407 International Reports 2013 Results

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%).

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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: [phone]

Media:
Kevin Sack
Vice President
Communications and Government Relations
Tel: [phone]

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