Macroeconomic
Infrastructure development might
be as the key driver of the economic growth in 2015, Government has spent its
majority of the fund for developing infrastructure project such as toll road,
highway road, bridge, energy plantation, sea port and air port.
Based on data of ministry of
finance, the economic growth in the fourth quarter of 2015 had been better in
the same period in 2014, it was 5,04 % and it was higher than the growth in
2014 which stood at 5.02%. That may be as good indicator of improvement in
economic growth. and it is expected accelerate at higher growth in 2016.
Industry
In 2010-2014 the construction
industry accelerated more than 7.2 % at 2010 constant market price
(source:Bureau of Indonesian statistic in 2015) . Construction is connected
with the development of infrastructure, if government carries on many
infrastructure projects there will be many contractor that will be
participated.
Company Analysis
Jasamarga is state owned company
that operates in toll road sector, the company is managing the toll road
includes conducting its maintenance. The company is also establishing toll road
in indonesia and Bangladesh ( 10 % share at Marga Net One Limited.
Jasamarga has many subsidiaries
in indonesia and joint venture in both domestic and abroad. The company holds
many toll concession roads at many places at indonesia. The duration of the
concession is between 35 – 40 years. There are more than 20 toll roads in
indonesia which are managed by the company.
The biggest asset of the company
is its concession of the toll road that is recorded as the intangible asset;
the company used debt and equity to finance the establishment of the toll
roads. In 2014 the toll concession road was more than 78 % of total asset.
In 2014, the average of its
revenues is approximately 349 billion rupiah on each toll annually.
Jakarta-Cikampek is the biggest contributor of its revenue in 2014. The revenue
of 2014 declined compared to its revenue in 213. The decline was occurred
because of decrease in construction revenues, the company might establish just
few number of new toll project in 2014.
In 2014 the economic growth
slowdown compare to 2013, The SBY administrations prepared to end their regime.
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