• | With the assistance of IT specialists, |
○ |
Assessed the general computer and automated controls for relevant IT systems used to process revenue transactions; |
○ |
Assessed the interface configuration between certain relevant IT systems to determine that information transferred is accurate and complete; and |
○ |
Evaluated the service auditor reports on which the Company relies. |
• | Selected a sample of revenue transactions and performed the following: |
○ |
Compared revenue from the IT system to the customer confirmation and cash receipts; |
○ |
Matched revenues from the IT system to the approved pricing outside of the IT system; |
○ |
Compared revenue selections to the third-party bill of lading; and |
○ |
Evaluated the reasonableness of manual journal entries posted to revenues in the general ledger. |
/s/ Deloitte LLP |
/s/ Deloitte LLP |
Years ended |
||||||||||||||||||
Notes |
January 31, 2023 |
January 31, 2022 |
||||||||||||||||
Revenues |
23 | $ |
$ |
|||||||||||||||
Cost of sales |
||||||||||||||||||
Gross profit |
||||||||||||||||||
Operating expenses |
||||||||||||||||||
Selling and marketing |
||||||||||||||||||
Research and development |
||||||||||||||||||
General and administrative |
||||||||||||||||||
Other operating income |
26 | ( |
( |
) | ||||||||||||||
Total operating expenses |
||||||||||||||||||
Operating income |
||||||||||||||||||
Financing costs |
27 | |||||||||||||||||
Financing income |
27 | ( |
( |
) | ||||||||||||||
Foreign exchange (gain) loss on long-term debt |
( |
) | ||||||||||||||||
Income before income taxes |
||||||||||||||||||
Income tax expense |
28 | |||||||||||||||||
Net income |
$ |
$ |
||||||||||||||||
Attributable to shareholders |
$ |
$ |
||||||||||||||||
Attributable to non-controlling interest |
$ |
$ |
||||||||||||||||
Basic earnings per share |
22 | $ |
$ |
|||||||||||||||
Diluted earnings per share |
22 | $ |
$ |
5 | ||||
Years ended |
||||||||||||||||
Notes |
January 31, 2023 |
January 31, 2022 |
||||||||||||||
Net income |
$ |
$ |
||||||||||||||
Other comprehensive income |
||||||||||||||||
Items that will be reclassified subsequently to net income |
||||||||||||||||
Net changes in fair value of derivatives designated as cash flow hedges |
||||||||||||||||
Net changes in unrealized gain (loss) on translation of foreign operations |
( |
) | ||||||||||||||
Income tax expense |
( |
) |
( |
) | ||||||||||||
( |
) | |||||||||||||||
Items that will not be reclassified subsequently to net income |
||||||||||||||||
Actuarial gains on defined benefit pension plans |
18 | |||||||||||||||
Loss on fair value of restricted investments |
( |
) |
( |
) | ||||||||||||
Income tax expense |
( |
) |
( |
) | ||||||||||||
Total other comprehensive income |
||||||||||||||||
Total comprehensive income |
$ |
$ |
||||||||||||||
Attributable to shareholders |
$ |
$ |
||||||||||||||
Attributable to non-controlling interest |
$ |
$ |
6 | ||||
Notes | January 31, 2023 |
January 31, 2022 |
||||||||||||||||||
Cash and cash equivalents |
$ |
$ |
||||||||||||||||||
Trade and other receivables |
6 | |||||||||||||||||||
Income taxes and investment tax credits receivable |
||||||||||||||||||||
Other financial assets |
7 | |||||||||||||||||||
Inventories |
8 | |||||||||||||||||||
Other current assets |
9 | |||||||||||||||||||
Total current assets |
||||||||||||||||||||
Investment tax credits receivable |
||||||||||||||||||||
Other financial assets |
7 | |||||||||||||||||||
Property, plant and equipment |
10 | |||||||||||||||||||
Intangible assets |
11 | |||||||||||||||||||
Right-of-use |
12 | |||||||||||||||||||
Deferred income taxes |
28 | |||||||||||||||||||
Other non-current assets |
9 | |||||||||||||||||||
Total non-current assets |
||||||||||||||||||||
Total assets |
$ |
$ |
||||||||||||||||||
Bank overdraft |
$ |
$ |
||||||||||||||||||
Trade payables and accruals |
14 | |||||||||||||||||||
Provisions |
15 | |||||||||||||||||||
Other financial liabilities |
16 | |||||||||||||||||||
Income tax payable |
||||||||||||||||||||
Deferred revenues |
||||||||||||||||||||
Current portion of long-term debt |
17 | |||||||||||||||||||
Current portion of lease liabilities |
12 | |||||||||||||||||||
Total current liabilities |
||||||||||||||||||||
Long-term debt |
17 | |||||||||||||||||||
Lease liabilities |
12 | |||||||||||||||||||
Provisions |
15 | |||||||||||||||||||
Other financial liabilities |
16 | |||||||||||||||||||
Deferred revenues |
||||||||||||||||||||
Employee future benefit liabilities |
18 | |||||||||||||||||||
Deferred income taxes |
28 | |||||||||||||||||||
Other non-current liabilities |
||||||||||||||||||||
Total non-current liabilities |
||||||||||||||||||||
Total liabilities |
||||||||||||||||||||
Equity (deficit) |
( |
) | ||||||||||||||||||
Total liabilities and equity (deficit) |
$ |
$ |
7 | ||||
Attributed to shareholders |
||||||||||||||||||||||||||||||||
Capital Stock (Note 19 |
) |
Contributed surplus |
Retained earnings (losses |
) |
Translation of foreign operations |
Cash- flow hedges |
Total |
Non- controlling interests |
Total equity (deficit) |
|||||||||||||||||||||||
Balance as at January 31, 2022 |
$ |
$( |
) |
$( |
) |
$( |
) |
$ |
$( |
) |
$ |
$( |
) | |||||||||||||||||||
Net income |
||||||||||||||||||||||||||||||||
Other comprehensive income |
||||||||||||||||||||||||||||||||
Total comprehensive income |
||||||||||||||||||||||||||||||||
Dividends (Note 19) |
( |
) |
( |
) |
( |
) | ||||||||||||||||||||||||||
Issuance of subordinate shares |
( |
) |
||||||||||||||||||||||||||||||
Repurchase of subordinate shares |
( |
) |
( |
) |
( |
) |
( |
) | ||||||||||||||||||||||||
Stock-based compensation |
[a] |
|||||||||||||||||||||||||||||||
Non-controlling interest arising on business combination (Note 5) |
||||||||||||||||||||||||||||||||
Obligation to repurchase a non-controlling interest (Note 5) |
( |
) |
( |
) | ||||||||||||||||||||||||||||
Other |
— |
— |
— |
( |
) |
— |
( |
) |
— |
( |
) | |||||||||||||||||||||
Balance as at January 31, 2023 |
$ |
$ |
$ |
$ |
$ |
$ |
$ |
$ |
Attributed to shareholders |
||||||||||||||||||||||||||||||||
Capital Stock (Note 19 |
) |
Contributed surplus |
Retained losses |
Translation of foreign operations |
Cash- flow hedges |
Total |
Non- controlling interests |
Total deficit |
||||||||||||||||||||||||
Balance as at January 31, 2021 |
$ |
$( |
) | $( |
) | $ |
$ |
$( |
) | $ |
$( |
) | ||||||||||||||||||||
Net income |
— | — | — | — | ||||||||||||||||||||||||||||
Other comprehensive income (loss) |
— | — | ( |
) | ( |
) | ||||||||||||||||||||||||||
Total comprehensive income (loss) |
— | — | ( |
) | ||||||||||||||||||||||||||||
Dividends (Note 19) |
— | — | ( |
) | — | — | ( |
) | — | ( |
) | |||||||||||||||||||||
Issuance of subordinate shares |
( |
) | — | — | — | — | ||||||||||||||||||||||||||
Repurchase of subordinate shares |
( |
) | ( |
) | — | — | ( |
) | — | ( |
) | |||||||||||||||||||||
Stock-based compensation |
— | [a] |
— | — | — | — | ||||||||||||||||||||||||||
Other |
— | — | — | — | — | — | ( |
) | ( |
) | ||||||||||||||||||||||
Balance as at January 31, 2022 |
$ |
$( |
) | $( |
) | $( |
) | $ |
$( |
) | $ |
$( |
) |
8 | ||||
Years ended |
||||||||||||||
Notes |
January 31, 2023 |
January 31, 2022 | ||||||||||||
OPERATING ACTIVITIES |
|
| ||||||||||||
Net income |
$ |
|
$ |
| ||||||||||
Non-cash and non-operating items: |
|
| ||||||||||||
Depreciation expense |
|
| ||||||||||||
Income tax expense |
28 | |
| |||||||||||
Foreign exchange (gain) loss on long-term debt |
|
( |
) | |||||||||||
Interest expense and transaction costs |
27 | |
| |||||||||||
Other |
|
| ||||||||||||
Cash flows generated from operations before changes in working capital |
|
| ||||||||||||
Changes in working capital: |
|
| ||||||||||||
Increase in trade and other receivables |
( |
) |
|
( |
) | |||||||||
Increase in inventories |
( |
) |
|
( |
) | |||||||||
Decrease (increase) in other assets |
|
( |
) | |||||||||||
(Decrease) increase in trade payables and accruals |
( |
) |
|
| ||||||||||
Decrease in other financial liabilities |
( |
) |
|
( |
) | |||||||||
Increase (decrease) in provisions |
|
( |
) | |||||||||||
(Decrease) increase in other liabilities |
( |
) |
|
| ||||||||||
Cash flows generated from operations |
|
| ||||||||||||
Income taxes paid, net of refunds |
( |
) |
|
( |
) | |||||||||
Net cash flows generated from operating activities |
|
| ||||||||||||
|
| |||||||||||||
INVESTING ACTIVITIES |
|
| ||||||||||||
Additions to property, plant and equipment |
10 | ( |
) |
|
( |
) | ||||||||
Additions to intangible assets |
11 | ( |
) |
|
( |
) | ||||||||
Business combinations, net of acquired cash |
5 | ( |
) |
|
| |||||||||
Other |
|
| ||||||||||||
Net cash flows used in investing activities |
( |
) |
|
( |
) | |||||||||
|
| |||||||||||||
FINANCING ACTIVITIES |
|
| ||||||||||||
Increase in bank overdraft |
|
| ||||||||||||
Issuance of long-term debt |
17 | |
| |||||||||||
Long-term debt amendment fees |
17 | ( |
) |
|
( |
) | ||||||||
Repayment of long-term debt |
17 | ( |
) |
|
( |
) | ||||||||
Repayment of lease liabilities |
12 | ( |
) |
|
( |
) | ||||||||
Interest paid |
( |
) |
|
( |
) | |||||||||
Issuance of subordinate voting shares |
|
| ||||||||||||
Repurchase of subordinate voting shares |
19 | ( |
) |
|
( |
) | ||||||||
Dividends paid |
19 | ( |
) |
|
( |
) | ||||||||
Other |
( |
) |
|
( |
) | |||||||||
Net cash flows generated from (used in) financing activities |
|
( |
) | |||||||||||
Effect of exchange rate changes on cash and cash equivalents |
( |
) |
|
| ||||||||||
Net decrease in cash and cash equivalents |
( |
) |
|
( |
) | |||||||||
Cash and cash equivalents at the beginning of year |
|
| ||||||||||||
Cash and cash equivalents at the end of year |
$ |
|
$ |
|
9 | ||||
1. |
NATURE OF OPERATIONS |
2. |
SIGNIFICANT ACCOUNTING POLICIES |
a) |
Basis of presentation |
b) |
Basis of consolidation |
10 | ||||
2. |
SIGNIFICANT ACCOUNTING POLICIES [CONTINUED] |
· |
Bombardier Recreational Products Inc., located in Canada; |
· |
BRP US Inc., located in the United States; |
· |
BRP-Rotax GmbH & Co. KG, located in Austria; |
· |
BRP European Distribution SA, located in Switzerland, and |
· |
BRP Finland Oy, located in Finland |
c) |
Foreign currencies |
d) |
Inventory valuation |
11 | ||||
2. |
SIGNIFICANT ACCOUNTING POLICIES [CONTINUED] |
e) |
Property, plant and equipment |
Tooling |
||||
Equipment |
||||
Building |
12 | ||||
2. |
SIGNIFICANT ACCOUNTING POLICIES [CONTINUED] |
f) |
Intangible assets |
Software and licences |
||||
Patents |
||||
Dealer networks |
||||
Customer relationships |
13 | ||||
2. |
SIGNIFICANT ACCOUNTING POLICIES [CONTINUED] |
g) |
Leases |
· |
Fixed payments (including in-substance fixed payments), less any lease incentives; |
· |
Variable lease payments that are based on an index or a rate; |
· |
Amounts expected to be payable under residual value guarantees; |
· |
Exercise price of purchase options if the Company is reasonably certain to exercise that option; and |
· |
Penalties for early termination of a lease, except if the Company is reasonably certain not to terminate early. |
1 4 | ||||
2. |
SIGNIFICANT ACCOUNTING POLICIES [CONTINUED] |
h) |
Impairment of property, plant and equipment, intangible assets and right-of-use |
i) |
Financial instruments |
1 5 | ||||
2. |
SIGNIFICANT ACCOUNTING POLICIES [CONTINUED] |
i) |
Financial instruments [continued] |
· |
Restricted investments are measured at fair value through other comprehensive income at the end of each reporting period. |
· |
Cash and cash equivalents and trade and other receivables are measured at amortized cost at the end of each reporting period. |
· |
Non-controlling interest liability is measured at fair value through profit and loss at the end of each reporting period. |
· |
Revolving credit facilities, trade payables and accruals, other financial liabilities, long-term debt and lease liabilities are measured at amortized cost at the end of each reporting period. |
16 | ||||
2. |
SIGNIFICANT ACCOUNTING POLICIES [CONTINUED] |
j) |
Derecognition of receivables |
k) |
Dealer holdback programs |
l) |
Provisions |
17 | ||||
2. |
SIGNIFICANT ACCOUNTING POLICIES [CONTINUED] |
m) |
Employee benefits |
18 | ||||
2. |
SIGNIFICANT ACCOUNTING POLICIES [CONTINUED] |
n) |
Revenue recognition |
o) |
Government assistance |
p) |
Stock-based compensation |
q) |
Income taxes |
1 9 | ||||
2. |
SIGNIFICANT ACCOUNTING POLICIES [CONTINUED] |
r) |
Earnings per share |
s) |
Business combinations |
t) |
Segmented information |
20 | ||||
3. |
SIGNIFICANT ESTIMATES AND JUDGMENTS |
a) |
Significant estimates in applying the Company’s accounting policies |
2 1 | ||||
3. |
SIGNIFICANT ESTIMATES AND JUDGMENTS [CONTINUED] |
a) |
Significant estimates in applying Company’s accounting policies [continued] |
22 | ||||
3. |
SIGNIFICANT ESTIMATES AND JUDGMENTS [CONTINUED] |
a) |
Significant estimates in applying Company’s accounting policies [continued] |
2 3 | ||||
3. |
SIGNIFICANT ESTIMATES AND JUDGMENTS [CONTINUED] |
a) |
Significant estimates in applying Company’s accounting policies [continued] |
b) |
Significant judgments in applying the Company’s accounting policies |
24 | ||||
4. |
FUTURE ACCOUNTING CHANGES |
25 | ||||
5. |
BUSINESS COMBINATIONS |
Pinion |
KA Shawinigan |
Total |
||||||||||||||||
Assets acquired |
||||||||||||||||||
Current assets |
$ |
[a] |
$ |
$ |
||||||||||||||
Non-current assets |
||||||||||||||||||
Property, plant and equipment |
||||||||||||||||||
Patents |
||||||||||||||||||
Trademarks |
— |
|||||||||||||||||
Customer relationships |
— |
|||||||||||||||||
Goodwill [b] [c] |
||||||||||||||||||
Total assets acquired |
||||||||||||||||||
Liabilities assumed |
||||||||||||||||||
Current liabilities |
( |
) |
( |
) |
( |
) | ||||||||||||
Non-current liabilities |
( |
) |
( |
) |
( |
) | ||||||||||||
Total liabilities assumed |
( |
) |
( |
) |
( |
) | ||||||||||||
Non-controlling interest [d] |
( |
) |
— |
( |
) | |||||||||||||
Total consideration paid in cash |
$ |
$ |
$ |
26 | ||||
5. |
BUSINESS COMBINATIONS [CONTINUED] |
27 | ||||
6. |
TRADE AND OTHER RECEIVABLES |
January 31, 2023 |
|
January 31, 2022 | ||||||||
Trade receivables |
$ |
$ | ||||||||
Allowance for doubtful accounts |
( |
( | ||||||||
Sales tax and other government receivables |
||||||||||
Other |
||||||||||
Total trade and other receivables |
$ |
$ |
7. |
OTHER FINANCIAL ASSETS |
January 31, 2023 |
January 31, 2022 | |||||||||
Restricted investments [a] |
$ |
$ | ||||||||
Derivative financial instruments |
||||||||||
Advances to suppliers related to property, plant and equipment |
||||||||||
Other |
||||||||||
Total other financial assets |
$ |
$ | ||||||||
Current |
||||||||||
Non-current |
||||||||||
Total other financial assets |
$ |
$ |
28 | ||||
8. |
INVENTORIES |
January 31, 2023 |
January 31, 2022 | |||||||||
Materials and work in progress |
$ |
$ | ||||||||
Finished products |
|
|||||||||
Parts, accessories and apparel |
||||||||||
Total inventories |
$ |
$ |
9. |
OTHER ASSETS |
January 31, 2023 |
January 31, 2022 | |||||||||
Prepaids |
$ |
$ | ||||||||
Deferred financing cost |
||||||||||
Other [a] |
||||||||||
Total other assets |
$ |
$ | ||||||||
Current |
||||||||||
Non-current |
||||||||||
Total other assets |
$ |
$ |
29 | ||||
10. |
PROPERTY, PLANT AND EQUIPMENT |
January 31, 2023 |
January 31, 2022 | |||||||||||||||||||||||||
Cost |
Accumulated depreciation |
Carrying amount |
Cost |
Accumulated depreciation |
Carrying amount | |||||||||||||||||||||
Tooling |
$ |
$ |
$ |
$ |
$ |
$ | ||||||||||||||||||||
Equipment |
||||||||||||||||||||||||||
Building |
||||||||||||||||||||||||||
Land |
||||||||||||||||||||||||||
Total |
$ |
$ |
$ |
$ |
$ |
$ |
Carrying amount as at January 31, 2022 |
Additions [a] |
Business combinations (Note 5) |
Disposals |
Depreciation |
Effect of foreign currency exchange rate changes |
Carrying amount as at January 31, 2023 | ||||||||||||||||||||
Tooling |
$ |
$ |
$ |
$( |
) | $( |
) |
$ |
$ | |||||||||||||||||
Equipment |
( |
) |
( |
) |
||||||||||||||||||||||
Building |
( |
) |
( |
) |
||||||||||||||||||||||
Land |
( |
) |
— |
|||||||||||||||||||||||
Total |
$ |
$ |
$ |
$( |
) |
$( |
) |
$ |
$ |
Carrying amount as at January 31, 2021 |
Additions [a] |
Disposals |
Depreciation |
Effect of foreign currency exchange rate changes |
Carrying amount as at January 31, 2022 |
|||||||||||||||||||
Tooling |
$ |
$ |
$( |
) | $( |
) | $( |
) | $ |
|||||||||||||||
Equipment |
( |
) | ( |
) | ( |
) | ||||||||||||||||||
Building |
( |
) | ( |
) | ( |
) | ||||||||||||||||||
Land |
— | — | ( |
) | ||||||||||||||||||||
Total |
$ |
$ |
$( |
) | $( |
) | $( |
) | $ |
30 | ||||
11. |
INTANGIBLE ASSETS |
January 31, 2023 |
January 31, 2022 | |||||||||||||||||||||||||
Cost |
Accumulated depreciation |
Carrying amount |
Cost |
Accumulated depreciation |
Carrying amount | |||||||||||||||||||||
Goodwill |
$ |
$ |
$ |
$ |
$ |
|||||||||||||||||||||
Trademarks |
||||||||||||||||||||||||||
Software and licenses |
||||||||||||||||||||||||||
Patents |
||||||||||||||||||||||||||
Dealer networks |
||||||||||||||||||||||||||
Customer relationships |
||||||||||||||||||||||||||
Total |
$ |
$ |
$ |
$ |
$ |
$ |
The Company completed the required annual impairment test of goodwill and indefinite useful life trademarks as at the consolidated statement of financial position dates and concluded that | ||||||||||||||||||||||||||
The following table explains the changes in Company’s intangible assets during the year ended January 31, 2023: | ||||||||||||||||||||||||||
Carrying amount as at January 31, 2022 |
Additions [a] |
Business combinations (Note 5) |
Depreciation |
Effect of foreign currency exchange rate changes |
Carrying amount as at January 31, 2023 | |||||||||||||||||||||
Goodwill |
$ |
$ |
$ |
$ |
$ |
$ | ||||||||||||||||||||
Trademarks |
||||||||||||||||||||||||||
Software and licenses |
( |
( |
||||||||||||||||||||||||
Patents |
( |
( |
||||||||||||||||||||||||
Dealer networks |
( |
|||||||||||||||||||||||||
Customer relationships |
( |
|||||||||||||||||||||||||
Total |
$ |
$ |
$ |
$( |
$ |
$ |
Carrying amount as at January 31, 2021 |
Additions |
Depreciation |
Effect of foreign currency exchange rate changes |
Carrying amount as at January 31, 2022 |
||||||||||||||||
Goodwill |
$ |
$ |
$ |
$( |
$ |
|||||||||||||||
Trademarks |
( |
|||||||||||||||||||
Software and licenses |
( |
( |
||||||||||||||||||
Patents |
( |
( |
||||||||||||||||||
Dealer networks |
( |
( |
||||||||||||||||||
Customer relationships |
( |
( |
||||||||||||||||||
Total |
$ |
$ |
$( |
$( |
$ |
3 1 | ||||
12. |
LEASES |
Carrying amount as at January 31, 2022 |
Additions |
Depreciation |
Effect of foreign currency exchange rate changes |
Termination, remeasurement and other [a] |
Carrying amount as at January 31, 2023 | |||||||
Building & land |
$ |
$ |
$( |
$ |
$ |
$ | ||||||
Equipment |
( |
|||||||||||
Other |
( |
|||||||||||
Total |
$ |
$ |
$( |
$ |
$ |
$ | ||||||
[a] Includes $ | ||||||||||||
The following table explains the changes in right-of-use | ||||||||||||
Carrying amount as at January 31, 2021 |
Additions |
Depreciation |
Effect of foreign currency exchange rate changes |
Termination, remeasurement and other [a] |
Carrying amount as at January 31, 2022 | |||||||
Building & land |
$ |
$ |
$( |
$( |
$( |
$ | ||||||
Equipment |
( |
( |
( |
|||||||||
Other |
( |
|||||||||||
Total |
$ |
$ |
$( |
$( |
$( |
$ |
Carrying amount as at January 31, 2022 |
Issuance |
Interest |
Repayment [a] |
Effect of foreign currency exchange rate changes |
Termination, remeasurement and other [b] |
Carrying amount as at January 31, 2023 | ||||||||||
Lease liabilities |
$ |
$ |
$ |
$( |
$ |
$ |
$ | |||||||||
[a] Includes $[b] Includes $ | ||||||||||||||||
The following table explains the changes in lease liabilities during the year ended January 31, 2022: | ||||||||||||||||
Carrying amount as at January 31, 2021 |
Issuance |
Interest |
Repayment [a] |
Effect of foreign currency exchange rate changes |
Termination, remeasurement and other |
Carrying amount as at January 31, 2022 | ||||||||||
Lease liabilities |
$ |
$ |
$ |
$( |
$( |
$( |
$ |
32 | ||||
13. |
REVOLVING CREDIT FACILITIES |
(i) | U.S. dollars at either |
(a) | Term SOFR (defined as the forward-looking term rate based on SOFR plus a customary credit spread adjustment) plus |
(b) | U.S. Base Rate plus |
(c) | U.S. Prime Rate plus |
(ii) | Canadian dollars at either |
(a) | Bankers’ Acceptance plus |
(b) | Canadian Prime Rate plus |
(iii) | Euros at EURIBOR plus |
(i) | U.S. dollars at either |
(a) | Term SOFR plus |
(b) | U.S. Base Rate plus |
(c) | U.S. Prime Rate plus |
(ii) | Canadian dollars at either |
(a) | Bankers’ Acceptance plus |
(b) | Canadian Prime Rate plus |
(iii) | Euros at Euro LIBOR plus |
33 | ||||
14. |
TRADE PAYABLES AND ACCRUALS |
January 31, 2023 |
January 31, 2022 | |||||||||
Trade payables |
$ |
$ | ||||||||
Wages and related employee accruals |
||||||||||
Other accruals |
||||||||||
Total trade payables and accruals |
$ |
$ |
15. |
PROVISIONS |
January 31, 2023 |
January 31, 2022 | |||||||||
Product-related |
$ |
$ | ||||||||
Other |
||||||||||
Total provisions |
$ |
$ | ||||||||
Current |
||||||||||
Non-current |
||||||||||
Total provisions |
$ |
$ |
Product-related |
Other |
Total |
||||||||||
Balance as at January 31, 2022 |
$ |
$ |
$ |
|||||||||
Expensed during the period |
||||||||||||
Paid during the period |
( |
( |
( |
|||||||||
Reversed during the period |
( |
( |
( |
|||||||||
Effect of foreign currency exchange rate changes |
||||||||||||
Unwinding of discount and effect of changes in discounting estimates |
( |
( |
||||||||||
Balance as at January 31, 2023 |
$ |
$ |
$ |
34 | ||||
16. |
OTHER FINANCIAL LIABILITIES |
January 31, 2023 |
January 31, 2022 |
|||||||||||
Dealer holdback programs and customer deposits |
$ |
$ |
||||||||||
Due to Bombardier Inc. (Note 29) |
||||||||||||
Derivative financial instruments |
||||||||||||
Non-controlling interest liability (Note 5) |
||||||||||||
Financial liability related to NCIB (Note 19) |
||||||||||||
Other |
||||||||||||
Total other financial liabilities |
$ |
$ |
||||||||||
Current |
||||||||||||
Non-current [a] |
||||||||||||
Total other financial liabilities |
$ |
$ |
17. |
LONG-TERM DEBT |
January 31, 2023 | ||||||||||||||||||
Maturity date |
Contractual interest rate |
Effective interest rate |
Outstanding nominal amount |
Carrying amount | ||||||||||||||
Term Facility |
||||||||||||||||||
Term Loan B-1 |
U.S. $ |
$ [a] | ||||||||||||||||
Term Loan B-2 |
U.S. $ |
[a] | ||||||||||||||||
Term Loans |
€ |
|||||||||||||||||
Total long-term debt |
$ | |||||||||||||||||
Current |
||||||||||||||||||
Non-current |
||||||||||||||||||
Total long-term debt |
$ |
January 31, 2022 | ||||||||||||||||||
Maturity date |
Contractual interest rate |
Effective interest rate |
Outstanding nominal amount |
Carrying amount | ||||||||||||||
Term Facility |
||||||||||||||||||
Term Loan B-1 |
U.S. $ |
$ [a] | ||||||||||||||||
Term Loans |
€ |
|||||||||||||||||
Total long-term debt |
$ | |||||||||||||||||
Current |
||||||||||||||||||
Non-current |
||||||||||||||||||
Total long-term debt |
$ |
35 | ||||
17. |
LONG-TERM DEBT [CONTINUED] |
Statements of cash flows |
Non-cash changes |
|||||||||||||||||||||||
Carrying amount as at January 31, 2022 |
Issuance |
Repayment |
Effect of foreign currency exchange rate changes |
Other |
Carrying amount as at January 31, 2023 | |||||||||||||||||||
Term Facility |
$ |
$ |
$( |
$ |
$( |
$ | ||||||||||||||||||
Term Loans |
( |
|||||||||||||||||||||||
Total |
$ |
$ |
$( |
$ |
$( |
$ |
Statements of cash flows |
Non-cash changes |
|||||||||||||||||||||||||
Carrying amount as at January 31, 2021 |
Issuance |
Repayment |
Effect of foreign currency exchange rate changes |
Other |
Carrying amount as at January 31, 2022 | |||||||||||||||||||||
Term Facility |
$ |
$ |
$( |
$( |
$ |
$ |
||||||||||||||||||||
Term Loans |
( |
( |
||||||||||||||||||||||||
Total |
$ |
$ |
$( |
$( |
$ |
$ |
36 | ||||
17. |
LONG-TERM DEBT [CONTINUED] |
a) |
Term Facility [continued] |
(i) | LIBOR plus |
(ii) | U.S. Base Rate plus |
(iii) | U.S. Prime Rate plus |
(i) | Term SOFR, plus |
37 | ||||
17. |
LONG-TERM DEBT [CONTINUED] |
38 | ||||
Years ended | ||||||||||
January 31, 2023 |
|
January 31, 2022 | ||||||||
Current remuneration |
$ |
$ | ||||||||
Post-employment defined benefit plans |
||||||||||
Post-employment defined contribution plans |
||||||||||
Termination benefits |
||||||||||
Stock-based compensation (Note 20) |
||||||||||
Other long-term benefits |
||||||||||
Total |
$ |
$ |
39 | ||||
18. |
EMPLOYEE BENEFITS [CONTINUED] |
a) |
Post employment benefits [continued] |
40 | ||||
18. |
EMPLOYEE BENEFITS [CONTINUED] |
41 | ||||
18. |
EMPLOYEE BENEFITS [CONTINUED] |
b) |
Defined benefit plans [continued] |
Years ended |
||||||||||||||||
January 31, 2023 |
January 31, 2022 |
|||||||||||||||
Canada |
Foreign |
Canada |
Foreign |
|||||||||||||
Benefit cost actuarial assumptions [a] |
||||||||||||||||
Discount rates used to determine: |
||||||||||||||||
Current service cost |
||||||||||||||||
Net interest cost |
||||||||||||||||
Expected rate of compensation increase |
||||||||||||||||
Mortality table |
Private |
Private |
|
|||||||||||||
Defined benefit obligation actuarial assumptions [b] |
||||||||||||||||
Discount rate |
||||||||||||||||
Rate of compensation increase |
||||||||||||||||
Mortality table |
Private |
Private |
|
4 2 | ||||
18. |
EMPLOYEE BENEFITS [CONTINUED] |
b) |
Defined benefit plans [continued] |
January 31, 2023 |
January 31, 2022 |
|||||||||||||||||||
Canada |
Foreign |
Canada |
Foreign |
|||||||||||||||||
Defined benefit obligation of funded plans |
$( |
$( |
$( |
$( |
||||||||||||||||
Fair value of plans assets |
||||||||||||||||||||
( |
( |
( |
||||||||||||||||||
Defined benefit obligation of unfunded plans |
( |
( |
( |
( |
||||||||||||||||
Employee future benefit liabilities |
$( |
$( |
$( |
$( |
January 31, 2023 |
January 31, 2022 |
|||||||||||||||||||
Canada |
Foreign |
Canada |
Foreign |
|||||||||||||||||
Defined benefit obligation at beginning of year |
$( |
$( |
|
$( |
$( |
|||||||||||||||
Current service cost |
( |
( |
( |
( |
||||||||||||||||
Interest cost |
( |
( |
( |
( |
||||||||||||||||
Past service cost (gain) [a] |
( |
|||||||||||||||||||
Actuarial gains from changes in financial assumptions |
||||||||||||||||||||
Actuarial gains (losses) from experience adjustments |
( |
( |
||||||||||||||||||
Benefits paid |
||||||||||||||||||||
Effect of foreign currency exchange rate changes |
||||||||||||||||||||
Defined benefit obligation at end of year |
$( |
$( |
$( |
$( |
January 31, 2023 |
January 31, 2022 |
|||||||||||||||||||
Canada |
Foreign |
Canada |
Foreign |
|||||||||||||||||
Assets fair value at beginning of year |
$ |
$ |
$ |
$ |
||||||||||||||||
Interest income |
||||||||||||||||||||
Administration costs |
( |
( |
||||||||||||||||||
Actuarial gains (losses) from return on plan assets |
( |
|||||||||||||||||||
Employer contributions |
||||||||||||||||||||
Benefit paid |
( |
( |
( |
( |
||||||||||||||||
Effect of foreign currency exchange rate changes |
( |
|||||||||||||||||||
Assets fair value at end of year |
$ |
$ |
$ |
$ |
43 | ||||
18. |
EMPLOYEE BENEFITS [CONTINUED] |
b) |
Defined benefit plans [continued] |
Years ended | ||||||||||||||
January 31, 2023 |
January 31, 2022 | |||||||||||||
Canada |
Foreign |
Canada |
Foreign | |||||||||||
Actual return (loss) on plan assets |
$( |
$ |
$ |
$ |
January 31, 2023 |
January 31, 2022 | |||||||||
Publicly traded Canadian equity securities |
$ |
$ | ||||||||
Publicly traded foreign equity securities |
||||||||||
Publicly traded fixed income securities |
||||||||||
Insurance contracts [a] |
||||||||||
Other |
||||||||||
Total |
$ |
$ |
Years ended | ||||||||||||||||||
January 31, 2023 |
January 31, 2022 | |||||||||||||||||
Canada |
Foreign |
Canada |
Foreign | |||||||||||||||
Current service cost |
$ |
$ |
$ |
$ | ||||||||||||||
Net interest on the future employee benefit liabilities |
||||||||||||||||||
Administration costs |
||||||||||||||||||
Past service cost (gain) |
( |
|||||||||||||||||
Defined benefit costs |
$ |
$ |
$ |
$ |
44 | ||||
18. |
EMPLOYEE BENEFITS [CONTINUED] |
b) |
Defined benefit plans [continued] |
Increase (Decrease) of the liabilities | ||
Discount rate |
||
Impact of a 0.5% increase |
$( | |
Impact of a 0.5% decrease |
||
Expected rate of compensation increase |
||
Impact of a 0.5% increase |
||
Impact of a 0.5% decrease |
( | |
Participant longevity |
||
Impact of a 1 year increase |
||
Impact of a 1 year decrease |
( |
19. |
CAPITAL STOCK |
45 | ||||
19. |
CAPITAL STOCK [CONTINUED] |
Number of shares |
Carrying Amount | |||||
Subordinate voting shares |
||||||
Balance as at February 1, 2021 |
$ | |||||
Issued upon exercise of stock options |
||||||
Issued in exchange of multiple voting shares |
||||||
Repurchased under the SIB |
( |
) | ( | |||
Repurchased under the NCIB |
( |
) | ( | |||
Balance as at January 31, 2022 |
||||||
Issued upon exercise of stock options |
||||||
Issued in exchange of multiple voting shares |
||||||
Repurchased under the SIB |
( |
) | ( | |||
Repurchased under the NCIB |
( |
( | ||||
Balance as at January 31, 2023 |
$ | |||||
|
||||||
Multiple voting shares |
||||||
Balance as at February 1, 2021 |
$ | |||||
Exchanged for subordinate voting shares |
( |
) | ( | |||
Balance as at January 31, 2022 |
$ | |||||
Exchanged for subordinate voting shares |
( |
) | ( | |||
Balance as at January 31, 2023 |
$ | |||||
|
||||||
Total outstanding as at January 31, 2023 |
$ |
a) |
Normal course issuer bid program (“NCIB”) |
46 | ||||
19. |
CAPITAL STOCK [CONTINUED] |
a) |
Normal course issuer bid program (“NCIB”) [continued] |
b) |
Substantial issuer bid offer (“SIB”) |
c) |
Dividend |
47 | ||||
20. |
STOCK OPTION PLAN |
January 31, 2023 |
January 31, 2022 | |||||
Weighted-average fair value at grant date |
$ |
$ | ||||
Weighted average assumptions used in the fair value models |
||||||
Share price |
$ |
$ | ||||
Risk-free interest rate |
||||||
Expected life |
||||||
Expected volatility |
||||||
Expected annual dividend per share |
Number of options |
Weighted average exercise price | |||||
Balance as at February 1, 2021 |
$ | |||||
Granted |
||||||
Forfeited/Cancelled |
( |
) | ||||
Exercised [a] |
( |
) | ||||
Balance as at January 31, 2022 |
||||||
Granted |
||||||
Forfeited/Cancelled |
( |
|||||
Exercised [b] |
( |
|||||
Balance as at January 31, 2023 |
$ |
48 | ||||
20. |
STOCK OPTION PLAN [CONTINUED] |
Outstanding |
Exercisable | |||||||||||||||||
Exercise price range |
Number of options |
Weighted- average exercise price |
Weighted- average remaining life (years) |
Number of options |
Weighted- average exercise price | |||||||||||||
$20 to $24 |
$ |
$ | ||||||||||||||||
$24 to $28 |
||||||||||||||||||
$36 to $40 |
||||||||||||||||||
$40 to $44 |
||||||||||||||||||
$44 to $48 |
||||||||||||||||||
$60 to $64 |
||||||||||||||||||
$64 to $68 |
||||||||||||||||||
$68 to $72 |
||||||||||||||||||
$88 to $92 |
||||||||||||||||||
$104 to $108 |
||||||||||||||||||
$108 to $112 |
||||||||||||||||||
$120 to $124 |
||||||||||||||||||
Balance as at January 31, 2023 |
$ |
$ |
Outstanding |
Exercisable | |||||||||||||||||
Exercise price range |
Number of options |
Weighted- average exercise price |
Weighted- average remaining life (years) |
Number of options |
Weighted- average exercise price | |||||||||||||
$20 to $24 |
$ |
$ | ||||||||||||||||
$24 to $28 |
||||||||||||||||||
$36 to $40 |
||||||||||||||||||
$40 to $44 |
||||||||||||||||||
$44 to $48 |
||||||||||||||||||
$60 to $64 |
||||||||||||||||||
$64 to $68 |
||||||||||||||||||
$68 to $72 |
||||||||||||||||||
$108 to $112 |
||||||||||||||||||
$120 to $124 |
||||||||||||||||||
Balance as at January 31, 2022 |
$ |
$ |
49 | ||||
21. |
SEGMENTED INFORMATION |
For the year ended January 31, 2023 |
Powersports segment |
Marine segment |
Inter- segment eliminations |
T ota l |
||||||||||||||
Revenues |
$ |
$ |
$( |
$ |
||||||||||||||
Cost of sales |
( |
|||||||||||||||||
Gross profit |
||||||||||||||||||
Total operating expenses |
||||||||||||||||||
Operating income |
||||||||||||||||||
Financing costs |
||||||||||||||||||
Financing income |
( |
|||||||||||||||||
Foreign exchange loss on long-term debt |
||||||||||||||||||
Income before income taxes |
||||||||||||||||||
Income tax expense |
||||||||||||||||||
Net income |
$ |
For the year ended January 31, 2022 |
Powersports segment |
Marine segment |
Inter- segment eliminations |
Total |
||||||||||||||
Revenues |
$ |
$ |
$( |
$ |
||||||||||||||
Cost of sales |
( |
|||||||||||||||||
Gross profit |
||||||||||||||||||
Total operating expenses |
||||||||||||||||||
Operating income |
||||||||||||||||||
Financing costs |
||||||||||||||||||
Financing income |
( |
|||||||||||||||||
Foreign exchange gain on long-term debt |
( |
|||||||||||||||||
Income b ef ore income taxes |
||||||||||||||||||
Income tax expense |
||||||||||||||||||
Net income |
$ |
50 | ||||
21. |
SEGMENTED INFORMATION [CONTINUED] |
Revenues |
Property, plant and equipment, intangible assets and right-of-use |
|||||||||||||||||||
Years ended |
As at |
|||||||||||||||||||
January 31, 2023 |
January 31, 2022 |
January 31, 2023 |
January 31, 2022 |
|||||||||||||||||
United States |
$ |
$ |
$ |
$ |
||||||||||||||||
Canada |
||||||||||||||||||||
Europe |
||||||||||||||||||||
Asia Pacific |
||||||||||||||||||||
Mexico |
||||||||||||||||||||
Austria |
||||||||||||||||||||
Other |
||||||||||||||||||||
$ |
$ |
$ |
$ |
22. |
EARNINGS PER SHARE |
a) |
Basic earnings per share |
Years ended | ||||||
January 31, 2023 |
January 31, 2022 | |||||
Net income attributable to shareholders |
$ |
$ | ||||
Weighted average number of shares |
||||||
Earnings per share - basic |
$ |
$ |
b) |
Diluted earnings per share |
Years ended | ||||||
January 31, 2023 |
January 31, 2022 | |||||
Net income attributable to shareholders |
$ |
$ | ||||
Weighted average number of shares |
||||||
Dilutive effect of stock options |
||||||
Weighted average number of diluted shares |
||||||
Earnings per share - diluted |
$ |
$ |
51 | ||||
23. |
REVENUES |
Years ended | ||||||
January 31, 2023 |
January 31, 2022 | |||||
Powersports |
||||||
Year-Round Products |
$ |
$ | ||||
Seasonal Products |
||||||
Powersports PA&A and OEM Engines |
||||||
Marine |
||||||
Total |
$ |
$ |
24. |
COST OF SALES |
25. |
GOVERNMENT ASSISTANCE |
Years ended | ||||||
January 31, 2023 |
January 31, 2022 | |||||
Recorded against research and development expense |
$ |
$ | ||||
Recorded against other elements of operating income |
||||||
$ |
$ | |||||
Recorded against the cost of property, plant and equipment |
$ |
$ | ||||
Recorded against the cost of intangibles |
$ |
$ |
52 | ||||
26. |
OTHER OPERATING INCOME |
Years ended | ||||||
January 31, 2023 |
January 31, 2022 | |||||
Foreign exchange gain on working capital elements |
$( |
$( | ||||
Loss on forward exchange contracts |
||||||
Gain on lease termination |
( | |||||
Other |
( |
( | ||||
Total |
$( |
$( |
27. |
FINANCING COSTS AND INCOME |
Years ended | ||||||||
January 31, 2023 |
|
January 31, 2022 | ||||||
Interest on long-term debt |
$ |
$ | ||||||
Transaction costs on long-term debt |
||||||||
Interest on lease liabilities |
||||||||
Net interest on employee future benefit liabilities |
||||||||
Interest and commitment fees on revolving credit facilities |
||||||||
Other |
( |
|||||||
Financing costs |
||||||||
Financing income |
( |
( | ||||||
Net financing costs |
$ |
$ |
53 | ||||
28. |
INCOME TAXES |
a) |
Income tax expense |
Years ended | ||||||||||
January 31, 2023 |
January 31, 2022 | |||||||||
Current income tax expense |
||||||||||
Related to current year |
$ |
$ | ||||||||
Related to prior years |
( |
( | ||||||||
Deferred income tax expense (recovery) |
||||||||||
Temporary differences |
( |
|||||||||
Effect of income tax rate changes on deferred income taxes |
( |
( | ||||||||
Increase (decrease) in valuation allowance |
( | |||||||||
( |
||||||||||
Income tax expense |
$ |
$ |
Years ended | ||||||||||||||
January 31, 2023 |
January 31, 2022 | |||||||||||||
Income taxes calculated at statutory rates |
$ |
$ | ||||||||||||
Increase (decrease) resulting from: |
||||||||||||||
Income tax rate differential of foreign subsidiaries |
( |
) |
( |
) | ||||||||||
Effect of income tax rate changes on deferred income taxes |
( |
) |
( |
) | ||||||||||
Increase (decrease) in valuation allowance |
( |
) | ||||||||||||
Recognition of income taxes on foreign currency translation |
( |
) |
||||||||||||
Recognition of income taxes on inflation |
( |
) |
( |
) | ||||||||||
Permanent differences [a] |
||||||||||||||
Other |
( |
) |
||||||||||||
Income tax expense |
$ |
$ |
54 | ||||
28. |
INCOME TAXES [CONTINUED] |
b) |
Deferred income taxes |
January 31, 2023 |
January 31, 2022 |
|||||||||||
Related to current assets and liabilities |
||||||||||||
Inventories |
$ |
$ |
||||||||||
Investment tax credits receivable |
( |
( |
||||||||||
Other current assets |
( |
( |
||||||||||
Trade payables and accruals |
||||||||||||
Provisions |
||||||||||||
Other financial liabilities |
||||||||||||
Lease liabilities |
||||||||||||
Deferred revenues |
||||||||||||
Other financial asset |
( |
( |
||||||||||
Other |
( |
|||||||||||
Related to non-current assets and liabilities |
||||||||||||
Property, plant and equipment |
( |
( |
||||||||||
Intangible assets |
( |
( |
||||||||||
Right-of-use |
( |
( |
||||||||||
Provisions |
||||||||||||
Long-term debt |
||||||||||||
Lease liabilities |
||||||||||||
Deferred revenues |
||||||||||||
Employee future benefit liabilities |
||||||||||||
Other non-current liabilities |
( |
( |
||||||||||
Other |
( |
|||||||||||
( |
( |
|||||||||||
Related to non-capital losses carried forward |
||||||||||||
Related to capital losses carried forward |
||||||||||||
Unrecognized tax benefits |
( |
( |
||||||||||
Total |
$ |
$ |
55 | ||||
28. |
INCOME TAXES [CONTINUED] |
b) |
Deferred income taxes [continued] |
29. |
RELATED PARTY TRANSACTIONS |
a) |
Transactions with key management personnel |
Years ended |
||||||||
January 31, 2023 |
January 31, 2022 |
|||||||
Current remuneration |
$ |
$ |
||||||
Post-employment benefits |
||||||||
Stock-based compensation expense |
||||||||
Total |
$ |
$ |
5 6 | ||||
29. |
RELATED PARTY TRANSACTIONS [CONTINUED] |
b) |
Due to Bombardier Inc., a company related to Beaudier group |
30. |
FINANCIAL INSTRUMENTS |
a) |
Fair value |
57 | ||||
30. |
FINANCIAL INSTRUMENTS [CONTINUED] |
a) |
Fair value [continued] |
As at |
As at |
|||||||||||||||||||||
January 31, 2023 |
January 31, 2022 |
|||||||||||||||||||||
Fair value level |
Carrying amount |
Fair value |
Carrying amount |
Fair value |
Valuation techniques and inputs | |||||||||||||||||
Restricted investments (Note 7) |
Level 2 | $ |
$ |
$ |
$ |
Discounted cash flows at a discount rate that reflects the current market rate for this type of investments at the end of the reporting period | ||||||||||||||||
Non-controlling interest liability (Note 16) |
Level 3 | $( |
) |
$( |
) |
$ |
$ |
Discounted cash flows. Future cash flows are estimated based on Pinion performance and a predetermined purchase price formula, discounted at a rate that reflects the credit risk of the Company | ||||||||||||||
Derivative financial instruments Forward exchange contracts |
Discounted cash flows. Future cash flows are estimated Company | |||||||||||||||||||||
Favourable (Unfavourable) |
Level 2 Level 2 |
|
$ ( |
) |
$ ( |
) |
$ ( |
) |
$ ( |
) | ||||||||||||
Interest rate cap |
Level 2 | $ |
$ |
$ |
$ |
Discounted cash flows. Future cash flows, which correspond to series of caplets, are estimated using the Normal valuation model and discounted at a rate that reflects credit market conditions | ||||||||||||||||
Total derivative financial instruments |
Level 2 | $ |
$ |
$ |
$ |
|||||||||||||||||
Term Facility (Note 17) |
Level 1 | $( |
) |
$( |
) |
$( |
) | $( |
) | Quoted bid prices in an active market | ||||||||||||
Term Loans (Not e 17) |
Level 2 | $( |
) |
$( |
) |
$( |
) | $( |
) | Discounted cash flows. Cash flows used for valuation are those contractually due and are discounted at a rate that reflects the credit risk of the Company |
58 | ||||
30. |
FINANCIAL INSTRUMENTS [CONTINUED] |
a) |
Fair value [continued] |
b) |
Foreign exchange risk |
As at January 31, 2023 |
As at January 31, 2022 |
|||||||||||||||||||||||
Increase (Decrease) |
Percentage of Variation [a] |
|
Impact on Net income |
Impact on Other comprehensive income |
Percentage of Variation [a] |
Impact on Net income |
Impact on Other comprehensive income |
|||||||||||||||||
USD / CAD |
$ [b] |
$ |
$ |
[b] |
$ |
|||||||||||||||||||
Euro / CAD |
$ |
$ |
$ |
$— | ||||||||||||||||||||
Other |
$ |
$ |
$ |
$( |
59 | ||||
30. |
FINANCIAL INSTRUMENTS [CONTINUED] |
b) |
Foreign exchange risk [continued] |
As at January 31, 2023 |
||||||||||||||||||||||||||||||||
Carrying amount |
||||||||||||||||||||||||||||||||
Sell currency |
Buy currency |
Average rate |
Notional amount |
Canadian equivalent notional amount [a] |
Other financial assets |
Other financial liabilities |
||||||||||||||||||||||||||
Less than 1 year |
||||||||||||||||||||||||||||||||
AUD |
$ |
$ |
$ |
|||||||||||||||||||||||||||||
GBP |
||||||||||||||||||||||||||||||||
NOK |
||||||||||||||||||||||||||||||||
SEK |
||||||||||||||||||||||||||||||||
USD |
||||||||||||||||||||||||||||||||
Between 12 and 24 months | ||||||||||||||||||||||||||||||||
USD |
As at January 31, 2022 |
||||||||||||||||||||||||||||||||
Carrying amount |
||||||||||||||||||||||||||||||||
Sell currency |
Buy currency |
Average rate |
Notional amount |
Canadian equivalent notional amount [a] |
Other financial assets |
Other financial liabilities |
||||||||||||||||||||||||||
Less than 1 year |
||||||||||||||||||||||||||||||||
AUD | $ |
$ |
$ |
|||||||||||||||||||||||||||||
GBP | ||||||||||||||||||||||||||||||||
NOK | ||||||||||||||||||||||||||||||||
SEK | ||||||||||||||||||||||||||||||||
USD | ||||||||||||||||||||||||||||||||
Betw een 1 2 and 24 months |
||||||||||||||||||||||||||||||||
USD |
60 | ||||
30. |
FINANCIAL INSTRUMENTS [CONTINUED] |
b) |
Foreign exchange risk [continued] |
As at January 31, 2023 | ||||||||||||||||||||||
Sell currency |
Buy currency |
Average rate |
Notional amount |
Canadian equivalent notional amount [a] | ||||||||||||||||||
Less than 12 months | ||||||||||||||||||||||
AUD |
$ | |||||||||||||||||||||
Euro |
||||||||||||||||||||||
MXN |
||||||||||||||||||||||
USD |
||||||||||||||||||||||
Euro |
||||||||||||||||||||||
NOK |
||||||||||||||||||||||
SEK |
||||||||||||||||||||||
GBP |
||||||||||||||||||||||
NZD |
||||||||||||||||||||||
NOK |
||||||||||||||||||||||
SEK |
||||||||||||||||||||||
USD |
||||||||||||||||||||||
Between 12 and 24 months | ||||||||||||||||||||||
USD |
61 | ||||
30. |
FINANCIAL INSTRUMENTS [CONTINUED] |
b) |
Foreign exchange risk [continued] |
As at January 31, 2022 | ||||||||||||||||||||||
Sell currency |
Buy currency |
Average rate |
Notional amount |
Canadian equivalent notional amount [a] | ||||||||||||||||||
Less than 12 months |
||||||||||||||||||||||
AUD | $ | |||||||||||||||||||||
AUD | ||||||||||||||||||||||
Euro | ||||||||||||||||||||||
JPY | ||||||||||||||||||||||
MXN | ||||||||||||||||||||||
USD | ||||||||||||||||||||||
Euro | ||||||||||||||||||||||
Euro | ||||||||||||||||||||||
NOK | ||||||||||||||||||||||
SEK | ||||||||||||||||||||||
GBP | ||||||||||||||||||||||
JPY | ||||||||||||||||||||||
NOK | ||||||||||||||||||||||
SEK | ||||||||||||||||||||||
USD | ||||||||||||||||||||||
Between 12 and 24 months |
||||||||||||||||||||||
USD |
c) |
Liquidity risk |
Less than 1 year |
1-3 years |
4-5 years |
More than 5 years |
Total amount |
||||||||||||||||
Trade payables and accruals |
$ |
$— | $— | $— | $ |
|||||||||||||||
Long-term debt (including interest) |
||||||||||||||||||||
Lease liabilities (including interest) |
||||||||||||||||||||
Derivative financial instruments |
— | — | ||||||||||||||||||
Other financial liabilities |
||||||||||||||||||||
Total |
$ |
$ |
$ |
$ |
$ |
62 | ||||
30. |
FINANCIAL INSTRUMENTS [CONTINUED] |
d) |
Interest risk |
e) |
Credit risk |
January 31, 2023 |
January 31, 2022 |
|||||||
Trade and other receivables |
$ |
$ |
||||||
Sales tax and other government receivables |
( |
( |
||||||
Total exposed to credit risk |
$ |
$ |
||||||
Not past due |
$ |
$ |
||||||
Past due |
||||||||
Under 60 days |
||||||||
From 60 to 90 days |
||||||||
Over 90 days |
||||||||
Allowance for doubtful accounts |
( |
( |
||||||
Total exposed to credit risk |
$ |
$ |
63 | ||||
31. |
CAPITAL MANAGEMENT |
32. |
COMMITMENTS AND CONTINGENCIES |
a) |
Dealer and distributor financing arrangements |
Currency |
January 31, 2023 |
January 31, 2022 |
||||||||||
Total outstanding as at |
CAD | $ |
$ |
|||||||||
United States |
USD | $ |
$ |
|||||||||
Canada |
CAD | $ |
$ |
|||||||||
Europe |
Euro | € |
€ |
|||||||||
Australia and New Zealand |
AUD | $ |
$ |
|
||||
64 | ||||
32. |
COMMITMENTS AND CONTINGENCIES [CONTINUED] |
a) |
Dealer and distributor financing arrangements [continued] |
65 | ||||
32. |
COMMITMENTS AND CONTINGENCIES [CONTINUED] |
b) |
Guarantees under various agreements |
c) |
Litigation |
66 | ||||