GTAA reports second quarter results

    TORONTO, Aug. 13 /CNW/ - The Greater Toronto Airports Authority (the
"GTAA") today reported its financial and operating results for the 6-month
period ending June 30, 2007. A total of 15.3 million passengers were processed
at Toronto Pearson International Airport in the first half of 2007, a 1.4%
increase over the comparable 2006 period.
    For the six months ended June 30, 2007 the GTAA reported total revenues
of $562.6 million. Total operating expenses were $272.6 million including
$74.7 million in ground rent paid to the federal government. After accounting
for debt service and amortization, the GTAA recorded revenues under expenses
of $32.8 million for the period. 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 the second quarter of 2007 the GTAA issued two series of medium
term notes ("MTNs"): $450 million of Series 2007-1 MTNs due June 1, 2017; and
$350 million of Series 2007-2 floating rate MTNs due May 14, 2010. The
proceeds of both series were used to fund reserve funds, repay certain
indebtedness and to fund capital expenditures. On June 25, 2007 the GTAA
redeemed its Series 1997-2 revenue bonds. This $375 million series was
scheduled to mature on December 3, 2007. The debt was redeemed using funds
held in the Notional Principal Reserve Fund as well as with funds from the
earlier MTN issues.
    The financial results of the GTAA for the first two quarters of 2007 are
discussed in more detail in the Consolidated Financial Statements of the GTAA
for the six months ended June 30, 2007 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: Scott Armstrong, Manager, Media Relations,
(416) 776-3709

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