MONTREAL, Aug. 14, 2018 (GLOBE NEWSWIRE) — (NYSE: CAE; TSX: CAE) – CAE today appear acquirement of $722.0 million for the aboriginal division of budgetary year 2019, compared with $656.2 actor in the aboriginal division aftermost year. Aboriginal division net assets attributable to disinterestedness holders was $69.4 actor ($0.26 per share) compared to $59.6 million ($0.22 per share) aftermost year.
First division operating accumulation was $98.5 actor (13.6% of revenue) compared with $91.3 actor (13.9% of revenue) in the aboriginal division of aftermost year. All banking advice is in Canadian dollars unless contrarily indicated.
“CAE’s achievement in the aboriginal division was led by Civil, which accustomed double-digit advance and able chump appeal for CAE’s avant-garde training solutions,” said Marc Parent, CAE’s President and Chief Executive Officer. “We are authoritative cogent adapted with our training strategy, as apparent by 26 civilian full-flight actor sales year-to-date and a alternation of recent, abiding airline training partnerships we accept announced, including Singapore Airlines, Avianca Airlines, Jetstar Japan and Asiana Airlines. In Defence, we are additionally authoritative acceptable advance with the accretion of Alpha-Omega Change Engineering, which, calm with our new Proxy structure, expands our position in the US defence bazaar by enabling us to accompany higher-level aegis programs. As we attending to the of the budgetary year, our expectations for CAE’s anniversary advance angle abide unchanged. In befitting with our basic allocation priorities, and accent our absolute abiding view, I am admiring to advertise that CAE’s Board of Directors has accustomed a one cent or 11% access to CAE’s anniversary dividend, which becomes 10 cents per share, able September 28, 2018. This represents CAE’s eighth afterwards allotment access in as abounding years.”
Civil Aerodynamics Training Solutions (Civil)First division Civilian acquirement was $430.9 million, up 16% compared to the aforementioned division aftermost year, and articulation operating assets was $78.3 actor (18.2% of revenue), up 14% compared to the aboriginal division aftermost year. Aboriginal division Civilian training centre utilization(4) was 80%.
During the quarter, Civilian active training solutions affairs admired at $499.3 million, added added affairs involving aggregate ventures, including an absolute abiding pilot training acceding with Asiana Airlines which involves the acceptance of the CAE RiseTM training system. CAE RiseTM is a agenda accession that allows advisers to bear connected training in accordance with airline Accepted Operating Procedures and enables the cold appraisal of pilot competencies application alive abstracts during training sessions, and through abysmal analytic insights. In addition, Civilian active a new acceding to actualize a pilot training aggregate adventure in Colombia with Avianca Airlines and entered absolute abiding training affairs with Volaris and OJets. Civilian awash 18 full-flight simulators (FFSs) during the division to barter in all regions. Since the end of the quarter, Civilian has active eight FFS sales, for 26 year-to-date, and it commenced operations of the Singapore CAE Flight Training Pte. Ltd. aggregate adventure for pilot training.
The Civilian book-to-sales(1) ratio, not including orders won by aggregate ventures, was 1.16x for the division and 1.45x for the aftermost 12 months. The Civilian excess at the end of the division was $4.1 billion.
Defence and Aegis (Defence)First division Defence acquirement was $268.3 million, up 3% compared to the aforementioned division aftermost year and articulation operating assets was $21.5 actor (8.0% of revenue), bottomward 10% compared to the aboriginal division aftermost year.
During the quarter, Defence appointed orders for $166.9 million. Notable wins accommodate a arrangement from the U.S. Navy to accommodate apprenticeship at bristles Naval Air Stations to abutment primary, boilerplate and avant-garde pilot training. As well, Defence was awarded affairs involving training for the Brunei Ministry of Defence’s S-70i Black Hawk simulator, upgrades on German Air Force Tornado simulators, and abutment solutions for the Royal Canadian Air Force’s CF-18 aircraft. Since the end of the quarter, Defence acquired Alpha-Omega Change Engineering (AOCE) to enhance CAE USA’s bulk capabilities as a training systems integrator (TSI), abound its position on constant platforms such as fighter aircraft, and aggrandize the adeptness for CAE USA to accompany higher-level aegis programs in the United States. As well, Defence was awarded a arrangement of over $50 million, including options, to accommodate the Royal New Zealand Air Force with CAE’s new 700MR Alternation flight training accessory for the NH90 helicopter. The arrangement additionally includes the accouterment of abiding aliment and abutment casework aloft commitment of the actor in 2020.
The Defence book-to-sales arrangement was 0.62x for the division and 1.20x for the aftermost 12 months (excluding arrangement options). The Defence backlog, including options and CAE’s absorption in aggregate ventures, at the end of the division was $3.9 billion.
HealthcareFirst division Healthcare acquirement was $22.8 actor compared to $23.9 actor in the aforementioned division aftermost year, and aboriginal division articulation operating accident was $1.3 million, compared to a accident of $1.6 million in the aboriginal division aftermost year.
Healthcare launched the CAE Ares emergency affliction baby during the quarter, which is brash to accommodated the action abutment training requirements of emergency affliction providers worldwide. As well, Healthcare, calm with the American Society of Anesthesiologists (ASA) launched the Anastesia SimSTAT – Appendectomy module, the latest in a alternation of alternate screen-based modules accustomed for Aliment of Certification in Anesthesiology credits.
Additional banking highlightsFree banknote flow(6) from continuing operations was abrogating $85.8 actor for the division compared to abrogating $37.9 million in the aboriginal division aftermost year. The abatement in chargeless banknote breeze after-effects mainly from a college advance in non-cash alive capital. CAE usually sees a college akin of advance in non-cash alive basic accounts during the aboriginal bisected of the budgetary year and tends to see a allocation of these investments about-face in the added half.
Income taxes this division were $10.9 million, apery an able tax bulk of 13%, compared to 16% for the aboriginal division aftermost year. The tax bulk this division was lower due to the impacts of tax audits in Canada, partially annual by a change in the mix of assets from assorted jurisdictions. Excluding the aftereffect of these tax audits, the assets tax bulk would accept been 19% this quarter.
Growth and aliment basic expenditures(7) totaled $53.1 actor this quarter.
Net debt(8) at the end of the division was $811.5 actor for a net debt-to-total basic ratio(9) of 26.0%. This compares to net debt of $649.4 actor and a net debt-to-total basic arrangement of 22.0% at the end of the above-mentioned quarter.
Return on basic employed(10) was 14.6% compared to 10.7% aftermost year. Excluding the impacts of budgetary 2018 assets tax accretion accompanying to the U.S. tax ameliorate and net assets on cardinal affairs apropos to our Asian joint-ventures, ROCE would accept been 12.6% this quarter.
CAE’s Board of Directors has accustomed an 11% access to CAE’s anniversary dividend, which becomes 10 cents per share, payable September 28, 2018 to shareholders of almanac at the aing of business on September 14, 2018.
During the three months concluded June 30, 2018, CAE repurchased and annulled a absolute of 267,100 accepted shares beneath the Normal Course Issuer Bid (NCIB), at a abounding boilerplate bulk of $24.42 per accepted share, for a absolute application of $6.5 million.
Management angle for advance in budgetary 2019 banausic (IFRS 15 adapted basis)CAE’s bulk markets annual from civilian advance and the Company expects to beat basal bazaar advance in budgetary year 2019. In Civil, the Company expects to abide breeding low double-digit allotment operating assets advance as accepted drive for its avant-garde training solutions translates into bazaar allotment assets and new training chump partnerships. As well, Civilian expects to advance its administration position in FFS sales. In Defence, the Company continues to apprehend mid to aerial single-digit allotment operating assets advance as it delivers from excess and continues to win opportunities from a ample pipeline. CAE expects Healthcare to resume double-digit advance this year with its broader bazaar reach, broadcast offering, and the connected barrage of avant-garde products. The Company expects acquirement and accumulation to be abounding to the added bisected of the budgetary year, attributable to the appulse of the acceptance of IFRS 15 as it relates to actor artefact deliveries, and a five-week assignment disruption which preceded the acknowledged acceding of a new aggregate acceding of a four-year appellation and one year advantage with CAE’s accomplishment advisers in Canada. The Company is currently alive to advance assembly to abate the appulse of this action. CAE continues to accent abstinent and acceptable advance investments, and adequate with the accepted added calibration and a college akin of befalling for market-led investments alms accretive allotment and chargeless banknote flows, it expects absolute basic expenditures to be about $200 actor in budgetary 2019. The deployment of advance basic will abide to be apprenticed by and admiring of growing customer training outsourcings. Management’s expectations are based on the prevailing absolute bazaar altitude and chump action to CAE’s training solutions as able-bodied as absolute assumptions independent in this columnist release, anniversary MD&A and in CAE’s budgetary year 2018 MD&A.
IFRS 15 – Acquirement from Affairs with CustomersEffective April 1, 2018, CAE adopted IFRS 15 – Acquirement from Affairs with Customers, which changes the way the Company recognizes acquirement for assertive of its chump contracts. The basic appulse of IFRS 15 to CAE is the timing of acquirement accustomed for assertive training accessories that were ahead accounted for application the percentage-of-completion adjustment that no best accommodated the requirements for acquirement acceptance over time. Acquirement for these training accessories are instead accustomed aloft completion. While this change impacts the timing of arrangement acquirement and accumulation recognition, there are no change to banknote flows from the contract. The banking after-effects appear in the columnist absolution for the budgetary year concluded March 31, 2018 accept been restated to reflect the accounting changes adapted by IFRS 15 as the Company adopted the accepted retrospectively this budgetary year. For added abundant information, including the appulse on CAE’s budgetary 2018 results, accredit to Note 2 of the acting circumscribed banking statements for the division concluded June 30, 2018.
Detailed informationReaders are acerb brash to appearance a added abundant altercation of our after-effects by articulation in the Management’s Altercation and Analysis (MD&A) and CAE’s circumscribed banking statements which are acquaint on our website at www.cae.com/investors.
CAE’s circumscribed banking statements and MD&A for the division concluded June 30, 2018 accept been filed with the Canadian Antithesis Administrators on SEDAR (www.sedar.com) and are accessible on our website (www.cae.com). They accept additionally been filed with the U.S. Antithesis and Barter Commission and are accessible on their website (www.sec.gov). Holders of CAE’s antithesis may additionally appeal a printed archetype of the Company’s circumscribed banking statements and MD&A chargeless of allegation by contacting Broker Relations ([email protected]).
Conference alarm Q1 FY2019Marc Parent, CAE President and CEO; Sonya Branco, Vice President, Finance, and CFO; and Andrew Arnovitz, Vice President, Action and Broker Relations will conduct an antithesis appointment alarm today at 1:30 p.m. ET. The alarm is advised for analysts, institutional investors and the media. Participants can accept to the appointment by dialling 1 877 586 3392 or 1 416 981 9024. The appointment alarm will additionally be audio webcast alive for the accessible at www.cae.com.
CAE is a all-around baton in training for the civilian aviation, defence and security, and healthcare markets. Backed by a almanac of added than 70 years of industry firsts, we abide to advice ascertain all-around training standards with our avant-garde virtual-to-live training solutions to accomplish aerial safer, advance defence force address and enhance accommodating safety. We accept the broadest all-around attendance in the industry, with over 9,000 employees, 160 sites and training locations in over 35 countries. Anniversary year, we alternation added than 120,000 civilian and defence crewmembers and bags of healthcare professionals worldwide.
Caution apropos limitations of arbitrary antithesis columnist releaseThis arbitrary antithesis columnist absolution contains bound advice meant to abetment the clairvoyant in assessing CAE’s achievement but it is not a acceptable antecedent of advice for readers who are alien with CAE and is not in any way a acting for the Company’s banking statements, addendum to the banking statements, and MD&A reports.
Caution apropos advanced statementsCertain statements fabricated in this columnist absolution are advanced statements. These statements include, afterwards limitation, statements apropos to our budgetary 2019 banking advice (including revenues, basic advance and margins) and added statements that are not absolute facts. Advanced statements are about articular by approaching or codicillary verbs such as anticipate, believe, expect, and may. All such advanced statements are fabricated pursuant to the ‘safe harbour’ accoutrement of applicative Canadian antithesis laws and of the United States Private Antithesis Litigation Ameliorate Act of 1995. Advanced statements, by their absolute nature, are accountable to inherent risks and uncertainties and are based on several assumptions, both accepted and specific, which accord acceleration to the achievability that absolute after-effects or contest could alter materially from our expectations bidding in or adumbrated by such advanced statements and that our business outlook, objectives, affairs and cardinal priorities may not be achieved. As a result, we cannot acceding that any advanced annual will actualize and we attention you adjoin relying on any of these advanced statements. The advanced statements independent in this columnist absolution call our expectations as of August 14, 2018 and, accordingly, are accountable to change afterwards such date. Except as may be adapted by Canadian antithesis laws, we do not undertake any obligation to amend or alter any advanced statements independent in this annual release, whether as a aftereffect of new information, approaching contest or otherwise. Except as contrarily adumbrated by CAE, advanced statements do not reflect the abeyant appulse of any adapted items or of any dispositions, monetizations, mergers, acquisitions, added business combinations or added affairs that may action afterwards August 14, 2018. The banking appulse of these affairs and adapted items can be circuitous and depends on the facts accurate to anniversary of them. We appropriately cannot call the accepted appulse in a allusive way or in the aforementioned way we present accepted risks affecting our business. Advanced statements are presented in this columnist absolution for the purpose of acceptable investors and others in compassionate assertive key elements of our accepted budgetary 2019 banking after-effects and in accepting a bigger compassionate of our advancing operating environment. Readers are cautioned that such advice may not be adapted for added purposes. The bulk of basic investments accepted to be fabricated by CAE in budgetary 2019 assumes that basic investments will be fabricated in accordance with our accepted anniversary plan. However, there can be no affirmation that such advance levels will be maintained with the aftereffect that the bulk of absolute basic investments fabricated by CAE during such aeon could materially alter from accepted expectations.
Material assumptionsA cardinal of economic, market, operational and banking assumptions were fabricated by CAE in advancing its advanced statements for budgetary 2019 independent in this annual release, including, but not bound to assertive bread-and-er and bazaar assumptions including: bashful bread-and-er advance and moderately ascent absorption ante in budgetary 2019; a abiding akin of antagonism in civil, defence & healthcare markets; no absolute financial, operational or aggressive after-effects of changes in regulations affecting our business; and a connected absolute defence market.
Assumptions apropos our businessesA cardinal of assumptions apropos CAE’s business were additionally fabricated in the alertness of its advanced statements for budgetary 2019 independent in this annual release, including, but not bound to factors including: aliment of CAE’s bazaar allotment in civilian actor sales in the face of bulk antagonism and CAE’s adeptness to access bazaar allotment in training.
The aloft assumptions, although advised reasonable by CAE on August 14, 2018, may prove to be inaccurate. Accordingly, our absolute after-effects could alter materially from our expectations as set alternating in this annual release.
Material risksImportant accident factors that could annual our assumptions and estimates to be inaccurate and absolute after-effects or contest to alter materially from those bidding in or adumbrated by our advanced statements, including our budgetary 2019 banking guidance, are set out in CAE’s MD&A for the year concluded March 31, 2018 filed by CAE with the Canadian Antithesis Administrators (available at www.sedar.com) and with the U.S. Antithesis and Barter Commission (available at www.sec.gov). The budgetary year 2018 MD&A is additionally accessible at www.cae.com. The adeptness of our advanced statements, including our adeptness to accommodated our budgetary 2019 outlook, about depends on our business achievement which, in turn, is accountable to abounding risks. Accordingly, readers are cautioned that any of the appear risks could accept a absolute adverse aftereffect on our advanced statements. We attention that the appear annual of accident factors is not all-embracing and added factors could additionally abnormally affect our results.
Non-GAAP and added banking measuresThis columnist absolution includes non-GAAP and added banking measures. Non-GAAP measures are advantageous added advice but may not accept a connected acceptation according to GAAP. These measures should not be abashed with, or acclimated as an another for, achievement measures affected according to GAAP. They should additionally not be acclimated to analyze with agnate measures from added companies. Management believes that accouterment assertive non-GAAP measures provides users with a bigger compassionate of our after-effects and trends and provides added advice on our banking and operating performance.
(1) Adjustment Assimilation and BacklogOrder assimilation is a non-GAAP admeasurement that represents the accepted bulk of orders we accept received:
The book-to-sales arrangement is the absolute orders disconnected by absolute acquirement in a accustomed period.
Total excess is a non-GAAP admeasurement that represents accepted approaching revenues and includes answerable backlog, aggregate adventure excess and unfunded excess and options.
(2) Absolute articulation operating assets is a non-GAAP admeasurement and is the sum of our key indicator of anniversary segment’s banking performance. Articulation operating assets gives us an adumbration of the advantage of anniversary articulation because it does not accommodate the appulse of any items not accurately accompanying to the segment’s performance. We annual absolute articulation operating assets by demography the operating accumulation and excluding the appulse of restructuring, affiliation and accretion costs.
(3) Operating accumulation is an added GAAP admeasurement that shows us how we accept performed afore the furnishings of assertive costs decisions, tax structures and discontinued operations. We clue it because we accept it makes it easier to analyze our achievement with antecedent periods, and with companies and industries that do not accept the aforementioned basic anatomy or tax laws.
(4) Utilization bulk is one of the operating measures we use to appraise the achievement of our Civilian actor training network. While appliance bulk does not anon associate to acquirement recognized, we clue it, calm with added measures, because we accept it is an indicator of our operating performance. We annual it by demography the cardinal of training hours awash on our simulators during the aeon disconnected by the applied training accommodation accessible for the aforementioned period.
(5) Actor agnate assemblage (SEU) is an operating admeasurement we use to appearance the absolute boilerplate cardinal of FFSs accessible to accomplish antithesis during the period.
(6) Chargeless banknote breeze is a non-GAAP admeasurement that shows us how abundant banknote we accept accessible to advance in advance opportunities, accord debt and accommodated advancing banking obligations. We use it as an indicator of our banking backbone and liquidity. We annual it by demography the net banknote generated by our continuing operating activities, abacus aliment basic expenditures, advance in added assets not accompanying to advance and assets paid and abacus accretion from the auctioning of property, bulb and equipment, assets accustomed from disinterestedness accounted investees and proceeds, net of payments, from disinterestedness accounted investees.
(7) Aliment basic amount is a non-GAAP admeasurement we use to annual the advance bare to sustain the accepted akin of bread-and-er activity. Advance basic amount is a non-GAAP admeasurement we use to annual the advance bare to access the accepted akin of bread-and-er activity.
(8) Net debt is a non-GAAP admeasurement we use to adviser how abundant debt we accept afterwards demography into annual aqueous assets such as banknote and banknote equivalents. We use it as an indicator of our all-embracing banking position, and annual it by demography our absolute abiding debt, including the accepted allocation of abiding debt, and abacus banknote and banknote equivalents.
(9) Net debt-to-capital is affected as net debt disconnected by the sum of absolute disinterestedness added net debt.
(10) Return on basic active (ROCE) is a non-GAAP admeasurement we use to appraise the advantage of our invested capital. We annual this arrangement over a rolling four-quarter aeon by demography net assets attributable to disinterestedness holders of the Company excluding net accounts expense, afterwards tax, disconnected by the boilerplate basic employed.
For non-GAAP and added banking measures monitored by CAE, amuse accredit to CAE’s MD&A filed with the Canadian Antithesis Administrators accessible on our website (www.cae.com) and on SEDAR (www.sedar.com).
ContactsInvestor Relations:Andrew Arnovitz, Vice President, Action and Broker Relations 1-514-734-5760, [email protected]
Media: Hélène V. Gagnon, Vice President, Accessible Affairs and All-around Communications 1-514-340-5536, [email protected]
Consolidated Annual of Banking Position
Consolidated Assets Statement
Consolidated Annual of Absolute Income
Consolidated Annual of Changes in Equity
Consolidated Annual of Banknote Flows
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