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CONCESSIONS

Irwan Prasetyo
pras@centrin.net.id
UNIVERSITAS INDONESIA
2009

Irwan Prasetyo
PENDIDIKAN
Doctor in Civil Engineering, 1988 2002,
Tokyo Institute of Technology, Transportation
Planning.
Master in Public Management, 1993-1995,
Carnegie Mellon University, USA.
Sarjana Teknik Planologi, ITB, 1983-1988.

Irwan Prasetyo
BRR NAD-Nias, Manajer Fasilitas Umum, dan

Project Officer, Project Planning and


Supervision, BRR-World Bank, 2006-2008
PT Jasa Marga (Persero) Tbk. Perencanaan (7
thn), Investasi Jalan Tol (4 thn), Pelatihan dan
Pengembangan SDM (3 thn), 1989-Sekarang
PT Surveyor Indonesia, Team Leader, RDTRRTRW, 2004
Ditjen Parpostel Japan City Planning,
Perencanaan Pariwisata, 1988

Pengalaman mengajar
Magister Manajemen UI 2004-2006

Manajemen Operasi
Manajemen Proyek

Pembimbing thesis

Manajemen Risiko

Perkenalan Siswa
Latar Belakang
Pekerjaan
Tujuan Pribadi
Harapan

Tujuan Perkuliahan
Identify or define the global perspective of PPP
Identify or define the importance and the potential of

PPP in national infrastructure development


Identify or define the general characteristic of PPP
Identify or define the type of PPP
Describe or explain the problems in national PPP
Practices
Explain and/or make evaluation of the procurement
systems for specific project

MATERI KULIAH
(sharing dengan P Azrar Hadi)
Minggu 4 Concessions
Minggu 5 Joint ventures
Minggu 6 Tax incentives
Minggu 7 The Role of Government
Minggu 8 Evaluating PPPs
Minggu 9 The Future PPPs

MATERI TUGAS
Havens H.S (1994) Public and private sector
roles in construction of highways;
H. Chris and V. Siv (2000). What makes
partnership works?
Etc.

Concession
Main Entry: concession

Pronunciation: \kn-se-shn\
Date: 15th century
2 : something conceded: a : acknowledgment, admission b : grant c (1) : a grant
of land or property especially by a government in return for services or for a
particular use (2) : a right to undertake and profit by a specified activity (3) : a
lease of a portion of premises for a particular purpose; also : the portion leased
or the activities carried on

concessional \-sesh-nl, -se-sh-nl\ adjective


concessionary \-se-sh-ner-\ adjective

Concession (contract)
From Wikipedia, the free encyclopedia
(January 2008) A concession is a business

operated under a contract or license


associated with a degree of exclusivity in
business within a certain geographical area.

The owner of the concession the

concessionaire pays either a fixed sum or a


percentage of revenue to the entity with the
ability to assign exclusive rights for an area or
facility. A concession may involve the transfer to
the concessionaire of the right to use some
existing infrastructure required to carry out a
business (such as a water supply system in a
city); in some cases, such as mining, it may
involve merely the transfer of exclusive
land use rights.

In the case of a public service concession, a

private company enters into an agreement


with the government to have the exclusive
right to operate, maintain and carry out
investment in a public utility (such as a water
supply system) for a given number of years.
Other forms of contracts between public and
private entities, namely lease contract and
management contract (in the water sector
often called by the French term affermage),

are closely related but differ from a

concession in the rights of the operator and


its remuneration. A lease gives a company
the right to operate and maintain a public
utility, but investment remains the
responsibility of the public. Under a
management contract the operator will collect
the revenue only on behalf of the government
and will in turn be paid an agreed fee.

Some countries, such as Chile, Canada and

the United Kingdom, have built toll highways


on a concession basis (e.g. M6 Toll in the
UK). Concessions have also been used in
London in construction of extensions to the
Docklands Light Railway system.
Public-private partnerships (PPPs) and
private finance initiatives (PFIs) may be
considered similar to concessions.

Private Finance Initiatives = CONCESSION

PPPS
CONCESSIONS
Design Built Finance Operate (DBFO)
Design Built Finance Maintain (DBFM)
Built Operate Transfer (BOT)

Private responsible for the life cycle of the asset

Setiap hari Sabtu, jam 12.30 -14.30

Jadwal Kuliah

Class Participation
Reading Summary
Group Assignment
Integrated Paper

Bobot Perkuliahan

20
25
25
30

%
%
%
%

Concession America, Asia, Africa, Europe:


Reason :

Budget deficit
Poor/aging infrastructure
Growing demand for public services.

Uang tabungan 1700 T Rp.


Utang Luar Negeri 1700 T
Pajak 2009 432 T

Typical Characteristic

Life-cycle responsibility
Output Specification
Risk transfer

History
Knowledge in private sector
More political and emotional one

United Kingdom
Front-runner in concession, investors selling the
knowledge.

Fundamental Principal
Cost effectiveness
Public expenditure planning
The genuine transfer of risk to the private

sector
Value for money in the use of public
resources

Spain
The first toll highway concessions, the tunnel

Guadarrama, 16 February 1953

Shadow toll road


The private operator does not charge the

road users, but receives direct payment from


the government linked to the actual traffic.
The number of vehicle kilometers
Type of vehicles
Level of shadow tariff.

NEGATIVE ISSUE
Ralph Nader
Concessions are in fact private actors who

wants to take over and control public matters,


and who wants to take over public personnel
and fire them afterwards.

Tendering and Selection


Procedures
Spain government

Preliminary design preparation


Environmental studies and approval
Public information period
Financial Feasibility Study and Bank
consultation

Tender Process can take 4 month

Transparancies
Bidders are given opportunity to review each

other offers:
Market competitiveness
Complete review of the offers. Inconsistency
discovered
Clear situation on one offer better than other

CRITERIA for TENDER


Criteria used :
Cost
Design
Maintenance
Performance

Performance of Concession PPPs


Product perfomance

Revenue gains
Efficiency Gains
Transaction Cost
Risk
Innovation

Process Performance

Actors fit and willingness to co-operate


Public interest
Behaviour flexibility

For example, sports arenas or public parks

may have concession stands. Many


department stores contain numerous
concessions operated by other retailers.
Similarly, public services such as
water supply may be operated as
concessions.

Pemerintah Indonesia
Badan Yang Menangani PPP KPS Kerjasama

Pemerintah Swasta
BAPPENAS

DIREKTORAT PENGEMBANGAN KERJA SAMA


PEMERINTAH DAN SWASTA
www.irsdp.org
www.kkppi.go.id
http://pkps.bappenas.go.id
DR Herry Darwanto

Peraturan dan Kebijakan di


Indonesia
PP1/2008 tentang Investasi Pemerintah
Perpres 67/2005 Kerjasama Pemerintah dan

Badan Usaha dalam penyediaan Infrastruktur


Perpres 36/2005 dengan Perpres 65/2006
tentang Pengadaan Tanah
Sektor Infrastruktur

PP15/2005 Jalan Tol


UU23/2007 Perkeretaapian
UU17/ Pelayaran
UU 1/2009 Bandara

Kepres 80/2003 Pengadaan Barang Jasa


PP6/2006 tentang Pengelolaan BUMN/D
PP 38/2007 tentang Pembagian Urusan

Pemerintah
PP 50/2007 Tata Cara Pelaksanaan
Kerjasama Daerah

Joint Venture

UNIVERSITAS INDONESIA
2009

Dominant type of PPP.


In this formal PPP, general private is

partnering with local government


Both side benefited.

Urban Regime Theory


Rubin & Stankiewics, 2001
Relationships among public, private, and non

profit community sectors in urban politics


Identify private sector as powerful in urban
politics

Project based joint ventures


Can take the form of contractually agreed

collaboration
A joint legal entity with principal authority
With both public and private shares is created

Kuliah tanggal 24 Oktober 2009

CHARACTERISTICS
Under joint venture public and private have

invested in the company


Both have strong interest in the success of
the venture.
Innovative technological solution
Sharing risk and revenues

Separate legal entity


Parties do not have separate decision

making process
Limited liability (based on equity)

Complex Urban Area Development


Multifunction Approach

Integration of different functions : housing,


infrastructure, retail, office space and open
space;

Multiactor Approach

Central, regional, local government


Local government only
Project developers;contractors;investors;real
estate managers; financiers;
engineers;housing corp;

Organizational Aspect of JV PPP


Scope and Balance

Balanced between public and private partners


Returns can be used to finance infrastructure
Value capturing

Phasing and Procedures

Spatial development through phasing and


repeated discussions

Procurement and risks

Contracting
Risks

Administrative and policy risks


New bodies, new policy

Commercial risks
Supply and demand risks

Performance of JV PPPs
Product Performance

Struggle between different government bodies

Process Performance

Participants will try to maximize their right of


ownership;

Lessons

JV can be successful
Larger is better
Clear, timely and transparent
Planning, and risks is critical

Example of JV Project in USA


American Urban and Regional Policy

1960-1970 Environmental impact


1980-1990 Growth management including
community character and quality of life
Smart growth more growth

Inner area revitalization


New urbanism :

Walkability
Connectivity
Mixed used
Design
Sustainability

JV in Baltimore

Decline in population
Revitalization
JV Greater Baltimore Committee and local
governement

JV in transit oriented development (TOD)

Portland

Future of PPP

UNIVERSITAS INDONESIA
2009

Future of PPP
PPP emerging in urban development
Expectation

Concentration on core activities and steering


Market discipline

Output specification

Private sector more efficient


Not how it is produced

Private sector expertise and flexibility

Value for money


Optimum combination of cost and quality
Most of PPPs fall short in expectation

including schools
Delivering only marginal cost of saving
Only roads and prison shows some cost
saving

General Lessons
Changes required at context level
Changes needed at organizational level
Changes needed at project level

Scope of PPPs
Political debate : public goods provided by private
sector. Netherland >< Portugal
Characteristic that raise problem:
The ambigous nature of services
Difficulty in service coordination

Public><Private

Small scale of social infrastructure projects


Lack of Skill and capabilities
Separating ancillary and core

Health >< Prison

Enhancing PPP
Public goods might be provided by private

sector
Government remaining responsible for quality
and access/ utility of the facilities (c.q supply,
quality, and prices)

New Trends in PPP


From Project portfolio management
Single function integrated project, multi-

function; multi-actor approach


From project more policy based
partnership (sharing responsibilities, revenue
and risks, multiple project, long term)

PPP as a strategic choice


There is no best PPP approach
But should be a strategic one
Strategic:

Do services/facilities create an added value to


the core activities of the government
Do services/facilities belong to the core
competence of department

ADDED VALUE

Joint Ventures

Internal Steering

Concessions

Re-engineering

Research Agenda for the future


Integral studies are needed

Empiricalbut integrated, multicriteria


analysis not single perspective e.g.
Financial, legal, organizational

Studies on new arrangements in PPP

Portfolio approach, integral area development

Action-oriented research

Academic and practical research combined

The role of process management

PPP inter-organizational relationships


Still focus on creation not management

Proffesionalism

Skill and capabilities for public and private


sector in innovative arrangement (portfolio,
integrated)
Education, training

The Role of Government

UNIVERSITAS INDONESIA
2009

Role of The Government


Referensi yang digunakan

PPP in Netherland, the Role of the


Government; Jan van Schoonhoven, Director
PPP Unit, Rijkswaterstaat, 21 Oct 2008
Link, A.N (2006). Public/private partnerships:
innovation strategies and policy alternatives,
Birkhauser
Barraket, Jo (2008). Strategic Issues in the
Not-for-Profit Sector, UNSW Press

The Role of Government in


PPP in Netherland
PPP Netherland Role of the Government.pdf
BAPPENAS

DIREKTORAT PENGEMBANGAN KERJA


SAMA PEMERINTAH DAN SWASTA
www.irsdp.org
www.kkppi.go.id
http://pkps.bappenas.go.id

Public private partnership involving

cooperative research and development


among industry, government, and universities
can play an instrumental role in introducing
key new technologies to the market ......PPP
often contribute to national mission in health,
energy, environment, and national defense
and to ability to capitalize on its R&D
investment.

Barriers to Innovation and


Technology
High technical risk can cause market risk
Lengthy time interval
Difficult to assign intelectual property rights
Cost of market entry

Tax Incentives
Tax incentives

Tax incentives entail less interference


Tax incentives require less paperwork
Direct
Psychological
Permanent
Political feasibility

Tax Incentives
Referensi yang digunakan

Link, A.N (2006). Public/private partnerships:


innovation strategies and policy alternatives,
Birkhauser Chapter 7.

Evaluating PPP

UNIVERSITAS INDONESIA
2009

Evaluating PPP
Untuk mengevaluasi satu atau beberapa

Proyek PPP, diperlukan suatu tolok ukur.


Tolok ukur ini meninjau dari beberapa aspek
Manfaat ekonomi,
Manfaat sosial
Manfaat politik
Manfaat finansial dll;

Yang paling straightforward untuk digunakan

adalah finansial (tangible)

Evaluating PPP 2.pdf, page 8


evaluation_ppp_en.pdf Jenis-jenis

infrastructure di Eropa, page 35


Prospective_Look_over_PPPs_Romania.pdf

KARAKTERISTIK INVESTASI JALAN TOL


(Lanjutan)

68/6

Jenis tools untuk evaluasi


Benefit Cost Analysis (standard)
Monte Carlo
Real Options

Metoda NPV

B = Benefit
=Benefit Present Value
T = waktu total
t = tahun

IRR

Contoh Soal : Jalan Tol


Variabel

Biaya Proyek
Lama Konsesi
Lalu Lintas waktu dibuka
Pertumbuhan lalu lintas
Tarif Tol
Biaya Operasi

Real Option Jalan Tol\Evaluating PPP.pdf page 5 and 7

Tugas di kelas
Buat soal untuk menghitung NPV suatu

proyek:

Angkasa Pura

Kuliah 31 Okt 2009 Irwan


Prasetyo\Concessions_Presentation Airport.pdf

Pelindo

Presentasi masing-masing, variabel-variabel

mana yang dimiliki


Diperkirakan biaya atau incomenya, hitung NPV

Tugas untuk Sabtu


Tentukan tersebut layak atau tidak
Berapa nilai NPVnya?

Contoh Airport
Kuliah 31 Okt 2009 Irwan Prasetyo\Airport

Infrastruktur.pdf
Kuliah 31 Okt 2009 Irwan
Prasetyo\Concessions_Presentation
Airport.pdf

Monte Carlo Simulation


Di bentuk dua group yaitu Angkasa Pura dan

Pelindo
Exercise Kasus minggu lalu dengan

memasukkan angka-angka ke dalam


variabel, kemudian dihitung NPVnya
Pelabuhan Batubara
Hotel di airport

Monte Carlo Simulation


Masukkan nilai pesimis dan optimis untuk

semua variabel
Hitung nilai pesimis dan hitung nilai optimis

Monte Carlo Simulation


Mengapa Monte Carlo ? Adalah melihat

risiko
BAB I-final-revisi.doc page 4
Salah satu teknik analisa risiko adalah

simulasi. Simulasi berguna untuk menirukan


perilaku sistem riil dengan melakukan
berbagai scenario untuk mendapatkan hasil
yang mendekati sistem riil.

Monte Carlo Simulation


Simulasi yang digunakan dalam analisa risiko

adalah simulasi Monte Carlo. Simulasi ini


menggunakan distribusi probabilitas dan
angka random untuk menghitung aliran kas
yang didiskonto (discounted cash flow).

Monte Carlo Simulation


Selanjutnya, simulasi ini menyajikan distribusi

NPV yang akan menentukan nilai IRR dan


periode pengembalian, sehingga manajemen
dapat menilai apakah investasi dapat
dikatakan layak untuk dilanjutkan atau tidak.

Monte Carlo Simulation Basics


A Monte Carlo method is a technique that involves
using random numbers and probability to solve problems.
The term Monte Carlo Method was coined by S. Ulam and Nicholas Metropolis
in reference to games of chance,
a popular attraction in Monte Carlo, Monaco
(Hoffman, 1998; Metropolis and Ulam, 1949)

Computer simulation has to do with using computer models


to imitate real life or make predictions.
When you create a model with a spreadsheet like Excel,
you have a certain number of input parameters and a few equations
that use those inputs to give you a set of outputs (or response variables).
This type of model is usually deterministic,
meaning that you get the same results no matter how many times you recalculate.
[ Example 1: A Deterministic Model for Compound Interest ]

montecarlo.xps

Contoh perhitungan NPV-IRR


dengan Monte Carlo
BAB IV-final-revisi.doc page 4

Real Option
Real Option Jalan Tol\Evaluating PPP.pdf

page 5 and 7

END