Condensed Financial Results

Summary of financial results 
(in thousands of Canadian dollars)

  2017 2016
REVENUE FROM OPERATIONS 112,677 106,701
EXPENSES 90,351 84,026
Operating earnings before the following items 22,326 22,675
Investment income 783 847
NET EARNINGS 23,109 23,522

Statement of earnings
for the year ended December 31, 2017
(in thousands of Canadian dollars)

  2017 2016
Revenue from operations 112,677 106,701
Expenses    
Salaries and benefits 35,751 34,243
Maintenance and repairs 10,621 10,367
Professional services 4,394 3,910
Payments in lieu of property taxes 2,519 2,840
Other expenses 8,941 7,327
Gross revenue expenses 4,259 4,152
Amortization of fixed assets 23,866 21,187
  90,351 84,026
Operating earnings before the following items 22,326 22,675
Investment income 783 847
Net earnings 23,109 23,522

Statement of comprehensive income
for the year ended December 31, 2017
(in thousands of Canadian dollars)

  2017 2016
Net earnings 23,109 23,522
Other comprehensive income    
Items that will not be reclassified subsequently to net earnings    
Remeasurement of defined benefit obligation (3,033) 149
Total comprehensive income 20,076 23,671

Statements of changes in the equity of the
government of Canada
for the year ended December 31, 2017
(in thousands of Canadian dollars)

  2017 2016
  Contributed capital Retained earnings Total equity Total equity
Balance, beginning of year 235,199 91,522 326,721 303,050
Du Havre sector retrocession (835) - (835) -
Net earnings of the year - 23,109 23,109 23,522
Other comprehensive income        
Actuarial gains (losses) for the year - (3 033) (3 033) 149
Total comprehensive income of the year (835) 20,076 19,241 23,671
Balance, end of year 234,364 111,598 345,962 326,721

Summarized statements of financial position
for the year ended December 31, 2017
(in thousands of Canadian dollars)

  December 31
2017
December 31
2016
Assets    
Current 55,872 68,749
Grants receivable and others 16,436 8,902
Fixed assets 361,300 339,630
  433,608 417,281
Liabilities    
Current 33,594 53,750
Asset retirement obligations 1,230 1,230
Obligation under finance lease contracts 382 489
Deferred grants 2,468 2,468
Long-term debt 14,599 -
Employee benefit obligation 35,373 32,623
  87,646 90,560
Equity of the Government of Canada    
Contributed capital 234,364 235,199
Retained earnings 111,598 91,522
  345,962 326,721
  433,608 417,281

Summarized statement of cash flows
for the year ended December 31, 2017
(in thousands of Canadian dollars)

  2017 2016
Operating activities    
Net earnings 23,109 23,522
Non-cash items 22,795 18,300
  45,904 41,822
Net change in working capital 4,131 (5,044)
Net cash from operating activities 50,035 36,778

Investing activities
   
Acquisition of fixed assets, net of grants (62,020) (86,942)
Acquisition of investments (23,600) (63,000)
Disposal of investments 25,000 104,900
Interest received 111 1,155
Net cash used in investing activities (60,509) (43,887)

Financing activities
   
Payments under finance lease contracts (149) (3,323)
Deferred grants (6,112) 9,409
Long-term debt 16,000 -
Net cash from financing activities 9,739 6,086

Net change in cash

(735)

(1,023)
Cash, beginning of year 3,999 5,022
Cash, end of year 3,264 3,999