Condensed financial results

Condensed financial results
(in thousands of Canadian dollars)

  2019 2018
Revenue from operations 129,984 123,684
Expenses 99,283 95,559
Operating earnings 30,701 28,125
Investment income 1,217 572
Net earnings 31,918 28,697
 

Statement of earnings
for the year ended December 31, 2019
(in thousands of Canadian dollars)

  2019 2018
Revenue from operations 129,984 123,684
Expenses    
Salaries and benefits 37,277 36,319
Maintenance and repairs 12,597 12,064
Professional services 5,370 4,608
Payments in lieu of property taxes 3,409 2,589
Other expenses 10,728 10,021
Gross revenue expenses 4,629 4,496
Amortization of fixed assets 25,273 25,462
  99,283 95,559
Operating earnings before the following items 30,701 28,125
Investment income 1,217 572
Net earnings 31,918 28,697
 

Statement of comprehensive income
for the year ended December 31, 2019
(in thousands of Canadian dollars)

  2019 2018
Net earnings 31,918 28,697
Other comprehensive income    
Items that will not be reclassified subsequently to net earnings:    
Remeasurement of defined benefit obligation 3,349 (592)
Total comprehensive income 35,267 28,105
 

Statements of changes in the equity of the government of Canada
for the year ended December 31, 2019
(in thousands of Canadian dollars)

  2019 2018
  Capital d'apport Bénéfices non répartis Total de l'avoir Total de l'avoir
Balance, beginning of year 234,358 139,703 374,061 345,962
Du Havre sector retrocession (241) - (241) (6)
Net earnings - 31,918 31,918 28,697
Other comprehensive income        
Actuarial gains (losses) - 3,349 3,349 (592)
Total comprehensive income (241) 35,267 35,026 28,099
Balance, end of year 234,117 174,970 409,087 374,061
 

Summarized statements of financial position
for the year ended December 31, 2019
(in thousands of Canadian dollars)

 
2019
2018
Assets    
Current 84,088 72,771
Grants receivable and others 3,527 -
Fixed assets 21,688 17,373
Immobilisations 461,420 439,863
  570,723 530,007
Liabilities    
Current 34,729 29,654
Grants received in advance 1,013 2,242
Obligations liées à la mise hors service d'immobilisations 604 604
Obligations under finance lease contracts - 273
Obligations locatives 2,910 -
Long-term debt 11,674 13,158
Employee benefit obligation 33,612 36,943
Deferred grants 77,094 73,072
  161,636 155,946
Equity of the Government of Canada    
Contributed capital 234,117 234,358
Retained earnings 174,970 139,703
  409,087 374,061
  570,723 530,007
 

Summarized statement of cash flows
for the year ended December 31, 2019
(in thousands of Canadian dollars)

  2019 2018
Operating activities    
Net earnings 31,918 28,697
Non-cash items 24,470 25,886
  56,388 54,583
Net change in working capital (1,401) (864)
Net cash from operating activities 54,987 53,719
     
Investing activities    
Acquisition of fixed assets, net of grants (47,548) (38,455)
Disposal of fixed assets 52 6
Acquisition of investments (49,500) (56,000)
Disposal of investments 43,000 36,600
Interest received 1,752 1,152
Net cash used in investing activities (52,244) (56,697)
     
Financing activities    
Obligations under finance lease contracts - (104)
Acquisition of deferred grants 1,738 5,923
Grants received in advance (462) -
Repayment of lease liabilities (642) -
Long-term debt (1,441) (1,401)
Interest paid (560) (490)
Net cash from financing activities (1,367) 3,928
Net change in cash 1,376 950
Cash, beginning of year 4,214 3,264
Cash, end of year 5,590 4,214