Aeroports de Montreal

Aeroports de Montreal

July 27, 2012 08:00 ET

Aeroports de Montreal Announces its Results for the Second Quarter of 2012

MONTRÉAL, QUÉBEC--(Marketwire - July 27, 2012) - Aéroports de Montréal (ADM) today announced its consolidated financial results for the three- and six-month periods ended June 30, 2012. These results are accompanied by data on passenger traffic and aircraft movements at Montréal-Trudeau and Montréal-Mirabel international airports.

Highlights

Passenger traffic at Montréal-Trudeau remained stable compared with the same period last year, with 3.4 million passengers emplaned/deplaned. Traffic was up by 1.7% for the half-year under review.

EBITDA (excess of revenues over expenses before financial expenses, income taxes, depreciation and gain on other financial assets) totalled $50.8 million for the second quarter, an increase of $0.6 million. or 1.2%, over the same period of 2011. For the half-year ended June 30, EBITDA stood at $96.1 million, up $1.3 million, or 1.4%, over the corresponding six months a year earlier.

The Corporation invested a total of $38.3 million during the second quarter of 2012 and $53.7 million for the half-year. Investments in the airports were financed by cash flows from airport operations, including airport improvement fees (AIFs).

Results

Consolidated revenues amounted to $106.8 million for the second quarter of 2012, an increase of $0.5 million, or 0.5%, over the same period of 2011. Accumulated revenues as at June 30, 2012, rose by $4.5 million, or 2.1%, to $216.7 million for the first six months of 2011, compared with $212.2 million for the same period of 2011. This increase is attributable to the rise in passenger traffic, as well as to increases in aeronautical fees and parking rates.

Operating costs for the quarter under review totalled $35.9 million, up $0.5 million, or 1.4%, from the corresponding period of the previous year. Operating costs for the six months ended June 30, 2012, rose by 3.9%, reaching $79.1 million in 2012, against $76.1 million for the first half-year of 2011. This variance is due, among other factors, to rises in certain operating expenses, particularly the greater use of de-icing products, as well as higher salaries and pension costs. These unfavourable variances were, however, partly offset by lower professional fees.

Rent paid to Transport Canada remained stable in the second quarter compared with the same period of 2011 at $10.8 million and rose to $22.1 million for the half-year ended June 30, 2012, an increase of $0.5 million, or 2.3%, over the corresponding period a year earlier. This increase is directly related to the Corporation's higher revenues, since rent is calculated as a percentage of revenues.

Financial expenses totalled $20.8 million for the second quarter and $43.0 million for the half-year, down $1.6 million, or 7.1%, and $1.7 million, or 3.8%, respectively, against the same periods of 2011. These variances are attributable to the decrease in interest paid on long-term debt following the maturity in April 2012 of the $150 million Series A revenue bonds, partly offset by the lower interest earned on investments of surplus liquidities.

The quarter ended June 30, 2012, generated an excess of revenues over expenses of $7.1 million, compared with a excess of $5.0 million for the corresponding quarter of 2011. The excess of revenues over expenses for the half-year period ended June 30, 2012, was $7.5 million, against an excess of $5.7 million for the corresponding year-ago period.

Financial highlights

Second quarter Cumulative as at June 30
(in millions of dollars) 2012 2011 Variance (%) 2012 2011 Variance (%)
Revenues 106.8 106.3 0.5 216.7 212.2 2.1
Operating costs (excluding PILT) 35.9 35.4 1.4 79.1 76.1 3.9
Payments in lieu of taxes to municipalities (PILT) 9.7 10.3 (5.8 ) 20.3 20.6 (1.5 )
Transport Canada rent 10.8 10.8 0.0 22.1 21.6 2.3
Depreciation of property and equipment 22.5 22.4 0.4 44.7 43.6 2.5
Financial expenses 20.8 22.4 (7.1 ) 43.0 44.7 (3.8 )
Gain on other financial assets - - - - (0.1 ) (100.0 )
Total expenses 99.7 101.3 (1.6 ) 209.2 206.5 1.3
Excess of revenues over expenses and comprehensive income 7.1 5.0 42.0 7.5 5.7 31.6
EBITDA 50.8 50.2 1.2 96.1 94.8 1.4

EBITDA is a financial measurement that is not recognized by International Financial Reporting Standards (IFRS) and is therefore unlikely to be comparable to similar measures presented by other corporations. EBITDA is meant to provide additional information and should not be considered as a substitute for other performance measurements prepared in accordance with IFRS. EBITDA is used by management as an indicator to evaluate ongoing operational performance.

EBITDA is defined by the Corporation as excess of revenues over expenses before financial expenses, income taxes, depreciation and gain on other financial assets. Calculation of EBITDA takes into account certain financial expenses included in operating costs (net of certain interest income included in revenues), which total $0.4 million for the second quarter ($0.4 million in 2011) and $0.9 million for the half-year ($0.9 million in 2011).

Passenger traffic

Passenger traffic at Montréal-Trudeau remained stable during the second quarter of 2012 compared with the corresponding period last year, at 3.4 million passengers. Domestic traffic grew by 2.4%. International traffic increased by barely 0.4% and the transborder (U.S.) sector declined by 4.3%. With the exception of the domestic sector, the carriers have revised their offerings downward. For the first six months of the year, traffic at Montréal-Trudeau totalled 6.9 million passengers, an increase of 1.7% compared with the first half of 2011.

Table - Total passenger traffic*

Aéroports de Montréal
2012 2011 Variance
January 1,129,538 1,133,734 -0.4 %
February 1,091,812 1,040,848 4.9 %
March 1,255,405 1,188,731 5.6 %
1st quarter 3,476,755 3,363,313 3.4 %
April 1,135,335 1,109,680 2.3 %
May 1,066,229 1,087,734 -2.0 %
June 1,194 564 1,196,542 -0.2 %
2nd quarter 3,396,128 3,393,956 0.0 %
Total as at June 30 6,872,883 6,757,269 1.7 %
*Note: Total passenger traffic includes revenue and non-revenue passengers.
Source: Aéroports de Montréal, preliminary figures

Aircraft movements

Overall aircraft movements at both ADM airports decreased by 3.9% in the second quarter of 2012, to 62,029 movements, compared with 64,562 for the same period a year earlier. There were 122,031 aircraft movements during the first six months of 2012, a 0.8% drop from over the 123,041 movements recorded during the first six months of 2011.

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 625 people at both airports and at head office. ADM has been ISO 14001 certified 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

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