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