407 International Reports 2016 Results

TORONTO, Feb. 9, 2017 /CNW/ - 407 International Inc. (the "Company") announced today revenues of $1,134.7 million for the year ended December 31, 2016, compared to $1,002.2 million for 2015.  Earnings before interest, taxes, depreciation and amortization ("EBITDA"1) totalled $985.0 million for 2016 as compared with $840.0 million for 2015.  The Company reported net income of $372.9 million for 2016, compared with net income of $311.2 million for 2015.

The Board of Directors declared an eligible dividend of $0.268 per common share, payable on or about February 9, 2017 to shareholders of record on February 9, 2017.

In 2016, both the number of trips taken and total vehicle kilometres travelled on Highway 407 ETR was higher than the previous year, and over half of drivers surveyed reported time savings of between 20 and 60 minutes per trip.   

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



2016


2015


2016


2015



























Selected Financial Information (in millions)













Revenues

$

297.3


$

253.4


$

1,134.7


$

1,002.2















Operating expenses


42.2



48.6



149.7



162.2


Depreciation and amortization


25.2



21.7



104.9



86.0


Interest and other expenses


97.0



81.3



372.8



326.9


Income before tax


132.9



101.8



507.3



427.1


Income tax expenses


34.9



27.8



134.4



115.9


Net income

$

98.0


$

74.0


$

372.9


$

311.2





















































Traffic













Total trips (in thousands)


31,694



30,846



124,507



121,249


Average revenue per trip


$9.29



$8.16



$9.02



$8.10


Average workday number of trips


416,928



402,777



408,213



399,613


Total vehicle kilometres (in thousands)


674,644



634,947



2,640,770



2,516,950


Number of transponders in circulation














at December 31                           


1,342,290



1,275,892



1,342,290



1,275,892

 

_______________________
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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