Condensed Financial Statements

Statements of earnings
Year ended december 31, 2016

(in thousands of Canadian dollars)
  2016 2015
Revenue from operations 106,701 102,637
     
Expenses    
Salaries and benefits 34,243 34,596
Maintenance and repairs 10,367 9,857
Professional services 3,910 3,529
Payments in lieu of property taxes 2,840 2,424
Other expenses 7,380 6,699
Gross revenue expenses 4,152 4,073
Amortization of fixed assets 21,187 22,125
  84,079 83,303
     
Operating earnings before the following items 22,622 19,334
Investment income 900 1,140
Modifications of past service costs of other employee benefit plans - 21,808
Net earnings 23,522 42,282

 

Statement of comprehensive income
Year ended december 31, 2016

(in thousands of Canadian dollars)
  2016 2015
Net earnings 23,522 42,282
     
Other comprehensive income    
Items that will not be reclassified subsequently to net earnings    
Remeasurement of defined benefit obligation 149 (2,487)
Total comprehensive income 23,671 39,795

 

Statements of changes in the equity of the Government of Canada
Year ended december 31, 2016

(in thousands of Canadian dollars)
  2016 2015
  Contributed
capital
Retained
earnings
Total
equity
Total
equity
Balance, beginning of year 235,199 67,851 303,050  263,255
Net earnings of the year - 23,522 23,522 42,282
         
Other comprehensive income        
Remeasurement of defined benefit obligation - 149 149 (2,487)
Total comprehensive income of the year - 23,671 23,671 39,795
Balance, end of year 235,199 91,522 326,721 303,050

 

Summarized statements of cash flows
Year ended december 31, 2016

(in thousands of Canadian dollars)
  2016 2015
     
Operating activities    
Net earnings 23,522 42,282
Non-cash items 18,300 (3,122)
  41,822 39,160
     
Net change in working capital (5,044) (1,587)
Expenses payable - (135)
Net cash from operating activities 36,778 37,438
     
Investing activities    
Acquisition of fixed assets net of government grant (86,942) (34,581)
Acquisition of investments (63,000) (56,900)
Disposal of investments 104,900 20,000
Interest received 1,155 1,054
Net cash used in investing activities (43,887) (70,427)
     
Financing activities    
Payments under finance lease contracts (3,323) (359)
Grants received in advance 9,409 -
Net cash from (used) in financing activities 6,086 (359)
     
Net change in cash (1,023) (33,348)
Cash, beginning of year 5,022 38,370
Cash, end of year 3,999 5,022

 

Summarized statements of financial position
December 31, 2016

(in thousands of Canadian dollars)
  2016 2015
     
Assets    
Current 68,749 92,705
Grants receivable and others 8,902 133
Fixed assets 339,630 282,586
  417,281 375,424
     
Liabilities    
Current 53,750 36,327
Asset retirement obligations 1,230 692
Obligation under finance lease contracts 489 577
Grants received in advance 2,468 -
Employee benefit obligation 32,623 34,778
  90,560 72,374
     
Equity of the Government of Canada    
Contributed capital 235,199 235,199
Retained earnings 91,522 67,851
  326,721 303,050
  417,281  375,424

 

The financial statements have been prepared in conformity with International Financial Reporting Standards (IFRS). The complete version of the audited financial statements is available upon request.

Anik Trudel
Anik Trudel
Chair of the Board of Directors
Sylvie Vachon
Sylvie Vachon
President and Chief Executive Officer

 

February 23, 2017
Montreal, Quebec  Canada