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| Rafael del Pino approves Cintra's results Cintra's Shareholders' Meeting approved the company's results and strategy "a distinctive business project within the infrastructure sector, based on a strategy of growth as the engine for creating shareholder value", stated Rafael del Pino, Cintra's Chairman. Financial results performed very positively, with revenues up 44% and EBITDA up 37%. "We have also been very successful in bidding for new projects, strengthening our presence in the United States by acquiring Chicago Skyway and, in 2006, the Indiana Toll Road, which is pending final award; expanding in Western Europe, with the provisional award of the Cremona-Mantua road in northern Italy, and reinforcing our leading position in car park management in Spain", Del Pino added. In fact, 72% of Cintra's EBITDA is generated outside Spain. Canada, which represents approximately 50% of the company's value and its EBITDA, is the heavyweight in Cintra's portfolio, followed by Spain (28%). "The relative exposure to projects elsewhere in the European Union and in the United States will rise as new roads are added." Although the world's leading economies (particularly in Europe) registered slow growth in 2005, Cintra expanded consolidated revenues considerably, to almost 700 million euro, 44% more than in 2004. This is a confirmation of the trend in the last five years, in which Cintra has practically tripled its revenues, attaining over 22% average annual growth. The company has detected 40 projects that are potentially of interest in its target markets which will be put out to tender between 2006 and 2008. write your comments about the article :: © 2006 Construction News :: home page |