407 International Reports 2012 Results

TORONTO, Feb. 14, 2013 /CNW/ - 407 International Inc. (the "Company") announced today revenues of $734.0 million for the year ended December 31, 2012, compared to $675.0 million for the same period of 2011. Earnings before interest, taxes, depreciation and amortization ("EBITDA"¹) totalled $608.2 million for 2012 as compared with $553.8 million for the same period of 2011. The Company reported net income of $174.4 million for 2012, compared with net income of $128.3 million for the same period of 2011.

The Board of Directors declared an eligible dividend of $0.129 per common share, payable on or about February 14, 2013 to shareholders of record on February 14, 2013.

407 International Inc. is owned by Cintra Infraestructuras S.A., 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.

Highlights
Unaudited

			Three-month period ended December 31						Year ended December 31
			2012			2011			2012			2011
Selected Financial Information (in millions)
	Revenues		$	187.2		$	172.8		$	734.0		$	675.0
	Operating expenses			32.5			34.6			125.8			121.2
	Depreciation and amortization			15.4			14.8			60.6			58.4
	Interest and other expenses			84.7			102.6			304.0			325.5
	Income before tax			54.6			20.8			243.6			169.9
	Deferred income tax expense			15.3			3.6			69.2			41.6
	Net income		$	39.3		$	17.2		$	174.4		$	128.3
Traffic
	Total trips (in thousands)			29,211			29,317			114,795			114,654
	Average revenue per trip			$6.40			$5.89			$6.39			$5.89
	Average workday number of trips			384,806			388,714			380,808			381,463
	Total vehicle kilometres (in thousands)			594,608			590,845			2,340,004			2,325,516
	Number of transponders in circulation   at December 31			1,103,455			1,076,013			1,103,455			1,076,013

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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' and may not be comparable to measures used by other companies.  EBITDA less Depreciation and amortization, Interest and other expense and Deferred income tax expense, results in Net income.

 

SOURCE: 407 International Inc.

Investors:
Louis-M. St-Maurice
Chief Financial Officer
Tel: [phone]

Media:
Kevin Sack
Vice President
Communications and Government Relations
Tel: [phone]