407 International Reports First Quarter Results

TORONTO, April 21, 2016 /CNW/ - 407 International Inc. (the "Company") announced today revenues of $225.3 million for the first quarter of 2016, compared to $214.0 million for the same period of 2015.  Earnings before interest, taxes, depreciation and amortization ("EBITDA"1) totalled $187.6 million for the first quarter of 2016 as compared with $172.5 million for same period of 2015.  The Company reported net income of $64.6 million for the first quarter of 2016 as compared with $62.7 million for same period of 2015.

The Board of Directors declared an eligible dividend of $0.242 per common share, payable on or about April 21, 2016 to shareholders of record on April 21, 2016.

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.

______________________________
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.

Highlights
Unaudited








First Quarter




2016


2015













Selected Financial Information (in millions)






Revenues


$               225.3


$           214.0








Operating expenses


37.7


41.5


Depreciation and amortization


25.8


20.4


Interest and other expenses


73.8


66.8


Income before tax


88.0


85.3


Income tax expenses


23.4


22.6


Net income


$                  64.6


$             62.7

























Traffic






Total trips (in thousands)


26,792


26,597


Average revenue per trip


$8.33


$7.65


Average workday number of trips


359,438


360,577


Total vehicle kilometres (in thousands)


534,337


530,194


Number of transponders in circulation






at March 31


1,290,243


1,216,593







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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