Welcome!

News Feed Item

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

MONTREAL, QUEBEC -- (Marketwired) -- 07/31/14 -- Aeroports de Montreal (ADM) today announced its consolidated financial results for the three- and six-month periods ended June 30, 2014. These results are accompanied by data on passenger traffic and aircraft movements at Montreal-Trudeau and Montreal-Mirabel international airports.

Highlights

Passenger traffic increased by 5.3% for the second quarter and by 3.0% for the half-year ended June 30, 2014, compared with the corresponding year-earlier periods.

EBITDA (excess of revenues over expenses before financial expenses, income taxes and depreciation) totalled $53.3 million for the second quarter of 2014, up $2.8 million, or 5.5%, over the same period of 2013. For the half-year ended June 30, EBITDA stood at $99.4 million, up $1.9 million, or 1.9%, over the corresponding six months a year ago.

The Corporation's capital investments totalled $36.0 million during the second quarter of 2014 and $62.6 million for the half-year. Work focused mainly on expansion of the international jetty. Investments in the airports are financed by cash flows from airport operations, including airport improvement fees (AIFs).

Results

Consolidated revenues amounted to $112.8 million for the second quarter of 2014, an increase of $4.7 million, or 4.3%, over the same period of 2013. Accumulated revenues as at June 30, 2014, rose by $5.9 million, or 2.7%, to $226.7 million for the first six months of 2014, compared with $220.8 million for the same period of 2013. This growth is attributable to the rise in passenger traffic, higher revenues from parking facilities as well as the annual increase in aeronautical fees.

Operating costs for the quarter under review totalled $38.5 million, up $0.9 million, or 2.4%, from the corresponding period of the previous year. Operating costs for the six months ended June 30, 2014, climbed by 3.4%, reaching $84.8 million in 2014, against $82.0 million for the first half of 2013. This variance is due, among other factors, to the rise in certain operating expenses, particularly energy costs, as well as statutory salary increases. These increases were however offset by the reduced use of de-icing products and AIF collection costs.

Depreciation amounted to $26.3 million for the second quarter, up $1.6 million, or 6.5%, over the same year-ago quarter. For the six months ended June 30, 2014, depreciation totalled $52.5 million, up $3.4 million, or 6.8%, from the corresponding half-year of 2013. The main reason for this rise was the commissioning of projects completed in 2013.

The quarter ended June 30, 2014, generated an excess of revenues over expenses of $4.0 million, compared with an excess of $3.2 million for the same quarter of 2013. The excess of revenues over expenses for the half-year ended June 30, 2014, was $0.8 million, against an excess of $4.4 million for the corresponding year-ago period.

Financial highlights


----------------------------------------------------------------------------
                                                                 Cumulative
                                     Second quarter           as at June 30
----------------------------------------------------------------------------
                                           Variance                Variance
(in millions of dollars)     2014    2013       (%)   2014    2013      (%)
----------------------------------------------------------------------------
Revenues                    112.8   108.1       4.3  226.7   220.8      2.7
----------------------------------------------------------------------------
Operating costs (excluding
 PILT)                       38.5    37.6       2.4   84.8    82.0      3.4
----------------------------------------------------------------------------
Payments in lieu of
 municipal taxes (PILT)       9.9     9.3       6.5   20.4    19.8      3.1
----------------------------------------------------------------------------
Rent paid to Transport
 Canada                      11.5    11.0       4.5   23.2    22.4      3.4
----------------------------------------------------------------------------
Depreciation                 26.3    24.7       6.5   52.5    49.1      6.8
----------------------------------------------------------------------------
Financial expenses           22.6    22.3       1.3   45.0    44.2      1.8
----------------------------------------------------------------------------
Total expenses              108.8   104.9       3.7  225.9   217.5      3.8
----------------------------------------------------------------------------
Excess of revenues over
 expenses before income
 taxes                        4.0     3.2      25.0    0.8     3.3    (76.9)
----------------------------------------------------------------------------
Income taxes recovered          -       -         -      -     1.1   (100.0)
----------------------------------------------------------------------------
Excess of revenues over
 expenses                     4.0     3.2      25.0    0.8     4.4    (82.4)
----------------------------------------------------------------------------
----------------------------------------------------------------------------
EBITDA                       53.3    50.5       5.5   99.4    97.5      1.9
----------------------------------------------------------------------------
EBITDA (excluding rent
 paid to Transport Canada)
 as a % of revenues          57.4%   56.9%      0.5   54.1%   54.3%    (0.2)
----------------------------------------------------------------------------

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 costs (net of certain interest income included in revenues), which total $0.4 million for the second quarter ($0.3 million in 2013) and $1.1 million for the half-year ($0.9 million in 2013).

Passenger traffic

Traffic at Montreal-Trudeau rose by 5.3% during the second quarter of 2014, to 3.6 million passengers, with all sectors showing increases. Domestic traffic was up by 5.9%, the transborder sector by 5.4% and international traffic by 4.5% compared to the same quarter a year ago. For the first six months of the year, traffic at Montreal-Trudeau totalled 7.2 million passengers, an increase of 3.0% compared with the first half of 2013.

Total passenger traffic(i)


----------------------------------------------------------------------------
----------------------------------------------------------------------------
                                                      Aeroports de Montreal
                                   2014                2013        Variance
----------------------------------------------------------------------------
----------------------------------------------------------------------------
January                       1,170,507           1,134,558             3.2%
February                      1,101,256           1,072,426             2.7%
March                         1,249,075           1,284,637            -2.8%
----------------------------------------------------------------------------
1st quarter                   3,520,838           3,491,621             0.8%
----------------------------------------------------------------------------
April                         1,167,066           1,130,416             3.2%
May                           1,173,854           1,107,695             6.0%
June                          1,295 651           1,216,187             6.5%
----------------------------------------------------------------------------
2nd quarter                   3,636 571           3,454,298             5.3%
----------------------------------------------------------------------------
Total as at June 30           7,157 409           6,945,919             3.0%
----------------------------------------------------------------------------

(i)Note: Total passenger traffic includes revenue and non-revenue passengers.

Source: Aeroports de Montreal, preliminary figures

Aircraft movements

Aircraft movements at both ADM airports decreased by 2.3% overall in the second quarter of 2014, to 58,266 movements, compared with 59,613 for the same period a year earlier. There were 113,431 movements recorded during the first six months of 2014, against 116,861 for the corresponding year- ago period, a drop of 2.9%.

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

More Stories By Marketwired .

Copyright © 2009 Marketwired. All rights reserved. All the news releases provided by Marketwired are copyrighted. Any forms of copying other than an individual user's personal reference without express written permission is prohibited. Further distribution of these materials is strictly forbidden, including but not limited to, posting, emailing, faxing, archiving in a public database, redistributing via a computer network or in a printed form.

Latest Stories
"We host and fully manage cloud data services, whether we store, the data, move the data, or run analytics on the data," stated Kamal Shannak, Senior Development Manager, Cloud Data Services, IBM, in this SYS-CON.tv interview at 18th Cloud Expo, held June 7-9, 2016, at the Javits Center in New York City, NY.
As cloud adoption continues to transform business, today's global enterprises are challenged with managing a growing amount of information living outside of the data center. The rapid adoption of IoT and increasingly mobile workforce are exacerbating the problem. Ensuring secure data sharing and efficient backup poses capacity and bandwidth considerations as well as policy and regulatory compliance issues.
Many private cloud projects were built to deliver self-service access to development and test resources. While those clouds delivered faster access to resources, they lacked visibility, control and security needed for production deployments. In their session at 18th Cloud Expo, Steve Anderson, Product Manager at BMC Software, and Rick Lefort, Principal Technical Marketing Consultant at BMC Software, discussed how a cloud designed for production operations not only helps accelerate developer inno...
Almost two-thirds of companies either have or soon will have IoT as the backbone of their business. Though, IoT is far more complex than most firms expected with a majority of IoT projects having failed. How can you not get trapped in the pitfalls? In his session at @ThingsExpo, Tony Shan, Chief IoTologist at Wipro, will introduce a holistic method of IoTification, which is the process of IoTifying the existing technology portfolios and business models to adopt and leverage IoT. He will delve in...
SYS-CON Events announced today that Conference Guru has been named “Media Sponsor” of SYS-CON's 20th International Cloud Expo, which will take place on June 6–8, 2017, at the Javits Center in New York City, NY. A valuable conference experience generates new contacts, sales leads, potential strategic partners and potential investors; helps gather competitive intelligence and even provides inspiration for new products and services. Conference Guru works with conference organizers to pass great dea...
SYS-CON Events announced today that LeaseWeb USA, a cloud Infrastructure-as-a-Service (IaaS) provider, will exhibit at the 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. LeaseWeb is one of the world's largest hosting brands. The company helps customers define, develop and deploy IT infrastructure tailored to their exact business needs, by combining various kinds cloud solutions.
"When you think about the data center today, there's constant evolution, The evolution of the data center and the needs of the consumer of technology change, and they change constantly," stated Matt Kalmenson, VP of Sales, Service and Cloud Providers at Veeam Software, in this SYS-CON.tv interview at 18th Cloud Expo, held June 7-9, 2016, at the Javits Center in New York City, NY.
Data is the fuel that drives the machine learning algorithmic engines and ultimately provides the business value. In his session at Cloud Expo, Ed Featherston, a director and senior enterprise architect at Collaborative Consulting, discussed the key considerations around quality, volume, timeliness, and pedigree that must be dealt with in order to properly fuel that engine.
Zerto exhibited at SYS-CON's 18th International Cloud Expo®, which took place at the Javits Center in New York City, NY, in June 2016. Zerto is committed to keeping enterprise and cloud IT running 24/7 by providing innovative, simple, reliable and scalable business continuity software solutions. Through the Zerto Cloud Continuity Platform™, organizations can seamlessly move and protect virtualized workloads between public, private and hybrid clouds. The company’s flagship product, Zerto Virtual...
WebRTC defines no default signaling protocol, causing fragmentation between WebRTC silos. SIP and XMPP provide possibilities, but come with considerable complexity and are not designed for use in a web environment. In his session at @ThingsExpo, Matthew Hodgson, technical co-founder of the Matrix.org, discussed how Matrix is a new non-profit Open Source Project that defines both a new HTTP-based standard for VoIP & IM signaling and provides reference implementations.
The Internet of Things is clearly many things: data collection and analytics, wearables, Smart Grids and Smart Cities, the Industrial Internet, and more. Cool platforms like Arduino, Raspberry Pi, Intel's Galileo and Edison, and a diverse world of sensors are making the IoT a great toy box for developers in all these areas. In this Power Panel at @ThingsExpo, moderated by Conference Chair Roger Strukhoff, panelists discussed what things are the most important, which will have the most profound e...
We all know that data growth is exploding and storage budgets are shrinking. Instead of showing you charts on about how much data there is, in his General Session at 17th Cloud Expo, Scott Cleland, Senior Director of Product Marketing at HGST, showed how to capture all of your data in one place. After you have your data under control, you can then analyze it in one place, saving time and resources.
Cognitive Computing is becoming the foundation for a new generation of solutions that have the potential to transform business. Unlike traditional approaches to building solutions, a cognitive computing approach allows the data to help determine the way applications are designed. This contrasts with conventional software development that begins with defining logic based on the current way a business operates. In her session at 18th Cloud Expo, Judith S. Hurwitz, President and CEO of Hurwitz & ...
SYS-CON Events announced today that Linux Academy, the foremost online Linux and cloud training platform and community, will exhibit at SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. Linux Academy was founded on the belief that providing high-quality, in-depth training should be available at an affordable price. Industry leaders in quality training, provided services, and student certification passes, its goal is to c...
910Telecom exhibited at the 19th International Cloud Expo, which took place at the Santa Clara Convention Center in Santa Clara, CA, in November 2016. Housed in the classic Denver Gas & Electric Building, 910 15th St., 910Telecom is a carrier-neutral telecom hotel located in the heart of Denver. Adjacent to CenturyLink, AT&T, and Denver Main, 910Telecom offers connectivity to all major carriers, Internet service providers, Internet backbones and exchanges.