- Revenues totaled 493.3 million euro (-1.1%) in the first nine months of the year. Almost 76% of revenues were obtained outside Spain.
- The sale of the car parks business provided 95.3 million euro in capital gains and contributed to reducing net debt to 6.088 billion euro.
- Net profit totaled 77.4 million euro.
Madrid, 28 October 2009. Cintra, the Ferrovial subsidiary specialized in bidding for and managing toll roads, obtained 354.5 million euro in EBITDA in the first nine months of 2009, i.e. 3.7% less than in the same period of 2008. The decline is due to the extraordinary provision booked by Autema and Ausol and also to exchange rate fluctuations. Excluding those two factors, EBITDA would have increased by 0.6%.
Revenues amounted to 493.3 million euro, 1.1% less than in the same period of 2008. Activities outside Spain provided 75.8% of total revenues.
EBIT amounted to 272.7 million euro in the first nine months of 2009, and net profit totaled 77.4 million euro, supported by the 95.3 million euro in capital gains on the sale of the car parks subsidiary.
Adjusted net profit, excluding other income, amounted to 29.7 million euro.
The company’s net debt amounted to 6.088 billion euro at 30 September 2009. Cintra has refinanced the debt of 407 ETR that matures this year and it has extended the funding for the Radial 4 road. These two transactions refinanced all the company’s debt maturing this year. This evidences Cintra’s ability to raise funding despite the turbulence in the capital markets.
A noteworthy event in the period was the company’s approval of the merger between Cintra and Grupo Ferrovial at the Extraordinary Shareholders’ Meeting. This transaction will foreseeably be completed towards the beginning of December.
Additionally, the sale of Cintra Aparcamientos was completed on 27 July 2009. The transaction amounted to 451 million euro, providing Cintra with an influx of 400 million euro in cash.
In March, Cintra voluntarily and retroactively applied the equity method to joint ventures. As a result, Central Greece, Ionian Roads, Indiana Toll Road and Autopista Trados 45 are recognised by the equity method (previously they were proportionately consolidated).
The Chilean toll roads (which are in the process of being divested) are classified as discontinued operations, as was the car parks division until it was sold.
Toll Road Performance
Traffic on the toll roads in the first nine months declined in line with the economic slowdown in each country. Nevertheless, the pace of decline on most toll roads slowed in the second and third quarters, and traffic actually increased on the Chicago Skyway and performed well on the 407 ETR, which ended the third quarter practically flat. Performance by Cintra’s main assets was as follows:
- 407 ETR: Traffic declined by 2.6% with respect to the same period of 2008. Revenues rose by 1.3% in Canadian dollars. EBITDA amounted to 209 million euro (-2.1%), and EBIT to 179.3 million euro (+0.3%).
- Chicago Skyway: Traffic increased by 6% in the first nine months, while revenues rose by 13% to 36 million euro. EBITDA amounted to 30.1 million euro (+15%) and EBIT to 21.9 million euro (+10.8%).
- Ausol: Traffic on both Ausol I and Ausol II reflected the impact of the economic slowdown, which is particularly acute on the coast due to the decline in real estate and construction activity. In this context, revenues amounted to 47.3 million euro and EBITDA to 35.7 million euro. Ausol booked an extraordinary provision of 2.8 million euro for the VAT assessment with respect to payments made by the regional government since 2004.
- Indiana Toll Road: This toll road, which is equity-accounted, increased revenues by 12% to 43.5 million euro. EBITDA rose 16.7% to 34.1 million euro and EBIT by 6.6% to 19.4 million euro. Traffic declined by 3.6%.
- Autema: Traffic fell 9.9% as a result of the decline in economic activity. However, the concession company’s revenues are contractually guaranteed and expanded by 5% (to 36.6 million euro). Autema booked an extraordinary provision of 10.7 million euro for the VAT assessment with respect to payments made by the regional government since 2004. Excluding that effect, EBITDA (18.8 million euro) would have increased by 8.9%.
- Cintra Chile: Because of good traffic performance on the main toll roads in Chile, revenues increased by 10.8% in Chilean pesos and 5.5% in euro (to 147.5 million euro). EBITDA increased to 102 million euro, similar to EBIT.
Three new concessions
In the first nine months of 2009, Cintra signed an agreement with the Polish Infrastructure Ministry to build and operate the A1 toll road in Poland, and two bids which it heads were selected as the “Best Value Proposals” in Texas: the IH 635 Managed Lanes project (27.2 km), and North Tarrant Express (21.4 km). Comprehensive Development Agreements (CDA) have already been signed for both projects. Funding, which will include funds from the US Department of Transportation, is expected to be completed in the coming months.
