Quarters ended July 31 |
Nine-month periods ended July 31 |
|||||||
(in thousands of Canadian dollars, |
2015 |
2014 |
Difference |
Difference |
2015 |
2014 |
Difference |
Difference |
except per share amounts) |
$ |
$ |
$ |
% |
$ |
$ |
$ |
% |
Consolidated Statements of Income |
||||||||
Revenues |
920,123 |
941,702 |
(21,579) |
(2.3) |
2,727,202 |
2,907,544 |
(180,342) |
(6.2) |
Adjusted operating income(1) |
46,472 |
47,789 |
(1,317) |
(2.8) |
14,114 |
23,901 |
(9,787) |
(40.9) |
Net income (loss) attributable to shareholders |
13,067 |
25,820 |
(12,753) |
(49.4) |
(26,543) |
(7,732) |
(18,811) |
(243.3) |
Basic earnings (loss) per share |
0.34 |
0.67 |
(0.33) |
(49.3) |
(0.69) |
(0.20) |
(0.49) |
(245.0) |
Diluted earnings (loss) per share |
0.34 |
0.66 |
(0.32) |
(48.5) |
(0.69) |
(0.20) |
(0.49) |
(245.0) |
Adjusted net income (loss)(1) |
27,216 |
26,730 |
486 |
1.8 |
(11,854) |
(4,111) |
(7,743) |
(188.3) |
Adjusted net income (loss) per share(1) |
0.71 |
0.69 |
0.02 |
2.9 |
(0.31) |
(0.11) |
(0.20) |
(181.8) |
Consolidated Statements of Cash Flows |
||||||||
Operating activities |
83,468 |
111,641 |
(28,173) |
(25.2) |
257,762 |
275,594 |
(17,832) |
(6.5) |
Investing activities |
(5,126) |
(14,198) |
9,072 |
63.9 |
(43,130) |
(44,056) |
926 |
2.1 |
Financing activities |
(4,751) |
(637) |
(4,114) |
(645.8) |
(7,489) |
(81) |
(7,408) |
(9,145.7) |
Effect of exchange rate changes on cash and cash equivalents |
425 |
(4,288) |
4,713 |
109.9 |
(478) |
(203) |
(275) |
(135.5) |
Net change in cash and cash equivalents |
74,016 |
92,518 |
(18,502) |
(20.0) |
206,665 |
231,254 |
(24,589) |
(10.6) |
Quarters ended July 31 |
Nine-month periods ended July 31 |
|||||||
2015 |
2014 |
Difference |
Difference |
2015 |
2014 |
Difference |
Difference |
|
(in thousands of dollars) |
$ |
$ |
$ |
% |
$ |
$ |
$ |
% |
Costs of providing tourism services |
431,342 |
429,361 |
1,981 |
0.5 |
1,475,042 |
1,689,645 |
(214,603) |
(12.7) |
Aircraft fuel |
130,511 |
151,049 |
(20,538) |
(13.6) |
326,079 |
315,693 |
10,386 |
3.3 |
Salaries and employee benefits |
97,720 |
100,185 |
(2,465) |
(2.5) |
279,243 |
272,113 |
7,130 |
2.6 |
Commissions |
26,470 |
31,718 |
(5,248) |
(16.5) |
113,237 |
143,302 |
(30,065) |
(21.0) |
Aircraft maintenance |
37,897 |
32,553 |
5,344 |
16.4 |
109,695 |
87,308 |
22,387 |
25.6 |
Airport and navigation fees |
33,734 |
33,993 |
(259) |
(0.8) |
83,730 |
69,541 |
14,189 |
20.4 |
Aircraft rent |
24,702 |
23,350 |
1,352 |
5.8 |
72,553 |
62,373 |
10,180 |
16.3 |
Other |
92,840 |
92,695 |
145 |
0.2 |
259,375 |
248,597 |
10,778 |
4.3 |
Share of net income of an associate |
(1,565) |
(991) |
(574) |
57.9 |
(5,866) |
(4,929) |
(937) |
19.0 |
Amortization |
11,559 |
11,698 |
(139) |
(1.2) |
36,436 |
32,227 |
4,209 |
13.1 |
Restructuring charge |
- |
- |
- |
- |
- |
2,226 |
(2,226) |
(100.0) |
Total |
885,210 |
905,611 |
(20,401) |
(2.3) |
2,749,524 |
2,918,096 |
(168,572) |
(5.8) |
Americas |
Quarters ended July 31 |
Nine-month periods ended July 31 |
||||||
2015 |
2014 |
Difference |
Difference |
2015 |
2014 |
Difference |
Difference |
|
(in thousands of dollars) |
$ |
$ |
$ |
% |
$ |
$ |
$ |
% |
Revenues |
675,247 |
660,191 |
15,056 |
2.3 |
2,223,891 |
2,322,843 |
(98,952) |
(4.3) |
Operating expenses |
648,923 |
639,401 |
9,522 |
1.5 |
2,229,548 |
2,338,768 |
(109,220) |
(4.7) |
Operating income (loss) |
26,324 |
20,790 |
5,534 |
26.6 |
(5,657) |
(15,925) |
10,268 |
64.5 |
Operating income (loss) (%) |
3.9 |
3.1 |
0.7 |
23.8 |
(0.3) |
(0.7) |
0.4 |
62.9 |
Europe |
Quarters ended July 31 |
Nine-month periods ended July 31 |
||||||
2015 |
2014 |
Difference |
Difference |
2015 |
2014 |
Difference |
Difference |
|
(in thousands of dollars) |
$ |
$ |
$ |
% |
$ |
$ |
$ |
% |
Revenues |
244,876 |
281,511 |
(36,635) |
(13.0) |
503,311 |
584,701 |
(81,390) |
(13.9) |
Operating expenses |
236,287 |
266,210 |
(29,923) |
(11.2) |
519,976 |
579,328 |
(59,352) |
(10.2) |
Operating income (loss) |
8,589 |
15,301 |
(6,712) |
(43.9) |
(16,665) |
5,373 |
(22,038) |
(410.2) |
Operating income (loss) (%) |
3.5 |
5.4 |
(1.9) |
(35.5) |
(3.3) |
0.9 |
(4.2) |
(460.3) |
As at As at |
||
July 31, 2015 |
October 31, 2014 |
|
(in thousands of Canadian dollars) |
$ |
$ |
ASSETS |
||
Cash and cash equivalents |
515,552 |
308,887 |
Cash and cash equivalents in trust or otherwise reserved [note 5] |
266,700 |
340,704 |
Trade and other receivables |
145,899 |
123,489 |
Income taxes receivable |
15,565 |
3,329 |
Inventories |
9,350 |
10,434 |
Prepaid expenses |
75,049 |
74,932 |
Derivative financial instruments |
47,195 |
16,596 |
Current portion of deposits |
38,819 |
17,833 |
Current assets |
1,114,129 |
896,204 |
Cash and cash equivalents reserved [note 5] |
44,900 |
39,480 |
Deposits |
29,831 |
26,099 |
Income taxes receivable |
15,850 |
- |
Deferred tax assets |
38,774 |
30,051 |
Property, plant and equipment |
133,224 |
128,560 |
Goodwill |
99,563 |
95,601 |
Intangible assets |
77,259 |
72,769 |
Derivative financial instruments |
1,329 |
- |
Investment in an associate [note 6] |
96,453 |
83,949 |
Other assets |
1,158 |
2,317 |
Non-current assets |
538,341 |
478,826 |
1,652,470 |
1,375,030 |
|
LIABILITIES |
||
Trade and other payables |
466,644 |
338,633 |
Current portion of provision for overhaul of leased aircraft |
21,949 |
10,674 |
Income taxes payable |
6,383 |
1,721 |
Customer deposits and deferred revenues |
527,868 |
424,468 |
Derivative financial instruments |
48,920 |
24,679 |
Current liabilities |
1,071,764 |
800,175 |
Provision for overhaul of leased aircraft [note 8] |
28,627 |
25,638 |
Other liabilities [note 10] |
51,525 |
53,926 |
Derivative financial instruments |
473 |
- |
Deferred tax liabilities |
12,380 |
12,345 |
Non-current liabilities |
93,005 |
91,909 |
EQUITY |
||
Share capital [note 11] |
221,297 |
224,679 |
Share-based payment reserve |
16,779 |
15,444 |
Retained earnings |
200,382 |
227,872 |
Unrealized gain on cash flow hedges |
25,384 |
11,712 |
Cumulative exchange differences |
23,859 |
3,239 |
487,701 |
482,946 |
|
1,652,470 |
1,375,030 |
Quarters ended July 31 |
Nine-month periods ended July 31 |
|||
2015 |
2014 |
2015 |
2014 |
|
(in thousands of Canadian dollars, except per share amounts) |
$ |
$ |
$ |
$ |
Revenues |
920,123 |
941,702 |
2,727,202 |
2,907,544 |
Operating expenses |
||||
Costs of providing tourism services |
431,342 |
429,361 |
1,475,042 |
1,689,645 |
Aircraft fuel |
130,511 |
151,049 |
326,079 |
315,693 |
Salaries and employee benefits |
97,720 |
100,185 |
279,243 |
272,113 |
Commissions |
26,470 |
31,718 |
113,237 |
143,302 |
Aircraft maintenance |
37,897 |
32,553 |
109,695 |
87,308 |
Aircraft rent |
24,702 |
23,350 |
72,553 |
62,373 |
Airport and navigation fees |
33,734 |
33,993 |
83,730 |
69,541 |
Other |
92,840 |
92,695 |
259,375 |
248,597 |
Share of net income of an associate |
(1,565) |
(991) |
(5,866) |
(4,929) |
Depreciation and amortization |
11,559 |
11,698 |
36,436 |
32,227 |
Restructuring |
- |
- |
- |
2,226 |
885,210 |
905,611 |
2,749,524 |
2,918,096 |
|
Operating results |
34,913 |
36,091 |
(22,322) |
(10,552) |
Financing costs |
546 |
550 |
1,561 |
1,491 |
Financing income |
(1,924) |
(2,019) |
(5,942) |
(6,079) |
Change in fair value of derivative financial instruments used for aircraft fuel purchases |
19,374 |
1,237 |
20,039 |
2,717 |
Foreign exchange gain on non-current monetary items |
(1,215) |
132 |
(2,328) |
(547) |
Income (loss) before income tax expense |
18,132 |
36,191 |
(35,652) |
(8,134) |
Income taxes (recovery) |
||||
Current |
11,633 |
10,128 |
1,047 |
1,562 |
Deferred |
(7,321) |
(233) |
(13,698) |
(4,526) |
4,312 |
9,895 |
(12,651) |
(2,964) |
|
Net income (loss) for the period |
13,820 |
26,296 |
(23,001) |
(5,170) |
Net income (loss) attributable to: |
||||
Shareholders |
13,067 |
25,820 |
(26,543) |
(7,732) |
Non-controlling interests |
753 |
476 |
3,542 |
2,562 |
13,820 |
26,296 |
(23,001) |
(5,170) |
|
Earnings (loss) per share [note 11] |
||||
Basic |
0.34 |
0.67 |
(0.69) |
(0.20) |
Diluted |
0.34 |
0.66 |
(0.69) |
(0.20) |
Unrealized |
||||||||
Share-based |
gain (loss) on |
Cumulative |
Non- |
|||||
payment |
Retained |
cash flow |
exchange |
controlling |
||||
Share capital |
reserve |
earnings |
hedges |
differences |
Total |
interests |
Total equity |
|
(in thousands of Canadian dollars) |
$ |
$ |
$ |
$ |
$ |
$ |
$ |
$ |
Balance as at October 31, 2013 |
221,706 |
15,391 |
206,835 |
2,380 |
(4,919) |
441,393 |
- |
441,393 |
Net income (loss) for the period |
- |
- |
(7,732) |
- |
- |
(7,732) |
2,562 |
(5,170) |
Other comprehensive income (loss) |
- |
- |
- |
(5,333) |
8,892 |
3,559 |
(331) |
3,228 |
Comprehensive income (loss) for the period |
- |
- |
(7,732) |
(5,333) |
8,892 |
(4,173) |
2,231 |
(1,942) |
Issued from treasury |
662 |
- |
- |
- |
- |
662 |
- |
662 |
Exercise of options |
1,909 |
(613) |
- |
- |
- |
1,296 |
- |
1,296 |
Share-based payment expense |
- |
1,395 |
- |
- |
- |
1,395 |
- |
1,395 |
Reclassification of non-controlling interest liabilities |
- |
- |
- |
- |
- |
- |
(2,562) |
(2,562) |
Reclassification of non-controlling interest exchange difference |
- |
- |
- |
- |
(331) |
(331) |
331 |
- |
2,571 |
782 |
- |
- |
(331) |
3,022 |
(2,231) |
791 |
|
Balance as at July 31, 2014 |
224,277 |
16,173 |
199,103 |
(2,953) |
3,642 |
440,242 |
- |
440,242 |
Net income (loss) for the period |
- |
- |
30,607 |
- |
- |
30,607 |
629 |
31,236 |
Other comprehensive income (loss) |
- |
- |
(2,519) |
14,665 |
(2,106) |
10,040 |
1,703 |
11,743 |
Comprehensive income (loss) for the period |
- |
- |
28,088 |
14,665 |
(2,106) |
40,647 |
2,332 |
42,979 |
Issued from treasury |
195 |
- |
- |
- |
- |
195 |
- |
195 |
Exercise of options |
207 |
(66) |
- |
- |
- |
141 |
- |
141 |
Share-based payment expense |
- |
(663) |
- |
- |
- |
(663) |
- |
(663) |
Dividends |
- |
- |
- |
- |
- |
- |
(2,782) |
(2,782) |
Other changes in non-controlling interest liabilities |
- |
- |
681 |
- |
- |
681 |
(681) |
- |
Reclassification of non-controlling interest liabilities |
- |
- |
- |
- |
- |
- |
2,834 |
2,834 |
Reclassification of non-controlling interest exchange difference |
- |
- |
- |
- |
1,703 |
1,703 |
(1,703) |
- |
402 |
(729) |
681 |
- |
1,703 |
2,057 |
(2,332) |
(275) |
|
Balance as at October 31, 2014 |
224,679 |
15,444 |
227,872 |
11,712 |
3,239 |
482,946 |
- |
482,946 |
Net income (loss) for the period |
- |
- |
(26,543) |
- |
- |
(26,543) |
3,542 |
(23,001) |
Other comprehensive income (loss) |
- |
- |
- |
13,672 |
21,988 |
35,660 |
(1,368) |
34,292 |
Comprehensive income (loss) for the period |
- |
- |
(26,543) |
13,672 |
21,988 |
9,117 |
2,174 |
11,291 |
Issued from treasury |
736 |
- |
- |
- |
- |
736 |
- |
736 |
Share-based payment expense |
- |
1,335 |
- |
- |
- |
1,335 |
- |
1,335 |
Repurchase of shares |
(4,118) |
- |
(947) |
- |
- |
(5,065) |
- |
(5,065) |
Dividends |
- |
- |
- |
- |
- |
- |
(3,160) |
(3,160) |
Reclassification of non-controlling interest liabilities |
- |
- |
- |
- |
- |
- |
4,528 |
4,528 |
Reclassification of non-controlling interest exchange difference |
- |
- |
- |
- |
(1,368) |
(1,368) |
1,368 |
- |
(3,382) |
1,335 |
(947) |
- |
(1,368) |
(4,362) |
2,736 |
(1,626) |
|
Balance as at July 31, 2015 |
221,297 |
16,779 |
200,382 |
25,384 |
23,859 |
487,701 |
4,910 |
492,611 |
Quarters ended July 31 |
Nine-month periods ended July 31 |
|||
2015 |
2014 |
2015 |
2014 |
|
(in thousands of Canadian dollars) |
$ |
$ |
$ |
$ |
OPERATING ACTIVITIES |
||||
Net income (loss) for the period |
13,820 |
26,296 |
(23,001) |
(5,170) |
Operating items not involving an outlay (receipt) of cash: |
||||
Depreciation and amortization |
11,559 |
11,698 |
36,436 |
32,227 |
Change in fair value of derivative financial instruments used for aircraft fuel purchases |
19,374 |
1,237 |
20,039 |
2,717 |
Foreign exchange gain on non-current monetary items |
(1,215) |
132 |
(2,328) |
(547) |
Share of net income of an associate |
(1,565) |
(991) |
(5,866) |
(4,929) |
Deferred taxes |
(7,321) |
(233) |
(13,698) |
(4,526) |
Employee benefits |
600 |
563 |
1,800 |
1,690 |
Share-based payment expense |
465 |
456 |
1,335 |
1,395 |
35,717 |
39,158 |
14,717 |
22,857 |
|
Net change in non-cash working capital balances related to operations |
43,787 |
70,966 |
244,610 |
235,601 |
Net change in other assets and liabilities related to operations |
(2,972) |
(2,840) |
(15,829) |
8,011 |
Net change in provision for overhaul of leased aircraft |
8,816 |
4,357 |
14,264 |
9,125 |
Cash flows related to operating activities |
85,348 |
111,641 |
257,762 |
275,594 |
INVESTING ACTIVITIES |
||||
Additions to property, plant and equipment and other intangible assets |
(13,712) |
(15,074) |
(44,416) |
(47,932) |
Increase in cash and cash equivalent reserved |
- |
876 |
(5,420) |
876 |
Proceeds from disposal of subsidiary |
- |
- |
- |
3,000 |
Dividend received from an associate |
6,706 |
- |
6,706 |
- |
Cash flows related to investing activities |
(7,006) |
(14,198) |
(43,130) |
(44,056) |
FINANCING ACTIVITIES |
||||
Proceeds from issuance of shares |
274 |
244 |
736 |
1,958 |
Repurchase of shares |
(3,832) |
- |
(5,065) |
- |
Dividends paid by a subsidiary to a non-controlling shareholder |
(1,193) |
(881) |
(3,160) |
(2,039) |
Cash flows related to financing activities |
(4,751) |
(637) |
(7,489) |
(81) |
Effect of exchange rate changes on cash and cash equivalents |
425 |
(4,288) |
(478) |
(203) |
Net change in cash and cash equivalents |
74,016 |
92,518 |
206,665 |
231,254 |
Cash and cash equivalents, beginning of period |
441,536 |
404,554 |
308,887 |
265,818 |
Cash and cash equivalents, end of period |
515,552 |
497,072 |
515,552 |
497,072 |
Supplementary information (as reported in operating activities) |
||||
Income taxes paid (recovered) |
(1,608) |
2,346 |
22,959 |
29,489 |
Interest paid |
116 |
126 |
238 |
385 |