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ADM Aéroports de Montréal announced its consolidated operating results for the year ended December 31, 2023.
These results are accompanied by passenger traffic data for YUL Montréal-Trudeau International Airport.
Highlights
• Passenger traffic at YUL totalled 5.0 million in the fourth quarter of 2023, up 14.9 per cent from 2022, or 108.9 per cent of the traffic in the corresponding period of 2019. Of particular note was the sustained growth of the transborder and international sectors, with fourth-quarter traffic levels of 108.6 per cent and 125.1 per cent, respectively, of 2019 levels. The domestic sector reached 91.6 per cent of the 2019 traffic level for the same period. For 2023, passenger traffic stood at 21.2 million, up 32.5 per cent from 2022.
• EBITDA (the excess of revenues over expenses before financial expenses, income taxes, depreciation and impairment and share of results of joint ventures) was $437.9 million for fiscal 2023, an increase of $114.0 million over EBITDA of $323.9 million for the previous year.
• Capital investments were $326.9 million in 2023, compared with $143.4 million in 2022, an increase of $183.5 million, or 128 per cent. Grants, primarily from the Airport Critical Infrastructure Program (ACIP), totalled $77.2 million, compared with $75.4 million in the previous year. Capital investments (net of grants) totalled $249.7 million ($68 million in 2022).
“The year 2023 ended with YUL Montréal-Trudeau International Airport surpassing its pre-pandemic results and recording the strongest growth of any major Canadian airport by welcoming 21.2 million passengers for the first time ever in its facilities. With 36 airlines now operating at YUL and 157 destinations available to travellers, it’s clear that our airport has fully resumed its role as a major hub for international air travel,” said Yves Beauchamp, president and CEO of ADM.
“We are delighted to welcome such a large number of passengers to YUL and to offer them so many opportunities to connect with the four corners of the globe. This record traffic has prompted us to pick up the pace and quickly implement improvements to accessing the airport and thereby enhance the passenger experience. To this end, we recently inaugurated a new multi-level parking facility at the airport. This is the first step in a much wider redevelopment plan for the area, which our teams are hard at work on and which will be unveiled in the coming days. The program will enable YUL to accommodate the growth expected over the coming years.”
Financial results
Consolidated revenues were $847.9 million in 2023, an increase of $195.8 million, or 30 per cent, over 2022. This increase is mainly due to the significant growth in passenger traffic and the increase in air movements.
Operating expenses for the year totalled $272.8 million, an increase of $58.6 million, or 27.3 per cent, over the previous year.
This variance can be explained by the increase in the total number of employees and by higher operating costs related to measures taken in response to increased traffic, particularly during peak periods, to ensure a smooth flow of passengers from their arrival at the airport to boarding, including the cost of operating parking lots for a full year.
Transfers to governments (payments in lieu of taxes to municipalities [PILT] and rent to Transport Canada) totalled $137.2 million in 2023, an increase of $23.2 million over the previous year, and represented 16.2 per cent of ADM’s revenues (17.5 per cent in 2022).
Depreciation and impairment of property and equipment and right-of-use assets were $211.6 million for 2023, an increase of $51.2 million, or 31.9 per cent, compared to 2022. This increase is mainly due 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 $93.3 million in 2023, down $25.8 million, or 21.6 per cent, compared with 2022. This variance is due to an increase in interest income, resulting from greater liquidity surpluses combined with higher interest rates.
As at December 31, 2023, the excess of revenues over expenses was $132.9 million, compared with $45.3 million in 2022, an increase of $87.6 million, or 193.2 per cent.
Financial situation
ADM’s net debt as at December 31, 2023 was $2.2 billion, compared with $2.3 billion as at December 31, 2022. Moody’s and DBRS have respectively assigned credit ratings of A1, Stable and A (high), Stable to the Corporation’s long-term bonds.
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.
This press release was prepared and distributed by ADM Aeroports de Montreal.
