Aéroports de Montréal

Aéroports de Montréal

July 30, 2009 10:09 ET

Aeroports de Montreal Announces its Results for the Second Quarter of 2009

MONTREAL, QUEBEC--(Marketwire - July 30, 2009) - Aeroports de Montreal today announced its consolidated financial results for the three- and six-month periods ended June 30, 2009. These results are accompanied by data on passenger traffic and aircraft movements at Montreal-Trudeau and Montreal-Mirabel international airports.

Highlights

Despite the market conditions that affected the entire industry, ADM maintained its profitability during the first half of 2009 by controlling its operating costs and by postponing certain capital projects. This profitability is, however, lower than that of the same period of 2008.

EBITDA (excess or deficiency of revenues over expenses before interest, depreciation, amortization and write-down of other investments) totalled $37.0 million for the second quarter and $81.0 million for the half-year, declines of $6.1 million, or 14.2%, and $5.4 million, or 6.3%, respectively, compared with the corresponding periods of 2008.

The Corporation continued work on certain capital investment programs at Montreal-Trudeau airport. Work focused mainly on interior finishing of the new transborder (U.S.) departures area and on reconfiguration of the roads network in front of the terminal.

The Corporation invested a total of $49.7 million during the second quarter of 2009, and $86.1 million for the six first months. Investments in the airports were financed by cash flows from airport operations and airport improvement fees ($16.7 million for the quarter and $44.0 million for the first half of the year), and by long-term debt ($33.0 million for the quarter and $42.1 million for the half-year).

Results

Consolidated revenues were $83.7 million for the second quarter of 2009, a decrease of $4.8 million, or 5.4%, from the same period of 2008. Cumulative revenues for the six-month period ending June 30, 2009, declined by $7.0 million, or 3.9%, from the same period a year earlier. This difference is mainly the result of the decline in passenger traffic, among other factors.

Operating costs (excluding municipal taxes) amounted to $33.1 million for the second quarter, an increase of $4.3 million, or 14.9%, over the comparable period of 2008. For the six-month period ended June 30, 2009, operating costs increased by 8.4%, to $66.0 million in 2009 from $60.9 million for the year-ago period. This variance is due to the increase in pension costs and the normal increase of payroll, as well as to some higher operating costs, particularly those related to security, energy and the use of a more environmentally friendly de-icer.

ADM considers EBITDA to be the best indicator for judging the Corporation's financial performance and ability to meet its financial obligations. The Corporation reported EBITDA of $37.0 million for the quarter under review and $81.0 million for the half-year, respectively decreases of $6.1 million, or 14.2%, and $5.4 million, or 6.3%, compared with the corresponding periods of 2008.

Financial expenses amounted to $18.6 million for the second quarter and $36.9 million for the half year, respectively decreases of $1.1 million, or 5.6%, and $2.8 million, or 7.1%, from the corresponding 2008 periods. These variances reflect the difference in the amount of capitalized interest on work in progress.

The quarter ended June 30, 2009, generated a shortfall of revenues over expenses of $0.3 million, compared with an excess of $2.6 million for the same quarter of 2008. For the half-year ended June 30 2009, the excess of revenues over expenses amounted to $7.1 million, compared with $11.0 million for the same period of 2008.



Financial highlights:

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Second quarter Cumulative as at June 30
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(in millions of dollars) 2009 2008 Variance 2009 2008 Variance
(%) (%)
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Revenues 83.7 88.5 (5.4) 174.2 181.2 (3.9)
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Operating costs
(excluding PILT) 33.1 28.8 14.9 66.0 60.9 8.4
Payments in lieu
of taxes to
municipalities (PILT) 8.1 8.5 (4.7) 15.9 16.9 (5.9)
Rent to Transport Canada 5.4 5.4 - 10.8 10.8 -
Amortization 18.8 17.8 5.6 37.5 36.2 3.6
Financial expenses 18.6 19.7 (5.6) 36.9 39.7 (7.1)
Write-down of other
investments (ABCP) - 5.7 (100.0) - 5.7 (100.0)
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Total expenses 84.0 85.9 (2.2) 167.1 170.2 (1.8)
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Excess (deficiency)
of revenues over
expenses (0.3) 2.6 (111.5) 7.1 11.0 (35.5)
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Cash flows from
operating activities
(before changes in
non-cash working
capital items) 16.7 24.4 (31.6) 44.0 51.2 (14.1)
EBITDA 37.0 43.1 (14.2) 81.0 86.4 (6.3)
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Passenger traffic

Passenger traffic at Montreal-Trudeau totalled 2.9 million for the second quarter of 2009, a decrease of 8.2% from the same year-earlier period. International traffic was the only sector to experience growth, posting a modest increase of 0.5%, while domestic and transborder traffic dropped by 13.2% and 11.1% respectively. Traffic at Montreal-Trudeau for the first six months of 2009 totalled 6.0 million passengers, a drop of 6.7% from the corresponding period of 2008.



Table - Total passenger traffic(i)

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Aeroports de Montreal
2009 2008 Variance
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January 1,037,719 1,066,974 - 2.7%
February 980,561 1,057,049 - 7.2%
March 1,084,889 1,151,194 - 5.8%
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1st quarter 3,103,169 3,275,217 - 5.3%
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April 1,000,290 1,068,474 - 6.4%
May 944,781 1,054,056 - 10.4%
June 1,008,286 1,094,733 - 7.9%
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2nd quarter 2,953,357 3,217,263 - 8.2%
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Total as at June 30 6,056,526 6,492,480 - 6.7%
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(i) Note : Total passenger traffic includes revenue and non revenue
passengers.
Source: Aeroports de Montreal, preliminary figures


Aircraft movements

Aircraft movements at both Aeroports de Montreal facilities decreased by 8.3% in the second quarter of 2009, reaching 58,906 movements, compared with 64,244 for the corresponding period a year ago. There were 114,277 aircraft movements during the first six months of 2009, a 7.1% decline from the 123,007 figure for the first half-year of 2008.

About Aeroports de Montreal

Aeroports de Montreal is the local airport authority responsible for the management, operation and development of Montreal-Trudeau and Montreal-Mirabel international airports since 1992. The Corporation employs a total of 600 people at both airports.

For more information about Aeroports de Montreal and its operations, see our website, www.admtl.com.

Contact Information

  • Aeroports de Montreal
    Christiane Beaulieu
    Vice-President, Public Affairs and Communications
    514-394-7304