Aéroports de Montréal

Aéroports de Montréal

October 28, 2009 12:31 ET

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

MONTREAL, QUEBEC--(Marketwire - Oct. 28, 2009) - Aeroports de Montreal today announced its consolidated financial results for the three- and nine-month periods ended September 30, 2009. These results are accompanied by data on passenger traffic and aircraft movements at Montreal-Trudeau and Montreal-Mirabel international airports.

Highlights

EBITDA (excess of revenues over expenses before interest, income taxes, amortization and write-down of other investments) totalled $44.2 million for the third quarter and $125.2 million for the nine months, respectively decreases of $7.6 million, or 14.7%, and $13.1 million, or 9.5%, compared with the corresponding periods of 2008.

The Corporation continued work on its different capital investment programs, mainly at Montreal-Trudeau airport. Work focused principally on construction of the new transborder (U.S.) departures area, on reconfiguration of the roads network in front of the terminal and on airside infrastructure maintenance work.

The Corporation invested a total of $40.2 million during the third quarter of 2009 and $126.3 million for the nine-month period. Investments in the airports were financed by cash flows from airport operations and airport improvement fees ($23.2 million for the quarter and $67.7 million for the nine months), and by long-term debt ($17.0 million for the quarter and $58.6 million for the nine months).

Results

Consolidated revenues were $93.6 million for the third quarter of 2009, a decrease of $1.6 million, or 1.7%, from the same period of 2008. Cumulative revenues for the nine-month period ending September 30, 2009, declined by $8.6 million, or 3.1%, from the same period a year earlier. This difference is the result of the drop in passenger traffic and interest revenue.

Operating costs (excluding municipal taxes) amounted to $32.2 million for the third quarter, an increase of $5.1 million, or 18.8%, over the same period of 2008. Operating costs for the nine months increased by 6.0%, to $96.6 million in 2009 from $91.1 million for the same year-ago period. The cumulative variance is due to the increase in pension costs and the normal increase in 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, as well as to the opening of the new transborder departures sector.

Like many other companies, Aeroports de Montreal considers EBITDA to be the best indicator of its financial performance and its ability to meet its financial obligations. EBITDA was $44.2 million for the third quarter and $125.2 million for the nine months, respectively decreases of $7.6 million, or 14.7%, and $13.1 million, or 9.5%, compared with the corresponding periods of 2008.

Amortization was $20.2 million for the third quarter and $57.7 million for the nine months, respectively increases of $2.4 million, or 13.5%, and $3.7 million, or 6.9% over the corresponding 2008 periods. These increases are explained by the start-up of several assets at Montreal-Trudeau, particularly the new transborder departures sector.

Financial expenses amounted to $20.1 million for the quarter, a rise of $0.7 million, or 3.6%, over the year-ago quarter. For the nine-month period ended September 30, 2009, financial expenses declined by $2.1 million, or 3.6%, from the corresponding 2008 period. These variances reflect mainly the difference in the amount of capitalized interest on work in progress.

The quarter ended September 30, 2009, generated an excess of revenues over expenses of $3.9 million, compared with an excess of $17.0 million for the same quarter of 2008. For the nine-month period, the excess of revenues over expenses amounted to $11.0 million, against $28.0 million for the same period last year.

Financial highlights:



-------------------------------------------------------------------------
Third quarter Cumulative as at
(in millions September 30
of dollars) 2009 2008 Variance 2009 2008 Variance
(%) (%)
-------------------------------------------------------------------------
Revenues 93.6 95.2 (1.7) 267.8 276.4 (3.1)
-------------------------------------------------------------------------
Operating costs
(excluding PILT) 32.2 27.1 18.8 96.6 91.1 6.0
Payments in lieu of
taxes to municipalities
(PILT) 9.7 8.5 14.1 25.6 25.4 0.8
Rent to Transport
Canada 5.4 5.4 - 16.2 16.2 -
Amortization 20.2 17.8 13.5 57.7 54.0 6.9
Financial expenses 20.1 19.4 3.6 57.0 59.1 (3.6)
Write-down of other
investments (ABCP)
and other elements 2.1 - - 3.7 2.6 42.3
-------------------------------------------------------------------------
Total expenses 89.7 78.2 14.7 256.8 248.4 3.4
-------------------------------------------------------------------------
Excess of revenues
over expenses 3.9 17.0 (77.1) 11.0 28.0 (60.7)
-------------------------------------------------------------------------
-------------------------------------------------------------------------
Cash flows from
operating activities
(before changes in
non-cash working
capital items) 23.2 33.8 (31.4) 67.7 84.9 (20.3)
EBITDA 44.2 51.8 (14.7) 125.2 138.3 (9.5)
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Passenger traffic

Traffic at Montreal-Trudeau totalled 3.4 million passengers for the third quarter of 2009, a decrease of 3.1% from the year-earlier period. International traffic grew by 3.0%, while domestic and transborder traffic dropped by 7.7% and 4.8% respectively. Traffic at Montreal-Trudeau for the nine months totalled 9.4 million passengers, a drop of 5.5% from the corresponding period of 2008.

Table - Total passenger traffic(i)



------------------------------------------------------------------
------------------------------------------------------------------
Aeroports de Montreal
2009 2008 Variation
------------------------------------------------------------------
------------------------------------------------------------------
January 1,037,723 1,066,974 -2.7%
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February 980,393 1,057,049 -7.3%
------------------------------------------------------------------
March 1,084,545 1,151,194 -5.8%
------------------------------------------------------------------
1st quarter 3,102,661 3,275,217 -5.3%
------------------------------------------------------------------
April 998,472 1,068,474 -6.6%
------------------------------------------------------------------
May 942,226 1,054,056 -10.6%
------------------------------------------------------------------
June 1,009,607 1,094,733 -7.8%
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2nd quarter 2,950,305 3,217,263 -8.3%
------------------------------------------------------------------
July 1,171,923 1,190,318 -1.5%
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August 1,214,973 1,246,579 -2.5%
------------------------------------------------------------------
September 994,682 1,053,175 -5.6%
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3e quarter 3,381,578 3,490,072 -3.1%
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Total as at September 30 9,434,544 9,982,552 -5.5%
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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 declined by 4.7% overall in the third quarter of 2009, to 61,886 movements from 64,961 for the corresponding quarter a year ago. There were 176,163 aircraft movements during the nine-month period, a 6.3% decline from the 187,968 movements for the same 2008 period.

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 and at its head office.

For further information on Aeroports de Montreal and its activities, please visit our website at www.admtl.com.

Contact Information

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