407 International Reports 2015 Results

TORONTO, Feb. 11, 2016 /CNW/ - 407 International Inc. (the "Company") announced today revenues of $1,002.2 million for the year ended December 31, 2015, compared to $887.6 million for 2014. Earnings before interest, taxes, depreciation and amortization ("EBITDA"¹) totalled $840.0 million for 2015 as compared with $735.7 million for 2014. The Company reported net income of $311.2 million for 2015, compared with net income of $222.9 million for 2014.

The Board of Directors declared an eligible dividend of $0.242 per common share, payable on or about February 11, 2016 to shareholders of record on February 11, 2016.

407 ETR customers once again demonstrated the great value they receive by using the highway, as 2015 set a new record for the total number of trips. In addition to setting a new trip record for the year, the total number of vehicle kilometres travelled also reached a new record high of over 2.5 billion.

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%).

News releases are available at www.407etr.com.

Highlights
Unaudited

			Three-month period						Year
			ended December 31						ended December 31
			2015			2014			2015			2014
Selected Financial Information (in millions)
	Revenues		$	253.4		$	228.1		$	1,002.2		$	887.6
	Operating expenses			48.6			49.2			162.2			151.9
	Depreciation and amortization			21.7			27.3			86.0			78.4
	Interest and other expenses			81.3			68.3			326.9			354.6
	Income before tax			101.8			83.3			427.1			302.7
	Income tax expenses			27.8			22.0			115.9			79.8
	Net income		$	74.0		$	61.3		$	311.2		$	222.9
Traffic
	Total trips (in thousands)			30,846			30,220			121,249			118,165
	Average revenue per trip			$8.16			$7.35			$8.10			$7.44
	Average workday number of trips			402,777			397,807			399,613			391,523
	Total vehicle kilometres (in thousands)			634,947			616,028			2,516,950			2,436,888
	Number of transponders in circulation
		at December 31		1,275,892			1,202,393			1,275,892			1,202,393

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.

SOURCE 407 International Inc.

Investors: Geoffrey Liang, Chief Financial Officer, Tel: [phone]; Media: Kevin Sack, Vice President, Marketing, Communications and Government Relations, Tel: [phone]