407 International Reports Second Quarter Results

TORONTO, July 13, 2017 /CNW/ - 407 International Inc. (the "Company") announced today revenues of $331.0 million for the second quarter of 2017, compared to $290.8 million for the same period of 2016.  Earnings before interest, taxes, depreciation and amortization ("EBITDA"¹) totalled $291.2 million for the second quarter of 2017 as compared with $257.4 million for same period of 2016.  The Company reported net income of $124.6 million for the second quarter of 2017 as compared with $94.4 million for same period of 2016.

The Board of Directors declared an eligible dividend of $0.277 per common share, payable on or about July 13, 2017, to shareholders of record on July 13, 2017.

The Company 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.

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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. EBITDA less depreciation and amortization, interest and other expenses and income tax expenses, results in net income.

Highlights
Unaudited

			Three-month period						Six-month period
			ended June 30						ended June 30
			2017			2016			2017			2016
Selected Financial Information (in millions)
		Revenues	$	331.0		$	290.8		$	591.7		$	516.1
		Operating expenses	39.8			33.4			80.0			71.1
		Depreciation and amortization	26.5			27.0			50.9			52.8
		Interest and other expenses	94.4			101.6			171.6			175.4
		Income before tax	170.3			128.8			289.2			216.8
		Income tax expenses	45.7			34.4			77.2			57.8
		Net income	$	124.6		$	94.4		$	212.0		$	159.0
Traffic
		Total trips (in thousands)	33,575			32,486			60,117			59,278
		Average revenue per trip	$9.99			$8.92			$9.70			$8.65
		Average workday number of trips	427,209			422,411			397,728			391,424
		Total vehicle kilometres (in thousands)	699,776			677,925			1,263,950			1,212,262
		Number of transponders in circulation
		at June 30							1,387,290			1,297,990

SOURCE 407 International Inc.

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