Ferrovial - Annual Report 2010

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Toll roads

Business Performance

Cintra's performance in 2010 was influenced by the global economic situation. However, the company increased its sales by 7.2% in comparable terms to 868.4 million euro, thanks to increased traffic (+5.5%) on the Canadian 407ETR toll road. It also increased EBITDA by 7.6%, with an improvement of the margin on sales of 0.4%.

Cintra increased rates on its most important toll roads: 407 ETR, Indiana Toll Road and more recently Chicago Skyway. It also opened the M3 toll road in Ireland to traffic, its second concession in the country, and opened more than 18 kilometers of new lanes on the 407 ETR. Construction work began on the toll roads in Texas, North Tarrant Express and LBJ Express, while the SH130 is ahead of the contractual schedule.

Despite the situation of uncertainty and reduced liquidity, the company has been able to successfully access the markets to finance new projects and refinance the maturity of existing debt, thus demonstrating the markets’ interest in quality assets.

It closed financing for 2.8 billion dollars 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.

With respect to its portfolio turnover, in 2010 Cintra closed the sale of 10% of the Canadian toll road 407 ETR, and 60% of its share in Cintra Chile to ISA with an option for the sale of the remaining 40%. In 2011 it closed the sale of 50% of Trados 45, S.A.

© Copyright 2010. Ferrovial

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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