Ferrovial - Annual Report 2010

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Toll roads

Portugal

Euroscut Azores toll road

  • Shadow toll road (in Portuguese, SCUT: Sem Cobrança ao Utilizador) under which payment is made not by the highway users, but by the authority granting the concession.
  • High capacity road system which will significantly improve the road network in the central and eastern parts of the island of San Miguel.
  • The concession is divided into three sections:
  • The South road of 35.4 km, connecting the airport and the largest city with the south of the island.
  • The North-South road of 33.7 km, which improves the connection between the two main towns on the island.
  • The North-East road of 24.6 km, which will improve connections between the less developed towns on the island.
  • The toll rates are applied under a system of varying rates divided into traffic bands: the first most common band applies an intermediate toll rate (neither the highest nor the lowest); the second band applies the lowest toll rate; and the third band applies the highest. Most of the revenue comes from the first band. Traffic above a certain threshold does not pay tolls.
  • Toll rates are linked to the consumer price index for the Azores. Collection of the toll rates starts on completion of construction, but not before four years following the signing the Concession Agreement.
  • The contractual date for the highway’s entry into service is December 15, 2011.

Euroscut Algarve

  • Shadow toll road (in Portuguese, SCUT: Sem Cobrança ao Utilizador). Traffic risk mitigated by a system of traffic bands and rates paid via shadow tolls: a decreasing toll rate is applied per vehicle in three traffic bands as the traffic increases, until it reaches a threshold above which the rate is zero. The system results in less risk for the concessionaire since, as the highest toll is the one applied in the first traffic band, this brings in the most revenue when traffic levels are low.
  • Toll rates are indexed using the consumer price index for mainland Portugal.
  • Negotiations are underway for the possible change of the concession model to a real toll system in 2011.

Auto-Estradas North Coast toll road

  • Highway run on an availability payment system since June 2010. The payment is collected through a manager (Vialivre).
  • Payment calculated by the number of days on which the highway is operating, with penalization for lane closures.
  • Daily rates are indexed according to the consumer price index for mainland Portugal.

    Vialivre

  • A manager that runs a fully electronic payment system without the need for toll barriers (freeflow) on a section of the North Coast highway.
  • Payment based on two components:
  • Two availability payments: one to offset investment in ITS equipment (CAPEX) and the other to compensate for indirect costs, including profit.
  • An amount per transaction (depending on the number of transactions) to offset direct costs.
  • Negotiations are underway with the government to extend the North Coast section subject to payment (currently the first 47 kilometers).
  • This company will also manage the Euroscut Algarve toll road starting in 2011.
   

Euroscut Azores figures

93.7
km
€405.3
Mn. Investment managed
89%
stake
2036
end of concession period

Euroscut Algarve figures

129.8
km
€274.2
Mn. Investment managed
77%
stake
2030
end of concession period

Euroscut North Coast figures

119
km
€358.9
Mn. Investment managed
75.53%
stake
2031
end of concession period

Vialivre figures

47.4
km
84.04%
stake
2012
end of concession period (extendible to 2031)

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This is an electronic version of the 2010 Annual Report prepared by Ferrovial S.A. for its stakeholders, which aims to be complete and accurate. The contents of this version can be checked by referring to the print version. A copy of the print version in PDF format is available to download on this web page