Ferrovial - Annual Report 2011

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Toll roads

Toll roads

Cintra is one of the most important private toll road developers in the world, due to the high number of projects it undertakes and its investment volume.

Cintra was incorporated in February 1998 through the contribution of the infrastructure business of Ferrovial. Its longstanding experience in the sector started in 1968 when it won the A-8 Bilbao-Behobia toll road contract, the first privately-financed and managed toll road in Spain.

Since it was first set up, Cintra's expansion strategy has been based on searching for the best investment opportunities and the efficient management thereof. This has enabled it to become one of the international leaders in the private promotion of transport infrastructures.

The projects in which Cintra invests have a low risk profile, due to being public services provided within a limited competitive system, with recurring revenues and long concession periods which make it possible to offset economic cycle uncertainties. Furthermore, it only operates in economically-stable countries with independent legal and juridical systems.

In addition, Cintra implements a strategy aimed at reducing financial risks -through finance structures without recourse to stakeholders and in local currency, and construction risks, through contracts with closed prices and terms.

Once included in its portfolio, Cintra carries out active management over its projects during their entire life cycle. This allows it to increase their value through the progressive reduction of risks and the introduction of best operating practices to optimize efficiency and ensure quality service for users.

This strategy has been shown in the constant incorporation of new concessions since the company was first set up. At the close of 2011, Cintra's portfolio included 20 concessions in Spain, Canada, the United States, Portugal, Ireland and Greece. It manages almost 2,000 kilometers of toll roads in those countries, with an investment of more than 20,000 million euros, in addition to the Serranopark car parks in Madrid.

Cintra's search for the most attractive investment projects, no matter what their geographic location, has allowed it to develop a strong international business network. At the close of 2011, 50% of the company's turnover and 53% of its gross operating profit (EBITDA) came from projects outside Spain.

However, Cintra is much more than its assets portfolio. It has more than 2,240 employees, and its Human Resources policy is designed to ensure the continuous training of staff who can take charge of managing the new concessions the company wins each year. As a result, Cintra's success is founded on the experience and know-how of the employees who make up the diverse specialized teams forming part of the company's structure.

Results 2011: Enrique Díaz-Rato

Results 2011: Enrique Díaz-Rato

The CEO of Cintra notes that the Company's overall performance has been satisfactory and reflects the quality of its assets.

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This is an electronic version of the 2011 Annual Report prepared by Ferrovial S.A. for its stakeholders, which aims to be complete and accurate. The contents of this version can be checked by referring to the print version. A copy of the print version in PDF format is available to download on this web page