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    CHR   CA17040T3001

CHORUS AVIATION INC.

(CHR)
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Q3 2021 Chorus Aviation Inc. Financial Statements

11/10/2021 | 07:27pm EST

Unaudited Consolidated Statements of Financial Position

(expressed in thousands of Canadian dollars)

As at

September 30,

December 31,

2021

2020

$

$

Assets

Current assets

Cash

223,195

165,717

Accounts receivable - trade and other (note 16)

107,453

109,403

Inventories

81,838

81,190

Prepaid expenses and deposits

10,081

11,022

Current portion of finance lease receivables

2,442

2,283

Income tax receivable

461

8,952

425,470

378,567

Restricted cash (note 15)

70,261

38,493

Finance lease receivables

4,310

6,173

Property and equipment (note 6)

2,638,170

2,771,994

Intangibles

1,681

1,681

Goodwill

7,150

7,150

Deferred income tax asset (note 9)

5,279

2,152

Other long-term assets (note 16)

173,321

131,476

3,325,642

3,337,686

Liabilities

Current liabilities

Accounts payable and accrued liabilities

210,273

157,596

Current portion of lease liabilities

3,867

3,613

Current portion of long-term incentive plan

1,042

2,220

Current portion of long-term debt (note 8)

232,991

216,796

Income tax payable

1,384

130

449,557

380,355

Lease liabilities

7,272

8,372

Long-term debt (note 8)

1,846,493

1,965,810

Deferred income tax liability (note 9)

194,061

209,815

Other long-term liabilities

142,487

131,991

2,639,870

2,696,343

Equity

685,772

641,343

3,325,642

3,337,686

Contingencies (note 13)

Economic dependence (note 14)

Subsequent events (note 17)

The accompanying notes are an integral part of these unaudited interim condensed consolidated financial statements.

Unaudited Consolidated Statements of Changes in Equity

(expressed in thousands of Canadian dollars)

Equity

component

Exchange

of

differences

convertible

on foreign

Contributed

units/

Capital

Deficit

operations

surplus

Warrants

debentures

Total

$

$

$

$

$

$

$

Balance - December 31, 2019

281,849

(716,036)

(3,633)

1,039,832

-

2,981

604,993

Net income for the period

-

32,329

-

-

-

-

32,329

Other comprehensive (loss) income for the

period (net of tax)

-

(8,719)

13,535

-

-

-

4,816

Comprehensive income for the period

-

23,610

13,535

-

-

-

37,145

Dividends

-

(19,520)

-

-

-

-

(19,520)

Dividend reinvestment plan

6,626

713

-

-

-

-

7,339

Balance - September 30, 2020

288,475

(711,233)

9,902

1,039,832

-

2,981

629,957

Net income for the period

-

9,157

-

-

-

-

9,157

Other comprehensive income (loss) for the

-

17,701

(15,472)

-

-

-

2,229

period (net of tax)

Comprehensive income (loss) for the period

-

26,858

(15,472)

-

-

-

11,386

Balance - December 31, 2020

288,475

(684,375)

(5,570)

1,039,832

-

2,981

641,343

Net loss for the period

-

(30,644)

-

-

-

-

(30,644)

Other comprehensive (loss) income for the

period (net of tax)

-

(1,179)

3,920

-

-

-

2,741

Comprehensive (loss) income for the period

-

(31,823)

3,920

-

-

-

(27,903)

Issuance of shares, net of transaction costs and

related tax

68,135

-

-

-

-

-

68,135

Issuance of convertible debentures, net of

transaction costs

-

-

-

-

-

2,683

2,683

Warrants issued, net of transaction costs

-

-

-

-

1,514

-

1,514

Balance - September 30, 2021

356,610

(716,198)

(1,650)

1,039,832

1,514

5,664

685,772

The accompanying notes are an integral part of these unaudited interim condensed consolidated financial statements.

Unaudited Consolidated Statements of (Loss) Income

For the three and nine-month periods ended September 30, 2021 and 2020

(expressed in thousands of Canadian dollars, except earnings per share)

Three months ended

Nine months ended

September 30,

September 30,

2021

2020

2021

2020

$

$

$

$

Operating revenue (note 14)

274,399

196,618

676,759

730,555

Operating expenses (note 14)

Salaries, wages and benefits

94,360

53,120

258,978

243,300

Depreciation, amortization and impairment

42,680

49,648

149,918

142,646

Aircraft maintenance materials, supplies and

services

27,642

17,602

71,913

79,201

Airport and navigation fees

36,903

13,214

62,160

55,964

Terminal handling services

2,494

1,529

4,690

7,859

Other

38,422

26,116

94,685

85,821

242,501

161,229

642,344

614,791

Operating income

31,898

35,389

34,415

115,764

Non-operating (expenses) income

Interest revenue

197

151

612

860

Interest expense

(23,092)

(25,857)

(72,380)

(68,141)

Gain (loss) on disposal of property and equipment

2

(202)

1,718

(576)

Foreign exchange (loss) gain

(20,266)

14,824

(5,494)

(6,141)

(43,159)

(11,084)

(75,544)

(73,998)

(Loss) income before income taxes

(11,261)

24,305

(41,129)

41,766

Income tax (expense) recovery (note 9)

Current income tax

(1,304)

(1,917)

(5,468)

(4,986)

Deferred income tax

(1,517)

(1,930)

15,953

(4,451)

(2,821)

(3,847)

10,485

(9,437)

Net (loss) income

(14,082)

20,458

(30,644)

32,329

(Loss) income per share, basic

(0.08)

0.13

(0.18)

0.20

(Loss) income per share, diluted

(0.08)

0.12

(0.18)

0.20

The accompanying notes are an integral part of these unaudited interim condensed consolidated financial statements.

Unaudited Consolidated Statements of Comprehensive Income (Loss)

For the three and nine-month periods ended September 30, 2021 and 2020

(expressed in thousands of Canadian dollars)

Three months ended

Nine months ended

September 30,

September 30,

2021

2020

2021

2020

$

$

$

$

Net (loss) income

(14,082)

20,458

(30,644)

32,329

Other comprehensive income (loss)

Items that will not be subsequently reclassified to the

statements of income

Actuarial gain (loss) on employee benefit liabilities,

net of tax expense (recovery) of $1,536 and

($2,298) (2020 - ($653) and $469)

4,203

(1,766)

(6,202)

1,257

Items that will be subsequently reclassified to the

statements of income

Change in fair value of financial assets and

liabilities, net of tax expense (recovery) of

$109 and $360 (2020 - $380 and ($805))

613

565

5,023

(9,976)

Exchange differences on translation of foreign

operations (note 12)

13,589

(6,239)

3,920

13,535

Comprehensive income (loss)

4,323

13,018

(27,903)

37,145

The accompanying notes are an integral part of these unaudited interim condensed consolidated financial statements.

This is an excerpt of the original content. To continue reading it, access the original document here.

Disclaimer

Chorus Aviation Inc. published this content on 10 November 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 11 November 2021 00:26:05 UTC.


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Financials
Sales 2021 967 M 773 M 773 M
Net income 2021 -13,6 M -10,8 M -10,8 M
Net Debt 2021 1 807 M 1 444 M 1 444 M
P/E ratio 2021 -35,9x
Yield 2021 -
Capitalization 638 M 510 M 510 M
EV / Sales 2021 2,53x
EV / Sales 2022 2,00x
Nbr of Employees 4 175
Free-Float 98,9%
Chart CHORUS AVIATION INC.
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Chorus Aviation Inc. Technical Analysis Chart | CHR | CA17040T3001 | MarketScreener
Technical analysis trends CHORUS AVIATION INC.
Short TermMid-TermLong Term
TrendsBullishBearishBearish
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus OUTPERFORM
Number of Analysts 9
Last Close Price 3,59 CAD
Average target price 5,23 CAD
Spread / Average Target 45,8%
EPS Revisions
Managers and Directors
Joseph D. Randell President, Chief Executive Officer & Director
Gary James Osborne Chief Financial Officer
Richard Douglas Falconer Chairman
Colin L. Copp COO & President-Chorus Aviation Services
Karen Cramm Independent Director