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407 International Reports 2013 Results


News provided by

407 International Inc.

Feb 13, 2014, 16:00 ET

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TORONTO, Feb. 13, 2014 /CNW/ - 407 International Inc. (the "Company") announced today revenues of $801.2 million for the year ended December 31, 2013, compared to $734.0 million for the same period of 2012. Earnings before interest, taxes, depreciation and amortization ("EBITDA"1) totalled $664.8 million for 2013 as compared with $608.2 million for the same period of 2012. The Company reported net income of $248.7 million for 2013, compared with net income of $174.4 million for the same period of 2012.

The Board of Directors declared an eligible dividend of $0.226 per common share, payable on or about February 13, 2014 to shareholders of record on February 13, 2014.

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%).

______________________________
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 expenses and Deferred income tax expense, results in Net income.

Highlights
Unaudited

        Three-month period ended
December 31
  Year ended December 31
        2013   2012   2013   2012
                     
Selected Financial Information (in millions)                  
                     
  Revenues      $ 204.5   $ 187.2   $ 801.2   $ 734.0
                     
  Operating expenses     45.0   32.5   136.4   125.8
  Depreciation and amortization     16.4   15.4   62.6   60.6
  Interest and other expenses     73.4   84.7   264.7   304.0
  Income before tax     69.7   54.6   337.5   243.6
  Deferred income tax expense     18.4   15.3   88.8   69.2
  Net income     $ 51.3   $ 39.3   $ 248.7   $ 174.4
                     
                     
                     
                     
Traffic                  
  Total trips (in thousands)     29,224   29,211   114,858   114,795
  Average revenue per trip     $ 6.97   $ 6.40   $ 6.96   $ 6.39
  Average workday number of trips     387,121   384,806   381,266   380,808
  Total vehicle kilometres (in thousands)     595,936   594,608   2,356,343   2,340,004
  Number of transponders in circulation                  
     at December 31       1,157,830     1,103,455   1,157,830   1,103,455

 

 

 

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

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

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407 International Inc.

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