Aeroports de Montreal

EBITDA (excess of revenues over expenses before interest, income taxes, amortization and write-down of other investments) totalled $51.8 million for the third quarter and $138.3 million for the nine months, increases of $1.0 million, or 2.0%, and $17.4 million, or 14.4%, respectively, over the corresponding periods of 2007.

The Corporation continued work on its various capital investment programs, mainly at Montreal-Trudeau airport. Work focused on construction of the new transborder departures area.

The Corporation invested a total of $71.4 million during the third quarter of 2008 and $154.5 million during the nine months. Investments in the airports were financed by cash flows from airport operations ($33.8 million for the quarter and $84.9 million for the nine-month period), including airport improvement fees (AIFs), and by long-term debt ($37.6 million for the third quarter and $69.6 million for the nine months).

Results

Consolidated revenues were $95.2 million for the third quarter of 2008, an increase of $4.8 million, or 5.3%, over the same period of 2007. Cumulative revenues as at September 30, 2008, were up by $29.6 million, a 12.0% increase over the corresponding 2007 period. This rise is mainly attributable to increased aeronautical fees and AIFs.

Operating costs (excluding municipal taxes) for the third quarter amounted to $27.1 million, an increase of $1.6 million, or 6.3%, over the comparable period of 2007. For the nine-month period, operating costs increased by 7.8%, to $88.0 million in 2008 from $81.6 million in 2007. This variance is due to the increase in payroll and pension costs, as well as various initiatives to enhance customer service at Montreal-Trudeau airport. In addition, some operating costs increased, including expenditures related to the use and maintenance of facilities and equipment following the heavy snowfalls during the first quarter of 2008.

Like many other companies, ADM considers EBITDA to be the best indicator for judging the Corporation's financial performance and ability to meet its financial obligations. The Corporation reported EBITDA of $51.8 million for the quarter under review and $138.3 million for the nine months of 2008, increases of $1.0 million, or 2.0%, and $17.4 million, or 14.4%, respectively, compared with the corresponding periods of 2007.

Interest on bonds totalled $19.4 million for the third quarter and $59.1 million for the nine months, up $3.0 million, or 18.3%, and $9.4 million, or 18.9%, respectively, over the same periods of 2007. These increases are due to the higher debt following the October 2007 issue of the $300-million series of revenue bonds needed to meet capital requirements forecast in the Corporation's development strategy.

The quarter ended September 30, 2008 generated an excess of revenues over expenses of $17.0 million, compared with $16.2 million for the same period of 2007. The excess of revenues over expenses for the nine-month period ended September 30, 2008 amounted to $28.0 million, against $18.6 million for the corresponding nine months of 2007. Were it not for the additional provision for the asset backed commercial paper investments recorded earlier this year, the excess of revenues over expenses would have been $33.7 million for the nine months.

Financial highlights

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                                                       For the nine months
                                Third quarter           ended September 30
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(in millions        2008    2007    Variation    2008    2007    Variation
 of dollars)                               (%)                          (%)
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Revenues            95.2    90.4          5.3   276.4   246.8         12.0
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Operating costs
 (excluding PILT)   27.1    25.5          6.3    88.0    81.6          7.8
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Payments in lieu
 of taxes (PILT)     8.5     8.4          1.2    25.4    25.0          1.6
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Rent paid to
 Transport Canada    5.4     5.4          0.0    16.2    16.2         (0.0)
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Amortization        17.8    18.5         (3.8)   54.0    55.7         (3.1)
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Interest on
 long-term bonds    19.4    16.4         18.3    59.1    49.7         18.9
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Write-down of
 other investments   0.0     0.0        100.0     5.7     0.0        100.0
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Total expenses      78.2    74.2          5.4   248.4   228.2          8.9
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Excess of revenues
 over expenses      17.0    16.2          4.9    28.0    18.6         50.5
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Cash flows from
 operating
 activities
(before changes
 in non-cash
 working capital
 items)             33.8    31.7          6.6    84.9    69.4         22.3
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EBITDA              51.8    50.8          2.0   138.3   120.9         14.4
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Passenger traffic

ADM's passenger traffic declined by 2.6% in the third quarter of 2008 from the same period in 2007, for a total of 3.4 million passengers. International traffic once again rose slightly (2.9%), while domestic traffic decreased by 5.8% and transborder traffic by 5.5%. Traffic at Montreal-Trudeau totalled 9.6 million passengers for the nine-month period of 2008 under review, up 0.9% over the corresponding year-ago period.

Table - Passenger traffic

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                  Passenger traffic - Montreal-Trudeau
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                                         TOTAL                Variation
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                                2008              2007
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January                    1,035,399           992,499              4.3%
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February                   1,023,921           932,156              9.8%
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March                      1,110,204         1,085,885              2.2%
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1st quarter                3,169,524         3,010,540              5.3%
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April                      1,032,167         1,000,861              3.1%
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May                        1,015,104         1,001,330              1.4%
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June                       1,057,426         1,087,186             (2.7%)
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2nd quarter                3,104,697         3,089,377              0.5%
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July                       1,148,384         1,172,035             (2.0%)
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August                     1,204,030         1,214,948             (0.9%)
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September                  1,017,259         1,074,198             (5.3%)
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3rd quarter                3,369,673         3,461,181             (2.6%)
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Total at September 30      9,643,894         9,561,098              0.9%
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Source: Aeroports de Montreal, preliminary figures

Aircraft movements

Aircraft movements at both Aeroports de Montreal facilities declined by 0.2% in the third quarter of 2008, for a total of 64,961 movements, compared with 65,091 for the corresponding period a year ago. There were 187,968 aircraft movements for the nine months ended September 30, 2008, a 1.9% increase over the 184,486 figure for same period of 2007.

Aeroports de Montreal is the local airport authority responsible for the management, operation and development of Montreal-Trudeau and Montreal-Mirabel international airports since 1992. The Corporation employs a total of some 600 persons at both airports and at head office.

For further details on Aeroports de Montreal and the Corporation's activities, consult our website at www.admtl.com

SOURCE: Aeroports de Montreal

Aeroports de Montreal
Christiane Beaulieu
Vice-President, Public Affairs
514-394-7304

Mr. Teasdale continued: "With its world-class infrastructures, competitive real-estate offering and proximity to many key industry members, including Bombardier and L3 MAS - and now P&WC - Montreal-Mirabel has all the assets necessary to be an international player alongside Montreal-Trudeau."

Aeroports de Montreal is the local airport authority responsible for the management, operation and development of Montreal-Trudeau and Montreal-Mirabel international airports since 1992. The Corporation employs a total of some 600 people at both airports and at head office.

For further details on Aeroports de Montreal and the Corporation's operations, consult our website at www.admtl.com.

SOURCE: Aeroports de Montreal

Christiane Beaulieu
Vice-President, Public Affairs
514-394-7304

Mexicana will be increasing its services to Mexico City, to offer a total of nine weekly flights. Skyservice will be introducing a new service to Huatulco in Mexico.

Air Transat and Cubana will be increasing their services to Cuba from Montreal-Trudeau over the winter

In total, approximately 100 destinations will be available from Montreal-Trudeau this winter, which includes 51 international destinations, 23 US destinations and 26 Canadian destinations.

Comments on this story may be sent to aii.feedback@m2.com

Well known in Montreal's West Island, the 767 Challenge celebrates its 10th anniversary this year. The event is organized for the benefit of Special Olympics Quebec's 3,800 athletes with the collaboration of Aeroports de Montreal (ADM), the Montreal Police Department (neighbourhood station 5) and Air Canada.

Free family event

This fun one-of-a-kind event is open to the public. In addition to the plane pull contest, there will be a number of activities for the whole family such as face painting, inflatable games and mascots that kids are sure to enjoy.

Those interested in planes will have the opportunity to see aircrafts up close and climb aboard a Surete du Quebec (SQ) helicopter. Vehicles from the ADM fire department, the Montreal Police Department and the SQ will also be there.

ADM's K9 Unit, Pointe-Claire Rescue, Urgences sante and the airport's falconers will meet the public at their booths. There will be food and refreshment stands as well as music and entertainment by radio stations CKOI and Q92.

The event will be held at the Air Canada base of Montreal-Trudeau airport. To get there, take exit 62 off highway 40 then follow Cote-Vertu westbound to the end. Parking, admission and all family activities are free.

Since its inception in 1999, the 767 Challenge has raised nearly a quarter of million dollars.

About Special Olympics Quebec

The mission of Special Olympics Quebec is to enrich the lives of people with an intellectual disability through sport. Thanks to the support of numerous corporations such as Hydro-Quebec, the Forzani Group Ltd. and Loto-Quebec and to that of all the Quebec police departments taking part in the Law Enforcement Torch Run, Special Olympics Quebec can offer its training programmes and competition network to more than 3,800 special athletes throughout Quebec. www.olympiquesspeciaux.qc.ca

About Aeroports de Montreal

Aeroports de Montreal is the local airport authority responsible for the management, operation and development of the Montreal-Trudeau and Montreal-Mirabel international airports under the terms of a lease entered into with Transport Canada in 1992. The Corporation employs a total of 600 people at the two airports and at its head office.

WHAT:      THE 10TH ANNIVERSARY OF THE 767 CHALLENGE
           - Using human strength to pull an Airbus 321 in the fastest time

WHO:       FOR THE BENEFIT OF SPECIAL OLYMPICS QUEBEC
           - Organized by Aeroports de Montreal
           - The Montreal Police Department
           - In collaboration with Air Canada

WHEN:      SUNDAY, SEPTEMBER 14, 2008
           - 10 a.m. - 3 p.m. Plane pull contest
           - 10 a.m. - 3 p.m. Free family activities

WHERE:     THE AIR CANADA BASE AT MONTREAL-TRUDEAU AIRPORT
           Highway 40, exit 62
           Cote-Vertu Road west to the end
           Follow the signs for the 767 Challenge
           Free parking, admission and family activities

SOURCE: Aeroports de Montreal

Special Olympics Quebec
Justine G. Marchessault
Communications Coordinator
514-843-8778, ext. 227
514-592-9765 (cell)
Aeroports de Montreal
Christiane Beaulieu
Vice-president, Public Affairs
514-394-7304