Financial Review

Financial Statements

2012 Financial Review

The Airport Authority earns revenue from three main sources:

  • Aeronautical revenue

The Airport Authority collects landing and terminal fees to recover the operating and capital costs related to airline operations. This revenue amounted to $120.3 million in 2012, a decrease of $1.3 million from $121.6 million in 2011.

  • Non-aeronautical revenue

This includes revenue from concessions, such as duty free and car rentals, as well as car parking and terminal and land rents. Revenue from these sources amounted to $176.2 million in 2012, an increase of $18.2 million from $158 million in 2011.

  • Airport Improvement Fee (AIF)

The revenue earned from aeronautical and non-aeronautical sources is not sufficient to cover both the costs of operating the airport and the required capital projects. To fund capital projects, the Airport Authority collects an AIF. Total revenue earned from the fee in 2012 was $107.1 million, an increase of $17.4 million from $89.7 million in 2011, due mainly to the $5 AIF rate increase for travel outside of B.C. and the Yukon that was implemented on May 1, 2012.

 

Total excess of revenue over expenses, which includes amortization, was $84.9 million in 2012, an increase of $25.5 million from $59.4 million in 2011.

During 2012, the Airport Authority invested $106 million in capital projects. The capital projects included redevelopment of the Domestic Terminal's A and B Piers, apron slab replacement and overlay, corporate systems project, baggage system upgrades, taxiway F upgrade, duty free store expansion, airfield fence upgrade, relocation of loading bridges and the Ground Run-up Enclosure (GRE).

In order to pay for these capital projects, the following amounts were used:

  • Net cash flow (excluding AIF) of $78.7 million.
  • Net AIF in the amount of $102.9 million.

These amounts in total were more than sufficient to pay for the 2012 capital project cost, leaving $142.2 million in cash available to pay for capital projects in 2013 and future years.

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