407 International Reports Third Quarter Results

TORONTO, Oct. 18, 2018 /CNW/ - 407 International Inc. (the "Company") announced today revenues of $382.7 million for the third quarter of 2018, compared to $348.7 million for the same period of 2017. Earnings before interest, taxes, depreciation and amortization ("EBITDA"¹) totalled $338.1 million for the third quarter of 2018 compared with $307.8 million for the same period of 2017. The Company reported net income of $157.0 million for the third quarter of 2018, compared with net income of $143.2 million for same period of 2017.

The Board of Directors declared an eligible dividend of $0.302 per common share, payable on or about October 18, 2018 to shareholders of record on October 18, 2018.

The Board of Directors has appointed, effective September 24th, Mr. Derek Bitar as Acting Chief Financial Officer on an interim basis due to a personal leave of the current Chief Financial Officer, Mr. Geoffrey Liang.

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.

Highlights
Unaudited 

				Three-month period						Nine-month period
				ended September 30						ended September 30
				2018			2017			2018			2017
Selected Financial Information (in millions)
	Revenues			$	382.7		$	348.7		$	1033.7		$	940.4
	Operating expenses			44.6			40.9			125.7			120.9
	Depreciation and amortization			27.8			27.8			80.3			78.7
	Interest and other expenses			96.8			85.7			306.7			257.3
	Income before tax			213.5			194.3			521.0			483.5
	Income tax expenses			56.5			51.1			137.9			128.3
	Net income			$	157.0		$	143.2		$	383.1		$	355.2
Traffic
	Total trips (in thousands)			33,519			33,495			94,525			93,612
	Average revenue per trip			$11.34			$10.33			$10.86			$9.92
	Average workday number of trips			435,560			435,712			414,713			410,255
	Total vehicle kilometres (in thousands)			763,646			755,750			2,055,693			2,019,700
	Number of transponders in circulation
		at September 30								1,503,577			1,409,817

SOURCE 407 International Inc.

Investors: Derek Bitar. Acting Chief Financial Officer, Tel: [phone]; Media: Kevin Sack, Vice President, Marketing, Communications, and Government Relations, Tel: [phone]