- I am informed that, apart from the 14% VAT, which was paid over to SARS, the full remainder was utilised for the funding of the SANRAL Toll portfolio. At the time, SANRAL was not able to go to bond auctions for funding, because investors were not comfortable with the risk: credit ratings downgrade, delay in toll commencement on GFIP, legal processes, etc. SANRAL does not use “mortgage loans” for funding, but issue various capital market bonds, listed on the JSE, with varying maturities and coupon rates.
- The Initial Construction Cost of the Gauteng Freeway Improvement Project (GFIP) was about R20 billion. However, construction was completed in 2010 and tolling only commenced in December 2013, therefore compounded interest accumulated from 2008, start of construction, to toll commencement. SANRAL’s Weighted Average Cost of Borrowing is published in SANRAL’s Annual Report. Apart from servicing the debt, the continuous maintenance and operations of the roads, such as emergency services, were also funded from this portfolio.
- (a)(i) No amounts was used by the Department of Transport
(ii) aa) Toll Advertising spend total amount to R32 656 856 (b) spend from the Advertising Toll budget.
bb) Public Relations are not separated into different portfolios. This exercise is carried out to inform the road user of the significance of the national road network that comprises 21451 km. The spent totalled hours worked amounted to R13 184 474.82 (spent from the Non-toll budget)
cc) related costs for e-tolling were R 20 526 160.85 which covers events, publications and brochures and promotional items
(b)(i) spent from the Advertising Toll Budget.
(ii) Tolls are not funded from the Government subsidies
(iii) No extras.