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Land Transport
Land Transport
HIGH SPEED TRAIN (HST) – CAMPINAS/RIO DE JANEIRO
Between December/2009 and June/2010, the Brazilian Court of Audit (TCU) analyzed the technical and economic
feasibility of the model chosen for the implementation of the EF-222 Railroad, also called High Speed Train (HST).
This type of railway system, used to transport passengers, generally includes lines designed and built for trains
capable of traveling at speeds equal to or greater than 200 km/h.
Because the concession is preceded by public works, the TCU assessed, among other items, the regularity,
the consistency and the accuracy of the amounts, studies and licenses related to the technical, financial and
environmental factors that characterize the project. The amount of revenues estimated for the concession totals R$
193.3 billion in current values. The civil works involve R$ 22.9 billion, 69% of the R$ 33.1 billion total needed for the
construction. The construction include 90.9 km of tunnels, whose cost is estimated in R$ 10.7 billion, and 103 km
of bridges and overpasses, whose construction accounts for R$ 7.11 billion.
Schematic repreSentation of the projected railway and train StationS
Source: Halcrow/Sinergia report (http://www.tavbrasil.gov.br/Tracado.asp).
The HST express line will operate between the cities of Rio de Janeiro (Barão de Mauá station), São Paulo
(Campo de Marte station) and Campinas (location not determined). The long and short distance regional service
mandatorily includes stations at Galeão Airport (RJ), Vale do Paraíba Fluminense (Volta Redonda), Vale do Paraiba
Paulista (São José dos Campos), and the Airports of Guarulhos (SP) and Viracopos (SP).
Aparecida do Norte station (SP), although mandatory, serves tourism purposes and therefore may be used only
on weekends and holidays. Resende (RJ) and Jundiaí (SP) stations appear as optional in the Technical, Financial-
Economic and Environmental Feasibility Study (EVTE). In addition, the future concessionaire could create other
stations, if there is an interest.
main findings
TCU has identified some flaws, such as:
• insufficiency of geological and geotechnical studies;
• deficiency in the definition of the reference draft;.
• inconsistencies and inaccuracies in quantities and unit costs of services.
Land Transport
Brazilian Court of Audit • www.tcu.gov.br • 1st Secretariat for Oversight of Privatization and Regulation • [email protected] • Phone: +55-61-33167384 • Fax:+55-61-3316-7545.
For further information, visit www.tcu.gov.br/controleregulacao
With regard to economic and financial parameters, TCU concluded that the inadequacies found in the structure of
the project may be corrected on the occasion of the bidding notice and in the draft of the contract. The inadequacies
are listed below:
• no food service, restroom, wheelchair access and luggage compartment planned on the HST;
• no mention of a minimum travel time similar to that of the EVTE;
• no specifying parameters for the operation of the HST at stations located at airports and between Campo de
Marte and Guarulhos International Airport stations;
• no ceiling tariff to remunerate regional services, as established in the demand study;
• no clause provision to reverse alternative, complementary, ancillary revenues or revenues from associated
projects in favor of reasonable tariffs, and
• inadequacy of the formula for economic and financial rebalancing of the contract.
tcU deliberations
TCU determined ANTT the inclusion of the following items in the bidding notice and in the draft of the
concession contract:
• specifying services to be offered, which may include dining car, restrooms, wheelchair access and luggage
compartment;
• specifying parameters for the operation of the HST at stations located at airports and between the Campo de
Marte and the Guarulhos International Airport, in order to enable estimates of ceiling-tariffs, timetable, etc;
• prohibition of request by the concessionaire for economic and financial rebalance in case the projected
demand is not as great as anticipated by the feasibility studies;
• prohibition of other mechanisms aimed at protecting public funds, in case of the enterprise prove to be
impracticable;
• conditions for economic and financial rebalance of the contract to be signed, in accordance with the
Weighted Average Cost of Capital (WACC) parameters;
• safeguards to ensure full implementation of the contract and due accomplishment of the obligations
assumed by the winning bidder, given the technical complexity and the dimension of the project, the
participation of The Brazilian Development Bank (BNDES) funds to finance the works and the risks involved,
in particular with regard to the projected demand;
• inclusion of a clause tending to reverse alternative, complementary, supplementary revenues, or revenues
from associated projects in favor of reasonable tariffs;
• set regular tariff revisions, preferably every five years, in order to reverse some of the benefits arising from
technological advances and other efficiency gains in favor of reasonable tariffs;
• ceiling-amount of R$ 19.977 billion to maintain the 60.3% share of total public financing of the enterprise,
the percentage limit of credit concerning proven expenses by the concessionaire, and the installments to
be paid out under the public financing agreement, according to the capital structure of the winning bid;
• disclosure clause, designed to enable ANTT and the external control agency to have access to documents
concerning proven investments made during the contract execution, and
• geographic and physical restrictions to limit the exposure of the grantor to risks of environmental indirect costs.
Judgment TCU No 1.510/2010-Plenary session - 06/30/2010 Rapporteur: Minister Augusto Nardes
Land Transport
FEDERAL HIGHWAY CONCESSIONS
The Brazilian Highway Concessions Program (Procofe) covers 11,191.1 km of roads under concession. The Brazilian
Court of Audit (TCU), as provides the federal constitution, oversees highway concessions. The 1st Stage of Procofe
included five road sections totaling 868.7 km, which had been subject to toll payments by the Ministry of Transport.
Table 1: ConCessionaires of The 1sT sTage of The ProCofe
highways road section Concessionairesegment
(Km)
estimated investiment
(r$ billion)
BR-116/RJ/SP Rio de Janeiro - São PauloNovaDutra - Concessionária da Rodovia Presidente Dutra S/A
402.0 0.905
BR-101/RJ Presidente Costa e Silva Bridge Ponte- Ponte Rio Niterói S/A 23.3 0.830
BR-040/MG/RJ Juiz de Fora - Rio de JaneiroConcer - Companhia de Concessão Rodoviária Juiz de Fora - Rio
179.9 0.416
BR-116/RJAlém Paraíba - Teresópolis
Intersection BR 040/RJ
CRT - Concessionária
Rio - Teresópolis S/A142.5 0.150
BR-290/RSOsório - Porto Alegre Intersection BR 116/RS (Guaíba)
Concepa - Concessionária da Rodovia Osório - Porto Alegre S/A
121.0 0.167
TOTAL 868.7 1.6
The oversight of the 1st Stage of Procofe occurred during the contract execution through performance
audits, in order to verify the adequacy of tariffs charged, the adjustments incurred on the investment plan and in
concessionaires’ cash flow, and to certify the economic and financial balance of the contract due to revisions and
readjustments.
The 2nd Stage was completed in February and March 2008, with the signature of concession contracts for seven
road sections.
Table 2: ConCessionaires of The 2nd sTage of The ProCofe
highways road section Concessionairesegment
(Km)
estimated investment (r$ billion)
BR-153/RJMG/SP Boundary - SP/PR Boundary
Transbrasiliana Concessionária de Rodovia S/A
321.60 1.5
BR-116/PR/SC Curitiba - SC/RS Boundary Autopista Planalto Sul S/A 412.70 1.9
BR-393/RJ MG/RJ Boundary - BR-116 Intersection (Via Dutra)
Rodovia do Aço S/A 200.35 1.1
BR-101/RJRJ/ES Boundary - Presidente Costa e Silva Bridge
Autopista Fluminense S/A 320.10 2.3
BR-381/MG/SP Belo Horizonte - São Paulo Autopista Fernão Dias S/A 562.10 3.4
BR-116/SP/PR São Paulo - Curitiba Autopista Régis Bittencourt S/A 401.60 3.8
BR-116/376/PR and 101/SC
Curitiba - FlorianópolisConcessionária Autopista Litoral Sul S/A
382.33 3.1
TOTAL 2,600.78 17.3
Land Transport
Brazilian Court of Audit • www.tcu.gov.br • 1st Secretariat for Oversight of Privatization and Regulation • [email protected] • Phone: +55-61-33167384 • Fax:+55-61-3316-7545.
For further information, visit www.tcu.gov.br/controleregulacao
The oversight of the 2nd stage was conducted during the license granting phase, under the terms of TCU Internal
Rule nº 46/2004, on the analysis of technical, economic, financial and environmental feasibility (EVTE) studies,
aiming at:
a. ensuring consistency and soundness of the maximum reference bidding price;
b. verifying EVTE basis regarding investments, operating costs, profitability, environmental issues, among
others, in order to avoid overpriced highway user fees.
Main findings
• incomplete approach concerning mandatory environmental recovery and protection during the contract
execution;
• inaccuracies regarding the service required, such as criteria definition, parameters, procedures and standards;
• lack of monitoring of values and amounts estimated for new investments, which could increase the fees
charged to users;
• undue billing of the Tax on Services of Any Nature (ISSQN) without legal provision, which increased the tolls
until 1999, representing 5% of the toll gross revenue;
• allocation of investments not originally planned in the cash flow and not converted into direct benefits for
highway users.
TCU deliberations
In view of the findings mentioned above, TCU issued some determinations and recommendations to the National
Land Transport Agency (ANTT):
determinations Judgmente rapporteur
suppression of investments improperly included in the cash flow.
TCU No 1.316/2005-Plenary session - 08/31/2005 Minister Valmir Campelo
exclusion of the ISSQN.
TCU No 973/2001-Plenary session - 21/11/2001
TCU No 567/2002-Plenary session - 29/05/2002
TCU No 970/2010-Plenary session - 05/05/2010
Minister Augusto Sherman
Minister Walton Rodrigues
Minister José Jorge
identification contracting parties obligations regarding recovery of environmental liabilities.
TCU No 2.299/2005-Plenary session - 13/12/2005 Minister Augusto Nardes
inclusion of defined criteria, parameters, procedures and standards that enable the assessment of the highway service operation, in order to foster transparency on the quality of service provided.
TCU No 2.104/2008-Plenary session - 24/09/2008 Minister Ubiratan Aguiar
inclusion of a clause providing periodic tariff review in order to pass on the gains in productivity and technological efficiency, the extra increase or decrease of costs and/or expenses of the concessionaire.
TCU No 2.104/2008-Plenary session - 24/09/2008 Minister Ubiratan Aguiar
recommendations
assess the project impact in view of the inconveniences caused to municipalities adjacent to the highway.
TCU No 2.104/2008-Plenary session - 24/09/2008
TCU No 682/2010-Plenary session - 07/04/2010
TCU No 683/2010-Plenary session - 07/04/2010
Minister Ubiratan Aguiar
Minister Walton Rodrigues
Minister Walton Rodrigues
make necessary adjustments if HCM (Highway Capacity Manual) model is adopted, specially regarding weight/power relation, free flow of light and heavy vehicles and actual flow rate of heavy vehicles, to better adapt it to the Brazilian reality.
TCU No 2.104/2008-Plenary session - 24/09/2008 Minister Ubiratan Aguiar