407 International Reports Second Quarter Results
TORONTO, July 14, 2016
407 International Inc. (the "Company") announced today revenues of $290.8 million for the second quarter of 2016, compared to $257.2 million for the same period of 2015. Earnings before interest, taxes, depreciation and amortization ("EBITDA"¹) totalled $257.4 million for the second quarter of 2016 as compared with $225.9 million for the same period of 2015. The Company reported net income of $94.4 million for the second quarter of 2016 as compared with $76.6 million for the same period of 2015.
The Board of Directors declared an eligible dividend of $0.268 per common share, payable on or about July 14, 2016 to shareholders of record on July 14, 2016.
Drivers continued to show the value of using the toll road as a way to save time and money, as the results announced today reflect a record second quarter for usage of Highway 407 ETR, both for total trips taken and for total vehicle kilometres travelled. In addition, on June 30, 2016, the Company set another new one-day record when 493,532 trips were taken on Highway 407 ETR (the average number of workday trips in the second quarter was 422,411). This new record far surpasses the previous one-day traffic record of 469,185 set earlier in June.
The Company is pleased to confirm the recent appointments to the Board of Directors of Denis Jasmin, Vice-President, Investor Relations of SNC-Lavalin and Laura Formusa, former President and Chief Executive Officer of Hydro One.
The full list of members of the Board of Directors is listed below.
In addition, the Company is pleased to confirm the appointment of Geoffrey Liang as Chief Financial Officer of the Company. Mr. Liang's interim appointment was initially announced in April of 2015 and is now permanent.
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%).
Chief Financial Officer
Marketing, Communications and Government Relations
407 International Inc. Board of Directors:
David McFadden, Q.C., Chair of the Board
Francisco Clemente Sanchez
Enrique Diaz-Rato Revuelta
Nicolás Rubio de Cardenas
Jose Tamariz, President and Chief Executive Officer
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.