June 30, 2024
Condensed Interim Statement of Financial Position
(Unaudited)
| (In thousands of Canadian dollars) | June 30, 2024 | March 31, 2024 |
|---|---|---|
| Assets | ||
| Current assets | ||
| Cash | $ 14,059 | $ 9,955 |
| Trade and other receivables (note 4) | 133,323 | 130,036 |
| Inventories | 13,021 | 14,462 |
| Prepaids | 7,209 | 8,506 |
| Derivative financial assets | 55 | - |
| 167,667 | 162,959 | |
| Non-current assets | ||
| Property and equipment (note 5) | 357,121 | 355,726 |
| Intangible assets (note 6) | 13,624 | 14,160 |
| Right-of-use assets (note 7) | 16,979 | 17,059 |
| Employee benefits asset (note 8) | 61,176 | 57,088 |
| 448,900 | 444,033 | |
| Total assets | $ 616,567 | $ 606,992 |
| Liabilities and Equity | ||
| Current liabilities | ||
| Trade and other payables | $ 149,958 | $ 140,214 |
| Holdbacks | 131 | 142 |
| Lease liabilities (note 10) | 2,549 | 2,389 |
| Deferred government funding related to operating expenses (note 11) | 20,230 | 22,968 |
| Derivative financial liabilities | - | 82 |
| 172,868 | 165,795 | |
| Non-current liabilities | ||
| Lease liabilities (note 10) | 16,631 | 16,808 |
| Deferred government funding related to capital expenditures (note 11) | 369,886 | 368,994 |
| Employee benefits liability (note 8) | 18,444 | 18,484 |
| Derivative financial liabilities | - | 10 |
| 404,961 | 404,296 | |
| Equity | ||
| Accumulated surplus | 38,738 | 36,901 |
| Total liabilities and equity | $ 616,567 | $ 606,992 |
Contingencies (note 9) and contractual arrangements (note 14)
The accompanying notes are an integral part of these condensed interim financial statements.
Condensed Interim Statement of Comprehensive Income (Loss)
(Unaudited)
| (In thousands of Canadian dollars) | Three months ended June 30 | |
|---|---|---|
| 2024 | 2023 | |
| Expenses | ||
| Pre-Board Screening | $ 157,222 | $ 147,476 |
| Hold Baggage Screening | 40,983 | 40,193 |
| Non-Passenger Screening | 36,855 | 37,276 |
| Restricted Area Identity Card Program | 1,060 | 1,096 |
| Corporate services | 13,519 | 13,181 |
| Total expenses (note 12) | 249,639 | 239,222 |
| Other income | ||
| Finance costs | 177 | 67 |
| Net (gain) loss on fair value of derivative financial instruments | (147) | 407 |
| Foreign exchange gain | (9) | (102) |
| Write-off of property and equipment and intangible assets | - | 15 |
| Loss on disposal of property and equipment | - | 3 |
| Total other income | 21 | 390 |
| Financial performance before revenue and government funding | 249,660 | 239,612 |
| Revenue | ||
| Finance income | 902 | 677 |
| Miscellaneous income | 2 | - |
| Total revenue | 904 | 677 |
| Government funding | ||
| Parliamentary appropriations for operating expenses | 234,645 | 224,527 |
| Amortization of deferred government funding related to capital expenditures | 11,041 | 10,455 |
| Parliamentary appropriations for lease payments | 777 | 529 |
| Total government funding (note 11) | 246,463 | 235,511 |
| Financial performance | $ (2,293) | $ (3,424) |
| Other comprehensive income (loss) | ||
| Item that will not be reclassified to financial performance | ||
| Remeasurement of defined benefit plans (note 8) | 4,130 | (3,235) |
| Total comprehensive income (loss) | $ 1,837 | $ (6,659) |
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:
| (In thousands of Canadian dollars) | Accumulated surplus |
|---|---|
| Balance, March 31, 2024 | $ 36,901 |
| Financial performance | (2,293) |
| Item that will not be reclassified to financial performance | |
| Remeasurement of defined benefit plans (note 8) | 4,130 |
| Balance, June 30, 2024 | $ 38,738 |
| Balance, March 31, 2023 | $ 35,129 |
| Financial performance | (3,424) |
| Item that will not be reclassified to financial performance | |
| Remeasurement of defined benefit plans (note 8) | (3,235) |
| Balance, June 30, 2023 | $ 28,470 |
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 | |
|---|---|---|
| 2024 | 2023 | |
| Cash flows provided by (used in) | ||
| Operating activities | ||
| Financial performance | $ (2,293) | $ (3,424) |
| Items not involving cash | ||
| Depreciation and amortization (note 12) | 11,731 | 11,200 |
| Change in net employee benefits asset/liability | 2 | 634 |
| Amortization of deferred government funding related to capital expenditures (note11) | (11,041) | (10,455) |
| Change in fair value of financial instruments at fair value through profit and loss | (147) | 407 |
| Write-off of property and equipment and intangible assets | - | 15 |
| Loss on disposal of property and equipment | - | 3 |
| Net change in working capital balances (note 16) | 6,513 | 9,791 |
| 4,765 | 8,171 | |
| Investing activities | ||
| Parliamentary appropriations received for capital funding (note 11) | 4,223 | - |
| Purchase of property and equipment | (4,199) | (2,775) |
| Purchase of intangible assets | (81) | - |
| (57) | (2,775) | |
| Financing activities | ||
| Lease principal payments | (604) | (466) |
| (604) | (466) | |
| Increase in cash | 4,104 | 4,930 |
| Cash, beginning of period | 9,955 | 13,785 |
| Cash, end of period | $ 14,059 | $ 18,715 |
The accompanying notes are an integral part of these condensed interim financial statements.