Cintra obtained 205 million euro in EBITDA in the first half of 2009


  • Revenues amounted to 302 million euro between January and June.
  • International markets contributed 90% of EBITDA and 77% of revenues.
  • Early this year, Cintra obtained three new concessions (A1 toll road in Poland, and the NTE and IH 635 in Texas) and refinanced all of its debt that matures in 2009.
  • Cintra completed the sale of its stake in Cintra Aparcamientos for 451 million euro.

Madrid, 29 July 2009.  Cintra, the Ferrovial subsidiary specialised in bidding for and managing toll roads, obtained 301.6 million euro in revenues in the first half of 2009 (-1.9%). The decline was due mainly to falling traffic and also to the fact that 2008 had an extra day because it was a leap year.

EBITDA amounted to 205.4 million euro, a 7% decline with respect to the same period of 2008, due basically to an extraordinary provision at Autema and to exchange rate fluctuations. Excluding those factors, EBITDA would have declined by 0.4%. International activities now account for 90% of Cintra’s consolidated EBITDA.

EBIT amounted to 153.8 million euro, and net attributable profit to 20.9 million euro, contrasting with 51 million euro in losses reported in 1H08. The company has pre-funded the debt maturing this year at 407 ETR in Canada and extended funding for the Radial 4 toll road. As a result of these two transactions, Cintra has refinanced all of the debt maturing in 2009.

Divestment of Cintra Aparcamientos

On 26 June 2009, Cintra reached an agreement to sell its subsidiary Cintra Aparcamientos. The transaction, which was completed on 27 July, amounted to 451 million euro and provided a cash influx of 400 million euro. Both Cintra Aparcamientos and the Chilean toll road businesses are recognised as discontinued operations; therefore, only their net income before minority interest is recognised and they are no longer included in the various line items of the financial statements.

In March, Cintra voluntarily and retroactively applied the equity accounting method to its joint ventures. As a result, the Central Greece, Ionian Roads, Indiana Toll Road and Autopista Trados 45 concessions, which were proportionately consolidated, are now equity accounted.

In the first half of the year, the toll roads experienced the impact of the economic deceleration in their respective markets, reflected in a reduction in the number of private trips and in freight traffic. However, the decline slowed in the second quarter, and the Chicago Skyway actually experienced 11% growth. Performance by the main assets was as follows:

  • 407 ETR: The impact of the economic crisis on this Canadian toll road was felt particularly in heavy vehicle traffic. Revenues increased by 0.7% in Canadian dollars but declined by 2.5% in euro terms to 163.3 million euro because of the exchange rate. EBITDA amounted to 128.2 million euro and EBIT to 108.2 million euro.
  • Chicago Skyway: Traffic increased by 11.2% in the second quarter, and by 5% in the first half overall. Revenues totalled 22.8 million euro, 17.8% more than in the same period of 2008. EBITDA amounted to 18.7 million euro (+24.7%) and EBIT to 13.3 million euro. Ausol: Traffic on Ausol I and Ausol II reflected the impact of the economic slowdown in Spain, which is particularly intense on the coast due to the decline in real estate and construction activity. Revenues totalled 24.4 million euro and EBITDA 18.3 million euro.
  • Autema: The concession agreement includes a revenue guarantee, with the result that revenues increased by 6.3% to 25.5 million euro. Autema registered an extraordinary provision of 12.7 million euro for a VAT assessment with respect to compensation payments made by the Catalonia regional government since 2004. Excluding that effect, EBITDA at Autema (8.4 million euro) would have increased by 13.2%.
  • Three new concessions: In the first half of 2009, Cintra signed an agreement with the Polish Infrastructure Ministry to build and operate the A1 toll road. Additionally, two consortia which Cintra heads were selected as “Best Value Proposals” in Texas (USA) for the IH 635 Managed Lanes project (27.2 km), and North Tarrant Express (21.4 km). On 24 June, the consortium and Texas Department of Transportation (TxDOT) signed the Comprehensive Development Agreement (CDA) for the project.


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