407 International Reports Second Quarter Results
TORONTO, July 14, 2022 - 407 International Inc. (the “Company”) announced today revenues of $336.1 million for the second quarter of 2022, compared to $212.2 million for the same period of 2021. The Company reported a net income of $110.1 million for the second quarter of 2022, compared to a net income of $24.7 million for the same period of 2021. Earnings before interest and other expenses, taxes, depreciation and amortization ("EBITDA"1) totalled $294.3 million for the second quarter of 2022 compared to $179.4 million for the same period of 2021.
The Board of Directors declared an eligible dividend of $0.258 per common share payable on or about July 14, 2022 to shareholders of record on July 14, 2022.
As a result of the Province of Ontario removing all COVID-19-related restrictions, traffic volumes during the second quarter of 2022 were higher by approximately 48% as compared to the same period in 2021. The Company maintains sufficient liquidity and expects to be able to satisfy all of its obligations in 2022.
The Company is pleased to confirm the recent appointment to the Board of Directors of Ms. Emmie Fukuchi, Executive Vice President, Chief Digital and Marketing Officer at The Co-Operators Group Limited and Mr. Juan Ramon Perez, Asset Management Director - Netherlands, Cintra Infraestructuras, S.A., effective May 1, 2022.
The members of the Board of Directors are as follows:
- David McFadden, Q.C., Chair of the Board
- Javier Tamargo, President & Chief Executive Officer
- Andrew Alley
- Michael Bernasiewicz
- Laura Formusa
- Emmie Fukuchi
- Andrea Jeffery
- Rob MacIsaac
- Young Park
- Juan Ramon Perez
- Andres Sacristan
- Stephanie Vaillancourt
- Jose Maria Velao
ABOUT 407 INTERNATIONAL
The Company is owned by indirectly owned subsidiaries of Canada Pension Plan Investment Board (total 50.01%), also known as CPP Investments; Cintra Global S.E., a wholly owned subsidiary of Ferrovial S. A. (43.23%); and SNC-Lavalin (6.76%).
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¹ EBITDA is not a standardized financial measure under International Financial Reporting Standards and investors are cautioned that EBITDA should not be construed as an alternative to net income as an indicator of the Company's performance. The Company's method of calculating EBITDA may differ from other companies' methods, and may not be comparable to measures used by other companies. See "Non-IFRS Financial Measures" in the Company's management's discussion and analysis for the year ended December 31, 2021.