Guam International Airport Authority FY2015 audit highlights solid financial management

Guam International Airport Authority (GIAA) published (04-Mar-2016) its FY2015 audit report. Key highlights include:

• Passenger enplanements: 1,692,943.
• • Korean arrivals: +30.9% year-on-year;
  • Chinese arrivals: +62.2%;
  • Japanese arrivals: -5,6%;
  • Russian arrivals: -80.7%;
• Revenue: USD90.3 million, +5.6%;
• Operating income: 70.5% of revenue;
• Non-operating income: 29.5% of revenue, +13.5%.
• • Non-operating income including interest income, passenger facility charges, US federal grants and transfers from the government of Guam. US grant were used to complete the extension and rehabilitation of primary runway, installation of a new ILS, noise mitigation, construction of airport perimeter fencing and acquisition of a new fire fighting vehicle;
• Costs: USD77.2 million, +4.3%;
• Net assets: USD617 million, +1.74%;

Other FY2015 highlights

• GIAA maintained a competitive cost structure with a debt service coverage ratio of 1.57, well over the required ratio of 1.25 under the Airport's 2013 General Revenue bonds;
• USD167 million slated for capital improvement projects, including the construction of a new international arrivals corridor, a new aircraft fire fighting crew facility and new cargo apron adjacent to the integrated cargo facility;
• The Office of Public Accountability highlighted in its report that GIAA should be commended for achieving low risk auditee status for FY2015 as it had been over 22 years since the GIAA achieved that status;
• Moody's Investors Services also affirmed GIAA's Baa2 rating with a stable outlook, a confirmation of the investment grade rating for Airport General Revenue Bonds;
• The independent auditors, Ernst & Young, gave GIAA a "clean" opinion on its compliance report for FY 2015 financial statements and major federal programs. FY2015 marks the third year of "no findings" pertaining to federal programmes. [more - original PR]