407 International Reports Third Quarter Results

TORONTO, Oct. 20, 2016 /CNW/ - 407 International Inc. (the "Company") announced today revenues of  $321.3 million for the third quarter of 2016, compared to $277.6 million for the same period of 2015. Earnings before interest, taxes, depreciation and amortization ("EBITDA"1 totalled $284.9 million for the third quarter of 2016 as compared with $236.8 million for the same period of 2015. The Company reported net income of $115.9 million for the third quarter of 2016 as compared with $97.9 million for the same period of 2015.

The Board of Directors declared an eligible dividend of $0.268 per common share, payable on or about October 20, 2016 to shareholders of record on October 20, 2016.

Effective January 1, 2017, the Board of Directors appointed Mr. Andres Sacristan as the next President and Chief Executive Officer of 407 International. Mr. Sacristan has more than 18 years experience in the transportation and toll-road industry and is currently Cintra's Director for Europe and New Markets managing a portfolio of 18 international projects.

Mr. Jose Tamariz, who has served as President and CEO of 407 International since his appointment in 2009, will continue in his role until the new appointment takes effect.  Mr. Tamariz, who has worked for Cintra since 1999, has been appointed Director for Europe and New Markets based out of Cintra's headquarters in Madrid, Spain. 407 International Board Chair, Mr. David McFadden, Q.C., on behalf of the Board, thanked Mr. Tamariz for his leadership during a time of very positive change and strong growth, "The Company has enjoyed solid results under Mr. Tamariz's leadership. Mr. Tamariz ensured the Company's highway and customer operations and toll highway services adapted to meet the growing needs of increased traffic and new business, while continuing to enhance the overall financial position of the Company."    

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


Nine-month period




ended September 30


ended September 30




2016


2015


2016


2015





















Selected Financial Information (in millions)









Revenues


$     321.3


$     277.6


$     837.4


$     748.8












Operating expenses


36.4


40.8


107.5


113.6


Depreciation and amortization


26.9


22.2


79.7


64.3


Interest and other expenses


100.4


80.3


275.8


245.6


Income before tax


157.6


134.3


374.4


325.3


Income tax expenses


41.7


36.4


99.5


88.1


Net income


$     115.9


$     97.9


$     274.9


$     237.2









































Traffic










Total trips (in thousands)


33,535


32,319


92,813


90,403


Average revenue per trip


$9.42


$8.43


$8.93


$8.08


Average workday number of trips


433,213


419,392


405,354


398,553


Total vehicle kilometres (in thousands)

753,864


703,852


1,966,126


1,882,003


Number of transponders in circulation









at September 30


1,325,166


1,256,930


1,325,166


1,256,930











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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