Cintra’s revenues rose by 3.1% to 735.9 million euro in 2008


– Cintra’s assets proved their appeal through significant financing deals at the 407 ETR, Ionian Roads, SH 130, Autema and Radial-4 toll roads.

Cintra was awarded two major contracts in January 2009: the A1 toll road in Poland and the North Tarrant Express in Texas.

– The Car park and Chilean toll road businesses are recognised as discontinued operations; therefore, only their net income is recognised, and they are no longer included in the various line items as they are both being divested.

Cintra’s revenues amounted to 735.9 million euro in 2008, up 3.1% with respect to 2007. Excluding the currency effect, growth would have been 7.3%. EBITDA totalled 522.3 million euro (-1.4%). The change in EBITDA is primarily attributable to the 11.1 million euro increase in provisions at 407 ETR and to the release of the provision for municipal property tax at Ausol. Additionally, the variation in the exchange rate reduced EBITDA by 21.6 million euro. But for those effects, EBITDA would have expanded by 6.3%. The EBITDA margin was 71.0%, compared with 74.3% in 2007. Excluding the changes in provisions at 407 ETR and Ausol, the EBITDA margin would have been 72.5%, compared with 73.4% in 2007.

Greater revenue from the toll road business

Toll road revenue increased 3.1% to 735.9 million euro. This growth is primarily the result of the combined effect of increased tolls at 407 ETR, Chicago Skyway and Indiana Toll Road, and the incorporation of the Ionian Roads in Greece, which offset negative performance of traffic on some toll roads as a result of the economic slowdown in various countries. International activities account for 76.4% of revenues. The largest contribution came from Canada with 47.5% (349.4 million euro), followed by Spain with 23.6% (173.6 million euro) and the rest of Europe with 15.9% (116.9 million euro).

The increase in weighting of European assets is the result of commencement of operation of Ionian Roads in Greece and the good performance by Ireland’s M4-M6 toll road. North America accounts for more than 60% of revenue.

CANADA: Canada’s 407 ETR obtained revenues of 349.4 million euro; excluding the currency effect, that figure represents growth of 5.3%. EBITDA amounted to 263.1 million euro. Traffic remained unchanged in terms of VKT and increased 0.9% in terms of trips. The toll includes an increase of 9.4% for peak hours in the “Regular Zone” (between highways 401 and 404), 8% for peak hours in the “Light Zone” (the rest of the highway) and 7.1% for off-peak hours.

US: Of special note is the 9.7% increase in revenues at Chicago Skyway to 43 million euro (17% more excluding the currency effect). This is attributable to the increase in tolls by 20% for light vehicles and 50% for heavy vehicles. EBITDA expanded 16% to 35.6 million euro. Traffic was affected by increased capacity on an alternative route and by adverse weather conditions. The Indiana Toll Road obtained 53 million euro in revenues, up 2.8% excluding the currency effect. Traffic on the barrier section (closest to Chicago) reflects the effects of the temporary closure of the junction with the I-65 south of the Gary East toll plaza, and tolls increased by 20% on average for heavy vehicles.

SPAIN: Revenues from Spanish toll roads totalled 173.6 million euro (+1.2%) and EBITDA amounted to 91.9 million euro. Traffic on Ausol I and Ausol II reflected the effects of reduced construction, visible in a decline in heavy vehicle traffic. This effect was more noticeable on Ausol II as a result of the completion of construction work at Algeciras Port in September 2007. Traffic on the M-45 was affected by the opening of the section of the M-50 between the A-3 and A-2 highways and the completion of the tunnelling work on the M-30. Nevertheless, this shadow toll road’s revenues depend on contractual traffic levels, which are currently close to the established ceiling. Autema reflected the economic slowdown, although the concession company’s revenues are guaranteed by contract and expanded by 8.1%. Radial-4 was affected by the opening of the last section of the Silver Road (Mérida-Seville).

REST OF EUROPE: Revenues from the M4-M6 toll road in Ireland increased by 5.6% to 24.8 million euro. EBITDA amounted to 17.6 million euro (+4.8%), while toll road traffic expanded 4% in 2008. The Ionian Roads project in Greece, which contributed 19.1 million euro, was transferred to Cintra in January 2008.

Financing deals totalled 3.5 billion euro

The financial markets had a very difficult year in 2008. Nevertheless, Cintra has been able to tap the financial markets in the last 15 months to refinance maturing debt, finance new projects and even releverage existing assets for a total of over 3.5 billion euro, evidencing both the market’s interest in quality assets such as Cintra’s and also our team’s experience and ability to raise funding despite market turmoil. Of special note is that, in the early weeks of 2009, Cintra refinanced the debt outstanding on the 407 ETR and Radial-4 toll roads, thus eliminating all refinancing risk for 2009.

Car park and Chilean toll businesses: discontinued operations

More than 29,000 new parking spaces: Cintra Aparcamientos was managing a total of 296,146 spaces (+11%) at year-end. Revenues totalled 166.6 million euro (+16%) and EBITDA amounted to 48.2 million euro.

Revenues and EBITDA expanded in Chile: Chilean toll roads obtained a 6.6% increase in revenues to 178.6 million euro, and a 4.2% increase in EBITDA to 121.4 million euro. Traffic increased sharply in 2008, by between 2.9% and 5.9%, depending on the road.

Significant events in the period:

  • 407 ETR refinanced its debt that matures in 2008.
  • Ionian Roads (Greece) debt syndication.
  • Financial closure of Segments 5&6 of SH 130 in Texas.
  • Refinancing and releveraging of Autema.
  • New toll rates at Chicago Skyway, 407 ETR and Indiana Toll Road.
  • Transfer of operational section of Ionian Roads (Greece).
  • Opening of the last section of the Norte Litoral toll road in Portugal.

Significant events after year-end:

  • 407 ETR in Canada refinanced all of its debt that matures in 2009.
  • Extension of funding for the Radial-4 toll road.
  • Agreement with the Polish Infrastructure Ministry for the operation of the A1 toll road.
  • Cintra selected as “Best Value Proposal” for the North Tarrant Express project in Texas.
  • Board commenced analysis of a possible merger with Grupo Ferrovial.
  • New tolls came into force at 407 ETR.


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