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 $74 M in its CAPEX plan, which largely covers
development infrastructure projects, including the Contrecoeur terminal expansion project.
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.
prepared in accordance with International Financial Reporting Standards.
During the year, MPA invested over a $74 M in its CAPEX plan, which largely covers
development infrastructure projects, including the Contrecoeur terminal expansion project.
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)
| 2023 | 2022 | |
| Revenue from operation | 137 774 | 134 043 |
| Expenses | 125 502 | 112 752 |
| Operating earnings before the following items | 12 272 | 21 291 |
| Financial expenses | (5 259) | (3 573) |
| Investment income | 4 183 | 2 986 |
| Net Earnings | 11 196 |
20 704
|
STATEMENT OF EARNINGS
Year ended December 31, 2023
(In thousands of Canadian dollars)
(In thousands of Canadian dollars)
| 2023 | 2022 | |
| Revenue from operation | 137 774 | 134 043 |
| Expenses | ||
| Salaries and benefits | 46 397 | 43 175 |
| Maintenance and repairs | 15 916 | 15 126 |
| Professional services | 6 650 | 6 264 |
| Payments in lieu of property taxes | 3 471 | 3 177 |
| Other expenses | 11 669 |
11 294 |
| Gross revenue expenses | 4 832 | 4 740 |
| Amortization and impairment of assets and deferred grants | 36 567 | 28 976 |
| 125 502 | 112 752 | |
| Operating earnings before the following items | 12 272 | 21 291 |
| Financial expenses | (5 259) | (3 573) |
| Investment income | 4 183 | 2 986 |
| Net earnings | 11 196 |
20 704
|
STATEMENT OF COMPREHENSIVE INCOME
Year ended December 31, 2023
(In thousands of Canadian dollars)
(In thousands of Canadian dollars)
| 2023 | 2022 | |
| Net earnings | 11 196 | 20 704 |
| Other comprehensive income | ||
| Item that will not be subsequently reclassified to net earnings Actuarial (losses) and gains for the year |
(326) | 9 011 |
| Total comprehensive income | 10 870 |
29 715
|
STATEMENT OF CHANGES IN THE EQUITY OF THE GOVERNMENT OF CANADA
Year ended December 31, 2023
(In thousands of Canadian dollars)
(In thousands of Canadian dollars)
| 2023 | 2022 | |||
| Contributed capital | Retained earnings | Total equity | Total equity | |
| Balance, beginning of year | 234 074 | 240 161 | 474 235 | 444 520 |
| Net earnings | - | 11 196 | 11 196 | 20 704 |
| Other comprehensive income | ||||
| Actuarial (losses) and gains for the year | - | (326) | (326) | 9 011 |
| Total comprehensive income for the year | - | 10 870 | 10 870 | 29 715 |
| Balance, end of year | 234 074 | 251 031 | 485 105 |
474 235
|
STATEMENT OF FINANCIAL POSITION
Year ended December 31, 2023
(In thousands of Canadian dollars)
(In thousands of Canadian dollars)
| 2023 | 2022 | |
| Assets | ||
| Current | 96 730 | 108 275 |
| Other receivables | 7 264 | 3 275 |
| Grants receivable and deferred costs | 54 239 | 52 368 |
| Right-of-use assets | 11 089 | 3 371 |
| Defined benefit asset of pension plans | 2 510 | 2 662 |
| Immobilisations | 744 943 | 708 664 |
| Capital assets | 916 775 | 878 615 |
| Liabilities | ||
| Current | 56 358 | 55 748 |
| Asset retirement obligations | 1 230 | 1 230 |
| Lease liabilities | 10 539 | 3 370 |
| Long-term debt | 194 084 | 181 134 |
| Defined benefit obligation of other plans | 29 455 | 28 866 |
| Deferred grants | 140 004 | 134 032 |
| 431 670 | 404 380 | |
| Equity of the Government of Canada | ||
| Contributed capital | 234 074 | 234 074 |
| Retained earnings | 251 031 | 240 161 |
| 485 105 | 474 235 | |
| 916 775 | 878 615 |
STATEMENT OF CASH FLOWS
Year ended December 31, 2023
(In thousands of Canadian dollars)
(In thousands of Canadian dollars)
| 2023 | 2022 | |
| Operating activities | ||
| Net earnings | 11 196 | 20 704 |
| Non-cash items | 38 115 | 29 643 |
| 49 311 | 50 347 | |
| Change in non-cash operating working capital items | (8 033) | (172) |
| Net cash from operating activities | 41 278 | 50 175 |
| Investing activities | ||
| Acquisitions of capital assets | (72 161) | (105 354) |
| Disposal of capital assets | - | 6 |
| Interest received | 29 455 | 2 610 |
| Net cash used by investing activities | (68 004) | (102 738) |
| Financing activities | ||
| Receipt of deferred grants | 21 813 | 10 478 |
| Repayment of lease liabilities | (913) | (671) |
| Issuance of long-term debt | 16 000 | 4 000 |
| Repayment of long-term debt | (2 827) | (2 754) |
| Interest paid | (6 772) | (6 434) |
| Net cash from financing activities | 27 301 | 4 619 |
| Net increase (decrease) in cash | 575 | (47 944) |
| Cash, beginning of year | 58 945 | 106 889 |
| Cash, end of year | 59 520 | 58 945 |