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Aeroports de Montreal Announces its Results for the First Quarter of 2014

MONTREAL, QUEBEC -- (Marketwired) -- 05/01/14 -- Editors Note: A photo for this release will be available on the Canadian Press picture wire via Marketwired.

Aeroports de Montreal (ADM) today announced its consolidated financial results for the first quarter of 2014. These results are accompanied by data on passenger traffic and aircraft movements at Montreal-Trudeau and Montreal- Mirabel international airports.

Highlights

Traffic at Montreal-Trudeau airport increased slightly in the first quarter of 2014 over the same period last year, to 3.5 million passengers enplaned/deplaned.

EBITDA (excess of revenues over expenses before financial expenses, income taxes and depreciation) totalled $46.1 million for the opening quarter of 2014, a decrease of $0.9 million, or 1.9%, from the same period of 2013.

The Corporation invested a total of $26.6 million during the first quarter. Investments in the airports were financed by cash flows from airport operations, including airport improvement fees (AIFs).

Results

Consolidated revenues amounted to $113.9 million for the first quarter of 2014, an increase of $1.2 million, or 1.1%, over the year-ago period. This slight improvement is namely attributable to a rise in revenues generated by our parking facilities as well as to an increase in aeronautical fees.

Operating costs for the quarter under review totalled $46.3 million, up $2.0 million, or 4.5%, over the same period of 2013. This variance is due, among other factors, to an increase in certain operating expenses, particularly for energy, security and professional services, as well as to higher wages. These increases were however partly offset by the reduced use of de-icing products.

Depreciation amounted to $26.2 million for the quarter, an increase over the prior-year period of $1.8 million, or 7.4%. The main reason for this rise was the commissioning of projects completed during 2013.

The quarter ended March 31, 2014, produced a shortfall of revenues over expenses of $3.2 million, compared with an excess of $1.3 million for the corresponding period of 2013.

Financial highlights
----------------------------------------------------------------------------
                                                              First quarter
----------------------------------------------------------------------------
(in millions of dollars)                      2014        2013 Variance (%)
----------------------------------------------------------------------------
Revenues                                     113.9       112.7          1.1
----------------------------------------------------------------------------
Operating costs (excluding PILT)              46.3        44.3          4.5
----------------------------------------------------------------------------
Payments in lieu of municipal taxes
 (PILT)                                       10.5        10.5            -
----------------------------------------------------------------------------
Rent paid to Transport Canada                 11.7        11.4          2.6
----------------------------------------------------------------------------
Depreciation                                  26.2        24.4          7.4
----------------------------------------------------------------------------
Financial expenses                            22.4        21.9          2.3
----------------------------------------------------------------------------
Total expenses                               117.1       112.5          4.1
----------------------------------------------------------------------------
Excess (shortfall) of revenues over
 expenses before income taxes                 (3.2)        0.2     (1,700.0)
----------------------------------------------------------------------------
Income taxes recovered                           -        (1.1)      (100.0)
----------------------------------------------------------------------------
Excess (shortfall) of revenues over
 expenses                                     (3.2)        1.3       (346.2)
----------------------------------------------------------------------------
----------------------------------------------------------------------------
EBITDA                                        46.1        47.0         (1.9)
----------------------------------------------------------------------------

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 $0.7 million for the quarter ($0.5 million for the 2013 quarter).

Passenger traffic

A total of 3.5 million passengers emplaned/deplaned at Montreal-Trudeau airport in the first quarter of 2014, up 0.7% over the same quarter of 2013. The transborder (U.S.) sector posted the strongest growth, at 1.1%, compared with increases of 1.0% and 0.3% respectively for the domestic and international sectors.

Table - passenger traffic (1st quarter)

                                        ------------------------------------
                                                      Aeroports de Montreal
                                        -----------------------------------
                                                2014        2013   Variance
----------------------------------------------------------------------------
January                                    1,168,314   1,134,558        3.0%
----------------------------------------------------------------------------
February                                   1,101,388   1,072,426        2.7%
----------------------------------------------------------------------------
March                                      1,247,115   1,284,637       -2.9%
----------------------------------------------------------------------------
Quarter                                    3,516,817   3,491,621        0.7%
----------------------------------------------------------------------------
Source : Aeroports de Montreal, preliminary figures

Aircraft movements

There were a total of 55,165 aircraft movements at Montreal-Trudeau and Montreal-Mirabel airports during the first quarter of 2014, a drop of 3.2% from the year-ago period. International movements were up by 3.1%, while the transborder and domestic sectors saw respective declines of 3.8% and 5.1%.

About Aeroports de Montreal

Aeroports de Montreal is the local airport authority that has been responsible for the management, operation and development of Montreal-Trudeau and Montreal-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 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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