|
|
|
|
Cintra
|
| |
|
| |
Cintra, S.A. (Concesiones de Infraestructuras de Transporte), is one of the largest private developers of transport infrastructure in the world. It's assets are fundamentally toll roads and car parks, in which it has a total investment of €16bn. The company trades on the Madrid Stock Exchange and forms part of the Spanish benchmark IBEX 35 stock index.
- - The former concession was commissioned by the Polish infrastructure ministry to build, finance and operate three sections of the 180km A1 toll road between Strykow and Pyrzowice.
Discussion
Ask a question about 'Cintra' Start a new discussion about 'Cintra' Answer questions from other users |
Encyclopedia
Cintra, S.A. (Concesiones de Infraestructuras de Transporte), is one of the largest private developers of transport infrastructure in the world. It's assets are fundamentally toll roads and car parks, in which it has a total investment of €16bn. The company trades on the Madrid Stock Exchange and forms part of the Spanish benchmark IBEX 35 stock index.
Introduction
- The Company was founded in 1998 as a spin off from Ferrovial Group with the objective of focusing on Ferrovial's infrastructure development business. Initially Ferrovial's toll road assets were transferred to the new company and, subsequently, its car park assets were also transferred.
- Operating in seven of the world’s most stable countries: Canada, Chile, Greece, Ireland, Portugal, Spain and the USA, the company currently operates 23 highways (set to rise to 25: see 'recent developments' below) totaling 2,841 km. Its asset portfolio boasts 3 of North America’s most important highway concessions: majority stakes in the 407 Express Toll Route (407 ETR) in Ontario, the Chicago Skyway, the Indiana Toll Road; as well as various highways on the Spanish peninsula, such as Madrid’s , the , & II highways, and the Radial 4.
- The controlling stake is still owned by Ferrovial Group, which maintains a 66.88% shareholding. Cintra is presided over by Rafael del Pino y Calvo Sotelo - also Chairman of the parent group. The Chief Executive Officer is Enrique Díaz-Rato Revuelta.
- In 2005, Cintra was named strategic partner of the State of Texas for the subsequent 50 years, in order to help develop the Trans-Texas Corridor. It was to be operated in a partnership with San Antonio, Texas based Zachry Construction Company). Widely seen as one of the most ambitious infrastructure projects in the USA, the project has since been modified, yet Cintra continues working with the local administration to deliver much-needed infrastructure.
Business Model
- The nature of Cintra’s business has been to create value through effective management of its infrastructure assets. These assets, especially its toll road concessions, typically require a large initial investment, yet then generate stable incomes over long periods of time. The weighted average lifespan of its infrastructure assets is reported to be close to 75 years.
- Cintra’s strength lies in its international presence: the company’s most recent financial results (Q3 2008) show it derives around 70% of its revenues from its business activities outside of Spain. In fact, Canada, which reported €354m or 33% of Cintra’s total revenues, is the country which contributes most in this regard.
- Cintra’ s Car Parks business currently manages over 300,000 parking spaces in close to 140 cities in Spain and Andorra. It is the largest Spanish company, according to the number of spaces under management, and offers a varied and complete range of management services, including: underground parking, parking on public roads, residential parking and vehicle removal.
Recent Developments
- In Jan 2009, Cintra was awarded two new significant projects: the A1 in Poland, and two segments of the regional corridor ‘North Tarrant Express’ located in the Dallas / Fort Worth area of Texas:
- - The former concession was commissioned by the Polish infrastructure ministry to build, finance and operate three sections of the 180km A1 toll road between Strykow and Pyrzowice. It will require a total investment of approx. €2.1bn
- - The latter concession, in which Cintra owns 75% of the winning consortium company (the other 25% is held by Meridium), is for 52 years and will measure 21.4km. Assuming financing and other pending requirements are fulfilled as planned, the company’s total number of highways will increase to 25.
- The company has recently expressed an interest in possible divestments of both its Car park and Chilean toll road businesses.
- Cintra is a sponsor of the M3 Motorway being built in Ireland, through the Hill of Tara through the Hill of Tara archaeological complex. The Irish Justice ruled in 2007 in favor of the project, which is supported by the Irish Green Party and local communities, citing a substantial boost to trade and communications.
Cintra's Toll Roads
External links
|
| |
|
|
