GTAA reports 2009 second quarter results

    TORONTO, Aug. 12 /CNW/ - The Greater Toronto Airports Authority (the
"GTAA") today reported its financial and operating results for the 6-month
period ending June 30, 2009. A total of 14.8 million passengers were processed
at Toronto Pearson International Airport in the first half of 2009, an 8.1 per
cent decrease compared to the same 2008 period. This decline in passenger
traffic is a result of the current economic downturn which has reduced demand
for air travel worldwide.
    For the six months ended June 30, 2009 the GTAA reported total revenues
of $545.6 million compared to $581.0 million in the same 2008 period. Total
operating expenses were $252.1 million, including $70.3 million in ground rent
paid to the federal government. In the first six months of 2008 operating
expenses were $280.9 million. After accounting for debt service and
amortization, the GTAA recorded revenues under expenses of $8.4 million for
the period, an improvement of $11.2 million compared to revenues under
expenses of $19.6 million in the same period in 2008.
    For the three-month period ended June 30, 2009, revenue over expenses was
$5.3 million compared to revenues over expenses of $7.2 million for the same
period in 2008. Total revenues for the period were $273.4 million, a $19.1
million decrease over the second quarter of 2008. Total operating expenses,
including ground rent, were $118.7 million in the second quarter of 2009,
compared to $129.6 million, a $10.9 million decrease over the second quarter
of 2008.
    The financial and operating results recorded in the first half of 2009
are reflective of the implementation of the GTAA's current five-year strategic
plan, which is intended to further develop revenue, efficiency and customer
service initiatives and the implementation of a four point plan in February
2009 to combat the effects of the current economic slowdown on the GTAA's
business. The GTAA continues to work aggressively to drive down expenses, and,
where possible, increase non-aeronautical revenues and aeronautical activity.
    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 the second quarter of 2009 the GTAA issued $300 million of Series
2009-1 Medium Term Notes due November 20, 2019. Proceeds of the issue were
used to fund reserve funds and capital expenditures and for debt repayment.
Proceeds not expended as at June 30, 2009 will be used for future capital
expenditures and debt repayments.
    The financial results of the GTAA for the first six months of 2009 are
discussed in more detail in the Financial Statements of the GTAA for the six
months ended June 30, 2009 and Management's 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: GTAA Media Office, (416) 776-3709

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