Aéroports de Montréal

Aéroports de Montréal

May 03, 2007 10:00 ET

Aeroports de Montreal Posts Solid Results for First Quarter of 2007

- EBITDA up by 20.4% - Revenues increase by 10.5% - Passenger traffic rises by 8.5%

MONTREAL, QUEBEC--(CCNMatthews - May 3, 2007) - Aeroports de Montreal today announced its consolidated financial results for the first quarter of 2007. 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 share of investments at equity value) totalled $33.0 million for the opening quarter of 2007, an increase of $5.6 million, or 20.4%, over the corresponding period of 2006.

The Corporation continued work on its various capital investment programs, mainly at Montreal-Trudeau. Work focused on modernization of the domestic jetty, among other areas. In addition, excavation and foundation work progressed for the new transborder departures area and hotel.

The Corporation invested a total of $15.6 million during the first quarter of this year. Investments in the airports are financed by cash flows from airport operations ($18.9 million), including airport improvement fees (AIFs).

Results

Consolidated revenues were $77.0 million for the first quarter of 2007, an increase of $7.3 million, or 10.5%, over the same year-ago period. The main contributor to this increase was the higher aeronautical revenues resulting from increases in terminal and landing fees as well as a rise in passenger traffic. Revenues from AIFs, property leases and interest also contributed to this increase.

Operating costs (excluding municipal taxes) were $27.7 million for the first quarter, up $0.6 million, or 2.2%, from the corresponding period last year. This variance is due to the normal increase in the total payroll, by the pension expense and by the rise in security costs. These unfavourable variances were, however, offset by the decrease in certain operating costs.

Municipal taxes were $8.9 million for the quarter, an increase of $0.3 million, or 3.5%, compared with the same quarter of 2006. ADM remains the most taxed Canadian airport authority, paying up to six times more per passenger than some other major Canadian airports.

Rent paid to Transport Canada, amortization and interest on long-term bonds all remained stable compared with the first quarter of 2006.

Like many other companies, ADM considers EBITDA to be the best indicator of its financial performance and of its ability to meet its financial obligations. EBITDA was $33.0 million for the quarter under review, against $27.4 million for the equivalent period of 2006, an improvement of $5.6 million, or 20.4%.

ADM did not record any share of investments at equity value of ADM Capital Inc. affiliates during the quarter as the matter regarding Budapest has been settled. The share for the corresponding period of 2006 represented professional fees incurred in connection with this dispute.

The Corporation reported a shortfall of revenues over expenses of $0.1 million for the quarter ended March 31, 2007, compared with a shortfall of $7.2 million for the year-earlier quarter. This favourable variance of $7.1 million is mainly attributable to the increases in the main revenue categories.



Financial highlights:
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First quarter
------------------------------------------------------------------------
(in millions of dollars) 2007 2006 Variance
(%)
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Revenues 77.0 69.7 10.5
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Operating costs (excluding municipal taxes) 27.7 27.1 2.2
------------------------------------------------------------------------
Municipal taxes 8.9 8.6 3.5
------------------------------------------------------------------------
Rent paid to Transport Canada 5.4 5.5 (1.8)
------------------------------------------------------------------------
Amortization 18.0 17.6 2.3
------------------------------------------------------------------------
Interest on long-term bonds 17.1 17.3 (1.2)
------------------------------------------------------------------------
Total expenses 77.1 76.1 1.3
------------------------------------------------------------------------
Shortfall of revenues over expenses
(before share of investments at equity value) (0.1) (6.4) (98.4)
------------------------------------------------------------------------
Share of investments at equity value -- (0.8) (100.0)
------------------------------------------------------------------------
Shortfall of revenues over expenses (0.1) (7.2) (98.6)
------------------------------------------------------------------------
Cash flows from operating activities (before 18.9 11.6 62.9
changes in non-cash working capital items)
------------------------------------------------------------------------
EBITDA 33.0 27.4 20.4
------------------------------------------------------------------------

Passenger traffic

Passenger traffic at Montreal-Trudeau increased by 8.5% in the first
quarter of 2007 over the same period of 2006. International traffic rose
by 12.5%, while domestic and transborder traffic climbed by 8.0% and 4.4%
respectively.

Table - Passenger traffic (1st quarter)

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Aeroports de Montreal
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2007 2006 Variance(%)
-----------------------------------------------------------------------
January 995,550 903,252 10.2
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February 930,988 870,153 7.0
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March 1,080,584 997,014 8.4
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Quarter 3,007,122 2,770,419 8.5
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Source: Aeroports de Montreal, preliminary figures


Aircraft movements

There were a total of 57,159 aircraft movements at Aeroports de Montreal in the first quarter of 2007, representing a 3.8% increase over the opening quarter of 2006. Aircraft movements at Montreal-Trudeau rose by 6.5%, to 52,688, while those at Montreal-Mirabel dropped by 20.3%, to 4,471.

Table - Aircraft movements (1st quarter)



--------------------------------------------------------------
2007 2006 Variance(%)
--------------------------------------------------------------
Montreal-Trudeau 52,688 49,475 6,5
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Montreal-Mirabel 4,471 5,613 (20.3)
--------------------------------------------------------------
Aeroports de Montreal 57,159 55,088 3.8%
--------------------------------------------------------------
Source: Aeroports de Montreal, preliminary figures


Aeroports de Montreal is the local airport authority responsible for the management, operation and development of Montreal-Trudeau and Montreal-Mirabel international airports under the terms of a lease entered into with Transport Canada in 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

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