Summary of financial results
(in thousands of Canadian dollars)
2017 | 2016 | |
---|---|---|
REVENUE FROM OPERATIONS | 112,677 | 106,701 |
EXPENSES | 90,351 | 84,026 |
Operating earnings before the following items | 22,326 | 22,675 |
Investment income | 783 | 847 |
NET EARNINGS | 23,109 | 23,522 |
Statement of earnings
for the year ended December 31, 2017
(in thousands of Canadian dollars)
2017 | 2016 | |
---|---|---|
Revenue from operations | 112,677 | 106,701 |
Expenses | ||
Salaries and benefits | 35,751 | 34,243 |
Maintenance and repairs | 10,621 | 10,367 |
Professional services | 4,394 | 3,910 |
Payments in lieu of property taxes | 2,519 | 2,840 |
Other expenses | 8,941 | 7,327 |
Gross revenue expenses | 4,259 | 4,152 |
Amortization of fixed assets | 23,866 | 21,187 |
90,351 | 84,026 | |
Operating earnings before the following items | 22,326 | 22,675 |
Investment income | 783 | 847 |
Net earnings | 23,109 | 23,522 |
Statement of comprehensive income
for the year ended December 31, 2017
(in thousands of Canadian dollars)
2017 | 2016 | |
---|---|---|
Net earnings | 23,109 | 23,522 |
Other comprehensive income | ||
Items that will not be reclassified subsequently to net earnings | ||
Remeasurement of defined benefit obligation | (3,033) | 149 |
Total comprehensive income | 20,076 | 23,671 |
Statements of changes in the equity of the
government of Canada
for the year ended December 31, 2017
(in thousands of Canadian dollars)
2017 | 2016 | |||
---|---|---|---|---|
Contributed capital | Retained earnings | Total equity | Total equity | |
Balance, beginning of year | 235,199 | 91,522 | 326,721 | 303,050 |
Du Havre sector retrocession | (835) | - | (835) | - |
Net earnings of the year | - | 23,109 | 23,109 | 23,522 |
Other comprehensive income | ||||
Actuarial gains (losses) for the year | - | (3 033) | (3 033) | 149 |
Total comprehensive income of the year | (835) | 20,076 | 19,241 | 23,671 |
Balance, end of year | 234,364 | 111,598 | 345,962 | 326,721 |
Summarized statements of financial position
for the year ended December 31, 2017
(in thousands of Canadian dollars)
December 31 2017 |
December 31 2016 |
|
---|---|---|
Assets | ||
Current | 55,872 | 68,749 |
Grants receivable and others | 16,436 | 8,902 |
Fixed assets | 361,300 | 339,630 |
433,608 | 417,281 | |
Liabilities | ||
Current | 33,594 | 53,750 |
Asset retirement obligations | 1,230 | 1,230 |
Obligation under finance lease contracts | 382 | 489 |
Deferred grants | 2,468 | 2,468 |
Long-term debt | 14,599 | - |
Employee benefit obligation | 35,373 | 32,623 |
87,646 | 90,560 | |
Equity of the Government of Canada | ||
Contributed capital | 234,364 | 235,199 |
Retained earnings | 111,598 | 91,522 |
345,962 | 326,721 | |
433,608 | 417,281 |
Summarized statement of cash flows
for the year ended December 31, 2017
(in thousands of Canadian dollars)
2017 | 2016 | |
---|---|---|
Operating activities | ||
Net earnings | 23,109 | 23,522 |
Non-cash items | 22,795 | 18,300 |
45,904 | 41,822 | |
Net change in working capital | 4,131 | (5,044) |
Net cash from operating activities | 50,035 | 36,778 |
Investing activities |
||
Acquisition of fixed assets, net of grants | (62,020) | (86,942) |
Acquisition of investments | (23,600) | (63,000) |
Disposal of investments | 25,000 | 104,900 |
Interest received | 111 | 1,155 |
Net cash used in investing activities | (60,509) | (43,887) |
Financing activities |
||
Payments under finance lease contracts | (149) | (3,323) |
Deferred grants | (6,112) | 9,409 |
Long-term debt | 16,000 | - |
Net cash from financing activities | 9,739 | 6,086 |
Net change in cash |
(735) |
(1,023) |
Cash, beginning of year | 3,999 | 5,022 |
Cash, end of year | 3,264 | 3,999 |