2013 Financial Results Mark 6th Consecutive Year of Profitability for Toronto Port Authority

TPA Invests more than $5.6 Million over Five Years in Waterfront Community Initiatives

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TORONTO, July 30, 2014 /CNW/ - The Toronto Port Authority (TPA) today released its 2013 Audited Financial Statements, marking the TPA's sixth consecutive year of profitability.

All business units were profitable on an operating basis in 2013, contributing to another strong year for TPA. Billy Bishop Toronto City Airport generated income, including Airport Improvement Fees, of $18.0 million. Port Operations reported operating income of $1.1 million, down slightly compared to 2012 operating income of $1.4 million, and the Outer Harbour Marina's operating income increased in 2013 to $1.4 million, up from $1.3 million the year prior.

Overall net income reached $13.7 million for fiscal 2013, down from the $19.6 million of net income reported in 2012 due to increased Airport operating expenses relating to a resolution with the City of Toronto on Payments in Lieu of Taxes, as well as higher security and legal costs. In addition, the TPA did not receive any payments in respect of land disposition, as compared to the amount of $1.8 million received during the 2012 fiscal year.

Of the TPA's more than $50.0 million in total revenue for 2013, the TPA paid nearly $2.5 million to the Federal Government in the form of the Gross Revenue Charge and paid approximately $3 million to the City of Toronto for Payments in Lieu of Taxes. This implies a notional "corporate tax rate" of 28.33 per cent when these government payments are considered as a percentage of the TPA's 2013 pro forma operating income.

"Our continued profitability is a clear indication of the strength of each of TPA's owned and operated businesses, and our organization as a whole," said Geoffrey Wilson, TPA President and CEO. "The TPA is a self-sustaining organization that does not receive public funding and we are proud of our ability to maintain financial success, as this success enables us to continue to support community events and organizations that better the businesses and lives of the people who call the waterfront home. Over the last five years we've invested more than $5.6 million in community initiatives, charitable organizations and environmental programmes that benefit Toronto's waterfront. With continued financial success, we look forward to continuing our support of these important causes and initiatives in the local community."

Included in this $5.6 million community investment was more than $1.25 million dedicated to environmental initiatives, mainly around the creation of a wetland area and fish habitat in Tommy Thompson Park on the Leslie Street Split, as well as the removal of millions of pounds of debris from Toronto's Harbour. The TPA and BBTCA also spent several hundred thousand dollars in 2013 to acquire 100 per cent green electricity for all of its Port and Airport operations, as it has been doing since 2010.  

In 2013, the TPA also spent $2.5 million to repair the City of Toronto's Ship Channel Bridge on Cherry Street, over $2 million in upgrades at Billy Bishop Toronto City Airport, and $1.5 million in improvements to the Outer Harbour Marina to better serve the recreational boating community.

"In addition to playing a key role in the local community, the TPA is also a significant contributor of taxes and employment to the City, and to the overall prosperity and growth of our local, provincial and national economies," said Mark McQueen, TPA Board Chairman. "The TPA's solid financial performance has provided the means to invest in infrastructure improvements that are critical to Toronto's tourism, logistics, transportation and construction industries. The pedestrian tunnel at Billy Bishop Toronto City Airport is one such example and we are very pleased with the significant progress that has been made on the project to date. With representatives on the Board from all three levels of government, the TPA Board takes particular pride in its transparency, whether it be the quarterly online publication of Board and CEO travel and hospitality expenses, online disclosure of important Board and Executive correspondence, timely financial, curfew and contracting disclosure, or its regular and proactive community consultations."  

Generating $1.9 billion in total annual economic output each year, Billy Bishop Toronto City Airport contributes $640 million to Toronto's annual Gross Domestic Product (GDP) and supports 5,700 jobs, including 1,700 directly associated with the Airport. Since 2006, the Airport has seen strong year-over-year growth in passenger numbers and in 2013 was named by the Skytrax World Airport Awards as one of the world's best airports.

The Toronto Port Authority will hold its Annual General Meeting on September 3, 2014, at  Harbourfront Centre – Brigantine Room, 235 Queens Quay West, Toronto, Ontario. Detailed financial statements are available here.

About the Toronto Port Authority (www.torontoport.com)
Established under the Canada Marine Act in 1999, the Toronto Port Authority (TPA) owns and operates Billy Bishop Toronto City Airport, Terminals 51 and 52 in the Port of Toronto, and Toronto's Outer Harbour Marina. The TPA is financially self-sufficient, as required under the Canada Marine Act, and receives no public funding. In addition to moving more than two million passengers through the airport each year, the Toronto Port Authority provides transportation, distribution, storage and container services to businesses at the Port, and owns and operates one of the largest freshwater marinas in North America. TPA is committed to fostering strong, healthy and sustainable communities along Toronto's waterfront and has invested more than $5.6 million in community and environmental initiatives since 2009. TPA operates in accordance with the Canada Marine Act and Letters Patent and is guided by a nine-member board with representation from all three levels of government.

SOURCE: Toronto Port Authority

Media Contact: Erin Mikaluk, Senior Manager, Communications & Media Relations, Toronto Port Authority, Tel: [phone], Cell: [phone], E-mail: [email protected]