Nova Dutra Toll Road

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The Presidente Dutra Highway - NovaDutra is the main road link between Sao Paulo and Rio de Janeiro. Since 1996, the concession was granted to Concessionaria da Rodovia Presidente Dutras SA (NovaDutra). The concessionaire is resposible for upgrading and rehabilitating the highway. At the time the concession was granted, NovaDutras was controlled by a consortium of four private companies, each one holding a 25% stake of the concessionaire. The consortium revenue stream per month is on average US$ 15 million. Financing for the first five years of the concession (US$ 525.5 million) has been achieved as follows: US$ 213.2 million as equity; US$ 115 million from the IFC (US$ 35 million as loan and US$ 80 as syndications); US$ 171 million as loan from the BNDES (brazilian federal owned development bank); US$ 36.5 million as supplier credits and other sources. The total amount to be invested during the 25 year concession period is estimated as US$ 748 million (until Dez/1997, the total invested has been US$ 406 million, while the estimated was US$ 346 million). Estimated average number of vehicles daily was 80,000 in 1998. In 1998, 100% of the total capital of NovaDutra was transfered to Companhia de Concessoes Rodoviarias (CCR), a newly created holding company that would hold a number of toll-road concessions. CCR was controlled by Andrade Gutierrez, Camargo Correa, Odebretch, Serveng-Civilsan and Servix and Via Engenharia (SVE). As of August 1999, the private sponsors have slowed the pace of the investments because of disagreements with the government regarding toll rate adjustments and tax payments. In 2001, Brisa Autoestradas de Portugal SA purchased a 20% stake in CCR. In 2003, both Odebrecht and SVE sold their stake in CCR (16.89% and 5.13%, respectively) to the other stakeholders. As of December 2003, CCR was controlled by Brisa (21.27%), Andrade Gutierrez (20.69%), Camargo Correa (21.27%), and Serveng-Civilsan (21.27%). The remaining stake (15.5%) was traded in stock markets. In 2004, BNDES approved a BRL 39.4 million loan to Nova Dutra to finance the rehabilitation works on the highway (previously, in 1997, a BRL 171 million loan had been granted to the company). Between March 1996 and December 2009, the concessionaire invested US$ 3.7 billion (BRL 7.4 billion), of which US$ 1.3 billion (BRL 2.6 billion )was directed to the roadway infrastructure and the rest constituted operation expenditures. The investments undertaken by Nova Dutra, year by year were: 1997 – US$ 132.2 million (R$ 147.5 million) 1998 – US$ 176.8 million (R$ 213.5 million) 1999 – US$ 76.9 million (R$ 139 million) 2000 – US$ 30.9 million (R$ 60.2 million) 2001 - US$ 34.2 million (R$ 76 million ) 2002 - US$ 12.17 million (R$ 35.3 million) 2003 - US$ 21.3 million (R$ 64 million)