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For clarity we provide the following explanatory information: SANRAL operates in two very distinct business areas, being toll and non-toll operations as required by our Act. We report and budget on each area separately for management purposes as well as cash flow requirements. No cross-subsidisation of funds between the two businesses are allowed. Effectively SANRAL maintains two trial balances for the two businesses.



SANRAL is proud of the good ratings

SANRAL is proud of the good ratings assigned to it by Moody’s Investors Service. The ratings are a testament to its sound business model, good governance and strategic contribution to the nation in the area of essential national road infrastructure. To download SANRAL’s rating analysis, click here.


1. Non-toll is funded through government grants and can therefore not budget for a deficit.

2. Toll is funded through, mainly, the capital market and receives income through toll fees.

  • Toll has no restriction on budgeting for deficits as the life of a toll road is calculated over 30 years and has, what is known as a J-curve over the period. This has the effect that in the early years no profit is generated due to the finance cost on the initial capital expenditure. As the borrowings decrease the profit increase and at the end of the life of the asset – it is indeed a profitable project. National Treasury has granted SANRAL exemption from the PFMA requirement in terms of section 53(3), to allow SANRAL to budget for a deficit on Toll operations.
  • SANRAL has a Government Guarantee on borrowings for Toll operations of R6 billion, with no expiry date. In addition, a further guarantee on borrowings under a Domestic Medium Term Note Programme was provided by government amounting to R31.91billion.