Ferrovial - Informe anual 2008 / Group description / Toll roads and car parks / Portugal

Shadow toll road (in Portuguese known as SCUT: Sem Cobrança ao Utilizador) under which the users do not pay for the use of the infrastructure, with payment assumed by the granting Authority.
High capacity road system which will significantly improve the road network in the Central and Eastern areas of San Miguel.
The concession is divided into three roads:
- The 35.4 km South Road connecting the airport and the largest city with the south of the island.
- The 33.7 km North-South road, which improves the connection between the two main towns on the island.
- The 24.6 km North-East road, which will improve the connections between the less developed towns on the island.
The payment is calculated using a system of shadow toll rates and traffic levels: The toll rates per vehicle apply a system of three bands. The first is the most and applies an intermediate toll rate (neither the highest nor the lowest). The second band, the least extensive, applies the lowest toll rate and the third band applies the highest toll rate. Most of the revenues are provided by the first band and traffic above a certain threshold does not pay tolls.
Toll rates are indexed to the official inflation rate for the Azores.
Commencement of toll fee collection: upon completion of construction and not before four years after the signing of the Concession Agreement.

Shadow toll road (in Portuguese known as SCUT: Sem Cobrança ao Utilizador) under which the users do not pay for the use of the infrastructure, with payment assumed by the granting Authority.
Traffic risk mitigated by the shadow toll price system and traffic bands in which a toll per vehicle is applied in three increasing ranges (traffic bands) as traffic increases until reaching a maximum, above which the toll rate is zero. The system results in a slight risk for the concession company since, as the highest toll is the one applied in the first traffic band, this brings in the most revenues even though traffic levels are low.
Toll rates are indexed to inflation using the CPI for Continental Portugal.

Shadow toll road (in Portuguese known as SCUT: Sem Cobrança ao Utilizador).
The payments are calculated using a system of toll rates and traffic bands for the shadow tolls that applies an increasing rate per vehicle in three tranches (traffic bands) depending on the increases in traffic levels up to a specified threshold over which nothing is collected.
Toll rates are indexed to inflation using the CPI for Continental Portugal.
Negotiations are underway for the possible change of the concession model to a real toll model.

Ferrovial - Annual Report 2008