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Month: March 2023
Greater Toronto Airports Authority Reports 2022 Results
TORONTO, March 23, 2023 /CNW/ – The Greater Toronto Airports Authority (“GTAA”) today reported its financial and operating results for 2022. Passenger activity significantly increased by 22.9 million or 180.8 per cent to 35.6 million during 2022, when compared to 2021. Passenger activity increased given the easing of pandemic-related travel restrictions and pent-up travel demand compared to 2021.
“With passenger traffic growing strongly over the fourth quarter of 2022, industry must continue to focus on post-pandemic recovery with the aim of providing the stellar passenger experience that Canadians want and deserve,” said Deborah Flint, President and CEO, GTAA. “The recovery is well under way and we are working with everyone across the ecosystem to give passengers a predictable customer experience, streamlined border procedures and modernized airport infrastructure.”
“The GTAA is investing to create the airport of the future, but we call for the federal government to continue investing in modernized infrastructure. That includes allowing Canadian airports to reinvest the rent they pay in order to accelerate progress,” continued Ms. Flint. “Doing so would bring about an aviation system that is globally competitive and on the leading edge of passenger service, benefiting not only travellers but all Canadians by virtue of the strong economic contribution that airports make to their communities, provinces and country.”
Key Financial and Passenger Information
|Total operating expenses (excluding impairment of|
investment property and amortization)
|Net Income (Loss)||72.3||(350.4)||422.7||120.6||(383.4)|
|Free Cash Flow 2||235.4||(46.3)||281.7||608.4||(513.1)|
|1 % Change” and “%” are based on detailed actual numbers (not rounded as presented).|
|2 Please refer to Non-GAAP Financial Measures at the end of this document for further details.|
Passenger activity through Toronto Pearson and resultant revenues increased during 2022, when compared to 2021, although the number of passenger and flight activity remains lower, when compared to 2019. Passenger activity during 2022 was 70.5 per cent of activity in 2019. During the fourth quarter of 2022, passenger activity recovered to 78.9 per cent of 2019 passenger activity.
The GTAA generated net income for the first fiscal year since 2019 (pre-COVID-19). Earnings before interest and financing costs, impairment of investment property and amortization (“EBITDA”) increased significantly during 2022, when compared to 2021, due to a large increase in operating activity and revenues and the prudent management of operating costs. Net income during 2022 increased by $422.7 million to $72.3 million, when compared to the net loss of 2021, due to the same reasons above.
Free cash flow increased during 2022 by $281.7 million to $235.4 million, when compared to 2021, primarily driven by the significant increase in revenues over the increase in costs.
Management continues to analyze the extent of the financial impact of the COVID-19 pandemic, which has now diminished, and to implement recovery plans. In the long term, the GTAA believes that full recovery will be achieved, and the pandemic will not have a material impact on the long-term financial sustainability of the airport.
The GTAA’s December 31, 2022 financial results are discussed in more detail in the GTAA’s Consolidated Financial Statements and Management’s Discussion and Analysis, each for the year ended December 31, 2022, which are available at www.torontopearson.com and on SEDAR at www.sedar.com.
Julia Haywood elected as Chair of the Board of Directors of Flair Airlines
- The experienced airline and travel business executive joined Flair’s board in 2021.
- Haywood is the first female airline board chair in Canadian history.
EDMONTON, AB, March 23, 2023 /CNW/ – Flair Airlines today announced that Julia Haywood was elected as chair of the company’s board of directors. She succeeds Bill Hardy, Flair Airlines’ long-time chair of the board of directors and former Chief Operating Officer, who passed away in early 2023.
Haywood joined Flair’s board in July 2021. Her 20-year career includes roles of increasing responsibility, including serving as Executive Vice-President and Chief Commercial Officer of United Airlines, as Partner at The Boston Consulting Group, and in various capacities at other startup travel companies. Haywood spent her childhood in Arnprior, Ontario. She studied business at Laurentian University in Sudbury, Ontario, and earned her MBA from Melbourne University in Australia and UCLA in California. She has a young family and understands first-hand the high cost of travel in Canada.
“It’s an honour and privilege to be elected as chair of the board of directors of Flair Airlines, whose mission is to bring the lowest fares on offer in Canada,” said Haywood. “I’ve grown to know the airline and its more than 1,000 employees across Canada, who are proud of their work and the service they provide to Canadians. I’m excited to serve with my fellow directors at this transformational point in Canada’s airline industry.”
Said Stephen Jones, CEO of Flair Airlines: “Julia was a powerhouse addition to our board in 2021, and we are thrilled to have her lead the board as chair. She believes in our vision and will bring her strong business experience to bear as chair. We are proud she is the first female board chair of a major Canadian airline. She succeeds Bill Hardy, who had a lasting impact on Flair Airlines. I worked closely with Bill and look forward to the same working relationship with Julia.”
Through our impact on airfares across the board, Flair Airlines saved Canadians over CAD$252M in 2022, offering a nearly 60% reduction to the market average of the same routes prior to the pandemic. With more than 80% of Canadians deeming lower-cost flights as an important contributor to the national interest, our founding mission remains resolute: we proudly serve as Canada’s leading low-fare airline.
About Flair Airlines
Flair Airlines is Canada’s leading low-fare airline and its greenest airline, on a mission to provide affordable air travel that connects them to the people and experiences they love. With an expanding fleet of Boeing 737 aircraft, Flair is growing to serve over 35 cities across Canada, the U.S., and Mexico. For more information, please visit www.flyflair.com.
Icelandair upgrading Vancouver-Reykjavik route to year-round
Sault airport CEO hopes Sunwing merger could lead to return of WestJet
Northeastern Ontario airports ask for more pandemic supports
Bombardier Updates 2025 Strategic Objectives to Reflect Strong Performance and Solid Business Fundamentals
MONTRÉAL, March 23, 2023 (GLOBE NEWSWIRE) — Bombardier (BBD-B.TO) will host its 2023 Investor Day this morning. Éric Martel, Bombardier’s President and CEO, along with Paul Sislian, Executive Vice President, Aftermarket Services & Strategy, and Bart Demosky, Executive Vice President and Chief Financial Officer, will present an overview of the company’s solid progress made and new opportunities for diversified growth.
“In 2021, we laid the foundation for a stronger, more resilient and predictable Bombardier by 2025. Halfway down the road, we can say we are delivering on that promise,” said Martel. “All of Bombardier’s strategic priorities are on track or ahead of plan. We are therefore proud to announce today that we are confidently raising the bar. The future is bright for Bombardier. While we are carefully monitoring the current market situation, we know that we have all the ingredients in place to remain a driving force in the industry. Our financial performance allows us to secure our vision for the future, and enable our exceptional, dedicated and passionate teams to lead the way toward more sustainable aviation.”
Updated 2025 objectives reflect strong execution and confidence in business fundamentals
Based on strong business execution and fundamentals, Bombardier will announce today that it is updating its 2025 objectives(1). The company is now targeting more than $9 billion in annual revenue by 2025, with an adjusted EBITDA(2) of more than $1,625 million, and a healthy adjusted EBITDA margin(3) of approximately 18%. Bombardier also expects to generate significant free cash flow(2) in the coming years, to the tune of more than $900 million per year by 2025 and will continue to de-lever its business, now expecting to reach a net leverage ratio(3)(4) in the range of 2.0x to 2.5x.
|Initial 2025 objectives(1)||Updated 2025 objectives(1)|
|Revenues||~$7.5 billion||˃$9 billion|
|Adjusted EBITDA(2)||~$1,500 million||˃$1,625 million|
|Adjusted EBITDA margin(3)||~20%||~18%|
|Free cash flow(2)||>$500 million||>$900 million|
|Net leverage ratio(3)(4)||~3.0x||2.0x – 2.5x|
Consistent progress on all key objectives since 2020
Between 2020 and 2022, Bombardier’s revenues(5) grew 23%, to $6.9 billion. The expanded aftermarket business was an important contributor, with revenues increasing by more than 50% in the same period. The company more than quadrupled its profitability to $930 million in adjusted EBITDA(2), and generated $835 million in free cash flow(2) over the last two years. In terms of deleveraging, Bombardier kept up its opportunistic and proactive approach and has reduced its total debt by $4.5 billion, when including this year’s debt-related transactions, a 45% reduction compared to 2020. This also resulted in credit rating upgrades from both S&P and Moody’s in 2022.
Stronger balance sheet and robust cash generation
Bombardier will continue to focus on strengthening its balance sheet, optimizing its liquidity requirements, and improving its leverage level. The company is revising its net leverage ratio(3)(4) objective to a range of 2.0x – 2.5x by 2025, from the previous approximately 3.0x target, which would be approaching investment grade credit levels.
On the back of improved business fundamentals, Bombardier now expects to generate more than $900 million per year in free cash flow(2) by 2025. As its leaders will explain during Investor Day, this gives Bombardier ample flexibility and sets it up for significant capital allocation optionality in the future.
Maintaining the leadership position in the industry
With continued strong demand in the medium and large business jet categories, Bombardier is well positioned with its industry-leading Challenger and Global platforms. Over the past two years, the company introduced the new Global 8000, an evolution of the industry flagship Global 7500 aircraft, further solidifying Bombardier’s leadership position in the large jet segment. Bombardier also upgraded its best-selling Challenger 300 family with the Challenger 3500, an addition that has maintained Bombardier as the leader of the super mid-size market. Thanks to its outstanding portfolio, Bombardier had the highest number of deliveries among business jet manufacturers for the last two years, as reported by the General Aviation Manufacturers Association (GAMA).
Bombardier maintains its strong focus on sustainability and takes concrete steps to manufacture and service aircraft with the smallest possible environmental impact on the path toward its goal of a 25% reduction in greenhouse gas emissions by 2025, relative to 2019 levels. This has been a clear priority for its research and development teams through programs like the EcoJet research project, unveiled in 2022, and was also behind the company’s decision to cover all its flight operations with sustainable aviation fuel (SAF), using the Book and Claim system, from 2023 onwards.
Bombardier Defense set to grow to a greater than $1 billion business in the second half of the decade(1)
In 2022, Bombardier strategically reinforced its specialized aircraft business by establishing Bombardier Defense in Wichita, KS. Since then, the company has been leveraging its longstanding and well-recognized expertise in specialized aircraft, the unique advantages of its Challenger and Global platforms, as well as its technical capabilities, world-class flight test center, and engineering know-how to increasingly stand out in the Defense market.
Considering that Defense programs are long to operationalize, Bombardier has been preparing its infrastructures to enhance its participation in the segment for the long run. With the demand for right-sized, flexible aircraft solutions on the rise, the company is well positioned to compete and win this market, and anticipates tripling its revenues from defense sales and services to more than $1 billion in the second half of the decade(1).
Aftermarket and Certified Pre-owned businesses continue to drive growth and diversification
Bombardier has invested significantly into its aftermarket business since 2020, and it has played an important role in the diversification of its revenues. The company’s service footprint has grown by close to one million square feet of new capacity worldwide, and its Aftermarket team has added more than 250 skilled technicians to its ranks. The strategy is working: Bombardier has increased aftermarket revenues more than 50% since 2020, and is on track to meet its goal of $2 billion by 2025, with clear opportunity for growth beyond that point(1). Bombardier’s Certified Pre-owned program, launched in 2021, has proven to be a successful addition to the company’s aftermarket offering, and will continue to play an important role in revenue growth and further diversification.
Bombardier’s 2023 virtual Investor Day will begin at 9 a.m. (ET) on March 23, 2023. After the presentation, the leadership team will be available to answer questions from analysts and institutional investors. The link to the webcast, as well as the Investor Day presentations, are available here.
Bombardier (BBD-B.TO) is a global leader in aviation, focused on designing, manufacturing, and servicing the world’s most exceptional business jets. Bombardier’s Challenger and Global aircraft families are renowned for their cutting-edge innovation, cabin design, performance, and reliability. Bombardier has a worldwide fleet of approximately 5,000 aircraft in service with a wide variety of multinational corporations, charter and fractional ownership providers, governments, and private individuals. Bombardier aircraft are also trusted around the world in government and military special-mission roles leveraging Bombardier Defense’s proven expertise.
Headquartered in Greater Montréal, Québec, Bombardier operates aerostructure, assembly and completion facilities in Canada, the United States and Mexico. The company’s robust customer support network services the Learjet, Challenger and Global families of aircraft, and includes facilities in strategic locations in the United States and Canada, as well as in the United Kingdom, Germany, France, Switzerland, Italy, Austria, the UAE, Singapore, China and Australia.
For corporate news and information, including Bombardier’s Environmental, Social and Governance report, as well as the company’s plans to cover all its flight operations with Sustainable Aviation Fuel (SAF) utilizing the Book and Claim system visit bombardier.com. Learn more about Bombardier’s industry-leading products and customer service network at businessaircraft.bombardier.com. Follow us on Twitter @Bombardier.
Bombardier, Learjet, Challenger, Challenger 300, Challenger 3500, Global, Global 7500, and Global 8000 are registered trademarks of Bombardier Inc. or its subsidiaries.
Lynx Air Expands Services from Hamilton and Kelowna
To celebrate, Lynx is launching a seat sale, offering up to 50 per cent off base fares on Hamilton and Kelowna routes
CALGARY, Alberta, March 22, 2023 (GLOBE NEWSWIRE) — Lynx Air (Lynx) today announced the addition of two new routes from Hamilton to Vancouver and from Toronto to Kelowna, providing new ultra-affordable options between these popular destinations.
Canada’s leading ultra-affordable airline will offer seasonal summer services between Toronto Pearson International Airport (YYZ) and Kelowna International Airport (YLW) starting April 13, 2023, and between Hamilton’s John C. Munroe International Airport (YHM) and Vancouver International Airport (YVR) starting April 16, 2023. Both services will operate as “through flights” via Calgary International Airport (YYC), providing a seamless service with a single boarding pass and the ability to check bags through to the final destination.
Tickets go on sale today, and the fares are truly ultra-affordable, starting from $89* one way between Hamilton and Vancouver and $85* one way between Toronto and Kelowna, including taxes and fees. To celebrate, the airline has launched a limited-time seat sale, offering up to 50 per cent off all base fares on all Hamilton and Kelowna routes. The sale will run from March 23, 2023, ending at 11:59 PM EDT on March 25, 2023, and can be accessed with the promo code: FLYSUMMER. For complete details and to book an ultra-affordable fare, visit FlyLynx.com.
“As Canadians look to book their Summer vacation, we are excited to offer more ultra-affordable links between the communities of Kelowna, Toronto, Hamilton and Vancouver,” said Merren McArthur, CEO of Lynx. “We know the airline industry has had some challenges over the last 12 months and we want to assure Canadians that they can book with confidence on Lynx. I am proud to say that since our launch in April 2022, Lynx has had the lowest cancellation rate in Canada. Whether you are flying to visit loved ones or for a well-earned vacation, Lynx Air will provide a great flying experience at an ultra-affordable price.”
“Vancouver is a destination that our passengers have requested year over year, so we are very excited that Lynx is adding a Vancouver connection and expanding its services from Hamilton International Airport. The addition of this long-awaited destination provides travellers from across Southern Ontario another low-cost, affordable option to explore the beautiful landscapes and rich history of Canada’s west coast,” said Cole Horncastle, Executive Managing Director of John C. Munro Hamilton International Airport.
“April is our one-year anniversary of having Lynx operating at YLW and providing affordable options for Okanagan residents,” says Sam Samaddar, Airport Director, Kelowna International Airport. “I am happy to see Lynx expand and offer routes to popular destinations, such as Toronto.”
Lynx Air has recently announced the addition of Montreal and Fredericton to its network of destinations. This brings the total number of destinations on Lynx’s network to 16. By Summer 2023 Lynx will offer over 240 flights per week across North America, which equates to over 45,000 seats.
|Lynx Air Summer Schedule|
|Calgary to/from Fredericton**||Toronto to/from Edmonton|
|Calgary to/from Halifax**||Toronto to/from Fredericton|
|Calgary to/from Hamilton||Toronto to/from Halifax|
|Calgary to/from Kelowna||Toronto to/from Kelowna**|
|Calgary to/from Las Vegas||Toronto to/from Orlando|
|Calgary to/from Los Angeles||Toronto to/from St. John’s|
|Calgary to/from Montreal||Toronto to/from Vancouver|
|Calgary to/from Phoenix||Toronto to/from Winnipeg|
|Calgary to/from St. John’s**||Montreal to/from St. John’s|
|Calgary to/from Toronto||Vancouver to/from Winnipeg|
|Calgary to/from Vancouver||Vancouver to/from Hamilton**|
|Calgary to/from Victoria||Edmonton to/from Halifax**|
|Calgary to/from Winnipeg||Edmonton to/from St. John’s**|
*Available for a limited time; fares are accurate at the time of release and include taxes and fees; fares vary by destination and date. Visit the website for full schedule details.
**Operating as through flights with a single boarding pass and baggage transferred to the final destination.
About Lynx Air
Lynx Air (Lynx), Canada’s leading ultra-low-cost airline, is on a mission to make air travel accessible to all, with ultra-affordable fares and a customer-focused flying experience. The airline was recently awarded Youngest Fleet in North America by ch-aviation and has achieved the lowest cancellation rate in Canada since its launch in April 2022. Lynx operates a brand-new fleet of Boeing 737 aircraft, bringing an elevated customer experience to low-cost travel in Canada. These ultra-efficient and reliable aircraft reduce Lynx’s carbon footprint, making Lynx one of Canada’s most sustainable airlines. Lynx is a privately owned Canadian airline with the financial backing and industry expertise required to transform the Canadian aviation landscape.
Advance Declaration now available at Edmonton International Airport
Travellers can submit customs declaration in advance and save time at the airport
EDMONTON, AB, March 22, 2023 /CNW/ – The Canada Border Services Agency (CBSA) is exploring safe, secure and innovative ways to deliver a better and faster border experience for travellers entering Canada.
Starting today, Advance Declaration is available to all travellers arriving on international flights at the Edmonton International Airport (YEG). Express lanes are also available in the customs areas for travellers who complete their Advance Declaration to skip line-ups for Primary Inspection Kiosks (PIK).
Advance Declaration provides travellers with the option to submit their customs and immigration declaration up to 72 hours in advance of their arrival in Canada. Travellers can now spend less time at PIKs when they arrive at the airport, resulting in shorter wait times at the border.
To modernize and expedite the travel experience, Advance Declaration is already available to travellers arriving on international flights at the following Canadian airports:
- Calgary (YYC)
- Halifax Stanfield (YHZ)
- Toronto Pearson (YYZ)
- Montreal – Trudeau (YUL)
- Winnipeg Richardson (YWG)
- Quebec City Jean- Lesage (YQB)
- Billy Bishop Toronto City (YTZ)
- Ottawa Macdonald- Cartier (YOW)
- Vancouver (YVR)
Advance Declaration is part of CBSA’s Traveller Modernization initiative, which is being implemented over the coming years. Modernizing the travel experience includes the use of digital technologies and tools for both travellers and border services officers.
“With Advance Declaration and express lanes now available at Edmonton International Airport, travellers can enjoy a faster border experience. This is one example of how we are modernizing Canada’s borders, and we’re happy to work with partners like the Edmonton Airport Authority, to make this digital option available to travellers.”
– Brad Wozny, Regional Director General, Prairie Region, CBSA
“CBSA has the integral role of providing border control, immigration and customs services at Edmonton International Airport (YEG). While safety and security are always our top priorities, we aim to deliver an efficient and positive experience for our traveler’s journey throughout the airport, including navigating their border crossing. We welcome CBSA’s Advance Declaration and are certain our passengers will be pleased to experience a better and faster border experience at YEG.”
– Steve Maybee, VP, Operations, Infrastructure and Corporate Communications, Edmonton International Airport
- Early usage data shows that using the Advance Declaration feature in ArriveCAN cuts the amount of time a traveller spends at a PIK or eGate by roughly one third.
- A traveller can submit a customs and immigration declaration at any point within 72 hours before their arrival in Canada. Travellers can also edit their declaration, if needed, at the airport kiosk once they arrive. The declaration is not finalized until it has been confirmed at the airport kiosk.
- Personal information provided by travellers through ArriveCAN is protected under the Privacy Act. For more information, see the ArriveCAN privacy notice. Advance CBSA Declaration has an additional privacy notice that is presented to users upon accessing the feature. It offers end-to-end encryption for information the traveller transmits to the CBSA in advance of their arrival in Canada.
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