2014 Revenue - Victoria International Airport

2014 Revenue - Victoria International Airport

Annual Public General Meeting 2014 Financial Presentation May 7, 2015 VICTORIA INTERNATIONAL AIRPORT 2014 Highlights Net Income $6.6M - $1.04M or 18.5% ahead of budget Return on revenue (excluding amortization) 47% 12 record passenger months Total passengers - 1,650,904 $1.8 million in debt retired $4.05M at year end Fixed charge ratio at year end - 4.47:1 2014 Capital Additions - $13.6 million VICTORIA INTERNATIONAL AIRPORT Cumulative Capital Investment Since Transfer ($ millions) $140 $120

$100 $80 $60 $40 $20 $97 998 999 000 001 002 003 004 005 006 007 008 009 010 011 012 013 014 9 1 1 1 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 VICTORIA INTERNATIONAL AIRPORT 2014 Revenue $26.2 Million AIF, $8.0 , 30.67% Concessions, $8.4 , 32.04% Rentals, $3.1 , 11.82% Aviation Revenue, $6.2 , 23.77% Other, $0.4 , 1.70% VICTORIA INTERNATIONAL AIRPORT Non- Aeronautical Revenue Growth 2010 - 2014 + 22%

$12,000,000.0 $11,500,000.0 $11,000,000.0 $10,500,000.0 $10,000,000.0 $9,500,000.0 $9,000,000.0 $8,500,000.0 $8,000,000.0 $7,500,000.0 $7,000,000.0 2010 2011 2012 2013 2014 VICTORIA INTERNATIONAL AIRPORT Aviation Revenue $6.2 Million Landing fees and terminal fees Landing fee per 1,000 kg of MTOW larger gauge aircraft = more $

Applies to jets and turbo prop aircraft Terminal fees = fee per landed seat: - $2.15 domestic - $3.66 transborder & international VICTORIA INTERNATIONAL AIRPORT Q400 Aircraft VICTORIA INTERNATIONAL AIRPORT Landings 8,000 2013 Landed Seats 2013 2014 540,000 7,000 6,000 2014 520,000

17.8% 500,000 (2.7%) 480,000 460,000 5,000 440,000 4,000 31.6% 420,000 3.2% 400,000 3,000 380,000 2,000 360,000

340,000 1,000 0 320,000 300,000 Air Canada WestJet Air Canada WestJet VICTORIA INTERNATIONAL AIRPORT AIF Revenue - $8.0 Million Can only be used for specified capital projects, debt repayment for AIF related borrowing and to pay the airline collection fees 7% handling fee paid to the airlines to collect the fee $580K in 2014 $12.2M spent on AIF capital projects in 2014 VICTORIA INTERNATIONAL AIRPORT Revenue Revenue

Landing fees General terminal charges Concessions Rentals Other Airport improvement fee $ 2014 3,370,845 $ 2,852,610 8,386,853 3,095,035 445,312 18,150,655 2013 3,117,753 2,616,158 7,785,793 3,032,804 478,967 17,031,475 8,028,340 26,178,995

7,639,740 24,671,215 Variance 8.12% 9.04% 7.72% 2.05% -7.03% 6.57% 5.09% 6.11% VICTORIA INTERNATIONAL AIRPORT Expenses Expenses Salaries and employee benefits Services, supplies and administration Security & terminal services Transport Canada rent Property taxes AIF handling fees Amortization Utilities Interest 2014 4,434,618

3,672,670 2,398,658 947,721 864,603 580,095 5,703,612 689,075 201,360 19,492,412 2013 4,223,811 3,435,163 2,342,102 777,548 893,313 549,698 5,065,192 684,214 275,548 18,246,589 Variance -4.75% -6.47% -2.36% -17.96% 3.32% -5.24%

-11.19% -0.71% 36.84% -6.39% VICTORIA INTERNATIONAL AIRPORT Net Income Revenue 2014 26,178,995 2013 24,671,215 Variance 6.11% Expenses before amortization 13,788,800 13,181,397 -4.41% Net income before amortization

12,390,195 11,489,818 7.84% Amortization 5,703,612 5,065,192 -11.19% Net income 6,686,583 6,424,626 4.08% VICTORIA INTERNATIONAL AIRPORT Statement of Financial Position 2014 Current assets $

Tangible capital assets Current liabilities 7,940,212 $ 2013 10,749,056 81,750,283 73,900,575 $ 89,690,495 $ 84,649,631 $ 4,407,329 $ 4,677,182 2,250,000 600,021 454,793

208,475 7,920,618 4,050,000 734,970 22,482 124,675 9,609,309 77,700,285 4,069,592 81,769,877 68,050,573 6,989,749 75,040,322 89,690,495 $ 84,649,631 Long-term debt Retirement allowance liability Future rent payments Deferred capital contribution Tenant security deposits Net assets: Invested in tangible capital assets Unrestricted net assets

$ VICTORIA INTERNATIONAL AIRPORT Thank You! Ph as e 7 Phase 5 Phase 8 Phase 2b Phase 4 Phase 6 VICTORIA INTERNATIONAL AIRPORT

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