Halifax International Airport Authority ANNUAL BUSINESS PLAN

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1 Halifax International Airport Authority 2019 ANNUAL BUSINESS PLAN

2 Table of Contents A EXECUTIVE SUMMARY... 1 PLANNING PROCESS BUSINESS PLAN... 2 B STRATEGIC OVERVIEW... 3 MISSION, VISION AND VALUES... 3 STRATEGIC PRIORITIES... 3 C 2019 PLAN... 4 ECONOMIC OUTLOOK... 4 Aviation Industry Trends... 5 Passengers... 6 Economic Development Potential... 7 Cargo OBJECTIVES AND GOALS... 9 FINANCIAL PLAN Revenue Expenses Capital Program FINANCIAL SCHEDULES Proforma Balance Sheet Proforma Statement of Operations Proforma Statement of Cash Flows Halifax International Airport Authority 2019 Business Plan (Prepared in December 2018) i

3 A EXECUTIVE SUMMARY PLANNING PROCESS Halifax International Airport Authority (HIAA) has a four-tiered planning process to guide airport operations and development in the long, medium and short term. The 20-year Master Plan serves as a framework to guide the long-term development of the facility to meet the needs of the community, our stakeholders and the industry. The 10-Year Capital and Financial Plan determines HIAA s infrastructure and funding requirements over the plan timeline. The Strategic Plan covers a five-year period and includes our Mission, Vision, Values and Goals. It also includes an assessment of the general economic conditions expected to prevail, as well as an evaluation of the current and future state of the aviation industry. The annual Business Plan draws its direction from the Strategic Plan and creates specific, measurable, actionable, results-oriented, and time-linked goals to support our long-term strategies. Halifax International Airport Authority 2019 Business Plan (Prepared in December 2018) 1

4 WINDOWS OF OPPORTUNITY 2019 BUSINESS PLAN Halifax International Airport Authority s 2019 Business Plan continues to build on the foundation for the achievement of several key strategic priorities identified in the Strategic Plan. The theme for the 2019 Business Plan (the Plan) is Windows of Opportunity. This Plan focuses on advancing HIAA s progress towards full realization of many of the key strategic priorities. The 2019 Plan reflects strategic investments to facilitate the development of Halifax Stanfield International Airport (HSIA) as a gateway to Canada; the focus on innovation as a foundation for future cost containment and service improvement; and the continued diversification and renewal of nonaeronautical revenue sources. The Plan considers the impacts of the economic environment HIAA operates within and takes a sustainable approach in achieving its strategic goals. It reflects global economic concerns and uncertainties, as well as industry and local influencers that can impact the demand for air service expansion. Maintaining the momentum gained in the past two years, the Air Service Hub Strategy will remain a significant focus in 2019, as HIAA continues its efforts to expand direct international services and improve the experience for all passengers. The International Air Service Investment, announced by the Province of Nova Scotia in 2018, will play an essential role in the continued development of air service growth. In 2019, the Halifax Stanfield Air Cargo Logistics Park will begin to take form following the announced funding of $18 million by the Federal government through the National Trade Corridors Fund (NTCF), along with a $5 million commitment from the Province of Nova Scotia. This funding will allow Halifax Stanfield to expand its cargo handling capacity and to connect businesses in Atlantic Canada to air export opportunities that span the globe. It is expected to enhance transportation infrastructure, increase trade, foster economic development and create jobs. This development project will commence in 2019 with initial efforts focused on planning, design and site preparation. Growth in non-aeronautical revenue is expected to continue as our concession development program offers improved quality and variety of retail offerings, combined with improved parking services utilizing new technology upgrades. Capital investment in 2019 will also focus on a multi-year runway restoration program and completion of the Passenger Experience Improvement and Passenger Processing and Terminal Expansion projects. In support of innovation and modernization, information technology projects will include system improvements, security enhancements, assessment, and development of an enterprise resource planning system. In 2019, HIAA will begin the process of reviewing and updating the 20-year Master Plan. HIAA will continue to effectively manage growth and capital expenditures through prudent planning and fully utilization of it s existing asset base. HIAA s financial plan for 2019 focuses on continued revenue growth, improved operational efficiencies and strategic investments. The overall excess of revenue over expenses, projected to be $6.8 million, will be fully re-invested into HIAA operations and capital investments. Halifax International Airport Authority 2019 Business Plan (Prepared in December 2018) 2

5 Q Q Q B STRATEGIC OVERVIEW MISSION, VISION, VALUES HIAA s mission and vision statements, as well as core values guide decision-making, actions and behaviours. These statements were affirmed as part of the 5-Year Strategic Plan and the vision, mission and value statements for HIAA are as follows: STRATEGIC PRIORITIES There are four strategic priorities outlined in HIAA s 5-Year Strategic Plan and were used to build the 2019 Annual Business Plan. These key business strategies will help guide the organization in the execution of this Plan and are aligned with other key planning documents such as the 20-Year Master Plan and the 10- year Capital and Financial Plan. Specific long-term metrics will be used to guide performance and measure progress towards achievement of these strategic priorities in In addition to the four strategic priorities, four critical foundation elements were identified that will support all strategic activities and help guide the airport towards achievement of its vision. The following diagram represents the relationship between these elements and their support of HIAA s vision. Vision Great people creating the best airport community in the world Strategic Priorities Air Service Development Cargo Service Development Non-Aeronautical Revenue Development Maximizing Airport Efficiency Foundation Elements Safety, Security and Environmental Excellence Professional Excellence Customer-First Culture Facility Development Halifax International Airport Authority 2019 Business Plan (Prepared in December 2018) 3

6 C 2019 PLAN ECONOMIC OUTLOOK The global economy growth is expected to remain stable in 2018 and 2019 with the International Monetary Fund (IMF) projecting global growth of 3.7%. Notable risks for downside impact include the potential of rising trade barriers along with higher political disruption risk. As noted by the Atlantic Provinces Economic Council (APEC), the IMF and the Organization for Economic Co-operation and Development (OECD) have lowered previous expectations for global growth forecasts by 0.2% to 3.7%, driven primarily by trade concerns. Worldwide economic development is receiving a significant boost from air transport. This wider economic benefit is being generated by increasing connections between cities enabling the flow of goods, people, capital, technology and ideas and falling air transport costs. The number of unique city-pair connections is forecast to exceed 21,000 this year, more than double the connectivity by air only twenty years ago. The price of air transport for users also continues to fall, after adjusting for inflation. Compared to twenty years ago, real transport costs have decreased by more than half. Lower transport costs and improving connectivity have boosted trade flows; trade itself has resulted from globalizing supply chains and associated investment. 1 Nationally, The Conference Board of Canada forecasts a 2% growth rate in 2018 slowing to 1.8% in Positive impacts relate to the increasing speed of consumer spending and exports. Potential challenges that could impact the 2019 outlook include the possibility of US imposed tariffs on autos and other products and the anticipated reaction from Canada. According to the 2018 APEC report, enhanced immigration has helped increase the population by 1.4% in 2018, the fastest rate of increase since Employment growth is also projected to increase at a rate of 1.4% with continued growth in retail sales moving from a forecast growth rate of 3.1% in 2018 to 3.5% in % 3.0% 2.0% 1.0% 0.0% Overall, APEC predicts that the Atlantic Canada economy will return to positive economic growth in Nova Scotia is anticipated to have a 1.3% increase in GDP in 2018 and a forecast decrease to 1.0% in % The slowdown in growth is -2.0% attributed to moderating household NS NL NB PE spending and a slowdown in major % 2.1% 1.9% 3.2% 2018F 1.3% -1.6% 1.2% 2.2% project investment. The Canadian 2019F 1.0% 2.9% 1.1% 2.0% Real Estate Association is also projecting a stable market for home sales in 2019, however market prices will potentially be limited by tighter mortgage rules and raising interest rates. Figure 1: Historical and Forecast Real GDP IATA, 2018 Halifax International Airport Authority 2019 Business Plan (Prepared in December 2018) 4

7 Aviation Industry Trends The long-term outlook for the aviation industry anticipates continued growth. The airline industry has benefited from the doubling of unique routes and halving of operating costs in the past 20 years. The airline industry overall is valued at $871 billion with global load factors at a record high of 82.4% 2. If economic conditions are maintained through the end of 2018, global passenger traffic is expected to increase to 4.4 billion. The financial performance of airlines varies considerably by region, country and individual air carrier. The key success factor in the North American aviation market is controlled and sustainable growth. With a 5.8% expected profit margin in 2018, North America has been outperforming all other regions, accounting for 44% of the global profit at $15 billion, as airlines focus on profitability through capacity rationalization, consolidation of mature markets and the development of ancillary services. 3 Fuel continues to be a significant cost for the airlines; 2018 industry fuel costs will rise to $188 billion, accounting for 24.2% of operating costs. 4 As costs fluctuate along with economic drivers, airlines may adjust seat capacity, which in turn impacts the airport business. Over the past twelve months, jet fuel costs to airlines have risen 38%, 5 impacting airline profitability which could lead to reductions in seat capacity as airlines trim back on under-performing routes. However, even with rising fuel costs, seat capacity at Halifax Stanfield continued to grow during the year, with this growth expected to continue into 2019, albeit at a more moderate rate. The aviation industry is also experiencing the deployment of new and changing types of aircraft and related market opportunities. The new aircraft can offer lower costs and longer ranges at the right capacity for the Halifax market size that are beneficial to smaller markets with the potential to create more non-stop routes. However, the shift from smaller, less efficient turboprops and regional jets (less than 50 seats) to larger regional aircraft will result in a fundamental change over the next 5 to 10 years for regional airports, including Halifax Stanfield, as airlines consolidate routes and take on more point-topoint flying in order to optimize the use of the larger aircraft. A key trend that has emerged over the past several decades is the growth of international air traffic relative to domestic air traffic. This trend is driven by globalization and the increasing accessibility of international travel as a result of economic growth and new aircraft technology. Demand for international air travel is expected to continue to outpace the growth of domestic travel, affecting market opportunities and air service routes. HIAA s strategy is focused on sustainable international passenger and cargo air traffic growth to Europe, the United States, and Asia. China s aviation industry is growing rapidly with a 42% increase in passenger traffic since As Nova Scotia s second-largest trading partner, Halifax Stanfield is aligned with the Province s China Engagement Strategy in developing Nova Scotia s air access to China. The Canadian market has seen the entrance of Ultra Low-Cost Carriers (ULCC) in 2016 with New Leaf (now Flair), Swoop in 2018 and Canada Jetlines targeting a launch in 2019 or The potential for ULCCs in the Canadian market could have the effect of dramatically lowering average fares and stimulating demand for air travel, while at the same time creating a potential overcapacity issue in the domestic sector. 2 IATA, Economic Performance of the Airline Industry, June IATA, Economic Performance of the Airline Industry, June IATA, Economic performance of the Airline Industry, June IATA Airlines Financial Monitor, IATA Economics June-July Analysis: Chinese airlines to top 600 million passenger milestone, David Casey, Routes Online, August 23, 2018 Halifax International Airport Authority 2019 Business Plan (Prepared in December 2018) 5

8 Halifax Stanfield International Airport Passengers Halifax Stanfield is served by 18 scheduled and charter passenger air carriers that provide direct service to a network of 43 destinations, including 20 in Canada, 7 in the United States and 16 in international markets, including Europe and the Caribbean. This network not only enables passengers within Atlantic Canada to access over 500 one-stop destinations around the world, but also positions Halifax Stanfield as a regional gateway hub for European traffic to Canada and the US given the growth of direct European flights and improved network efficiencies. In 2017, air passenger traffic at Halifax Stanfield recorded a record 4.1 million enplaned/deplaned (E/D) passengers and it is forecast that HIAA will handle 4.3 million passengers in Passenger traffic growth throughout 2018 has been driven by the impact of seat capacity gains deployed over the past few years and higher load factors, particularly in the domestic sector as new transatlantic flights are fed from key domestic markets. Passenger traffic for 2018 has been forecasted to grow by 5.2% over the previous year and a further 2.0% growth is expected in Approximately 84% of passenger traffic is domestic, followed by 7% transborder (US) and 9% international in With the highest air passenger per capita ranking in the country, Halifax Stanfield punches well above its weight; however, the finite catchment area with limited population growth prospects presents longer term challenges for air travel demand. To meet this challenge, the opportunity to strengthen and build upon the position as a complementing hub airport for Canada and a gateway to Europe is evolving with service already established to the UK and Paris and with Dublin to be added in Due to HIAA s prime location, these smaller jet aircraft, which have a suitable capacity for our market, have the range capabilities to reach continental Europe. These new transatlantic prospects for Halifax offer opportunities for air carriers to offer alternatives to congestion issues in other established Eastern Canadian hubs as well as for improved yield performance for domestic network planning. Figures 2-2 and 2-3 show passenger traffic (actual and forecast) from 2013 to 2019 at Halifax Stanfield. Year Domestic % Change Transborder % Change International % Change Total % Change ,872, % 383, % 329, % 3,585, % ,963, % 376, % 323, % 3,663, % ,042, % 333, % 327, % 3,702, % ,268, % 326, % 313, % 3,908, % ,480, % 291, % 311, % 4,083, % 2018F 3,618, % 308, % 369, % 4,296, % 2019F 3,638, % 344, % 399, % 4,382, % Figure Passenger Traffic by Sector ( F denotes forecast passenger traffic as of November, 2018) Halifax International Airport Authority 2019 Business Plan (Prepared in December 2018) 6

9 5,000,000 4,500,000 4,000,000 3,500,000 3,000,000 2,500,000 2,000,000 1,500,000 1,000, , F 2019F Domestic Transborder International Figure Overview Halifax Stanfield Passenger Traffic ( F denotes forecast passenger traffic as of November, 2018) Economic Development Potential Halifax Stanfield s dominant position in the regional airport market makes it a key catalyst for achievement of some of the specific goals of the One Nova Scotia Report. The report established goals for increasing the value of exports from $14 billion to $20 billion, doubling gross annual tourism revenues from $2 billion to $4 billion and increasing annual immigration to 7,000 new residents, all by Maximizing the connectivity, scale, efficiency and flexibility of operations at Halifax Stanfield will be required if these goals are to be realized. Halifax Stanfield operations are a critical infrastructure element and economic driver that can be leveraged to help meet these goals. HIAA s annual economic impact was measured at $3 billion for 2017, a 7.2% increase over Cargo Air Cargo service out of Halifax Stanfield is shipped through two main modes, directly by designated air cargo providers using designated freighter aircraft, and via the belly capacity in the cargo/luggage holds of passenger aircraft. Currently, Cargojet and FedEX provide daily dedicated cargo services in the logistical chain, primarily for national and international courier companies via connectivity in Montreal and Hamilton. Cargojet is also the national cargo carrier for Canada Post and connects mail from St. John s, NL to the country via Halifax Stanfield. Cargojet and Korean Air Cargo provide key dedicated freighter services to international destinations in Germany and South Korea, moving predominantly seafood. In 2018, First Catch, a Chinese-owned seafood freight forwarding company based at Halifax Stanfield, began offering two weekly flights from Halifax to Changsha, Hunan, China. The flights have the capacity to carry up to 120 tonnes of Nova Scotia seafood on each fight to China. In addition, passenger aircraft that move significant cargo volumes collectively are led by Air Canada, and also include Air St Pierre, Condor, Icelandair and WestJet. Halifax International Airport Authority 2019 Business Plan (Prepared in December 2018) 7

10 Figure 2-4 Air Cargo Traffic at Halifax Stanfield as of November, was a record year with over 34,051 metric tonnes of cargo moved through Halifax Stanfield. This resulted in exports valued at close to $446 million, up 10.2%. Seafood is a high value Canadian export and seafood exports valued at $220 million were the largest single category of exports through Halifax Stanfield, with $200 million of that volume being live lobster. The demand for seafood from Atlantic Canada continues to be strong, especially in Asia and Europe. CETA will continue to allow more export growth opportunities throughout Europe. The rapidly growing Asian economy has a strong demand for Canadian seafood and Halifax Stanfield s cargo partners have established the market and air connectivity into Asia. HIAA is working to diversify product exports, and has already seen strengthening shipments in the categories of aerospace parts and services of more than $25 million in 2017, and medical and surgical instruments of $30 million during the same year. The potential for new products and markets continues to be a focus with our various partners. Additional seasonal flights in December are expected to drive both categories and will allow operators and freight forwarders to test the various markets they serve and build potential business for year round service. HIAA continues to work with various cargo operators to establish new routes and service connections and will pursue ongoing discussions with operators for both European and Asian destinations. Our ability to service the current demand and advance Halifax Stanfield as an air cargo hub is limited. To grow cargo service by increasing cargo volume and attracting new carriers to the marketplace, additional cargo facilities are required. Currently Halifax Stanfield has limited capacity during key days of the week for cargo build and storage/hold areas. These logistical challenges exist especially in respect to cold storage for key perishable exports. As a strategic priority, cargo service development is recognized as a direct contributor to local economic growth and initiatives must continue in order to maintain a competitive and viable cargo hub in Halifax. HIAA has made past investments in critical infrastructure to support cargo development such as a runway extension, apron expansion and the development of airside cargo facilities. Further financial investment is required to support additional expansion and in 2018 this support was announced with $5 million in funding from the Provincial government and up to $18 million in funding from the NTCF in support of a $36 million initiative to establish a new Air Cargo Logistics Park. Halifax International Airport Authority 2019 Business Plan (Prepared in December 2018) 8

11 2019 OBJECTIVES AND GOALS The four Strategic Priorities for HIAA s strategic plan are illustrated in the diagram below. These strategic priorities along with long-term targets will be used to guide and measure performance in The goals and objectives established in this business plan ultimately support the execution of the key business strategies and the achievement of the targeted financial results for Halifax International Airport Authority 2019 Business Plan (Prepared in December 2018) 9

12 HIAA has four Foundation Elements that are critical to undertaking the mission of HIAA and achieving its vision. These are necessary to achieving the strategic priorities. These elements are the core of our corporate culture and excelling at them is a critical part of fulfilling our brand promise as Atlantic Canada s gateway. Halifax International Airport Authority 2019 Business Plan (Prepared in December 2018) 10

13 FINANCIAL PLAN The following section provides supporting data for the 2019 Business Plan s operating and capital budget. It reflects the financial impact of HIAA s plans to achieve its strategic priorities through its goals, objectives and initiatives. The financial plan for HIAA is summarized as follows: Revenue The revenue forecast for 2018 is higher than budget driven by higher passenger and landed seat capacity levels. Aeronautical revenue was driven by new international routes and the entrance of a ULCC, Swoop along with continued growth from established carrier routes. From a passenger perspective, domestic traffic is expected to remain relatively flat. International and transborder passengers are anticipated to increase, with transborder traffic anticipating a second year of consistent growth. The continued growth expectation is a very positive indicator of the significant investment HIAA is making in developing this sector considering the trend of lower passengers that was experienced from International routes gained in 2018 to London Gatwick, and Paris are expected to continue, and the budget anticipates further increase in destinations. The level of connecting passengers has increased compared to the prior year and further growth is anticipated for 2019, an indicator of the continued momentum in the implementation of the long-term hub strategy. Considering the forecast for 2018 and the implementation of initiatives included in the annual plan, the 2019 budget anticipates total revenue of $114.2 million. This value is driven by operating revenue at $70.9 million, an increase of 4.4% over the 2018 forecast and the Airport Improvement Fee (AIF) revenue budget of $43.3 million, an increase of 2.6% over the prior year forecast. The AIF increase is mainly driven by a growth in originating passengers. Aeronautical revenue is anticipated to improve by 3.8% over 2018, driven by increased air traffic and aircraft mix, as more growth will come from higher yield transborder and international traffic and increased cargo activity. Non-aeronautical revenue is budgeted to increase by 5.1% in 2019 over the 2018 forecast and consists of parking, car rentals, concessions, office and land rentals and other revenues Total Revenues = $114.2M AIF 37.9% $43.3M Aeronautical 30.0% $34.2M Non Aeronautical 32.1% $36.7M Other 5.2% $6.0M Concessions 13.2% $15.1M Parking 13.7% $15.6M Halifax International Airport Authority 2019 Business Plan (Prepared in December 2018) 11

14 Expenses 2019 Total Expenses = $104.9M Total expenses for 2019, excluding defined benefit pension plan, are budgeted to be $104.9 million. The Operating expenses for Interest 14.5% 2019 are estimated at $63.5 million $15.1M Depr/Amort representing an increase of 7.8% or $4.0 25% Operating million over 2018 forecasted results. The $26.3M Expenses 60.5% significant increases are driven by higher $63.5M depreciation costs related to the growth in the asset base and capital investment to maintain and improve the airport facilities and materials, services and supplies, which is attributable to additional costs for items such as policing and security and maintenance contracts. Interest expense is driven by HIAA s Series A and Series C bonds at annual fixed rates of 5.503% and 4.888% respectively is $14.9 million. Capital Program Estimated capital investment program expenditures for 2019 total $48 million and includes a number of initiates both airside, groundside, in the Air Terminal Building (ATB) and in support of technology improvements. Airside capital projects will focus on the on-going runway restoration program as the multi-year restoration program continues with work planned on a section of Runway and on Taxiways Bravo, Charlie, and short Delta. Other projects that are in progress and anticipated to be completed in 2019 include work to expand Runway End Safety Areas (RESA) and a conversion of airfield lighting from the current incandescent fixtures to light-emitting diode (LED). Work will also begin on the Halifax Stanfield Air Cargo Logistics Park with planning and design taking place in On the groundside, the final phase of roadway development to support the Commercial Core Development program will be constructed if warranted by leasing activity. In the ATB, the expansion to create a larger pre-board screening area to accommodate the new CATSA Plus screening program will be completed. The expanded ground floor passenger processing space also enables development of new hold room and concession space on the second floor. The Passenger Experience Improvements project will continue in 2019 with upgrades to washrooms at Gate 20 and with architectural improvements throughout the terminal. The replacement of the central chiller plant will be completed during the spring of 2019 and the first year of a multi-year program to replace existing roof systems on the ATB will begin. Technology infrastructure improvements include the next phases of upgrades to Information Technology systems to improve passenger processing, and to implement new data analytics technologies and techniques. Implementation activities will begin for an Enterprise Resource Planning system, which will modernize organizational processes using information systems. The balance of the capital funding requirements for 2019 consists of minor capital projects categorized as new initiatives, minor works, capital acquisitions and mobile equipment. Halifax International Airport Authority 2019 Business Plan (Prepared in December 2018) 12

15 FINANCIAL SCHEDULES PROFORMA BALANCE SHEET (in thousand of dollars) As at December Budget 2018 Forecast $ $ ASSETS Current Cash and cash equivalents 3,440 15,719 Accounts receivable 8,240 8,000 Other 2,960 2,888 Total Current Assets 14,640 26,607 Capital assets, net 7,427 7,427 Debt Service Reserve Fund 430, ,550 Accrued benefit asset 4,854 6, , ,804 LIABILITIES AND EQUITY Current Accounts payable and accrued liabilities 24,168 26,852 Current portion of long-term debt 7,500 - Deferred revenue 6,617 10,142 Total Current Liabilities 38,285 36,994 Long-term debt 283, ,477 Security deposits 1,710 1,500 Total Liabilities 323, ,971 Equity in Capital Assets 133, , , ,804 Halifax International Airport Authority 2019 Business Plan (Prepared in December 2018) 13

16 PROFORMA STATEMENT OF OPERATIONS AND CHANGES IN EQUITY (in thousand of dollars) Year Ended December Budget 2018 Forecast $ $ REVENUE Terminal and passenger security fees 21,854 21,299 Parking 15,638 15,131 Concessions 15,126 14,232 Landing fees 12,395 11,702 Rental 4,835 4,502 Other 1,057 1,021 70,905 67,887 Airport Improvement Fee 43,266 42, , ,049 EXPENSES Salaries, wages and benefits 24,437 23,261 Amortization 26,248 25,264 Materials, services and supplies 22,805 21,146 Interest on long-term debt, net 15,146 14,468 Ground lease rent 8,437 8,074 General and administrative 6,147 5,370 Property taxes 1,642 1, ,862 99,176 Excess of revenue over expenses before pension plan loss 9,309 10,873 Defined benefit pension plan loss (2,500) (4,792) Excess of revenue over expenses for the year 6,809 6,081 Equity In capital assets, beginning of year 126, ,672 Equity in capital assets 133, ,753 Amortization of deferred financing costs Equity in capital assets, end of year 133, ,833 Halifax International Airport Authority 2019 Business Plan (Prepared in December 2018) 14

17 PROFORMA STATEMENT OF CASH FLOWS (in thousand of dollars) Year Ended December Budget 2018 Forecast $ $ OPERATING ACTIVITIES Excess of revenue over expenses for the year 6,809 6,081 Add (deduct) items not affecting cash Amortization 26,356 25,372 Accrued benefit asset 1,366 3,355 Net change in non-cash working capital balances related to operations (6,310) 12,901 Cash provided by operating activities 28,221 47,709 INVESTING ACTIVITIES Expenditures on capital assets (48,000) (45,000) Cash used in investing activities (48,000) (45,000) FINANCING ACTIVITIES Proceeds from credit term facility 7,500 - Cash used in financing activities 7,500 - Net increase In cash during the year (12,279) 2,709 Cash and cash equivalents, beginning of year 15,719 13,010 Cash and cash equivalents, end of year 3,440 15,719 Halifax International Airport Authority 2019 Business Plan (Prepared in December 2018) 15

18 Prepared by Halifax International Airport Authority 1 Bell Boulevard Halifax, NS Canada B2T 1K2 Telephone: Facsimile:

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