407 International Reports Third Quarter Results

TORONTO, Oct. 19, 2017 /CNW/ - 407 International Inc. (the "Company") announced today revenues of $348.7 million for the third quarter of 2017, compared to $321.3 million for the same period of 2016.  Earnings before interest, taxes, depreciation and amortization ("EBITDA"[1]) totalled $307.8 million for the third quarter of 2017 as compared with $284.9 million for same period of 2016.  The Company reported net income of $143.2 million for the third quarter of 2017 as compared with $115.9 million for same period of 2016.

The Board of Directors declared an eligible dividend of $0.277 per common share, payable on or about October 19, 2017, to shareholders of record on October 19, 2017.

The Company 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 ended September 30						Nine-month period ended September 30
				2017			2016			2017			2016
Selected Financial Information (in millions)
	Revenues			$	348.7		$	321.3		$	940.4		$	837.4
	Operating expenses				40.9			36.4			120.9			107.5
	Depreciation and amortization				27.8			26.9			78.7			79.7
	Interest and other expenses				85.7			100.4			257.3			275.8
	Income before tax				194.3			157.6			483.5			374.4
	Income tax expenses			51.1				41.7			128.3			99.5
	Net income			$	143.2		$	115.9		$	355.2		$	274.9
Traffic
	Total trips (in thousands)				33,495			33,535			93,612			92,813
	Average revenue per trip				$10.33			$9.42			$9.92		$	8.93
	Average workday number of trips				435,712			433,213			410,255			405,354
	Total vehicle kilometres (in thousands)				755,750			753,864			2,019,700			1,966,126
	Number of transponders in circulation
		at September 30									1,409,817			1,325,166

[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.

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]