(NYSE:CAE)(TSX:CAE) - CAE today reported financial results for the
second quarter ended September 30, 2012. Net income attributable to
equity holders was $36.5 million ($0.14 per share) this quarter,
compared to $38.4 million ($0.15 per share) last year. All
financial information is in Canadian dollars.
Excluding the $9.8 million pre-tax impact of restructuring,
integration and acquisition costs this quarter, net income
attributable to equity holders was $43.5 million ($0.17 per share).
In the second quarter last year, before acquisition and integration
charges of $8.4 million pre-tax, net income attributable to equity
holders was $41.1 million ($0.16 per share).
Also included in this quarter's financial results were other
non-recurring gains including $8.3 million pre-tax in foreign
exchange gains and a $5.0 million pre-tax gain on the expiry and
reversal of contingent liability related to a prior acquisition. Of
these amounts, $7.7 million is attributed to Military and $5.6
million to Civil.
Revenue for the quarter was $514.4 million, 19% higher than
$433.5 million last year.
"During the quarter, we recorded strong order bookings for
simulators in Civil and added more long-term recurring training
services in Military," said Marc Parent, CAE's President and Chief
Executive Officer. "However our results were impacted in Civil
training by a slower than usual summer and the ongoing integration
of Oxford. In Military, we have been restructuring our European
operations headquartered in Germany to adapt to lower demand, but
this has not kept pace with the drop in new orders in that country.
The resulting lower revenue and profit in that region during the
quarter negated otherwise good performance in the rest of the
business. In light of the clarity we now have about the magnitude
of the expected restructuring of the German armed forces, we are
undertaking additional restructuring estimated to cost $15 million
to right-size our operations for current and anticipated
contracts."
Looking forward, Parent added, "With very strong Military bid
activity by CAE currently underway, we remain confident in the
long-term growth and profitability of CAE's Military business. We
have signed several multi-year services contracts this year but
these translate to revenue over a longer period of time than
products sales. As a result of this, and our actions underway in
Europe, we now expect Military revenue to decline slightly this
year. We expect Military margins to begin recovering toward the
latter part of the year. In Civil, we are already experiencing a
stronger performance in training as we head into the second half of
the year and we expect this to continue. In civil products, with 19
simulator sales announced so far, we are tracking our expectation
for sales in the mid-30s."
Summary of consolidated results
(amounts in millions, except
for operating margins) Q2-2013 Q1-2013 Q4-2012 Q3-2012 Q2-2012
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Revenue $ 514.4 480.1 506.7 453.1 433.5
Operating profit(1) $ 66.9 44.8 88.7 77.5 63.9
As a % of revenue % 13.0 9.3 17.5 17.1 14.7
Net income $ 36.8 21.7 53.7 46.1 38.7
Net income attributable to
equity holders of the
Company $ 36.5 21.3 53.2 45.6 38.4
Backlog(2) $ 3,909.1 3,894.5 3,724.2 3,514.9 3,648.2
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Civil segments
Revenue for our combined Civil segments increased 36% in the
second quarter to $288.0 million compared to $211.7 million last
year. Second quarter operating income was $46.2 million (16.0% of
revenue) compared to $42.3 million (20.0% of revenue) last year.
This quarter's results include the recently acquired Oxford
Aviation Academy (Oxford), which is being integrated with CAE's
existing operations to realize significant ongoing cost and revenue
synergies.
Civil training results were seasonally lower than usual during
the summer months and were further impacted by some disruption from
our ongoing integration of Oxford with our existing operations.
Demand for products continued to be robust with 12 full-flight
simulator orders booked in the second quarter for customers mainly
in Asia. During the quarter, we also obtained training services
contracts expected to generate $179.3 million in future revenue.
These include a long term agreement with easyjet in Europe, making
CAE its preferred training supplier, and an exclusive multi-year
contract with an airline in South America.
We received $302.7 million in combined civil segment orders this
quarter representing a book-to-sales ratio of 1.05x. The ratio for
the trailing 12 months was 1.10x.
Training & Services/Civil (TS/C)
(amounts in millions except
operating margins, RSEU and
FFSs deployed) Q2-2013 Q1-2013 Q4-2012 Q3-2012 Q2-2012
----------------------------------------------------------------------------
Revenue $ 189.1 170.9 132.3 123.0 119.1
Segment operating income $ 27.3 33.3 30.3 28.8 27.6
Operating margins % 14.4 19.5 22.9 23.4 23.2
Backlog $ 1,360.9 1,400.0 1,183.4 1,102.8 1,125.4
RSEU 187 164 142 140 139
FFS deployed 218 216 171 170 165
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Simulation Products/Civil (SP/C)
(amounts in millions except
operating margins) Q2-2013 Q1-2013 Q4-2012 Q3-2012 Q2-2012
----------------------------------------------------------------------------
Revenue $ 98.9 80.3 83.1 80.7 92.6
Segment operating income $ 18.9 14.4 14.0 13.2 14.7
Operating margins % 19.1 17.9 16.8 16.4 15.9
Backlog $ 385.2 361.9 351.6 366.5 340.6
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Military segments
Revenue for our combined Military segments decreased 2% in the
second quarter to $198.1 million compared to $201.5 million last
year. Operating income was $28.3 million (14.3% of revenue) for the
quarter, compared to $30.2 million (15.0% of revenue) last
year.
We booked orders in our products segment during the quarter for
Middle-Eastern forces involving new simulators for the C295 and
C-130J transport aircrafts. We also received a range of upgrade
orders involving already installed simulators in the U.K. on C-130J
and Lynx helicopter platforms, and in the U.S. on the KC-135 tanker
aircraft simulators. In services, we received an order in Asia for
long-term training on helicopter and fixed-wing aircraft and in the
U.S., the Air Force exercised its option for a third year of
aircrew training under the KC-135 Aircrew Training Systems
program.
We received $258.9 million in combined military segment orders
this quarter, representing a book-to-sales ratio of 1.31x. The
ratio for the trailing 12 months was 1.07x.
Simulation Products/Military (SP/M)
(amounts in millions except
operating margins) Q2-2013 Q1-2013 Q4-2012 Q3-2012 Q2-2012
----------------------------------------------------------------------------
Revenue $ 130.8 135.4 195.6 152.4 136.0
Segment operating income $ 20.9 19.5 34.6 26.9 20.9
Operating margins % 16.0 14.4 17.7 17.7 15.4
Backlog $ 723.1 755.6 786.0 812.7 907.4
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Training & Services /Military (TS/M)
(amounts in millions except
operating margins) Q2-2013 Q1-2013 Q4-2012 Q3-2012 Q2-2012
----------------------------------------------------------------------------
Revenue $ 67.3 67.4 71.5 69.9 65.5
Segment operating income $ 7.4 8.9 11.0 10.0 9.3
Operating margins % 11.0 13.2 15.4 14.3 14.2
Backlog $ 1,439.9 1,377.0 1,403.2 1,232.9 1,274.8
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New Core Markets
Revenue in New Core Markets was $28.3 million for the quarter,
up 39% from $20.3 million last year. Operating income was $2.2
million for the quarter, compared to negative $8.6 million last
year.
We had continued success with the introduction of new products
and sales of existing lines.
In CAE Mining, we announced a strategic partnership with Devex,
a mining operations management technology company, which gives
additional breadth to our solutions portfolio and exclusive
distribution rights in a number of key markets globally. The market
continued to be receptive to our software solutions, with sales
during the quarter to major mining customers in South America,
South Africa and Australia.
In CAE Healthcare, we launched the new Caesar trauma patient
simulator and we prelaunched our new VIMEDIX Women's Health
ultrasound simulator. During the quarter, we sold our centre
management system to the U.S. Veterans Health Administration for
use in 159 centres throughout the U.S. and to the U.S. Air Force in
25 medical simulation centres around the world. Additionally, we
sold solutions within our range of simulator products and centre
management systems to universities and teaching hospitals in the
U.S., Canada, Australia and Russia.
New Core Markets (NCM)
(amounts in millions) Q2-2013 Q1-2013 Q4-2012 Q3-2012 Q2-2012
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Revenue $ 28.3 26.1 24.2 27.1 20.3
Segment operating income
(loss) $ 2.2 0.7 (1.2) (1.4) (8.6)
Operating margins % 7.8 2.7 - - -
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Additional financial highlights
Income taxes this quarter were $12.5 million representing an
effective tax rate of 25%, compared to 21% last year. The tax rate
was lower in the second quarter last year due to the recognition of
certain tax assets.
Free cash flow(3) was positive $17.7 million this quarter. The
increase from last quarter was mainly attributable to favourable
changes in non-cash working capital and more cash provided by
operating activities. The decrease from the second quarter of
fiscal 2012 was mainly attributable to unfavourable changes in
non-cash working capital, partially offset by more cash provided by
operating activities.
Capital expenditures totalled $44.0 million this quarter,
including $33.4 million in growth capital expenditures and $10.6
million for maintenance.
Net debt(4) was $994.8 million compared with $988.9 million as
at June 30, 2012.
CAE will pay a dividend of $0.05 per share effective December
31, 2012 to shareholders of record at the close of business on
December 14, 2012.
Additional information
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 interim financial statements which are
posted on our website at www.cae.com/Q2FY13. .
CAE's unaudited consolidated interim financial statements and
management's discussion and analysis for the quarter ended
September 30, 2012 have been filed with the Canadian securities
commissions and are available on our website (www.cae.com) and on
SEDAR (www.sedar.com). They have also been filed with the U.S.
Securities and Exchange Commission and are available on their
website (www.sec.gov).
Conference call Q2 FY2013
CAE will host a conference call focusing on fiscal year 2013
second quarter financial results today at 1:00 p.m. ET. The call is
intended for analysts, institutional investors and the media.
Participants can listen to the conference by dialling + 1 877 586
3392 or +1 416 981 9024. The conference call will also be audio
webcast live for the public at www.cae.com.
CAE is a global leader in modeling, simulation and training for
civil aviation and defence. The company employs approximately 8,000
people at more than 100 sites and training locations in
approximately 30 countries. CAE offers civil aviation, military,
and helicopter training services in more than 45 locations
worldwide and trains approximately 100,000 crewmembers yearly. In
addition, the CAE Oxford Aviation Academy offers training to
aspiring pilot cadets in 11 CAE-operated flight schools. CAE's
business is diversified, ranging from the sale of simulation
products to providing comprehensive services such as training and
aviation services, integrated enterprise solutions, in-service
support and crew sourcing. The company applies simulation expertise
and operational experience to help customers enhance safety,
improve efficiency, maintain readiness and solve challenging
problems. CAE is leveraging its simulation capabilities in new
markets such as healthcare and mining. www.cae.com
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,
2012. 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). The forward-looking statements contained in this
news release represent our expectations as of November 8, 2012 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. Operating profit is non-GAAP measure that shows us how we have performed
before the effects of certain financing decisions and tax structures. We
track operating profit 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. Backlog is a non-GAAP measure that represents the expected value of
orders we have received but have not yet executed.
3. Free cash flow is a non-GAAP measure that shows 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 maintenance capital
expenditures, other assets not related to growth and dividends paid and
adding proceeds from disposal of property, plant and equipment.
4. 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, including
the current portion of long-term debt, and subtracting cash and cash
equivalents.
Consolidated Statement of Financial Position
(Unaudited) September 30 March 31
(amounts in millions of Canadian dollars) 2012 2012
----------------------------------------------------------------------------
Assets
Cash and cash equivalents $ 229.4 $ 287.3
Accounts receivable 363.1 308.4
Contracts in progress: assets 270.6 245.8
Inventories 162.8 153.1
Prepayments 53.5 47.7
Income taxes recoverable 115.6 95.5
Derivative financial assets 19.5 10.3
----------------------------------------------------------------------------
Total current assets $ 1,214.5 $ 1,148.1
Property, plant and equipment 1,465.2 1,293.7
Intangible assets 739.2 533.2
Deferred tax assets 36.8 24.1
Derivative financial assets 7.2 7.2
Other assets 182.0 177.4
----------------------------------------------------------------------------
Total assets $ 3,644.9 $ 3,183.7
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Liabilities and equity
Accounts payable and accrued liabilities $ 590.2 $ 597.6
Provisions 40.9 21.6
Income taxes payable 9.4 10.9
Contracts in progress: liabilities 105.8 104.6
Current portion of long-term debt 220.8 136.0
Derivative financial liabilities 10.2 12.7
----------------------------------------------------------------------------
Total current liabilities $ 977.3 $ 883.4
Provisions 8.2 6.0
Long-term debt 1,003.4 685.6
Royalty obligations 154.7 161.6
Employee benefits obligations 150.2 114.2
Deferred gains and other non-current
liabilities 183.3 186.0
Deferred tax liabilities 128.5 91.8
Derivative financial liabilities 12.0 12.9
----------------------------------------------------------------------------
Total liabilities $ 2,617.6 $ 2,141.5
----------------------------------------------------------------------------
Equity
Share capital $ 462.5 $ 454.5
Contributed surplus 20.9 19.2
Accumulated other comprehensive loss (41.4) (9.8)
Retained earnings 563.5 558.0
----------------------------------------------------------------------------
Equity attributable to equity holders of the
Company $ 1,005.5 $ 1,021.9
Non-controlling interests 21.8 20.3
----------------------------------------------------------------------------
Total equity $ 1,027.3 $ 1,042.2
----------------------------------------------------------------------------
Total liabilities and equity $ 3,644.9 $ 3,183.7
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Consolidated Income Statement
(Unaudited)
(amounts in millions of
Canadian dollars,
except per share Three months ended Six months ended
amounts) September 30 September 30
2012 2011 2012 2011
----------------------------------------------------------------------------
Revenue $ 514.4 $ 433.5 $ 994.5 $ 861.4
Cost of sales 370.4 296.0 691.4 584.3
----------------------------------------------------------------------------
Gross profit $ 144.0 $ 137.5 $ 303.1 $ 277.1
Research and development
expenses 14.5 15.9 28.5 31.1
Selling, general and
administrative expenses 67.3 59.8 135.7 122.1
Other (gains) losses -
net (14.5) (2.1) (14.6) (12.0)
Restructuring,
integration and
acquisition costs 9.8 - 41.8 -
----------------------------------------------------------------------------
Operating profit $ 66.9 $ 63.9 $ 111.7 $ 135.9
----------------------------------------------------------------------------
Finance income (1.6) (2.3) (3.1) (3.5)
Finance expense 19.2 17.2 37.6 33.3
----------------------------------------------------------------------------
Finance expense - net $ 17.6 $ 14.9 $ 34.5 $ 29.8
----------------------------------------------------------------------------
Earnings before income
taxes $ 49.3 $ 49.0 $ 77.2 $ 106.1
Income tax expense 12.5 10.3 18.7 23.9
----------------------------------------------------------------------------
Net income $ 36.8 $ 38.7 $ 58.5 $ 82.2
----------------------------------------------------------------------------
Attributable to:
Equity holders of the
Company $ 36.5 $ 38.4 $ 57.8 $ 81.5
Non-controlling
interests 0.3 0.3 0.7 0.7
----------------------------------------------------------------------------
$ 36.8 $ 38.7 $ 58.5 $ 82.2
----------------------------------------------------------------------------
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Earnings per share from
continuing operations
attributable to equity
holders of the Company
Basic and diluted $ 0.14 $ 0.15 $ 0.22 $ 0.32
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Consolidated Statement of Comprehensive (Loss) Income
(Unaudited) Six months
(amounts in millions of Three months ended ended
Canadian dollars) September 30 September 30
2012 2011 2012 2011
----------------------------------------------------------------------------
Net income $ 36.8 $ 38.7 $ 58.5 $ 82.2
----------------------------------------------------------------------------
Foreign currency translation
Net currency translation
difference on the
translation of financial
statements of foreign
operations $ (41.3) $ 59.4 $ (38.4) $ 58.5
Net gains (losses) on
certain long-term debt
denominated in foreign
currency and designated as
hedges of net investments
in foreign operations 9.7 (12.3) 7.2 (11.5)
Income taxes (1.3) 1.9 (1.3) 1.9
----------------------------------------------------------------------------
$ (32.9) $ 49.0 $ (32.5) $ 48.9
----------------------------------------------------------------------------
Net changes in cash flow
hedges
Effective portion of changes
in fair value of cash flow
hedges $ 14.0 $ (25.9) $ 9.2 $ (27.9)
Net change in fair value of
cash flow hedges
transferred to net income
or to related non-financial
assets or liabilities (6.3) (2.1) (7.7) (6.6)
Income taxes (2.0) 7.6 (0.6) 8.9
----------------------------------------------------------------------------
$ 5.7 $ (20.4) $ 0.9 $ (25.6)
----------------------------------------------------------------------------
Defined benefit plan
actuarial losses
Defined benefit plan
actuarial losses $ (33.6) $ (42.1) $ (39.6) $ (44.8)
Income taxes 9.0 11.7 10.6 12.4
----------------------------------------------------------------------------
$ (24.6) $ (30.4) $ (29.0) $ (32.4)
----------------------------------------------------------------------------
Other comprehensive loss $ (51.8) $ (1.8) $ (60.6) $ (9.1)
----------------------------------------------------------------------------
Total comprehensive (loss)
income $ (15.0) $ 36.9 $ (2.1) $ 73.1
----------------------------------------------------------------------------
Attributable to:
Equity holders of the
Company $ (15.2) $ 36.4 $ (2.8) $ 72.2
Non-controlling interests 0.2 0.5 0.7 0.9
----------------------------------------------------------------------------
$ (15.0) $ 36.9 $ (2.1) $ 73.1
----------------------------------------------------------------------------
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Consolidated Statement of Changes in Equity
(Unaudited) Attributable to equity holders of the Company
--------------------------------------------------------
six months ended
September 30, 2012
(amounts in
millions of Accumulated
Canadian dollars, Common other
except number of Number of shares Contributed comprehensive
shares) shares Stated value surplus (loss) income
----------------------------------------------------------------------------
Balances, beginning
of period 258,266,295 $ 454.5 $ 19.2 $ (9.8)
Net income - - - -
Other comprehensive
(loss) income:
Foreign currency
translation - - - (32.5)
Net changes in cash
flow hedges - - - 0.9
Defined benefit
plan actuarial
losses - - - -
----------------------------------------------------------------------------
Total comprehensive
loss - $ - $ - $ (31.6)
Stock options
exercised 233,425 2.0 - -
Optional cash
purchase 612 - - -
Stock dividends 543,516 5.4 - -
Transfer upon
exercise of stock
options - 0.6 (0.6) -
Share-based payments - - 2.3 -
Additions to non-
controlling
interests - - - -
Dividends - - - -
----------------------------------------------------------------------------
Balances, end of
period 259,043,848 $ 462.5 $ 20.9 $ (41.4)
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Attributable to equity
(Unaudited) holders of the Company
----------------------------
six months ended
September 30, 2012
(amounts in
millions of
Canadian dollars, Non-
except number of Retained controlling Total
shares) earnings Total interests equity
---------------------------------------------------------------------------
Balances, beginning
of period $ 558.0 $ 1,021.9 $ 20.3 $ 1,042.2
Net income 57.8 57.8 0.7 58.5
Other comprehensive
(loss) income:
Foreign currency
translation - (32.5) - (32.5)
Net changes in cash
flow hedges - 0.9 - 0.9
Defined benefit
plan actuarial
losses (29.0) (29.0) - (29.0)
---------------------------------------------------------------------------
Total comprehensive
loss $ 28.8 $ (2.8) $ 0.7 $ (2.1)
Stock options
exercised - 2.0 - 2.0
Optional cash
purchase - - - -
Stock dividends (5.4) - - -
Transfer upon
exercise of stock
options - - - -
Share-based payments - 2.3 - 2.3
Additions to non-
controlling
interests - - 0.8 0.8
Dividends (17.9) (17.9) - (17.9)
---------------------------------------------------------------------------
Balances, end of
period $ 563.5 $ 1,005.5 $ 21.8 $ 1,027.3
---------------------------------------------------------------------------
---------------------------------------------------------------------------
(Unaudited) Attributable to equity holders of the Company
---------------------------------------------------------
six months ended
September 30, 2011
(amounts in
millions of Accumulated
Canadian dollars, Common other
except number of Number of shares Contributed comprehensive
shares) shares Stated value surplus (loss) income
----------------------------------------------------------------------------
Balances, beginning
of period 256,964,756 $ 440.7 $ 17.1 $ (9.8)
Net income - - - -
Other comprehensive
income (loss):
Foreign currency
translation - - - 48.7
Net changes in
cash flow hedges - - - (25.6)
Defined benefit
plan actuarial
losses - - - -
----------------------------------------------------------------------------
Total comprehensive
income - $ - $ - $ 23.1
Stock options
exercised 270,750 2.0 - -
Optional cash
purchase 495 - - -
Stock dividends 322,776 3.6 - -
Transfer upon
exercise of stock
options - 0.7 (0.7) -
Share-based
payments - - 2.2 -
Dividends - - - -
----------------------------------------------------------------------------
Balances, end of
period 257,558,777 $ 447.0 $ 18.6 $ 13.3
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Attributable to equity
(Unaudited) holders of the Company
----------------------------
six months ended
September 30, 2011
(amounts in
millions of
Canadian dollars, Non-
except number of Retained controlling Total
shares) earnings Total interests equity
--------------------------------------------------------------------------
Balances, beginning
of period $ 466.4 $ 914.4 $ 18.5 $ 932.9
Net income 81.5 81.5 0.7 82.2
Other comprehensive
income (loss):
Foreign currency
translation - 48.7 0.2 48.9
Net changes in
cash flow hedges - (25.6) - (25.6)
Defined benefit
plan actuarial
losses (32.4) (32.4) - (32.4)
--------------------------------------------------------------------------
Total comprehensive
income $ 49.1 $ 72.2 $ 0.9 $ 73.1
Stock options
exercised - 2.0 - 2.0
Optional cash
purchase - - - -
Stock dividends (3.6) - - -
Transfer upon
exercise of stock
options - - - -
Share-based
payments - 2.2 - 2.2
Dividends (17.0) (17.0) - (17.0)
--------------------------------------------------------------------------
Balances, end of
period $ 494.9 $ 973.8 $ 19.4 $ 993.2
--------------------------------------------------------------------------
--------------------------------------------------------------------------
The total of retained earnings and accumulated other comprehensive (loss)
income for the six months ended September 30, 2012 was $522.1 million (2011
- $508.2 million).
Consolidated Statement of Cash Flows
(Unaudited)
six months ended September 30
(amounts in millions of Canadian dollars) 2012 2011
----------------------------------------------------------------------------
Operating activities
Net income $ 58.5 $ 82.2
Adjustments to reconcile net income to cash flows
from operating activities:
Depreciation of property, plant and equipment 52.7 44.6
Amortization of intangible and other assets 20.9 14.5
Financing cost amortization 0.9 0.8
Deferred income taxes 15.1 13.6
Investment tax credits (11.2) (8.4)
Share-based payments (0.3) 0.5
Defined benefit pension plans (3.1) (4.5)
Amortization of other non-current liabilities (7.0) (4.9)
Other (0.2) (4.3)
Changes in non-cash working capital (154.9) (92.7)
----------------------------------------------------------------------------
Net cash (used in) provided by operating activities $ (28.6) $ 41.4
----------------------------------------------------------------------------
Investing activities
Business combinations, net of cash and cash
equivalents acquired $ (264.4) $ (126.1)
Joint ventures, net of cash and cash equivalents
acquired - (26.8)
Capital expenditures for property, plant and
equipment (90.5) (77.2)
Proceeds from disposal of property, plant and
equipment - 27.2
Capitalized development costs (24.0) (18.7)
Enterprise resource planning (ERP) and other
software (10.1) (8.5)
Other (1.0) (0.5)
----------------------------------------------------------------------------
Net cash used in investing activities $ (390.0) $ (230.6)
----------------------------------------------------------------------------
Financing activities
Net borrowing under revolving unsecured credit
facilities $ 229.9 $ 14.2
Net effect of current financial assets program (21.9) (7.7)
Proceeds from long-term debt, net of transaction
costs 336.6 170.5
Repayment of long-term debt (154.7) (16.7)
Repayment of finance lease (7.6) (11.1)
Dividends paid (17.9) (17.0)
Common stock issuance 2.0 2.0
Other (1.5) (0.6)
----------------------------------------------------------------------------
Net cash provided by financing activities $ 364.9 $ 133.6
----------------------------------------------------------------------------
Net decrease in cash and cash equivalents $ (53.7) $ (55.6)
Cash and cash equivalents, beginning of period 287.3 276.4
Effect of foreign exchange rate changes on cash and
cash equivalents (4.2) 6.3
----------------------------------------------------------------------------
Cash and cash equivalents, end of period $ 229.4 $ 227.1
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Supplemental information:
Dividends received $ 2.0 $ 2.8
Interest paid 28.0 21.8
Interest received 2.4 2.2
Income taxes paid 15.5 21.0
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Contacts: Investor relations: Andrew Arnovitz, Vice President
Investor Relations and Strategy (514)
734-5760andrew.arnovitz@cae.com Media: Nathalie Bourque, Vice
President, Public Affairs and Global Communications (514)
734-5788nathalie.bourque@cae.com
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