Aéroports de Montréal

Aéroports de Montréal

March 05, 2010 10:30 ET

Aeroports de Montreal Reports Its 2009 Results

MONTREAL, QUEBEC--(Marketwire - March 5, 2010) - Aéroports de Montréal today announced its audited consolidated financial results for the year ended December 31, 2009. These results are accompanied by data on passenger traffic and aircraft movements at Montréal-Trudeau and Montréal-Mirabel international airports.

Highlights

EBITDA (excess of revenues over expenses before interest, taxes, amortization and writedown of other investments) totalled $151.5 million for the year, down $21.6 million, or 12.5%, from the previous year.

During the year, the Corporation continued work on its various capital investment programs, mainly at Montréal-Trudeau airport. Work focused mainly on the completion of the new transborder departures area, reconfiguring the road network in front of the terminal and on airside infrastructure rebuilding work. 

The Corporation invested a total of $186.4 million in 2009 compared with $234.9 million in 2008. Investments in the airports were financed by cash flows from airport operations, including airport improvement fees ($67.9 million) and long-term debt ($118.5 million).

Results

Consolidated revenues were $351.4 million in 2009, down $10.8 million, or 3.0%, from 2008. This difference is the result of the drop in passenger traffic and interest revenue.

Operating costs (excluding municipal taxes) for the year under review reached $141.0 million, up $17.8 million, or 14.4%, from the previous year. This variance is due mainly to the contribution of the Corporation to the redevelopment of the Dorval interchange, the increase of certain operational costs due namely to the start-up of the new transborder departures area and to the increase in payroll and pension costs.

Municipal taxes amounted to $36.7 million for 2009, up $2.5 million, or 7.3% from the previous year. This increase is attributable to a rise in the property valuation of Montréal-Trudeau following the start-up of the new transborder departures area in August 2009.

Like many other companies, Aéroports de Montréal considers EBITDA to be the best indicator for judging its financial performance and its ability to meet its financial obligations. EBITDA was $151.5 million for the year ended December 31, 2009, compared with $173.1 million for the year ended December 31, 2008, a decrease of $21.6 million or 12.5%.

Amortization was $82.0 million in 2009, up $9.7 million, or 13.4%, from the previous year. This increase is attributable to the start-up of new facilities at Montréal-Trudeau, including the new transborder departures area in August 2009.

The year ended December 31, 2009, generated a shortfall of revenues over expenses of $8.9 million, compared with a surplus of $15.9 million for 2008.

Financial highlights:

           
  Cumulative as at December 31  
(in millions of dollars) 2009   2008 Variance (%)  
Revenues 351.4   362.2 (3.0 )
Operating costs (excluding PILT) 141.0   123.2 14.4  
Payments in lieu of taxes to municipalities (PILT) 36.7   34.2 7.3  
Rent paid to Transport Canada 21.6   21.6 -  
Amortization 82.0   72.3 13.4  
Financial expenses 79.0   77.9 1.4  
Writedown of other investments (ABCP) -   17.1 (100.0 )
Total expenses 360.3   346.3 4.0  
Surplus (deficiency) of revenues over expenses (8.9 ) 15.9 (156.0 )
Cash flows from operating activities (before changes in working capital items) 67.9   100.9 (32.7 )
EBITDA 151.5   173.1 (12.5 )

Passenger traffic
Passenger traffic at Montréal-Trudeau totalled 12.2 million for the year under review, down 4.7% from 12.8 million in 2008. In comparison, the major Canadian airports reported an average decrease of 5.5% in passenger traffic in 2009.

International traffic, which accounts for 37% of total traffic, recorded the best performance with a 2.1% increase over 2008. The transborder and domestic sectors (24% and 39% of total traffic respectively) declined 6.8% and 9.3% respectively.

 Table – Passenger traffic

  Montréal-Trudeau    
  2009 2008 Variance%  
January 1,037,955 1,066,974 (2.7 )
February 981,029 1,057,049 (7.2 )
March 1,085,299 1,151,194 (5.7 )
1stquarter 3,104,283 3,275,217 (5.2 )
April 999,572 1,068,474 (6.4 )
May 942,144 1,054,056 (10.6 )
June 1,012,139 1,094,733 (7.5 )
2ndquarter 2,953,855 3,217,263 (8.2 )
July 1,176,252 1,190,318 (1.2 )
August 1,215,061 1,246,579 (2.5 )
September 995,478 1,053,175 (5.5 )
3rdquarter 3,386,791 3,490,072 (3.0 )
October 981,642 1,013,554 (3.1 )
November 828,928 865,800 (4.3 )
December 951,810 951,414 (0.0 )
4thquarter 2,762,380 2,830,768 (2.4 )
Entire year 12,207,309 12,813,320 (4.7 )

 Source: Aéroports de Montréal, preliminary figures

Aircraft movements
Total aircraft movements at Aéroports de Montréal reached 231,630 in 2009, down 5.5% from 2008. On a sector-by-sector basis, international movements rose by 2.3% for the year while domestic and transborder movements declined 6.2% and 6.9% respectively.

ADM is the local airport authority responsible for the management, operation and development of Montréal–Trudeau and Montréal–Mirabel international airports since 1992. The Corporation employs some 600 persons at both airports and at head office. ADM has been certified ISO 14001 since 2000, and BOMA BESt certified since 2008.

For further information on Aéroports de Montréal and its operations, please visit our website at www.admtl.com

Contact Information

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