GTAA reports 2006 results

    TORONTO, March 7 /CNW/ - The Greater Toronto Airports Authority (the
"GTAA") reported its financial and operating results for the fiscal year
ending December 31, 2006 today. A total of 31.0 million passengers were
processed at Toronto Pearson International Airport in 2006, a 3.5% increase
over 2005.
    For the twelve months ended December 31, 2006 the GTAA reported total
revenues of $1.1 billion. Total operating expenses were $560.1 million
including $147.6 million in ground rent paid to the federal government. After
accounting for debt service and amortization, the GTAA recorded revenues under
expenses of $78.8 million for the year. The excess of expenses over revenues
was anticipated due to the amortization associated with the new airport
facilities recently brought into operation.
    The GTAA sets its aeronautical rates annually on a modified cash basis.
Accordingly, certain non-cash items such as amortization are not included when
calculating aeronautical rates. On this modified cash basis the GTAA continues
to generate revenues and maintain adequate liquidity to fund its operating and
capital activities.
    During 2006 the GTAA continued work on the Airport Development Program
and the Terminal 3 Redevelopment Program. A significant 19,000 square metre
expansion of Terminal 3, including 40 new check-in counters and new concession
and office space, was opened in June of 2006. The LINK Train or Automated
People Mover came into service in July of 2006. Pier and Hammerhead F, serving
international and transborder passengers in Terminal 1 opened on January 30,
2007. This successfully completes the Airport Development Program and
positions Toronto Pearson to meet current and future air travel demand in
southern Ontario.
    To fund the development programs and other capital programs, the GTAA
issued $600 million in medium term notes during 2006.
    The Members of the GTAA today appointed PricewaterhouseCoopers as the
auditors of the GTAA. PricewaterhouseCoopers was selected following a
competitive tendering process and will be replacing Deloitte & Touche as the
GTAA's auditors for 2007.
    The 2006 financial results of the GTAA are discussed in more detail in
the Consolidated Financial Statements of the GTAA for the years ended
December 31, 2006 and 2005 and Managements' Discussion and Analysis which are
available at 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, Manager, Media Relations,
(416) 776-3709

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