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Table of Contents3Our Perspective4Ground Up Perspective7Safe and Secure Perspective8Service Perspective10A Global Perspective12Operational PerformanceThe People’s Pridea 242 Million Dollar Facility and Hub of MicronesiaEvery journeyhas a story.Ours is a compelling past of exotic travel of the Pan AmericanChina Clipper on its maiden voyage to the Far East, a modestQuonset hut in post WWII serving as Guam’s first terminal, andthree air terminal buildings culminating in the people’s pride –a 242 million-dollar facility that serves as the westernmost USAirport linking the United States to Asia Pacific and the premierregional hub of Micronesia.1
Felix P. CamachoGovernor of GuamMarion S. LujanMichael W. Cruz, M.D.DirectorLieutenant Governor of GuamMartin J. GerberChairman of the Board2Carlos H. SalasExecutive ManagerMary C. TorresDeputy Executive ManagerAnthony P. SgroDirector
Our PerspectiveA Message from Our LeadersTwo things stand out in Fiscal Year 2010 The improvement in the global economicenvironment and the increase in demand for travel,particularly in the Asia Pacific Region.These two factors assisted the A.B. Won PatInternational Airport Authority, Guam in deliveringfinancial and operations results better thanexpected, and starting Fiscal Year 2011 with strongoptimism for continued growth.As Guam’s only civilian airport, the Airport is theeconomic and social driver for the mainstay of oureconomy, tourism. With nose to the grindstone andpen to paper, the Airport Authority, supported byour leaders and industry partners, deliveredincreased passenger volume and fostered ourtourism, travel and trade industries. In 2010 weacquired new air service partners with successfuloperational performance. Services were resumed toseveral key Asian destinations. Additional flightsand new routes were launched and now provide forgreater global connectivity.We took a fresh approach to a sustainable growthpath. We added complementary businesses thatadded value to our profile. New business venturesundertaken by our investment partners providedrevenue to the airport and also added employmentin the terminal.Fe Valencia-OvallesLucy M. AlcornGurvinder ‘Bic’ SobtiJulisis R. NucumDirectorDirectorDirectorDirectorOur growth strategy for 2011 — is to leverage anyand all opportunity to meet our mission in providingsafe and secure travel, a reliable and superior levelof service and development of air service andfacilities that contribute to Guam’s economic growth.3
Ground Up PerspectiveMeeting critical development needsRunway Extension Project6L/24RGuam Airport’s CapitalImprovement Programprovides perspective of theairport’s critical developmentneeds and serves as the basisfor distribution of grantfunds under the AirportImprovement Program (AIP).4This past year over 34 millionin Airport ImprovementProgram (AIP), AmericanRecovery and ReinvestmentAct (ARRA), United StatesEconomic DevelopmentAdministration (USEDA),United States EnvironmentalProtection Agency (USEPA)and other grants were investedinto improving and maximizingcapacity. These projectsconsist of the extension ofour runway, installationof navigational aids andcompleting our parallel taxiwayconstruction project. We alsowent to the drawing board interms of implementingsustainable developmentpractices and acquiringarchitectural design servicesfor support facilitiesto include a flight kitchen,car rental facility, and officebuilding blocks.
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Safe and SecurePerspectiveLaw enforcement units rampedup efforts to keep travelers,employees and users of AirportFacilities safe and secure fromevery perspective.Security ScreeningEnsuring Aviation SafetyWithin the terminal, on our roadways, throughoutactivity in and around cargo buildings, parking lots andat every point of the passenger processing experience— the latest in security and safety are employed byqualified and trained personnel.In the modern travel environment, security proceduresat airports are very necessary, and at the A.B Won PatInternational Airport Authority, Guam, we are on parwith security measures on local, federal andinternational levels.7
ServicePerspectiveEngaged and SatisfiedPassenger OptionsThe A.B. Won Pat InternationalAirport Authority, Guam hasadded several retail, food andservice concessions toengage passengers withquality, popular brands andexciting new tastes.8
The Airport is excited to house anumber of local brands with localownership, such as Ben & Yans withindigenous, regional offerings topassengers. International brands areequally vital to the mix. Instantname recognition of high qualityleisure goods such as Marc byMarc Jacobs makes the shoppingexperience that more exciting toour passengers. We want ourpassengers engaged and satisfiedas part of their Airport experience.9
A Global PerspectiveOur Airport realized significant growth in trafficand revenue with our airline operators takingadvantage of the incentives offered, and capitalizingon the increased travel demand in the region.Air Service DevelopmentConnectivityThis past year, Continental resumed services to Kansai and Hong Kong,launched additional flights to Cairns, Manila, Honolulu via Majuro, unveiled itsnew B737-700 servicing Guam and formalized its merger with United Airlines.The final consolidation of Northwest and Delta Air Lines resulted in new planetails at our gates and a new ground handling company operating at ourTerminal. Jin Air joined as a signatory airline operator with good performance inseat occupancy posted in their first year of business on Guam.Seasonal charter activity also provided additional traffic from our Asianneighbors, with valuable operators Japan Airlines, Skymark Airlines, ChinaAirlines, Korean Air, and All Nippon Airlines showing confidence in Guam as apreferred tourist destination.10
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2010 Operational /Takeoffs44,426Cargo (Metric Tons)31,613Gross Take-Off Weight(in 1000s of pounds)3,169,573
Fiscal Year 2010 Financial Statements
Antonio B. Won Pat International Airport Authority, GuamStatements of Net AssetsSeptember 30,2010AssetsCurrent assets:Unrestricted assets:Cash (Note 2)Passenger facility charge cash (Note 2)Accounts receivable, trade, net of allowance fordoubtful accounts of 357,755 at September 30, 2010( 245,437 at September 30, 2009) (Notes 2 and 8)Passenger facility charge receivables (Note 2)Receivables from the United States GovernmentNotes receivable, net of allowancefor doubtful accounts of 37,639 (Note 3)Inventory and other 991,123271,3882009 86Total current assets14,200,26113,989,571General Revenue Bonds (Note 6) :Investments and cash with trustees, unrestrictedInvestments and cash with trustees, 406,146,24115,003,6887,107,208Total unrestricted current assetsRestricted assets:Customs fees, cash (Note 2)Customs fees, receivables (Note 11)Total restricted current assetsCapital assets, at cost less accumulated depreciation(Notes 4 and 10)Avigation easements (Note 4)Deferred bond issue costsTotal assets 502,676,897 498,656,344
Antonio B. Won Pat International Airport Authority, GuamStatements of Net AssetsSeptember 30,2010Liabilities and Net AssetsCurrent liabilities:Payable from unrestricted assets:Accounts payable - tradeAccounts payable - constructionOther liabilities (Note 10)Security deposits and deferred incomeCurrent portion of annual leave (Note 9) Total payable from unrestricted 2009 773,999Total non-current liabilities165,882,773174,546,014Total 17,050296,154,186Payable from restricted assets:Customs fees payable to Treasurer of Guam (Note 11)General Revenue Bonds:Current installments (Notes 5 and 9)Accrued interestTotal payable from restricted assetsTotal current liabilitiesNon-current liabilities:Payable from unrestricted assets:Accrued sick leave (Notes 7 and 9)Long-term portion of annual leave (Note 9)Payable from restricted assets:Long-term bonds payable, less current installments:General Revenue Bonds (Notes 5 and 9)Commitments and contingencies (Notes 5 and 10)Net assets:Invested in capital assets, net of related debtRestricted (Notes 4 and 10)UnrestrictedTotal net assetsTotal liabilities and net assets 502,676,897 498,656,344
Antonio B. Won Pat International Airport Authority, GuamStatements of Revenues, Expenses and Changes in Net AssetsRevenues (Note 5) :Facilities and systems usage chargesConcession fees (Notes 2 and 8)Rental income (Note 8)MiscellaneousYear ended September 30,20102009 Total revenues22,987,21113,887,1619,414,797840,907 7012,706,013684,25934,889Total operating costs and expenses31,084,63829,512,031Income from operations before depreciationand amortization16,045,43812,218,594Operating costs and expenses:Contractual services (Note 10)Personnel servicesMaterials and suppliesBad debtDepreciation and amortization(22,975,268 )(21,797,415 )(6,929,830 )(9,578,821 )(((5,668,5171,282,8077,947,785 )456,831 )32,862 )(((5,064,6671,468,0898,339,935 )486,979 )52,018 )Total non-operating expenses, net(1,486,154 )(2,346,176 )Loss before capital grants and transfer in(8,415,984 )(11,924,997 )Loss from operationsNon-operating income (expense):Passenger facility charge incomeInterest incomeInterest expenseOther expenses, net (Note 5)Non-recurring expensesCapital grants from the United States GovernmentOperating grants from the United States GovernmentTransfer from Government of Guam - Office ofHighway Safety (OHS)Total capital and operating grantsIncrease in net assetsNet assets at beginning of yearNet assets at end of 271,787,562 305,817,050 296,154,186
Antonio B. Won Pat International Airport Authority, GuamReconciliation of Historical Financial ResultsYear ended September 30,20102009Change in net assets:RevenuesExpenses (Income before depreciationDepreciation54,081,40031,084,638 )22,996,762(22,975,268 )21,494Interest and other expensesTransfer from the Government of Guam - OHSGrants from the United States Government (48,263,38129,512,031 )18,751,350(21,797,415 )(3,046,065 )(8,437,478 )60,73118,018,117(8,878,932 )30,09536,261,526Increase in net assets 9,662,864 24,366,624Net Revenues (per Bond Resolution):RevenuesOperation and maintenance expenses (54,081,40031,242,647 ) (48,263,38129,844,742 ) 22,838,753 18,418,639 9,662,864 24,366,624(22,975,2687,947,785154,957 )(21,797,4158,339,935350,830 )((17,348,269 )243,938 )((35,418,595 )315,910 )Net revenues available for debt serviceReconciliation:Change in net assetsAdd back:DepreciationInterest expenseMiscellaneousDeduct:Capital grants from the United States GovernmentInterest income on funds related to constructionOther available moniesFunds available for debt serviceDebt Service*22,838,75318,418,6394,292,0674,282,905 27,130,820 22,701,544 17,168,269 17,131,619* - amounts of the aggregate annual debt service for such fiscal years as defined in the Bond Indenture Agreement.
P.O. BOX 8770Tamuning, Guam 96931www.guamairport.com
Quonset hut in post WWII serving as Guam's first terminal, and . In the modern travel environment, security procedures at airports are very necessary, and at the A.B Won Pat International Airport Authority, Guam, we are on par with security measures on local, federal and
