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

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Two separate sections of toll road:
- Pathe Section: 171.3 km already in operation plus 11.0 km to be built by the State. The section starts in Athens and runs north to Lamía.
- Ionian Road section: 159 km of new construction by the Consortium plus 10.5 km already transferred plus 26.9 km to be built by the State. The tollway runs along the coast of the Ionian Sea from Patras to Ioannina in the north.
Toll rates are inflation indexed.
Government subsidy (European funds): 360 million euro.
The Pathe section is a corridor with heavy traffic, especially on the existing section closest to Athens (ADT) 80,000 vehicles.
Operation of the existing section will provide substantial revenues during the construction period, reducing the need for finance.
Revenue sharing with the Government if certain traffic or (IRR) thresholds are exceeded.
Cintra appointed the CEO of the Concession Company.
Operation Commencement Date: 10 January 2008.

The toll road is divided into two sections:
- The first, known as Central Greece, measures 174 km and has been built entirely by the Consortium.
- The second, running 57 km adjacent to the foregoing, has been or will be built by the Greek government and subsequently transferred to the concession company.
Toll rates are inflation indexed.
Government subsidy (European funds): 518 million euro, 26 million of which is an operating subsidy.
Cintra appointed the CEO of the Concession Company.
Concession commencement date: 31 March 2008. The start of operations is estimated to begin towards the end of 2009 when those parts of the toll road that were built by the Greek government are transferred to the concessionaire.

Ferrovial - Annual Report 2008