407 International Reports 2015 Results

TORONTO, Feb. 11, 2016 /CNW/ - 407 International Inc. (the "Company") announced today revenues of $1,002.2 million for the year ended December 31, 2015, compared to $887.6 million for 2014. Earnings before interest, taxes, depreciation and amortization ("EBITDA"1) totalled $840.0 million for 2015 as compared with $735.7 million for 2014. The Company reported net income of $311.2 million for 2015, compared with net income of $222.9 million for 2014.

The Board of Directors declared an eligible dividend of $0.242 per common share, payable on or about February 11, 2016 to shareholders of record on February 11, 2016.

407 ETR customers once again demonstrated the great value they receive by using the highway, as 2015 set a new record for the total number of trips. In addition to setting a new trip record for the year, the total number of vehicle kilometres travelled also reached a new record high of over 2.5 billion.

407 International Inc. is owned by Cintra Global Holding Limited, 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


Year


ended December 31


ended December 31


2015


2014


2015


2014













Selected Financial Information (in millions)













Revenues

$

253.4


$

228.1


$

1,002.2


$

887.6














Operating expenses


48.6



49.2



162.2



151.9


Depreciation and amortization


21.7



27.3



86.0



78.4


Interest and other expenses


81.3



68.3



326.9



354.6


Income before tax


101.8



83.3



427.1



302.7


Income tax expenses


27.8



22.0



115.9



79.8


Net income

$

74.0


$

61.3


$

311.2


$

222.9

















































Traffic













Total trips (in thousands)


30,846



30,220



121,249



118,165


Average revenue per trip


$8.16



$7.35



$8.10



$7.44


Average workday number of trips


402,777



397,807



399,613



391,523


Total vehicle kilometres (in thousands)


634,947



616,028



2,516,950



2,436,888


Number of transponders in circulation














at December 31


1,275,892



1,202,393



1,275,892



1,202,393

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' methods, and may not be comparable to measures used by other companies. EBITDA less depreciation and amortization, interest and other expenses and income tax expenses, results in net income.

SOURCE 407 International Inc.

For further information: Investors: Geoffrey Liang, Chief Financial Officer, Tel: 905-265-4070; Media: Kevin Sack, Vice President, Marketing, Communications and Government Relations, Tel: 905-264-5374


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