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PUBLIC PRIVATE PARTNERSHIP : TOLL ROAD DEVELOPMENT IN INDONESIA

Indonesia Toll Road Authority

Ministry of Public Works and Housing

Indonesia Infrastructure Investment Forum Korea, 20 September 2017

Background • Indonesia’s GDP is ranked

16th worldwide • Largest regional economy

(33% of ASEAN) • Government’s infrastructure plan is a key component of

delivering future economic prosperity • Road infrastructure is lagging behind others

Economic Backdrop

Indonesia Infrastructure Figure

95

79

68

60

49

42

24

2

Philipinies

Vietnam

India

Indonesia

Thailand

China

Malaysia

Singapore

The Global Competitiveness Index 2016 -2017 Infrastructure Ranking

106

89

75

60

51

39

20

2

Philipinies

Vietnam

Indonesia

Thailand

India

China

Malaysia

Singapore

The Global Competitiveness Index 2016 - 2017 Quality of Roads Ranking

60

57

41

39

34

28

25

2

Vietnam

Philipinies

Indonesia

India

Thailand

China

Malaysia

Singapore

The Global Competitiveness Index 2016 - 2017 Ranking

8.00% 13.00% 15.00%

18.00% 20.90%

24.00%

0%

10%

20%

30%

Singapore Malaysia Thailand Cambodia Vietnam Indonesia

Transport Cost in Percentage of GDP

Sumber: NESDB, Vietnam business forum, Logistic Viewpoints and Indonesia Investment

65,065

8,428 2,623 2,350 1,016

-

10,000

20,000

30,000

40,000

50,000

60,000

70,000

China Japan South Korea Malaysia Indonesia

Toll Road Length Among Asian Countries (Km)

Source : BPJT and other’s link

Background

Indonesia Toll Road Authority, Ministry of Public Works and Housing

GDP per capita represented by size of bubble

• High costs of land transport due to poor connectivity, high travel times, chronic road congestion, poor road condition

• Economic and social prosperity is being inhibited by insufficient road capacity and poor condition

• Traffic demand is expected to more than double in 15 years, equating to around 5% per annum, so the traffic situation will become worse if no urgent action is taken

• The immediate challenge is to address the road investment backlog and thereby improve poor connectivity to keep Indonesia moving and to boost the economy

National Road Challenges


Java 2035: No New Projects

Traffic conditions on tollroads

Traffic conditions on other arterial roads

Red indicates roads near/over capacity

Source:

Background



Java 2035 : with Committed Expressways Constructed




Source:

Background



Java 2035 : with Committed and Planned Expressways Constructed




Source:

A Second Trans-Java Freeway is required

Background



Jakarta

Merak

Cilacap

Cirebon

Yogyakarta

Semarang

Banyuwangi

Surabaya

Bandung Malang

Cikampek Tegal

Surakarta

BawenGempol

Supernode (Urban)

Supernode (Gateway)

Junction

Superlink

JAVA Backbone Network Schematic

Jakarta Merak

Cilacap

Cirebon

Yogyakarta

Semarang

Banyuwangi

Surabaya

Bandung Malang

Cikampek Tegal

Surakarta Bawen

Gempol

Background



Jakarta

Merak

Cilacap

Cirebon

Yogyakarta

Semarang

Banyuwangi

Surabaya

Bandung Malang

Cikampek Tegal

Surakarta

BawenGempol

Supernode (Urban)

Supernode (Gateway)

Junction

Superlink

SUMATERA Backbone Network Schematic

Banda Aceh

Padang

Pekanbaru

Bengkulu

Jambi

Bandar Lampung Palembang

Dumai

Sibolga

Tebing Tinggi

Indralaya

Bakauheni

Background


Policy Framework

GOALS Improve Services and Set up Toll Road Industry to support 1.000 km Toll Road Program

Early and Faster Land Acquisition

Process

Faster Tender Process

Variety of Government

Support & Guarantee

PPP Scheme

New PPP Scheme

Simplified Procedure

Government Support

Land Acquisition

MAIN ACTIVITIES

DIRECTION


TRC without Government Support

TRC with Government Support

Conventional Procurement

•Needed to boost regional development; and •Government budget for Toll

Road is Limited (based on Government Budget Allocation)

Economically & Financially

Feasible

Yes

Economically Feasible,

financially marginal

Economically Feasible, Not Financially Feasible

Or

No Project Included in master plan ?

Yes

No

Treated as Unsolicited

Project

Build-Operate-Transfer (BOT)

Supported Toll Road (S-BOT)

State Own Enterprise (Due Diligent)

Performance Based Annuity Scheme (PBAS)

Construction Contract (e.g:

Turnkey &D&B)

Yes Yes

STRATEGIC DECISION

No No


Policy Framework

New PPP Scheme

DELIVERY OPTIONS : Scheme Selection


BOT SBOT SGM/SOE AP CONVENTIONAL

Economically Viable

Economically Viable

Without Support

Reconsider Project

Need Acceleration, Support Dev

AP Candidate

No

No

No

No

Yes

Yes Yes

No

Yes

Yes

Policy Framework

New PPP Scheme

IMPLEMENTATION OF THE AGREEMENT

(± 4 months)

(± 2 months)

Prepare PQ Document

Submit PQ Document

Prepare Bid Proposal

Submit Bid Proposal & Bid Bond

Receive Notice Award

PRIVATE SECTOR

Sign Contract

Performance Bond, Land Acquisition

Cost, Financial Close

Pre Bid Conference-bid Preparation

PQ And Bid Invitation

Prequalification Of Bidder

Submission And Opening Bid

Project Preparation

Evaluation Of Bid

Apointment Of Succesful Bidder

Consession Agreement

GOVERNMENT

Prepare Special Purpose Vehicle

Government Support

Guaranteed by IIGF Financing facility

from SMI

Simplified Procurement Process

Contractors and banks early involved

Policy Framework

Simplified Procedure

Termination Risk

Ramp Up Period Risk

Land Fund Risk

Tariff Adjustment

Risk

Political Risk

Land Acquisition

Risk

Risks that will be MPWH‘ responsibility that should be mitigated


Exposure Risk The highest risk is Termination Risk (equal to Project Value)

Government Support

Type of Guarantee

Toll Road Company

Indonesia Infrastructure

Guarantee Fund

MPWH (via ITRA)

Recourse Agreement

Guarantee Agreement

PPP Agreement

70% 30%

User

Bank (Debt) ( 70% )

Equity ( 30% )

Toll Tariff

Government & TRC’s responsible

Ministry of Finance MPWH Recourse Payment

(based on PMK 260/2010)

Budgeting Mechanism

Guarantee Agreement

1. Guarantee Agreement between IIGF and Toll Road Company to guarantee the financial obligation of

ITRA – MPWH related to the risk allocation;

2. If ITRA – MPWH cannot fulfill the obligation, IIGF will pay to the TRC based to the claim;

3. The Mechanism will be arranged in Guarantee Agreement.


Government Support

Guarantee Transaction Structure

5. Toll Tariff

6. Traffic Volume

7. Change of Law

8. Force Majeure


1. Land Acquisition

2. Engineering

3. Construction

4. O&M

TYPE OF RISK ALLOCATION

Government TRC

Law 13/1980 Law 38/2004

TYPE OF RISK ALLOCATION

Government TRC

Government Support

Risk Allocation

GEN 1 (2004 – 2012)

GEN 2 (2012 – 2015)

GEN 3 (2015 – Present)

BEFORE 2004

Risks mainly taken by PT Jasa Marga (State Own

Enterprise) and Private sector

Risks were delivered to

Toll Road Companies (SOE and Private

Entities)

• Risks are shared between Government and Private

• Three parties agreement (ITRA, TRC, Lender)

• Land acquisition is responsibilty of Government

• Land Revolving Fund and Land Capping Fund

• Project guaranteed by government through IIGF

• Land acquisition policy is based on Law 2/2012

• Certainty of land acquisition on time frame, cost, and institution

• Bridging Finance for land acquisition by TRC, repaid by government through LMAN

GEN 4 (Future)

• Optimization the guarentee structure

• Focus on regulation of Minimum Service Standards

Land Acquisition


Parties Involved

Time Frame

Substances Working Days

Preparation 242 - 268

Implementation 247 - 251

Handover 33

Total 519 - 549

Amount of Compensation

Determined by an Independet Appraiser who obtain a license from Finance Minister and National Land Agency

Certainty on Land Acquisition (Law 2/2012)

PROJECT INITIATOR Ministry of Public Works and

Housing

THE USER Toll Road Company

IMPLEMENTS AGENCY National Land Agency

LOCATION PERMIT Governor/ Head of Local

Regional

Bills and Payments of LMAN 2016

566.02

510.44 520.71

309.41

70.67

185.03 37.08 48.28

156.71

60.37

181.43

8.90 97.65

364.33

865.92

1,039.22 155.80

78.39 258.72

711.69

207.00

796.62 504.14

29.77

37.67 209.91

190.94

299.77

294.18

313.57 9.39

272.41

166.35 341.56

61.81

74.46

208.82

113.02

655.59

10.70

281.52

282.65

331.37

61.25

219.36 299.75

395.45

374.1

5.1

366.7 271.74

Pejagan PemalangPemalang BatangBatang Semarang

Semarang SoloSolo Ngawi

Ngawi KertosonoKertosono MojokertoMojokerto Surabaya

Gempol PasuruanPasir Koja Soreang

Pandaan MalangBalikpapan Samarida

Manado BitungCengkareng Batuceper…

Kunciran SerpongSerpong CinereCinere Jagorawi

Cimanggis CibitungCibitung Cilincing

Depok AntasariBekasi Cawang Kp. Melayu

Bogor Ring Road

Palembang IndralayaPekanbaru Kandis Dumai

Medan Kualanamu…Medan Binjai

Phase 1 Phase 2 Phase 3 Phase 4 Phase 5 Phase 6

12,26T LMAN’S BILLS

7,60T PAID BY LMAN

(in Indonesia Rupiah)

261.03

149.53

143.29 33.98

18.11

36.26

111.01 71.06

41.15

181.21

9.39

91.46

91.92

476.96

276.53

93.98

70.82

184.27

502.86 51.47

683.61

281.29 11.41

26.97 162.57

152.13

145.17

139.01

46.69

311.3 5.28

6.19

211.16

166.35

218.78 61.82

74.46

200.45

78.56

453.92

2.23

72.91

165.66

234.2

61.25

197.9

433.42

99.6

Pejagan PemalangPemalang BatangBatang Semarang

Semarang SoloSolo Ngawi

Ngawi KertosonoKertosono MojokertoMojokerto Surabaya

Gempol PasuruanPasir Koja Soreang

Pandaan MalangBalikpapan Samarida

Manado BitungCengkareng Batuceper Kunciran

Kunciran SerpongSerpong CinereCinere Jagorawi

Cimanggis CibitungCibitung Cilincing

Depok AntasariBekasi Cawang Kp. Melayu

Bogor Ring RoadBakauheni Terbanggi Besar

Palembang IndralayaPekanbaru Kandis Dumai

Medan Kualanamu Tebing TinggiMedan Binjai

Phase 1 Phase 2 Phase 3 Phase 4

Land Acquisition Fund 2017

131.19 104.56

1,852.49 20.83 75.76 48.82

0.29 - 32.81 3.22

515.66 105.05

- 147.43

248.32 - - -

783.65 1,482.57

1,919.59 68.63

1,191.06 141.59

290.89 344.18

307.73 -

1,393.96 958.11

9.27 27.96

166.48 205.28

Pejagan Pemalang

Batang Semarang

Solo Ngawi

Kertosono Mojokerto

Gempol Pasuruan

Pandaan Malang

Krian Legundi Bunder

Manado Bitung

Cileunyi Sumedang Dawuan

Cengkareng Batuceper Kunciran

Serpong Cinere

Cimanggis Cibitung

Depok Antasari

Bogor Ring Road

Bakauheni Terbanggi Besar

Palembang Indralaya

Medan Kualanamu Tebing Tinggi

12,61T NTP 2017 PAID TO LAND

OWNER 10,62T 131.19

103.38 1,829.54

18.41 41.68 48.82

0.29 -

70.24 3.23

376.84 102.34

- 145.26

224.85 - - -

651.45 620.69

1,900.04 34.76

1,178.77 135.57

269.13 241.02 231.47

- 1,268.12

638.07 0.65 25.81

124.14 201.07

Pejagan Pemalang

Batang Semarang

Solo Ngawi

Kertosono Mojokerto

Gempol Pasuruan

Pandaan Malang

Krian Legundi Bunder

Manado Bitung

Cileunyi Sumedang Dawuan

Cengkareng Batuceper Kunciran

Serpong Cinere

Cimanggis Cibitung

Depok Antasari

Bogor Ring Road

Bakauheni Terbanggi Besar

Palembang Indralaya

Medan Kualanamu Tebing Tinggi

as of 28th August 2017

(in Indonesia Rupiah)

Toll Road Development Target (2015- 2019)

1.060 Km

Estimation of Total Investment (2015-2019)

IDR 167,4 T


North Sumatera

South Sumatera

Lampung

West Java

Jabodetabek

Central Java

East Java

East Kalimantan

North Sulawesi

Toll Road Plan 2015 - 2019


Toll Road Plan 2015 - 2019

Cumulative Length

2016

176 Km

568 Km

1183 Km

1852 Km

2017 2018 2019

392 Km

615 Km

669 Km

2015

132 Km

44 Km

Toll Road Operation Plan

Sept 17 235 km

Cumulative Length of Realization

24%

20% 29%

27%

Concession Agreement (PPJT)

41 Project (2.146 Km)

564 Km

Trans Java

10 Project

316 Km

Non Trans Java

8 Project

Jabodetabek

12 Project

Sumatera, Sulawesi & Kalimantan

969 Km 11 Project

296 Km

34%

3% 63%


234 Km

Tender

2 Project

2.338 Km

Preparation

22 Project

2.146 Km

Concession Agreement

41 Project

National Strategic Project (PSN)

17%

80%

2%


Operated

1 Project

386 Km

Land Acquisition

7 Project

14 Km

1.746 Km

Construction + Land + Partly Operated

33 Project

Investment Stage

Status: September 2017

Non PSN Already Operating (120,2 Km): • Cikampek – Palimanan : 116,7 Km • Kejapanan – Gempol : 3,5 Km

Trans Java Non Trans

Java Jabodetabek

Sulawesi & Kalimantan

Number

Preparation 4 Project 1 Project 17 Project 22 Project

231 Km 17 km 2090 km 2338 km

Tender 1 Project 1 Project 2 Project

170 Km 64 Km 234 Km

Concession Agreement

10 Project 8 Project 12 Project** 11 Project 41 Project

564 km 316 km 297 km 969 km 2.146 km

TOTAL PSN 11 Project 12 Project 14 Project 28 Project 65 Project

734 Km 548 Km 377 Km 3.059 Km 4.718 Km

Trans Java Non Trans

Java Jabodetabek

Sulawesi & Kalimantan

Number

Land Acquisition 0 Project 2 Project 4 Project 1 Project 7 Project

0 Km 102 km 141 km 143 km 386 km

Construction + Land + Partly

Operated

10 Project 5 Project 8 Project 10 Project 33 Project

564 km 200 km 156 km 826 km 1.746 km

Operated 1 Project 1 Project

14 km 14 km

Total 10 Project 8 Project 12 Project 11 Project 41 Project

564 km 316 km 297 km 969 km 2.146 km

National Strategic Project (PSN)

** 1 Project including 6 Project DKI Jakarta: 1. Semanan – Sunter (20 Km) 4. Kemayoran – Kampung Melayu (10 Km) 2. Sunter – Pulo Gebang (10 Km) 5. Ulujami – Tanah Abang (9 Km) 3. Dutri Pulo – Kampung Melayu (10 Km) 6. Pasar minggu – Casablanca (9 Km)

Financing Needs (Toll Roads On Progress)

VGF 38,8T

209,9T

105,4T

354T 41 PSN

29%

20% 31%

2%

6%

10% 2%

BANK SYNDICATION

BCA

BRI

47,7T

13,7T

1,1T

9,7T

14,6T

1,1T

2,7T

4,8T

12.3%

66.6%

33.4%

SOURCE OF FINANCING

105.4

79.9

16.1

0

20

40

60

80

100

120

Equity

Source Of Equity

Funding Gap

Government Injection

Shareholder Equity

9,4

38.8

3.6

19.3

8.4

0.0

5.0

10.0

15.0

20.0

25.0

30.0

35.0

40.0

45.0

VGF

Government Support (Partly Constructed by Government)

Funding GapSupport Other Toll RoadLoan ChinaAPBN - PUPR

7,6

SMI

MANDIRI

BNI

BANK MUAMALAT

BANK JATENG

DEBT

EQUITY

209.9

49.05

1.06

72.7

-

50.0

100.0

150.0

200.0

250.0

Debt

Source Of Debt

Funding Gap CPF

Syariah Conventional

87,1

49.05

5.15

43.9

0

10

20

30

40

50

60

Conventional

Source Of Conventional Funding

Perbankan Non PerbankanBank Non Bank China Loan National Budget

Support from Other Toll Road

Funding Gap

Project Medan – Binjai (17 km)

Project Pekanbaru –Dumai (131 km)

Project Bakauheni – Terbanggi Besar (140 km)

Project Palembang – Simpang Indralaya (22 km)

Length : 131,475 km Total IC : 5 IC Concession : 40 yr Tariff (Gol. I) : Rp 900/km (2020 yr) Initial Traffic Volume : 6.948 Vhc/day (2020 yr) Investment Cost : Rp. 16,210 Tn Construction Progress : 0,63 % (6 June ‘17)

Length : 22 km Total Section : 3 sections Concession : 40 yr Tariff (Gol. I) : Rp 750/km (2017 yr) Initial Traffic Volume : 20.931 Vhc/day (2017 yr) Investment Cost : Rp. 3,301 Tn Construction Progress : 54,81 % (6 June ‘17)

Length : 16,72 km Total Section : 3 sections Concession : 40 yr Tariff (Gol. I) : Rp 750/km (2017 yr) Initial Traffic Volume : 15.027 Vhc/day (2017 yr) Investment Cost : Rp. 1,604 Tn Construction Progress : 53,38% (6 June ‘17)

Length : 140,938 km Total IC : 9 IC Concession : 40 yr Tariff (Gol. I) : Rp 800/km (2018 yr) Initial Traffic Volume : 16.097 Vhc/day (2018 yr) Investment Cost : Rp. 16,795 Tn Construction Progress : 35,49 % (6 June ‘17)

Trans Sumatera Toll Road

on Progress

Project Terbanggi Besar – Pematang Panggang – Kayuagung (185 km)

Length : 185 km Speed Design : 100 km/jam Total Lane : 2 x 2 Lane (Initial stage) Total IC : 5 IC Concession : 40 yr Tariff (Gol. I) : Rp 900/km (2019 yr) Initial Traffic Volume : 6.419 Vhc/day (2019 yr) Investment Cost : Rp. 21,950 Tn Finishing Target : June 2018

Project Kuala Tanjung-Tb. Tinggi- Parapat (143 km)

Length : 143.25 km Total sections : 6 sections Concession : 40 yr Tariff (Gol. I) : Rp 1000/km (2020 yr) Initial Traffic Volume : 7,866 Vhc/day (2020 yr) Investment Cost : Rp. 13.45 Tn

Length : 255.8 km Total sections : 5 sections Concession : 40 yr Initial Traffic Volume : 12,331 Vhc/day (2020 yr) Investment Cost : Rp. 65.113 Tn

Project Pekanbaru-Padang (255 km)

Project Tol Panjang

(km)

8 Priority

Segments

(Operation

Target by

End of 2019)

Medan – Binjai 17

Palembang –

Indralaya 22

Bakauheni – T Besar 140

Pekanbaru – Dumai 131

Terbanggi Besar –

Pematang Panggang. 100

Pematang Panggang –

Kayu Agung 85

Palembang – Tanjung

Api Api 90

Kisaran – Tebing

Tinggi 60

Sub Total 645

Additional

Priority

Segment

Medan – Banda Aceh 470

Padang – Pekanbaru 240

Tebing Tinggi – Prapat 98

Sub Total 808

Betung - Jambi 191

TOTAL 1.644

Pe

rpre

s 1

00

/20

14

P

erp

res

11

7/2

01

5

MP

UP

R 2

01

6

Priority Segment to be Developed

Remarks : *) Bond and Debt Portion are guaranteed by Government of Indonesia

FINANCING FOR 8 PRIORITY SEGMENTS

Investment Cost (Excluded VGF) : Rp. 73,9 Trillion

Equity Portion : Rp. 44,2 Trillion

Source of funds:

Gov Injection 2015-2016 : Rp. 5,6 Trillion

Contractor Turn Key : Rp. 7,0 Trillion

Current Bond *) : Rp. 6,5 Trillion

Rev. Tj Priok Access : Rp. 4,0 Trilion

Sub-Total : Rp. 23,1 Trillion

Shortage : Rp. 21,1 Trillion

Debt Portion : Rp. 29,7 Trillion

Financial Institution *) : Rp. 29,7 Trillion

Description Length

(km)

Investment Cost Equity Available Equity DEBT Equity Source Support Necesity

KM Rp B

8 Priority

Segments

(Operation Target

by End of 2019)

Pe

rpre

s 1

00

/20

14

Medan – Binjai 17 17 2,742 1,014 1,014 1,728 Gov Injection 2015

Already Financed Palembang – Indralaya 22 22 3,301 2,311 2,311 990 Gov Injection 2016

Bakauheni – T Besar 140 140 16,795 8,728 8,728 8,067 Gov Injection

2015-2016 & Bonds

Pekanbaru – Dumai 131 131 16,210 11,347 4,000 4,863 Revenue Tj Priok

Access Direct Lending for Equity

Pe

rpre

s 1

17

/20

15 Terbanggi Besar – Pematang Panggang. 100

105 13,574 7,044 7,044 6,530 Contractor Turn Key

Soft Loan for refinancing

to

PT Waskita Karya Pematang Panggang – Kayu Agung 85

Palembang – Tanjung Api Api 90 90 14,289 11,431 2,858 (not available yet) Direct Lending for Equity

Kisaran – Tebing Tinggi 60 60 2,307 6,991 4,684 (not available yet) Direct Lending for Equity

Sub Total 645 565 73,902 44,182 23,097 29,720

Additional Priority

Segment

MP

UP

R 2

016

Medan – Banda Aceh 470 470 70,120 (not available yet) (not available yet)

Soft Loan for VGF portion

(50km)

Direct Lending for Equity

Padang – Pekanbaru 250 240 65,000 (not available yet) (not available yet) Soft Loan for VGF portion

Direct Lending for Equity

Tebing Tinggi – Prapat 98 93 7,974 (not available yet) (not available yet)

Soft Loan for VGF Portion

(Banda Aceh – Sigli,

70km)

Sub Total 808 758 143,094

Betung - Jambi 191 191 28,650 (not available yet) (not available yet) Direct Lending for Equity

TOTAL 1,654 1,514 245,646

Priority Segment to be Developed

Need Viability Gap Fund (VGF) for Kuala Tanjung-Tebing Tinggi-Parapat about 50 km, Cost Estimation IDR 7.5 T

Trans Sumatera Toll Road

No LINK (KM) FIRR %

1 Medan-Binjai 17 11.15

2 Palembang-Sp Indralaya 22 11.00

3 Bakauheni-Terbanggi Besar 140 11.80

4 Pekanbaru-Dumai 131 11.20

5 Palembang - Tanjung Api-api 90 3.80

6 Kisaran-Tebing Tinggi 60 11.70

7 Terbanggi Besar-Pematang Panggang 100 9.36

8 Pematang Panggang-Kayu Agung 85 9.36

9 Dumai-Sp. Sigambal-Rantau Prapat 175 7.11

10 Rantau Prapat-Kisaran 100 8.73

11 Bukit Tinggi-Padang 55 6.22

12 Batu Ampar-Bandara Hang Nadim 25 10.83

13 Jambi-Rengat 190 7.40

14 Rengat-Pekanbaru 175 7.30

15 Betung (Sp Sekayu)-Tempino-Jambi 191 7.34

16 Pekanbaru-Bukit Tinggi 185 6.61

17 Sp Indralaya-Muara Enim 88 9.21

18 Tebing Tinggi-Sibolga 200 9.61

19 Sigli-Banda Aceh 75 9.53

20 Lubuk Linggau-Curup-Bengkulu 95 9.14

21 Muara Enim-Lahat-Lubuk Linggau 125 8.98

22 Binjai-Langsa 110 9.50

23 Langsa-Lhokseumawe 135 8.51

24 Lhokseumawe-Sigli 135 8.09

TOTAL 2,704

Padang-Pekanbaru 250 km, some section possible to be financed by

JICA Loan especially on tunnel section (± 7 km) & access road

Review several financing for :

Aceh-Sigli (75 km)

Palembang-Tanjung Api-api (90 km)

Pekanbaru-Dumai (131 km)

Indrapura-Kisaran ( 48 Km)

Financing Scheme : 1. ODA and/or Subsidy Loan Agreement to HK (two step loan)

for VGF and complex structure (tunnel section) 2. Direct Lending to HK 3. Japanese investor create joint venture with HK


State Guarantee Model (Indonesia Case)

Model 1 Model 2 Model 3 Model 4 Model 5

Construction Contract

Assignment To PT WK

Joint Venture

Availability Payment

Turnkey/ Mod.

Turnkey

Medan-Binjai

Palembang- Indralaya

Pekanbaru-Dumai

Bakauheni- Terbanggi Besar

Terbanggi Besar- Kayuagung

Kualatanjung- Parapat

100% 100% 100% 100%

40%

Additional

Padang- Pekanbaru

Medan-Aceh

HK JM WTR

30% 30%

Trans Sumatera Toll Road Concession Scheme

PT HUTAMA KARYA

Characteristic of Future Toll Road Project

1. Preparation project document that are more bankable 2. Bigger Government Support 3. New project scheme to attract investor 4. Alternative source of financing (pension fund, securitization, etc.)

Necessity :

1. Land Acquisition as important factor

2. Marginal feasibility for next project, will be tendered in next 1-2 year (low traffic volume)

3. Cash deficiency on initial period of operation (mismatch financing)

4. Huge investment cost meanwhile domestic financing capacity is limited

• Domestic investor project :

a. Jasa Marga: 719 km

b. Waskita Karya: 236 km

c. CMNP: 90 km

d. Astra Group: 37 km

e. Hutama Karya : 618 km

f. Others (Wijaya Karya, BSD, Group Kompas-

Gramedia, Jakarta Propertindo) : 151 km

• Almost all of their capacity is used (ability to get

financing from bank is limited by legal lending limit)


Upcoming Project


BANDA ACEH

MEDAN

PEKANBARU

BANDAR LAMPUNG

JAMBIPADANG

PALEMBANG

PANGKAL PINANG

BENGKULU

BANDUNG

JAKARTA SEMARANG

YOGYAKARTA

SURABAYA

DENPASAR

MATARAM

UJUNGPANDANG

KENDARIBANJARMASIN

MAMUJU

PALU

SAMARINDA

PALANGKARAYA

PONTIANAK

AMBON

MENADO

SORONG MANOKWARI

WAMENA

JAYAPURA

MERAUKE

KENDARI

KUPANG

BALIKPAPAN

*) unsolicited project

Link Number 1 2 3 4 5 6 7 8

Link Name Semarang-Demak

Probolinggo-Banyuwangi

Serang-Panimbang (Segment Cileles-

Panimbang)

Jakarta Cikampek 2 Selatan*

Jembatan Suramadu

Cileunyi-Tasik-Cilacap*)

Cilacap-Jogja-Solo*)

Jogja-Bawen

Length (km) 25,25 172,91 33 64 5,40 183 237 71,56

Investment Cost (IDR Trillion) 7,71 21 5,2 17.77 NA 35,03 45,37 12,13

Land Cost (IDR Trillion) - - - 3.07 NA 0,59 0,77 -

Construction Cost (IDR Trillion) 5,17 14,67 3,5 7.76 NA 20,95 27,14 -

Scheme BOT BOT AP BOT OMT BOT BOT BOT

Status Tender

Preparation

Tender Process (Request for

Proposal, proposal

submission enf of Sept 17 )

Pre-qualification

Pre-qualification (Evaluation,

shortlist announcement end

of Aug 17)

Tender Preparation Unsolicited Project Unsolicited Project

Unsolicited project

1

2

3

5 6

4 8 7

Closing Statement


Lesson Learned

Collaborative toll road PPP Mutual effort to achieve target Creative and adaptable scheme :

- Land Acquisition fund - Contractor pre-financing - Cross subsidy - Utilization of existing assets including securitization, etc

Commitment using PPP Scheme

Solid Regulations framework to support implementation of Toll Road PPP

Bankable PPP structure to attract private sectors and financing institutions

Necessity to create toll road development plan

LET’S INVEST !

INVESTMENT DIVISION Indonesia Toll Road Authority

Ministry of Public Works and Housing

Bina Marga building, 3rd floor Pattimura 20 Kebayoran Baru-South Jakarta 12110

Ph (021) 7258063/ 7257067 Fax (021) 7257126/ 7254415

[email protected]

Indonesia Toll Road Authority Ministry of Public Works and Housing

THANK YOU

Description :

The development of road infrastructure is an absolute necessity for the development of transportation, improvement of the economy and regional development in East Kalimantan. In an effort to the fulfill of infrastructure the road, and through taking into account the limited time the government of East Kalimantan on one side and see any chance private investment on the other side, the government of East Kalimantan makes policies to draw private investors into the field of a motorway/toll by involving the private sector is expected to the acceleration of providing infrastructure for the increase in community welfare can be achieved.

Estimated Project Cost : Under Calculation

Implementation Schedule (ETA): 1. Preparation : 2017 - 2018 2. Larap, Land Acquisition & Tender for SPC : 2018 - 2019 3. Construction : 2018 - 2019 4. Operation : 2020

Financial Feasibility: IRR : Under Calculation NPV : Under Calculation

Business Opportunity: Transaction adviser/bidder/financier Project Status: Under Preparation

Indicative Government Support & Guarantee: Government Support and government guarantee will be determined in Final Business Case Study.

SAMARINDA – BONTANG ROAD LOCATION: East Kalimantan

Description : Jogja – Solo Toll Road will cross Sleman District in Yogyakarta and 3 districts in East Jawa; Surakarta District, Sukoharjo District and Klaten District. Sleman is well-developing district especially in trading. The other three district have own potential resources which will attract economic growth around East Java. This toll road is approximately 400 km in length.

Estimated Project Cost : Under Calculation

Implementation Schedule (ETA): 1. Preparation : N/A 2. Larap, Land Acquisition &

Tender for SPC : N/A 3. Construction : N/A 4. Operation : N/A

Financial Feasibility: FIRR : Under Calculation NPV : Under Calculation

Business Opportunity: Transaction adviser/bidder/financier Project Status: In the OBC facilitation phase by KPPIP


LOCATION MAP

YOGYAKARTA – SOLO TOLL ROAD LOCATION: Yogyakarta - Central Java

Description : This toll road is 71,56 km toll road will be divided into three section: 1. Section 1, Bawen to Secang (STA

0+000 to STA 22+200) including Bawen Junction and Secang Junction;

2. Section 2, Secang to Borobudur (STA 22+200 to STA 53+500) without junction;

3. Section 3, Yogyakarta to Borobudur (STA 53+500 to STA 71+393.852) including Borobudur Junction.

Estimated Project Cost : USD 270.0 million

Implementation Schedule (ETA): 1. Preparation : 2007 - 2018 2. Larap, Land Acquisition &

Tender for SPC : 2018 3. Construction : 2018 - 2019 4. Operation : 2020

Financial Feasibility: FIRR : 14% NPV : Under Calculation

Business Opportunity: Transaction adviser/bidder/financier Project Status: Preparation of OBC


LOCATION MAP

YOGYAKARTA – BAWEN TOLL ROAD LOCATION: Yogyakarta - Central Java

Terbanggi Besar – Pematang Panggang – Kayu Agung

36

Seksi-3 85,00 km STA. 100+000 – STA. 185+600

Seksi-2 55,00 km STA. 45+000 – STA. 100+000

Seksi-1 45,00 km STA. 0+000 – STA. 45+000

Penetapan Lokasi 74 km

Pematang Panggang – Kayu Agung

Terbanggi Besar – Pematang Panggang

Technical Data: Lenght : 185 km Speed Design : 100 km/jam Total Lane : 2 x 2 Lane (Initial stage) Total IC : 5 IC Consession : 40 yr Tarrif (Gol. I) : Rp 900/km (2019 yr) Initial Traffic Volume : 6.419 Vhc/day (2019 yr) Investment Cost : Rp. 21,950 Tn Finishing Target : June 2018

Kisaran – Tebing Tinggi

37

Technical Data: Lenght : 68,9 km Speed Design : 100 km/jam Total Lane : 2 x 2 Lane (Initial stage) Total IC : 4 IC Consession : 40 yr Tarrif (Gol. I) : - Initial Traffic Volume : - Investment Cost : Rp. 13,454 Tn (Estimate) Finishing Target : Des 2019

Palembang – Tj Api Api

38

Technical Data: Lenght : 70 km Speed Design : 100 km/jam Total Lane : 2 x 2 Lane (Initial stage) Total IC : 4 IC Consession : 40 yr Tarrif (Gol. I) : - Initial Traffic Volume : - Investment Cost : Rp. 14,289 Tn (Estimate) Finishing Target : Des 2019

End Point

Start Point

Medan – Banda Aceh

39

Technical Data: Lenght : 470 km Speed Design : 100 km/jam Total Lane : 2 x 2 Lane (Initial stage) Total IC : 23 IC Consession : 40 yr Tarrif (Gol. I) : - Initial Traffic Volume : - Investment Cost : Rp. 70,12 Tn (Estimate) Finishing Target : Des 2025

Padang – Pekanbaru

40

Technical Data: Lenght : 240 km Speed Design : 60 - 100 km/jam Total Lane : 2 x 2 Lane (Initial stage) Total IC : 9 IC Consession : 40 yr Tarrif (Gol. I) : - Initial Traffic Volume : - Investment Cost : Rp. 65 Tn (Estimate) Finishing Target : Des 2024

Kuala Tanjung – Tebing Tinggi – Parapat

41

Technical Data: Lenght : 98,50 km Speed Design : 100 km/jam Total Lane : 2 x 2 Lane (Initial stage) Total IC : 6 IC Consession : 40 yr Tarrif (Gol. I) : - Initial Traffic Volume : - Investment Cost : Rp. 8,2 Tn (Estimate) Finishing Target : Des 2022


Trans Java Toll Road

1 2 3

4

5 6

7 8

Total Length : 498,23 km Total Investment : IDR 47,09 T Total Land Cost : IDR 5,24 T Total Construction Cost : IDR 26,2 T

INFORMATION :

Link Number 1 2 3 4 5 6 7 8

Link Name Pejagan - Pemalang Pemalang - Batang Batang-Semarang Semarang - Solo Solo - Ngawi Ngawi - Kertosono Mojokerto-Jombang-

Kertosono Mojokerto - Surabaya

Toll Road Company PT Pejagan Pemalang Tol Road

PT Pemalang Batang Tol Road

PT Jasamarga Semarang Batang

PT Transmarga Jateng PT Solo Ngawi Jaya PT Ngawi Kertosono Jaya PT Marga Harjaya

Infrastruktur PT Marga Nujayasumo

Agung

Length (km)/ Total of section 57,50/4 39,20/2 75,00/5 72,64/5 90,10/4 87,02/4 40,50/4 36,27/5

Investment (IDR Trillion) 6,84 4,08 11,05 7,52 5,14 3,83 3,48 4,98

Land Cost (IDR Trillion) /Progress 1,276/99,87% 1,406/99,86% 0,584/93,94% 0,927/99,39% -/88,13% -/99,36% 0,485/100% 0,557/100%

Construction Cost (IDR Trillion) 3,39 2,27 7,66 3,11**) 3,20 2,36 2,38 1,83

Target Operates 2017 2018 2018 2018 2017 2018 2017 2017

Construction Progress 77,73%

(Section I &III) 51,71% 34,57%

71,05% (Semarang-Bawen Section)

Total Gov TRC Total Gov TRC 94,19% (Bandar-

Jombang Section) 90,01%

(Section IA & IV) 74,88% 98,21% 71,05% 43,14% 9,70 69,83%

Progress of Toll Road Projects

TOLL ROAD

MERAK

- TANGERANG

TELUK NAGA - SEDYATMO

TOLL ROAD

KUNCIRAN - SERPONG

TOLL ROAD

SERPONG

- CINERE

ANTASARI - DEPOK

CINERE - JAGORAWI

CIMANGGIS

- CIBITUNG

JAKARTA

- CIKAMPEK

CIBITUNG - CILINCING

TJ. PRIOK ACCESS

RING ROAD

BOGOR

PASAR MINGGU

RAWA BUAYA

TANAH ABANG

ULUJAMI

TMII

KP. MELAYU

PULO GEBANG

1

TOLL ROAD

TOLL ROAD TOLL ROAD

TOLL ROAD

2

3

4 5

6

7


Jabodetabek Toll Road

Number Link Length (Km) Investment (IDR Billion)

1 Semanan - Sunter 20,23 11.060

2 Sunter – Pulo Gebang 9,44 4.918

3 DuriPulo – Kampung Melayu 12,65 8.167

4 Kemayoran – Kampung Melayu 9,60 4.934

5 Ulujami – Tanah Abang 8,70 6.114

6 Pasar Minggu – Casablanca 9,16 5.981

TOTAL 69,77 41.174

6 LINKS OF DKI JAKARTA TOLL ROAD

INFORMATION :

Total Length : 263 Km Total Investment : IDR 82,13 T Total Land Cost : IDR 14,69 T Total Construction Cost : IDR 39,42 T

8

Link Number 1 2 3 4 5 6 7 8 9 10 11

Link Name Cengkareng –

Batu – Ceper – Kunciran

Kunciran – Serpong

Serpong – Cinere Cinere – Jagorawi Cimanggis –

Cibitung Cibitung – Cilincing

Depok – Antasari

Bekasi – Cawang – Kp. Melayu Bogor Ring Road 6 ProjectTol

DKI Jakarta Serpong-Balaraja

Toll Road Company PT Marga Kunciran

Cengkareng

PT Marga Trans

Nusantara

PT Serpong Cinere Jaya

PT Translingkar Kita Jaya

PT Cimanggis Cibitung Tollways

PT MTD CTP Expressway

PT Citra Waspphutowa

PT Kresna Kusuma Dyandra

Marga

PT Marga Sarana Jabar

PT Jakarta Toll Road

Development

PT Trnas Bumi Serbaraja

Length (km)/Total of Section 14,19/4 11,19/2 10,14/2 14,64/3 25,39/4 34,02/4 21,54/5 21,04/2 11,00/3 69,77/6 30/3

Investment (IDR Trillion) 5.009 3.486 2.219 3.211 4.524 4.22 2.999 7.200 2.049 41.174 6,04

Land Cost (IDR Trillion) /Progres

1,219/ 25,26%

0,989/60,16% 0,712/ 80,72%

0,930/ 66,21%

1,314/ 21,65%

0,288/ 29,17%

0,769/ 41,96%

0,449**/ 68,87%

0,983/ 99,55%

5,28/ 0%

1,75/81% (Seksi I)

Construction Cost (IDR Trillion) 1,96 1,27 0,88 1,11 1,61 2,50 1,46 4,78 0,53 20,62 2,70

Target Operates 2019 2019 2019 2018 2019 2019 2019 2019 2019 2021 2019

Construction Progress 1,48% Land

Acquisition Land

Acquisition 50,39%

(Section I & III ) 4,48%

Land Acquisition

17,17% 46,15% 78,46%

(Section I & IIA) Land

Acquisition 13,29%

9

10

1

2 3 4

5

6


11

BANDA

ACEH

MEDAN

PEKANBARU

PADANG

JAMBI

PALEMBANG

BENGKULU

LAMPUNG

LHOKSEUMAWE

LANGSA

TEBINGTINGGI

P. SIANTAR KISARAN

BALIGE

SIBOLGA

RT. PRAPAT

BANGKINANG

BK. TINGGI

PANGKALAN

KERINCI

RENGAT

BETUNG

PRABUMULIH

MUARAENIM

LAHA

LB. LINGGAU

CURUP KAYUAGUNG

BAKAUHUNI

SIGLI

1

2

3 4

5

6

7 8 9


Trans Sumatera Toll Road Link Number 1 2 3 4

Link Name Bakauheuni –

Terbanggi Besar *)

Terbanggi Besar –

Pematang Panggang-Kayuagung

Kayu Agung – Palembang –

Betung Palembang – Indralaya *)

Toll Road Company

PT. Hutama Karya

PT. HutamaKarya

PT Sriwijaya Markmore

Persada PT. Hutama Karya

Length (km) / Total of Section

155/ 3 185 112 / 3 24,5 / 3

Investment (IDR Trillion)

16,80 13,57 14.44 3,30

Land Cost (IDR Billion) /Progres

1.196/ 78,31%

- 450/

65,71% 205/

93,61%

Construction Cost (IDR Trillion)

12.22 16,65 9.84 2.63

Target Operates 2018 2018 2018 2017

Construction Progress

40,87% - 10,93% 62,78%

Link Number 5 6 7 8 9

Link Name Palembang-Tanjung Api

Api*)

Pekanbaru – Kandis – Dumai

*)

Kisaran – Tebing

Tinggi*)

Medan – Kualanamu – Tebing Tinggi

Medan – Binjai *)

Toll Road Company

PT. Hutama Karya

PT. Hutama Karya

PT. Hutama Karya

PT. Jasamarga Kualanamu Toll

PT. Hutama Karya

Length (km) / Total of Section

70 135 /- 60 62 / 5 17/ 3

Investment (IDR Trillion)

14,29 16,21 2,31 4,072 2,74

Land Cost (IDR Billion) /Progres

974/ 50,51%

442 441/

92,46% 495/

85,37%

Construction Cost (IDR Billion)

9,532 - 1,759 1,294

Target Operates 2019 2019 2019 2017 2018

Construction Progress

0,76% - 69,44%

68,29%

INFORMATION :

*) Assignment for PT Hutama Karya **) Unsolicited

Total Length : 820 Km Total Investment : IDR 87,73 T



Non Trans Java Toll Road

Link Number 1 2 3 4 5 6 7 8

Link Name Ciawi - Sukabumi Gempol – Pasuruan

Pasuruan – Probolinggo

Waru (Aloha) – Wonokromo –

Tj. Perak Pasirkoja-Soreang Pandaan-Malang Balikpapan-

Samarinda Manado-Bitung

Toll Road Company PT Trans Jabar Tol

PT Trans Marga Jatim Pasuruan

PT Transjawa Paspro Jalan Tol

PT Margaraya Jawa Tol

PT Citra Marga Lintas Jabar

PT Jasamarga Pandaan-Malang

PT Jasamarga Balikpapan Samarinda

PT Jasamarga Manado-Bitung

Length (km)/ Total of Section 54,00/4 34,15/3 31,30/3 18,20/4 10,57/3 37,62/5 99,35/5 39,90/2

Investment (IDR Trillion) 7,775 4.031 3,551 11,111 1,510 5,97 9,97 5,12

Land Cost (IDR Trillion) /Progres

0,824/ 27,88%

0,256/ 76,91%

0,216/ 92,43%

1,425/ 0%

-/ 99,76%

1,35/68,46% 1,91/79,69% 1,20/48,35%

Construction Cost (IDR Trillion) 4,17 1,68 1,56 3,97 1,145 3,81 6,54 3,27

Target Operates 2019 2018 2018 > 2019 2016 2019 2019 2019

Construction Progress 11,00% 45,54% 12,53% Land Acquisition 87,09% 7,47% 24,91% 7,00%

1

2 3

4

5

Total Length : 325,09 Km Total Investment : IDR 49,04 T Total Construction Cost : IDR 26,145 T

INFORMATION :

6


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