No.

Item Pembiayaan

PEMBIAYAAN
Biaya awal proyek
1 Perencanaan (Pembuatan DED)
2 Pekerjaan Sipil
3 Stasiun, Depot, Traffic Management, Utilitas
Pengalihan, Sistem E&M, Jalur dll
4 Rolling Stock
5 Pembebasan lahan seluas 30,36 Ha
TOTAL
Biaya operasional dan maintenance
6 Biaya operasional, umum dan administrasi
7 Biaya Pemeliharaan Stasiun
8 Biaya Pemeliharaan Rolling Stock

Biaya

(61,342,147,380.95)
(839,088,466,666.66)
(582,426,000,000.00)
(728,571,428,571.43)
(303,600,000,000.00)
(2,515,028,042,619.04)
(24,536,858,952.38)
(12,268,429,476.19)
(4,907,371,790.48)
(7,361,057,685.71)

Biaya lainnya
9 Track Access Charge (TAC) ke pemerintah
Jakarta dan Tangerang
10 Pengembalian pinjaman (Pokok dan Bunga)
11 Life Cycle Cost
12 Depresiasi
TOTAL PEMBIAYAAN
II

PENDAPATAN
1 Tarif
2 Pemasangan iklan
3 Fasilitas check-in
4 Ekuitas 20%
5 Pinjaman dari sindikasi bank dalam negeri
(BCA, BNI, BRI dan Mandiri) 80%

503,005,608,523.81
2,012,022,434,095.23

TOTAL PENDAPATAN
PENDAPATAN SEBELUM PAJAK
Pajak
NET PROFIT
Dividen
Pajak penghasilan untuk dividen
TOTAL CASH FLOW
Total Debt Service
DSCR

NPV
KESIMPULAN
IRR

Err:509
Err:509
#VALUE!

KESIMPULAN

#VALUE!

2014

2015

2016

(61,342,147,380.95)
0.00
0.00

(587,361,926,666.66)
(407,698,200,000.00)

(251,726,540,000.00)
(174,727,800,000.00)

0.00
(303,600,000,000.00)

(510,000,000,000.00)
0.00

(218,571,428,571.43)
0.00

0.00
0.00
0.00

0.00
0.00
0.00

0.00
0.00
0.00

Err:509

(405,863,011,769.48)

###

Err:509

###

2,014.00
0.00
0.00
364,942,147,380.95
0.00

2,015.00
0.00
0.00
138,063,461,142.86
2,012,022,434,095.23

2,016.00
0.00
0.00
0.00
0.00

364,942,149,394.95 2,150,085,897,253.09

2,016.00

2,014.00

Err:509

###

2,014.00

Err:509

###

2,014.00

Err:509
Err:509

###
(405,863,011,769.48)

2017

2018

2019

0.00
0.00

0.00
0.00

0.00
0.00

0.00
0.00

0.00
0.00

0.00
0.00

(12,268,429,476.19)
(4,907,371,790.48)
(7,361,057,685.71)

(13,803,816,402.36)
(5,521,526,560.94)
(8,282,289,841.41)

(15,531,356,123.44)
(6,212,542,449.38)
(9,318,813,674.06)

(4,410,624,960.00)

(4,410,624,960.00)

(4,851,687,456.00)

(405,863,011,769.48)

(811,726,023,538.95)

(771,139,722,362.01)

(385,113,953,846.15)
(819,924,449,528.01)

(385,113,953,846.15)
###

(385,113,953,846.15)
###

2,017.00
674,277,227,520.00
25,776,000,000.00
0.00
0.00

2,018.00
701,248,316,620.80
25,776,000,000.00
0.00
0.00

2,019.00
645,470,864,310.27
25,776,000,000.00
0.00
0.00

700,053,229,537.00

727,024,318,638.80

671,246,866,329.27

(119,871,219,991.01) (501,833,916,511.02) (520,921,209,581.77)

Err:509
Err:509
Err:509
Err:509
Err:509
Err:509
Err:509
Err:509
0.00
Err:509
Err:509
0.00
Err:509
Err:509
Err:509
(405,863,011,769.48)
(811,726,023,538.95)
(771,139,722,362.01)
Err:509
Err:509
Err:509

Tahun
2021

2020

2022

0.00
0.00

0.00
0.00

0.00
0.00

0.00
0.00

0.00
0.00

0.00
0.00

(17,475,096,451.72)
(6,990,038,580.69)
(10,485,057,871.03)

(19,662,094,769.44)
(7,864,837,907.78)
(11,797,256,861.67)

(22,122,794,674.73)
(8,849,117,869.89)
(13,273,676,804.84)

(4,851,687,456.00)

(5,336,856,201.60)

(5,336,856,201.60)

(730,553,421,185.06)

(689,967,120,008.11)

(649,380,818,831.16)

(3,495,019,290.34)
(385,113,953,846.15)
###

(385,113,953,846.15)
###

(385,113,953,846.15)
###

2,020.00
671,289,698,882.68
25,776,000,000.00
0.00
0.00

2,021.00
767,955,415,521.79
28,353,600,000.00
0.00
0.00

2,022.00
798,673,632,142.66
28,353,600,000.00
0.00
0.00

697,065,700,902.68

796,309,017,542.79

827,027,234,164.66

(461,898,573,778.32) (323,433,102,051.96) (257,049,984,063.72)

Err:509
Err:509
Err:509
Err:509
Err:509
Err:509
Err:509
Err:509
Err:509
Err:509
Err:509
Err:509
Err:509
Err:509
Err:509
(730,553,421,185.06)
(689,967,120,008.11)
(649,380,818,831.16)
Err:509
Err:509
Err:509

2023

2024

2025

0.00
0.00

0.00
0.00

0.00
0.00

0.00
0.00

0.00
0.00

0.00
0.00

(24,891,449,764.59)
(9,956,579,905.84)
(14,934,869,858.76)

(28,006,600,454.10)
(11,202,640,181.64)
(16,803,960,272.46)

(31,511,610,469.20)
(12,604,644,187.68)
(18,906,966,281.52)

(5,870,541,821.76)

(5,870,541,821.76)

(6,457,596,003.94)

(608,794,517,654.21)

(568,208,216,477.27)

(527,621,915,300.32)

(385,113,953,846.15)
###

(5,601,320,090.82)
(385,113,953,846.15)
(385,113,953,846.15)
### (982,216,686,088.82)

2,023.00
830,620,577,428.37
28,353,600,000.00
0.00
0.00
858,974,179,451.37

2,024.00
863,845,400,525.50
28,353,600,000.00
0.00
0.00

2,025.00
988,239,138,201.18
31,188,960,000.00
0.00
0.00

892,199,002,549.50 1,019,428,100,226.17

(190,587,733,399.95) (128,608,230,594.70)
37,211,414,137.36
Err:509
Err:509
Err:509
Err:509
Err:509
Err:509
Err:509
Err:509
Err:509
Err:509
Err:509
Err:509
Err:509
Err:509
Err:509
(608,794,517,654.21)
(568,208,216,477.27)
(527,621,915,300.32)
Err:509
Err:509
Err:509

2026

2027

2028

0.00
0.00

0.00
0.00

0.00
0.00

0.00
0.00

0.00
0.00

0.00
0.00

(35,455,270,481.33)
(14,182,108,192.53)
(21,273,162,288.80)

(39,892,477,286.53)
(15,956,990,914.61)
(23,935,486,371.92)

(44,884,997,983.41)
(17,953,999,193.37)
(26,930,998,790.05)

(6,457,596,003.94)

(7,103,355,604.33)

(7,103,355,604.33)

(487,035,614,123.37)

(446,449,312,946.42)

0.00

(8,976,999,596.68)
(385,113,953,846.15)
(385,113,953,846.15)
(385,113,953,846.15)
(949,517,704,936.13) (918,451,576,969.96) (490,964,305,014.00)

2,026.00
1,027,768,703,729.22
31,188,960,000.00
0.00
0.00

2,027.00
1,068,879,451,878.39
31,188,960,000.00
0.00
0.00

2,028.00
1,111,634,629,953.53
31,188,960,000.00
0.00
0.00

1,058,957,665,755.22 1,100,068,413,905.39 1,142,823,591,981.53

109,439,960,819.09
181,616,836,935.43
651,859,286,967.53
Err:509
Err:509
Err:509
Err:509
Err:509
Err:509
Err:509
Err:509
Err:509
Err:509
Err:509
Err:509
Err:509
Err:509
Err:509
(487,035,614,123.37)
(446,449,312,946.42)
0.00
Err:509
Err:509
Err:509

No.
I

Item Pembiayaan

PEMBIAYAAN
Biaya awal proyek
1 Perencanaan (Pembuatan DED)
2 Pekerjaan Sipil
3 Stasiun, Depot, Traffic Management, Utilitas
Pengalihan, Sistem E&M, Jalur dll
4 Rolling Stock
5 Pembebasan lahan seluas 30,36 Ha
TOTAL
Biaya operasional dan maintenance
6 Biaya operasional, umum dan administrasi
7 Biaya Pemeliharaan Stasiun
8 Biaya Pemeliharaan Rolling Stock

Biaya

(61,342,147,380.95)
(839,088,466,666.66)
(582,426,000,000.00)
(728,571,428,571.43)
(303,600,000,000.00)
(2,515,028,042,619.04)
(24,536,858,952.38)
(12,268,429,476.19)
(4,907,371,790.48)
(7,361,057,685.71)

Biaya lainnya
9 Track Access Charge (TAC) ke pemerintah
Jakarta dan Tangerang
10 Pengembalian pinjaman (Pokok dan Bunga)
11 Life Cycle Cost
12 Depresiasi
TOTAL PEMBIAYAAN
II

PENDAPATAN
1 Tarif
2 Pemasangan iklan
3 Fasilitas check-in
4 Ekuitas 20%
5 Pinjaman dari sindikasi bank dalam negeri
(BCA, BNI, BRI dan Mandiri) 80%

503,005,608,523.81
2,012,022,434,095.23

TOTAL PENDAPATAN
PENDAPATAN SEBELUM PAJAK
Pajak
NET PROFIT
Dividen
Pajak penghasilan untuk dividen
TOTAL CASH FLOW
Total Debt Service
DSCR

NPV
KESIMPULAN
IRR

Err:509
Err:509
#VALUE!

KESIMPULAN

#VALUE!

2014

2015

2016

(61,342,147,380.95)
0.00
0.00

(587,361,926,666.66)
(407,698,200,000.00)

(251,726,540,000.00)
(174,727,800,000.00)

0.00
(303,600,000,000.00)

(510,000,000,000.00)
0.00

(218,571,428,571.43)
0.00

0.00
0.00
0.00

0.00
0.00
0.00

0.00
0.00
0.00

Err:509

(405,863,011,769.48)

###

Err:509

###

2,014.00
0.00
0.00
364,942,147,380.95
0.00

2,015.00
0.00
0.00
138,063,461,142.86
2,012,022,434,095.23

2,016.00
0.00
0.00
0.00
0.00

364,942,149,394.95 2,150,085,897,253.09

2,016.00

2,014.00

Err:509

###

2,014.00

Err:509

###

2,014.00

Err:509
Err:509

###
(405,863,011,769.48)

2017

2018

2019

0.00
0.00

0.00
0.00

0.00
0.00

0.00
0.00

0.00
0.00

0.00
0.00

(12,268,429,476.19)
(4,907,371,790.48)
(7,361,057,685.71)

(13,803,816,402.36)
(5,521,526,560.94)
(8,282,289,841.41)

(15,531,356,123.44)
(6,212,542,449.38)
(9,318,813,674.06)

(4,410,624,960.00)

(4,410,624,960.00)

(4,851,687,456.00)

(405,863,011,769.48)

(811,726,023,538.95)

(771,139,722,362.01)

(385,113,953,846.15)
(819,924,449,528.01)

(385,113,953,846.15)
###

(385,113,953,846.15)
###

2,017.00
674,277,227,520.00
25,776,000,000.00
0.00
0.00

2,018.00
701,248,316,620.80
25,776,000,000.00
0.00
0.00

2,019.00
645,470,864,310.27
25,776,000,000.00
0.00
0.00

700,053,229,537.00

727,024,318,638.80

671,246,866,329.27

(119,871,219,991.01) (501,833,916,511.02) (520,921,209,581.77)

Err:509
Err:509
Err:509
Err:509
Err:509
Err:509
Err:509
Err:509
0.00
Err:509
Err:509
0.00
Err:509
Err:509
Err:509
(405,863,011,769.48)
(811,726,023,538.95)
(771,139,722,362.01)
Err:509
Err:509
Err:509

Tahun
2021

2020

2022

0.00
0.00

0.00
0.00

0.00
0.00

0.00
0.00

0.00
0.00

0.00
0.00

(17,475,096,451.72)
(6,990,038,580.69)
(10,485,057,871.03)

(19,662,094,769.44)
(7,864,837,907.78)
(11,797,256,861.67)

(22,122,794,674.73)
(8,849,117,869.89)
(13,273,676,804.84)

(4,851,687,456.00)

(5,336,856,201.60)

(5,336,856,201.60)

(730,553,421,185.06)

(689,967,120,008.11)

(649,380,818,831.16)

(3,495,019,290.34)
(385,113,953,846.15)
###

(385,113,953,846.15)
###

(385,113,953,846.15)
###

2,020.00
671,289,698,882.68
25,776,000,000.00
0.00
0.00

2,021.00
767,955,415,521.79
28,353,600,000.00
0.00
0.00

2,022.00
798,673,632,142.66
28,353,600,000.00
0.00
0.00

697,065,700,902.68

796,309,017,542.79

827,027,234,164.66

(461,898,573,778.32) (323,433,102,051.96) (257,049,984,063.72)

Err:509
Err:509
Err:509
Err:509
Err:509
Err:509
Err:509
Err:509
Err:509
Err:509
Err:509
Err:509
Err:509
Err:509
Err:509
(730,553,421,185.06)
(689,967,120,008.11)
(649,380,818,831.16)
Err:509
Err:509
Err:509

2023

2024

2025

0.00
0.00

0.00
0.00

0.00
0.00

0.00
0.00

0.00
0.00

0.00
0.00

(24,891,449,764.59)
(9,956,579,905.84)
(14,934,869,858.76)

(28,006,600,454.10)
(11,202,640,181.64)
(16,803,960,272.46)

(31,511,610,469.20)
(12,604,644,187.68)
(18,906,966,281.52)

(5,870,541,821.76)

(5,870,541,821.76)

(6,457,596,003.94)

(608,794,517,654.21)

(568,208,216,477.27)

(527,621,915,300.32)

(385,113,953,846.15)
###

(5,601,320,090.82)
(385,113,953,846.15)
(385,113,953,846.15)
### (982,216,686,088.82)

2,023.00
830,620,577,428.37
28,353,600,000.00
0.00
0.00
858,974,179,451.37

2,024.00
863,845,400,525.50
28,353,600,000.00
0.00
0.00

2,025.00
988,239,138,201.18
31,188,960,000.00
0.00
0.00

892,199,002,549.50 1,019,428,100,226.17

(190,587,733,399.95) (128,608,230,594.70)
37,211,414,137.36
Err:509
Err:509
Err:509
Err:509
Err:509
Err:509
Err:509
Err:509
Err:509
Err:509
Err:509
Err:509
Err:509
Err:509
Err:509
(608,794,517,654.21)
(568,208,216,477.27)
(527,621,915,300.32)
Err:509
Err:509
Err:509

2026

2027

2028

0.00
0.00

0.00
0.00

0.00
0.00

0.00
0.00

0.00
0.00

0.00
0.00

(35,455,270,481.33)
(14,182,108,192.53)
(21,273,162,288.80)

(39,892,477,286.53)
(15,956,990,914.61)
(23,935,486,371.92)

(44,884,997,983.41)
(17,953,999,193.37)
(26,930,998,790.05)

(6,457,596,003.94)

(7,103,355,604.33)

(7,103,355,604.33)

(487,035,614,123.37)

(446,449,312,946.42)

0.00

(8,976,999,596.68)
(385,113,953,846.15)
(385,113,953,846.15)
(385,113,953,846.15)
(949,517,704,936.13) (918,451,576,969.96) (490,964,305,014.00)

2,026.00
1,027,768,703,729.22
31,188,960,000.00
0.00
0.00

2,027.00
1,068,879,451,878.39
31,188,960,000.00
0.00
0.00

2,028.00
1,111,634,629,953.53
31,188,960,000.00
0.00
0.00

1,058,957,665,755.22 1,100,068,413,905.39 1,142,823,591,981.53

109,439,960,819.09
181,616,836,935.43
651,859,286,967.53
Err:509
Err:509
Err:509
Err:509
Err:509
Err:509
Err:509
Err:509
Err:509
Err:509
Err:509
Err:509
Err:509
Err:509
Err:509
(487,035,614,123.37)
(446,449,312,946.42)
0.00
Err:509
Err:509
Err:509

Menurut UU No.36 tahun 2008 Pasal 17 ayat 1b, Wajib pajak badan dalam negeri dan badan u

Menurut Pasal 31E ayat 1, bagi wajib pajak badan usaha yang peredaran brutonya sampai de
pengurangan tarif sampai dengan 50% dari yang telah ditetapkan pada pasal 17 ayat 1b

c
d

Maka, besaran penghasilan kena pajak =

Besar pajak =
Untuk penghasilan sebelum pajak Rp 4,8 M - Rp 50 M, menggunakan rumus :
(0,25 -(0,6 Miliar/Penghasilan sebelum pajak)) x Penghasilan kena pajak

Untuk penghasilan sebelum pajak > Rp 50 M, menggunakan rumus :

25% x Penghasilan kena pajak

No.
3
4
5
6
7
8
9
10
11
12
13
14

Tahun
2017
2018
2019
2020
2021
2022
2023
2024
2025
2026
2027
2028
JUMLAH

Pendapatan sebelum pajak Penghasilan kena pajak

(405,863,011,769.48)
(405,863,011,769.48)
(79,192,754,665.11)
(14,105,033,648.16)
50,986,187,368.79
153,031,039,137.74
147,947,651,513.66
(72,772,007,364.58)
134,108,738,496.85
114,511,282,247.36
90,857,122,857.39
244,178,235,288.87

(56,820,821,647.73)
(56,820,821,647.73)
(11,086,985,653.11)
(1,974,704,710.74)
7,138,066,231.63
21,424,345,479.28
20,712,671,211.91
(10,188,081,031.04)
18,775,223,389.56
16,031,579,514.63
12,719,997,200.04
34,184,952,940.44

adan dalam negeri dan badan usaha tetap sebesar 28% dari pendapatan sebelum pajak

peredaran brutonya sampai dengan Rp 50 M, dapat mendapatkan fasilitas berupa

pkan pada pasal 17 ayat 1b
28% x 50% x Penghasilan sebelum pajak

unakan rumus :

n kena pajak

Besar pajak
(14,205,205,411.93)
(14,205,205,411.93)
(2,855,746,413.28)
(577,676,177.69)
1,784,516,557.91
5,356,086,369.82
5,178,167,802.98
(2,547,020,257.76)
4,693,805,847.39
4,007,894,878.66
3,179,999,300.01
8,546,238,235.11
(1,644,144,680.72)

3.50
3.50
3.61
4.10
3.50
3.50
3.50
3.50
3.50
3.50
3.50
3.50

WACC LRT
Kondisi Base Case
Cost of Debt (CoD)
Tingkat suku bunga
10.00%
Pajak yang berlaku
7.50%
CoD = Tingkat suku bunga x (1-pajak yang berlaku)
CoD =

9.25%

Cost of Equity (CoE)

Berdasarkan Surat Utang Negara 2010 diasumsikan :
Risk free rate
7.92%
Beta
1.38%
Equity risk premium
7.50%
Country risk premium
0.00%
Spesific risk
2.00% + Spesific
premium)
+ Country risk premium
risk
CoE =

10.02%

WACC
WACC debt
CoD =
9.25%
Weight debt =
30%
WACC debt = CoD x Weight debt
WACC debt =

2.78%

WACC equity
CoE =
10.02%
Weight equity =
70%
WACC equity = CoE x Weight equity
WACC equity =

7.01%

TOTAL WACC = WACC debt + WACC equity

TOTAL WACC =
9.79%

No.
I

Item Pembiayaan

PEMBIAYAAN
Biaya awal proyek
1 Perencanaan (Pembuatan DED)
2 Pekerjaan Sipil
3 Sistem persignalan, traffic management,
Sistem M&E
4 Rolling Stock
5 Pembebasan lahan seluas 4 Ha
TOTAL
Biaya operasional dan maintenance
6 Biaya operasional, umum dan administrasi
7 Biaya Pemeliharaan Stasiun
8 Biaya Pemeliharaan Rolling Stock

Biaya

PENDAPATAN
1 APBN (Untuk pembebasan tanah)
Kebutuhan Pendapatan
2 Ekuitas 70%
PT. Pembangunan Jaya (62%)
Mitsubishi Electric Co (38%)
3 Pinjaman 30%
Pendapatan Rutin
4 Tarif
5 Pemasangan iklan
6 Sewa properti
7 Parkir
TOTAL PENDAPATAN

2016

(191,808,000,000.00)
(7,197,843,000,000.00)
(1,732,144,500,000.00)

(191,808,000,000.00)
0.00
0.00

(3,586,216,000,000.00)
(80,000,000,000.00)
(12,788,011,500,000.00)

0.00
0.00

(127,880,115,000.00)
(63,940,057,500.00)
(25,576,023,000.00)
(38,364,034,500.00)

Biaya lainnya
9 Pengembalian pinjaman (Pokok dan Bunga)
10 Life Cycle Cost
11 Depresiasi
TOTAL PEMBIAYAAN
II

2015

0.00
0.00
0.00

0.00
0.00
0.00
(191,808,000,000.00)

80,000,000,000.00
13,528,767,058,982.50
9,470,136,941,287.77
5,883,920,941,287.77
3,586,216,000,000.00
4,058,630,117,694.76

2017

0.00
0.00
0.00
0.00
(80,000,000,000.00)

0.00
0.00
0.00

2018

0.00
(5,038,490,100,000.00)
(1,212,501,150,000.00)

0.00
(2,159,352,900,000.00)
(519,643,350,000.00)

(2,510,351,200,000.00)
0.00

(1,075,864,800,000.00)
0.00

0.00
0.00
0.00

0.00
0.00
0.00

0.00
(405,863,011,769.48)
(405,863,011,769.48)
0.00
0.00
0.00
0.00
0.00
0.00
(80,000,000,000.00) (9,167,205,461,769.48) (4,160,724,061,769.48)

80,000,000,000.00

191,808,000,000.00
0.00
0.00

0.00
0.00
0.00

4,871,357,382,305.24
2,510,351,200,000.00
1,379,633,867,694.76

0.00
1,075,864,800,000.00
2,678,996,250,000.00

0.00
0.00
0.00
0.00
191,808,000,000.00

0.00
0.00
0.00
0.00
80,000,000,000.00

0.00
0.00
0.00
0.00
8,761,342,450,000.00

0.00
0.00
0.00
0.00
3,754,861,050,000.00

4,735,068,470,643.89

No.

Item Pembiayaan

Biaya

2016
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00

PENDAPATAN SEBELUM PAJAK

Biaya konsesi dengan Pemerintah
Pajak
NET PROFIT
Dividen
Pajak penghasilan untuk dividen
TOTAL CASH FLOW
Total Debt Service
DSCR

NPV
KESIMPULAN
IRR
KESIMPULAN

2015

Rp172,078,160,780.55
Investasi layak dilakukan
11.90%
Investasi layak dilakukan

2017
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00

(405,863,011,769.48)
0.00
0.00
(405,863,011,769.48)
0.00
0.00
(405,863,011,769.48)
(405,863,011,769.48)

2018
(405,863,011,769.48)
0.00
0.00
(405,863,011,769.48)
0.00
0.00
(405,863,011,769.48)
(405,863,011,769.48)

2019

2020

2021

2022

2023

2024

2025

0.00
0.00
0.00

0.00
0.00
0.00

0.00
0.00
0.00

0.00
0.00
0.00

0.00
0.00
0.00

0.00
0.00
0.00

0.00
0.00
0.00

0.00
0.00

0.00
0.00

0.00
0.00

0.00
0.00

0.00
0.00

0.00
0.00

0.00
0.00

(63,940,057,500.00)
(25,576,023,000.00)
(38,364,034,500.00)

(71,942,119,095.12)
(28,776,847,638.05)
(43,165,271,457.07)

(80,945,634,118.28)
(32,378,253,647.31)
(48,567,380,470.97)

(91,075,933,892.74)
(36,430,373,557.10)
(54,645,560,335.64)

(102,474,034,885.12)
(40,989,613,954.05)
(61,484,420,931.07)

(115,298,601,692.11)
(46,119,440,676.84)
(69,179,161,015.26)

(129,728,155,693.87)
(51,891,262,277.55)
(77,836,893,416.32)

(811,726,023,538.95)
0.00
(385,113,953,846.15)
###

(771,139,722,362.01)
0.00
(385,113,953,846.15)
###

(730,553,421,185.06)
0.00
(385,113,953,846.15)
###

(689,967,120,008.11)
0.00
(385,113,953,846.15)
###

(649,380,818,831.16)
(20,494,806,977.02)
(385,113,953,846.15)
###

(608,794,517,654.21)
0.00
(385,113,953,846.15)
###

(568,208,216,477.27)
0.00
(385,113,953,846.15)
###

127,880,115,000.00
0.00
0.00

143,884,238,190.25
0.00
0.00

161,891,268,236.57
0.00
0.00

182,151,867,785.48
0.00
0.00

204,948,069,770.23
0.00
0.00

0.00
0.00
0.00

0.00
0.00
0.00

1,076,558,202,720.00
1,100,218,822,560.00
1,123,879,442,400.00
1,184,214,022,992.00
1,158,187,341,168.00
1,106,133,977,520.00
1,300,151,060,208.00
38,540,000,000.00
39,310,800,000.00
40,081,600,000.00
40,852,400,000.00
41,623,200,000.00
42,394,000,000.00
43,164,800,000.00
1,400,000,000.00
1,470,000,000.00
1,543,500,000.00
1,620,000,000.00
1,701,000,000.00
1,780,000,000.00
1,869,000,000.00
1,149,020,000.00
1,149,020,000.00
1,149,020,000.00
1,425,690,000.00
1,425,690,000.00
1,425,690,000.00
1,702,360,000.00
1,245,527,337,720.00 1,286,032,880,750.25 1,328,544,830,636.57 1,410,263,980,777.48 1,407,885,300,938.23 1,151,733,667,520.00 1,346,887,220,208.00

2019
(79,192,754,665.11)
0.00
0.00
(79,192,754,665.11)
0.00
0.00
(79,192,754,665.11)
(811,726,023,538.95)
0.10

2020
(14,105,033,648.16)
352,625,841.20
1,057,877,523.61
(12,694,530,283.34)
3,173,632,570.84
476,044,885.63
(9,044,852,826.88)
(771,139,722,362.01)
0.01

2021
50,986,187,368.79
(1,274,654,684.22)
(3,823,964,052.66)
45,887,568,631.91
(11,471,892,157.98)
(1,720,783,823.70)
32,694,892,650.24
(730,553,421,185.06)
0.04

2022
153,031,039,137.74
(3,825,775,978.44)
(11,477,327,935.33)
137,727,935,223.96
(34,431,983,805.99)
(5,164,797,570.90)
98,131,153,847.07
(689,967,120,008.11)
0.14

2023
147,947,651,513.66
(3,698,691,287.84)
(11,096,073,863.52)
133,152,886,362.30
(33,288,221,590.57)
(4,993,233,238.59)
94,871,431,533.14
(649,380,818,831.16)
0.15

2024
(72,772,007,364.58)
1,819,300,184.11
5,457,900,552.34
(65,494,806,628.12)
16,373,701,657.03
2,456,055,248.55
(46,665,049,722.54)
(608,794,517,654.21)
0.08

2025
134,108,738,496.85
(3,352,718,462.42)
(10,058,155,387.26)
120,697,864,647.16
(30,174,466,161.79)
(4,526,169,924.27)
85,997,228,561.10
(568,208,216,477.27)
0.15

Pendanaan LRT
Kondisi Base Case

2026

2027

2028

2029

2030

2031

2032

0.00
0.00
0.00

0.00
0.00
0.00

0.00
0.00
0.00

0.00
0.00
0.00

0.00
0.00
0.00

0.00
0.00
0.00

0.00
0.00
0.00

0.00
0.00

0.00
0.00

0.00
0.00

0.00
0.00

0.00
0.00

0.00
0.00

0.00
0.00

(145,963,560,119.09)
(58,385,424,047.63)
(87,578,136,071.45)

(164,230,816,114.54)
(65,692,326,445.82)
(98,538,489,668.72)

(184,784,208,741.16)
(73,913,683,496.46)
(110,870,525,244.70)

(207,909,846,689.69)
(83,163,938,675.88)
(124,745,908,013.81)

(233,929,644,989.74)
(93,571,857,995.90)
(140,357,786,993.85)

(263,205,806,152.62)
(105,282,322,461.05)
(157,923,483,691.57)

(296,145,862,126.57)
(118,458,344,850.63)
(177,687,517,275.94)

(527,621,915,300.32)
0.00
(385,113,953,846.15)
###

(487,035,614,123.37)
(446,449,312,946.42)
0.00
0.00
(36,956,841,748.23)
0.00
0.00
0.00
(385,113,953,846.15)
(385,113,953,846.15)
(385,113,953,846.15)
(385,113,953,846.15)
### (1,238,088,526,023.13) (800,933,647,225.53) (852,973,243,825.64)

0.00
0.00
(385,113,953,846.15)
(911,525,566,151.39)

0.00
0.00
(385,113,953,846.15)
(977,405,678,099.30)

0.00
0.00
0.00

0.00
0.00
0.00

0.00
0.00
0.00

1,432,650,531,312.00
1,464,137,356,176.00
1,401,163,706,448.00
45,477,200,000.00
46,248,000,000.00
47,018,800,000.00
2,160,000,000.00
2,268,000,000.00
2,381,400,000.00
1,979,030,000.00
1,979,030,000.00
1,979,030,000.00
1,482,266,761,312.00 1,514,632,386,176.00 1,452,542,936,448.00

1,504,269,407,520.00
47,789,600,000.00
2,500,000,000.00
2,255,700,000.00
1,556,814,707,520.00

1,469,688,501,600.00
48,560,400,000.00
2,625,000,000.00
2,255,700,000.00
1,523,129,601,600.00

0.00
0.00
0.00

0.00
0.00
0.00

1,271,576,311,632.00
1,243,001,563,056.00
43,935,600,000.00
44,706,400,000.00
1,960,000,000.00
2,058,000,000.00
1,702,360,000.00
1,702,360,000.00
1,319,174,271,632.00 1,291,468,323,056.00

0.00
0.00
0.00

0.00
0.00
0.00

2026
114,511,282,247.36
(2,862,782,056.18)
(8,588,346,168.55)
103,060,154,022.62
(25,765,038,505.65)
(3,864,755,775.85)
73,430,359,741.12
(527,621,915,300.32)
0.14

2027
90,857,122,857.39
(2,271,428,071.43)
(6,814,284,214.30)
81,771,410,571.65
(20,442,852,642.91)
(3,066,427,896.44)
58,262,130,032.30
(487,035,614,123.37)
0.12

2028
244,178,235,288.87
(6,104,455,882.22)
(18,313,367,646.67)
219,760,411,759.98
(54,940,102,940.00)
(8,241,015,441.00)
156,579,293,378.99
(446,449,312,946.42)
0.35

2029
713,698,738,950.47
(17,842,468,473.76)
(53,527,405,421.29)
642,328,865,055.42
(160,582,216,263.86)
(24,087,332,439.58)
457,659,316,351.99
0.00
0.00

2030
599,569,692,622.36
(14,989,242,315.56)
(44,967,726,946.68)
539,612,723,360.12
(134,903,180,840.03)
(20,235,477,126.00)
384,474,065,394.09
0.00
0.00

2031
645,289,141,368.61
(16,132,228,534.22)
(48,396,685,602.65)
580,760,227,231.75
(145,190,056,807.94)
(21,778,508,521.19)
413,791,661,902.62
0.00
0.00

2032
545,723,923,500.71
(13,643,098,087.52)
(40,929,294,262.55)
491,151,531,150.64
(122,787,882,787.66)
(18,418,182,418.15)
349,945,465,944.83
0.00
0.00

2033

2034

2035

2036

0.00
0.00
0.00

0.00
0.00
0.00

0.00
0.00
0.00

0.00
0.00
0.00

0.00
0.00

0.00
0.00

0.00
0.00

0.00
0.00

(333,208,347,249.89)
(133,283,338,899.96)
(199,925,008,349.94)

(374,909,181,170.84)
(149,963,672,468.34)
(224,945,508,702.50)

(421,828,850,586.32)
(168,731,540,234.53)
(253,097,310,351.79)

(474,620,489,771.07)
(189,848,195,908.43)
(284,772,293,862.64)

0.00
0.00
0.00
0.00
(66,641,669,449.98)
0.00
0.00
0.00
(385,113,953,846.15)
(385,113,953,846.15)
(385,113,953,846.15)
(385,113,953,846.15)
(1,118,172,317,795.92) (1,134,932,316,187.83) (1,228,771,655,018.79) (1,334,354,933,388.30)

0.00
0.00
0.00

0.00
0.00
0.00

0.00
0.00
0.00

0.00
0.00
0.00

1,538,850,313,440.00
49,331,200,000.00
2,756,000,000.00
2,255,700,000.00
1,593,193,213,440.00

1,730,774,341,296.00
50,102,000,000.00
28,940,000,000.00
2,532,370,000.00
1,812,348,711,296.00

1,692,735,344,784.00
50,872,800,000.00
30,387,000,000.00
2,532,370,000.00
1,776,527,514,784.00

1,730,774,341,296.00
51,643,600,000.00
31,900,000,000.00
2,532,370,000.00
1,816,850,311,296.00

2033
475,020,895,644.08
(11,875,522,391.10)
(35,626,567,173.31)
427,518,806,079.68
(106,879,701,519.92)
(16,031,955,227.99)
304,607,149,331.77
0.00
0.00

2034
677,416,395,108.17
(16,935,409,877.70)
(50,806,229,633.11)
609,674,755,597.35
(152,418,688,899.34)
(22,862,803,334.90)
434,393,263,363.11
0.00
0.00

2035
547,755,859,765.21
(13,693,896,494.13)
(41,081,689,482.39)
492,980,273,788.69
(123,245,068,447.17)
(18,486,760,267.08)
351,248,445,074.44
0.00
0.00

2036
482,495,377,907.70
(12,062,384,447.69)
(36,187,153,343.08)
434,245,840,116.93
(108,561,460,029.23)
(16,284,219,004.39)
309,400,161,083.31
0.00
0.00

2037

2038

2039

2040

2041

2042

2043

0.00
0.00
0.00

0.00
0.00
0.00

0.00
0.00
0.00

0.00
0.00
0.00

0.00
0.00
0.00

0.00
0.00
0.00

0.00
0.00
0.00

0.00
0.00

0.00
0.00

0.00
0.00

0.00
0.00

0.00
0.00

0.00
0.00

0.00
0.00

(534,018,972,380.45)
(213,607,588,952.18)
(320,411,383,428.27)

(600,851,141,087.11)
(240,340,456,434.84)
(360,510,684,652.27)

(676,047,317,450.89)
(270,418,926,980.35)
(405,628,390,470.53)

(760,654,252,242.28)
(304,261,700,896.91)
(456,392,551,345.37)

(855,849,696,491.55)
(342,339,878,596.62)
(513,509,817,894.93)

(962,958,796,096.19)
(385,183,518,438.48)
(577,775,277,657.72)

(1,083,472,538,204.24)
(433,389,015,281.70)
(650,083,522,922.55)

0.00
0.00
0.00
0.00
0.00
0.00
0.00
(120,170,228,217.42)
(216,694,507,640.85)
0.00
0.00
0.00
0.00
0.00
(385,113,953,846.15)
(385,113,953,846.15)
(385,113,953,846.15)
(385,113,953,846.15)
(385,113,953,846.15)
(385,113,953,846.15)
(385,113,953,846.15)
(1,453,151,898,607.05) (1,706,986,464,237.79) (1,737,208,588,747.92) (1,906,422,458,330.72) (2,096,813,346,829.25) (2,311,031,546,038.54) (2,768,753,537,895.48)

0.00
0.00
0.00

0.00
0.00
0.00

0.00
0.00
0.00

0.00
0.00
0.00

0.00
0.00
0.00

0.00
0.00
0.00

0.00
0.00
0.00

1,946,540,993,760.00
52,414,400,000.00
33,495,000,000.00
2,809,040,000.00
2,035,259,433,760.00

1,904,679,897,120.00
53,185,200,000.00
35,160,000,000.00
2,809,040,000.00
1,995,834,137,120.00

1,862,818,800,480.00
53,956,000,000.00
36,918,000,000.00
2,809,040,000.00
1,956,501,840,480.00

2,003,053,474,224.00
54,726,800,000.00
38,763,900,000.00
3,085,710,000.00
2,099,629,884,224.00

2,095,147,886,832.00
55,497,600,000.00
40,700,000,000.00
3,085,710,000.00
2,194,431,196,832.00

2,049,100,680,528.00
56,268,400,000.00
42,735,000,000.00
3,085,710,000.00
2,151,189,790,528.00

2,302,178,310,432.00
57,039,200,000.00
44,860,000,000.00
3,362,380,000.00
2,407,439,890,432.00

2037
582,107,535,152.95
(14,552,688,378.82)
(43,658,065,136.47)
523,896,781,637.65
(130,974,195,409.41)
(19,646,129,311.41)
373,276,456,916.83
0.00
0.00

2038
288,847,672,882.21
(7,221,191,822.06)
(21,663,575,466.17)
259,962,905,593.99
(64,990,726,398.50)
(9,748,608,959.77)
185,223,570,235.72
0.00
0.00

2039
219,293,251,732.08
(5,482,331,293.30)
(16,446,993,879.91)
197,363,926,558.87
(49,340,981,639.72)
(7,401,147,245.96)
140,621,797,673.20
0.00
0.00

2040
193,207,425,893.28
(4,830,185,647.33)
(14,490,556,942.00)
173,886,683,303.95
(43,471,670,825.99)
(6,520,750,623.90)
123,894,261,854.07
0.00
0.00

2041
97,617,850,002.75
(2,440,446,250.07)
(7,321,338,750.21)
87,856,065,002.47
(21,964,016,250.62)
(3,294,602,437.59)
62,597,446,314.26
0.00
0.00

2042
(159,841,755,510.54)
3,996,043,887.76
11,988,131,663.29
(143,857,579,959.49)
35,964,394,989.87
5,394,659,248.48
(102,498,525,721.13)
0.00
0.00

2043
(361,313,647,463.48)
9,032,841,186.59
27,098,523,559.76
(325,182,282,717.14)
81,295,570,679.28
12,194,335,601.89
(231,692,376,435.96)
0.00
0.00

2044

0.00
0.00
0.00
0.00
0.00

(1,219,068,506,151.82)
(487,627,402,460.73)
(731,441,103,691.09)

0.00
0.00
(385,113,953,846.15)
(2,823,250,966,149.79)

0.00
0.00
0.00

2,352,775,635,936.00
57,810,000,000.00
47,103,000,000.00
3,362,380,000.00
2,461,051,015,936.00

2044
(362,199,950,213.79)
9,054,998,755.34
27,164,996,266.03
(325,979,955,192.41)
81,494,988,798.10
12,224,248,319.72
(232,260,718,074.60)
0.00
0.00

Pengembalian Pinjaman LR
Kondisi Base Case
Lender :
Pinjaman :
Bunga :
Tenor :
Grace Period :
Pokok/thn :
No.

Tahun

1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28

2017
2018
2019
2020
2021
2022
2023
2024
2025
2026
2027
2028
2029
2030
2031
2032
2033
2034
2035
2036
2037
2038
2039
2040
2041
2042
2043
2044
JUMLAH

Sindikasi Bank Dalam Negeri (Bank DKI, Bank BNI dan Bank Mandiri)
4,058,630,117,694.76
10.00%
10
2 Tahun
405,863,011,769.48
Hutang
(4,058,630,117,694.76)
(4,058,630,117,694.76)
(4,058,630,117,694.76)
(3,652,767,105,925.28)
(3,246,904,094,155.81)
(2,841,041,082,386.33)
(2,435,178,070,616.85)
(2,029,315,058,847.38)
(1,623,452,047,077.90)
(1,217,589,035,308.43)
(811,726,023,538.95)
(405,863,011,769.48)
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00

Pembayaran
Pokok
0.00
0.00
(405,863,011,769.48)
(405,863,011,769.48)
(405,863,011,769.48)
(405,863,011,769.48)
(405,863,011,769.48)
(405,863,011,769.48)
(405,863,011,769.48)
(405,863,011,769.48)
(405,863,011,769.48)
(405,863,011,769.48)

(4,058,630,117,694.76)

gembalian Pinjaman LRT

Kondisi Base Case

Bank BNI dan Bank Mandiri)

Pembayaran
10.00%
10.00%
10.00%
10.00%
10.00%
10.00%
10.00%
10.00%
10.00%
10.00%
10.00%
10.00%
10.00%
10.00%
10.00%
10.00%
10.00%
10.00%
10.00%
10.00%
10.00%
10.00%
10.00%
10.00%
10.00%
10.00%
10.00%
10.00%

Jumlah Pokok + Bunga

Bunga
(405,863,011,769.48)
(405,863,011,769.48)
(405,863,011,769.48)
(405,863,011,769.48)
(405,863,011,769.48)
(811,726,023,538.95)
(365,276,710,592.53)
(771,139,722,362.01)
(324,690,409,415.58)
(730,553,421,185.06)
(284,104,108,238.63)
(689,967,120,008.11)
(243,517,807,061.69)
(649,380,818,831.16)
(202,931,505,884.74)
(608,794,517,654.21)
(162,345,204,707.79)
(568,208,216,477.27)
(121,758,903,530.84)
(527,621,915,300.32)
(81,172,602,353.90)
(487,035,614,123.37)
(40,586,301,176.95)
(446,449,312,946.42)
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
(3,043,972,588,271.07) (7,102,602,705,965.83)

Depresiasi LRT
Kondisi Base Case
Item yang terdepresiasi :
1 Pekerjaan Sipil
2 Stasiun, Depot, Traffic Management, Utilitas
Pengalihan, Sistem E&M, Jalur dll
3 Rolling Stock
TOTAL
Salvage Value :
Waktu :
Depresiasi/thn :
No.

Tahun

1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26

2019
2020
2021
2022
2023
2024
2025
2026
2027
2028
2029
2030
2031
2032
2033
2034
2035
2036
2037
2038
2039
2040
2041
2042
2043
2044
2045

Capex
(12,516,203,500,000.00)
(12,131,089,546,153.80)
(11,745,975,592,307.70)
(11,360,861,638,461.50)
(10,975,747,684,615.40)
(10,590,633,730,769.20)
(10,205,519,776,923.10)
(9,820,405,823,076.92)
(9,435,291,869,230.77)
(9,050,177,915,384.61)
(8,665,063,961,538.46)
(8,279,950,007,692.30)
(7,894,836,053,846.15)
(7,509,722,099,999.99)
(7,124,608,146,153.84)
(6,739,494,192,307.69)
(6,354,380,238,461.53)
(5,969,266,284,615.38)
(5,584,152,330,769.22)
(5,199,038,376,923.07)
(4,813,924,423,076.91)
(4,428,810,469,230.76)
(4,043,696,515,384.61)
(3,658,582,561,538.45)
(3,273,468,607,692.30)
(2,888,354,653,846.14)
(2,503,240,699,999.99)

Depresiasi LRT
Kondisi Base Case
(7,197,843,000,000.00)
(1,732,144,500,000.00)
(3,586,216,000,000.00)
###
2,503,240,700,000.00
26 tahun
(385,113,953,846.15)
Depresiasi
(385,113,953,846.15)
(385,113,953,846.15)
(385,113,953,846.15)
(385,113,953,846.15)
(385,113,953,846.15)
(385,113,953,846.15)
(385,113,953,846.15)
(385,113,953,846.15)
(385,113,953,846.15)
(385,113,953,846.15)
(385,113,953,846.15)
(385,113,953,846.15)
(385,113,953,846.15)
(385,113,953,846.15)
(385,113,953,846.15)
(385,113,953,846.15)
(385,113,953,846.15)
(385,113,953,846.15)
(385,113,953,846.15)
(385,113,953,846.15)
(385,113,953,846.15)
(385,113,953,846.15)
(385,113,953,846.15)
(385,113,953,846.15)
(385,113,953,846.15)
(385,113,953,846.15)
SALVAGE VALUE

Akumulasi Depresiasi
(385,113,953,846.15)
(770,227,907,692.31)
(1,155,341,861,538.46)
(1,540,455,815,384.62)
(1,925,569,769,230.77)
(2,310,683,723,076.92)
(2,695,797,676,923.08)
(3,080,911,630,769.23)
(3,466,025,584,615.38)
(3,851,139,538,461.54)
(4,236,253,492,307.69)
(4,621,367,446,153.85)
(5,006,481,400,000.00)
(5,391,595,353,846.16)
(5,776,709,307,692.31)
(6,161,823,261,538.46)
(6,546,937,215,384.62)
(6,932,051,169,230.77)
(7,317,165,123,076.93)
(7,702,279,076,923.08)
(8,087,393,030,769.24)
(8,472,506,984,615.39)
(8,857,620,938,461.54)
(9,242,734,892,307.70)
(9,627,848,846,153.85)
(10,012,962,800,000.00)

Corporate Tax LRT

Kondisi Base Case
a
b

Asumsi besaran penghasilan kena pajak (pkp) = 30% x Pendapatan sebelum pajak
Besar pajak =
Untuk penghasilan sebelum pajak Rp 4,8 M - Rp 50 M, menggunakan rumus :
(25% -(0,6 Miliar/Pendapatan sebelum pajak)) x Penghasilan kena pajak

Untuk penghasilan sebelum pajak > Rp 50 M, menggunakan rumus :

25% x Penghasilan kena pajak

No.

Tahun

1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26

2019
2020
2021
2022
2023
2024
2025
2026
2027
2028
2029
2030
2031
2032
2033
2034
2035
2036
2037
2038
2039
2040
2041
2042
2043
2044
JUMLAH

Pendapatan sebelum pajak Penghasilan kena pajak

(79,192,754,665.11)
(14,105,033,648.16)
50,986,187,368.79
153,031,039,137.74
147,947,651,513.66
(72,772,007,364.58)
134,108,738,496.85
114,511,282,247.36
90,857,122,857.39
244,178,235,288.87
713,698,738,950.47
599,569,692,622.36
645,289,141,368.61
545,723,923,500.71
475,020,895,644.08
677,416,395,108.17
547,755,859,765.21
482,495,377,907.70
582,107,535,152.95
288,847,672,882.21
219,293,251,732.08
193,207,425,893.28
97,617,850,002.75
(159,841,755,510.54)
(361,313,647,463.48)
(362,199,950,213.79)

0.00
(4,231,510,094.45)
15,295,856,210.64
45,909,311,741.32
44,384,295,454.10
(21,831,602,209.37)
40,232,621,549.05
34,353,384,674.21
27,257,136,857.22
73,253,470,586.66
214,109,621,685.14
179,870,907,786.71
193,586,742,410.58
163,717,177,050.21
142,506,268,693.23
203,224,918,532.45
164,326,757,929.56
144,748,613,372.31
174,632,260,545.88
86,654,301,864.66
65,787,975,519.62
57,962,227,767.98
29,285,355,000.82
(47,952,526,653.16)
(108,394,094,239.05)
(108,659,985,064.14)

Corporate Tax LRT

Kondisi Base Case
pajak (pkp) = 30% x Pendapatan sebelum pajak
Rp 4,8 M - Rp 50 M, menggunakan rumus :

belum pajak)) x Penghasilan kena pajak

Besar pajak
0.00
(1,057,877,523.61)
3,823,964,052.66
11,477,327,935.33
11,096,073,863.52
(5,457,900,552.34)
10,058,155,387.26
8,588,346,168.55
6,814,284,214.30
18,313,367,646.67
53,527,405,421.29
44,967,726,946.68
48,396,685,602.65
40,929,294,262.55
35,626,567,173.31
50,806,229,633.11
41,081,689,482.39
36,187,153,343.08
43,658,065,136.47
21,663,575,466.17
16,446,993,879.91
14,490,556,942.00
7,321,338,750.21
(11,988,131,663.29)
(27,098,523,559.76)
(27,164,996,266.03)
452,507,371,743.05

Payback Periode LRT

Kondisi Base Case
Hutang =
No.

Tahun

1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28

2017
2018
2019
2020
2021
2022
2023
2024
2025
2026
2027
2028
2029
2030
2031
2032
2033
2034
2035
2036
2037
2038
2039
2040
2041
2042
2043
2044

(4,058,630,117,694.76)
Hutang
(4,058,630,117,694.76)

Total cash flow

(405,863,011,769.48)
(405,863,011,769.48)
(79,192,754,665.11)
(9,044,852,826.88)
32,694,892,650.24
98,131,153,847.07
94,871,431,533.14
(46,665,049,722.54)
85,997,228,561.10
73,430,359,741.12
58,262,130,032.30
156,579,293,378.99
457,659,316,351.99
384,474,065,394.09
413,791,661,902.62
349,945,465,944.83
304,607,149,331.77
434,393,263,363.11
351,248,445,074.44
309,400,161,083.31
373,276,456,916.83
185,223,570,235.72
140,621,797,673.20
123,894,261,854.07
62,597,446,314.26
(102,498,525,721.13)
(231,692,376,435.96)
(232,260,718,074.60)

Payback Periode LRT

Kondisi Base Case

Jumlah sisa hutang

(4,464,493,129,464.24)
(4,870,356,141,233.71)
(4,949,548,895,898.82)
(4,958,593,748,725.70)
(4,925,898,856,075.46)
(4,827,767,702,228.39)
(4,732,896,270,695.25)
(4,779,561,320,417.79)
(4,693,564,091,856.69)
(4,620,133,732,115.57)
(4,561,871,602,083.27)
(4,405,292,308,704.28)
(3,947,632,992,352.29)
(3,563,158,926,958.20)
(3,149,367,265,055.58)
(2,799,421,799,110.76)
(2,494,814,649,778.99)
(2,060,421,386,415.88)
(1,709,172,941,341.44)
(1,399,772,780,258.13)
(1,026,496,323,341.30)
(841,272,753,105.58)
(700,650,955,432.39)
(576,756,693,578.32)
(514,159,247,264.06)
(616,657,772,985.20)
(848,350,149,421.15)
(1,080,610,867,495.75)

Keterangan