Condensed financial results
Condensed financial results
(in thousands of Canadian dollars)
|
2018 |
2017 |
Revenue from operations |
123,684 |
112,677 |
Expenses |
95,559 |
90,351 |
Operating earnings |
28,125 |
22,326 |
Investment income |
572 |
783 |
Net earnings |
28,697 |
23,109 |
Statement of earnings
for the year ended December 31, 2018
(in thousands of Canadian dollars)
|
2018 |
2017 |
Revenue from operations |
123,684 |
112,677 |
Expenses |
|
|
Salaries and benefits |
36,319 |
35,751 |
Maintenance and repairs |
12,064 |
10,621 |
Professional services |
4,608 |
4,394 |
Payments in lieu of property taxes |
2,589 |
2,519 |
Other expenses |
10,021 |
8,941 |
Gross revenue expenses |
4,496 |
4,259 |
Amortization of fixed assets |
25,462 |
23,866 |
|
95,559 |
90,351 |
Operating earnings before the following items |
28,125 |
22,326 |
Investment income |
572 |
783 |
Net earnings |
28,697 |
23,109 |
Statement of comprehensive income
for the year ended December 31, 2018
(in thousands of Canadian dollars)
|
2018 |
2017 |
Net earnings |
28,697 |
23,109 |
Other comprehensive income |
|
|
Items that will not be reclassified subsequently to net earnings: |
|
|
Remeasurement of defined benefit obligation |
(592) |
(3,033) |
Total comprehensive income |
28,105 |
20,076 |
Statements of changes in the equity of the government of Canada
for the year ended December 31, 2018
(in thousands of Canadian dollars)
|
2018 |
2017 |
|
Contributed capital |
Retained earnings |
Total equity |
Total equity |
Balance, beginning of year |
234,364 |
111,598 |
345,962 |
326,721 |
Du Havre sector retrocession |
(6) |
- |
(6) |
(835) |
Net earnings |
- |
28,697 |
28,697 |
23,109 |
Other comprehensive income |
|
|
|
|
Actuarial gains (losses) |
- |
(592) |
(592) |
(3,033) |
Total comprehensive income |
(6) |
28,105 |
28,099 |
19,241 |
Balance, end of year |
234,358 |
139,703 |
374,061 |
345,962 |
Summarized statements of financial position
for the year ended December 31, 2018
(in thousands of Canadian dollars)
|
2018 |
2017 |
Assets |
|
|
Current |
72,771 |
55,872 |
Grants receivable and others |
17,373 |
16,436 |
Fixed assets |
366,791 |
361,300 |
|
456,935 |
433,608 |
Liabilities |
|
|
Current |
29,654 |
33,594 |
Asset retirement obligations |
604 |
1,230 |
Obligation under finance lease contracts |
273 |
382 |
Deferred grants |
2,242 |
2,468 |
Long-term debt |
13,158 |
14,599 |
Employee benefit obligation |
36,943 |
35,373 |
|
82,874 |
87,646 |
Equity of the Government of Canada |
|
|
Contributed capital |
234,358 |
234,364 |
Retained earnings |
139,703 |
111,598 |
|
374,061 |
345,962 |
|
456,935 |
433,608 |
Summarized statement of cash flows
for the year ended December 31, 2018
(in thousands of Canadian dollars)
|
2018 |
2017 |
Operating activities |
|
|
Net earnings |
28,697 |
23,109 |
Non-cash items |
25,886 |
22,820 |
|
54,583 |
45,929 |
Net change in working capital |
(864) |
4,131 |
Net cash from operating activities |
53,719 |
50,060 |
|
|
|
Investing activities |
|
|
Acquisition of fixed assets, net of grants |
(32,532) |
(62,020) |
Cession d’immobilisations |
6 |
- |
Acquisition of investments |
(56,000) |
(23,600) |
Disposal of investments |
36,600 |
25,000 |
Interest received |
1,152 |
111 |
Net cash used in investing activities |
(50,774) |
(60,509) |
|
|
|
Financing activities |
|
|
Payments under finance lease contracts |
(104) |
(149) |
Deferred grants |
- |
(6,112) |
Long-term debt |
(1,401) |
16,000 |
Intérêts payés |
(490) |
(25) |
Net cash from financing activities |
(1,995) |
9,714 |
Net change in cash |
950 |
(735) |
Cash, beginning of year |
3,264 |
3,999 |
Cash, end of year |
4,214 |
3,264 |