Abstract :

In 2020, PT Hutama Karya (Persero), a state-owned enterprise mandated by the government to build the Trans Sumatra Toll Road, appointed a private consultant to conduct a feasibility study and for the proposed construction of the Betung – Tempino – Jambi Toll Road. However, due to the low traffic volume in the Jambi Province, the toll road was deemed financially not feasible to be developed. Given the substantial costs required for the development of the Betung – Tempino – Jambi Toll Road, this toll road segment was divided into several sections. Betung – Tempino – Jambi Toll Road is a segment of the primary route of the Trans Sumatra Toll Road, Phase 2, which spans 171 kilometers across the provinces of South Sumatra and Jambi. Bayung Lencir – Tempino – Simpang Ness Toll Road, which stretches 52 kilometers, is a part of the Betung – Tempino – Jambi Toll Road prioritized for construction and operation. According to Presidential Regulation of the Republic of Indonesia Number 131 of 2022, a funding scheme known as Service-Based Periodic Payments/Pembayaran Berkala Berbasis Layanan (PBBL) shall be provided to PT Hutama Karya (Persero) to enhance the financial feasibility and to ensure the funding, technical planning, construction execution, operation, and maintenance of the toll road.

This study will analyze and evaluate the financial feasibility of the Bayung Lencir – Tempino – Simpang Ness Toll Road before and after the implementation of PBBL provided to PT Hutama Karya (Persero) during the estimated duration of toll road concession for 50 years. The duration of the PBBL granted by the Government of Indonesia to PT Hutama Karya (Persero) is 15 years, with an annual payment of 880 billion Rupiah.

Based on the financial feasibility analysis without PBBL, the results indicate a negative NPV, an IRR lower than the Weighted Average Cost of Capital (WACC), a Discounted Payback Period exceeding the toll road concession period, and a Profitability Index below 1, indicating that the project is not yet financially viable. On the other hand, the financial feasibility analysis after PBBL implementation shows a positive NPV, an IRR greater than WACC, a Discounted Payback Period within the toll road concession period, and a Profitability Index above 1, indicating that the project is financially feasible. Therefore, PT Hutama Karya (Persero) shall develop the Bayung Lencir – Tempino – Simpang Ness Toll Road with PBBL scheme that contributed by the Government.

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Keywords :

Discounted Payback Period, Financial Feasibility, Internal Rate of Return (IRR), Net Present Value (NPV), Payback Period (PP), Pembayaran Berkala Berbasis Layanan (PBBL), Profitability Index., Service-Based Periodic Payments

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