2014 Annual Report
Revenue
(in thousands of dollars)
Adjusted EBITDAR1
(in thousands of dollars)
Adjusted EBITDA1
(in thousands of dollars)
ADJUSTED CASH FLOW RELATED TO OPERATING ACTIVITIES1, 3
(in thousands of dollars)

5-years financial highlights

For the year ended (IFRS) 2014 2013 2012 2011 2010
(in thousands of dollars, expect per share data and ratios) $ $ $ $ $
OPERATING RESULTS
Revenue 207,532 255,111 256,003 264,307 170,691
Adjusted EBITDAR1 44,040 80,257 80,303 95,808 46,842
Adjusted EBITDA1 34,658 76,680 77,505 85,169 42,054
Net income2 12,281 19,858 43,127 50,194 26,3656
Net income before goodwill impairment charge 12,281 43,358 43,127 50,194 26,3656
Adjusted cash flow related to operating activities1, 3 33,870 63,032 62,065 70,498 26,194
FINANCIAL POSITION
Cash and cash equivalents 14,141 4,152 4,046 8,423 42,947
Working capital 49,139 46,505 28,563 27,486 58,544
Total assets 321,076 347,210 353,329 332,956 228,049
Total debt4 - 23,000 39,849 42,407 666
Shareholders' equity 258,446 253,576 242,265 212,043 176,496
Per share data
Net income per share (basic and diluted) 0.94 1.52 3.30 3.84 2.026
Net income before goodwill impairment charge per share (basic and diluted) 0.94 3.32 3.30 3.84 2.026
Adjusted cash flow related to operating activities per share1, 3 2.59 4.82 4.75 5.39 2.00
Dividend per share 1.1025 1.1025 1.1025 1.1025 1.1025
Shares outstanding at year end5 (in thousands) 13,069 13,069 13,069 13,069 13,069
Financial ratios
Adjusted EBITDAR margin 21.2 % 31.5 % 31.7 % 36.2 % 27.4 %
Adjusted EBITDA margin 16.7 % 30.1 % 30.3 % 32.2 % 24.6 %
Total debt-to-equity4 - 0.09:1 0.16:1 0.20:1 -
Working capital ratio 2.44 2.15 1.64 1.60 3.73
1 Earnings before net financing charges, income taxes, depreciation and amortization, adjusted for gain or loss or disposal of property plant and equipment, goodwill impairment charge (if any) and change in fair value of the obligation to purchase the shares of non-controlling interests in subsidiaries (“adjusted EBITDA”) and adjusted EBITDA before aircraft operating leases expense but including payments made to lessors to cover variable costs for leased aircraft such as maintenance and crew costs (“adjusted EBITDAR”) and adjusted cash flows related to operating activities are financial measures not prescribed by International Financial Reporting Standards (“IFRS”) or Canadian generally accepted accounting principles (“GAAP”) and are not likely to be comparable to similar measures presented by other issuers. Management considers them to be useful information to assist knowledgeable investors in evaluating the cash generating capabilities of the Company.
2 Net income attributable to the owners of the Corporation.
3 Before changes in non-cash working capital balances.
4 Including short- and long-term maturities.
5 Reflects the conversion of 2,751,689 Class B LP Units into common shares on December 31, 2010.
6 Net income for the year ended December 31, 2010 was adjusted to add back distributions to Unitholders and holders of Exchangeable Class B LP Units, change in fair value of Units and Exchangeable Class B LP Units.