Chorus Aviation Inc. · TSX:CHR
Chorus Aviation — Investor Presentation (May 2011)
17 slides from Chorus Aviation's investor presentation, May 10, 2011
Slide 1: IFRS Transition Information Session
International Financial Reporting Standards (“IFRS”) Transition Information Session M 10, May 10 2011 Copies of this presentation are available on our website at www.chorusaviation.ca in the Investor Relations section 1
Slide 2: Caution Regarding Forward-looking Information
IFRS Transition Caution Regarding Forward Forward-looking looking Information Forward‐looking statements are included in this presentation. These forward‐looking statements are identified by the use of terms and phrases such as “anticipate”, “believe”, “could”, “estimate”, “expect”, “intend”, “may”,
Slide 3: Outline
IFRS Transition Outline • Introduction • Key Differences: – Business Combinations – Property and Equipment – Employee Benefits – Other • Estimated Adjustments on Adoption of IFRS: – Consolidated Statements of Financial Position ((as at Januaryy 1, 2010)) – Consolidated Statements of Operation (2010
Slide 4: Introduction
IFRS Transition Introduction • Effective January 1, 2011, Chorus is required to prepare IFRS financial statements, with comparative figures for 2010. • Management s Discussion and Analysis for 2010 included a discussion of key accounting Management's policy changes expected under IFRS. • The followi
Slide 5: Business Combinations
IFRS Transition Key Differences – Business Combinations Business combinations • Chorus has elected to apply the guidance under IFRS, retrospectively, to the business combination with Jazz Air LP – Expected impact to opening balance sheet • This business combination will be accounted for as a common
Slide 6: Key Differences – Property and Equipment
IFRS Transition K Differences Key Diff – Property P t and d Equipment E i t Revaluation as deemed cost • Under Canadian GAAP, Chorus applied fresh start reporting on September 30, 2004. As a result, all consolidated assets and liabilities of Chorus were reported at fair values. As permitted under IF
Slide 7: Employee Future Benefits – Background
IFRS Transition Key Differences - Employee Future Benefits Background • Chorus maintains a registered defined benefit pension plan for the pilots and also maintains an unregistered supplementary executive retirement plan for certain employees. These defined benefit pension plans are referred to in t
Slide 8: Employee Future Benefits
IFRS Transition Key Differences – Employee Future Benefits Pension and other employee p y future benefits • Expected impact to the opening balance sheet – As at January 1, 2010, all cumulative actuarial gains and losses on pension and other employee future benefit plans amounting to $11.6 million wi
Slide 9: Employee Future Benefits – Opening Balance Sheet Adjustments
IFRS Transition Key Differences – Employee Future Benefits Pension and Other Employee Future Benefits Pension Other Employee Opening Balance Sheet Adjustments As at January 1, 2010 Benefits Future Benefits Total Expressed in thousands of Canadian dollars $ $ $ Net benefit asset (obligation) – Canadi
Slide 10: Employee Future Benefits – 2010 Costs
IFRS Transition Key Differences – Employee Future Benefits Pension and Other Employee Future Benefits Costs for the year ended December 31, 2010 Canadian Expressed in thousands of Canadian dollars GAAP 2010 IFRS 2010 Change 2010 $ $ $ Net periodic benefit cost Pension benefits 8,703 8,653 50 Other e
Slide 11: Employee Future Benefits – Balance for 2010
IFRS Transition Key Differences – Employee Future Benefits Canadian GAAP 2010 Other Employee Pension and Other Employee Future Benefits Pension Future Balance for the year ended December 31, 2010 Benefits Benefits Total IFRS 2010 Change 2010 E Expressedd in i thousands th d off Canadian C di dollars
Slide 12: Other – Convertible Debentures and LTIP
IFRS Transition Key Differences – Other Other Convertible debentures and long‐term incentive plan (“LTIP”) • As a result of the attributes of Jazz Air Income Fund units under a trust structure, prior to conversion i to a corporationi on D Decemberb 3131, 2010 (Ch (Chorus A Aviation i i IInc.)) the h
Slide 13: Adjustments to Shareholders' Equity on Adoption of IFRS
Estimated Expected Adjustments to the g in Consolidated Statement of Changes Shareholders’ Equity on Adoption of IFRS Shareholders’ Equity on Transition to IFRS J January 1 1, 2010 Expressed in millions of Canadian dollars Canadian GAAP Shareholders’ Equity $ 804 Restatement of business combination
Slide 14: Adjustments to Consolidated Statement of Financial Position
Estimated Expected Adjustments to the Consolidated Statement of Financial Position on Adoption of IFRS – January 1, 2010 Unaudited Canadian GAAP Business Property & Employee Deferred IFRS As at January 1, 2010 January 1, 2010 combinations equipment benefits Other income tax January 1, 2010 Expressed
Slide 15: Adjustments to Consolidated Statement of Operations
Estimated Expected Adjustments to the p Consolidated Statement of Operations on Adoption of IFRS Unaudited Canadian GAAP Business Property & Employee Deferred IFRS For the year ended December 31, 2010 2010 combinations equipment benefits Other income tax 2010 Expressed in thousands of Canadian dolla
Slide 16: Adjustments to Statement of Operations – Quarterly 2010
Estimated Expected Adjustments to the p Consolidated Statement of Operations on Adoption of IFRS Unaudited Q1 2010 Q2 2010 Q3 2010 Q4 2010 For the year ended December 31, 2010 CGAAP IFRS CGAAP IFRS CGAAP IFRS CGAAP IFRS Expressed in thousands of Canadian dollars $ $ $ $ $ $ $ $ Operating revenue Pas
Slide 17: Q&A and Wrap-up
IFRS Transition Q& and Q&A d Wrap – up Thank you. 17