Regiao dos Lagos Toll Road

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The concession contract for Via Lagos toll road was granted to Concessionaria da Rodovia dos Lagos SA (Via Lagos). The contract includes the expansion, operation and maintenance of a 60 km toll road in Regiao dos Lagos (duplication and expansion of a 30 km section to two lanes in each direction, construction of a 26 km four-lane highway, rehabilitation of a 4 km portion, and building of a toll plaza). Via Lagos was controlled by Camargo Correa (50%) and Andrade Gutierrez (50%). The project was financed as follows: US$ 29.9 as sponsors' equity and US$ 50.1 million as debt (US$ 18 million IADB "A" loan; US$ 19 million IADB "B" loan; US$ 15 million of BNDES loan - federal government development bank; and US$ 3.1 million of supplier credit). The first phase was completed in July 1997, with toll collections beginning at that time. In 1998, 74.24% of the total capital of Via Lagos 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). In 2001, Brisa Autoestradas de Portugal SA purchased a 20% stake in CCR. In 2003, both Odebretch and SVE sold their stakes in CCR (16.89% and 5.13% respectively) to the remaining shareholders. As of December 2003, CCR was controlled by Brisa (21.27%), Andrade Gutierrez (20.69%), Camargo Correa (21.27%), and Serveng-Civilsan (21.27%). http://www.canaldotransporte.com.br/riojaneiro.asp The investments undertaken by Via Lagos, year by year were: 1998 – US$ 47.7 million (R$ 57.6 million) 1999 – US$ 3.2 million (R$ 5.8 million) 2000 – US$ 0 million (R$ 0 million) 2001 - US$ 0.8 million (R$ 1.8 million) 2002 – US$ 0.2 million (R$ 0.7 million) 2003 - US$ 0.31 million (R$ 0.9 million)