Summary of financial results
The following information is an overview of the Montreal Port Authority's financial results, prepared in accordance with International Financial Reporting Standards.
During the year, MPA invested over a $100 M in its CAPEX plan, which largely covers development infrastructure projects.
The available lines of credit were not used during the year. The Montreal Port Authority maintains a solid AA financial rating from Standard & Poor's.
Summary of financial results
(In thousands of Canadian dollars)
| 2022 | 2021 | |
| Revenue From Operations | 134,043 |
117,667
|
| Expenses | 112,752 | 104,098 |
| Operating earnings before the following items | 21,291 | 13,569 |
| Financial expenses | (3,573) | (1,501) |
| Investment income | 2,986 | 1,617 |
| Other Revenues | - | 6,067 |
| Net Earnings | 20,704 | 19,752 |
STATEMENT OF FINANCIAL POSITION
Year ended December 31, 2022
(In thousands of Canadian dollars)
| 2022 | 2021 | |
| Revenue from operation | 134,043 | 117,667 |
| Expenses | ||
| Salaries and benefits | 43,175 | 40,118 |
| Maintenance and repairs | 15,126 | 14,572 |
| Professional services | 6,264 | 6,259 |
| Payments in lieu of property taxes | 3,177 | 3,150 |
| Other expenses | 11,294 | 9,016 |
| Gross revenue expenses | 4,740 | 4,387 |
| Amortization of deferred grants and assets | 28,976 | 26,596 |
| 112,752 | 104,098 | |
| Operating earnings before the following items | 21,291 | 13,569 |
| Financial expenses | (3,573) | (1,501) |
| Investment income | 2,986 | 1,617 |
| Other revenues | - | 6,067 |
| Net earnings | 20,704 | 19,752 |
STATEMENT OF COMPREHENSIVE INCOME
Year ended December 31, 2022
(In thousands of Canadian dollars)
| 2022 | 2021 | |
| Net earnings | 20,704 |
19,752
|
| Other comprehensive income | ||
| Item that will not be reclassified subsequently to net earnings | ||
| Actuarial gains and losses for the year | 9,011 | 1,326 |
| Total comprehensive income | 29,715 | 21,078 |
STATEMENT OF CHANGES IN THE EQUITY OF THE GOVERNMENT OF CANADA
Year ended December 31, 2022
(In thousands of Canadian dollars)
| 2022 | 2021 | |||
| Contributed capital | Retained earnings | Total equity | Total equity | |
| Balance, beginning of year | 234,074 | 210,446 | 444,520 | 423,450 |
| Du Havre sector retrocession | - | - | - | (8) |
| Net earnings | - | 20,704 | 20,704 | 19,752 |
| Other comprehensive income | ||||
| Actuarial gains and losses for the year | - | 9,011 | 9,011 | 1,326 |
| Total comprehensive income for the year | - | 29,715 | 29,715 | 21,070 |
| Balance, end of year | 234,074 | 240,161 | 474,235 | 444,520 |
STATEMENT OF FINANCIAL POSITION
Year ended December 31, 2022
(In thousands of Canadian dollars)
| 2022 | 2021 | |
| Assets | ||
| Current | 108,275 | 143,142 |
| Other receivables | 3,275 | 2,891 |
| Grants receivable and deferred costs | 52,368 | 42,106 |
| Right-of-use assets | 3,371 | 4,231 |
| Defined benefit asset of pension plans | 2,662 | 8,491 |
| Fixed assets | 708,664 | 624,597 |
| 878,615 | 825,458 | |
| Liabilities | ||
| Current | 55,748 | 43,690 |
| Asset retirement obligations | 1,230 | 1,230 |
| Lease liabilities | 3,370 | 3,640 |
| Long-term debt | 181,134 | 179,910 |
| Defined benfit obligation of other plans | 28,866 | 43,743 |
| Deferred grants | 134,032 | 108,725 |
| 404,380 | 380,938 | |
| Equity of the government of Canada | ||
| Contributed capital | 234,074 | 234,074 |
| Retained earnings | 240,161 | 210,446 |
| 474,235 | 444,520 | |
| 878,615 | 825,458 |
STATEMENT OF CASH FLOWS
Year ended December 31, 2022
(In thousands of Canadian dollars)
| 2022 | 2021 | |
| Operating activities | ||
| Net earnings | 20,704 | 19,752 |
| Non-cash items | 29,643 | 27,850 |
| 50,347 | 47,602 | |
| Change in non-cash operating working capital items | (172) | (2 783) |
| Net cash from operating activities | 50,175 | 44,819 |
| Investing activities | ||
| Acquisitions of fixed assets | (105,354) | (111,324) |
| Disposal of fixed assets | 6 | - |
| Acquisition of investments | - | (50,000) |
| Disposal of investments | - | 96,500 |
| Interest received | 2,610 | 1,251 |
| Net cash used by investing activities | (102,738) | (63,573) |
| Financing activities | ||
| Receipt of deferred grants | 10,478 | 9,871 |
| Repayment of lease liabilities | (671) | (735) |
| (Repayment) drawing under the revolving line of credit | - | (40,000) |
| Issuance of long-term debt | 4,000 | 154,000 |
| Repayement of long-term debt | (2,754) | (1,527) |
| Deferred financing costs | - | (1,409) |
| Interest paid | (6,434) | (4,038) |
| Net cash from financing activities | 4,619 | 116,162 |
| Net increase in cash | (47,944) | 97,408 |
| Cash, beginning of year | 106,889 | 9,481 |
| Cash, end of year | 58,945 | 106,889 |