The 55.3 million euro deal enables Cintra, Ferrovials concession subsidiary, to increase its stake in Ausol to 75%
Ferrovial has strengthened its position in Autopista del Sol, Concesionaria Española, S.A. (Ausol) by acquiring, through its concessions subsidiary Cintra, a 15% stake from Europistas. Ausol owns the concession for two stretches of toll road on the Costa del Sol: Málaga-Estepona and Estepona-Guadiaro.
The operation represents an investment of 55.3 million euros (i.e. valuing Ausol at 368.4 million euros) and it increases Cintras stake in Ausol to 75% while reducing Europistass stake from 25% to 10%. As a result, Ausol is owned 75% by Cintra, 10% by Europistas and 15% by Unicaja.
Cintra is restructuring its portfolio of concession for financial and tax reasons. Under the new tax legislation due to come into force shortly, by owning 75%, Cintra can integrate Ausol into the Cintra consolidated taxation group in 2002, which is more tax-efficient for the Group as a whole.
Autopista del Sol: Málaga-Estepona and Estepona-Guadiaro
Autopista del Sol came into being with the adjudication to a consortium headed by Cintra of the concession to build, finance and operate an 81 km stretch of toll road between Málaga and Estepona. The road was opened to traffic in June 1999 and the concession expires in 2046. In 1999, the company obtained another concession to build, finance and operate an additional 22.5 km of toll road, between Estepona and Guadiaro. This section, currently under construction, will be opened to traffic in the summer of 2002 and the concession runs until 2054.
Autopista del Sol makes a considerable contribution to revenues and earnings of Ferrovials concession area: in the first nine months of 2001, Ausol boosted revenues by 19% to 21.3 million euros and operating profit by 60% to 15 million euros. Traffic increased by 21% through September, compared with an average 7.6% in the sector as a whole.
