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

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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' 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: [phone]; Media: Kevin Sack, Vice President, Marketing, Communications and Government Relations, Tel: [phone]