MONTRÉAL, May 2, 2024
/CNW/ - ADM Aéroports de Montréal today announced its
consolidated operating results for the quarter ended March 31, 2024. These results are accompanied by
passenger traffic data for YUL Montréal–Trudeau International
Airport.
Highlights
- Passenger traffic at YUL totalled 5.0 million for the first
quarter of 2024, up 11.3% from the same period of 2023. Of
particular note was the sustained growth of the transborder (U.S.)
and international sectors, with increases of 14.4% and 15.9%
respectively over levels for the corresponding 2023 quarter.
Domestic sector traffic rose by 1.1% over the figure for the first
quarter of 2023.
- EBITDA (excess of revenues over expenses before financial
expenses, income taxes, depreciation and impairment and share of
results of joint ventures [see the "Non-GAAP measures" section for
more information]) was $98.4 million
for the quarter under review, an increase of $9.7 million over the EBITDA for the same period
of 2023.
- Capital investments were $57.8
million for the opening quarter of 2024, compared with
$47.5 million for the corresponding
period of 2023, an increase of $10.3
million, or 21.7%. Grants, primarily from the Government of
Canada's Airport Critical
Infrastructure Program (ACIP), totalled $11.5 million, compared with $24.1 million for the first quarter of 2023.
Quote
"Passenger traffic continues to grow at YUL Montréal–Trudeau
International Airport. With this in mind, and with the summer
season around the corner, our teams are stepping up their efforts
to provide a smoother experience for users of our facilities. By
the time our ambitious Flight Plan is completed in 2028, including
the addition of parking spaces and drop-off zones, the
commissioning of the REM station and the addition of a satellite
jetty, we must deploy alternatives to relieve congestion on the
airport site," said Yves Beauchamp,
President and CEO of ADM. He continued: "In the next few days, for
example, the first level of the new P4 multi-level parking lot will
be transformed into an express drop-off area, and a second one will
be opened in early June near Chemin de la Côte-de-Liesse, offering
the people accompanying passengers a choice. Free parking for 40
minutes in all lots should also ease traffic congestion. Throughout
all this, we are of course working continuously to adjust our
airport processes, in collaboration with the airlines and
government agencies. It's going to be a busy summer at YUL, which
is good news, as it means Quebecers will have the world at their
doorstep, and Montréal will be visited by even more tourists. A
dynamic airport benefits its entire community, and I applaud the
employees of the airport community who contribute to providing
travellers with a warm welcome and quality service."
Financial results
Consolidated revenues were $212.8
million for the first three months of 2024, up $27.0 million, or 14.6%, over the prior-year
first quarter. These positive results are mainly due to growth in
passenger traffic.
Operating expenses for the quarter totalled $78.5 million, an increase of $12.6 million, or 19.1%, over the same period of
2023. This variance in operating expenses is namely associated with
the increase in staff numbers and to statutory wage increases,
higher operating costs for passenger services, as well as
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 paid to Transport Canada) totalled
$35.9 million for the period under
review, and represented 16.9% of the Corporation's total revenues,
compared with $31.2 million and 16.8%
respectively for the corresponding quarter of 2023.
Depreciation and impairment of property and equipment and
right-of-use assets were $40.7
million for the first three months of 2024, an increase of
$1.7 million, or 4.5%, compared with
the same period of 2023. This increase is due mainly to the
revaluation of certain assets as a result of the new orientations
with regards to the program to improve access to YUL.
Net financial expenses totalled $21.3
million at March 31, 2024,
down $3.0 million, or 12.3%, compared
with the same 2023 quarter. This variance is due mainly to higher
interest rates on investments, combined with greater cash
surpluses.
The excess of revenues over expenses was $36.7 million at March 31,
2024, an improvement of $11.1
million, or 43.0%, over the first quarter of 2023.
Financial
situation
ADM's net debt at March 31, 2024,
was $2.15 billion, compared with
$2.16 billion as at December 31, 2023. See the "Non-GAAP measures"
section for further 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 expense, income taxes, depreciation and impairment
and share in the results of joint ventures. It is used by
management as an indicator to evaluate operating 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
|
Cumulative to
March 31
|
(in millions of
dollars)
|
2024
|
2023
|
Variance
(%)
|
Revenues
|
212.8
|
185.8
|
14.6
|
Operating
expenses
|
78.5
|
65.9
|
19.1
|
Payments in
lieu of municipal taxes (PILT)
|
12.3
|
10.8
|
14.3
|
Transport Canada
rent
|
23.6
|
20.4
|
16.1
|
Depreciation
and impairment of property and equipment and right-of-use
assets
|
40.7
|
39.0
|
4.5
|
Net financial
expenses
|
21.3
|
24.3
|
(12.3)
|
Total
expenses
|
176.4
|
160.4
|
10.1
|
Excess of revenues
over expenses before share in the results of joint ventures
|
36.4
|
25.4
|
43.1
|
Share in the
results of joint ventures
|
0.3
|
0.2
|
18.8
|
Excess of
revenues over expenses
|
36.7
|
25.6
|
43.0
|
EBITDA
|
98.4
|
88.7
|
11.0
|
The % variance in
the above table are calculated with results in
thousands.
|
Capital investments
Investments during the first quarter of 2024 at YUL and YMX were
financed by cashflows from operating activities and grants.
|
Cumulative as
at March 31
|
(in millions of
dollars)
|
2024
|
2023
|
Variance
(%)
|
Airport
Program
|
|
|
|
Work
completed
|
43.5
|
26.8
|
62.5
|
Grants
|
(4.3)
|
(7.6)
|
(43.3)
|
Subtotal
Airport Program
|
39.2
|
19.2
|
104.3
|
REM
station
|
|
|
|
Work
completed
|
14.3
|
20.7
|
(31.0)
|
Grants
|
(7.2)
|
(16.5)
|
(56.4)
|
Subtotal REM
station
|
7.1
|
4.2
|
68.9
|
Total capital
investments
|
46.3
|
23.4
|
98.0
|
The % variance in
the above tables are calculated with results in
thousands.
|
Net debt (in billions of
dollars)
March 31,
2024
|
December 31,
2023
|
Variance
(%)
|
2.15
|
2.16
|
(0.5)
|
The % variance in
the above tables are calculated with results in
thousands.
|
Passenger traffic
Traffic at YUL totalled 5 million passengers for the first
quarter of 2024, an 11.3% increase over the same period in 2023.
International traffic was up 15.9%, transborder (U.S.) traffic
increased by 14.4%, and domestic traffic climbed by 1.1% compared
with the opening quarter of 2023.
Total passenger traffic*
(in
thousands)
|
2024
|
2023
|
Variance
2024 vs. 2023
|
January
|
1,674.2
|
1,489.0
|
12.4 %
|
February
|
1,568.4
|
1,378.5
|
13.8 %
|
March
|
1,786.3
|
1,651.9
|
8.1 %
|
Total
|
5,028.8
|
4,519.4
|
11.3 %
|
*Total passenger traffic includes both
revenue and non-revenue passengers and is calculated with results
in thousands.
|
|
Source: Aéroports de Montréal
|
Sustainability
at ADM
ADM implemented the following initiatives during this quarter to
pursue its commitment to sustainability:
- Organized the 10th edition of the Premium Kids event at YUL, in
partnership with Air Transat. This unique day allows children with
autism spectrum disorder (ASD) or functional limitations to
familiarize themselves and their families with the airport process
and ease their anxiety about flying. This year, nearly 200
participants experienced the typical airport journey.
- Took part in a Senate Committee on Transport and Communications
to discuss the impact of climate change on essential infrastructure
at our YUL and YMX sites. ADM is taking action to combat climate
change, notably through its Sustainability Plan 1.0 and its
Net-Zero Emissions Roadmap, which aims to achieve zero emissions
from its buildings and vehicles by 2040.
- Helped raise awareness about human trafficking with its very
first poster campaign. As part of its commitment to making its
facilities safe and secure, ADM, through this campaign, aims to
raise awareness among victims by reminding them that they are never
alone.
To learn more about ADM's actions, visit its Sustainability
Indicators site, or read its 2023 Sustainability
Report and its 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