407 International Reports First Quarter Results

407 International Inc. (the “Company”) announced today revenues of $260.7 million for the first quarter of 2017, compared to $225.3 million for the same period of 2016.  Earnings before interest, taxes, depreciation and amortization (“EBITDA”1) totalled $220.5 million for the first quarter of 2017 as compared with $187.6 million for same period of 2016.  The Company reported net income of $87.4 million for the first quarter of 2017 as compared with $64.6 million for same period of 2016.

The Board of Directors declared an eligible dividend of $0.268 per common share, payable on or about April 20, 2017, to shareholders of record on April 20, 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.

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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.

Highlights
Unaudited

First Quarter

2017

2016

Selected Financial Information (in millions)

Revenues

$

260.7

$

225.3

Operating expenses

40.2

37.7

Depreciation and amortization

24.4

25.8

Interest and other expenses

77.2

73.8

Income before tax

118.9

88.0

Income tax expenses

31.5

23.4

Net income

$

87.4

$

64.6

Traffic

Total trips (in thousands)

27,542

26,792

Average revenue per trip

$9.35

$8.33

Average workday number of trips

368,247

359,438

Total vehicle kilometres (in thousands)

564,174

534,337

Number of transponders in circulation

at March 31

1,360,489

1,290,243

 

SOURCE 407 International Inc.