Summary of financial results
The following information is an overview of Montreal Port Authority financial results, prepared in accordance with International Financial Reporting Standards. The Montreal Port Authority maintains a strong credit rating of AA from Standard & Poor’s. On March 22, 2021, the Authority completed the issuance of $150M in unsecured debentures bearing interest at 3.24%, and whose principal is due upon maturity on March 22, 2051. The Canada Marine Act allows the MPA to borrow up to $420M and an additional $60M (temporary limit, linked to specific financing).
Summary of financial results
(in thousands of Canadians dollars)
| |
2021 |
2020 |
| Revenue from operation |
117,667 |
116,562 |
| Expenses |
104,098 |
99,939 |
| Operating earnings before the following items |
13,569 |
16,623 |
| Financial expenses |
(1,501) |
(1,063) |
| Investment income |
1,617 |
1,192 |
| Other Revenues |
6,067 |
- |
| Net earnings |
19,752 |
16,752 |
Statement of financial position
Year ended December 31, 2021
(in thousands of Canadians dollars)
| |
2021 |
2020 |
| Revenue from operation |
117,667 |
116,562 |
| Expenses |
|
|
| Salaries and benefits |
40,118 |
37,991 |
| Maintenance and repairs |
14,572 |
14,855 |
| Professional services |
6,259 |
5,435 |
| Payments in lieu of property taxes |
3,150 |
3,264 |
| Other expenses |
9,016 |
8,777 |
| Gross revenue expenses |
4,387 |
4,350 |
| Amortization of assets |
26,596 |
25,267 |
| |
104,098 |
99,939 |
| Operating earnings before the following items |
13,569 |
16,623 |
| Financial expenses |
(1,501) |
(1,063) |
| Investment income |
1,617 |
1,192 |
| Other revenues |
6,067 |
- |
| Net earnings |
19,752 |
16,752 |
Statement of comprehensive income
Year ended December 31, 2021
(in thousands of Canadians dollars)
| |
2021 |
2020 |
| Net earnings |
19,752 |
16,752 |
| Other comprehensive income |
|
|
| Item that will not be reclassified subsequently to net earnings: |
|
|
| Actuarial gains and losses for the year |
1,326 |
(2,354) |
| Total comprehensive income |
21,078 |
14,398 |
Statement of changes in the equity of the Government of Canada
Year ended December 31, 2021
(in thousands of Canadians dollars)
| |
2021 |
2020 |
| |
Contributed capital |
Retained earnings |
Total equity |
Total equity |
| Balance, beginning of year |
234,082 |
189,368 |
423,450 |
409,087 |
| Du Havre sector retrocession |
(8) |
- |
(8) |
(35) |
| Net earnings |
- |
19,752 |
19,752 |
16,752 |
| Other comprehensive income |
|
|
|
|
| Actuarial gains and losses for the year |
- |
1,326 |
1,326 |
(2,354) |
| Total comprehensive income for the year |
(8) |
21,078 |
21,070 |
14,363 |
| Balance, end of year |
234,074 |
210,446 |
444,520 |
423,450 |
Statement of financial position
Year ended December 31, 2021
(in thousands of Canadians dollars)
| |
2021 |
2020 |
| Assets |
|
|
| Current |
143,142 |
92,907 |
| Other receivables |
2,891 |
- |
| Right-of-use assets |
4,231 |
4,950 |
| Grants receivable and deferred costs |
42,106 |
38,023 |
| Fixed assets |
624,597 |
541,359 |
| Defined benefit asset of pension plans |
8,491 |
11,411 |
| |
825,458 |
688,650 |
| Liabilities |
|
|
| Current |
43,690 |
44,716 |
| Revolving lines of credit |
- |
40,000 |
| Asset retirement obligations |
1,230 |
1,230 |
| Lease liabilities |
3,640 |
4,305 |
| Long-term debt |
179,910 |
30,147 |
| Defined benefit obligation of other plans |
43,743 |
46,911 |
| Deferred grants |
108,725 |
97,891 |
| |
380,938 |
265,200 |
| Equity of the Government of Canada |
|
|
| Contributed capital |
234,074 |
234,082 |
| Retained earnings |
210,446 |
189,368 |
| |
444,520 |
423,450 |
| |
825,458 |
688,650 |
Statement of cash flows
Year ended December 31, 2021
(in thousands of Canadians dollars)
| |
2021 |
2020 |
| Operating activities |
|
|
| Net earnings |
19,752 |
16,752 |
| Non-cash items |
25,905 |
23,814 |
| |
45,657 |
40,566 |
| Change in non-cash operating working capital items |
(838) |
(2,005) |
| Net cash from operating activities |
44,819 |
38,561 |
| Investing activities |
|
|
| Acquisitions of fixed assets |
(111,324) |
(102,117) |
| Disposal of fixed assets |
- |
27 |
| Acquisitions of investments |
(50,000) |
(116,500) |
| Disposal of investments |
96,500 |
119,500 |
| Interest received |
1,251 |
1,326 |
| Net cash used by investing activities |
(63,573) |
(97,764) |
| Financing activities |
|
|
| Receipt of deferred grants |
9,871 |
6,899 |
| Repayment of lease liabilities |
(735) |
(656) |
| (Repayment) drawing under the revolving line of credit |
(40,000) |
40,000 |
| Issuance of long-term debt |
154,000 |
20,000 |
| Repayment of long-term debt |
(1,527) |
(1,484) |
| Deferred financing costs |
(1,409) |
(638) |
| Interest paid |
(4,038) |
(1,027) |
| Net cash from financing activities |
116,162 |
63,094 |
| Net increase in cash |
97,408 |
3,891 |
| Cash, beginning of year |
9,481 |
5,590 |
| Cash, end of year |
106,889 |
9,481 |
