The government calculates that the rescued highways require investments of at least 317.6 million euros until 2022, both for its development and to face new actions, according to the report that accompanies the new rate schedule published this Thursday the Official State Bulletin. The resolution establishes the same tariffs for the nine routes, with reductions measured 30% with respect to the current tolls, as well as extend to all their gratuity between the hours of 0:00 and 6:00.
In addition, it fixes bonuses for users who pay with electronic devices (Tag), with discounts in the rates of 18% in the case of light vehicles and 10% in the case of heavy vehicles. The new rates will take effect on January 15 at the Madrid R-2, R-3, R-4 and R-5 radios, the M-12 (Airport Axis), the Alicante Ring Road, the AP-7 (Cartagena) -Vera) and the AP-36 (Ocaña-La Roda), that have reverted to the State throughout 2018. In the case of the AP-41, which runs between Madrid and Toledo, it will be applicable when it is managed by the Administration through the State Company of Land Transport Infrastructure (Seitt).
After taking over the management of these roads, Fomentado commissioned to audit its status to Ineco which, in the absence of including the data corresponding to the AP-41, estimates that it will be necessary to invest 317.6 million euros, mainly for its "zeroing" , that is, to recover the appropriate standards.
These investments, estimated at around 300 million without VAT, had to have been undertaken by each concessionary company "prior to the reversion to the State", adds the document, which states that once carried out, a new scheme must be designed of tariffs for the relicitation of these roads. This new scheme must take into account the value pending amortization of the infrastructures, which will be determined in the administrative processes corresponding to the liquidation of the concession contracts.
According to sources of Public Works, it has not yet been calculated how much will be known as the State's Patrimonial Responsibility (RPA) or what is the same, the amount that the State must pay to the owners of the concessionaires, mostly funds that they bought their debt, for the investment that was made in their day to build the roads and that was pending to be amortized.
In the report it is detailed that the investment of "putting to steel" in the toll sections amounts to 171.4 million, while in the free stretches that were associated with these toll roads, such as part of the M-50 (Madrid ), stand at 123.8 million. The investments to face new actions motivated by urban changes or developments of new infrastructures stand at 22.3 million euros.
In addition, it is estimated that thanks to the increase in traffic that is expected with the reduction of tolls, the rescued highways, which will close 2018 with revenues of 77.5 million, will invoice 122.8 million in 2019, 126.4 million in 2020 , 129 million in 2021 and 131.6 million in 2022. However, due to the investments that must be made, the gross operating profit (ebitda) will increase from 45.3 million in 2018 to negative balances of 19 million in 2019 , of 12.9 million in 2020, of 7.4 million in 2021 and of 3.2 million in 2022.
On the side of income, those that come from the service areas have decreased, given that "Repsol has shown its disagreement with the continuation of the contracts it had in force with the companies that had the roads, which leads to a reduction in revenue for this concept ", according to Fomento.
There is also a lower billing for traffic. According to Fomento, for this year an increase of 7.5% was expected, while until last September only had increased by 2%. At the end of 2017, the number of users of these roads was still 37.5% below what they had before the crisis. On the expenses side, Seittsa, the development company that exploits them, has managed to reduce them thanks to the unification and centralization of the management of the same and the decision "not to subrogate certain contracts of which the former concessionaires maintained".