NAV CANADA Announces Year End Financial Results
(firmenpresse) - OTTAWA, ONTARIO -- (Marketwire) -- 10/21/11 -- NAV CANADA today released its financial results for the year ended August 31, 2011. The results show continued success in controlling costs while maintaining safe and efficient air navigation services, as well as growth in air traffic volumes of 4.4 per cent over the prior year.
In fiscal 2011, the Company achieved positive financial performance as evidenced by an improvement of $ 22 million in the rate stabilization account, finishing with a positive(i) balance of $ 2 million. When adjusted for rate setting purposes, there is a positive(i) "notional" balance of $ 89 million in the rate stabilization account, which is equal to its target balance. Positive free cash flow during the year was $ 123 million.
"Thanks to the efforts of everyone at NAV CANADA, our safety performance and our financial results for the fiscal year 2011 were excellent," said John Crichton, President & CEO. "This is a real testament to the passion and dedication of our people to delivering safe, efficient air navigation services, for our paying customers and for the traveling public. These accomplishments were also evidenced when the Company was recently awarded the IATA Eagle Award as the world's "Best Air Navigation Service Provider" for the second consecutive year.
"NAV CANADA charges continue to be among the most affordable in the world, with several rate decreases in the period 2006 - 2008 and an overall increase of only 5 per cent in more than a decade, 24 per cent below the rate of inflation during that same time period."
The Company's revenues before rate stabilization for fiscal 2011 were $ 1,210 million, compared to $ 1,157 million for the previous year.
Operating expenses before rate stabilization for fiscal 2011 were $ 967 million as compared to $ 936 million in fiscal 2010. Operating expenses in fiscal 2011 were higher due to an increase in pension expense, compensation levels and overtime requirements, partially offset by a negotiated return of $ 11 million on long term disability premiums and savings from the effective management of staffing levels.
Interest, depreciation and amortization expense before rate stabilization totalling $ 254 million was $ 7 million higher than in the prior year, primarily due to ongoing capital programs.
Other income before rate stabilization totalled $ 33 million in fiscal 2011. As at August 31, 2011, the fair value of the Company's investments in ABCP restructured and non-restructured notes is $ 212 million on holdings with a face value of $ 307 million. Of the total fair value variances from face value of $ 95 million, $ 87 million is considered recoverable over the term of the notes.
Based on the above, the Company had an excess of revenues and other income over expenses before rate stabilization of $ 22 million for the year.
The Company's Financial Statements, Management's Discussion and Analysis and Annual Information Form for the year ended August 31, 2011 can be found at:
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NAV CANADA, the country's civil air navigation services provider, is a private sector, non-share capital corporation financed through publicly-traded debt. With operations from coast to coast to coast, NAV CANADA provides air traffic control, flight information, weather briefings, aeronautical information services, airport advisory services and electronic aids to navigation.
(i) A positive/negative balance in the rate stabilization account represents a liability/asset on the Company's balance sheet, reflecting amounts returnable to/recoverable from customers through future customer service charges.
This press release contains certain forward-looking statements that are subject to important risks and uncertainties. Actual results may differ materially from the results indicated in these statements for a number of reasons. NAV CANADA disclaims any intention to update any forward-looking statements.
Contacts:
John Morris
Director, Communications
(613) 563-7032
Ron Singer
Manager, Media Relations
(613) 563-7303
Media Information Line: 1-888-562-8226
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Datum: 21.10.2011 - 14:01 Uhr
Sprache: Deutsch
News-ID 1048666
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