PT Nusantara Infrastructure TBK: Draft 1 (For Discussion)

Draft 1 (for
discussion)
PT Nusantara Infrastructure Tbk

Discussion on Equity Fund Raising Plan
© 2022 PT Nusantara Infrastructure Tbk.
August 24th, 2022
Private & Strictly Confidential 1

JORR Elevated Bid Proposal (v20_Yearly model)
1/4
Quarter Quarter Quarter Quarter Quarter Quarter Quarter Quarter Quarter Quarter Quarter
1 2 3 4 5 6 7 8 9 10 11
1 S-Curve Total
Construction Progress % 100.00% 4.00% 9.70% 11.96% 15.15% 15.81% 14.95% 16.35% 4.28% 2.06% 2.95% 2.77%
Land Acquisition % 100.00% 12.50% 12.50% 12.50% 12.50% 12.50% 12.50% 12.50% 12.50%
2 Payment Terms Total

Construction % 100.00% 20.00% 8.00% 8.00% 8.00% 8.00% 8.00% 8.00% 8.00% 8.00% 8.00% 8.00%
Others % 100.00% 9.09% 9.09% 9.09% 9.09% 9.09% 9.09% 9.09% 9.09% 9.09% 9.09% 9.09%
Land Acquisition % 100.00% 20.00% 11.43% 11.43% 11.43% 11.43% 11.43% 11.43% 11.43%
3 Project Cost Total

Construction IDR Bn 16,117 3,223 1,289 1,289 1,289 1,289 1,289 1,289 1,289 1,289 1,289 1,289
Others IDR Bn 4,399 400 400 400 400 400 400 400 400 400 400 400
Land Acquisition IDR Bn 1,822 364 208 208 208 208 208 208 208 0 0 0
Total IDR Bn 22,339 3,988 1,898 1,898 1,898 1,898 1,898 1,898 1,898 1,689 1,689 1,689
© 2022 PT Nusantara Infrastructure Tbk. Private & Strictly Confidential 2

2/4
1 2 3 4 5 6 7 8 9 10 11
4 Capital Structure (Construction & Others) % Total

Debt IDR Bn 76.00% 15,592 2,754 1,284 1,284 1,284 1,284 1,284 1,284 1,284 1,284 1,284 1,284
Equity IDR Bn 24.00% 4,924 870 405 405 405 405 405 405 405 405 405 405
Total IDR Bn 20,516 3,623 1,689 1,689 1,689 1,689 1,689 1,689 1,689 1,689 1,689 1,689
5 Capital Structure (Land Acquisition) % Total

Debt IDR Bn 0.00% 0 0 0 0 0 0 0 0 0 0 0 0
Equity IDR Bn 100.00% 1,822 364 208 208 208 208 208 208 208 0 0 0
Total IDR Bn 1,822 364 208 208 208 208 208 208 208 0 0 0
6 Capital Structure (Combined) Implied Total

Debt IDR Bn 69.80% 15,592 2,754 1,284 1,284 1,284 1,284 1,284 1,284 1,284 1,284 1,284 1,284
Equity IDR Bn 30.20% 6,746 1,234 614 614 614 614 614 614 614 405 405 405
Total IDR Bn 22,339 3,988 1,898 1,898 1,898 1,898 1,898 1,898 1,898 1,689 1,689 1,689

3/4
1 2 3 4 5 6 7 8 9 10 11
7 Equity Requirement at Consortium Level Own. % Total

MMN IDR Bn 85.00% 5,734 1,049 522 522 522 522 522 522 522 345 345 345
ADHI IDR Bn 10.00% 675 123 61 61 61 61 61 61 61 41 41 41
ACSET IDR Bn 5.00% 337 62 31 31 31 31 31 31 31 20 20 20
Total IDR Bn 6,746 1,234 614 614 614 614 614 614 614 405 405 405
8 Equity Requirement at MMN Level Own. % Total

NI IDR Bn 70.00% 4,014 734 365 365 365 365 365 365 365 241 241 241
TUS IDR Bn 30.00% 1,720 315 156 156 156 156 156 156 156 103 103 103
Total IDR Bn 5,734 1,049 522 522 522 522 522 522 522 345 345 345

4/4
1 2 3 4 5 6 7 8 9 10 11
POST JASAMARGA
9 Equity Requirement at Consortium Level Own. % Total
MMN IDR Bn 65.00% 4,385 802 399 399 399 399 399 399 399 264 264 264
ADHI IDR Bn 10.00% 675 123 61 61 61 61 61 61 61 41 41 41
ACSET IDR Bn 5.00% 337 62 31 31 31 31 31 31 31 20 20 20
Jasamarga IDR Bn 20.00% 1,349 247 123 123 123 123 123 123 123 81 81 81
Total IDR Bn 6,746 1,234 614 614 614 614 614 614 614 405 405 405
POST JASAMARGA
10 Equity Requirement at MMN Level Own. % Total
NI IDR Bn 70.00% 3,070 562 279 279 279 279 279 279 279 184 184 184
TUS IDR Bn 30.00% 1,316 241 120 120 120 120 120 120 120 79 79 79
Total IDR Bn 4,385 802 399 399 399 399 399 399 399 264 264 264
• Total equity requirement at NI Level is IDR 4,014 Bn (USD 271 Mn).

• Post Jasamarga’s entry, total equity requirement at NI level will be IDR 3,070 Bn (USD 207 Mn).
USD / IDR rate : 14,835

Recap of Equity Requirement
Quarter Quarter Quarter Quarter Quarter Quarter Quarter Quarter Quarter Quarter Quarter Quarter
4 1 2 3 4 1 2 3 4 1 2 3
2022 2023 2023 2023 2023 2024 2024 2024 2024 2025 2025 2025
Japex Total
Purchase Price IDR Bn 4,030 4,030
Transaction cost *) IDR Bn 15 15
Earn-out IDR Bn 359 359
Sub-Total IDR Bn 4,404 4,045 0 0 0 0 0 0 0 359 0 0 0
JORR Elevated (NI Portion) Total

Equity injection (w/o Jasamarga) IDR Bn 3,773 734 365 365 365 365 365 365 365 241 241 241
Equity injection (w/ Jasamarga) IDR Bn 2,885 562 279 279 279 279 279 279 279 184 184 184
Total IDR Bn Min 7,289 4,045 562 279 279 279 279 279 279 638 184 184 184
IDR Bn Max 8,177 4,045 734 365 365 365 365 365 365 724 241 241 241
USD Mn Min 491 273 38 19 19 19 19 19 19 43 12 12 12

USD Mn Max 551 273 49 25 25 25 25 25 25 49 16 16 16
*) Transaction cost includes consultant’s due diligence work and lender’s credit facility provision fee (rough estimate USD 1.01 Mn)

PT Nusantara Infrastructure TBK: Draft 1 (For Discussion)

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PT Nusantara Infrastructure TBK: Draft 1 (For Discussion)

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Draft 1 (for

PT Nusantara Infrastructure Tbk

© 2022 PT Nusantara Infrastructure Tbk.

August 24th, 2022

Private & Strictly Confidential 1

2 Payment Terms Total

3 Project Cost Total

© 2022 PT Nusantara Infrastructure Tbk. Private & Strictly Confidential 2

4 Capital Structure (Construction & Others) % Total

5 Capital Structure (Land Acquisition) % Total

6 Capital Structure (Combined) Implied Total

© 2022 PT Nusantara Infrastructure Tbk. Private & Strictly Confidential 3

7 Equity Requirement at Consortium Level Own. % Total

8 Equity Requirement at MMN Level Own. % Total

© 2022 PT Nusantara Infrastructure Tbk. Private & Strictly Confidential 4

• Total equity requirement at NI Level is IDR 4,014 Bn (USD 271 Mn).

USD / IDR rate : 14,835

JORR Elevated (NI Portion) Total

USD Mn Min 491 273 38 19 19 19 19 19 19 43 12 12 12

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