Cintra increased net profit by 15% to 103.5 million euros through September


Revenues rose by 17.6% to 416.4 million euros

EBITDA grew 19.5% to 270.4 million euros; international activity accounted for 70.1% of the total

There were strong increases in traffic on toll roads (407 ETR +5%; Ausol +9%; Autema +9.3%; and Chilean toll roads +7.1%) and in the number of  parking spaces (+9.8%)

New toll roads were opened in Portugal, Spain and Chile, and Cintra made its first incursion into the United States

Madrid, 10 November 2004. Cintra, which specialises in bidding for and managing toll roads and car parks, increased net profit by 15.1% to 103.5 million euros in the first nine months of 2004.

The significant growth in traffic and revenues on all managed toll roads, the opening of new toll roads, and the increase in the number of new car park concessions contributed to those results, which ensure the company´s growth in the coming months.

EBITDA rose by 19.5% to 270.4 million euros; toll roads accounted for 93.7% of the total. International activity contributed 70.1% of EBITDA, compared with 66.5% in 9M03. The EBITDA/revenues margin was 64.9%, one percentage point higher than in 9M03.

Revenues totalled 416.4 million euros, i.e. up 17.6%. Toll road revenues grew by 19.9% to 341 million euros and car park revenues increased by 17.1% to 72.4 million euros.

Cintra has a net cash position of 22.1 million euros. The concession companies´ debt (around 4.7 billion euros) is without recourse to Cintra.

Cintra debuted on the stock market on 27 October, with an IPO price of 8.24 euros. The IPO, which was one of Europe´s largest this year and Spain´s biggest in the last three years, totalled 1,536.6 million euros. Following completion of the IPO, which included primary and secondary public offerings, 62.03% of Cintra is now owned by construction group Ferrovial and the rest is free float (listed in Spains four stock markets).

Toll roads: strong increase in traffic, and entry in the US market
Cintra´s toll road concessions (currently 17) increased revenues by 19.9% to 341 million euros, boosted by positive traffic and revenue performance in all its toll roads, the opening of the Scut Algarve (Portugal) and Radial 4 roads (Spain), and additional tolls on the Maipo road (Santiago-Talca, Chile).

EBITDA grew by 22.6% to 253.4 million euros between January and September 2004. The 407 ETR (Express Toll Route) in Toronto contributed 51% of the total, followed by Ausol (Málaga-Estepona-Guadiaro).

Traffic grew significantly on all roads in the first nine months of 2004:

- 407 ETR in Toronto: daily traffic increased by 5.7% to 269,327 and kilometres travelled by 7.9% to 1,456 million;
- Málaga-Estepona (Ausol I) and Estepona-Guadiaro (Ausol II): traffic increased by 9% to 36,743 daily trips;
- Autema: traffic grew by 9.3% to 18,001 daily trips;
- Four Chilean toll roads: traffic rose by 7.1%;
- Traffic increased by 4.6% at Europistas and by 4.4% on the M-45 in Madrid.

Highlights of the toll road division in the period:

- acquisition of an additional 10% of Ausol from Europistas, increasing Cintra´s stake to 85%. In exchange, Europistas received 50 million euros and Cintra´s 30% stake in Túneles de Artxanda;

- on 10 July, an independent arbiter acknowledged the 407 ETR´s right to set tolls without government authorisation. The decision will be appealed by the Ontario government;

- on 30 July, Cintra completed the 522 million euros financing for the construction of the Ocaña-La Roda toll roada concession which it will manage for 36 years;

- on 24 August, the Revenue Distribution Mechanism (MDI) agreement for the Talca-Chillán toll road in Chile was published, ensuring the concession company´s extension of the road´s concession term until it obtains the net present value of the agreed revenues.

Highlights after 9M04: the IPO of Cintra (toll road and car park operator) and the award of the Chicago Skyway (the first toll road in operation to be privatised in the US).

The Chicago deal marks Cintras entry in the USa strategic market in its expansion plans. The 99-year lease agreement will involve an investment of 1.82 billion dollars (1.47 billion euros). Cintra has a 55% stake in the winning consortium, while the other 45% is owned by Australian group Macquarie.

The deal will be financed by the concession company with equity and senior bank debt without recourse to shareholders. The debt is completely underwritten by the banks. The deal has received a preliminary investment grade rating for amounts over 1.2 billion dollars by two rating agencies. In addition to Cintra and Macquarie, two of the worlds most prestigious traffic engineering companies participated in assessing the transaction.

Car parks: the number of managed parking spaces grew by 9.8%, maintaining Cintra´s leading position
The opening of new off-street car parks, the increase in the number of on-street parking spaces in Madrid, and the award of new concession contracts have enabled Cintras car park division to maintain the leading position in Spain in 9M04, with a total of 198,862 parking spaces (+9.8%).

The number of off-street parking spaces increased by 16.3% to 46,964, representing 23.6% of the total spaces managed by the division; the number of restricted parking spaces rose by 11% to 131,881, and represent 66.3% of the total. The remainder (20,017 parking spaces) are private car park contracts.

Car park revenues increased by 17.2% to 72.4 million euros and EBITDA by 15.1% to 22.9 million euros in 9M04.

In the period, Cintra bought out Estacionamientos Guipuzcoanos (Eguisa), one of Spain´s largest off-street car park concession companies, which manages nearly 4,400 parking spaces in Madrid and San Sebastián; Cintra already owned 42.9%.


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