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NEWS Last modified on July 21, 2016

Aéroports de Montréal reports half-yearly upturn in traffic and solid financial results

Aéroports de Montréal (ADM) today announced its consolidated operating results for the first half of 2016, a period characterised by a 4.9% increase in traffic and 6.2% rise in EBITDA.

A total of 7.9 million passengers passeed through Montréal-Trudeau International Airport in the first six months of the year, with all three sectors – domestic, transborder (US) and international – contributing to the upturn. 

EBITDA (excess of revenues over expenses before financial expenses, income taxes, depreciation and impairment of property and equipment) for the half-year reached C$119.4 million, up C$7 million, or 6.2%, against the corresponding 2015 period.

The airport operator invested a total of C$56.6 million in the second quarter and C$94.1 million for the first six months of 2016 compared C$89.8 million in the first half of 2015).

Investments in the airports were financed by cash flows from operating activities, including C$78.4 million ($75.3 million net of airline collection fees) from airport improvement fees (AIFs).

Financial results

Consolidated revenues amounted to C$127.2 million for the second quarter, an increase of C$7.7 million, or 6.4% over the same 2015 quarter.

Accumulated revenues as at June 30, 2016, rose by C$13.8 million or 5.8%, reaching C$253.4 million compared with C$239.6 million for the first six months of 2015. This improvement is mainly attributable to the growth of passenger traffic and higher revenues from commercial activities.

Operating costs for the six months ended June 30, 2016, increaase by C$4.2 million or 5.1%, to C$86.8 million from C$82.6 million for the same period a year ago.

According to ADM, this variance is due to the annual increase in salaries and certain operating expenses.

Transfers to governments (payments in lieu of municipal taxes [PILT] and rent paid to Transport Canada) reached C$23.3 million for the second quarter of 2016 ($21.6 million for the 2015 period) and C$47.2 million for the half-year, representing nearly 19% of ADM's total revenues.

Depreciation of property and equipment amounted for the half year was C$58.4 million, a rise of 7.4% on the same period in 2015.

The rise is attributable to the commissioning of projects completed during 2015 and of the new extension of the international jetty in May 2016.

At June 30, 2016, the excess of revenues over expenses was C$12.8 million, against  C$13.7 million for the same period of 2015.


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