TORONTO, March 5 /CNW/ - The Greater Toronto Airports Authority (the
"GTAA") reported its financial and operating results for the fiscal year
ending December 31, 2007 today. A total of 31.5 million passengers were
processed at Toronto Pearson International Airport in 2007, a 1.7% increase
For the twelve months ended December 31, 2007, the GTAA reported total
revenues of $1.2 billion. Total operating expenses were $552.0 million
including $149.5 million in ground rent paid to the federal government.
2007 revenues over operating expenses were $631.3 million. After accounting
for debt service and amortization, the GTAA recorded revenues under expenses
of $44.0 million for the year, a $34.8 million improvement over 2006 results.
The excess of expenses over revenues was anticipated due to the amortization
associated with the new airport facilities recently brought into operation.
During the 3-month period ended December 31, 2007, the GTAA recorded
revenues under expenses of $40.5 million.
Results for 2007 include receivable recoveries of $14.2 million and
$16.2 million of net revenues identified as part of the annual reconciliation
of AIF revenues and passenger volumes. These revenue gains were offset by an
impairment charge of $37.2 million as a result of fair market valuing
$182 million of non-bank asset-backed commercial paper held by the GTAA.
During 2007 the GTAA substantially completed the Airport Development
Program ("ADP") with the January 30, 2007 opening of Pier F on Terminal 1. The
ADP was completed on time and on budget. This successful completion of the ADP
positions Toronto Pearson to meet current and future air travel demand in
southern Ontario. The focus of the GTAA is now on competitiveness, growing the
Airport's status as an international gateway and ensuring long-term success
for the organization, our partners and the regional economy.
To fund the development programs and other capital programs and to repay
maturing debt, the GTAA issued $800 million in medium term notes during 2007.
Debt repayments totaled $885 million during the year.
The 2007 financial results of the GTAA are discussed in more detail in
the Consolidated Financial Statements of the GTAA for the years ended December
31, 2007 and 2006 and Managements' Discussion and Analysis which are available
at www.gtaa.com and on the Canadian Securities Administrators' website at
The GTAA is the operator of Toronto Pearson International Airport, the
largest airport in Canada and one of the largest airports in North America in
terms of passenger and air cargo traffic.
For further information:
For further information: Scott Armstrong, (416) 776-3709