September 30, 2024
Condensed Interim Statement of Financial Position
(Unaudited)
| (In thousands of Canadian dollars) | September 30, 2024 | March 31, 2024 |
|---|---|---|
| Assets | ||
| Current assets | ||
| Cash | $ 40,603 | $ 9,955 |
| Trade and other receivables (note 4) | 189,089 | 130,036 |
| Inventories | 12,723 | 14,462 |
| Prepaids | 5,157 | 8,506 |
| 247,572 | 162,959 | |
| Non-current assets | ||
| Property and equipment (note 5) | 360,055 | 355,726 |
| Intangible assets (note 6) | 13,723 | 14,160 |
| Right-of-use assets (note 7) | 16,334 | 17,059 |
| Employee benefits asset (note 8) | 61,273 | 57,088 |
| 451,385 | 444,033 | |
| Total assets | $ 698,957 | $ 606,992 |
| Liabilities and Equity | ||
| Current liabilities | ||
| Trade and other payables | $ 233,327 | $ 140,214 |
| Holdbacks | 11 | 142 |
| Lease liabilities (note 10) | 2,591 | 2,389 |
| Deferred government funding related to operating expenses (note 11) | 17,880 | 22,968 |
| Derivative financial liabilities | 60 | 82 |
| 253,869 | 165,795 | |
| Non-current liabilities | ||
| Lease liabilities (note 10) | 15,995 | 16,808 |
| Deferred government funding related to capital expenditures (note 11) | 372,951 | 368,994 |
| Employee benefits liability (note 8) | 19,771 | 18,484 |
| Derivative financial liabilities | - | 10 |
| 408,717 | 404,296 | |
| Equity | ||
| Accumulated surplus | 36,371 | 36,901 |
| Total liabilities and equity | $ 698,957 | $ 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 September 30 |
Six months ended September 30 |
||
|---|---|---|---|---|
| 2024 | 2023 | 2024 | 2023 | |
| Expenses | ||||
| Pre-Board Screening | $ 169,626 | $ 148,961 | $ 326,848 | $ 296,437 |
| Hold Baggage Screening | 41,922 | 40,916 | 82,905 | 81,109 |
| Non-Passenger Screening | 36,560 | 38,301 | 73,415 | 75,577 |
| Restricted Area Identity Card Program | 1,390 | 995 | 2,450 | 2,091 |
| Corporate services | 14,012 | 12,532 | 27,531 | 25,713 |
| Total expenses (note 12) | 263,510 | 241,705 | 513,149 | 480,927 |
| Other expenses (income) | ||||
| Finance costs | 172 | 97 | 349 | 164 |
| Net loss (gain) on fair value of derivative financial instruments | 115 | (419) | (32) | (12) |
| Foreign exchange (gain) loss | (53) | 82 | (62) | (20) |
| Write-off of property and equipment and intangible assets | - | 2 | - | 17 |
| Loss on disposal of property and equipment | - | - | - | 3 |
| Total other expenses (income) | 234 | (238) | 255 | 152 |
| Financial performance before revenue and government funding | 263,744 | 241,467 | 513,404 | 481,079 |
| Revenue | ||||
| Finance income | 957 | 806 | 1,859 | 1,483 |
| Miscellaneous income | 25 | 14 | 27 | 14 |
| Total revenue | 982 | 820 | 1,886 | 1,497 |
| Government funding | ||||
| Parliamentary appropriations for operating expenses | 248,085 | 229,196 | 482,730 | 453,723 |
| Amortization of deferred government funding related to capital expenditures | 11,728 | 10,492 | 22,769 | 20,947 |
| Parliamentary appropriations for lease payments | 801 | 532 | 1,578 | 1,061 |
| Total government funding (note 11) | 260,614 | 240,220 | 507,077 | 475,731 |
| Financial performance | $ (2,148) | $ (427) | $ (4,441) | $ (3,851) |
| Other comprehensive (loss) income | ||||
| Item that will not be reclassified to financial performance | ||||
| Remeasurement of defined benefit plans (note 8) | (219) | 12,578 | 3,911 | 9,343 |
| Total comprehensive income (loss) | $ (2,367) | $ 12,151 | $ (530) | $ 5,492 |
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 September 30:
| (In thousands of Canadian dollars) | Accumulated surplus |
|---|---|
| Balance, June 30, 2024 | $ 38,738 |
| Financial performance | (2,148) |
| Item that will not be reclassified to financial performance | |
| Remeasurement of defined benefit plans (note 8) | (219) |
| Balance, September 30, 2024 | $ 36,371 |
| Balance, June 30, 2023 | $ 28,470 |
| Financial performance | (427) |
| Item that will not be reclassified to financial performance | |
| Remeasurement of defined benefit plans (note 8) | 12,578 |
| Balance, September 30, 2023 | $ 40,621 |
For the six months ended September 30:
| (In thousands of Canadian dollars) | Accumulated surplus |
|---|---|
| Balance, March 31, 2024 | $ 36,901 |
| Financial performance | (4,441) |
| Item that will not be reclassified to financial performance | |
| Remeasurement of defined benefit plans (note 8) | 3,911 |
| Balance, September 30, 2024 | $ 36,371 |
| Balance, March 31, 2023 | $ 35,129 |
| Financial performance | (3,851) |
| Item that will not be reclassified to financial performance | |
| Remeasurement of defined benefit plans (note 8) | 9,343 |
| Balance, September 30, 2023 | $ 40,621 |
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 September 30 |
Six months ended September 30 |
||
|---|---|---|---|---|
| 2024 | 2023 | 2024 | 2023 | |
| Cash flows provided by (used in) | ||||
| Operating activities | ||||
| Financial performance | $ (2,148) | $ (427) | $ (4,441) | $ (3,851) |
| Items not involving cash | ||||
| Depreciation and amortization (note 12) | 12,434 | 11,264 | 24,165 | 22,464 |
| Change in net employee benefits asset/liability | 1,011 | (70) | 1,013 | 564 |
| Change in fair value of financial instruments at fair value through profit and loss | 115 | (419) | (32) | (12) |
| Amortization of deferred government funding related to capital expenditures (note 11) | (11,728) | (10,492) | (22,769) | (20,947) |
| Write-off of property and equipment and intangible assets | - | 2 | - | 17 |
| Loss on disposal of property and equipment | - | - | - | 3 |
| Net change in working capital balances (note 16) | 11,242 | (5,391) | 17,755 | 4,400 |
| 10,926 | (5,533) | 15,691 | 2,638 | |
| Investing activities | ||||
| Parliamentary appropriations received for capital funding (note 11) | 24,055 | 5,590 | 28,278 | 5,590 |
| Purchase of property and equipment | (7,228) | (5,510) | (11,427) | (8,285) |
| Purchase of intangible assets | (579) | - | (660) | - |
| 16,248 | 80 | 16,191 | (2,695) | |
| Financing activities | ||||
| Lease principal payments | (630) | (437) | (1,234) | (903) |
| (630) | (437) | (1,234) | (903) | |
| Increase (decrease) in cash | 26,544 | (5,890) | 30,648 | (960) |
| Cash, beginning of period | 14,059 | 18,715 | 9,955 | 13,785 |
| Cash, end of period | $ 40,603 | $ 12,825 | $ 40,603 | $ 12,825 |
The accompanying notes are an integral part of these condensed interim financial statements.