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BC Ferries releases second quarter results


News provided by

British Columbia Ferry Services Inc.

Nov 21, 2014, 17:23 ET

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VICTORIA, Nov. 21, 2014 /CNW/ - British Columbia Ferry Services Inc. (BC Ferries) announced its second quarter results today with net earnings of $76.4 million and $90.3 million for the three and six-month periods ended September 30, 2014, up from $64.3 million and $68.6 million for the three and six-month periods ended September 30, 2013.  These net earnings reflect the effect of increased traffic on our major routes, continued growth in ancillary businesses including catering, retail and vacation packages as well as higher ferry transportation fees, lower financing costs and our annual fare adjustment. These increases are partially offset by lower social program fees and operating cost increases.

"It's important to note that due to the seasonality of ferry travel, we typically generate higher net earnings in the first and second quarters, which are subsequently reduced by net losses in the last two quarters of the fiscal year," said Mike Corrigan, BC Ferries' President and CEO.  "Traffic volumes are much higher in the spring and summer months, and in the fall and winter months, traffic drops-off at a time when we must make substantial investments in our vessels and terminals during the refit season to maintain a safe, reliable service."  

Total revenue for the three-month period ended September 30, 2014 increased from $271.5 million to $284.2 million compared to the same period last year.  Operating expenses increased from $189.2 million to $192.6 million compared to the same period last year.  For the six months ended September 30, 2014, total revenue was $497.3 million, up from $471.4 million in the prior year.  Operating expenses for the same period were $375.1 million, up from $368.0 million in the prior year. 

"Over the next 12 years, we plan to invest over $3 billion to replace aging vessels, marine structures, information technology systems and other capital assets to ensure the long-term sustainability of the coastal ferry system," said Corrigan.  "All profits we realize are invested in the future of the company and help fund capital initiatives such as new fuel efficient vessels and new systems that will offer customers opportunities for discounted fares for off-peak travel times and the ability to book in advance without a reservation fee."

Capital expenditures in the three and six-months ended September 30, 2014 totalled $26.6 million and $52.7 million, respectively.  Projects included terminal marine structures, vessel upgrades and modifications, information technology, and terminal and building upgrades and equipment. 

During the three months ended September 30, 2014, BC Ferries provided over 45,000 sailings, compared to 48,000 sailings during the same period in the prior year. This reduced level of sailings represents service level adjustments announced in February 2014.  During this period, the company carried 6.9 million passengers and 2.5 million vehicles.  Vehicle traffic was 0.3 per cent lower in both the three and six months ended September 30, 2014, compared to the same periods in the prior year. Passenger traffic was 0.3 per cent higher in the first quarter of fiscal 2015 but 0.3 per cent lower in the second quarter, resulting in year-to-date passenger traffic levels which are the same as in the prior year. On the major routes, vehicle traffic increased 0.5 per cent and passenger traffic increased 0.9 per cent year-to-date. 

Significant events during the second quarter include the July 3, 2014 award of contracts to Remontowa Shipbuilding S.A. of Gdansk, Poland totaling $165 million to build three new intermediate class vessels.  The total project budget of $252 million includes financing and project management costs and includes $51 million for Canadian taxes and federal import duties.  The vessels will be delivered in 2016 and 2017 and will replace the 49-year old Queen of Burnaby and the 50-year old Queen of Nanaimo.  The new vessels will be dual-fuel capable, so they can operate on either liquefied natural gas or marine diesel fuel. 

On September 3, 2014, construction of BC Ferries' new cable ferry commenced at Seaspan's Vancouver Shipyards Co. Ltd. in North Vancouver.  The vessel will accommodate 50 vehicles and 150 passengers and crew.  The cable ferry will provide BC Ferries with substantial cost savings in the order of $80 million, prior to inflation, over the 40-year life of the project compared to the current service, and these significant cost savings will help with fare affordability across the coastal ferry system.  The cable ferry will provide service between Buckley Bay and Denman Island and is expected to be in service in the summer of 2015.

On September 22, 2014, the company submitted an application to the BC Ferries Commissioner for approval to proceed with mid-life upgrades, including conversion to dual fuel, of its two largest vessels, the Spirit of Vancouver Island and the Spirit of British Columbia.
BC Ferries expects the conversion and hull modifications will result in significant savings of over $9 million per year, prior to inflation.  The Spirit of Vancouver Island's mid-life upgrade is planned to be complete in the spring of 2017 and the Spirit of British Columbia's mid-life upgrade in the spring of 2018.  A ruling from the BC Ferries Commissioner is expected during the third quarter of fiscal 2015.

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. 

Under contract to the Province of British Columbia, BC Ferries is the service provider responsible for the delivery of safe, efficient and dependable ferry service along coastal British Columbia.

BC Ferries is one of the largest ferry operators in the world based on passengers transported annually and transportation infrastructure, and carried 19.7 million passengers and 7.6 million vehicles during the fiscal year ended March 31, 2014.  BC Ferries provides frequent year-round ferry transportation services to the west coast of Canada on 24 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, capital expenditure levels, the vessel replacement program for the Queen of Burnaby and the Queen of Nanaimo, the cable ferry initiative, and the Spirit Class mid-life upgrades. 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 traffic volume and tariff revenue risk, safety and security, asset risk, accident risk, tax risk, environmental risk, regulatory risk, labour disruption risk, risk of default under material contracts and aboriginal land 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.

In addition to providing measures prepared in accordance with IFRS, we present certain supplemental non-IFRS measures. These include, but are not limited to, vehicle and passenger traffic. These measures do not have any standardized meaning prescribed by IFRS and therefore are unlikely to be comparable to similar measures presented by other companies. These supplemental non-IFRS 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.

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



As at,



September 30, 2014

March 31, 2014

Assets




Current assets




Cash and cash equivalents 


116,154

71,365

Restricted short-term investments


32,746

35,792

Other short-term investments


56,035

81,006

Trade and other receivables


12,619

16,577

Prepaid expenses


11,961

6,934

Inventories


27,198

25,073



256,713

236,747

Non-current assets




Long-term loan receivable


24,515

24,515

Long-term land lease


31,375

31,604

Property, plant and equipment


1,515,577

1,539,162

Intangible assets


58,476

53,164



1,629,943

1,648,445

Total assets


1,886,656

1,885,192





Liabilities




Current liabilities




Accounts payable and accrued liabilities


32,605

48,134

Interest payable on long-term debt


18,432

19,634

Deferred revenue


14,785

14,563

Derivative liabilities


5

5,274

Current portion of long-term debt


24,000

270,250

Current portion of accrued employee future benefits


2,204

2,204

Current portion of obligations under finance lease


1,120

1,120

Provisions


46,662

51,801



139,813

412,980

Non-current liabilities




Accrued employee future benefits


19,026

15,931

Long-term debt


1,253,498

1,066,531

Obligations under finance lease


44,264

44,821



1,316,788

1,127,283

Total liabilities


1,456,601

1,540,263





Equity




Share capital


75,478

75,478

Contributed surplus


25,000

25,000

Retained earnings


336,449

246,142

Total equity before reserves


436,927

346,620

Reserves


(6,872)

(1,691)

Total equity including reserves


430,055

344,929

Total liabilities and equity


1,886,656

1,885,192






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







Three months ended

Six months ended



September 30,

September 30,

2014

2013

2014

2013







Revenue






Vehicle and passenger fares


179,641

171,162

311,013

295,545

Ferry service fees


54,195

57,120

99,242

101,179

Retail


28,557

28,075

48,501

47,730

Federal-Provincial Subsidy Agreement


7,089

7,093

14,178

14,186

Fuel surcharges 1


5,786

-

10,148

-

Regulated other income


6,122

5,737

9,521

8,680

Other income


2,777

2,283

4,673

4,119

Total revenue


284,167

271,470

497,276

471,439







Expenses






Operations


125,359

124,712

240,383

238,889

Maintenance


12,468

12,186

29,117

27,746

Administration


8,020

7,491

15,633

14,522

Cost of retail goods sold


11,157

10,685

19,146

18,410

Depreciation and amortization


35,612

34,114

70,846

68,427

Total operating expenses


192,616

189,188

375,125

367,994







Operating profit


91,551

82,282

122,151

103,445







Net finance and other expenses






Net finance expense






Finance income


969

726

2,036

1,525

Finance expenses


(16,124)

(18,672)

(33,836)

(36,364)

Net finance expense


(15,155)

(17,946)

(31,800)

(34,839)

Gain (loss) on disposal of property, plant and equipment


23

(16)

(44)

(12)

Net finance and other expenses


(15,132)

(17,962)

(31,844)

(34,851)







Net earnings


76,419

64,320

90,307

68,594







Other comprehensive (loss) income






Items not to be reclassified to net earnings


(2,890)

104

(2,890)

104

Items to be reclassified to net earnings


-

-

(2,396)

-

Total other comprehensive (loss) income


(2,890)

104

(5,286)

104

Total comprehensive income


73,529

64,424

85,021

68,698

______________________________________
1 For the purpose of rate regulation, fuel surcharges collected are applied to deferred fuel cost accounts and not included as revenue in determination of earnings. For additional information see Note 10 to BC Ferries' Interim Consolidated Financial Statements for the six months ended September 30, 2014 and 2013.

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




Six months ended


September 30,


2014

2013




Cash flows from operating activities






Net earnings

90,307

68,594

 

Items not affecting cash



Net finance expense

31,800

34,839

Depreciation and amortization

70,846

68,427

Loss on disposal of property, plant and equipment

44

12

Other non-cash adjustments to property, plant and equipment

(1,781)

(662)

Changes in



Long-term accrued employee future benefits

205

(415)

Derivative liabilities recognized in net earnings

(14)

(11)

Provisions

(5,139)

(2,871)

Long-term land lease

229

229

Accrued interest costs

246

236

Total non-cash items

96,436

99,784

 

Movements in operating working capital



Trade and other receivables

3,958

(167)

Prepaid expenses

(5,027)

586

Inventories

(2,125)

(2,384)

Accounts payable and accrued liabilities

(15,529)

(14,357)

Deferred revenue

222

(50)

Change in non-cash working capital

(18,501)

(16,372)

Change attributable to capital asset acquisitions

7,103

5,670

Change in non-cash operating working capital

(11,398)

(10,702)




Cash generated from operating activities

175,345

157,676




Interest received

1,827

1,230

Interest paid

(36,167)

(39,594)




Net cash generated by operating activities

141,005

119,312

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




Six months ended


September 30,


2014

2013




Cash flows from financing activities






Proceeds from issuance of bonds

200,000

-

Repayment of long-term debt

(258,250)

(144,500)

Proceeds from short-term debt

-

39,966

Repayment of finance lease obligations

(557)

(530)

Deferred financing costs incurred

(1,315)

-

Hedge losses on interest rate forward contracts

(7,652)

-




Net cash used in financing activities

(67,774)

(105,064)







Cash flows from investing activities






Proceeds from disposal of property, plant and equipment

72

32

Purchase of property, plant and equipment and intangible assets

(56,531)

(50,343)

Decrease of debt service reserves

3,046

4,415

Proceeds from short-term investments

24,971

8,895




Net cash used in investing activities

(28,442)

(37,001)




Net increase (decrease) in cash and cash equivalents

44,789

(22,753)




Cash and cash equivalents, beginning of period

71,365

36,641




Cash and cash equivalents, end of period

116,154

13,888

BRITISH COLUMBIA FERRY SERVICES INC.
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, 2013

75,478

25,000

234,187

334,665

3,233

337,898








Net earnings for the six months ended September 30, 2013

-

-

68,594

68,594

-

68,594








Other comprehensive income for the six months ended September 30, 2013

-

-

-

-

104

104








Balance as at September 30, 2013

75,478

25,000

302,781

403,259

3,337

406,596








Balance as at March 31, 2014

75,478

25,000

246,142

346,620

(1,691)

344,929








Net earnings for the six months ended September 30, 2014

-

-

90,307

90,307

-

90,307








Other comprehensive income for the six months ended September 30, 2014

-

-

-

-

(5,286)

(5,286)








Hedge losses reclassified to net earnings





105

105








Balance as at September 30, 2014

75,478

25,000

336,449

436,927

(6,872)

430,055

SOURCE: British Columbia Ferry Services Inc.

Media Contact: BC Ferries, Media Relations, Victoria: (250) 978-1267; Customer Contact: Victoria: (250) 386-3431, Toll-free: 1-888-BCFERRY (1-888-223-3779)

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Organization Profile

British Columbia Ferry Services Inc.

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