MONTRÉAL, Nov. 4, 2024 /CNW/ - ADM Aéroports de Montréal today announced its consolidated operating results for the quarter ended September 30, 2024. These results are accompanied by passenger traffic data for YUL Montréal-Trudeau International Airport.
Highlights
- Passenger numbers at YUL totalled 6.6 million in the third quarter of 2024, up 3.7% compared with 2023. A total of 17.3 million passengers passed through YUL in the first nine months of 2024, up 6.8% compared with 2023. The transborder (U.S.) and international sectors showed sustained growth in the third quarter, with increases of 11.6% and 4.2%, respectively, compared with the same period in 2023. The domestic sector, on the other hand, declined slightly by 2.0% compared with the same period in 2023.
- EBITDA (excess of revenues over expenses before financial expense, income taxes, depreciation and impairment, and share in the results of joint ventures) (see "Non-GAAP Measures" section for more information) was $146.6 million for the third quarter under review, a decrease of $4.2 million compared with EBITDA of $150.8 million for the same period in 2023. For the cumulative period ended September 30, 2024, EBITDA totalled $361.3 million, an increase of $17.0 million over EBITDA of $344.3 million for the first nine months of 2023.
- Capital investments were $111.6 million in the third quarter of 2024, compared with $67.3 million for the corresponding period of 2023, an increase of $44.3 million, or 65.8%. Capital investments for the nine months ended September 30, 2024, amounted to $294.7 million ($224.9 million in 2023), an increase of $69.8 million, or 31.0%. Grants for the nine months, mainly from the Government of Canada's Airport Critical Infrastructure Program (ACIP), totalled $12.7 million ($60.2 million in 2023).
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"The summer was very busy at YUL Montréal-Trudeau Airport, with sustained growth throughout the quarter and record passenger numbers. ADM Aéroports de Montréal is pleased to have achieved these high traffic levels while providing a more enjoyable experience for our customers," said Yves Beauchamp, President and CEO of ADM. "The various measures taken in recent months have made it easier to access the airport, although more work needs to be done to encourage people to use them. At the same time, our teams are working hard to implement our ambitious Flight Plan 2028, which will provide passengers with a more accessible and connected YUL and significantly improve traffic congestion challenges. I would like to thank airport community employees and our partners who enabled us to welcome an unprecedented number of passengers during the summer season."
Financial results
Consolidated revenues were $265.4 million for the third quarter of 2024, an increase of $12.3 million, or 4.9%, over the corresponding period in 2023. Cumulative revenues to September 30, 2024 increased by 10.1%, from $642.5 million in 2023 to $707.4 million in 2024. These positive results are mainly attributable to growth in passenger traffic and the AIF increase in March 2024.
Operating expenses for the quarter under review totalled $77.9 million, an increase of $13.6 million, or 21.2%, over the same quarter of 2023. For the nine months ended September 30, 2024, operating expenses totalled $233.8 million, compared with $194.7 million for the same period in 2023, an increase of $39.1 million, or 20.1%. This variance is due in particular to the increase in the number of employees and statutory salary increases, higher operating costs for passenger services and airport site fluidity, and professional fees related to medium- and long-term development plans for airport facilities.
Transfers to governments (payments in lieu of taxes to municipalities [PILT] and rent to Transport Canada) totalled to $40.9 million for the quarter under review, up $2.9 million over the previous year, and represented 15.4% of ADM's revenues (15.0% in 2023). For the first nine months of 2024, transfers amounted to $112.3 million, an increase of $8.8 million over the corresponding period of 2023, and represented 15.9% of ADM's total revenues (16.1% in 2023).
Depreciation, amortization and impairment of property and equipment and right-of-use assets rose to $41.6 million for the third quarter of 2024, an increase of $3.8 million, or 9.9%, over the corresponding period of 2023. As at September 30, 2024, these expenses increased by $6.9 million, or 5.9%, to $123.3 million. This increase is due to the revaluation of certain assets as a result of new orientations of the program to improve access to the YUL airport site, and to the commissioning of new assets.
Net financial expenses totalled $22.4 million for the quarter under review, down $0.5 million, or 2.3%, from the same period in 2023. Cumulative net financial expense at September 30, 2024 totalled $66.0 million, compared with $71.5 million for 2023, a decrease of $5.5 million, or 7.8%. This variance is primarily due to higher interest income on surplus cash.
For the quarter ended September 30, 2024, the excess of revenues over expenses was $82.9 million compared with $90.1 million for the same quarter of 2023, a decrease of $7.2 million, or 8.5%. As at September 30, 2024, the excess of revenues over expenses was $172.6 million, an increase of $16.0 million, or 9.9%, over the same period in 2023.
Financial situation
ADM's net debt at September 30, 2024 was $2.11 billion, compared with $2.16 billion at December 31, 2023; see the "Non-GAAP Measures" section for more information.
Non-GAAP Measures
ADM sometimes presents financial measures that do not have a meaning prescribed by International Financial Reporting Standards ("IFRS"), referred to as non-GAAP measures. They are therefore unlikely to be comparable to similar measures presented by other companies.
EBITDA
EBITDA is defined by ADM as the excess of revenues over expenses before financial expenses, income taxes, depreciation and impairment and share in the results of joint ventures. It is used by management as an indicator to evaluate operational performance. EBITDA is meant to provide additional information and is not intended to replace other performance measures prepared under IFRS.
Net debt
Net debt is defined as the difference between the gross balance due on long-term debt, including lease liabilities, and the amount available in cash and cash equivalents, short-term investments as well as the debt service reserve fund.
Key financial measures
Third quarter |
Cumulative to September 30 |
||||||
(in millions of dollars) |
2024 |
2023 |
Variance (%) |
2024 |
2023 |
Variance (%) |
|
Revenues |
265.4 |
253.1 |
4.9 |
707.4 |
642.5 |
10.1 |
|
Operating costs |
77.9 |
64.3 |
21.2 |
233.8 |
194.7 |
20.1 |
|
Payments in lieu of municipal taxes (PILT) |
10.9 |
11.3 |
(2.7) |
33.1 |
34.0 |
(2.5) |
|
Transport Canada rent |
30.0 |
26.7 |
11.8 |
79.2 |
69.5 |
13.9 |
|
Depreciation and impairment of property and equipment and right-of-use assets |
41.6 |
37.8 |
9.9 |
123.3 |
116.4 |
5.9 |
|
Net financial expenses |
22.4 |
22.9 |
(2.3) |
66.0 |
71.5 |
(7.8) |
|
Total expenses |
182.8 |
163.0 |
12.1 |
535.4 |
486.1 |
10.1 |
|
Excess of revenues over expenses before share in the results of joint ventures and income taxes |
82.6 |
90.1 |
(8.2) |
172.0 |
156.4 |
10.1 |
|
Share in the results of joint ventures |
0.3 |
0.1 |
570.0 |
0.7 |
0.4 |
94.7 |
|
Income taxes |
- |
(0.1) |
(36.0) |
(0.1) |
(0.2) |
(115.6) |
|
Excess of revenues over expenses |
82.9 |
90.1 |
(8.5) |
172.6 |
156.6 |
9.9 |
|
EBITDA |
146.6 |
150.8 |
(2.8) |
361.3 |
344.3 |
5.0 |
|
The % variances in the above table are calculated with results in thousands |
Capital investments
Investments at YUL and YMX in the first nine months of 2024 were financed by operations and grants.
Third quarter |
Cumulative to September 30 |
|||||
(in millions of dollars) |
2024 |
2023 |
Variance (%) |
2024 |
2023 |
Variance (%) |
Airport Program |
||||||
Work completed |
80.9 |
48.4 |
67.4 |
227.1 |
161.1 |
41.0 |
Grants |
(0.7) |
(3.7) |
(78.4) |
(5.5) |
(29.1) |
(80.8) |
Subtotal Airport Program |
80.2 |
44.7 |
79.4 |
221.6 |
132.0 |
67.9 |
REM station |
||||||
Work completed |
30.7 |
18.9 |
62.4 |
67.6 |
63.8 |
6.0 |
Grants |
- |
(13.0) |
(100.0) |
(7.2) |
(31.1) |
(76.8) |
Subtotal REM station |
30.7 |
5.9 |
420.3 |
60.4 |
32.7 |
84.7 |
Total capital investments |
110.9 |
50.6 |
119.2 |
282.0 |
164.7 |
71.2 |
The % variances in the above table are calculated with results in thousands. |
Net debt (in billions of dollars)
September 30, 2024 |
December 31, 2023 |
Variance (%) |
2.11 |
2.16 |
(2.3) |
The % variances in the above table is calculated with results in thousands. |
Passenger traffic
For the third quarter of 2024, traffic at YUL totalled 6.6 million passengers, up 3.7% compared with the same period in 2023. Transborder (U.S.) traffic grew by 11.6%, international traffic was up 4.2%, while domestic traffic was down 2.0% compared with the corresponding quarter of 2023.
In the first nine months of 2024, passenger traffic totalled 17.3 million, up 6.8% compared with the same period in 2023. Transborder traffic (U.S.) grew by 12.4%, international traffic was up 9.4%, while domestic traffic was down 1.1% compared with the same period in 2023.
Total passenger traffic*
(in thousands) |
2024 |
2023 |
Variance 2024 vs. 2023 |
January |
1,673.5 |
1,489.0 |
12.4 % |
February |
1,568.6 |
1,378.5 |
13.8 % |
March |
1,786.7 |
1,651.9 |
8.2 % |
April |
1,681.3 |
1,581.4 |
6.3 % |
May |
1,881.4 |
1,741.1 |
8.1 % |
June |
2,087.9 |
1,973.3 |
5.8 % |
July |
2,325.6 |
2,218.5 |
4.8 % |
August |
2,352.0 |
2,237.5 |
5.1 % |
September |
1,940.9 |
1,924.0 |
0.9 % |
Total |
17,297.9 |
16,195.2 |
6.8 % |
*Total passenger traffic includes both revenue and non-revenue passengers and amounts are calculated with results in thousands. |
Sustainability at ADM
During the quarter, ADM implemented the following initiatives to pursue its commitment to sustainability:
- Helped raise more than $3.5 million at the 16th edition of the 48 HOUR RIDE for Make-A-Wish® Canada, held at the YMX site. A total of 45 ADM employees joined a contingent of more than 3,000 cyclists who rode hundreds of kilometres, day and night, to help make dreams come true for children with life-threatening illnesses.
- Announced its first-ever public transportation project at YMX International Aerocity of Mirabel. In partnership with exo, the City of Mirabel and the Mobility Alternative Service (MOBA), ADM implemented a travel management plan (TMP) for employees working on the YMX site. Since August 19, more than 200 YMX employees and visitors have been using the daily shuttle service from the Montmorency metro station.
- Received the Improved Energy Performance award in the public services category as part of BOMA Québec's Building Energy Challenge 2.0. The award recognizes ADM's efforts in energy management, decarbonization and greenhouse gas reduction. Thanks to initiatives such as the electrical load shedding strategy, energy optimization of equipment, heat recovery and the use of LED lamps, the organization significantly reduced the energy consumption of its facilities between 2022 and 2023.
- ADM also received Airports Council International Accreditation for Accessibility. YUL Montréal-Trudeau Airport was awarded Level 3, the highest level possible. This accreditation reflects ADM's commitment to accessibility and to improving the passenger experience by identifying, removing and preventing accessibility barriers.
To learn more about ADM's actions, visit our Sustainability Indicators platform, read our Sustainability Report 2023 and our Sustainability Plan 1.0.
About ADM Aéroports de Montréal
ADM Aéroports de Montréal is the airport authority for the Greater Montréal area responsible for the management, operation and development of YUL Montréal-Trudeau International Airport, certified 4 stars under the Skytrax World Airport Star Rating program, and YMX International Aerocity of Mirabel.
SOURCE Aéroports de Montréal
Public Affairs 514 394-7304, [email protected]
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