PortsToronto Releases 2022 Annual Report and Financial Statements

Source: www.gulfoilandgas.com 5/3/2023, Location: North America

PortsToronto today released its 2022 Audited Financial Statements, which report on the financial performance of business units and the organization overall during a year that saw operations return to normal and positive results, following an extended period of challenge and disruption due to the pandemic.

In 2022, PortsToronto had a strong year by all measures. Despite a slow start due to the ongoing impacts of the pandemic on operations at Billy Bishop Airport, PortsToronto's results improved mid-year to drive an overall positive year financially. PortsToronto reported strong operating revenues of $65.4 million in 2022, an increase of $25.7 million over 2021 revenue of $39.7 million, and had a net income from operations of $30.4 million, versus $10.0 million in 2021, an improvement of $20.4 million year-over-year.

Each business unit contributed to the year's strong results. Billy Bishop Airport is the largest of PortsToronto's business units, contributing approximately 70 per cent of revenues to the organization. Demand for air travel improved in the second half of the year, and Billy Bishop Airport was largely spared from the air travel challenges faced by other airports. Operating income for the airport was $24.0 million in 2022, up from $5.0 million in 2021 and higher than $22.1 million recorded in 2019. Total passenger volume in 2022 was approximately 1.7 million versus approximately 2.8 million in 2019.

The marine Port of Toronto also experienced a strong year in 2022 and, for the sixth consecutive year, moved more than 2 million metric tonnes of bulk and general cargo products through the port. There were 191 ship visits in 2022, bringing sugar, salt, cement, aggregate and steel directly to the heart of the city, reinforcing the Port of Toronto's important role in the national supply chain. In 2022, the Port also saw the arrival of another bridge span from Nova Scotia via tug/barge for Waterfront Toronto's Port Lands Flood Protection project, and the Port was critical in providing berthing for a marine vessel delivering three high-value transformers to the City of Toronto.

Passenger cruise ships returned to the Port of Toronto in 2022, after two years of suspended operations due to the pandemic. The 2022 season welcomed a record 40 cruise ships to Toronto, bringing almost 13,000 passengers to the city to enjoy its attractions, theatre, shopping and restaurants, and contributing to the city's economic recovery. As such, the port and its activities reported operating income from all sources of $6.2 million, up from 2021 that recorded $5.5 million.

The Outer Harbour Marina likewise experienced another strong year in 2022. Demand for winter storage remained high in the 2022-2023 winter season, and summer berthing renewals resulted in a 100 per cent occupancy level. The Outer Harbour Marina's operating income was $2.8 million in 2022 on revenues of $6.1 million.

PortsToronto's fourth business unit, Property and Other, including investments, reported operating income of $4.0 million in 2022, up from $2.9 million the year prior. Property and Other includes the rental of various properties along the waterfront as well as investment income earned on PortsToronto's cash reserves, which increased in 2022 versus 2021, due to higher interest rates.

These strong revenues across all of our business units resulted in substantive payments to various levels of governments including $1.1 million in Payments in Lieu of Taxes (PILTs) to the City of Toronto, as well as $2.3 million in property taxes. The amounts accrued and paid to the federal government and to the City of Toronto together totalled $6.6 million for 2022, and $6.4 million for 2021, representing 10.1% and 16.2% of PortsToronto's Operating Revenue in fiscal years 2022 and 2021, respectively.


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