Sanral faces debt danger

Sanral faces debt danger

2013-12-18 15:33

Cape Town - The SA National Roads Agency Limited's (Sanral's) debt of R41bn could be put in jeopardy by motorists' non-payment for e-tolls, spokesperson Vusi Mona told Fin24.

However, Mona said that non-payment as a result of non-compliance by motorists will not affect the agency's financial health because only 16% of its portfolio is tolled.

"If we have a significant number of people who do not comply, it may affect our ability to repay the debt," he said.

"It will also affect the existing toll road portfolio, its maintenance and asset preservation actions."

Mona added that Sanral is of the view that the majority of South Africans are law-abiding citizens who will pay for the benefit of using the Gauteng Freeway network.

"We are confident of meeting our debt obligations",  he added.

"The improved rating by Moody's Investors Service a few days after toll commencement, though still negative, is an indication of a modest step in the right direction".

In September Sanral suffered its third credit rating downgrade by Moody's.

The ratings agency cited deterioration in Sanral's cash flow stemming from the prolonged delay in the realisation of e-toll revenue.

Sanral's R41bn debt is a slightly higher figure than predicted by Moody's in September, which estimated Sanral's debt stock to total R39bn in 2014.

After e-tolls came into effect in Gauteng earlier this month, Moody's confirmed Sanral's rating with a negative outlook.

Moody's said the negative outlook took into account the operational risks relating to e-toll collection.

 - Fin24

  • Patrick Buckley - 2013-12-18 15:36

    Mona......... Watch and learn! You are confusing law abiding citizens with idiots....

      Mac Naidoo - 2013-12-18 15:50

      Yes law abiding citizens vs corrupt anc officials.

      Brett Macdonald - 2013-12-18 15:59

      How did the highway cost jump from R 20 billion to R 41 billion? They are probably factoring in interest and collection costs that shouldn't have existed in the first place if they consulted the public properly on alternative finance means.

      Shaun Neveling - 2013-12-18 16:03

      Zuma's R200mil should help a little.

      Hendrik van Schaik - 2013-12-18 16:03

      Mooi man!!

      Sipho Gift - 2013-12-18 16:14

      We r law abiding citizens that's y we cnt fund corruption scheme called e-toilets vusi mona do yoself a favour tell sanral 2 remove these gantries we refuse 2pay so it will even cost u more 2maintain them while we r not paying but we wil use our freeway coz we r paying car licences

      Trevor Myburgh - 2013-12-18 16:22

      Tata Mandela hated injustices..... ETROLL is an injustice.... Don't pay Scamrail.......

      Mike Heyns - 2013-12-18 16:32

      @Jamba: Common man, don't be SO cruel? Give the girl some slack! PS: She achieved more in office than this government collectively in 20 years!!

      Stormy Naidu - 2013-12-18 16:37

      To nie wil hoor nie, dan moet jy voel...LOL!!!!

      Craig Elliott - 2013-12-18 16:40

      BEHWHAAHAHAHAHAHAHAHAHAHAHAHahahhahahahahahahahahaa.. You don't want to do it by the book .. you must can sit like a crook ... Sanral can smoke my pole !

      Freddy van Wijk - 2013-12-18 17:57

      There is something missing Patrick and that is Mona Lisa.

      Revelgen - 2013-12-18 18:16

      Debt danger? Couldn't have happened to a nicer bunch of people. Yes, a few hundred thousand (mainly businesses and govt employees) have bought e-tags. But millions won't - guaranteed. And Sanral are going to struggle massively to get their money from people who do not have e-tags. So do NOT buy e-tags. We, the citizens of SA< are finally taking a united stand against corruption in high places. We WILL sink Scamral with admin - watch and see.

      Jacques Clouseau - 2013-12-18 21:24

      Vusi, below my take on paragraphs equally numbered: 1. Debt placed in jeopardy - shame dude should have done your homework; 2. E-toll portfolio 16% - that's a lot of pension fund money tied up in failure; 3. Repayment of debt based on compliance by customers - long wait brother, better start smelling the roses; 4. Non-payment affecting asset preservation and existing toll road portfolio, maintenance, etc. - pensionable return in jeopardy, I really feel sorry for those close to retirement, SANRAL has single handedly ruined many people's dreams of a comfortable retirement. Secondly, better start with an internal restructure and do some forward planning as you will find resistance against subsidising this diabolical system; 5. Law abiding citizens will pay - Send an invoice mate, with a couple of reminders and eventually we MAY just part with our hard earned funds; 6. Confident of meeting debt obligations - think again mate; 7. Moody's improved rating - short lived, enjoy it while it lasts; 8. Moody's 3rd downgrade - learn to expect more bad news; 9. Deterioration of SANRAL cash flow - eye of the storm is still coming keep looking; 10. Difference in debt stock - SANRAL higher prediction will surely accelerate a further downgrade; 11. Moody continued negative outlook - expect more to come, pot of gold is and remains a pipe dream; 12.Moody outlook takes account of risks - the R 2Bn differential suggests Moody have got if wrong and more bad news is on the way. Sorry for you Vusi

      Byron Damons - 2013-12-19 07:22

      Hoe klink dit dan nou soe We give a damn about their dept.Wat van my mense wat nie eer 3000 rand se skuld kan betaallie ,jy worry oo n glorified paal mut niks benifittie

      Lukas Ekisjouvaader - 2013-12-19 08:38

      As a law abiding citizen, motorist AND tax payer I refuse to pay for an illegal agency.

      Konstabel Koekemoer - 2013-12-19 14:24

      He is a total liar, the money collected through tolls was never meant to go to repay any debts but to feed Kapsch and all the corrupt cadres who benefitted from the bribes and sub-contracts. The loans always had to be paid for through the taxes we already pay.

  • Magda Henning Human - 2013-12-18 15:38

    Lekker man. Kry vir julle. Ek ry lekker op die hoofweg en elke keer as ek onder een deurgaan, "MIDDEL VINGER"

      Mike Heyns - 2013-12-18 15:48

      Tik, tok, tik, tok, tik, tok, t.....!

      Shaun Neveling - 2013-12-18 16:10

      Sanral is sleg vir my kinders, ek doen presies wat jy doen en nou het die kinders dit opgetel.

      Jimmy Don - 2013-12-19 15:40

      Ek hou van jou steil Magda, mooi man roer hulle , blerrie SANRAL booswigte :)

  • Etienne Van Rensburg - 2013-12-18 15:44

    Thomas Jefferson — 'When injustice becomes law, resistance becomes duty.'

      Made-in Rsa - 2013-12-18 16:47

      E-tolls is injustice,the ANC is wasting and stealing billions each year,if they did not do that,there would not be any need for e-tolls.If they were accountable and used taxpayers money wisely,there would be no need for e-tolls.Where is the money from the fuel levies charged on every litre of petrol sold going?

      Pete Mears - 2013-12-19 04:36

      This is all part and parcel of the problems of a social welfare state that gears it's policies along ideological lines in order to maintain power instead of serving the people.

      Luviwe Ka Jay - 2013-12-19 08:16

      I fully agree with you Peter.

  • Philip Darne - 2013-12-18 15:47

    Nice, Lekker man!!!!

  • Carel Lange - 2013-12-18 15:49

    E toll se hol

  • Marc Anthony Webb - 2013-12-18 15:53

    Vusi Mona/Ali Nazi the majority of citizens are law abiding except your company SCAMRAL/CANCER...We will see how cock-sure you are of yourself in 12 months time you little muppet...

  • SA Springbok Club - 2013-12-18 15:54

    Uhm i think all the money was spent on nkandla.VIVA

  • Edmund Roux - 2013-12-18 15:55

    Listen carefully, you are corrupt, you lie to the public. It is not just your flawed system we object to! We object to you thinking we will pay whatever you can push our way :) We are done with your corrupt kind!

  • John Amos Mahlangu - 2013-12-18 15:59

    if maybe we had a good goverment that is accountable, then we would gladly have paid for e toll, the thing is we keep on paying a lot of money and taxes but that money never goes to the poor, the gov should help the poor and not enrich themselves, at this point SA just need a good goverment which is accountable, it does not matter if that gov is white or black. DA will never bring back aparteit, anyway even if it bring it, so as long as there will be accountability, job creation, service delivery, those are essential needs, it does not matter wheather it come from white or black. Let us move on guys, why keep on smilling and ANC which all they know is corruption and evil. Evn Mandela would not have mind to have an accountable white goverment.

      Sean O'Donnell - 2013-12-18 16:06

      John, that's possibly the smartest comment I have ever read on News24. We can only hope...

      Shaun Neveling - 2013-12-18 16:13

      I salute you. I could not care less of who is in charge, as long as job creation and eliminating poverty and crime is of the highest order.

      Stormy Naidu - 2013-12-18 16:43

      Kudos to you John, I don't give a royal who is at the top, as long as they don't steal what I and many South Africans give to our fellow citizens...

      Johan van Zyl - 2013-12-18 17:05

      You give me hope joanna...

      daniel.loots.9 - 2013-12-18 21:14

      I think Mona has red your comment, you have one Well said John.

      Anne E Duncan414 - 2013-12-19 15:16

      You have hit the nail right on the head - the only thing missing is us SA to make it happen next year, if we can bring this crappy e-toll to its knees we can do the same for the corrupt idiots in power.

  • Drummond Doig - 2013-12-18 16:02

    Wait and see just how many of us are not going to be law abiding on this one you troll !

      Drummond - 2013-12-18 17:09

      find our proudly e-tag free page on facebook

  • Sipho Gift - 2013-12-18 16:03

    B4 u put these e-toilet gantries u should hv thought about the cost of repaying the loan nw ur relying on us 2 pay the loan & u neva consulted us,go ask zuma who sign 4 it 2 bail u out coz I'm not willing 2 pay a mere cent 2 fund this unlawful project of crippling our bank account if zuma cnt help remove these gantries

  • Martin Jansen - 2013-12-18 16:04

    See the worry in my eyes! Have a toffee!

  • Nhlanhla Gezani Leonard Baloyi - 2013-12-18 16:05

    Let them get broke, they should have seen it coming before Zuma brought this so called E-tolls, All I want is for Zuma to be recalled. That's all.

      Mfumbayelangabi Silwane - 2013-12-18 16:26

      E-tolls programme started before President Zuma took office,by the way......

      Shaun Neveling - 2013-12-18 16:37

      Yes, but HE signed it into law.

      Johnny Walker - 2013-12-18 16:59

      Zuma signed the bill with great fanfare

      Dewald P Montgomery - 2013-12-19 05:52

      Imagine if we had posted "Segragation started in 1903 under British rule, well before Verwoerd had even been born."

  • Nick Gogakis - 2013-12-18 16:05

    Ive paid for my steak. Now you wanna charge me to take it away in a doggy bag.Your menu never stated that and even if it did I would never have eaten in your establishment. Sorry guys, from a restaurant perspective.

      Nic Mechanic - 2013-12-18 16:13

      good analogy.....

      drsparky - 2013-12-18 17:34

      Not quite... you paid for the steak, but now you have to pay rent for the cutlery, and if you don't you'll get a criminal record. Then, "eating with your hands" is the only solution! :-)

  • Wollie Verstege - 2013-12-18 16:06

    Moody's are the same guys who said all was fine until the bottom dropped out of the market. So I don't think their views count for much.

      Clive Cellarius - 2013-12-18 20:03

      ........but where there's smoke, there's fire!

  • Colin Craig Broadfoot - 2013-12-18 16:07

    Mona, what did you expect?. The people to do nothing while you steal from them. Don't you read the newspapers. Oh Sorry, you can't read.

  • Reyno Engels - 2013-12-18 16:08

    Sanral go back to your Country and do not give back the ANC 's investment in the deal. We are also not going to pay. Hope Sanral and ANC goes Bang.

      Heinrich Etsebeth - 2013-12-19 07:05

      For the millionth time it is not the ANC's investment money. It is state funds taken from the government pension fund. It is money collected from you and me not money the ANC has accumulated through any form of investment portfolio. In essence they took my mom's pension money and squandered it. Now when she retires in 3 years time she will have to live on a dime a day. And so will about 30 000 other government employees retiring in the next couple of years. And guess what... there goes economy again because a lot of people will now have to cut their expenditures in order to look after their parents in their olden days even after their parents has invested thousands each month into their retirement funds. The damage already caused by the ANC is incalculable. The knock on effect of this could amount to trillions in lost foreign investment over the next 5 to 10 years.

  • Nick Gogakis - 2013-12-18 16:08

    What a seriously BAD business decision!!!! hahahahahaha.

  • Charles A. - 2013-12-18 16:08

    Now why would you make such a remark given that SANRAl have claimed that some 900 000 tags have been sold. Somebody is being less than truthful here. Kapsch also announced losses for three straight quarters and claims that the losses are largely attributed to the delays in the implementing of the WORLDS biggest E-Toll project. I wonder if there are any penalty agreements in place in favour of Kapsch for late delivery of the system by SANRAL. If I were a Kapsch shareholder I would be somewhat concerned about an investment that would appear to be going belly up to the tune of some R700 million a year. Let us also not forget their capital investment. I wonder if bribes are refundable on demand?

      Made-in Rsa - 2013-12-18 16:39

      For sure Kapsch payed bribes to get the contract.That is how things are done under African National Corruption.Just look at the arms deal.How else did Kapsch get a shareholding of 85% in e-tolls if they did not pay bribes?Let them go belly up,together with e-tolls.

      Mc Segal - 2013-12-18 17:50

      We Must start a campaign to get names now.....Surely WE an bribe someone in the Know...Why should the corrupt have it their own way...

      Mc Segal - 2013-12-18 17:51

      can not an

      Clive Cellarius - 2013-12-18 20:06

      I am very certain that Kapsch has a watertight contract, otherwise, why is Scumral fighting so desperately to keep the contract conditions secret?

  • Lloyd Brink - 2013-12-18 16:09

    haha! You smoking good stuff!

  • Tiaan Niemand - 2013-12-18 16:12


  • Kevin Marsh - 2013-12-18 16:12

    Mona , you just don't get it . Scamral is illegal ,fuel levy or bust . Hope you go belly up and lose your jobs . To buy an E Tag is to let the whole nation down . Do not give in. Never pay for E Tolls.

  • Nevin Narraidu - 2013-12-18 16:13

    Santa for Christmas i dont want the PS4 nor even the new Galaxy tab - just the total annihiliation of SANRAL!!!

      Mike Heyns - 2013-12-18 16:26

      @Nevin: LOL PS4? XBOX360? SANRAL? .........ok ........... PS4? XBOX360? .........ok........ PS4 it is!!!!!

      Ridwan Halim - 2013-12-18 16:46

      and the anc!

  • John Amos Mahlangu - 2013-12-18 16:13

    In these days, people are racist based on money and class not colour. And as long as ANC rule only few blacks will be rich because it is all cronies that enrich among themselves. If it was not for the likes of BW Botha SA would be very very poor like all the other African countries. Yes he was racist but there is a lot that he did for this country. He used government money wisely and not to enrich himself like Mnr. Zoomer. He built road which even today are still strong unlike corrupt ANC tenderpreneurs who build and fix the same roads every single day. There is a lot that PW Botha did for us and he deserved to be thanked just like we thank Mandela

      Dewald P Montgomery - 2013-12-19 05:55

      True. Isn't it peculiar how thousands of black foreigners flocked to "evil SA" at the height of aphutheyd, seeking a better life than in their own (black, mind you) countries at the time? Nevertheless, we shall NOT pay e-tolls. The road belongs to all who travel it, black and white!

  • fargone - 2013-12-18 16:14

    "Law abiding" aside, I would like nothing more than to be a spectator and watch SANRAL collapse and crumble, it strikes me that they incurred the debt and thought up this scheme to finance their own folly, even the SANRAL press releases are tainted as they try to convince the public that paying their debt is the right thing to do. I suspect that there have been numerous kickbacks etc. I hardly think SANRAL should set themselves up as a paragon of virtue!

  • Christiaan Roesch - 2013-12-18 16:14

    Business 101. Business takes business loan to increase productivity/operations. Business takes responsibility based on the business case presented to repay the loan. Irrespective of whether Business has clients or not to generate cash flow, Business needs to repay that loan. The only difference here is the loan is from the pension fund. So SANRAL, start by paying back the loan to the pension fund... It's your business case remember.

  • Mike Lowry - 2013-12-18 16:15

    Oh shame; who can help you? Not even Jacob

  • Bongeka - 2013-12-18 16:17

    Eish!!! Should've listened to people's cries and ideas not just forcefully burden them with unneccesary extra costs. And please, don't even think about our (tax payers) money to settle your stupid debts.

  • Xoliswa Innocentia Ndwandwe - 2013-12-18 16:18

    here is to kisses SANRAL goodbye. Viva to the citizens who decided not to buy tags. let's continue showing ANC and SANRAL who is the real government "being the government". in the Famous of Madiba "if the ANC does to you what the apartheid government did to you, then do to the ANC what you did to the apartheid government." In the true spirit of unity the people shall govern this land. Let us all stand united and by next year SANRAL and Zuma shall be history

  • Mogoba Sesupanako - 2013-12-18 16:21

    This is a contavercial issue realy I think we must wake up as SA not like other certain group of people

  • Mfumbayelangabi Silwane - 2013-12-18 16:23

    Then ,why pay for other tolled roads if you do not want to pay for the Gauteng one?People must not be misled by politicians who want to score cheap political points

      Olivia Kgatla - 2013-12-18 17:18

      The other roads have alternatives. Like if I want to to go to polokwane, I can use the R101 and not pay a cent. But in the urban area its not always the case

      Clive Cellarius - 2013-12-18 20:11

      It's not that I don't want to pay for our roads. What I won't do is support this moronic and vastly expensive collection system. Just don't buy an e-tag!

      Bloodstone Shakespeare - 2013-12-19 00:08

      I've paid for the bloody roads already through my fuel taxes, plus the other tolled roads! Why do you make this stupid comment, you idiot!?

      Dewald P Montgomery - 2013-12-19 05:59

      Many of the "other" toll roads didn't exist, or were old, dodgy side roads. These roads EXISTED and were IMPROVED, hence the name "freeware improvement project". Curiously, many of these roads are now being patched daily, more than they were ever before. So much for improvement. In any case, I do highlight that we already paid for them, and STILL pay for them through our fuel levy and PAYE taxes, as well as our licence fees for our cars. What happens to those billions? All go to Nkandla and fat cat lifestyles and social grants? All the holy books - the Bible, the Torah and the Koran teaches: He who pays the bills make the rules. We pay the bills. Too long we've been told what to do. From now on, we'll make the rules.

  • James Williams - 2013-12-18 16:24

    ETolls are really on the brink - if we keep the pressure up, etolls will fail - and before Christmas 2014. For a better future for SA, it is imperative that Etolls must fail.

      Johnny Walker - 2013-12-18 17:17

      You mean before January 2014

      Clive Cellarius - 2013-12-18 20:14

      It's unfortunately going to take a lot longer than that. They first have to send out invoices (good luck with that!), then a looong time for them to realise the money is not coming in fast enough for them to service their debt - they're rather stupid, you know!

  • Derick Putter - 2013-12-18 16:25

    Thumbs up Scamral. My thumb between my index and middle finger.!!!!

  • Ricky40000 - 2013-12-18 16:27

    Please do not refer to it as a freeway as this is so far from the point how can u be expected to pay for a freeway. Shouldn't it be like the name suggests!!!! I will not pay!!!

  • James Williams - 2013-12-18 16:28

    If you Sanral oaks consulted the public properly way back when, we would have told you what a bad idea etolls were, and you would not be sitting with this debt situation right now. Julle moet voel Sanral, julle moet voel.

  • Made-in Rsa - 2013-12-18 16:29

    R41 Billion?In the first place i dont know if it is really true.In the second place that is your problem.We all pay our taxes,fuel levies and vehicle licencing fees.So we are law abiding.What is the government doing with all that money?If you look at Nkandla,arms procurement,parliamentarians busy eating while they sit in parliament,a new Boeing for Zuma,a new road buildt to Nkandla,the state paying for the power at Nkandla,expensive cars for ministers,and then hiring more expensive cars,if you look at all that,and many other things,i dont think the government have a problem with money.I read somewhere 30 bilion is misappropiated each year.

      Anne E Duncan414 - 2013-12-19 16:12

      I kind of think its a lot more, they just not really giving us the bigger picture, they think we are the idiots! But not to worry when the gravy train finally falls off the tracks we will all laugh.

  • theo.bhengu - 2013-12-18 16:30

    @Kobus. I don't see what an online petition will achieve. The people who can do impeach the president are those in Parliament. This is a big waste of time.

  • William Minges - 2013-12-18 16:32

    "Mona added that Sanral is of the view that the majority of South Africans are law-abiding citizens who will pay for the benefit of using the Gauteng Freeway network." We have already paid many times over from the government tax (Fuel levy) on petrolum. Why should we have to pay again because you put a fresh layer of tar on the cement highway and then narrowed the lines to make more lanes? If E-Toll is now law, why are we still paying government tax on petroleum???? While on that subject, where did all the money go from the fuel tax levy??

      Johnny Walker - 2013-12-18 17:18

      Inter alia to Nkandla and the Guptas

  • Irene Hutchins - 2013-12-18 16:33

    Tough...rather Sanral suffering than the motorists who were not consutled and had this forced on them.

  • Stormy Naidu - 2013-12-18 16:35

    “Our lives begin to end the day we become silent about things that matter.” “One has a moral responsibility to disobey unjust laws.” “We may have all come on different ships, but we're in the same boat now.” “An individual who breaks a law that conscience tells him is unjust, and who willingly accepts the penalty of imprisonment in order to arouse the conscience of the community over its injustice, is in reality expressing the highest respect for the law” ? Martin Luther King Jr. It's called civil disobedience!!! Any Minister who publicly announces that she took a loan and it must just be paid, well Minister, go pay it yourself...what kind of example are you??? I'm considering taking one and sending you my monthly statements!

  • Rob Williams - 2013-12-18 16:39

    Vusi Mona that is your problem I do not use your highways out of principle but if I ever do then whistle for your money because you are all corrupt thugs that steal continually. If it's hidden theft then its open institutionalised corruption like ETOLLS.

  • Tebogo Andries Sithole - 2013-12-18 16:40

    I dnt get from 20billion to 41billion hw dd we there cause initially the project caused 20billion

  • Ronald Calvin Jeffs - 2013-12-18 16:41

    ag Shame! And this is our problem how? Crash and burn baby.... You can shove your e-tolly where the sun don't shine.....

  • Jacques Van Dyk - 2013-12-18 16:42

    ...and if the cant repay the debt they will try and raise the tolls for those who are paying. Take your gantries and cut your losses while you can SCAMRAL. The nation will ensure that this scam fails!

  • Stanley Njena - 2013-12-18 16:43

    ja i like it, why are citizans of this country, sayng nothing while the current leadership of ruling party are getting away with marder

      Stormy Naidu - 2013-12-18 16:53

      Don't worry, we are going to "DEAL" with them very soon...LOL

  • Jurie Nel - 2013-12-18 16:44

    If tolls are only 16%, why the great urgency and pressure on law abiding motorists? Surely that could have been obtained from fuel levies -- or is that already being done surreptitiously? No, Vusi Mona. Your talk smacks of both doublespeak and highly creative Chinese accounting. And then you wonder why you do not have the trust, and will never gain the co-operation of motorists. Sad. Sad indeed for you -- but not for us.

  • Pat Aldrich - 2013-12-18 16:46

    This is easy to solve. Go and see some debt counsellor. They shouls solve your problem. We were made believe the roads are for the soccer. Organise soccer to solve your problems

      Judith Patricia Miller - 2013-12-18 19:58

      When I first saw the gantries going up I thought they were for cameras to control speeding and safe driving on the highway. And I consider myself quite well-informed. The government imposed this by Stealth. ..

      Judith Patricia Miller - 2013-12-18 19:58

      When I first saw the gantries going up I thought they were for cameras to control speeding and safe driving on the highway. And I consider myself quite well-informed. The government imposed this by Stealth. ..

  • Jacques Van Dyk - 2013-12-18 16:47

    No SANRAL it won't affect the existing toll road portfolio, its maintenance and asset preservation actions. You leave with your gantries and the fuel levy will pay for the "FREEWAY" maintenance as it was always the case.

  • Candice Jeannine Coxen - 2013-12-18 16:48

    We are law abiding citizens scamral. However YOU are a bunch of thieving corrupt sons of b! *@#$. Therefor we will not pay, because to pay you is to pay for crime (again read my aforementioned opinion of you) and this we will not do!

  • Ridwan Halim - 2013-12-18 16:49

    The roof, the roof, the roof is on fire We don't need no water let the gantry burn.....