MONTRÉAL, March 9, 2017 /CNW Telbec/ - Aéroports de Montréal (ADM) today announced its audited consolidated operating results for the fiscal year ended December 31, 2016. These results are accompanied by data on passenger traffic at Montréal–Pierre Elliott Trudeau International Airport and by aircraft movements at both Montréal-Trudeau and Montréal–Mirabel international airports.
Highlights
Montréal–Trudeau set a new passenger record in 2016, with 16.6 million passengers enplaned/deplaned, an increase of 6.9% over fiscal 2015. All three sectors – domestic, transborder (U.S.) and international – performed well.
EBITDA (excess of revenues over expenses before financial expenses, income taxes, depreciation and impairment of property and equipment) totalled $254.2 million for the fiscal year ended December 31, 2016, a rise of $21.6 million, or 9.3% over 2015.
The Corporation invested a total of $254.8 million in 2016 ($237.4 million in 2015). Investments in the airports were financed by cash flows from operating activities, including airport improvement fees (AIFs), as well as by long-term debt.
Work at Montréal–Trudeau included:
- Expansion of the international jetty;
- Construction of checkpoints for vehicle and non-passenger screening;
- Rehabilitation and expansion of the runway 06R holding bay; and
- Reconfiguration of check-in counters and offices for the airlines.
Work at Montréal–Mirabel focused mainly on rehabilitation of runway 06-24 and holding bay 06.
Financial results
Consolidated revenues amounted to $527.2 million for fiscal 2016, an increase of $38.7 million, or 7.9%, over 2015. This improvement is attributable on the one hand to the growth of passenger traffic and carriers' operations, and on the other to rate increases, all net of incentive and promotional programs aimed at fostering development of air service with the variety and quality of destinations. Also, revenues generated by commercial activities increased significantly.
Operating costs for the year under review rose by $9.7 million, or 5.8%, to reach $176.8 million, against $167.1 million for 2015. This variance is due to increased operating expenses, including those related to the opening of the international jetty expansion, and to winter conditions, as well as to annual salary increases.
Transfers to governments (payments in lieu of municipal taxes [PILT] and rent paid to Transport Canada) reached $96.2 million in 2016 ($88.8 million for 2015), representing a little more than 18% of the Corporation's total revenues.
Depreciation of property and equipment amounted to $120.7 million in 2016, an increase over the prior year of $8.5 million, or 7.6%. This rise is mainly attributable to the commissioning of projects completed during 2015 and 2016, including the expansion of the international jetty in May 2016.
Financial expenses rose from $91.6. million in 2015 to $97.7 million in 2016, a rise of $6.1 million, or 6.7% over the previous year. This increase is due mainly to higher interest expenses following the issuance of Series M revenue bonds in June 2015, the decrease in capitalized interest on capital projects, and lower interest income generated by surplus cash.
The year ended December 31, 2016, produced an excess of revenues over expenses of $35.8 million, compared with $19.8 million for fiscal 2015. If not for the $9.0 million impairment charge related to the Mirabel terminal building, the excess for 2015 would have been $28.8 million.
Financial highlights
| Fiscal years ended December 31 |
|||
| (in millions of dollars) |
2016 |
2015 |
Variance (%) |
| Revenues |
$527.2 |
$488.5 |
7.9% |
| Operating expenses |
176.8 |
167.1 |
5.8 |
| PILT |
41.3 |
38.4 |
7.6 |
| Rent paid to Transport Canada |
54.9 |
50.4 |
8.9 |
| Depreciation of property and equipment |
120.7 |
112.2 |
7.6 |
| Impairment of property and equipment |
- |
9.0 |
(100.0) |
| Financial expenses (net) |
97.7 |
91.6 |
6.7 |
| Total expenses |
$491.4 |
$468.7 |
4.8% |
| Excess of revenues over expenses |
$35.8 |
$19.8 |
80.8% |
| EBITDA |
$254.2 |
$232.6 |
9.3% |
EBITDA is a financial measurement that is not recognized by International Financial Reporting Standards (IFRS) and is therefore unlikely to be comparable to similar measures used by other entities that are not airports. EBITDA is defined by the Corporation as the excess of revenues over expenses before financial expenses, income taxes, depreciation and impairment of property and equipment. EBITDA is used by management as an indicator to evaluate ongoing operational performance. It is meant to provide additional information and should not be considered as a substitute for other performance measurements prepared in accordance with IFRS
Passenger traffic: Montréal-Trudeau
Total passenger traffic at Montréal–Trudeau for the fourth quarter of 2016 was up by 6.6%, to 3.8 million passengers enplaned/deplaned. International traffic rose by 6.0%, domestic traffic by 9.7%, and transborder (U.S.) traffic by 2.6% over the same year-earlier quarter. For all of fiscal 2016, traffic at Montréal–Trudeau was up by 6.9% over 2015, to 16.6 million passengers.
Total passenger traffic*
| Aéroports de Montréal |
|||
| 2016 |
2015 |
Variance |
|
| January |
1,261,495 |
1,216,277 |
3.7% |
| February |
1,225,165 |
1,146,488 |
6.9% |
| March |
1,370,273 |
1,317,448 |
4.0% |
| 1st quarter |
3,856,933 |
3,680,213 |
4.8% |
| April |
1,238,388 |
1,218,201 |
1.7% |
| May |
1,313,153 |
1,236,588 |
6.2% |
| June |
1,448,270 |
1,362,287 |
6.3% |
| 2nd quarter |
4,000,111 |
3,817,076 |
4.8% |
| July |
1,718,288 |
1,550,819 |
10.8% |
| August |
1,771,501 |
1,604,271 |
10.4% |
| September |
1,470,901 |
1,327,826 |
10.8% |
| 3rd quarter |
4,960,690 |
4,482,916 |
10.7% |
| October |
1,364,603 |
1,274,650 |
7.1% |
| November |
1,128,485 |
1,060,877 |
6.4% |
| December |
1,278,257 |
1,201,650 |
6.4% |
| 4th quarter |
3,771,345 |
3,537,177 |
6.6% |
| Total |
16,589,079 |
15,517 382 |
6.9% |
*Note: Total passenger traffic includes revenue and non-revenue passengers.
Source: Aéroports de Montréal, preliminary figures
Aircraft movements: Montréal-Trudeau and Montréal-Mirabel
Total aircraft movements at both ADM airports slighty rose by 1.4% in the fourth quarter of 2016, to 57,263, against 56,441 movements for the same 2015 quarter. For all of fiscal 2016, aircraft movements rose to 237,729 against 234,719 for 2015, a rise of 1.3%.
About Aéroports de Montréal
Aéroports de Montréal is the local airport authority that has been responsible for the management, operation and development of Montréal–Trudeau and Montréal–Mirabel international airports since 1992. The Corporation employs 650 people at both airports and at head office.
For more information about Aéroports de Montréal and its activities, visit our website at www.admtl.com.
SOURCE Aéroports de Montréal
Source: Christiane Beaulieu, Vice-President, Public Affairs and Communications, Tel.: 514 394-7304
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