Ferrovial - Annual Report 2010

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Toll roads

Toll roads

Cintra is one of the leading private developers of toll roads in the world, in terms of both number of projects and investment volume.

Cintra actively manages its projects to optimize their operating efficiency and improve the quality of the service it provides to users. It is also focusing its efforts on the sale of mature assets with reduced risk and limited growth potential in order to invest in projects with greater added value, such as greenfield projects.

With respect to its portfolio turnover, in 2010 Cintra closed the sale of 10% of the Canadian toll road 407 ETR, 60% of its share in Cintra Chile to ISA (with an option for the sale of the remaining 40%) and 50% of Autopista Trados 45, S.A.

In 2010, Cintra continued to actively manage its projects in order to optimize their operating efficiency while improving the quality of service provided to users. The highlights of the year included the opening of the M3 toll road in Ireland, the second Cintra concession in the country, and the increase of rates on the 407 ETR Indiana toll road.

Despite the instability and reduced liquidity in financial markets, the company has been able to refinance and obtain financing for new projects, thus demonstrating the market's interest in quality assets. It obtained 2.8 billion dollars of finance for the LBJ toll road in Texas (U.S.) and refinanced debt maturing in 2010 and 2011 (800 million and 700 million Canadian dollars respectively) for the 407 ETR toll road. It has also obtained an extension on the maturities of debt in the R-4 and Ausol toll roads.

Enrique Díaz-Rato - Results 2010

Enrique Díaz-Rato - Results 2010

The CEO of Cintra explains that revenues increased by more than 7% and EBITDA by 7.5%.

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This is an electronic version of the 2010 Annual Report prepared by Ferrovial S.A. for its stakeholders, which aims to be complete and accurate. The contents of this version can be checked by referring to the print version. A copy of the print version in PDF format is available to download on this web page