Aéroports de Montréal posts solid results for 2004
- Revenues and traffic up by 15%
- EBITDA of $90.8 million
- $320 million in unsubsidized investments
- Rent paid to Transport Canada increases by 306%

MONTREAL, March 2 /CNW Telbec/ - Aéroports de Montréal (ADM) today
announced its consolidated financial results for the fiscal year ended
December 31, 2004. These results are accompanied by data on passenger traffic and aircraft movements at Montréal-Trudeau and Montréal-Mirabel airports.

Highlights

EBITDA (excess of revenues over expenses before interest, income taxes,
amortization and equity income in equity-accounted affiliates) was
$90.8 million for fiscal 2004, an increase of $7.6 million, or 9.2%, over
2003. If not for the municipal tax increase following the start-up of the new
Montréal-Trudeau facilities and the higher rent paid to Transport Canada under
its lease with ADM, total EBITDA for 2004 would have been $108.2 million.
EBITDA is a key financial indicator for judging the Corporation's ability to
meet its financial obligations.
"Rent paid to Transport Canada increased by 306.2%, from $4.8 million to
$19.5 million. This exponential growth demonstrates the importance and the
urgency of modifying the current rent formula, whether by an airport law or by
other means," said ADM President and Chief Executive Officer James C. Cherry.
During 2004, the Corporation continued work on Phase II of its expansion
and modernization program at Montréal-Trudeau airport. Work focused mainly on the new international arrivals complex, which was officially opened last
November, as well as on the new international jetty, whose opening is
scheduled for June 2005. As at December 31, 2004, Phase II of the program was about 75% complete, on time and within budget. Phase I, which included the new transborder jetty and a new section of the terminal, was completed in 2003.
The Corporation invested a total of $320.5 million in 2004, compared with
$222.8 million in 2003. Of this amount, $202.6 million was attributable to the
Montréal-Trudeau expansion project, bringing the total invested to date to
$634.0 million. Sources of funds used for investments were cash flows from
airport operations ($53.7 million) and long-term debt ($266.8 million).

http://www.newswire.ca/en/releases/a.../02/c0477.html

Does it mean they'll reduce the AIF ? I won't hold my breath!!

http://biz.yahoo.com/cnw/050808/e_ad...2005.html?.v=1