"The Board of Commissioners constantly encourages the Company to take strategic moves to support the spin-off of the Jasamarga Transjawa Toll Road Regional Division of PT Jasa Marga (Persero) Tbk to the Company along with the Company’s plan for Initial Public Offering (IPO). The corporate action is one of the funding alternatives to increase value for the Company and the Shareholders. : English"
Dear Shareholders and Stakeholders,
We would like to express our gratitude to God the Almighty for all His grace and blessings, PT Jasamarga Transjawa Tol (“JTT” or “the Company”) was able to make several achievements and positive performances in 2021 in accordance with the mandate and aspirations of the Shareholders. We herewith would like to report the Supervisory Duty of the Board of Commissioners of JTT as part of our responsibility.
STRATEGY AND STRATEGIC POLICY
During 2021, the COVID-19 pandemic, which started in 2020, were still not over. The condition, however, has been improved gradually as the Government has made various efforts together with the society. The recovery was indicated by improved economic growth compared to that in 2020.
Separation of Trans Java section is conducted by the Regulation of Minister of Finance (PMK) Number 56 / PMK.010/2021 on the Second Amendment to the Regulation of the Minister of Finance Number 52/PMK.010/2017 on the Use of Book Value for the Transfer and Acquisition of Assets in the Context of Merger, Consolidation, Expansion or Business Takeover determined by the Government on June 3, 2021. With enactment of the PMK, it strengthens the plan realization to separate Trans Java section of JM in a more positive direction and is a reflection of Government’s support to improve the performance of SOEs that have good impact on the development of road infrastructure, especially Toll Roads in Indonesia. Based on these matters, the Board of Commissioners will always support and provide input as well as encourage the spin-off process to be realized.
In addition, the Board of Commissioners had regularly conducted joint meetings with the Directors to discuss thoroughly and in detail about various issues faced by JTT, while not ruling out the possibility for the two parties to communicate directly when prompt decisions were needed. Overall, good communication between the Board of Commissioners and the Directors has been achieved.
The Board of Commissioners deemed that throughout 2021, JTT’s operational activities had been very well executed and integrated by the Directors. With improved and intensive coordination, the Company managed to complete comprehensive reviews on the spin-off preparation of Trans Java Sections along with obtaining the required approvals. The Board of Commissioners expected JTT to successfully carry out the Trans Java spin-off that was targeted to complete on 1 July 2022.
Furthermore, in 2021, as mandated by the Shareholder the Company has implemented several strategic policie namely Buyback of the Second Year of Limited Participatio Mutual Private Equity Fund of Mandiri Investasi Ekuita Transjawa (RDPT-MIET) for Semarang-Batang, Solo Ngawi and Ngawi-Kertosono-Kediri Toll Road Sections and Buyback of the First Year of Collective Investmen Contract (KIK) of Infrastructure Investment Fund (DINFRA for Gempol-Pandaan and Semarang-Solo Sections.
On the operational side, the Company’s achievements were resulted from the increase in efficiency of operating expenses. From the point of view of the corporation, as there were room for improvements, we conducted regular performance monitoring, as well as monthly and weekly meetings to address various issues faced by JTT.
Other achievements were shown in the Company’s 2021 Financial Statements which recorded a Profit amounting to Rp1.46 billion. Financial Statements have been audited by Public Accounting Firm (KAP) Purwantono, Sungkoro & Surja (EY) with the opinion they presented fairly in all material respects. The Company’s performance in 2021 was also reflected in the 100% accomplishment of targeted KPI. These achievements were inseparable
We believe the Company’s long-term prospects are very promising as the Trans Java Toll Road has indirectly driven the economy of Java Island. This is seen in the high traffic volume on Trans Java Toll Road sections, hence indicating the high level of movement of people, goods and services in the last three years. The Trans Java Toll Road sections also connect several of Java’s provincial capitals and big cities, such as Cirebon, Semarang, Solo, Surabaya and Malang, where economic growth and population are very high.
Moreover, the subsidence of COVID-19 pandemic has led to the increase in traffic movement on Toll Roads in the island of Java and this is reflected in Indonesia’s improved economic growth compared to that of the previous year, thus bringing optimism that the Toll Road industry in the coming years shall also improve.
The coming years will be quite challenging for JTT with the completion of the Trans Java spin-off process and the equity financing during the recovery period of COVID-19 pandemic in Indonesia. With the implementation of several strategic programs and policies however, and as the Indonesian economy is recovering, we believe that the Company will be able to optimally achieve all of its targets.
To conclude, the Board of Commissioners would like to extend gratitude to all Shareholders and stakeholders for the trust, attention, and participation given, making it possible for the Company to accomplish its success in 2021. We express our thanks and high appreciation to the Directors and all employees of JTT for the hard work they have dedicated to the Company. The Board of Commissioners is always committed to maintaining business sustainability by supervising and monitoring the performance of JTT.