The Greater Toronto Airports Authority (GTAA) held its annual public meeting on Wednesday, May 7, 2008. The meeting reviewed the operational, financial and environmental successes accomplished throughout 2007 as well as the challenges that the company faces. The meeting also gave a look ahead at 2008 and served as an inviting forum for those in attendance to pose questions to the GTAA’s executive team.

Mr. Warren Hurren, Chairman of the Board, was first to present his report on 2007, a year which he described as both “important” and “successful.” Mr. Hurren expressed his confidence that the GTAA is well-positioned and has a clear direction for the years ahead, in great part due to the recently introduced strategic plan. At the heart of the plan is a new vision, which guides the airport to be a “Leading airport company championing sustainable global access for the Greater Toronto Area.” Mr. Hurren also thanked retiring Board member Bruce McKelvey and welcomed Poonam Puri to the Board as the member nominated by the City of Toronto.

GTAA President and CEO Lloyd McCoomb continued to review the operations and accomplishments of the previous year. Some of the major highlights he touched upon were the unveiling of the corporation’s new strategic plan and vision for the company, the airport’s ability to market itself now that construction has finished, and an extensive list of environmental achievements.

Mr. McCoomb focused much of his presentation around the three elements that provide the framework to live up to the organization’s new vision; global competitiveness, gateway development and sustainability.

First, he spoke of the GTAA’s commitment to being globally competitive. Realizing that the GTAA and Toronto Pearson play on the world’s stage, he said that it’s critical for the GTAA to be competitive from both a cost and service standpoint.

The second theme that Mr. McCoomb expanded upon was the GTAA’s ability to ensure Toronto Pearson moves forward in the area of gateway development. He emphasized the need to grow connections at Toronto so that Toronto becomes an even bigger doorway to Toronto, Canada and North America and that the GTAA has a responsibility to attract new airlines and work with our existing partners to increase the service offering from Toronto Pearson.

The GTAA president emphasized that none of the efforts made towards being globally competitive and continuing with gateway development can be done without considering the sustainability side of its actions, which is the third key element of the new strategic plan. He said that it is only through being environmentally, socially and financially sustainable can the corporation fulfill its obligations and succeed. To that, Mr. McCoomb spoke to the key accomplishment from 2007.

“But possibly the thing I’m most proud of with regard to enhancing our competitiveness,” said Mr. McCoomb, “is dealing with the challenge we face regarding cost…we had a significant reduction in our fees and charges that we ask of our airline partners…we were able to do this because of the ideas and efforts of our staff, bringing forward innovative ideas on how to reduce our costs and increase our revenues…to them I extend a hearty thank you.”

GTAA Vice President and CFO Brian Gabel was called upon to address the GTAA’s year end financial results, which he described as being positive and commented that the road ahead looks bright. He backed up his comments by underlining an increase in total revenues compared to 2006 and a growth in concession revenues due to the opening of Pier F at Terminal 1. Echoing comments from Mr. McCoomb, Mr. Gable pointed to the reduction in landing fees and general charges as a major accomplishment, one that has never before occurred in the GTAA’s history.

The 2007 Annual Report, entitled Uplifting People, was made available and expands on the GTAA’s activities in 2007 and provides a glimpse into the company’s future.

Audio from the meeting is available by clicking the following links:

Introduction
Chairman of the Board, Warren Hurren
President and CEO, Lloyd McCoomb
Vice President and CFO, Brian Gabel
Questions and Answers

The Annual Report can be viewed by clicking on this link: 2007 Annual Report – Uplifting People.

1st quarter 2008 results can be viewed by clicking on this link:
http://gtaa.com//local/files/en/news/Media/NewsAdvisory2008-05-06.pdf