December 31, 2024
Condensed Interim Statement of Financial Position
(Unaudited)
| (In thousands of Canadian dollars) | December 31, 2024 | March 31, 2024 |
|---|---|---|
| Assets | ||
| Current assets | ||
| Cash | $ 3,331 | $ 9,955 |
| Trade and other receivables (note 4) | 283,220 | 130,036 |
| Inventories | 14,520 | 14,462 |
| Prepaids | 4,504 | 8,506 |
| Derivative financial assets | 856 | - |
| 306,431 | 162,959 | |
| Non-current assets | ||
| Property and equipment (note 5) | 357,462 | 355,726 |
| Intangible assets (note 6) | 13,425 | 14,160 |
| Right-of-use assets (note 7) | 15,656 | 17,059 |
| Employee benefits asset (note 8) | 66,328 | 57,088 |
| Derivative financial assets | 229 | - |
| 453,100 | 444,033 | |
| Total assets | $ 759,531 | $ 606,992 |
| Liabilities and Equity | ||
| Current liabilities | ||
| Trade and other payables | $ 291,628 | $ 140,214 |
| Holdbacks | 61 | 142 |
| Lease liabilities (note 10) | 2,629 | 2,389 |
| Deferred government funding related to operating expenses (note 11) | 19,024 | 22,968 |
| Derivative financial liabilities | - | 82 |
| 313,342 | 165,795 | |
| Non-current liabilities | ||
| Lease liabilities (note 10) | 15,325 | 16,808 |
| Deferred government funding related to capital expenditures (note 11) | 370,083 | 368,994 |
| Employee benefits liability (note 8) | 19,711 | 18,484 |
| Derivative financial liabilities | - | 10 |
| 405,119 | 404,296 | |
| Equity | ||
| Accumulated surplus | 41,070 | 36,901 |
| Total liabilities and equity | $ 759,531 | $ 606,992 |
Contingencies (note 9) and contractual commitments (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 December 31 |
Nince months ended December 31 |
||
|---|---|---|---|---|
| 2024 | 2023 | 2024 | 2023 | |
| Expenses | ||||
| Pre-Board Screening | $ 169,372 | $ 148,363 | $ 496,220 | $ 444,800 |
| Hold Baggage Screening | 42,916 | 42,032 | 125,821 | 123,141 |
| Non-Passenger Screening | 37,854 | 39,534 | 111,269 | 115,111 |
| Restricted Area Identity Card Program | 1,120 | 1,147 | 3,570 | 3,238 |
| Corporate services | 15,504 | 14,094 | 43,035 | 39,807 |
| Total expenses (note 12) | 266,766 | 245,170 | 779,915 | 726,097 |
| Other expenses (income) | ||||
| Foreign exchange loss (gain) | 222 | (60) | 160 | (80) |
| Finance costs | 167 | 175 | 516 | 339 |
| Net (gain) loss on fair value of derivative financial instruments | (1,145) | 663 | (1,177) | 651 |
| Loss on disposal of property and equipment | - | 62 | - | 65 |
| Write-off of property and equipment and intangible assets | - | - | - | 17 |
| Total other expenses (income) | (756) | 840 | (501) | 992 |
| Financial performance before revenue and government funding | 266,010 | 246,010 | 779,414 | 727,089 |
| Revenue | ||||
| Finance income | 707 | 770 | 2,566 | 2,253 |
| Miscellaneous income | 14 | 2 | 41 | 16 |
| Total revenue | 721 | 772 | 2,607 | 2,269 |
| Government funding | ||||
| Parliamentary appropriations for operating expenses | 250,639 | 232,364 | 733,369 | 686,087 |
| Amortization of deferred government funding related to capital expenditures | 12,746 | 10,663 | 35,515 | 31,610 |
| Parliamentary appropriations for lease payments | 804 | 401 | 2,382 | 1,462 |
| Total government funding (note 11) | 264,189 | 243,428 | 771,266 | 719,159 |
| Financial performance | $ (1,100) | $ (1,810) | $ (5,541) | $ (5,661) |
| Other comprehensive (loss) income | ||||
| Item that will not be reclassified to financial performance | ||||
| Remeasurement of defined benefit plans (note 8) | 5,799 | (20,021) | 9,710 | (10,678) |
| Total comprehensive income (loss) | $ 4,699 | $ (21,831) | $ 4,169 | $ (16,339) |
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 December 31:
| (In thousands of Canadian dollars) | Accumulated surplus |
|---|---|
| Balance, September 30, 2024 | $ 36,371 |
| Financial performance | (1,100) |
| Item that will not be reclassified to financial performance | |
| Remeasurement of defined benefit plans (note 8) | 5,799 |
| Balance, December 31, 2024 | $ 41,070 |
| Balance, September 30, 2023 | $ 40,621 |
| Financial performance | (1,810) |
| Item that will not be reclassified to financial performance | |
| Remeasurement of defined benefit plans (note 8) | (20,021) |
| Balance, December 31, 2023 | $ 18,790 |
For the nine months ended December 31:
| (In thousands of Canadian dollars) | Accumulated surplus |
|---|---|
| Balance, March 31, 2024 | $ 36,901 |
| Financial performance | (5,541) |
| Item that will not be reclassified to financial performance | |
| Remeasurement of defined benefit plans (note 8) | 9,710 |
| Balance, December 31, 2024 | $ 41,070 |
| Balance, March 31, 2023 | $ 35,129 |
| Financial performance | (5,661) |
| Item that will not be reclassified to financial performance | |
| Remeasurement of defined benefit plans (note 8) | (10,678) |
| Balance, December 31, 2023 | $ 18,790 |
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 December 31 |
Nine months ended December 31 |
||
|---|---|---|---|---|
| 2024 | 2023 | 2024 | 2023 | |
| Cash flows provided by (used in) | ||||
| Operating activities | ||||
| Financial performance | $ (1,100) | $ (1,810) | $ (5,541) | $ (5,661) |
| Items not involving cash | ||||
| Depreciation and amortization (note 12) | 13,094 | 11,266 | 37,259 | 33,730 |
| Change in net employee benefits asset/liability | 684 | (281) | 1,697 | 283 |
| Other non-cash transactions | 360 | - | 360 | - |
| Amortization of deferred government funding related to capital expenditures (note 11) | (12,746) | (10,663) | (35,515) | (31,610) |
| Change in fair value of financial instruments at fair value through profit and loss | (1,145) | 663 | (1,177) | 651 |
| Write-off of property and equipment and intangible assets | - | - | - | 17 |
| Loss on disposal of property and equipment | - | 62 | - | 65 |
| Net change in working capital balances (note 16) | (34,334) | (7,537) | (16,579) | (3,137) |
| (35,187) | (8,300) | (19,496) | (5,662) | |
| Investing activities | ||||
| Parliamentary appropriations received for capital funding (note 11) | 10,196 | 12,599 | 38,474 | 18,189 |
| Purchase of property and equipment | (11,532) | (5,006) | (22,959) | (13,291) |
| Purchase of intangible assets | (110) | (3,409) | (770) | (3,409) |
| (1,446) | 4,184 | 14,745 | 1,489 | |
| Financing activities | ||||
| Lease principal payments | (639) | (226) | (1,873) | (1,129) |
| (639) | (226) | (1,873) | (1,129) | |
| Decrease in cash | (37,272) | (4,342) | (6,624) | (5,302) |
| Cash, beginning of period | 40,603 | 12,825 | 9,955 | 13,785 |
| Cash, end of period | $ 3,331 | $ 8,483 | $ 3,331 | $ 8,483 |
The accompanying notes are an integral part of these condensed interim financial statements.