407 International Reports 2022 Results
TORONTO, February 16, 2023 - 407 International Inc. (the “Company”) announced today revenues of $1,327.2 million for 2022, compared to $1,023.1 million for 2021. The Company reported net income of $435.3 million for 2022, compared to a net income of $212.4 million for 2021. Earnings before interest and other, taxes, depreciation and amortization (“EBITDA”1) totalled $1,138.8 million for 2022 compared to $859.0 million for 2021.
Traffic volumes gradually increased during 2022 following the removal of all COVID-19 pandemic-related restrictions by the Province in early 2022 as compared to 2021 when various provincial restrictions were in effect. Despite lower revenues compared to the pre-pandemic levels, the Company maintained sufficient liquidity to satisfy all of its financial obligations during 2022. Management continues to monitor the financial impact of the COVID-19 pandemic, and does not believe it will have a long-term impact on the financial condition of the Company.
ENVIRONMENTAL, SOCIAL, AND GOVERNANCE REPORTING (ESG)
The Company continues to advance its ESG commitment in addition to its 25% reduction target in greenhouse gas (“GHG”) emissions by 2030. In 2022, the Company secured a Sustainability Linked Loan with three Key Performance Indicators related to GHG emissions, diversity of its Board of Directors and employee health and safety performance. Related targets will be measured on an annual basis, commencing in 2023. Other ESG highlights include:
- Achieved 2.8 million hours without a lost-time injury;
- Volunteered more than 600 hours during 407 ETR’s One Big Day initiative and year-long volunteering opportunities;
- Completed multi-year, Road to Recovery initiative for COVID-19 relief with final payment of $1 million to United Way Greater Toronto in support of food and income security, job security, mental health and seniors; and
- Strengthened its commitment to the environment through its support of Nature Conservancy of Canada. The Company donated more than $176,000 to the organization as a result of an initial gift of $50,000 and a campaign for which 407 ETR donated $2 for every customer who switched to paperless billing.
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 standardized financial measure under International Financial Reporting Standards and investors are cautioned that EBITDA should not be construed as an alternative to net income as an indicator of the Company's performance. The Company's method of calculating EBITDA may differ from other companies' methods, and may not be comparable to measures used by other companies. See “Non-IFRS Financial Measures” in the Company’s management’s discussion and analysis which is available on SEDAR at sedar.com.