News
Winnipeg Airports Authority Inc. – 2007 – Fourth Quarter and Annual Results

Jan. 31, 2008, Winnipeg – Year end statistics show a record year in
passenger and freight activity at Winnipeg James Armstrong Richardson
International Airport.
       
For the twelve months ended December 31st, passenger traffic reached a
new high of 3,570,673 representing a 5.4% increase over the same period in
2006.
       
"We continue to move more people and goods through our facilities", said
Barry Rempel, President and CEO of Winnipeg Airports Authority Inc. "2007 was
an extremely busy year with increased flights and continued construction
activities: while maintaining regular operations and incorporating advances in
customer service."
       
Consolidated revenues were $16.6 million for the fourth quarter, an
increase of 9.5% over the same period in 2006, due primarily to the increases
in passenger volume. Operating costs were $9.9 million for the quarter, an
increase of 9.3% from the previous year. Earnings before interest, taxes,
depreciation and amortization (EBITDA) were $6.7 million for the fourth
quarter, an increase of 9.8% over 2006. EBITDA is used generally as a proxy to
determine WAA's ability to service its debt obligations. The revenue over
expenses (typically referred to as net income) was $5.5 million for the
quarter (2006 – $3.9 million).
       
Total capital investment to the end of the fourth quarter reached
$97.1 million primarily on the airport redevelopment program.

Winnipeg Airports Authority is a non-share capital corporation
responsible for the management and operation of Winnipeg James Armstrong
Richardson International Airport and affiliate businesses. All surplus revenue
over expenses is reinvested by WAA back into our community, primarily through
airport development projects. WAA is self sufficient, with taxpayers not
directly involved in financing airport site redevelopment which is being paid
through Airport Improvement Fees (AIF).
       
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.