Summary of financial results
(in thousands of $)
| 2020 | 2019 | |
|---|---|---|
| Revenue from operations | 116,562 | 129,984 |
| Expenses | 99,939 | 99,283 |
| Operating earnings before the following items | 16,623 | 30,701 |
| Financial expenses | (1,063) | (535) |
| Investment income | 1,192 | 1,752 |
| Net earnings | 16,752 | 31,918 |
Statement of earnings
Year ended December 31, 2020
(in thousands of Canadians dollars)
| 2020 | 2019 | |
|---|---|---|
| Revenue from operation | 116,562 | 129,984 |
| Expenses | ||
| Salaries and benefits | 37,991 | 37,277 |
| Maintenance and repairs | 14,855 | 12,597 |
| Professional services | 5,435 | 5,370 |
| Payments in lieu of property taxes | 3,264 | 3,409 |
| Other expenses | 8,777 | 10,728 |
| Gross revenue expenses | 4,350 | 4,629 |
| Amortization of assets | 25,267 | 25,273 |
| 99,939 | 99,283 | |
| Operating earnings before the following items | 16,623 | 30,701 |
| Financial Expenses | (1,063) | (535) |
| Investment Income | 1,192 | 1,752 |
| Net earnings | 16,752 | 31,918 |
Statement of comprehensive income
Year ended December 31, 2020
(in thousands of Canadians dollars)
| 2020 | 2019 | |
|---|---|---|
| Net earnings | 16,752 | 31,918 |
| Other comprehensive income | ||
| Item that will not be reclassified subsequently to net earnings | ||
| Actuarial gains and losses for the year | (2,354) | 3,349 |
| Total comprehensive Income | 14,398 | 35,267 |
Statement of changes in the equity of the Government of Canada
Year ended December 31, 2020
(in thousands of Canadians dollars)
| 2020 | 2019 | |||
|---|---|---|---|---|
| Contributed capital | Retained earnings | Total equity | Total equity | |
| Balance, beginning of year | 234,117 | 174,970 | 409,087 | 374,061 |
| Du Havre sector retrocession | (35) | - | (35) | (241) |
| Net earnings | - | 16,752 | 16,752 | 31,918 |
| Other comprehensive income | ||||
| Actuarial gains and losses for the year | - | (2,354) | (2,354) | 3,349 |
| (35) | 14,398 | 14,363 | 35,026 | |
| Balance, end of year | 234,082 | 189,368 | 423,450 | 409,087 |
Statement of financial position
Year ended December 31, 2020
(in thousands of Canadians dollars)
2020 |
2019 |
|
|---|---|---|
| Assets | ||
| Current | 92,907 | 84,088 |
| Right-of-use assets | 4,950 | 3,527 |
| Grants receivable and deferred costs | 38,023 | 21,688 |
| Fixed assets | 541,359 | 461,420 |
| Defined benefit asset of pension plans | 11,411 | 9,772 |
| 688,650 | 580,495 | |
| Liabilities | ||
| Current | 44,716 | 34,729 |
| Revolving lines of credit | 40,000 | - |
| Grants collected in advance | - | 1,013 |
| Asset retirement obligations | 1,230 | 604 |
| Lease liabilities | 4,305 | 2,910 |
| Long-term debt | 30,147 | 11,674 |
| Defined benefit obligation of other plans | 46,911 | 43,384 |
| Deferred grants | 97,891 | 77,094 |
| 265,200 | 171,408 | |
| Equity of the Government of Canada | ||
| Contributed capital | 234,082 | 234,117 |
| Retained earnings | 189,368 | 174,970 |
| 423,450 | 409,087 | |
| 688,650 | 580,495 |
Statement of cash flows
Year ended December 31, 2020
(in thousands of Canadians dollars)
| 2020 | 2019 | |
|---|---|---|
| Operating activities | ||
| Net earnings | 16,752 | 31,918 |
| Non-cash items | 23,814 | 24,008 |
| 40,566 | 55,926 | |
| Change in non-cash operating working capital items | (2,005) | (1,401) |
| Net cash from operating activities | 38,561 | 54,525 |
| Investing activities | ||
| Acquisitions of fixed assets | (102,117) | (47,548) |
| Disposal of fixed assets | 27 | 52 |
| Acquisitions of investments | (116,500) | (49,500) |
| Disposal of investments | 119,500 | 43,000 |
| Interest received | 1,326 | 1,752 |
| Net cash used by investing activities | (97,764) | (52,244) |
| Financing activities | ||
| Receipt of deferred grants | 6,899 | 1,738 |
| Repayment of lease liabilities | (656) | (642) |
| Drawing under the revolving line of credit | 40,000 | - |
| Issuance of long-term debt | 20,000 | - |
| Repayment of long-term debt | (1,484) | (1,441) |
| Deferred financing costs | (638) | - |
| Interest paid | (1,027) | (560) |
| Net cash from (used by) financing activities | 63,094 | (905) |
| Net increase in cash | 3,891 | 1,376 |
| Cash, beginning of year | 5,590 | 4,214 |
| Cash, end of year | 9,481 | 5,590 |