CAE Inc.
TSX : CAE
NYSE : CGT

CAE Inc.

May 14, 2008 08:19 ET

CAE reports fourth quarter and full-year results for fiscal year 2008

- Annual revenue increased 14% year over year to CDN$1.424 billion - Annual earnings from continuing operations increased 28% to CDN$164.8 million - Positive free cash flow CDN$173.4 million for the full year - Annual order intake reached CDN$1.666 billion for a total backlog of CDN$2.900 billion - Increasing quarterly dividend from $0.01 to $0.03 per share

MONTREAL, QUEBEC--(Marketwire - May 14, 2008) - (NYSE:CGT)(TSX:CAE) - CAE today reported financial results for the fourth quarter and fiscal year ended March 31, 2008. Earnings from continuing operations were $47.0 million ($0.19 per share) this quarter, compared to $35.1 million ($0.14 per share) in the fourth quarter of last year. Earnings from continuing operations for the year were $164.8 million ($0.65 per share) compared to $129.1 million ($0.51 per share) last year. All financial information is in Canadian dollars.



Summary of consolidated results

(millions,
except
operating
margins) FY2008 FY2007 Q4-2008 Q3-2008 Q2-2008 Q1-2008 Q4-2007
------------------------------ ---------------------------------- -------
Revenue $ 1,423.6 1,250.7 366.6 344.8 353.9 358.3 337.3

Earnings
before
interest
and income
taxes (EBIT)$ 251.5 189.4 69.7 61.7 62.1 58.0 53.3

As a % of
revenue % 17.7 15.1 19.0 17.9 17.5 16.2 15.8

Earnings
from
continuing
operations $ 164.8 129.1 47.0 40.1 39.0 38.7 35.1

Results from
discontinued
operations $ (12.1) (1.7) (11.4) (0.6) (0.1) - (0.8)

Net earnings $ 152.7 127.4 35.6 39.5 38.9 38.7 34.3

Backlog $ 2,899.9 2,774.6 2,899.9 2,710.7 2,513.3 2,599.5 2,774.6
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Consolidated revenue this quarter was $366.6 million compared to $337.3 million in the fourth quarter last year. Consolidated revenue for the year was $1.424 billion, compared to $1.251 billion in 2007.

Net earnings, including the impact of discontinued operations, were $35.6 million in the fourth quarter and $152.7 million for the year.

Fourth-quarter consolidated earnings before interest and taxes(1) (EBIT) were $69.7 million, or 19.0% of revenue. EBIT for the year was $251.5 million, or 17.7% of revenue compared with $193.1 million last year, or 15.4% of revenue excluding the effect of non-recurring items.

"All business segments contributed to our strong performance for the year," said Robert E. Brown, CAE's President and Chief Executive Officer. "We have experienced steady growth in revenue, earnings and new order activity in both the military and civil sectors. Our profit margin has improved overall despite the foreign exchange headwind. We continued to make investments in long term growth, while still finishing the year with strong positive free cash flow and a healthy balance sheet. Given our financial strength and balanced market position, we are increasingly confident about our future. We have flexibility to pursue our growth initiatives and at the same time, consider additional means to enhance shareholder value. The Board of Directors has decided to increase CAE's quarterly dividend to $0.03 per share."

Business segment highlights

During the fourth quarter, Training and Services/Civil selected Kuala Lumpur as the location for its Southeast Asian training hub and announced a partnership with AirAsia to develop an aviation centre of excellence. We also signed a contract with the government of India to provide pilot training in two national flight academies. We now have an average of 108 RSEUs (Revenue Simulator Equivalent Units) and we expect a 10% increase by the end of fiscal 2009.

CAE won orders for nine civil full-flight simulators (FFSs) during the fourth quarter, bringing the total number to 37. Since the start of the new fiscal year, we have announced five orders, and we currently expect to receive approximately 34 orders for the year as a whole. As we have done in the past, we intend to update this estimate as the year progresses. Over the year, we continued to lead the industry with the design of prototype simulators, including development of the first full-flight simulators for Embraer Phenom 100 and 300, Boeing 747-8, and China Aviation Industry Corporation I (AVIC I) Advanced Regional Jet 21 (ARJ21) aircraft. Our breakthrough product, the CAE 5000 Series FFS, was certified to Level D and customer training has commenced. In May, we renewed the collective agreement of our Montreal unionized employees for five years.

We were awarded a number of new military contracts this year that totalled $746.1million, an increase of $16 million from our year-end announcement. We enjoyed strong order growth in the U.S., and signed new contracts with the Australian Defence Forces and the German Armed Forces. The Government of Canada qualified a CAE-led team as the only team compliant for C-130J and CH-47 aircrew training capability that is expected to soon be required by Canada. We received orders to develop military prototype simulators for Alenia Aermacchi, Boeing and Korean Aerospace Industries. We also combined different acquisitions into Presagis, an industry-leading company specializing in COTS modelling and simulation software.



Civil segments

Training & Services/Civil (TS/C)

Financial results

(amounts in
millions,
except
operating
margins,
RSEU and
FFSs
deployed) FY2008 FY2007 Q4-2008 Q3-2008 Q2-2008 Q1-2008 Q4-2007
------------------------------ ---------------------------------- -------
Revenue $ 382.1 336.9 104.5 92.8 90.0 94.8 91.7

Segment
operating
income $ 73.5 64.3 23.8 15.5 14.6 19.6 21.3

Operating
margins % 19.2 19.1 22.8 16.7 16.2 20.7 23.2

Backlog $ 963.3 951.6 963.3 896.1 887.5 853.4 951.6

RSEU 108 99 110 109 106 105 101

FFSs deployed 124 114 124 123 119 117 114
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For the fourth quarter, revenue in the TS/C segment increased 14% over the same period last year as a result of strong demand in all of our training centres and the addition of nine Revenue Simulator Equivalent Units (RSEUs) to our training network. For the year, revenue grew by 13% to reach $382.1 million, despite the appreciation of the Canadian dollar.

Segment operating income was $23.8 million (22.8% of revenue) in the fourth quarter, compared to $15.5 million (16.7% of revenue) last quarter and $21.3 million (23.2% of revenue) in the fourth quarter last year. The year-over-year increase is due to a strong demand and performance across our training centres, a gain of $0.5 million from the disposal of one FFS and the appreciation of the Canadian dollar against the euro and the U.S. dollar. The segment operating income increased by $2.5 million over the same period last year despite one-time gains amounting to $2.4 million, recognized in the fourth quarter of last year.

For the year, segment operating income increased 14% to $73.5 million (19.2% of revenue), compared to $64.3 million (19.1% of revenue) last year.

New orders for the year totalled $452.5 million, and segment backlog reached $963.3 million at the end of the year. The book-to-sales ratio was 1.2x.



Simulation Products/Civil (SP/C)

Financial results

(amounts in
millions,
except
operating
margins) FY2008 FY2007 Q4-2008 Q3-2008 Q2-2008 Q1-2008 Q4-2007
------------------------------ ---------------------------------- -------
Revenue $ 435.3 348.1 106.5 103.5 112.3 113.0 97.6

Segment
operating
income $ 94.9 60.4 23.8 25.2 26.2 19.7 15.3

Operating
margins % 21.8 17.4 22.3 24.3 23.3 17.4 15.7

Backlog $ 381.8 352.8 381.8 388.7 373.3 413.3 352.8
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Revenue in the SP/C segment was $106.5 million during the fourth quarter, up by 9% over the same period last year. Revenue for the year reached $435.3 million, an increase of 25% over the prior year. The benefits from the higher level of activity during the year were partially offset by the appreciation of the Canadian dollar.

Segment operating income was $23.8 million (22.3% of revenue) in the fourth quarter, up by 56% over the same period last year. The increase is the result of higher volume, improved program execution and lower costs.

For the year, segment operating income increased 57% to $94.9 million (21.8% of revenue), which reflects positive sustained cost performance and strong volume.

During the year, we received orders for 37 civil FFSs. Orders for the year totalled $466.9 million, and segment backlog reached $381.8 million at the end of the year.

Military segments

Combined revenue in the fourth quarter for the Military business as a whole was $155.6 million and combined operating income was $22.1 million, resulting in an operating margin of 14.2%.

Combined revenue for the year was $606.2 million and combined operating income was $83.1 million, resulting in an operating margin of 13.7%.

Combined new orders totaled $746.1 million, up 25% compared to $595.8 million booked in fiscal 2007. For the year, the book-to-sales ratio was 1.2x.

Military results in the fourth quarter were impacted by the negotiation of a customer's contract change order, which included the alignment of the contract currency with the customer's currency. The resulting gain was partially offset by charges that we incurred by cost reduction initiatives through the reorganization of our military operations. Overall, these two events resulted in a net $3 million gain.



Simulation Products/Military (SP/M)

Financial results

(amounts in
millions,
except
operating
margins) FY2008 FY2007 Q4-2008 Q3-2008 Q2-2008 Q1-2008 Q4-2007
------------------------------ ---------------------------------- -------
Revenue $ 383.7 357.5 101.5 89.6 97.1 95.5 92.2

Segment
operating
income $ 51.7 39.1 14.5 11.5 13.4 12.3 9.5

Operating
margins % 13.5 10.9 14.3 12.8 13.8 12.9 10.3

Backlog $ 765.1 635.8 765.1 704.4 535.3 560.5 635.8
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Revenue in the SP/M segment was $101.5 million for the fourth quarter, up by 10% over the same period last year. Higher activity on some European programs and the depreciation of the Canadian dollar during the comparable quarter contributed to this increase. Revenue was $383.7 million for the year. The 7% increase over fiscal 2007 stems mainly from higher activity in the U.S., which was partially offset by a stronger Canadian dollar for the year as a whole.

Segment operating income this quarter was $14.5 million (14.3% of revenue), up 53% year over year. This increase is partially due to a gain on a customer's contract change order, which was partially offset by charges arising from the reorganization of our global military operations.

Segment operating income for the year was $51.7 million (13.5% of revenue), up 32% year over year. Increased activity in the U.S., lower expenditures and a favourable program mix all contributed to the improved performance.

New orders for the year totalled $530.0 million and segment backlog reached $765.1 million at the end of the year, for a book-to-sales ratio of 1.4x.



Training & Services/Military (TS/M)

Financial results

(amounts in
millions,
except
operating
margins) FY2008 FY2007 Q4-2008 Q3-2008 Q2-2008 Q1-2008 Q4-2007
------------------------------ ---------------------------------- -------
Revenue $ 222.5 208.2 54.1 58.9 54.5 55.0 55.8

Segment
operating
income $ 31.4 33.7 7.6 9.5 7.9 6.4 6.1

Operating
margins % 14.1 16.2 14.0 16.1 14.5 11.6 10.9

Backlog $ 789.7 834.4 789.7 721.5 717.2 772.3 834.4
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Revenue in the TS/M segment was $54.1 million for the fourth quarter, down by 3% over the same period last year. The decrease is mainly due to the stronger Canadian dollar, partially offset by higher training and service activities in the U.S.

Revenue for the year in the TS/M segment was $222.5 million, up by 7% over last year.

Segment operating income was $7.6 million this quarter, up 25% from the same period last year. Segment operating income was impacted by charges from the reorganization of our global military operations.

Segment operating income for the year was $31.4 million, down from $33.7 million last year. The decrease is mainly the result of a release of claims payment related to AVTS during the first quarter of fiscal 2007. Excluding this item, segment operating income would have been $2.1 million higher than last year.

New orders this year totalled $216.1 million and segment backlog reached $789.7 million at the end of the year. The book-to-sales ratio was 1.0x.

Cash flow and financial position

This year we generated $260.9 million of net cash provided by continuing operations. We invested $189.5 million in capital expenditures, and received $137.7 million in non-recourse financing. As a result, we generated free cash flow(2) of $173.4 million.

Net debt(3) was $124.1 million at March 31, 2008, a reduction of $8.9 million from last year.

CAE will pay an increased dividend of $0.03 per share on June 30, 2008 to shareholders of record at the close of business on June 13, 2008.

Additional consolidated financial results

Discontinued operations

We realized a net loss of $12.1 million this year from discontinued operations: we wrote off a balance receivable of $10.0 million ($8.5 million net of tax recovery) related to the disposal of the sawmill division of CAE's discontinued Forestry Systems unit. The sale of these assets was concluded during fiscal year 2003. The dispute for further payment was in arbitration. The arbitration ceased mid-way in April 2008 when the buyer was the subject of a petition for receivership and was understood to be insolvent. We incurred an additional loss of $2.2 million (net of tax recovery) from discontinued operations related to the divestiture of a non-core telecommunications operation in Germany.

Backlog

The consolidated backlog was $2.900 billion at the end of this year, compared to $2.775 billion at the end of last year. New orders of $1.666 billion were added to backlog, offset by $1.424 billion in revenue generated from backlog and a decrease of $117 million as a result of foreign exchange movements.

Capital expenditures

Capital expenditures for the year were $189.5 million and we expect that total capital expenditures will be at a similar level in fiscal 2009.

Income taxes

Income taxes were $69.2 million this year, representing an effective tax rate of 30%. We expect the effective income tax rate for fiscal 2009 to remain approximately 30%.

You will find a more detailed discussion of our results by segment in the Management's Discussion and Analysis (MD&A) as well as in our consolidated financial statements which are posted on our website at www.cae.com/Q4FY08.

Conference call

CAE will host a conference call today at 1:00 p.m. EST for analysts, institutional investors and the media. North American participants can listen to the conference by dialing +1-866-540-8136 or +1-514-868-1042. Overseas participants can dial +800-6578-9868 or +1-514-868-1042. The conference call will also be audio Webcast live for the public at www.cae.com.

CAE is a world leader in providing simulation and modelling technologies and integrated training solutions for the civil aviation industry and defence forces around the globe. With annual revenues exceeding C$1 billion, CAE employs approximately 6,000 people at more than 75 sites and training locations in 20 countries. We have the largest installed base of civil and military full-flight simulators and training devices. More than 75,000 crewmembers train yearly in our global network of 27 civil aviation and military training centres. We also offer modelling and simulation software to various market segments and through CAE's professional services division, we assist customers with a wide range of simulation-based needs.

Certain statements made in this news release, including, but not limited to, statements that are not historical facts, are forward-looking and are subject to important risks, uncertainties and assumptions. The results or events predicted in these forward-looking statements may differ materially from actual results or events. These statements do not reflect the potential impact of any non-recurring or other special items or events that are announced or completed after the date of this news release, including mergers, acquisitions, or other business combinations and divestitures.

You will find more information about the risks and uncertainties associated with our business in the MD&A section of our annual report and annual information form for the year ended March 31, 2007. These documents have been filed with the Canadian securities commissions and are available on our website (www.cae.com), on SEDAR (www.sedar.com) and a free copy is available upon request to CAE. They have also been filed with the U.S. Securities and Exchange Commission under Form 40-F and are available on EDGAR (www.sec.gov). You will also find on our web site the English MD&A for the fiscal year 2008.The forward-looking statements contained in this news release represent our expectations as of May 14, 2008 and, accordingly, are subject to change after this date.

We do not update or revise forward-looking information even if new information becomes available unless legislation requires us to do so. You should not place undue reliance on forward-looking statements.

Notes

(1) Earnings before interest and taxes (EBIT) is a non-GAAP measure that shows us how we have performed before the effects of certain financing decisions and tax structures. We track EBIT because we believe it makes it easier to compare our performance with previous periods, and with companies and industries that do not have the same capital structure or tax laws.

(2) Free cash flow is a non-GAAP measure that tells us how much cash we have available to build the business, repay debt and meet ongoing financial obligations. We use it as an indicator of our financial strength and liquidity. We calculate it by taking the net cash generated by our continuing operating activities, subtracting all capital expenditures (including growth capital expenditures and capitalized costs) and dividends paid, and then adding the proceeds from sale and leaseback arrangements and other asset-specific financing (including non-recourse debt). Dividends are deducted in the calculation of free cash flow because we consider them an obligation, like interest on debt, which means that amount is not available for other uses.

(3) Net debt is a non-GAAP measure we use to monitor how much debt we have after taking into account liquid assets such as cash and cash equivalents. We use it as an indicator of our overall financial position, and calculate it by taking our total long-term debt (debt that matures in more than one year), including the current portion, and subtracting cash and cash equivalents.



Consolidated Balance Sheets

(Unaudited)
As at March 31
(amounts in millions of Canadian dollars) 2008 2007
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Assets
Current assets
Cash and cash equivalents $255.7 $150.2
Accounts receivable 255.0 219.8
Inventories 229.9 203.8
Prepaid expenses 32.7 23.5
Income taxes recoverable 39.0 24.7
Future income taxes 14.1 3.7
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826.4 625.7
Property, plant and equipment, net 1,046.8 986.6
Future income taxes 64.3 81.5
Intangible assets 62.0 36.0
Goodwill 115.5 96.9
Other assets 138.2 129.5
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$2,253.2 $1,956.2
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Liabilities and Shareholders' Equity
Current liabilities
Accounts payable and
accrued liabilities $482.7 $403.9
Deposits on contracts 209.3 184.8
Current portion of long-term debt 27.3 27.2
Future income taxes 16.8 4.9
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736.1 620.8
Long-term debt 352.5 256.0
Deferred gains and other long-term liabilities 184.9 232.7
Future income taxes 31.2 16.8
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1,304.7 1,126.3
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Shareholders' Equity
Capital stock 418.9 401.7
Contributed surplus 8.3 5.7
Retained earnings 644.5 510.2
Accumulated other comprehensive loss (123.2) (87.7)
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948.5 829.9
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$2,253.2 $1,956.2
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Consolidated Statements of Earnings

(Unaudited)
(amounts in millions of Three months ended Twelve months ended
Canadian dollars, March 31 March 31
except per share amounts) 2008 2007 2008 2007
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Revenue $366.6 $337.3 $1,423.6 $1,250.7
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Earnings before interest
and income taxes $69.7 $53.3 $251.5 $189.4

Interest expense, net 4.7 3.5 17.5 10.6
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Earnings before income taxes $65.0 $49.8 $234.0 $178.8

Income tax expense 18.0 14.7 69.2 49.7
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Earnings from
continuing operations $47.0 $35.1 $164.8 $129.1

Results of
discontinued operations (11.4) (0.8) (12.1) (1.7)
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Net earnings $35.6 $34.3 $152.7 $127.4
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Basic earnings per share from
continuing operations $0.19 $0.14 $0.65 $0.51
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Diluted earnings per share
from continuing operations $0.18 $0.14 $0.65 $0.51
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Basic earnings per share $0.14 $0.14 $0.60 $0.51
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Diluted earnings per share $0.14 $0.14 $0.60 $0.50
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Weighted average number of
shares outstanding (basic) 253.9 251.4 253.4 251.1
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Weighted average number of
shares outstanding (diluted) 254.9 253.7 254.6 253.0
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Consolidated Statements of Retained Earnings

(Unaudited) Three months ended Twelve months ended
(amounts in millions of March 31 March 31
Canadian dollars) 2008 2007 2008 2007
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Retained earnings at
beginning of period $611.4 $478.4 $510.2 $392.8

Transition adjustments -
Financial instruments - - (8.3) -

Net earnings 35.6 34.3 152.7 127.4

Dividends (2.5) (2.5) (10.1) (10.0)
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Retained earnings
at end of period $644.5 $510.2 $644.5 $510.2
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Consolidated Statements of Comprehensive Income

(Unaudited) Three months ended Twelve months ended
(amounts in millions of March 31 March 31
Canadian dollars) 2008 2007 2008 2007
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Net earnings $35.6 $34.3 $152.7 $127.4
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Other comprehensive (loss)
income, net of income taxes:

Foreign Currency
Translation Adjustment
Net foreign exchange
gains (losses) on
translation of financial
statements of self-
sustaining foreign
operations 63.7 (3.0) (50.2) 26.1

Net change in (losses)
gains on certain long-term
debt denominated in
foreign currency and
designated as hedges on
net investments of
self-sustaining foreign
operations (1.3) 1.3 15.7 1.5

Income tax adjustment (1.2) - (0.6) (0.1)
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61.2 (1.7) (35.1) 27.5
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Net Changes in Cash
Flow Hedge
Net change in (losses)
gains on derivative
items designated as
hedges of cash flows (14.1) - 29.7 -

Reclassifications to
income or to the related
non-financial assets or
liabilities (6.3) - (25.2) -

Income tax adjustment 6.6 - (1.4) -
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(13.8) - 3.1 -
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Total other comprehensive
income (loss) 47.4 (1.7) (32.0) 27.5
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Comprehensive income $83.0 $32.6 $120.7 $154.9
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Consolidated Statements of Cash Flows

(Unaudited) Three months ended Twelve months ended
(amounts in millions of March 31 March 31
Canadian dollars) 2008 2007 2008 2007
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Operating activities
Net earnings $35.6 $34.3 $152.7 $127.4
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Results of discontinued
operations 11.4 0.8 12.1 1.7
Earnings from continuing
operations 47.0 35.1 164.8 129.1
Adjustments to reconcile
earnings to cash flows from
operating activities:
Depreciation 15.1 14.6 60.6 55.0
Financing cost amortization 0.2 0.2 0.8 0.8
Amortization and write down
of intangible and
other assets 4.2 5.2 16.9 15.8
Future income taxes (3.7) (25.6) 26.4 (14.2)
Investment tax credits 5.6 13.8 15.4 19.3
Stock-based
compensation plans (1.1) 10.2 (0.8) 24.6
Employee future
benefits, net 0.4 (0.4) 0.1 (0.9)
Other (10.0) (7.6) (7.6) (10.4)
Changes in non-cash
working capital 73.2 46.7 (15.7) 20.2
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Net cash provided by
operating activities 130.9 92.2 260.9 239.3
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Investing activities
Business acquisitions (net
of cash and cash equivalents
acquired) (1.1) 0.5 (41.8) (4.4)
Proceeds from disposal of
discontinued operations
(net of cash and cash
equivalents disposed) - 2.8 - (3.8)
Capital expenditures (48.3) (33.8) (189.5) (158.1)
Deferred development costs (2.6) (2.7) (16.5) (3.0)
Deferred pre-operating costs (3.0) (3.2) (3.9) (5.9)
Other (1.2) (5.5) (5.5) (2.9)
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Net cash used in
investing activities (56.2) (41.9) (257.2) (178.1)
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Financing activities
Net borrowing under revolving
unsecured credit facilities (30.0) - - (0.6)
Proceeds from long-term debt,
net of transaction costs
and debt basis adjustment 16.0 13.3 141.1 45.8
Reimbursement of
long-term debt (16.5) (28.6) (37.4) (39.8)
Dividends paid (2.4) (2.5) (9.8) (9.8)
Common stock issuance 0.2 6.4 13.9 10.0
Other (0.1) (1.1) (5.9) (2.1)
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Net cash (used in) provided
by financing activities (32.8) (12.5) 101.9 3.5
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Effect of foreign exchange
rate changes on cash and
cash equivalents 12.8 (0.5) (0.1) 4.4
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Net increase in cash
and cash equivalents 54.7 37.3 105.5 69.1
Cash and cash equivalents
at beginning of period 201.0 112.9 150.2 81.1
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Cash and cash equivalents
at end of period $255.7 $150.2 $255.7 $150.2
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Contact Information

  • Media contact:
    CAE
    Nathalie Bourque
    Vice President, Public Affairs and Global Communications
    514-734-5788
    nathalie.bourque@cae.com

    Investor relations:
    CAE
    Andrew Arnovitz
    Vice President, Investor Relations and Strategy
    514-734-5760
    andrew.arnovitz@cae.com