Trans Sumatera:
Source: MP3EI
Source : BPS
The Important of Sumatera’s Economic as growth
accelerator
Through
MP3EI,
will
put
Indonesia
as
developed country the end of 2025 with
condition:
In order acceleration of economic growth and distribution of infrastructure building, Sumatera has highest GDP after Java, potentially to be developed faster, in which expected as “National Economic gate to market of Europe, Africa, South Asia, East Asia and Australia.
Region Sharing for GDP
Income per capita: USD 14.250-USD 15.500
USD 4.0-4,5 Triliun GDP: 6,4%-7,5% in 2011-2014 & 8%-9% in 2015-2025 Economic growth is necessary:
The decline of inflation: 6,5% in 2011-2014 become 3% tahun 2025 0% 10% 20% 30% 40% 50% 60% 70% 2007 2012
Sumatera Development would become growth accelerator that in line with
Acceleration of MP3EI Spirit
Sumatera has experienced continuous economic growth and its potential is
even higher, yet growth has been hampered by poor connectivity
• 23.8 % of Indonesia’s GDP is generated in Sumatra • Average GRDP growth is 5% per year (BPS, 2008-2011) • Production and processing center of natural resources
and The National Energy Reserves
Sumatera’s economy has grown rapidly…
Committed future investments in Sei Mengkei Special Economic Zone are:
• IDR 3.74 Trillion in downstream palm oil sector • IDR 2.45 Trillion in oleochemical industry
• IDR 537 Billion in fertilizer plants
There are large investment opportunities in palm oil and coal downstream industry
…And its potential is even greater…
• Waiting times at 4 key ports in Sumatra is 3-4 days, resulting in significant cost increases for exporters. • Shipment cost by land transportation to Medan,
North Sumatera reaches IDR 10 million/TUE (double the cost of container shipment from Tanjung Priok to Belawan Port in Medan)
…But until now hampered by poor connectivity
Capital of
Province/Economic Center Rubber plantation area Palm Oil Plantation area Industry Cluster
Coal Mining area
Domestic Cruise Network
Rail way
Connecting line of Economic Center
Main Line to Exit Corridor Existing Line
Port
Pematang panggang Kayu Agung Betung Jambi Palembang Terbanggi Besar Rengat Pekanbaru Dumai Rantau Prapat Kisaran Tebing Tinggi Medan Binjai Langsa Lhokseumawe Sigli Banda Aceh In d rala ya M u ar a En im B en gk u lu Sib o lg a P ad an g B u kit Tin ggi
139
100
85
191
190
175
126
175
100
60
17
110
135
135
75
22
88
1
2
5
Lu b u k Lin gg au9
5
185
55
2
00
Bakauheni Koridor Utama Koridor PendukungTrans Sumatera Toll Road Consist of Main Corridor (1.813 km) and
Supporting Corridor (795 km), 23 Segments Totally (2.608 km)
Length of Indonesia’s Toll Road during 35 years (1978-2013) is 742
km.
Competitiveness Index quality of road infrastructure in Indonesia
ranked 90 out of 146 countries. Logistic Performance Index ranked 59
out of 155 countries. Quality improvement of highway infrastructure is
needed to enhance the infrastructure competitiveness on free trade
era.
Construction of Trans Sumatra Highway, 2,608 km length, is an
integrated part of other infrastructure development programs. Some
toll roads have been tendered in 2005-2008, but did not get investors.
In an effort to accelerate of infrastructure development, the
government uses its authority to conduct toll road development,
through assignment to State Own Enterprise (BUMN) that are wholly
owned by the state.
Trans Sumatera Toll Road is Necessary, It Can’t Be Delayed...
...From the indicator, development of Trans Sumatera Toll Road can’t become discussion agenda only, it has to developed as soon as possible.
Assigntment*
Private
Gov
BOT
SBOT/HYBRID
O&M/LEASE
Toll Road Development Scheme
√
EIRR >>>
FIRR >>>
EIRR >>>
FIRR Marginal
EIRR >>>
FIRR <<<
Construction
O & M
√
√
√
√
√
√
√
√
√
Land
Acquisition
√
Private : Toll Road Company
Gov : Government
SOE : State Own Enterprise
EIRR >>>
FIRR <<<
√
√
√
SOE
*) PP 43 /2013Illustration of Similar Context Where a Separate Government Entity
Model Have Been Preferred and Successfully Applied
Source : PU-BPJT, Presentasi di BKF bulan Februari 2013
Financial Feasibility (FIRR) of Trans Sumatera Still Low
Condition:
• IRR average is below
10% while IDR
commercial interest rate
is above 10%
• Projection of investment
Phase 1 (2014-2018)
Economically:
• Land is free relatively • Economic center
• Have been tendered but not successfull
Financally:
• Is the best segments traffically, so that potential for sales the consession for spesific period;
• Sales result from phase 1 can be used for next phase
Phase 2 (2016-2020)
Economically:
• Connecting the economic central of phase 1
Financially:
• After phase 1 is developed, traffic phase 2 corridor will be generated because of economic centers connectivity.
Tahap 3 (2019-2025)
• Trans Sumatera toll road as one network Banda Aceh Sibolga Dumai Padang Jambi Bakauheni Bengkulu Pekan Baru Palembang Kayu Agung Terbanggi besar Binjai Medan Bandar Lampung Batam Hang Nadim Batu Ampar PHASE 1 PHASE 2 PHASE 3 Indralaya No Segment KM 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 139 24 62 53 17 17 35 44 47 15 7 10 10 20 60 15 30 40 15 60 100 15 30 55 20 40 6 19 20 45 45 81 20 50 50 70 25 50 100 20 50 50 65 10 45 15 50 50 85 10 25 53 20 30 30 45 10 30 55 15 60 10 40 60 10 50 75 20 50 65 17 91 204 304 - - 31 140 330 545 - - - - - 30 215 530 1.053 1.514 1.759 17 91 235 444 634 879 1.064 1.379 1.902 2.363 2.608 126 4 Palembang-Indralaya 22 5 Terbanggi Besar-Pematang Panggang 100 1 Bakauheni-Terbanggi Besar
2 Medan-Binjai 3 Pekanbaru-Dumai
60 10 Batu Ampar-Bandara Hang Nadim 25 11 Betung-Jambi 191 85 7 Dumai-Sp. Sigambal-Rantau Prapat 175 8 Rantau Prapat-Kisaran 100 6 Pematang Panggang-Kayu Agung
9 Kisaran-Tebing Tinggi Bukit Tinggi-Padang 55 16 Tebing Tinggi-Sibolga 200 190 13 Rengat-Pekanbaru 175 14 Pekanbaru-Bukit Tinggi 185 12 Jambi-Rengat 15 19 Lubuk Linggau-Curup-Bengkulu 95 20 Sigli-Banda Aceh 75 17 Indralaya-Muara Enim 88 18 Muara Enim-Lahat-Lubuk Linggau 125
Operation Lenght of Stage III (km) Total Operation Lenght (km) 23 Lhokseumawe-Sigli 135
Operation Lenght of Stage I (km) Operation Lenght of Stage II (km) 21 Binjai-Langsa 110 22 Langsa-Lhokseumawe 135 No Land Acquisition KM 2014 2015 2016 2017 2018 1 Stage I 304 29 177 98 2 Next Stage 2.304 484 668 1.152 2.608 29 206 788 1.456 2.608 Comulative
Development Phase of Trans Sumatera Toll Road, And Become a Road
Network in Sumatera
Business Scheme of Trans Sumatera Toll Road
Equity Debt
bridging finance Shareholder Loan (SHL)
Gov. Inj Government
guaranteed Corporate bond & direct lending Direct lending SLA Govnt. Injection SLA SPV SOE
Multi Donor Fund
Investor
Local/Foreign Partner
Partner Commercial Loan Other SOE
Foreign Partner Local Parnter
Market PIP, SMI etc
SOE Bank(s) State budget Governtment’s Loan WB JICA ADB Partner Equity 1 2 3 4 5 SOE Government Equity 30% HK 21% Partner 9% Loan 70%
Source Of Fund Simulation: Phase I (4 Segments)
Govr. Injection6.481
Direct Lending10.980
Equity Partner2.777
Corporate Bond10.627
Investment Cost (IDR Billion) Debt Service Coverage Ratio ADSCR Min DSCR 1,2 3,6 1,9 2,7 0,7 0,2 0,6 -0,4Ending Cash at the lowest DSCR Rp 381 Billion Rp 11.989 Billion Rp 44 Billion Rp 8 Billion 3,4 0,3 Rp 15.822 Billion
Bakauheni - Terbanggi Besar
Pekanbaru – Dumai Palembang – Indralaya Medan – Binjai Total Segment 1,2 0,6 Rp 301 Billion Selling Concesion 7 x EBITDA
Disburstment Investment Estimate
Source of Fund for 23 Segments exclude
Land Acquisition
Equity
: Rp 92,26 trillion (30%)
Loan
: Rp 215,37 trillion (70%)
Total
: Rp 307,53 trillion
Source of Fund for 4 Segments exclude
Land Acquisition
Equity
: Rp 9,26 trillion (30%)
Loan
: Rp 21,6 trillion (70%)
Financing Trans Sumatera Toll Road
Keseluruhan 23 Ruas
Financing of Medan – Binjai
Pinjaman menggunakan direct lending KMK untuk memenuhi kebutuhan operasi setiap awal tahunCicilan pokok pinjaman dengan tenor 25 tahun & grace period 7 tahun Pengembalian KMK
Succesfullness of Development Scheme depent on sinergy that
created by related Stakeholder
Indonesian Government
SOE as Toll Road Entreprises
Toll Road Entreprise or SPV
Equity Partner
Lender Institution
(Bilateral/Multilateral)
Financing Institution
(Bank, Dana Pensiun, PT SMI, PT IIF)
Stakeholder
Partisipation in Trans Sumatera Toll Road Development• Giver assignment to SOE through “Peraturan Presiden”
• Giving Capital injection Support and Guarantee of primary loan and loan interest that obtained by PT.Hutama Karya for investment required
• Accepting Assignment from Indonesian Government
• Making Toll Road Development Agreement with Toll Road Institution • developing Toll Road directly or join with another enterprises
• Forwarding Government loan to Toll Road Enterprises of each segments
• SOE stand alone or joint with another enterprises to created consortium Toll Road Enterprise than it will called Special Purpose Vehicle (SPV)
• SPV have charge to develop certain Toll road
• Supporting Trans Sumatera Toll Road development by giving capital support to Toll Road Enterprise or loan with certain requirement and provision.
• Partner come from State owned Enterprise or Regionally Owned Enterprise or Private Company local and international
• Giving soft loan (long maturity and low interest) to SOE based on Government guarantee on primary loan and interest loan.
• Could be Bilateral or multilateral institution or another financing institution such as PIP • Absorbing Corporate bond that issued by Toll Road Enterprise to investment required. • Giving Capital work loan to operasional required
Benefits of The Development of Trans Sumatra Highway On The
Acceleration For Economic Development
Benefits of The Development of Trans Sumatra Highway , such as:
1. Reduce the cost products through cost savings logistics. Nationally, the cost of logistics charge against the product was 14 % ( 24 % of GDB ). In the end of 2025 ( MP3EI) is targeted to the cost of logistics <10 %. Logistic cost of Sumatra between 15 % to 20 % ( source GPEI ). The infrastructure development is expected to reduce the logistics cost of Sumatra <12 % to support the target MP3EI.
2. Refers to the average long-term elasticity of infrastructure development, it will increase the value of GDP between Rp 10 trillion to Rp 15 trillion per year or 0.13% up to 0.19% per year.
3. Increase government revenues as tax revenue
EXIT 2 PEMULUTAN EXIT 3 KTM EXIT 4 SP. INDRALAYA STA 21+930 STA 0+000 EXIT 1 PALEMBANG Jln. Lintas Timur Jln. Palembang – Indralaya (existing) STA 12+000
TAHAPAN KETERANGAN STA JARAK
SECTION 1 PALEMBANG – PEMULUTAN 0+000 s/d 7+100 7 KM SECTION 2 PEMULUTAN – KTM 7+100 s/d 12+000 5 KM SECTION 3 KTM - SP. INDRALAYA 12+000 s/d 21+930 10 KM STA 7+100 Betung Kayu Agung Jln. Lingkar Selatan Palembang
Jln Tol K.Agung - Betung Jln Tol Plm - Indralaya
PALEMBANG – INDRALAYA
MEDAN – BINJAI
Semayang – Binjai
4,51 km
Helvetia -Semayang
4,95 km
Medan - Helvetia
7,64 km
Main Road
= 17,1 km
Access Road
= 8,87 km
Binjai
Semayang
Helvetia
Tj. Mulia
STA 5+920
STA 10+870
STA -1+720
STA 15+380
BAKAUHENI – TERBANGGI BESAR
Seksi III : Tegineneng – Terbanggi Besar Seksi II : Babatan - Tegineneng Seksi I : Bakauheni - Babatan Jalan Tol Penghubun g JSS 1. Access Sunda’s Strait Bridge : 11 km2. Bakauheni – Babatan : 27 km 3. Babatan - Tegineneng : 59 km
PEKANBARU – DUMAI
Pekanbaru Minas Petapahan Kandis Duri 1 Duri 2 Dumai
9,25 Km 23,95 Km 17 Km 26,3 Km 29,925 Km 25,075 Km
Seksi III : Duri Utara - Dumai Seksi I :
Pekanbaru - Kandis
Seksi II : Kandis – Duri Utara
Pekanbaru Sta 0+000 Minas Sta 9+250 Petapahan Sta 33+200 Kandis Sta 50+200 Duri Selatan Sta 76+500 Duri Utara Sta 106+450 Dumai Sta 0+000 Duri Utara “ Sta 25+075 Sta 97+500
