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Annual Report Cintra 2008.Indb annual report 2008 WorldReginfo - 5950b021-2027-4d5b-8383-6c2c1afd3082 2008 in figures (Millions of euros) 2008* 2007* 2006 2005 2004 2003 2002 2001 (1) Total sales 735.871 713.543 884.704 696.223 483.901 391.058 341.425 344.181 EBITDA 522.268 529.889 592.967 463.951 338.618 270.198 238.185 222.333 EBITDA Margin 71.0% 74.3% 67.0% 66.6% 70.0% 69.1% 69.8% 64.6% Total assets 13,417.391 12,295.770 11,884.759 10,234.831 7,460.066 7,197.692 6,334.423 6,859.183 Financial highlights Gross fi nancial investments in toll roads 62.2 151.198 449.989 393.142 130.718 45.79 150.309 238.495 Number of concessions 23 23 20 18 17 16 15 14 Kilometers under management 2,841 2,841 2,481 1,689 1,671 1,658 1,588 1,552 407 ETR (Mill. km traveled) 2,253 2,253 2,124 2,064 1,960 1,824 1,806 1,595 Ausol I (ADT) 19,586 21,482 20,772 19,973 19,340 18,199 15,397 13,173 Ausol II (ADT) 19,294 21,170 19,782 18,286 16,565 14,915 12,524 Autema (ADT) 23,497 23,875 21,528 19,586 18,326 16,952 15,007 13,773 Chicago Skyway (ADT) 44,721 49,535 50,514 48,422 R-4 (Madrid-Ocaña) (ADT) 10,613 11,580 9,333 6,791 Indiana Toll Road (ADT) 28,904 31,431 M4-M6 (ADT) 25,481 24,506 20,939 No. parking spaces 296,146 266,805 253,023 238,200 207,447 181,150 173,759 161,096 Operating figures Percentage occupation (off-street) 15.52% 17.30% 18.66% 18.10% 18.61% 18.25% 18.94% 17.87% (2) Capitalization (€Mn) 3,025 5,593 6,549 4.798 3.968 Year-end close (€/share) 5.32 10.33 12.70 9.77 8.08 Adjusted year-end stock price (€/ share) (3) 5.32 9.84 11.52 8.44 6.98 Average daily trading volume 24.30 30.21 22.20 19.20 60.11 (value in €Mn) Annual market performance -45.9% -14.6% 36.5% 20.9% -1.9% Market and share data Outstanding shares at year-end 568,528 541,456 515,672 491,116 491,116 * The parking activities and toll roads in Chile are consolidated as discontinued operations and therefore only the net results prior to minority interests are included in the consolidation and no longer form part of operating fi gures. 10.0% 0.0% (1) The fi nancial data for 2007, 2006, 2005 and 2004 has been prepared under International Financial Reporting -10.0% Standards (IFRS). The data for 2003, 2002 and 2001 was prepared according to the Spanish GAAP in force at the time. -20.0% (2) Source: Bolsas y Mercados Españoles -45,9% (Spain’s Self-Regulatory Authority for the -30.0% securities exchanges) Cintra (3) Year-end closing price adjusted for the -40.0% Ibex 35 scrip issues of 1 new share for every 20 old ones in November 2006 and 2007. -39,4% Source: Bloomberg -50.0% 2008 Market Performance 2008 Market Performance Cintra and the Ibex-35 jan feb mar apr may jun jul aug sep oct nov dec 2008 WorldReginfo - 5950b021-2027-4d5b-8383-6c2c1afd3082 2 Annual Report Message to shareholders 6 Board of Directors 8 Management Committee 9 GROUP DESCRIPTION 10 Cintra. Company description 12 Development of the project portfolio 14 Assets managed by Cintra 16 Concessions under development 18 Concessions in operation 22 FINANCIAL INFORMATION. ANNUAL ACCOUNTS 32 Director’s report 34 Expected business performance 45 Technological activities 47 Stock market, treasury shares and principal shareholders 47 Annual report of the audit and control Committee 53 Report of the related -party transactions committee 54 Risk control systems 55 Annual Report on Corporate Governance following CNMV guidelines 57 Consolidated financial statements 58 Notes to the 2008 consolidated financial statements 62 Aditor’s report 128 Financial history information 130 CORPORATE RESPONSIBILITY 132 Corporate Responsibility Report 134 Our commitment to people 141 Our products and services 149 Our commitment to the community 154 Verification report 162 Cintra has eliminated the printing of 2,500 annual reports which provides a savings of 3.55 metric tons of paper and avoids the felling of 53 trees. You can now view the full contents of our annual reports 3.55 on our corporate website: Metric tons of paper www.cintra.es 2008 WorldReginfo - 5950b021-2027-4d5b-8383-6c2c1afd3082 3 Annual Report Portfolio of Toll Roads and Car Parks M4-M6 M3 IRELAND 407 ETR EUROSCUT NORTE-LITORAL TORONTO - CANADA PORTUGAL Chicago Skyway EUROSCUT AÇORES CHICAGO - USA INDIANA TOLL ROAD PORTUGAL INDIANA - USA ADVISORY Trans-Texas Corridor EUROSCUT ALGARVE SH-130 (segments 5 & 6) PORTUGAL AUTEMA TEXAS - USA ALCALÁ O’DONNELL MADRID-SUR MADRID LEVANTE TRADOS 45 AUSOL I Y II SPAIN SANTIAGO-TALCA CHILE TALCA-CHILLÁN RUTA DEL BOSQUE CHILE CHILE COLLIPULLI-TEMUCO TEMUCO-RÍO BUENO CHILE CHILE WorldReginfo - 5950b021-2027-4d5b-8383-6c2c1afd3082 Car Parks ANDORRAANDORRA IONIAN ROADS SPAIN CENTRAL GREECE GREECE ENGLANDLANAND Cantabria Palafrugell Madrid ANDORRAANANDNDDORRA Santander Sabadell Madrid Escaldes - Noja Salou Engordany San Cugat Murcia Castilla y León San Feliu de Guixols Murcia SPAIN Ávila Sant Just Desvern Andalucia Benavente Tarragona Navarra Alméria Burgos Valls Estella Cádiz León Pamplona Granada Palencia Extremadura Huelva Salamanca Badajoz País Vasco Jerez Valladolid Mérida Álava Málaga Zamora Bilbao Marbella Galicia Guipúzcoa Punta Umbría Castilla la Mancha Orense Irún Sevilla Albacete Pontevedra San Sebastián Santiago Vitoria Aragón Ciudad Real Vigo Vizcaya Huesca Cuenca Teruel Toledo Islas Canarias Valencia Zaragoza Lanzarote Alicante Cataluña Las Palmas Castellón Asturias Barcelona Tenerife Onteniente Gijón Figueres Valencia Gerona La Rioja Baleares Hospitalet Logroño ENGLAND Mallorca Lérida London Mataró WorldReginfo - 5950b021-2027-4d5b-8383-6c2c1afd3082 Message to shareholders Dear shareholders: the context of a global financial crisis and in a capital-intense business I am writing to you once again to review such as ours. Cintra has performed Cintra’s performance during 2008. This successfully in the financial markets in year was significantly marked by the 2008 and first months of 2009, even crisis in international financial markets within this environment, refinancing a and its impact on shrinking economic total 3.5 billion Euros of debt on the activity and the slowdown in private 407-ETR, Radial 4, Autema, SH-130 consumption all over the world. and Ionian Roads. Thanks to these operations, the company faces no Cintra is exercising the utmost financing risks until 2010. caution in its cash management and commitments to new investments in As for new projects and with the this adverse economic climate. utmost prudence counseled by current circumstances, three new contracts Although traffic declined in many have already been signed during the of our concessions – because of the first months of 2009: the A1 highway slump in private travel and falling in Poland and the North Tarrant freight traffic – consolidated turnover Express and the IH-635 highways in rose 3.1% during the year, principally Texas. thanks to increased toll rates on a number of different highways. The contract for the A1 highway, our first project in Poland, establishes The company’s financial management an initial period of twelve months to becomes especially relevant within assess the impact that the economic WorldReginfo - 5950b021-2027-4d5b-8383-6c2c1afd3082 and financial crisis has on the majority of the financial resources contract. If the terms are acceptable generated by its project portfolio for both parties, the execution of the in new assets. It also studies on contract will go ahead. an on-going basis the advisability of generating additional resources In Texas, the bids presented by the through the sale of more mature consortiums led by Cintra were assets, where risk is already chosen Most Favorable Bids for reduced and which have a limited the construction, maintenance and growth potential, because their operation of the above-mentioned operation has been maximized. two highways. These are new projects The parking activities and Chilean that consist of the renovation on an assets within this category have existing urban highway as well as become consolidated as discontinued the addition of new payment lanes activities and therefore no longer that use a dynamic toll system. This form part of the consolidated will allow us, yet again, to be at the operating results. cutting edge of innovative project developments that help to solve the We face 2009 with prudence in the congestion problems of many large most uncertain market situation in cities. recent decades, yet with the security of being a specialized firm that is a The development of these projects leader in its field and part of a solid requires access to funds in order to and dynamic group, which will enable take advantage of new investment us to successfully execute our activity opportunities. Cintra invests the in the coming financial years. Rafael del PIno y Calvo-Sotelo CHAIRMAN OF CINTRA April, 2009 WorldReginfo - 5950b021-2027-4d5b-8383-6c2c1afd3082 Board of directors Rafael del Pino y Calvo-Sotelo 1 José Mª Pérez Tremps (ACC) 4 Jaime Bergel Sainz de Baranda (RPT) 7 CHAIRMAN OF THE BOARD MEMBER OF THE BOARD MEMBER OF THE BOARD OF DIRECTORS SINCE 1998 OF DIRECTORS SINCE 1998 OF DIRECTORS SINCE 2004 Civil Engineer, Polytechnic University of Madrid Degree in Law, Complutense University Civil Engineer, University of Texas. and MBA, MIT Sloan School of Management. of Madrid. MBA from Northwestern University (J.L. Kellogg Chairman Directors Chief Executive Officer of Grupo Ferrovial Legal Advisor to the Spanish Council of State.
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