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Ferrovial

Ferrovial - Integrated annual report 2013 / Toll Roads

Cintra was established as a company in February 1998 to focus on Ferrovial’s private development of toll roads. Its extensive experience in the sector began in 1968 with the award of the concession for the A-8 Bilbao-Behobia toll road, the first to be awarded in Spain under private funding and management. Since it was established, Cintra has based its growth strategy on looking for the best investment opportunities and on efficient management of these opportunities. Thanks to this, it has become one of the world leaders in the development of private transport infrastructure.

Cintra only invests in projects with a low risk profile, since they are public services provided under a system of limited competition, with recurring revenue and long concession periods that compensate for any uncertainties arising from economic cycles. Furthermore, the company only bids in countries that are economically and politically stable and that have independent legal and judicial systems.

Financial risks are reduced by using local-currency financing structures without recourse to shareholders. It also aims to reduce construction risks by means of contracts with a fixed price and duration.

Enrique Díaz-Rato 2013 Results

Cintra
  • 9countries
    international presence 
  • 2,150kilometers
    of toll roads 
  • 26 concessions
  • 21.38investment
    billion euro 

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Once the projects have been incorporated into the portfolio, Cintra manages them actively throughout their life cycle. This means their value is increased by gradually reducing risks and introducing operating improvements that optimize efficiency while guaranteeing a quality service to users.

This strategy can be seen in the continuous incorporation of new assets since the founding of the company. As of the close of 2013, Cintra’s portfolio included 26 concessions in Canada, the United States, Spain, the United Kingdom, Portugal, Ireland and Greece. In these seven countries it manages 2,150 kilometers of toll roads, with an investment totaling more than 21.3 billion euro, as well as the Serranopark parking garages in Madrid, named best parking garage in Spain by EuroTest.

The search for more attractive investment projects, irrespective of geographical location, has led Cintra to develop a strong international presence. At the close of 2013, 60% of turnover and 60% of gross operating income (EBITDA) came from projects outside Spain.

But Cintra is more than its asset portfolio. Nearly 2,000 professionals work for the company, 78% of them outside Spain. The staff is a multidisciplinary team specializing in the identification, analysis and preparation of successful bids for new tenders. Thus, Cintra’s success is also based on the acquired experience and knowledge contributed by its human capital.