407 International Reports 2012 Results

TORONTO, Feb. 14, 2013 /CNW/ - 407 International Inc. (the "Company") announced today revenues of $734.0 million for the year ended December 31, 2012, compared to $675.0 million for the same period of 2011. Earnings before interest, taxes, depreciation and amortization ("EBITDA"1) totalled $608.2 million for 2012 as compared with $553.8 million for the same period of 2011. The Company reported net income of $174.4 million for 2012, compared with net income of $128.3 million for the same period of 2011.

The Board of Directors declared an eligible dividend of $0.129 per common share, payable on or about February 14, 2013 to shareholders of record on February 14, 2013.

407 International Inc. is owned by Cintra Infraestructuras S.A., a wholly owned subsidiary of Ferrovial S. A. (43.23%), by indirectly owned subsidiaries of Canada Pension Plan Investment Board (total 40%), and by SNC-Lavalin (16.77%).

News releases are available at www.407etr.com.

Highlights
Unaudited

    Three-month period ended
December 31
  Year ended December 31
      2012   2011   2012   2011
                         
Selected Financial Information (in millions)                        
                         
  Revenues   $ 187.2   $ 172.8   $ 734.0   $ 675.0
                           
  Operating expenses     32.5     34.6     125.8     121.2
  Depreciation and amortization     15.4     14.8     60.6     58.4
  Interest and other expenses     84.7     102.6     304.0     325.5
  Income before tax     54.6     20.8     243.6     169.9
  Deferred income tax expense     15.3     3.6     69.2     41.6
  Net income   $ 39.3   $ 17.2   $ 174.4   $ 128.3
                         
                         
Traffic                        
  Total trips (in thousands)     29,211     29,317     114,795     114,654
  Average revenue per trip     $6.40     $5.89     $6.39     $5.89
  Average workday number of trips     384,806     388,714     380,808     381,463
  Total vehicle kilometres (in thousands)     594,608     590,845     2,340,004     2,325,516

Number of transponders in circulation
  at December 31


 
1,103,455
 
 

 
1,076,013


 
1,103,455
 
 

 
1,076,013

______________________________

1 EBITDA is not a recognized measure under International Financial Reporting Standards and investors are cautioned that EBITDA should not be construed as an alternative to net income or cash from operating activities as an indicator of the Company's performance or cash flows.  The Company's method of calculating EBITDA may differ from other companies' and may not be comparable to measures used by other companies.  EBITDA less Depreciation and amortization, Interest and other expense and Deferred income tax expense, results in Net income.

 

SOURCE: 407 International Inc.

For further information:

Investors:
Louis-M. St-Maurice
Chief Financial Officer
Tel: 905-265-4070

Media:
Kevin Sack
Vice President
Communications and Government Relations
Tel: 905-264-5374


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