407 International Reports 2020 Results
TORONTO, February 11, 2021 - 407 International Inc. (the "Company") announced today revenues of $908.6 million for 2020, compared to $1,505.3 million for 2019. Earnings before interest, taxes, depreciation and amortization ("EBITDA"1) totalled $739.9 million for 2020 compared to $1,309.1 million for 2019. The Company reported net income of $148.0 million for 2020, compared to net income of $575.7 million for 2019.
The Board will continue to monitor the impact of the COVID-19 pandemic, and will review any potential dividend distribution to shareholders, as appropriate.
The Company continues to remain focused on the health and safety of customers and employees, while maintaining the highway and open-access to an essential transportation corridor. As a result of the COVID-19 pandemic, since March 17, 2020, the Province of Ontario has implemented restrictions on travel, businesses, schools and public spaces, which have resulted in lower traffic volumes. With the phased removal of restrictions across the GTA, the Company observed recovery in traffic volumes during the second and third quarters of 2020. With increases in COVID-19 cases and the reinstatement of region-based restrictions in the fourth quarter of 2020, traffic volumes were lower by approximately 44% as compared to the same period in 2019. Despite the impact of decreased traffic volumes and lower revenues due to the COVID-19 pandemic, 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%), Cintra Global S.E., a wholly owned subsidiary of Ferrovial S. A. (43.23%), and SNC-Lavalin (6.76%).
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News releases are available at www.407etr.com.
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.