue model. Diversified and Agile Growth Drivers Allows Company to Achieve Sustainable Growth Growth + Stability Growth Growth + Stability Growth + Stability Growth + Stability
  • 12. 息 2016 PT Nusantara Infrastructure Tbk PART II: Business Overview 12
  • 13. 息 2016 PT Nusantara Infrastructure Tbk Toll Road 13
  • 14. 息 2016 PT Nusantara Infrastructure Tbk Margautama Nusantara (MUN) Focus in Developing Strategic Roads. Current Portfolio: 1. Harbour Road Makassar 2. Commuter Road Greater Jakarta 3. Airport Toll Road Makassar 4. Jakarta International Airport Road (2nd) JORR 1 14
  • 15. 息 2016 PT Nusantara Infrastructure Tbk Toll Roads Portfolio Profile 15 Connectivity Direct access from South Tangerang area to Jakarta inner city Direct Access from Makassar city to Soekarno Hatta Harbour Direct Access to Makassar Airport from Makassar inner city. Direct access to Jakarta International Airport from West Jakarta area Length 7.25 Km 5.95 Km 11.57 Km 10.00 Km Concession 1999 - 2028 1998 - 2028 2007 - 2041 2007 - 2042 Tariff Class I: IDR 5,000 Class I: IDR 3,500 Class I: IDR 8,500 Class I: IDR 8,500 Traffic 2015: 79.1 2014: 80.8 2015: 57.2 2014: 55.6 2015: 42.4 2014: 40.3 2015: 103.3 2014: 87.2 Commuter Road (BSD) Harbour Road (BMN) Airport Toll Road (JTSE) Jakarta International Airport Road JORR 1 (JLB) CAGR 1999 2015 19.4% Average Daily Traffic In 000 Vehicles per Day Average Daily Traffic In 000 Vehicles per Day Average Daily Traffic In 000 Vehicles per Day Average Daily Traffic In 000 Vehicles per Day CAGR 1998 2015 8.4% CAGR 2008 2015 16.8% CAGR 2010 2015 27.3%
  • 16. 息 2016 PT Nusantara Infrastructure Tbk Triple Double Digit Growth 16 149 185 229 269 307 337 347 413 2009 2010 2011 2012 2013 2014 2015 2016 CAGR 5 Years (2009 2014) Revenue(1) 17.7% Solid performance over 5 years period reflected in triple double digit growth in toll roads sector. Note: (1) Total Toll Road Revenue, excluding Construction Revenue. Actual Actual Actual Actual Actual Actual Actual Target 2016 Target vs. 2015 Revenue(1) +19.0% YoY Margautama Nusantara (MUN) Revenue Trend 2010 2015 IDR Billion; unless otherwise stated
  • 17. 息 2016 PT Nusantara Infrastructure Tbk Triple Double Digit Growth 17 56 66 116 148 182 212 208 252 2009 2010 2011 2012 2013 2014 2015 2016 Solid performance over 5 years period reflected in triple double digit growth in toll roads sector. Actual Actual Actual Actual Actual Actual Actual Target CAGR 5 Years (2009 2014) Operating Income 30.5% 2016 Target vs. 2015 Operating Income +22.3% YoY Margautama Nusantara (MUN) Operating Income Trend 2010 2015 IDR Billion; unless otherwise stated
  • 18. 息 2016 PT Nusantara Infrastructure Tbk Triple Double Digit Growth 18 106 127 173 211 242 276 275 331 2009 2010 2011 2012 2013 2014 2015 2016 Solid performance over 5 years period reflected in triple double digit growth in toll roads sector. Note: (1) Earnings Before Interest, Taxes, Depreciation & Amortization. CAGR 5 Years (2009 2014) EBITDA(1) 21.1% 2016 Target vs. 2015 EBITDA(1) +21.2% YoY Actual Actual Actual Actual Actual Actual Actual Target Margautama Nusantara (MUN) EBITDA Trend 2010 2015 IDR Billion; unless otherwise stated
  • 19. 息 2016 PT Nusantara Infrastructure Tbk JEXWAY Partnership Signing Ceremony at Osaka, Japan Group Photo with JEXWAY Team 19 In November 2014, JEXWAY joined as part of BSD shareholders. JEXWAY is entering a mutually beneficial cooperation agreement, to ensure the business expansion of MUN, using Japanese Advance Technologies, comprise of: 1. Project estimation 2. Traffic Control System 3. Facilities Control Center 4. Asset Management
  • 20. 息 2016 PT Nusantara Infrastructure Tbk Water 20
  • 21. 息 2016 PT Nusantara Infrastructure Tbk Potum Mundi Infranusantara (POTUM) Providing clean water supply, distributed in bulk water to PDAM and end- customers (households and commercial / industrial). Current Portfolio: 1. Cisadane Water Treatment Plant TKCM 2. Medan Industrial Water Treatment Plant DCC 3. East Serang Industrial Water Treatment Plant SCTK 21
  • 22. 息 2016 PT Nusantara Infrastructure Tbk 1,275 1,286 1,575 2014 2015 Future 100 100 235 2014 2015 Future 65 110 375 2014 2015 Future Water Portfolio Profile 22 Location Tangerang (Greater Jakarta) Medan (North Sumatera) Serang (Greater Jakarta) Water Tariff IDR 1,507 / m3 IDR 5,800 / m3 IDR 8,500 / m3 Concession 2004 2019 2012 2032 2015 2038 (Amendment) Customers Tangerang PDAM Tangerang area households through PDAM Kawasan Industri Medan consists of 153 industrial customers 140 industrial customers in East Serang Regency Surrounding households through PDAM Capacity Cisadane WTP (TKCM) Medan Industrial WTP (DCC) East Serang WTP (SCTK) +300 lps +135 lps +310 lps Water Production Capacity In liter per second (lps) Water Production Capacity In liter per second (lps) Water Production Capacity In liter per second (lps)
  • 23. 息 2016 PT Nusantara Infrastructure Tbk POTUM Financial Performance 23 Potum Mundi Infranusantara (POTUM) Financial Performance 2015 vs. 2014 IDR Billion; unless otherwise stated Future capacity upgrades drive the potential performance growth in water sector. 24 8 6 9 32 11 10 19 Revenue EBITDA Operating Income Net Income Revenue(1) +31.6% YoY +8 Billion 2014 2015 EBITDA(2) +48.8% YoY 2015 Margin 35.7% Operating Income +66.3% YoY 2015 Margin 32.6% Net Income(3) +104.9% YoY 2015 Margin 61.1% 2014 2015 2014 2015 2014 2015 Note: (1) Excluding Construction Revenue, as per Stated in the Financial Statements. (2) Earnings Before Interest, Taxes, Depreciation & Amortization. (3) Net Income Attributable to Owner of the Parent Entity (After Minority Interest).
  • 24. 息 2016 PT Nusantara Infrastructure Tbk Port 24
  • 25. 息 2016 PT Nusantara Infrastructure Tbk ISAB Panjang Seaport One of Indonesias 25 strategic seaports located in Lampung (South Sumatera). Major customers are Louis Dreyfus Commodities and Wilmar International. ISAB is the operator of Panjang Seaport, providing port services, warehousing, stevedoring services, and tank storage rental. The tank storage is mostly serving liquid storage (crude palm oil) and dry bulk storage (fertilizers). ISAB Port Jetty ISAB Port Liquid Tank Storage Dry Bulk Warehouse 14,000 48,000 48,000 105,000 105,000 2011 2012 2013 2014 2015 Tank Storage Capacity In Metric Ton 25
  • 26. 息 2016 PT Nusantara Infrastructure Tbk PORTCO Financial Performance 26 Portco Infranusantara (Portco) Financial Performance 2015 vs. 2014 IDR Billion; unless otherwise stated Stable performance in port services benefit from tank farm capacity upgrades. 216 62 16 3 280 64 31 15 Total Assets Investment in ISAB Retained Earnings Net Income Total Assets +25.5% YoY 2014 2015 Investment in ISAB(1) +48.8% YoY Retained Earnings +66.3% YoY Net Income(2) +502.8% YoY 2014 2015 2014 2015 2014 2015 Note: (1) Total Investment in Associate Company (ISAB: PT Inti Sentosa Alam Bahtera). (2) Net Income Attributable to Owner of the Parent Entity (After Minority Interest).
  • 27. 息 2016 PT Nusantara Infrastructure Tbk Renewable Energy 27
  • 28. 息 2016 PT Nusantara Infrastructure Tbk Lau Gunung Mini Hydro Power Plant Currently constructing a Mini Hydro Power Plant, 2 x 7.5 MW capacity located in North Sumatera. The project has a 30 year contract with PLN with Feed-In tariff regulation of US$ 9 cent per KWh. First operation is expected to start by 3Q-2018 (third quarter year 2018). The company is partnering with PT Pembangunan Perumahan (Persero) Tbk. (PTPP) as a joint shareholder and the main contractor. Location Lau Gunung River, North Sumatera Energy Type Hydro / Run-off River Concession 30 years Annual Energy Output 107 GWh Installed Capacity 15 MW (2 x 7.5 MW) Feed-In Tariff US$ 9 cent per KWh Project Cost IDR 288 Billion (US$1.44 Million per MW) Estimated Y1 Revenue IDR 115 Billion Project Profile Project Location 74.5 km from Medan Capital City 28
  • 29. 息 2016 PT Nusantara Infrastructure Tbk Telecommunication Tower Sector 29
  • 30. 息 2016 PT Nusantara Infrastructure Tbk Komet Infra Nusantara (KIN) 30 KIN is an independent telecommunication tower operator in Indonesia, providing tower space for lease and services based on long-term contracts to telecommunication operators in Indonesia. KIN is committed to be one of the major players in the telecommunication tower industry, and to achieve this, KIN is growing aggressively through organic growth and asset acquisitions. KIN Corporate Structure(1) KIN 69.36% 99.99% PT Tara Telco Indonesia (existing founder shareholder, individual) PT Grha Mekatama Telindo (existing founder shareholder, individual) 13.70% 16.94% Telekom Infranusantara Providence Equity Partners Debt Instrument Legend: KIN : PT Komet Infra NusantaraNote: (1) As of December 2015.
  • 31. 息 2016 PT Nusantara Infrastructure Tbk Portfolio Overview 31 Note: (1) As of December 2015. Operator Total Tenants (Anchor + Colo) Avg. Rental per Month (IDR Million) % of Total Tenancies % of 2015 Revenue 353 15.5 28% 30% 272 12.6 21% 20% 191 15.1 15% 15% 238 14.1 19% 21% 165 12.8 13% 11% 43 12.5 3% 3% 7 9.0 1% 0% Total 1,269 14.1 100% 100% Tier1Operator Tier2 Operator Tier-1 operator as % of 2015 Revenue: 86% Tier-2 operator as % of 2015 Revenue: 14% KIN 901 telecommunication towers(1) cover the area of 45% Sumatera Island, 41% Java Island, 8% Jabodetabek, and 7% in Kalimantan, Bali, and Nusa Tenggara (East Region). Asset Type consists of 76% Ground Based (Macro Tower) and 24% Rooftop Based. KIN Customer Contract Profile(1)
  • 32. 息 2016 PT Nusantara Infrastructure Tbk Tower Growth Evolution Summary Chart KIN Tower Evolution 2014 2015 Number of Tower 32 KIN 21-Jan-14 2014 Organic B2S 2014 Inorganic M&A KIN 2014 2015 Organic B2S 2015 Inorganic M&A KIN 2015 193 30 368 591 80 230 901 Size Growth +3.7x in 2 years period 5 M&A transactions (portfolio size ~20 70 towers per acquisition) 3 M&A transactions (portfolio size ~10 156 towers per acquisition) Fair Valuation: Careful and adequate due diligence to value the fundamentals and understand the true asset potential. Efficient Process: Best in class M&A team, swift transactions to maintain a good reputation for KIN. Flexible structure: Open to suggestions on the transaction structure that would fit best for both parties. KIN Growth Strategy
  • 33. 息 2016 PT Nusantara Infrastructure Tbk KIN Financial Performance 33 133 77 76 86 199 119 103 102 Revenue EBITDA Operating Income Net Income Revenue +50.1% YoY +67 Billion 2014 2015 EBITDA(1) +53.1% YoY 2015 Margin 59.5% Operating Income +34.8% YoY 2015 Margin 51.7% Net Income(2) +17.8% YoY 2015 Margin 51.0% 2014 2015 2014 2015 2014 2015 Komet Infra Nusantara (KIN) Performance 2015 vs. 2014 IDR Billion; unless otherwise stated Combination between organic and inorganic strategy resulting strong growth in financial performance. Note: (1) Earnings Before Interest, Taxes, Depreciation & Amortization. (2) Net Income Attributable to Owner of the Parent Entity (After Minority Interest).
  • 34. 息 2016 PT Nusantara Infrastructure Tbk 34 PART III: Financial Highlights
  • 35. 息 2016 PT Nusantara Infrastructure Tbk Financial Performance 35 518 278 202 92 618 349 252 131 Revenue EBITDA Operating Income Net Income Revenue(1) +19.3% YoY +100 Billion 2014 2015 EBITDA(2) +25.5% YoY 2015 Margin 56.5% Operating Income +24.7% YoY 2015 Margin 40.8% Net Income(3) +42.4% YoY 2015 Margin 21.2% 2014 2015 2014 2015 2014 2015 NI Consolidated Financial Performance 2015 vs. 2014 IDR Billion; unless otherwise stated Solid growth on 2015 Financial Performance as the Company maintained its double digit growth. Note: (1) Including Construction Revenue, as per Stated in the Financial Statements. (2) Earnings Before Interest, Taxes, Depreciation & Amortization. (3) Net Income Attributable to Owner of the Parent Entity (After Minority Interest).
  • 36. 息 2016 PT Nusantara Infrastructure Tbk 641 4,075 942 2,361 637 4,840 1,280 2,604 Cash and Cash Equivalents Total Assets Interest Bearing Liabilities Total Equity Financial Position 36 Cash and Cash Equivalents IDR 637 Billion Current Ratio 252.8% Total Assets +18.8% YoY Debt(1) to Assets Ratio 26.4% Interest Bearing Liabilities(2) +35.9% YoY Net Debt(3) to EBITDA 1.84x Total Equity +10.3% YoY Debt(1) to Equity Ratio 49.2% NI Consolidated Financial Position 2015 vs. 2014 IDR Billion; unless otherwise stated Strong Financial Position remained in 2015, stable cash flows and maintained leverage ratio for future growth. 2014 2015 2014 2015 2014 2015 2014 2015 Note: (1) Debt = Outstanding Interest Bearing Liabilities (Current & Non-Current). (2) Excluding Islamic Financing debt from Providence Equity Partners in Telecommunication Tower segment (Non-Interest Bearing Liabilities). (3) Net Debt = Debt minus Cash and Cash Equivalents
  • 37. 息 2016 PT Nusantara Infrastructure Tbk Financial Performance Trend 37 270 426 518 618 131 163 2012 2013 2014 2015 1Q-15 1Q-16 CAGR 3 Years (2012 2015) 31.7% 1Q-16 +24.7% YoY +32 Billion NI Consolidated Revenue(1) Contribution 2015 vs. 1Q-16 59% 6% 35% 63% 5% 32% 2015 1Q-16 Note: (1) Including Construction Revenue, as per Stated in the Financial Statements. NI Consolidated Revenue(1) Trend 2012 1Q-16 IDR Billion; unless otherwise stated
  • 38. 息 2016 PT Nusantara Infrastructure Tbk Financial Performance Trend 38 104 127 202 252 63 82 171 193 278 349 84 107 2012 2013 2014 2015 1Q-15 1Q-16 CAGR 3 Years (2012 2015) Operating Income 34.4% EBITDA(1) 26.8% 1Q-16 Operating Income +30.4% YoY 50.1% Margin EBITDA(1) +27.4 YoY 65.7% Margin Operating Income EBITDA Operating Income EBITDA Operating Income EBITDA Operating Income EBITDA Operating Income EBITDA Operating Income EBITDA Well diversified portfolio drives the company to achieve robust growth. Note: (1) Earnings Before Interest, Taxes, Depreciation & Amortization. NI Consolidated Operating Income and EBITDA Trend 2012 1Q-16 IDR Billion; unless otherwise stated
  • 39. 息 2016 PT Nusantara Infrastructure Tbk Financial Performance Trend 39 43 60 92 131 26 37 2.8 3.9 6.1 8.6 1.7 2.4 2012 2013 2014 2015 1Q-15 1Q-16 Net Income EPS CAGR 3 Years (2012 2015) Net Income(1) 44.6% 1Q-16 Net Income(1) +40.2% YoY 22.7% Margin With stable and growth assets, the Company manages to maintain its earning generation. Note: (1) Net Income Attributable to Owner of the Parent Entity (After Minority Interest). NI Consolidated Net Income and EPS Trend 2012 1Q-16 IDR Billion for Net Income and IDR for EPS; unless otherwise stated
  • 40. 息 2016 PT Nusantara Infrastructure Tbk 513 2,580 737 1,756 641 4,075 942 2,361 637 4,840 1,280 2,604 632 5,139 1,366 2,662 Cash and Cash Equivalents Total Assets Interest Bearing Liabilities Total Equity Financial Position Trend 40 1Q-16 Cash Ratio 94.7% Current Ratio 247.6% NI Consolidated Financial Position Trend 2013 1Q-16 IDR Billion; unless otherwise stated Trend showed companys financial position is at healthy condition and well-maintained. 2013 2014 2015 1Q-16 2013 2014 2015 1Q-16 2013 2014 2015 1Q-16 2013 2014 2015 1Q-16 1Q-16 Total Assets +6.2% vs. 2015 Debt(1) to Assets Ratio 26.6% 1Q-16 Debt(1) Service Coverage Ratio 2.47x Net Debt(2) to EBITDA 1.71x 1Q-16 Total Equity +2.2% vs. 2015 Debt(1) to Equity Ratio 51.3% CAGR 3 Years (2012 2015) 33.8% CAGR 3 Years (2012 2015) 35.5% Note: (1) Debt = Outstanding Interest Bearing Liabilities (Current & Non-Current). (2) Net Debt = Debt minus Cash and Cash Equivalents
  • 41. 息 2016 PT Nusantara Infrastructure Tbk Positioning Local Company with Global Partners 41 Proven track record of operating, building and acquiring strategic assets throughout Indonesia and working with foreign investors and partners, including 1. Louis Dreyfus Commodities Holdings Limited (LDC). 2. Capital Advisors Partners Asia Pte Ltd (Cap Asia). 3. Providence Equity Partners (PEP). 4. Japan Expressway and West Nippon Expressway (JEXWAY). 2012 Strategic Partnership with Louis Dreyfus Commodities (LDC) In ISAB for a multi-purpose seaport in Lampung 2013 Investment with Capital Advisors Partners Asia Pte. Ltd. (Cap Asia) 25% in MUN amounting IDR 681 Billion via capital enlargement and divestment 2014 Co-Investment with Providence Equity Partners (PEP) IDR 460 Billion of debt instrument for KIN acquisitions 2015 Cooperation with JEXWAY (Japan Expressway) and W-NEXCO (West Nippon Expressway) Entering to a mutually beneficial cooperation in Toll Road Operational Excellence programs, as a following action on BSD Share Purchase 4.18%
  • 42. 息 2016 PT Nusantara Infrastructure Tbk 42 www.nusantarainfrastructure.com Thank You