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23.02.2019 00:43
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BC Ferries Releases Third Quarter Results

DRUCKEN

VICTORIA, Feb. 22, 2019 /CNW/ - BC Ferries released its third quarter results today for the fiscal year ending March 31, 2019. The company reported a net loss of $3.7 million for the three months ended December 31, 2018, as compared to a net loss of $14.8 million reported in the same quarter last year.

In the three months ended December 31, 2018, BC Ferries delivered over 42,000 sailings, an average of 466 sailings per day for its customers. The company carried 4.7 million passengers and 2.0 million vehicles, an increase of 1.7 per cent and 2.6 per cent respectively, compared to the same quarter in the prior year. These passenger traffic levels are the highest the company has experienced in over 20 years and vehicle traffic levels are the highest ever experienced.

Due to the seasonality of ferry travel, BC Ferries generates higher net earnings in the first and second quarters – the spring and summer months – which are typically reduced by net losses in the third and fourth quarters, when fewer discretionary customers are travelling. BC Ferries performs vessel refits and major maintenance programs on its fleet during the fall and winter months to minimize the impact on ferry passengers.

Year-to-date net earnings were $93.2 million, $7.7 million lower than the same period last year. These lower results reflect a reduction in fares, additional sailings, costs associated with the reintroduction of the Spirit of British Columbia following its mid-life upgrade and service enhancements for ferry users.

Capital expenditures in the three and nine months periods ended December 31, 2018 totalled $45.0 million and $171.8 million, respectively. In the nine months ended December 31, 2018, the total spent in British Columbia was approximately $105 million with firms such as Esquimalt Drydock Company, Fraser River Pile & Dredge (GP) Inc., Point Hope Maritime Ltd., Vancouver Drydock Co., and Vancouver Shipyards Co. Ltd., as well as at BC Ferries' own maintenance facility in Richmond. In the three and nine months ended December 31, 2018, $11.3 million in grant funding was recorded ($0.8 million from FortisBC in the three months ended December 31, 2018 and $10.5 million from the federal New Building Canada Fund in the nine months ended December 31, 2018).

"We are expecting to have a busy year as we carry record high levels of traffic, deliver new vessels and commence major construction projects, while continuing to provide the best possible service to ferry users," said Mark Collins, BC Ferries' President and CEO.

Last fall, BC Ferries filed its Performance Term Five Submission to the British Columbia Ferries Commissioner. The submission provides information to assist the Commissioner to establish price caps for all regulated routes as specified in the Coastal Ferry Services Contract, for the period of April 1, 2020March 31, 2024. The Commissioner will release his preliminary ruling by March 31, 2019, with the final ruling expected by September 30, 2019.

A key element of the Performance Term Five Submission is BC Ferries' 12-Year Capital Plan, which details plans to invest more than $3.9 billion. This will be the largest capital plan in BC Ferries' history. "The capital plan emphasizes more system capacity, operational efficiency, resiliency and travel certainty. These are the things ferry users tell us they want," said Collins.

This spring will see the Spirit of Vancouver Island re-enter service with its advanced liquefied natural gas propulsion system and mid-life upgrade. This investment lowers greenhouse gas emissions and particulate emissions, as well as reducing fuel spend. It is a major step in BC Ferries' Clean Technology Adoption Plan.

This fall will see the delivery of two new Island Class vessels outfitted with hybrid diesel-electric propulsion.  They will be built to be capable of conversion to all-electric propulsion as the technology permits and the necessary infrastructure becomes available. These 81-metre ships will accommodate 450 passengers and crew and approximately 47 vehicles. They are expected to enter service on the Texada Island – Powell River and Port McNeillAlert Bay – Sointula Island routes in 2020. Their arrival is the next significant step in BC Ferries' Clean Technology Adoption Plan.   

"Another major capital investment expected to start later this year is our Langdale terminal redevelopment project, which includes the long-anticipated construction of an overhead foot passenger walkway," said Collins. The project also incorporates a new terminal building, ticketing plaza as well as parking lot and pick-up and drop-off area upgrades. "The entire project is expected to be finished within three years and will improve the travel experience, increase on-time performance and improve safety at the terminal."

"As we continue to connect communities, it's important to engage with our customers to understand and consider the improvements they would like to see," said Collins. "For example, Texada Island representatives have asked for direct access to and from Comox. As a result, this spring we are upgrading the terminal infrastructure at Texada Island to handle our Salish Class vessels on a regular basis. In the fall, we'll start a bi-weekly pilot service with a triangle run between Comox, Texada Island and Powell River. Powell River has been very supportive of their neighbours on Texada Island. We're pleased to be a part of such great community spirit."

BC Ferries' full financial statements, including notes and Management's Discussion and Analysis, are filed on SEDAR and will be available at www.sedar.com. 

BC Ferries is one of the largest ferry operators in the world based on passengers transported annually and transportation infrastructure, and carried 22.0 million passengers and 8.7 million vehicles during the fiscal year ended March 31, 2018. 
BC Ferries provides frequent year-round ferry transportation services to the west coast of Canada on 25 routes, currently supported by 35 vessels and 47 terminals, and also manages other remote routes through contracts with independent operators.

FORWARD LOOKING STATEMENTS
This release contains certain "forward looking statements". These statements relate to future events or future performance and reflect management's expectations regarding our growth, results of operations, performance, business prospects and opportunities and industry performance and trends. They reflect management's current internal projections, expectations or beliefs and are based on information currently available to management. Some of the market conditions and factors that have been considered in formulating the assumptions upon which forward looking statements are based include traffic, the Canadian Dollar relative to the US Dollar, fuel costs, construction costs, the state of the local economy, fluctuating financial markets, demographics, tax changes, and the requirements of the Coastal Ferry Services Contract.

Forward looking statements included in this release include statements with respect to: traffic levels, the 12-Year Capital Plan, the Performance Term Five Submission, the Province's Review of Coastal Ferry Services, BC Ferries' Clean Technology Adoption Plan, the Island Class vessels, the Langdale terminal redevelopment plan, the Texada Island pilot, the minor class vessel replacements, and the major class vessel replacements.  In some cases, forward looking statements can be identified by terminology such as "may", "will", "should", "expect", "plan", "anticipate", "believe", "estimate", "predict", "potential", "continue" or the negative of these terms or other comparable terminology. A number of factors could cause actual events or results to differ materially from the results discussed in the forward looking statements. In evaluating these statements, prospective investors should specifically consider various factors including, but not limited to, the risks and uncertainties associated with: vendor non-performance; capital market access; interest rate, foreign currency, fuel price, and traffic volume fluctuations; the implementation of major capital projects; security, safety, and environmental incidents; confidential or sensitive information breaches; changes in laws; vessel repair facility limitations; economic regulatory environment changes; tax changes; and First Nation claims.

Actual results may differ materially from any forward looking statement. Although management believes that the forward looking statements contained in this release are based upon reasonable assumptions, investors cannot be assured that actual results will be consistent with these forward looking statements. These forward looking statements are made as of the date of this release, and British Columbia Ferry Services Inc. assumes no obligation to update or revise them to reflect new events or circumstances except as may be required by applicable law.

NON-IFRS MEASURES
In addition to providing measures prepared in accordance with International Financial Reporting Standards (IFRS), we present certain financial measures that do not have any standardized meanings prescribed by IFRS and therefore are unlikely to be comparable to similar measures presented by other companies. These supplemental financial measures are provided to assist readers in determining our ability to generate cash from operations and improve the comparability of our results from one period to another. We believe these measures are useful in assessing operating performance of our ongoing business on an overall basis.

SIGNIFICANT EVENTS IN THE THIRD QUARTER FISCAL 2019

Significant events during or subsequent to the Third Quarter of 2019 include the following:

On February 22, 2019, the Province released its report on the Review of Coastal Ferry Services.

On January 25, 2019, the Commissioner issued Order 19-03, which supercedes Order 17-02, in which he re-established the criteria for determining a major capital expenditure which requires advance approval. The Commissioner's orders are available on the Commissioner's website at www.bcferrycommission.com.

On January 7, 2019, the British Columbia Ferries Commissioner approved the company's application of a major capital expenditure for four Island Class vessels and one Salish Class vessel. The procurement process includes two Requests for Proposals (RFP) open to local, national and international shipyards. The first RFP issued in November 2018 is for the construction of one vessel, identical to BC Ferries' Salish Class vessels, with a capacity of 600 passengers and crew and approximately 138 vehicles. The Salish Class will be dual-fuel capable, running primarily on liquefied natural gas using marine diesel as a back-up. The second RFP issued in December 2018 is for the construction of four 81-metre Island Class ferries, each with a capacity of up to 450 passengers and crew and approximately 47 vehicles. The Island Class vessels will have hybrid diesel-electric propulsion and will be built to be capable of conversion to all-electric propulsion as the technology permits and the necessary infrastructure is put in place to support it.     

On October 5, 2018, the company issued a Request for Expression of Interest for the procurement of five new major vessels to replace aged fleet assets with the procurement process open to local, national and international shipyards. These new major vessels will reflect capacity and levels of service consistent with the current Coastal and Spirit Class vessels in size, capabilities and passenger amenities. These vessels are anticipated to begin service in 2023 on our Major Routes between Metro Vancouver and Vancouver Island. 

BRITISH COLUMBIA FERRY SERVICES INC.
Condensed Interim Consolidated Statements of Financial Position (Unaudited)
(Expressed in thousands of Canadian dollars)






December 31, 2018

March 31, 2018

Assets



Current assets



Cash and cash equivalents

109,642

69,913

Restricted short-term investments

31,841

32,276

Other short-term investments

90,498

114,259

Trade and other receivables

27,291

26,258

Prepaid expenses

11,265

8,434

Inventories

30,421

31,584

Derivative assets

2,426

12,530


303,384

295,254

Non-current assets



Loan receivable

24,515

24,515

Land lease

-

29,771

Property, plant and equipment

1,788,657

1,713,080

Intangible assets

100,322

99,802


1,913,494

1,867,168

Total assets

2,216,878

2,162,422

Liabilities



Current liabilities



Accounts payable and accrued liabilities

72,919

77,233

Interest payable on long-term debt

16,375

18,537

Deferred revenue

26,991

32,034

Derivative liabilities

1,330

-

Current portion of long-term debt

34,662

34,594

Current portion of accrued employee future benefits

1,800

3,000

Current portion of lease liability

2,222

1,652

Provisions

63,723

60,372


220,022

227,422

Non-current liabilities



Accrued employee future benefits

20,717

21,299

Long-term debt

1,256,223

1,279,775

Lease liability

39,960

38,769

Other liabilities

9,621

7,750


1,326,521

1,347,593

Total liabilities

1,546,543

1,575,015




Equity



Share capital

75,478

75,478

Contributed surplus

25,000

25,000

Retained earnings

572,071

477,955

Total equity before reserves

672,549

578,433

Reserves

(2,214)

8,974

Total equity including reserves

670,335

587,407

Total liabilities and equity

2,216,878

2,162,422

 

 

BRITISH COLUMBIA FERRY SERVICES INC.
Condensed Interim Consolidated Statements of Comprehensive (Loss) Income (Unaudited)
(Expressed in thousands of Canadian dollars)



Three months ended

 December 31

Nine months ended
December 31


2018

2017

2018

2017






Revenue





Vehicle and passenger fares

134,020

136,201

505,634

524,626

Net retail

14,200

13,147

52,820

49,950

Fuel rebates

-

(4,169)

(4,584)

(15,783)

Other income

2,297

2,610

8,537

8,827

Revenue from customers

150,517

147,789

562,407

567,620

Ferry service fees

49,554

40,380

167,934

141,874

Federal-Provincial Subsidy Agreement

7,626

7,446

22,878

22,337

Total revenue

207,697

195,615

753,219

731,831






Expenses





Operations

122,759

118,004

401,294

377,624

Maintenance

22,355

28,185

60,289

62,751

Administration

9,654

9,020

29,348

28,243

Depreciation and amortization

43,568

40,453

128,514

119,101

Total operating expenses

198,336

195,662

619,445

587,719

Operating profit (loss)

9,361

(47)

133,774

144,112






Net finance and other expenses





Finance expenses

14,713

15,284

44,953

45,872

Finance income

(1,701)

(1,501)

(4,568)

(3,929)

Net finance expense

13,012

13,783

40,385

41,943

Loss on disposal and revaluation of property, plant and equipment and intangible assets

30

1,009

173

1,258

Net finance and other expenses

13,042

14,792

40,558

43,201






NET (LOSS) EARNINGS

(3,681)

(14,839)

93,216

100,911











Other comprehensive (loss) income





Items not to be reclassified to net earnings

-

-

-

(1,943)

Items to be reclassified to net earnings

(10,962)

9,731

(1,638)

10,541

Total other comprehensive (loss) income

(10,962)

9,731

(1,638)

8,598






Total comprehensive (loss) income

(14,643)

(5,108)

91,578

109,509

 

 

BRITISH COLUMBIA FERRY SERVICES INC.
Condensed Interim Consolidated Statements of Cash Flows (Unaudited)
(Expressed in thousands of Canadian dollars)



Nine months ended December 31


2018

2017




Cash flows from operating activities






Net earnings

93,216

100,911




Items not affecting cash



Net finance expense

40,385

41,943

Depreciation and amortization

128,514

119,101

Loss on disposal and revaluation of property, plant and equipment



and intangible assets

173

1,258

Other non-cash changes to property, plant and equipment

199

481

Changes in:



Accrued employee future benefits

(1,782)

(574)

Derivative assets and liabilities recognized in net earnings

59

(20)

Provisions

3,351

3,826

Long-term land lease

-

344

Accrued financing costs

(47)

136

Total non-cash items

170,852

166,495




Movements in operating working capital



Trade and other receivables

(1,033)

(10,756)

Prepaid expenses

(2,831)

(588)

Inventories

1,163

(906)

Accounts payable and accrued liabilities

(4,314)

7,437

Deferred revenue

(4,143)

12,650

Change in non-cash working capital

(11,158)

7,837

Change attributable to capital asset acquisitions

3,704

(1)

Change in non-cash operating working capital

(7,454)

7,836




Cash generated from operating activities

256,614

275,242

Interest received

4,333

3,624

Interest paid

(51,110)

(51,434)




Net cash generated by operating activities

209,837

227,432

 

 

BRITISH COLUMBIA FERRY SERVICES INC.
Condensed Interim Consolidated Statements of Cash Flows (Unaudited)
(Expressed in thousands of Canadian dollars)



Nine months ended December 31


2018

2017

Cash flows from financing activities



Proceeds from long-term debt

-

45,264

Repayment of long-term debt

(24,211)

(24,241)

Repayment of lease liabilities

(1,623)

(1,180)

Deferred financing costs

-

(1,417)

Net cash (used in) generated by financing activities

(25,834)

18,426




Cash flows from investing activities



Proceeds from disposal of property, plant and equipment

46

471

Purchase of property, plant and equipment and intangible assets

(168,516)

(185,426)

Changes in debt service reserve

435

(40)

Net proceeds from (purchase of) short-term investments

23,761

(27,613)

Net cash used in investing activities

(144,274)

(212,608)




Net increase in cash and cash equivalents

39,729

33,250




Cash and cash equivalents, beginning of period

69,913

72,032




Cash and cash equivalents, end of period

109,642

105,282

 

 

BRITISH COLUMBIA FERRY SERVICES INC.
Condensed Interim Consolidated Statements of Changes in Equity (Unaudited)
(Expressed in thousands of Canadian dollars)











Share capital

Contributed surplus

Retained earnings

Total
equity
before reserves

Reserves

Total
equity
including reserves

Balance as at March 31, 2017

75,478

25,000

424,020

524,498

(3,066)

521,432

Net earnings

-

-

100,911

100,911

-

100,911

Other comprehensive income

-

-

-

-

8,598

8,598

Realized hedge losses  recognized in fuel swaps

-

-

-

-

501

501

Hedge losses on interest rate forward contract reclassified to net earnings

-

-

-

-

186

186








Balance as at December 31, 2017

75,478

25,000

524,931

625,409

6,219

631,628








Balance as at March 31, 2018

75,478

25,000

477,955

578,433

8,974

587,407

Impact of adoption of IFRS 15

-

-

900

900

-

900

Balance as at April 1, 2018

75,478

25,000

478,855

579,333

8,974

588,307

Net earnings

-

-

93,216

93,216

-

93,216

Other comprehensive loss

-

-

-

-

(1,638)

(1,638)

Realized hedge gains recognized in fuel swaps

-

-

-

-

(9,736)

(9,736)

Hedge losses on interest rate forward contract reclassified to net earnings

-

-

-

-

186

186

Balance as at December 31, 2018

75,478

25,000

572,071

672,549

(2,214)

670,335

 

SOURCE British Columbia Ferry Services Inc.

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