June 30, 2022
Condensed Interim Statement of Financial Position
(Unaudited)
| (In thousands of Canadian dollars) | June 30, 2022 | March 31, 2022 |
|---|---|---|
| Assets | ||
| Current assets | ||
| Cash | $ 39,866 | $ 7,581 |
| Trade and other receivables (note 4) | 86,438 | 100,670 |
| Inventories (note 5) | 10,550 | 11,406 |
| Prepaids | 7,206 | 6,835 |
| Derivative financial assets (note 15) | 497 | 34 |
| 144,557 | 126,526 | |
| Non-current assets | ||
| Property and equipment (note 6) | 384,646 | 392,726 |
| Intangible assets (note 7) | 14,318 | 14,745 |
| Right-of-use assets (note 8) | 15,680 | 16,569 |
| Employee benefits asset (note 9) | 61,029 | 56,950 |
| Derivative financial assets (note 15) | - | 6 |
| 475,673 | 480,996 | |
| Total assets | $ 620,230 | $ 607,522 |
| Liabilities and Equity | ||
| Current liabilities | ||
| Trade and other payables | $ 126,590 | $ 106,748 |
| Holdbacks | 1,614 | 1,637 |
| Provisions (note 10) | 200 | 200 |
| Lease liabilities (note 11) | 2,640 | 3,129 |
| Deferred government funding related to operating expenses (note 12) | 17,756 | 18,241 |
| 148,800 | 129,955 | |
| Non-current liabilities | ||
| Lease liabilities (note 11) | 13,659 | 14,107 |
| Deferred government funding related to capital expenditures (note 12) | 398,110 | 406,579 |
| Employee benefits liability (note 9) | 15,986 | 19,107 |
| 427,755 | 439,793 | |
| Equity | ||
| Accumulated surplus | 43,675 | 37,774 |
| Total liabilities and equity | $ 620,230 | $ 607,522 |
Contingencies (note 10) and contractual arrangements (note 16)
The accompanying notes are an integral part of these condensed interim financial statements.
Condensed Interim Statement of Comprehensive Income
(Unaudited)
| (In thousands of Canadian dollars) | Three Months Ended June 30 | |
|---|---|---|
| 2022 | 2021 | |
| Expenses | ||
| Pre-Board Screening | $ 120,143 | $ 80,206 |
| Hold Baggage Screening | 36,163 | 37,975 |
| Non-Passenger Screening | 35,591 | 42,920 |
| Restricted Area Identity Card Program | 1,015 | 773 |
| Corporate services | 13,053 | 12,455 |
| Total expenses (note 13) | 205,965 | 174,329 |
| Other (income) expenses | ||
| Finance costs | 70 | 40 |
| Foreign exchange loss | 19 | 453 |
| Write-off of property and equipment | 16 | - |
| Net gain on fair value of derivative financial instruments | (457) | (239) |
| Total other (income) expenses | (352) | 254 |
| Financial performance before revenue and government funding | 205,613 | 174,583 |
| Revenue | ||
| Finance income | 163 | 49 |
| Screening services - other | 7 | - |
| Total revenue | 170 | 49 |
| Government funding | ||
| Parliamentary appropriations for operating expenses (note 12) | 192,718 | 152,865 |
| Amortization of deferred government funding related to capital expenditures (note 12) | 10,086 | 19,550 |
| Parliamentary appropriations for lease payments (note 14) | 1,006 | 1,031 |
| Total government funding | 203,810 | 173,446 |
| Financial performance | $ (1,633) | $ (1,088) |
| Other comprehensive income (loss) | ||
| Item that will not be reclassified to financial performance | ||
| Remeasurement of defined benefit plans (note 9) | 7,534 | (1,407) |
| Total comprehensive income | $ 5,901 | $ (2,495) |
The accompanying notes are an integral part of these condensed interim financial statements.
Condensed Interim Statement of Changes in Equity
(Unaudited)
For the three months ended June 30:
| (Thousands of Canadian dollars) | Accumulated surplus (deficit) |
|---|---|
| Balance, March 31, 2022 | $ 37,774 |
| Financial performance | (1,633) |
| Item that will not be reclassified to financial performance | |
| Remeasurement of defined benefit plans (note 9) | 7,534 |
| Balance, June 30, 2022 | $ 43,675 |
| Balance, March 31, 2021 | $ 13,506 |
| Financial performance | (1,088) |
| Item that will not be reclassified to financial performance | |
| Remeasurement of defined benefit plans (note 9) | (1,407) |
| Balance, June 30, 2021 | $ 11,011 |
The accompanying notes are an integral part of these condensed interim financial statements.
Condensed Interim Statement of Cash Flows
(Unaudited)
| (In thousands of Canadian dollars) | Three Months Ended June 30 | |
|---|---|---|
| 2022 | 2021 | |
| Cash flows provided by (used in) | ||
| Operating activities | ||
| Financial performance | $ (1,633) | $ (1,088) |
| Items not involving cash | ||
| Depreciation and amortization (note 13) | 10,997 | 20,493 |
| Change in net employee benefits asset/liability | 334 | (754) |
| Write-off of property and equipment | 16 | - |
| Amortization of deferred government funding related to capital expenditures (note 12) | (10,086) | (19,550) |
| Change in fair value of financial instruments at fair value through profit and loss | (457) | (239) |
| Other non-cash transactions | (73) | 190 |
| Net change in working capital balances (note 18) | 35,386 | 16,479 |
| 34,484 | 15,531 | |
| Investing activities | ||
| Purchase of property and equipment | (1,262) | (12,123) |
| Purchase of intangible assets | - | (76) |
| (1,262) | (12,199) | |
| Financing activities | ||
| Lease principal payments | (937) | (993) |
| (937) | (993) | |
| Increase in cash | 32,285 | 2,339 |
| Cash, beginning of period | 7,581 | 14,086 |
| Cash, end of period | $ 39,866 | $ 16,425 |
Interest expense paid and interest income received approximate finance costs and finance income, respectively, in the Condensed Interim Statement of Comprehensive Income.
Supplementary cash flow information (note 18)
The accompanying notes are an integral part of these condensed interim financial statements.