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Jakarta, CNBC Indonesia – BUMN PT Hutama Karya (Persero) toll road said that to complete the construction of phase I of the Trans Sumatra toll road, until 2023, an additional capital of Rs 80 trillion is still needed.
This fund is necessary so that the company does not increase the financial burden of the company due to the loan if the financing comes from the debt.
The president director, Hutama Karya Budi Harto, said in the projections made by the company until 2029 that the company will still live it negative cash flow until next 2029. This is because the company must continue to finance the growing interest expenses derived from the financing of this project.
“We really need it this year until 2023 [tambahan ekuitas]. If you really have to present an election to the Minister, if you allow this loss or can get more [PMN/Penyertaan Modal Negara] up to a loss Cash Flow it didn’t happen, “Budi said in a hearing with the Indonesian Parliament’s XI Commission on Tuesday (11/17/2020).
He explained that the need for Rp.80 billion is expected to be provided through government PMNs in stages until 2023. The details are IDR 15 billion in 2021, IDR 30 billion in 2022, and IDR 35 billion in 2023.
Also, this assumption is if the company obtains a revolving BLU fund from the Toll Road Regulatory Agency (BJT) worth IDR 20 billion in stages.
However, the value of PMN could decrease as long as the company receives a tax deferral from the administration of this toll road. Because until now, companies regularly pay taxes to the state.
“So if this VAT is in fact our responsibility as investors, with the philosophy that the responsibility is the last owner, because we are the ones who invest, we are responsible. Now we have the support of the government for financing, the VAT that we pay will also go to the government. So if possible we were exempt from VAT on this Sumatra turnpike activity so that we couldreduce our costs and can also reduce the PMN, ”he explained.
Another effort made by the company to improve Hutama Karya’s financial capacity is to sell the currently operating Trans Sumatra toll roads, namely Bakauheni-Palembang or Pekanbaru-Dumai.
However, he admitted, the company had a hard time finding buyers because this toll road had a low Internal Rate of Return (IRR).
“What we are doing is proposing a concession extension to PUPR, proposing 10 years, according to the 50-year rule. If there is an extension of the segment, we will make concessions to other parties so that we can cash so that we can restructure the loans, “he explained.
In the presentation material provided by the company, it is stated that the company will still keep the losses on this toll road until 2029, or will only have ecological financial records in 2030 with a projected profit of Rp 849 billion.
Operating cash flow is estimated to be minus 1.95 trillion IDR next year, with investing cash flow worth 19.25 trillion IDR next year. Meanwhile, operating income in the next year will only reach Rs 1.47 trillion.
[Gambas:Video CNBC]
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