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Concesiones de Infraestructuras de Transporte, S.A.
Type Wholly-owned subsidiary
Founded 1998
Headquarters Madrid, Spain
Key people Enrique Díaz-Rato Revuelta (CEO), Rafael del Pino y Calvo-Sotelo (Chairman of the board)
Industry Transportation
Products Toll roads, car parks
Revenue €735.9 million (2008)[1]
Operating income €400.8 million (2008)[1]
Profit (€56.3 million) (2008)[1]
Owner(s) Ferrovial
Employees 1,950 (2008)[1]
Website www.cintra.es

Cintra, S.A. (Concesiones de Infraestructuras de Transporte) is one of the largest private developers of transport infrastructure in the world. Its assets are fundamentally toll roads and car parks, in which it has a total investment of €16billion. Formerly traded on the Madrid Stock Exchange and part of the Spanish benchmark IBEX 35 stock index, Cintra was reacquired by its former owner Ferrovial in December 2009.

Contents

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.[2] A controlling stake continued to be owned by Ferrovial, which maintained a 66.88% shareholding. Cintra was reacquired in full by Ferrovial in December 2009.[3] The deal was structured as a reverse takeover (despite both companies being publicly-traded),[4] resulting in Ferrovial taking Cintra's stock market listing and ISIN code.
  • 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 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 derives around 70% of its revenues from its business activities outside of Spain. Canada, which reported €354m or 33% of Cintra’s total revenues in the first three quarters of 2008, is the country which contributes most in this regard.[5]
  • 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: [6]
- 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[7]
- 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.[8]
  • The company has recently expressed an interest in possible divestments of both its Car park and Chilean toll road businesses.[9]
  • Cintra is a sponsor of the M3 Motorway being built in Ireland, through the Hill of Tara archaeological complex.[10] 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

References

External links


1911 encyclopedia

Up to date as of January 14, 2010

From LoveToKnow 1911

CINTRA, a town of central Portugal, in the district of Lisbon, formerly included in the province of Estramadura; 17 m. W.N.W. of Lisbon by the Lisbon-Cagem-Cintra railway, and 6 m. N. by E. of Cape da Roca, the westernmost promontory of the European mainland. Pop. (1900) 5914. Cintra is magnificently situated on the northern slope of the Serra da Cintra, a rugged mountain mass, largely overgrown with pines, eucalyptus, cork and other forest trees, above which the principal summits rise in a succession of bare and jagged grey peaks; the highest being Cruz Alta (1772 ft.), marked by an ancient stone cross, and commanding a wonderful view southward over Lisbon and the Tagus estuary, and north-westward over the Atlantic and the plateau of Mafra. Few European towns possess equal advantages of position and climate; and every educated Portuguese is familiar with the verses in which the beauty of Cintra is celebrated by Byron in Childe Harold (1812), and by Camoens in the national epic Os Lusiadas (1572). One of the highest points of the Serra is surmounted by the Palacio da Pena, a fantastic imitation of a medieval fortress, built on the site of a Hieronymite convent by the prince consort Ferdinand of SaxeCoburg (d. 1885); while an adjacent part of the range is occupied by the Castello des Mouros, an extensive Moorish fortification, containing a small ruined mosque and a very curious set of ancient cisterns. The lower slopes of the Serra are covered with the gardens and villas of the wealthier inhabitants of Lisbon, who migrate hither in spring and stay until late autumn.

In the town itself the most conspicuous building is a 14th15th-century royal palace, partly Moorish, partly debased Gothic in style, and remarkable for the two immense conical chimneys which rise like towers in the midst. The 18th-century Palacio de Seteaes, built in the French style then popular in Portugal, is said to derive its name ("Seven Ahs") from a sevenfold echo; here, on the 22nd of August 1808, was signed the convention of Cintra, by which the British and Portuguese allowed the French army to evacuate the kingdom without molestation. Beside the road which leads for 31 m. W. to the village of Collares, celebrated for its wine, is the Penha Verde, an interesting country house and chapel, founded by Joao de Castro (150o-1548), fourth viceroy of the Indies. De Castro also founded the convent of Santa Cruz, better known as the Convento de Cortiga or Cork convent, which stands at the western extremity of the Serra, and owes its name to the cork panels which formerly lined its walls. Beyond the Penha Verde, on the Collares road, are the palace and park of Montserrate. The palace was originally built by William Beckford, the novelist and traveller (1761-1844), and was purchased in 1856 by Sir Francis Cook, an Englishman who afterwards obtained the Portuguese title viscount of Montserrate. The palace, which contains a valuable library, is built of pure white stone, in Moorish style; its walls are elaborately sculptured. The park, with its tropical luxuriance of vegetation and its variety of lake, forest and mountain scenery, is by far the finest example of landscape gardening in the Iberian Peninsula, and probably among the finest in the world. Its high-lying lawns, which overlook the Atlantic, are as perfect as any in England, and there is one ravine containing a whole wood of giant tree-ferns from New Zealand. Other rare plants have been systematically collected and brought to Montserrate from all parts of the world by Sir Francis Cook, and afterwards by his successor, Sir Frederick Cook, the second viscount. The Praia das Magas, or "beach of apples," in the centre of a rich fruit-bearing valley, is a favourite sea-bathing station, connected with Cintra by an extension of the electric tramway which runs through the town.


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