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Aeroports de Montreal Announces its Results for Fiscal 2013

MONTREAL, QUEBEC -- (Marketwired) -- 03/13/14 -- Aeroports de Montreal (ADM) today announced its audited consolidated financial results for the fiscal year ended December 31, 2013. These results are accompanied by data on passenger traffic and aircraft movements at Montreal-Trudeau and Montreal-Mirabel international airports.

Highlights

ADM set a new traffic record in 2013, with a total of 14.1 million passengers transiting through Montreal-Trudeau airport, a 2.1% increase over 2012.

EBITDA (excess of revenues over expenses before financial expenses, income taxes and depreciation) totalled $197.8 million for the fiscal year ended December 31, 2013, an increase of $8.2 million, or 4.3%, over the $189.6 million recorded for the previous year.

The Corporation invested a total of $177.4 million in fiscal 2013, compared with $194.7 million in 2012. Work focused mainly on expansion of the west apron and the international jetty, redevelopment of the domestic and international public departures hall, including the consolidation of the domestic and international security screening checkpoints, and development or redevelopment of the commercial areas inside the terminal. Investments in the airports were financed by cash flows from airport operations, including airport improvement fees (AIFs).

Results

Consolidated revenues amounted to $446.6 million for 2013, an increase of $11.1 million, or 2.6%, over 2012. This improvement is mainly attributable to passenger traffic growth and increased aeronautical fees.

Operating costs (excluding municipal taxes and rent paid to Transport Canada) for the year under review rose by 0.9%, or $1.4 million, to $164.3 million for fiscal 2013 from $162.9 million for the prior year. This variance is due, among other factors, to an increase in certain operating expenses, particularly costs related to winter conditions, and to higher salaries, including pension costs. These adverse impacts were, however, partly offset by the decrease in expenses for professional fees.

Depreciation amounted to $101.5 million in 2013, an increase over the prior year of $3.6 million, or 3.7%. The main reason for this rise was the commissioning of facilities built during 2012 and 2013.

Financial expenses totalled $89.3 million for year under review, up $3.6 million, or 4.2%, from the fiscal 2012. This variance is mainly attributable to the issue in September 2012 of a new series of revenue bonds.

Income taxes recovered totalling $8.2 million arise from the reversal of a tax provision related to a foreign investment held by the subsidiary ADM Capital Inc..

The fiscal year ended December 31, 2013, generated an excess of revenues over expenses of $13.6 million, compared with an excess of $6.9 million for fiscal 2012.

Financial highlights


----------------------------------------------------------------------------
                                              FISCAL YEARS ENDED DECEMBER 31
----------------------------------------------------------------------------
(in millions of dollars)                     2013        2012   Variance (%)
----------------------------------------------------------------------------
Total revenues                              446.6       435.5            2.6
----------------------------------------------------------------------------
Operating costs (excluding PILT)            164.3       162.9            0.9
----------------------------------------------------------------------------
Payments in lieu of municipal taxes
 (PILT)                                      40.5        40.3            0.6
----------------------------------------------------------------------------
Rent paid to Transport Canada                45.6        44.2            3.1
----------------------------------------------------------------------------
Depreciation                                101.5        97.9            3.7
----------------------------------------------------------------------------
Financial expenses                           89.3        85.7            4.2
----------------------------------------------------------------------------
Total expenses                              441.2       431.0            2.4
----------------------------------------------------------------------------
Excess of revenues over expenses -
 before income taxes                          5.4         4.5           20.0
----------------------------------------------------------------------------
Income taxes recovered                        8.2         2.4          240.9
----------------------------------------------------------------------------
Excess of revenues over expenses             13.6         6.9           96.3
----------------------------------------------------------------------------
----------------------------------------------------------------------------
EBITDA                                      197.8       189.6            4.3
----------------------------------------------------------------------------

EBITDA is a financial measurement that is not recognized by 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 and depreciation. Calculation of EBITDA takes into account certain financial expenses included in operating expenses (net of certain interest income included in revenues), which total $1.6 million for fiscal 2013 ($1.5 million in 2012).

Passenger traffic

A total of 14.1 million passengers enplaned/deplaned at Montreal-Trudeau during 2013, an increase of 2.1% over 2012. This performance, slightly better than forecast, is essentially due to the upturn in U.S. (transborder) traffic and the growth in connecting traffic.

International traffic, affected by the situation in Europe, and particularly in France, posted a slim 1.1% increase over 2012, while domestic traffic, reflecting the weak Canadian and Quebec economy, did only slightly better, rising 1.4%. Flights to the United States saved the day, growing by 4.7%, in line with the airlines increased service offering, including to New York City, Washington and the American West.

At year-end, Montreal's traffic broke down as follows: the domestic sector maintained its small lead over international traffic, with 38.4% versus 37.6% of total traffic, while transborder (U.S.) traffic moved up slightly to 24.0% of the total.

Connecting traffic is now estimated to total nearly 16% of total traffic and has been rising steadily since all commercial flights were grouped at Montreal-Trudeau in late 2004.

Table - passenger traffic


----------------------------------------------------------------------------
----------------------------------------------------------------------------
                                             Montreal-Trudeau
                                       2013              2012     Variation
----------------------------------------------------------------------------
----------------------------------------------------------------------------
January                           1,134,558         1,130,813           0.3%
February                          1,072,426         1,092,881          -1.9%
March                             1,284,637         1,256,984           2.2%
----------------------------------------------------------------------------
----------------------------------------------------------------------------
1st quarter                       3,491,621         3,480,678           0.3%
----------------------------------------------------------------------------
----------------------------------------------------------------------------
April                             1,130,416         1,136,248          -0.5%
May                               1,107,695         1,067,885           3.7%
June                              1,216,187         1,196,381           1.7%
----------------------------------------------------------------------------
----------------------------------------------------------------------------
2nd quarter                       3,454,298         3,400,514           1.6%
----------------------------------------------------------------------------
----------------------------------------------------------------------------
July                              1,359,714         1,314,834           3.4%
August                            1,438,453         1,355,657           6.1%
September                         1,168,798         1,157,644           1.0%
----------------------------------------------------------------------------
----------------------------------------------------------------------------
3rd quarter                       3,966,965         3,828,135           3.6%
----------------------------------------------------------------------------
----------------------------------------------------------------------------
October                           1,112,811         1,091,405           2.0%
November                            958,036           940,793           1.8%
December                          1,111,541         1,068,295           4.0%
----------------------------------------------------------------------------
----------------------------------------------------------------------------
4th quarter                       3,182,388         3,100,493           2.1%
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Full year                        14,095 272        13,809,820           2.1%
----------------------------------------------------------------------------
----------------------------------------------------------------------------

(i)Note: Total passenger traffic includes revenue and non-revenue
passengers.
Source: Aeroports de Montreal, preliminary figures

Aircraft movements

There were a total of 234,638 aircraft movements (takeoffs and landings) at Montreal-Trudeau and Montreal-Mirabel airports in 2013, compared with 243,436 in 2012, a decrease due to, among other reasons, the airlines' desire to optimize their load factors.

About ADM

ADM is the local airport authority responsible for the management, operation and development of Montreal-Trudeau and Montreal-Mirabel international airports under a lease signed with Transport Canada in 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 Aeroports de Montreal and its operations, please visit our website at www.admtl.com.

Contacts:
Source:
Christiane Beaulieu
Vice-President, Public Affairs and Communications
514 394-7304

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