MONTREAL, Aug. 16, 2023 /CNW/ – ADM Aéroports de Montréal today announced its consolidated operating results for the six months ended June 30, 2023. These results are accompanied by passenger traffic data for YUL Montréal-Trudeau International Airport.

Highlights

• Passenger traffic at YUL totalled 5.3 million in the second quarter of 2023, up 32.9% compared with 2022 and representing 106.1% of the traffic for the corresponding period in 2019. Growth was sustained throughout the quarter, with 101.0% of 2019 traffic levels in April, 108.8% in May and reaching 107.9% in June. The international sector also showed a significant upturn, reaching 117.7% of 2019 traffic levels in the second quarter. For the first six months of 2023, passenger traffic stood at 9.8 million, up 57.6% over 2022.
  
• EBITDA (excess of revenues over expenses before financial expenses, income taxes, depreciation and impairment, and share of results of joint ventures; see “Non-GAAP Measures” section for more information) was $104.8 million for the second quarter under review, an increase of $22.9 million compared with EBITDA of $81.9 million for the same period in 2022. For the six months ended June 30, 2023, EBITDA totalled $193.5 million, an increase of $76.6 million over EBITDA of $116.9 million for the first six months of 2022.
  
• Capital investments, net of grants, were $90.7 million in the second quarter of 2023 compared with $40.2 million for the corresponding period of 2022, an increase of $50.5 million, or 125.7%. Capital investments for the six months ended June 30, 2023, amounted to $114.1 million ($56.2 million in 2022), an increase of $57.9 million, or 103.0%. For the six months under review, grants from the Airport Critical Infrastructure Program (ACIP) totalled $43.5 million ($16.3 million in 2022).

Quote

“Despite passenger traffic now exceeding 2019 levels and challenging weather conditions, airport operations at YUL Montréal-Trudeau International Airport are running more smoothly this summer season compared to the summer of 2022. ADM has worked hard over the past year, making significant investments in baggage handling and working with airlines and government agencies on airport processes. Of course, we’ll continue to improve the way we do business to provide the best possible experience for our passengers during this busy season. In this regard, I would also like to thank the employees of the airport community for their excellent work in enabling millions of Quebecers and tourists to enjoy their holidays under conditions that are not always easy,” said Philippe Rainville, President and CEO of ADM.

Financial results

Consolidated revenues were $203.6 million for the second quarter of 2023, an increase of $45.5 million, or 28.8%, over the corresponding period in 2022. For the first six months of 2023, revenues totalled $389.4 million, an increase of $128.5 million, or 49.2%, compared with the same six-month period in 2022. These positive results are directly attributable to the rebound in passenger traffic that is continuing in 2023.

Operating expenses for the quarter under review were $64.5 million, an increase of $15.6 million, or 31.7%, over the same quarter of 2022. For the six months ended June 30, 2023, operating expenses increased by $34.5 million, or 35.9%, from $95.9 million to $130.4 million. This variance in operating expenses is mainly due to higher operating expenses for passenger services as a result of the sustained recovery in business activity that is continuing in 2023.

Transfers to governments (payments in lieu of taxes to municipalities [PILT] and rent to Transport Canada) totalled $34.3 million for the quarter under review, up $7.0 million over the previous year, and represented 16.9% of ADM’s revenues (17.3% in 2022).  For the first six months of 2023, transfers amounted to $65.5 million, an increase of $17.4 million over the same six months of 2022, and represented 16.8% of ADM’s total revenues (18.4% in 2022).

Depreciation and impairment of property and equipment and right-of-use assets rose slightly to $39.6 million for the second quarter of 2023, an increase of $0.8 million, or 1.8%, over the corresponding period of 2022. As at June 30, 2023, these expenses increased by $0.6 million, or 0.7%, to $78.6 million.

Net financial expenses totalled $24.3 million for the quarter under review, down $7.4 million, or 23.1%, from the same period in 2022. Cumulative net financial expenses at June 30, 2023 totalled $48.6 million compared with $63.3 million for 2022, a decrease of $14.7 million, or 23.1%. This variance is primarily due to higher interest income on surplus cash.

For the quarter ended June 30, 2023, the excess of revenues over expenses was $40.9 million compared with $11.3 million for the same quarter of 2022, an increase of $29.6 million, or 261.3%. As at June 30, 2023, the excess of revenues over expenses was $66.5 million, an increase of $90.8 million, or 373.9%, over the same period in 2022.

Financial situation

ADM’s net debt at June 30, 2023 was $2.27 billion compared with $2.30 billion at December 31, 2022; see the “Non-GAAP Measures” section for more information.

Key financial measures

	Second quarter			Cumulative to June 30
(in millions of dollars)	2023	2022	Variance (%)	2023	2022	Variance (%)
Revenues	203.6	158.1	28.8	389.4	260.9	49.2
Operating costs	64.5	48.9	31.7	130.4	95.9	35.9
Payments in lieu of taxes to municipalities (PILT)	11.9	10.4	15.1	22.7	20.9	8.8
Transport Canada rent	22.4	16.9	32.4	42.8	27.2	57.1
Depreciation and impairment of property and equipment and right-of-use assets	39.6	38.8	1.8	78.6	78.0	0.7
Net financial expenses	24.3	31.7	(23.1)	48.6	63.3	(23.1)
Total expenses	162.7	146.7	10.9	323.1	285.3	13.2
Excess (deficiency) of revenues over expenses before share in the results of joint ventures and taxes	40.9	11.4	260.0	66.3	(24.4)	371.9
Share in the results of joint ventures	0.1	0.2	(80.0)	0.3	0.4	(34.3)
Income taxes	(0.1)	(0.3)	(68.0)	(0.1)	(0.3)	(68.0)
Excess (deficiency) of revenues over expenses	40.9	11.3	261.3	66.5	(24.3)	373.9
EBITDA	104.8	81.9	78.6	193.5	116.9	65.5

(in billions of dollars)	June 302023	December 31, 2022	Variance (%)
Net debt	2.27	2.30	(1.0)

Capital investments
Investments at YUL and YMX were financed by operations and grants.

	Second quarter			Cumulative to June 30
(in millions of dollars)	2023	2022	Variance ($)	2023	2022	Variance ($)
Airport program
Work completed	85.9	33.6	52.3	112.7	44.6	68.1
ACIP grants	(17.8)	–	(17.8)	(25.4)	(0.1)	(25.3)
Subtotal airport program	68.1	33.6	34.5	87.3	44.5	42.8
REM station
Work completed	24.2	12.7	11.5	44.9	27.9	17.0
ACIP grants	(1.6)	(6.1)	4.5	(18.1)	(16.2)	(1.9)
Subtotal REM station	22.6	6.6	16.0	26.8	11.7	15.1
Total capital investments	90.7	40.2	50.5	114.1	56.2	57.9

Passenger traffic

For the second quarter of 2023, traffic at YUL totalled 5.3 million passengers, up 32.9% compared with the same period in 2022. International traffic was up 39.3%, transborder (U.S.) saw growth of 41.9%, while domestic traffic rose by 20.1% compared with the second quarter of 2022.

For the quarter under review, passenger traffic at YUL reached 106.1% of the 2019 traffic level, i.e. 117.7% international, 107.7% transborder and 92.5% domestic.

Passenger traffic for the first six months of 2023 represented 101.5% of the corresponding period in 2019, with 111.6% for international, 100.9% for transborder and 89.8% for domestic.

Total passenger traffic^*

Aéroports de Montréal
	2023	2022	Variance2023 vs. 2022	2019	2023 as % of 2019
January	1,487.9	607.0	145.1 %	1,532.2	97.1 %
February	1,380.5	623.2	121.5 %	1,432.6	96.4 %
March	1,652.3	1,014.0	63.0 %	1,712.6	96.5 %
April	1,584.2	1,132.3	39.9 %	1,567.9	101.0 %
May	1,744.1	1,273.9	36.9 %	1,603.2	108.8 %
June	1,985.2	1,591.2	24.8 %	1,839.2	107.9 %
Total	9,834.2	6,241.5	57.6 %	9,687.7	101.5 %

Sustainability at ADM

During the quarter, ADM implemented the following initiatives to pursue its commitment to sustainability:

• Reduced greenhouse gas emissions associated with the transportation of construction materials for the Runway 06L-24R rehabilitation site by operating two concrete plants directly on the YUL site. This avoided approximately 250,000 kilometres of trucking, equivalent to 650 tonnes of CO2.
• Participated in a clean-up effort on the banks of the Bouchard Creek. ADM collected 397.6 kilograms of waste as part of the Allô Ruisseaux project. This project, carried out in partnership with the GRAME organization, aims to improve the health of waterways on the West Island of Montréal through clean-up operations, planting and awareness activities for citizens and businesses.
• Installed bee hives at the YUL and YMX sites. These hives, operated by the Poliflora cooperative, will produce approximately 60 kilograms of honey per site. Half of the harvest will be taken over by Poliflora for sale and distribution to local food banks. For its part, ADM will collect approximately 100 jars of honey from each of its sites to sell as part of its annual Centraide/United Way campaign.

To learn more about ADM’s actions, visit our Sustainability Indicators platform or consult our 2022 Annual Report, which presents our Sustainability Report based on GRI (Global Reporting Initiative) standards.

About 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.

MONTRÉAL, July 20, 2023 /CNW/ – Mélanie Kau, Chair of the Board of Directors of ADM Aéroports de Montréal, is pleased to announce today that Yves Beauchamp has been appointed President and CEO of ADM, effective September 5, 2023. Mr. Beauchamp will succeed Philippe Rainville, who is retiring after a distinguished 15-year career with the Corporation, the last six of which have been at its helm. Mr. Rainville will remain in his role until September 5^th and will leave ADM at the end of the year to ensure an efficient transition of responsibilities.

“The Board of Directors conducted a rigorous executive search process over many months to identify the best candidate for this critical position as ADM faces many challenges in developing its YUL and YMX sites in the coming years,” said Ms. Kau.  “Yves Beauchamp is an experienced manager who has led major infrastructure projects for Montreal institutions with strong roots in their communities. His expertise, skills and knowledge of the organization – he has been a member of our Community Advisory Committee for seven years, a member of the Board for the past three years, and has chaired the Infrastructure Project Analysis and Evaluation Committee – are undeniable assets and will put our team in an excellent position to successfully complete all of its structuring projects.”

“It’s a great privilege to continue my involvement with ADM in this new role,” said Yves Beauchamp. “After an enforced two-year hiatus due to the pandemic, the critical work on airport sites will increase at a steady pace over the next few years to meet the dynamic growth in passenger traffic and operations. While the current team has already started a planning exercise, I will be able to bring my expertise to support them and help the organization achieve a successful recovery for the benefit of the entire community. The airports are strategic assets for our city and I intend to ensure that they continue to be part of Montréal’s vision for sustainable development.”

Until very recently, Yves Beauchamp was Vice Principal, Administration and Finance, at McGill University. Under his leadership, members of his team accelerated the revitalization and renovation of the university’s buildings and infrastructure. He has also served as Director General of the École de technologie supérieure (ÉTS) and as Vice-Rector responsible for the development of the Université de Montréal’s new Outremont campus. His contributions in these positions placed him at the centre of the most important development projects of the university network in recent decades. He holds a bachelor’s degree in industrial engineering and a master’s degree in industrial safety and hygiene from the Université du Québec à Trois-Rivières, and a doctorate in industrial engineering from West Virginia University.

Over the course of his career, he has received numerous awards and acknowledgements, including the member of the Order of Canada, the Knight of the National Order of Québec, the Médaille de l’Assemblée Nationale of the Government of Québec, and a recognition from the Order of Engineers of Québec for outstanding achievement in research and teaching. He was named a Fellow of the Canadian Academy of Engineering, of which he was President, and was awarded both Queen Elizabeth II Golden and Diamond Jubilee Medals.

About 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.

MONTRÉAL , July 13, 2023 /CNW/ – ADM Aéroports de Montréal is pleased to announce the appointment of Aymeric Dussart as Vice President, Finance & Administration and Chief Financial Officer.

With a wealth of experience in the airport industry, Mr. Dussart has been with ADM for over 11 years. He has served as Vice President, Technology and Innovation, since January 2020, when ADM added this new position to its management committee. In this position he was responsible for all IT activities at the airport authority.

This latest appointment marks a return to his roots for Mr. Dussart, who previously held various positions within ADM’s Finance department including roles in market analysis, strategic planning and business data management.

Prior to joining ADM, Mr. Dussart worked in the energy sector for Hydro-Québec, where he was responsible for systems supporting electricity brokerage activities. Mr. Dussart holds a master’s degree in economics from the Université de Montréal and a master’s degree in information technology from HEC Montréal.

He will take up his new position on July 17.

Mr. Dussart succeeds Ginette Maillé, who is retiring after leading ADM’s Finance and Administration team for the past six years. Her experience and expertise enabled ADM to recover from an unprecedented financial crisis caused by the pandemic. Ms. Maillé will leave the organization at the end of the year to ensure an efficient transition of responsibilities.

About 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.

MONTRÉAL, July 9, 2023 /CNW/ – It is with great sadness that ADM Aéroports de Montréal has learned the death of an airport community employee working for Equans. ADM wishes to convey its sincere condolences to the employee’s family, loved ones and coworkers.

“The entire YUL airport community is in mourning today, and we offer our sincere condolences to his family, loved ones and colleagues”, said Mr. Philippe Rainville, CEO of ADM.

ADM has worked closely with the partners involved to coordinate the presence of assistance and support resources for the personnel who witnessed this accident. ADM would like to assure the YUL airport community of its full support following this tragic event.

As soon as it was notified, ADM collaborated with the relevant authorities to ensure that the investigation proceeded smoothly. In this context, and out of respect for the victim and his family, ADM will reserve its comment and invites members of the media to contact the authorities responsible for the investigation.