Now that is interesting....
I expected the VPC collections to be mostly going to KTC, and not SANRAL.
Nope. Apparently they're in an awful position based on the current situation. Without increased e-tag adoption, they're screwed. Effectively they are being penalised for Sanral's lack of consultation and poor foresight, which they made Sanral aware of and attempted to rectify long ago. Sanral effectively told them to get fscked.
They are unlikely to make money off this system unless there are further e-toll investments (which government agreed to and they've now admitted) and better e-tag adoption. They don't make all that much on alternate user payments.
Additionally, Sanral are recognising revenue based on 100% of their debtor's book..