407 International Reports Second Quarter Results
TORONTO, July 15, 2021 - 407 International Inc. (the “Company”) announced today revenues of $212.2 million for the second quarter of 2021, compared to $129.6 million for the same period of 2020. Earnings before interest, taxes, depreciation and amortization (“EBITDA”1) totalled $179.4 million for the second quarter of 2021 compared to $93.4 million for the same period of 2020. The Company reported net income of $24.7 million for the second quarter of 2021, compared to a net loss of $46.9 million for same period of 2020.
The Board will continue to monitor the impact of the COVID-19 pandemic and review any potential dividend distribution to shareholders, as appropriate.
The Company remained focused on the health and safety of customers, maintaining the highway as an essential and safe transportation corridor and encouraging employees to work and serve customers remotely where possible. During the second quarter of 2021, traffic volumes were higher by approximately 52% as compared to the same period in 2020, primarily as a result of the lifting of stay-at-home orders and easing of COVID-19 restrictions. A three-stage re-opening roadmap based on vaccination threshold rates was announced by the Province in May 2021. As the Province entered the first and second stages of re-opening during June 2021, the Company has experienced a gradual increase in traffic volumes and expects further improvements as vaccination levels increase and the Province enters the third stage of re-opening. Despite the impact of the COVID-19 pandemic on overall traffic volumes and revenues, the Company maintains sufficient liquidity and expects to be able to satisfy all of its obligations in 2021.
ABOUT 407 INTERNATIONAL
The Company is owned by indirectly owned subsidiaries of Canada Pension Plan Investment Board (total 50.01%), also known as CPP Investments; Cintra Global S.E., a wholly owned subsidiary of Ferrovial S. A. (43.23%); and SNC-Lavalin (6.76%).
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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.