Aéroports de Montréal

Aéroports de Montréal

May 07, 2009 10:00 ET

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

MONTREAL, QUEBEC--(Marketwire - May 7, 2009) - Aeroports de Montreal today announced its consolidated financial results for the first quarter of 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, taxes and amortization) totalled $43.9 million for the opening quarter of 2009, an increase of $0.7 million, or 1.6%, over the same period of 2008.

The Corporation continued work on its various capital investment programs, mostly at Montreal-Trudeau airport. Work focused mainly on construction of the new transborder (U.S.) departures area.

The Corporation invested a total of $36.4 million during the first quarter. Investments in the airports were financed by cash flows from airport operations ($27.3 million), including airport improvement fees (AIFs), and long-term debt ($9.1 million).

Results

Consolidated revenues were $90.5 million for the first quarter of 2009, a decrease of $2.1 million, or 2.3%, from the same period a year ago. This difference is mainly the result of the decline in interest revenue due to the drop in prevailing rates and the lower balance of short-term investments. The impact of the decline in passenger traffic was offset by higher aeronautical charges and parking fees.

Operating costs (excluding municipal taxes) for the period under review reached $32.9 million, up $0.8 million, or 2.5%, over the year-ago quarter. This variance is attributable to increased pension costs and higher operating costs, particularly those related to security, energy and the use of a more environmentally friendly de-icer.

Like many other companies, Aeroports de Montreal considers EBITDA to be the best indicator for judging its financial performance and its ability to meet its financial obligations. EBITDA was $43.9 million for the first quarter, against $43.2 million for the corresponding 2008 period, an improvement of $0.7 million, or 1.6%.

Financial expenses amounted to $18.3 million for the first quarter, a decrease of $1.8 million, or 9.0%, from the same period of 2008. This variance reflects the difference in the amount of capitalized interest on work in progress in accordance with the Corporation's accounting policies.

The quarter ended March 31, 2009, generated an excess of revenues over expenses of $7.5 million, compared with an excess of $8.4 million for the same quarter of 2008. This unfavourable variance of $0.9 million is mainly attributable to the lower interest income and the increase in certain operating costs.



Financial highlights:

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First quarter
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(in millions of dollars) 2009 2008 Variation (%)
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Revenues 90.5 92.6 (2.3)
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Operating costs (excluding PILT) 32.9 32.1 2.5
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Payments in lieu of taxes (PILT) 7.8 8.4 (7.1)
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Rent paid to Transport Canada 5.4 5.4 -
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Amortization 18.6 18.2 2.2
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Financial expenses 18.3 20.1 (9.0)
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Total expenses 83.0 84.2 (1.4)
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Excess of revenues over expenses 7.5 8.4 (10.7)
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Cash flows from operating activities
(before changes in non-cash
working capital items) 27.3 26.7 2.2
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EBITDA 43.9 43.2 1.6
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Passenger traffic

Passenger traffic at Montreal-Trudeau totalled 3.1 million for the first quarter of 2009, a decrease of 5.3% from the same year-earlier period. It should be noted that traffic figures include non-revenue passengers, in accordance with the practice of other major Canadian airports. International traffic remained strong for the first three months of the year, with growth of 3.9%, while the domestic and transborder sectors were significantly impacted by the recession, showing declines of 11.8% and 9.1% respectively.



Table - Passenger traffic (1st quarter)

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Aeroports de Montreal
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2009 2008 Variance
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January 1,036,609 1,066,970 (2.8)%
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February 978,709 1,057,027 (7.4)%
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March 1,085,972 1,151,191 (5.7)%
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Quarter 3,101,290 3,275,188 (5.3)%
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Source: Aeroports de Montreal, preliminary figures


Aircraft movements

There were a total of 55,371 aircraft movements at Montreal-Trudeau and Montreal-Mirabel international airports during the first quarter of 2009, a 5.8% decline from the same period a year earlier. International movements rose by 4.0%, against decreases of 7.1% and 7.0% respectively for the domestic and transborder sectors.

About ADM

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

For further details on Aeroports de Montreal and the Corporation's activities, consult our website at www.admtl.com.

Contact Information

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