Winnipeg Airports Authority Inc. - Preliminary Fourth Quarter & Annual Results (Unaudited)

    WINNIPEG, Jan. 30 /CNW/ - Celebrating its 10th anniversary in 2007,
Winnipeg Airports Authority Inc. is pleased to report the highest passengers
boarded in the history of Winnipeg James Armstrong Richardson International
    For the twelve months ended December 31, 2006 approximately 3,387,000
(unofficial) passengers passed through this community, representing a 4.8%
increase from 2005. Cargo activity continues with positive growth with a year
to date increase of 4.1% in kilos handled.
    "Celebrating 10 years of serving our community at a time that records the
highest ever number of passengers and kilos freight boarded is a tribute to
the diligent efforts by the Board and employees of Winnipeg Airports
Authority," said Barry Rempel, President and CEO of Winnipeg Airports
Authority. "The team is focused on our vision of Leading Transportation
Innovation and Growth while working with our community to provide excellent
airport services and facilities in a fiscally prudent manner."
    During the fourth quarter, all four levels of the new parkade opened in
time for charter season, providing 1559 additional parking spots. Charter
season took off with the introduction of Aeromexico's (marketed in conjunction
with Sunwing Vacations) new nonstop service to Cancun, Mexico. Existing
carriers responded to the growth in market demand by adding new and additional
service to Las Vegas, London, Ontario, and Salt Lake City.
    Total capital investment to the end of the fourth quarter reached
$98.8 million primarily on the airport redevelopment program.
    Consolidated revenues were $15.1 million for the fourth quarter, an
increase of 8.5% over the same period in 2005. For the year, revenues reached
$60.4 million, an increase of 6.4%, due primarily to the increases in
passenger volumes and scheduled flights.
    Operating costs were $9.2 million for the fourth quarter, and $32 million
for the year. This 4.6% increase over last year is due to increased costs for
both payroll and employee benefits, including future employee benefits.
    The excess of revenues over expenses before interest, income taxes and
amortization (EBITDA) increased to $28.3 million for the twelve months, an
increase of $2.2 million over 2005. EBITDA is used generally as a proxy to
determine the Authority's ability to service its debt obligations. Net
Interest expense was $3.0 million for the year ($1.2 million in 2005). The
resulting excess of revenues over expenses (typically referred to as net
income) was $3.7 million for the quarter (2005 - $3.9 million) and
$19.3 million for the year, a decrease of $2.0 million compared to 2005
results. The decrease results from increased interest and amortization.
    "As we prepare to break ground on the new air terminal building, we do so
within an environment that sees Canada's government focused on negotiating new
and more open air agreements." said Barry Rempel, President and CEO of
Winnipeg Airports Authority. "This is clearly the time to build and prepare
our community to participate in that future growth."

    Winnipeg Airports Authority serves our region by providing value to our
customers and community. A source of pride for our community, we strive to be
a leader in its growth and development.

For further information:

For further information: Christine Alongi, Manager, Media and Community
Relations, Winnipeg Airports Authority Inc, Phone: (204) 987-2021, 24 Hour
Media Line: (204) 992-2791,

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Winnipeg Airports Authority Inc.

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