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• | With the assistance of IT specialists, |
o | Assessed the general computer and automated controls for relevant IT systems used to process revenue transactions; |
o | Assessed the interface outputs between relevant IT systems to determine that information transferred is accurate and complete; and |
o | Evaluated the service auditor reports on which the Company relies. |
• | Selected a sample of revenue transactions and performed the following: |
o | Compared revenue from the IT system to the customer confirmation and cash receipts; |
o | Matched revenues from the IT system to the approved pricing outside of the IT system; |
o | Compared revenue selections to the third-party bill of lading; and |
o | Evaluated the reasonableness of manual journal entries posted to revenues in the general ledger. |
Years ended |
||||||||||||||||||
Notes | January 31, 2022 |
|
January 31, 2021 |
|||||||||||||||
Revenues |
22 | $ |
$ |
|||||||||||||||
Cost of sales |
||||||||||||||||||
Gross profit |
||||||||||||||||||
Operating expenses |
||||||||||||||||||
Selling and marketing |
||||||||||||||||||
Research and development |
||||||||||||||||||
General and administrative |
||||||||||||||||||
Other operating (income) expenses |
26 | ( |
||||||||||||||||
Impairment charge |
25 | |||||||||||||||||
Total operating expenses |
||||||||||||||||||
Operating income |
||||||||||||||||||
Financing costs |
27 | |||||||||||||||||
Financing income |
27 | ( |
( |
|||||||||||||||
Foreign exchange gain 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 |
21 | $ |
$ |
|||||||||||||||
Diluted earnings per share |
21 | $ |
$ |
|
|||||||
6 | |||||||
Years ended |
||||||||||||
January 31, 2022 |
January 31, 2021 |
|||||||||||
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 (loss) gain 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 |
17 | |||||||||||
(Loss) gain on fair value of restricted investments |
( |
) |
||||||||||
Income tax expense |
( |
) |
( |
) | ||||||||
Total other comprehensive income |
||||||||||||
Total comprehensive income |
$ |
$ |
||||||||||
Attributable to shareholders |
$ |
$ |
||||||||||
Attributable to non-controlling interest |
$ |
$( |
) |
|
||||||||
7 | ||||||||
Notes | January 31, 2022 |
|
January 31, 2021 |
|||||||||||||||||
Cash and cash equivalents |
$ |
$ |
||||||||||||||||||
Trade and other receivables |
5 | |||||||||||||||||||
Income taxes and investment tax credits receivable |
||||||||||||||||||||
Other financial assets |
6 | |||||||||||||||||||
Inventories |
7 | |||||||||||||||||||
Other current assets |
8 | |||||||||||||||||||
Total current assets |
||||||||||||||||||||
Investment tax credits receivable |
||||||||||||||||||||
Other financial assets |
6 | |||||||||||||||||||
Property, plant and equipment |
9 | |||||||||||||||||||
Intangible assets |
10 | |||||||||||||||||||
Right-of-use |
11 | |||||||||||||||||||
Deferred income taxes |
28 | |||||||||||||||||||
Other non-current assets |
8 | |||||||||||||||||||
Total non-current assets |
||||||||||||||||||||
Total assets |
$ |
$ |
||||||||||||||||||
Trade payables and accruals |
13 | |||||||||||||||||||
Provisions |
14 | |||||||||||||||||||
Other financial liabilities |
15 | |||||||||||||||||||
Income tax payable |
||||||||||||||||||||
Deferred revenues |
||||||||||||||||||||
Current portion of long-term debt |
16 | |||||||||||||||||||
Current portion of lease liabilities |
11 | |||||||||||||||||||
Total current liabilities |
||||||||||||||||||||
Long-term debt |
16 | |||||||||||||||||||
Lease liabilities |
11 | |||||||||||||||||||
Provisions |
14 | |||||||||||||||||||
Other financial liabilities |
15 | |||||||||||||||||||
Deferred revenues |
||||||||||||||||||||
Employee future benefit liabilities |
17 | |||||||||||||||||||
Deferred income taxes |
28 | |||||||||||||||||||
Other non-current liabilities |
||||||||||||||||||||
Total non-current liabilities |
||||||||||||||||||||
Total liabilities |
||||||||||||||||||||
Deficit |
( |
) |
( |
) | ||||||||||||||||
Total liabilities and deficit |
$ |
$ |
|
||||||||
8 | ||||||||
Attributed to shareholders |
||||||||||||||||||||||||||||||||
Capital Stock (Note 18) |
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 18) |
( |
( |
( |
|||||||||||||||||||||||||||||
Issuance of subordinate shares |
( |
|||||||||||||||||||||||||||||||
Repurchase of subordinate shares (Note 18) |
( |
( |
( |
( |
||||||||||||||||||||||||||||
Stock-based compensation |
[a] |
|||||||||||||||||||||||||||||||
Other |
( |
( |
||||||||||||||||||||||||||||||
Balance as at January 31, 2022 |
$ |
$( |
$( |
$( |
$ |
$( |
$ |
$( |
Attributed to shareholders |
||||||||||||||||||||||||||||||||
Capital Stock (Note 18) |
Contributed surplus |
Retained losses |
Translation of foreign operations |
Cash- flow hedges |
Total |
Non- controlling interests |
Total deficit |
|||||||||||||||||||||||||
Balance as at January 31, 2020 |
$ |
$( |
$( |
$ |
$ |
$( |
$ |
$( |
||||||||||||||||||||||||
Net income (loss) |
— | — | — | — | ( |
|||||||||||||||||||||||||||
Other comprehensive income |
— | — | ||||||||||||||||||||||||||||||
Total comprehensive income (loss) |
— | — | |
( |
||||||||||||||||||||||||||||
Dividends (Note 18) |
— | — | ( |
— | — | ( |
— | ( |
||||||||||||||||||||||||
Issuance of subordinate shares |
( |
— | — | — | — | |||||||||||||||||||||||||||
Repurchase of subordinate shares (Note 18) |
( |
( |
( |
— | — | ( |
— | ( |
||||||||||||||||||||||||
Stock-based compensation |
— | [a] |
— | — | — | — | ||||||||||||||||||||||||||
Balance as at January 31, 2021 |
$ |
$( |
$( |
$ |
$ |
$( |
$ |
$( |
|
||||||||
9 | ||||||||
Years ended |
||||||||||||
Notes | January 31, 2022 |
January 31, 2021 |
||||||||||
OPERATING ACTIVITIES |
||||||||||||
Net income |
$ |
$ |
||||||||||
Non-cash and non-operating items: |
||||||||||||
Depreciation expense |
||||||||||||
Income tax expense |
28 | |||||||||||
Foreign exchange gain on long-term debt |
( |
) |
( |
) | ||||||||
Interest expense and transaction costs |
27 | |||||||||||
Net loss (gain) on disposal of property, plant and equipment |
26 | ( |
) | |||||||||
Impairment charge |
25 | |||||||||||
Other |
( |
) | ||||||||||
Cash flows generated from operations before changes in working capital |
||||||||||||
Changes in working capital: |
||||||||||||
(Increase) decrease in trade and other receivables |
( |
) |
||||||||||
(Increase) decrease in inventories |
( |
) |
||||||||||
Increase in other assets |
( |
) |
( |
) | ||||||||
Increase in trade payables and accruals |
||||||||||||
(Decrease) increase in other financial liabilities |
( |
) |
||||||||||
Decrease in provisions |
( |
) |
( |
) | ||||||||
Increase (decrease) 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 |
9 | ( |
) |
( |
) | |||||||
Additions to intangible assets |
10 | ( |
) |
( |
) | |||||||
Proceeds on disposal of property, plant and equipment |
||||||||||||
Other |
||||||||||||
Net cash flows used in investing activities |
( |
) |
( |
) | ||||||||
FINANCING ACTIVITIES |
||||||||||||
Issuance of long-term debt |
16 | |||||||||||
Long-term debt amendment fees |
( |
) |
( |
) | ||||||||
Repayment of long-term debt |
16 | ( |
) |
( |
) | |||||||
Repayment of lease liabilities |
( |
) |
( |
) | ||||||||
Interest paid |
( |
) |
( |
) | ||||||||
Issuance of subordinate voting shares |
||||||||||||
Repurchase of subordinate voting shares |
18 | ( |
) |
( |
) | |||||||
Dividends paid |
18 | ( |
) |
( |
) | |||||||
Other |
( |
) |
( |
) | ||||||||
Net cash flows (used in) generated from financing activities |
( |
) |
||||||||||
Effect of exchange rate changes on cash and cash equivalents |
||||||||||||
Net (decrease) increase in cash and cash equivalents |
( |
) |
||||||||||
Cash and cash equivalents at the beginning of year |
||||||||||||
Cash and cash equivalents at the end of year |
$ |
$ |
|
||||||||
1 0 | ||||||||
1. |
NATURE OF OPERATIONS |
2. |
SIGNIFICANT ACCOUNTING POLICIES |
a) |
Basis of presentation |
b) |
Basis of consolidation |
|
||||||||
11 | ||||||||
2. |
SIGNIFICANT ACCOUNTING POLICIES [CONTINUED] |
b) |
Basis of consolidation [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 |
|
||||||||
1 2 | ||||||||
2. |
SIGNIFICANT ACCOUNTING POLICIES [CONTINUED] |
e) |
Property, plant and equipment |
Tooling |
||
Equipment |
||
Building |
|
||||||||
13 | ||||||||
2. |
SIGNIFICANT ACCOUNTING POLICIES [CONTINUED] |
f) |
Intangible assets |
Software and licences |
||||
Patents |
||||
Dealer networks |
||||
Customer relationships |
|
||||||||
1 4 | ||||||||
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 5 | ||||||||
2. |
SIGNIFICANT ACCOUNTING POLICIES [CONTINUED] |
h) |
Impairment of property, plant and equipment, intangible assets and right-of-use |
i) |
Financial instruments |
|
|
|
|
|
|
|
|
|
|
||||||||
1 6 | ||||||||
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 net income 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. |
|
||||||||
1 7 | ||||||||
2. |
SIGNIFICANT ACCOUNTING POLICIES [CONTINUED] |
j) |
Derecognition of receivables |
k) |
Dealer holdback programs |
l) |
Provisions |
|
||||||||
18 | ||||||||
2. |
SIGNIFICANT ACCOUNTING POLICIES [CONTINUED] |
m) |
Employee benefits |
|
||||||||
19 | ||||||||
2. |
SIGNIFICANT ACCOUNTING POLICIES [CONTINUED] |
n) |
Revenue recognition |
o) |
Government assistance |
p) |
Stock-based compensation |
q) |
Income taxes |
|
||||||||
20 | ||||||||
2. |
SIGNIFICANT ACCOUNTING POLICIES [CONTINUED] |
r) |
Earnings per share |
s) |
Business combinations |
t) |
Segmented information |
|
||||||||
2 1 | ||||||||
3. |
SIGNIFICANT ESTIMATES AND JUDGMENTS |
a) |
Significant estimates in applying the Company’s accounting policies |
|
||||||||
2 2 | ||||||||
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] |
|
||||||||
2 4 | ||||||||
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 |
|
||||||||
2 5 | ||||||||
4. |
FUTURE ACCOUNTING CHANGES |
|
||||||||
2 6 | ||||||||
5. |
TRADE AND OTHER RECEIVABLES |
January 31, 2022 |
January 31, 2021 |
|||||||||||
Trade receivables |
$ |
$ |
||||||||||
Allowance for doubtful accounts |
( |
( |
||||||||||
Sales tax and other government receivables |
||||||||||||
Other |
||||||||||||
Total trade and other receivables |
$ |
$ |
6. |
OTHER FINANCIAL ASSETS |
January 31, 2022 |
January 31, 2021 |
|||||||||||
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 |
$ |
$ |
7. |
INVENTORIES |
January 31, 2022 |
January 31, 2021 |
|||||||||||
Materials and work in progress |
$ |
$ |
||||||||||
Finished products |
||||||||||||
Parts, accessories and apparel |
||||||||||||
Total inventories |
$ |
$ |
|
||||||||
2 7 | ||||||||
8. |
OTHER ASSETS |
January 31, 2022 |
January 31, 2021 |
|||||||||||
Prepaids |
$ |
$ |
||||||||||
Deferred financing cost |
||||||||||||
Other [a] |
||||||||||||
Total other assets |
$ |
$ |
||||||||||
Current |
||||||||||||
Non-current |
||||||||||||
Total other assets |
$ |
$ |
|
||||||||
28 | ||||||||
9. |
PROPERTY, PLANT AND EQUIPMENT |
January 31, 2022 |
January 31, 2021 |
|||||||||||||||||||||||||||
Cost |
Accumulated depreciation |
Carrying amount |
Cost |
Accumulated depreciation |
Carrying amount |
|||||||||||||||||||||||
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 |
$ |
$ |
$( |
$( |
$( |
$ |
Carrying amount as at January 31, 2020 |
Additions [b] |
Disposals |
Depreciation |
Impairment (Note 25) |
Effect of foreign currency exchange rate changes |
Carrying amount as at January 31, 2021 |
||||||||||||||||||||||
Tooling |
$ |
$ |
$( |
$( |
$( |
$ |
$ |
|||||||||||||||||||||
Equipment |
( |
( |
( |
|||||||||||||||||||||||||
Building |
( |
( |
— | |||||||||||||||||||||||||
Land |
( |
— | — | |||||||||||||||||||||||||
Total |
$ |
$ |
$( |
$( |
$( |
$ |
$ |
|
||||||||
29 | ||||||||
10. |
INTANGIBLE ASSETS |
January 31, 2022 |
January 31, 2021 |
|||||||||||||||||||||||||||
Cost |
Accumulated depreciation |
Carrying amount |
Cost |
Accumulated depreciation |
Carrying amount |
|||||||||||||||||||||||
Goodwill |
$ |
$ |
$ |
$ |
$— | $ |
||||||||||||||||||||||
Trademarks |
— | |||||||||||||||||||||||||||
Software and licences |
||||||||||||||||||||||||||||
Patents |
||||||||||||||||||||||||||||
Dealer networks |
||||||||||||||||||||||||||||
Customer relationships |
||||||||||||||||||||||||||||
Total |
$ |
$ |
$ |
$ |
$ |
$ |
Carrying amount as at January 31, 2021 |
Additions [a] |
Depreciation |
Effect of foreign currency exchange rate changes |
Carrying amount as at January 31, 2022 |
||||||||||||||||
Goodwill |
$ |
$ |
$ |
$( |
$ |
|||||||||||||||
Trademarks |
( |
|||||||||||||||||||
Software and licences |
( |
( |
||||||||||||||||||
Patents |
( |
( |
||||||||||||||||||
Dealer networks |
( |
( |
||||||||||||||||||
Customer relationships |
( |
( |
||||||||||||||||||
Total |
$ |
$ |
$( |
$( |
$ |
Carrying amount as at January 31, 2020 |
Additions |
Depreciation |
Impairment (Note 25) |
Effect of foreign currency exchange rate changes |
Carrying amount as at January 31, 2021 |
|||||||||||||||||
Goodwill |
$ |
$— | $— | $( |
$ |
$ |
||||||||||||||||
Trademarks |
— | — | ( |
|||||||||||||||||||
Software and licences |
( |
( |
||||||||||||||||||||
Patents |
— | ( |
— | — | ||||||||||||||||||
Dealer networks |
— | ( |
( |
|||||||||||||||||||
Customer relationships |
— | ( |
— | |||||||||||||||||||
Total |
$ |
$ |
$( |
$( |
$ |
$ |
|
||||||||
30 | ||||||||
11. |
LEASES |
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 |
$ |
$ |
$( |
$( |
$( |
$ |
[a] |
During the year ended January 31, 2022, the Company acquired two of its leased production facilities in Mexico. Consequently, the leases related to this transaction were terminated and reclassified as property, plant and equipment. |
Carrying amount as at January 31, 2020 |
Additions |
Depreciation |
Effect of foreign currency exchange rate changes |
Remeasurement and other |
Carrying amount as at January 31, 2021 | |||||||
Building & land |
$ |
$ |
$( |
$ |
$ |
$ | ||||||
Equipment |
( |
( |
( |
|||||||||
Other |
( |
( |
||||||||||
Total |
$ |
$ |
$( |
$ |
$ |
$ |
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 |
$ |
$ |
$ |
$( |
$( |
$( |
$ |
Carrying amount as at January 31, 2020 |
Issuance |
Interest |
Repayment [a] |
Effect of foreign currency exchange rate changes |
Remeasurement and other |
Carrying amount as at January 31, 2021 | ||||||||||
Lease liabilities |
$ |
$ |
$ |
$( |
$( |
$ |
$ |
|
||||||||
31 | ||||||||
|
||||||||
32 | ||||||||
13. |
TRADE PAYABLES AND ACCRUALS |
January 31, 2022 |
|
January 31, 2021 |
||||||||||
Trade payables |
$ |
$ |
||||||||||
Wages and related employee accruals |
||||||||||||
Other accruals |
||||||||||||
Total trade payables and accruals |
$ |
$ |
14. |
PROVISIONS |
January 31, 2022 |
January 31, 2021 |
|||||||||||
Product-related |
$ |
$ |
||||||||||
Restructuring |
||||||||||||
Other |
||||||||||||
Total provisions |
$ |
$ |
||||||||||
Current |
||||||||||||
Non-current |
||||||||||||
Total provisions |
$ |
$ |
Product-related |
Restructuring |
Other |
Total |
|||||||||||||
Balance as at January 31, 2021 |
$ |
$ |
$ |
$ |
||||||||||||
Expensed during the year |
||||||||||||||||
Paid during the year |
( |
( |
( |
( |
||||||||||||
Reversed during the year |
( |
( |
( |
|||||||||||||
Effect of foreign currency exchange rate changes |
( |
( |
( |
( |
||||||||||||
Unwinding of discount and effect of changes in discounting estimates |
( |
( |
||||||||||||||
Balance as at January 31, 2022 |
$ |
$ |
$ |
$ |
|
||||||||
3 3 | ||||||||
15. |
OTHER FINANCIAL LIABILITIES |
January 31, 2022 |
|
January 31, 2021 |
||||||||||
Dealer holdback programs and customer deposits |
$ |
$ |
||||||||||
Due to Bombardier Inc. (Note 29) |
||||||||||||
Derivative financial instruments |
||||||||||||
Due to a pension management company (Note 17) |
||||||||||||
Non-controlling interest liability [a] |
||||||||||||
Financial liability related to NCIB (Note 18) |
||||||||||||
Other |
||||||||||||
Total other financial liabilities |
$ |
$ |
||||||||||
Current |
||||||||||||
Non-current [b] |
||||||||||||
Total other financial liabilities |
$ |
$ |
16. |
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 |
$ |
January 31, 2021 |
||||||||||||||||||||
Maturity date |
Contractual interest rate |
Effective interest rate |
Outstanding nominal amount |
Carrying amount |
||||||||||||||||
Term Facility |
||||||||||||||||||||
Term Loan B-1 |
U.S. $ |
$ |
||||||||||||||||||
Term Loan B-2 |
U.S. $ |
[a] | ||||||||||||||||||
Term Loans |
€ |
|||||||||||||||||||
Total long-term debt |
$ |
|||||||||||||||||||
Current |
||||||||||||||||||||
Non-current |
||||||||||||||||||||
Total long-term debt |
$ |
|
||||||||
3 4 | ||||||||
16. |
LONG-TERM DEBT [CONTINUED] |
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 |
$ |
$ |
$( |
$( |
$ |
$ |
Statements of cash flows |
Non-cash changes |
|||||||||||||||||||||||||
Carrying amount as at January 31, 2020 |
Issuance |
Repayment |
Effect of foreign currency exchange rate changes |
Other |
Carrying amount as at January 31, 2021 | |||||||||||||||||||||
Term Facility |
$ |
$ |
$( |
$( |
$( |
$ |
||||||||||||||||||||
Term Loans |
( |
( |
||||||||||||||||||||||||
Total |
$ |
$ |
$( |
$( |
$( |
$ |
|
||||||||
3 5 | ||||||||
16. |
LONG-TERM DEBT [CONTINUED] |
a) |
Term Facility [continued] |
|
||||||||
3 6 | ||||||||
16. |
LONG-TERM DEBT [CONTINUED] |
b) |
Term Loans [continued] |
17. |
EMPLOYEE BENEFITS |
Years ended |
||||||||||||
January 31, 2022 |
January 31, 2021 |
|||||||||||
Current remuneration |
$ |
$ |
||||||||||
Post-employment defined benefit plans |
||||||||||||
Post-employment defined contribution plans |
||||||||||||
Termination benefits |
||||||||||||
Stock-based compensation (Note 19) |
||||||||||||
Other long-term benefits |
||||||||||||
Total |
$ |
$ |
a) |
Post-employment benefits |
Canadian |
employees |
|
||||||||
3 7 | ||||||||
17. |
EMPLOYEE BENEFITS [CONTINUED] |
a) |
Post employment benefits [continued] |
United |
States employees |
|
||||||||
38 | ||||||||
17. |
EMPLOYEE BENEFITS [CONTINUED] |
b) |
Defined benefit plans |
|
||||||||
39 | ||||||||
17. |
EMPLOYEE BENEFITS [CONTINUED] |
b) |
Defined benefit plans [continued] |
Years ended |
||||||||||||||||
January 31, 2022 |
January 31, 2021 |
|||||||||||||||
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 |
|
|||||||||||||||
Defined benefit obligation actuarial assumptions [b] |
||||||||||||||||
Discount rate |
||||||||||||||||
Rate of compensation increase |
||||||||||||||||
Mortality table |
|
|
||||||||
4 0 | ||||||||
17. |
EMPLOYEE BENEFITS [CONTINUED] |
b) |
Defined benefit plans [continued] |
January 31, 2022 |
January 31, 2021 |
|||||||||||||||||||
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, 2022 |
January 31, 2021 |
|||||||||||||||||||
Canada |
Foreign |
Canada |
Foreign |
|||||||||||||||||
Defined benefit obligation at beginning of year |
$( |
$( |
$( |
$( |
||||||||||||||||
Current service cost |
( |
( |
( |
( |
||||||||||||||||
Interest cost |
( |
( |
( |
( |
||||||||||||||||
Past service gain |
||||||||||||||||||||
Actuarial gains (losses) 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, 2022 |
January 31, 2021 |
|||||||||||||||||||
Canada |
Foreign |
Canada |
Foreign |
|||||||||||||||||
Assets fair value at beginning of year |
$ |
$ |
$ |
$ |
||||||||||||||||
Interest income |
||||||||||||||||||||
Administration costs |
( |
( |
||||||||||||||||||
Actuarial gains from return on plan assets |
||||||||||||||||||||
Employer contributions |
||||||||||||||||||||
Benefit paid |
( |
( |
( |
( |
||||||||||||||||
Effect of foreign currency exchange rate changes |
( |
|||||||||||||||||||
Assets fair value at end of year |
$ |
$ |
$ |
$ |
|
||||||||
4 1 | ||||||||
17. |
EMPLOYEE BENEFITS [CONTINUED] |
b) |
Defined benefit plans [continued] |
Years ended |
||||||||||||||||
January 31, 2022 |
January 31, 2021 |
|||||||||||||||
Canada |
Foreign |
Canada |
Foreign |
|||||||||||||
Actual return on plan assets |
$ |
$ |
$ |
$ |
January 31, 2022 |
January 31, 2021 |
|||||||||||
Publicly traded Canadian equity securities |
$ |
$ |
||||||||||
Publicly traded foreign equity securities |
||||||||||||
Publicly traded fixed income securities |
||||||||||||
Other |
||||||||||||
Total |
$ |
$ |
Years ended |
||||||||||||||||||||
January 31, 2022 |
January 31, 2021 |
|||||||||||||||||||
Canada |
Foreign |
Canada |
Foreign |
|||||||||||||||||
Current service cost |
$ |
$ |
$ |
$ |
||||||||||||||||
Net interest on the future employee benefit liabilities |
||||||||||||||||||||
Administration costs |
||||||||||||||||||||
Past service gain |
( |
|||||||||||||||||||
Defined benefit costs |
$ |
$ |
$ |
$ |
|
||||||||
4 2 | ||||||||
17. |
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 |
( |
18. |
CAPITAL STOCK |
|
||||||||
4 3 | ||||||||
18. |
CAPITAL STOCK [CONTINUED] |
Number of shares |
Carrying Amount |
|||||||
Subordinate voting shares |
||||||||
Balance as at February 1, 2020 |
$ |
|||||||
Issued upon exercise of stock options |
||||||||
Issued in exchange of multiple voting shares |
||||||||
Repurchased under the NCIB |
( |
) | ( |
) | ||||
Balance as at January 31, 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 |
$ |
|||||||
|
||||||||
Multiple voting shares |
||||||||
Balance as at February 1, 2020 |
$ |
|||||||
Exchanged for subordinate voting shares |
( |
) | ( |
) | ||||
Balance as at January 31, 2021 |
$ |
|||||||
Exchanged for subordinate voting shares |
( |
) | ( |
) | ||||
Balance as at January 31, 2022 |
$ |
|||||||
|
||||||||
Total outstanding as at January 31, 2022 |
$ |
a) |
Normal course issuer bid program (“NCIB”) |
|
||||||||
4 4 | ||||||||
18. |
CAPITAL STOCK [CONTINUED] |
a) |
Normal course issuer bid program (“NCIB”) [continued] |
b) |
Substantial issuer bid offer (“SIB”) |
c) |
Secondary offering |
d) |
Dividend |
|
||||||||
4 5 | ||||||||
19. |
STOCK OPTION PLAN |
January 31, 2022 |
January 31, 2021 |
|||||||
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, 2020 |
$ |
|||||||
Granted |
||||||||
Forfeited/Cancelled |
( |
) | ||||||
Exercised [a] |
( |
) | ||||||
Balance as at January 31, 2021 |
||||||||
Granted |
||||||||
Forfeited/Cancelled |
( |
) | ||||||
Exercised [b] |
( |
) | ||||||
Balance as at January 31, 2022 |
$ |
[ a] |
The weighted average stock price on these exercised stock options was $ |
[b] |
The weighted average stock price on these exercised stock options was $ |
|
||||||||
4 6 | ||||||||
19. |
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 |
||||||||||||||||||||
$108 to $112 |
||||||||||||||||||||
$120 to $124 |
||||||||||||||||||||
Balance as at January 31, 2022 |
$ |
$ |
Outstanding |
Exercisable |
|||||||||||||||||||
Exercise price range |
Number of options |
Weighted- average exercise price |
Weighted- average remaining life (years) |
Number of options |
Weighted- average exercise price |
|||||||||||||||
$16 to $20 |
$ |
$ |
||||||||||||||||||
$20 to $24 |
||||||||||||||||||||
$24 to $28 |
||||||||||||||||||||
$36 to $40 |
||||||||||||||||||||
$40 to $44 |
||||||||||||||||||||
$44 to $48 |
||||||||||||||||||||
$60 to $64 |
||||||||||||||||||||
$64 to $68 |
||||||||||||||||||||
$68 to $72 |
— | — | ||||||||||||||||||
Balance as at January 31, 2021 |
$ |
$ |
|
||||||||
4 7 | ||||||||
20. |
SEGMENTED INFORMATION |
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 before income taxes |
||||||||||||||||||
Income tax expense |
||||||||||||||||||
Net income |
$ |
For the year ended January 31, 2021 |
Powersports segment |
Marine segment |
Inter- segment eliminations |
Total |
||||||||||||||
Revenues |
$ |
$ |
$( |
$ |
||||||||||||||
Cost of sales |
( |
|||||||||||||||||
Gross profit (loss) |
( |
— | ||||||||||||||||
Total operating expenses |
[a] | |||||||||||||||||
|
|
|||||||||||||||||
Operating income |
||||||||||||||||||
Financing costs |
||||||||||||||||||
Financing income |
( |
|||||||||||||||||
Foreign exchange gain on long-term debt |
( |
|||||||||||||||||
Income before income taxes |
||||||||||||||||||
Income tax expense |
||||||||||||||||||
Net income |
$ |
[a] |
Including an impairment charge of $ |
|
||||||||
48 | ||||||||
20. |
SEGMENTED INFORMATION [CONTINUED] |
Revenues |
Property, plant and equipment, intangible assets and right-of-use assets |
|||||||||||||||||||
Years ended |
As at |
|||||||||||||||||||
January 31, 2022 |
January 31, 2021 |
January 31, 2022 |
January 31, 2021 |
|||||||||||||||||
United States |
$ |
$ |
$ |
$ |
||||||||||||||||
Canada |
||||||||||||||||||||
Europe |
||||||||||||||||||||
Asia Pacific |
||||||||||||||||||||
Mexico |
||||||||||||||||||||
Austria |
||||||||||||||||||||
Other |
||||||||||||||||||||
$ |
$ |
$ |
$ |
|
||||||||
49 | ||||||||
21. |
EARNINGS PER SHARE |
a) |
Basic earnings per share |
Years ended |
||||||||
January 31, 2022 |
January 31, 2021 |
|||||||
Net income attributable to shareholders |
$ |
$ |
||||||
Weighted average number of shares |
||||||||
Earnings per share - basic |
$ |
$ |
b) |
Diluted earnings per share |
Years ended |
||||||||
January 31, 2022 |
January 31, 2021 |
|||||||
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 |
$ |
$ |
|
||||||||
50 | ||||||||
22. |
REVENUES |
Years ended | ||||||
January 31, 2022 |
January 31, 2021 | |||||
Powersports |
||||||
Year-Round Products |
$ |
$ | ||||
Seasonal Products |
||||||
Powersports PA&A and OEM Engines |
||||||
Marine |
||||||
Total |
$ |
$ |
23. |
COST OF SALES |
24. |
GOVERNMENT ASSISTANCE |
Years ended | ||||||
January 31, 2022 |
January 31, 2021 | |||||
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 |
$ |
$ |
|
||||||||
51 | ||||||||
25. |
IMPAIRMENT CHARGE |
|
||||||||
52 | ||||||||
26. |
OTHER OPERATING (INCOME) EXPENSES |
Years ended |
||||||||
January 31, 2022 |
January 31, 2021 |
|||||||
Gain on lease termination (Note 11) |
$( |
$ |
||||||
Foreign exchange (gain) loss on working capital elements |
( |
|||||||
Loss (gain) on forward exchange contracts |
( |
|||||||
Net loss (gain) on disposal of property, plant and equipment |
( |
|||||||
Gain on litigation |
( |
|||||||
Restructuring costs |
||||||||
Other |
( |
|||||||
Total |
$( |
$ |
27. |
FINANCING COSTS AND INCOME |
Years ended |
||||||||
January 31, 2022 |
January 31, 2021 |
|||||||
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 |
( |
( |
||||||
Total |
$ |
$ |
|
||||||||
53 | ||||||||
28. |
INCOME TAXES |
a) |
Income tax expense |
Years ended |
||||||||
January 31, 2022 |
January 31, 2021 |
|||||||
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 |
( |
) |
||||||
Decrease in valuation allowance |
( |
) |
( |
) | ||||
( |
) | |||||||
Income tax expense |
$ |
$ |
Years ended |
||||||||||||||||
January 31, 2022 |
January 31, 2021 |
|||||||||||||||
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 |
( |
) |
||||||||||||||
Decrease in valuation allowance |
( |
) |
( |
) | ||||||||||||
Recognition of income taxes on foreign currency translation |
||||||||||||||||
Permanent differences [a] |
||||||||||||||||
Other |
||||||||||||||||
Income tax expense |
$ |
$ |
|
||||||||
5 4 | ||||||||
28. |
INCOME TAXES [CONTINUED] |
b) |
Deferred income taxes |
January 31, 2022 |
January 31, 2021 |
|||||||
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 |
( |
) |
( |
) | ||||
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 |
$ |
$ |
|
||||||||
5 5 | ||||||||
28. |
INCOME TAXES [CONTINUED] |
b) |
Deferred income taxes [continued] |
29. |
RELATED PARTY TRANSACTIONS |
a) |
Transactions with key management personnel |
Years ended |
||||||||
January 31, 2022 |
January 31, 2021 |
|||||||
Current remuneration |
$ |
$ |
||||||
Post-employment benefits |
||||||||
Termination benefits |
||||||||
Stock-based compensation expense |
||||||||
Total |
$ |
$ |
|
||||||||
5 6 | ||||||||
29. |
RELATED PARTY TRANSACTIONS [CONTINUED] |
b) |
Due to Bombardier Inc., a company related to Beaudier group |
c) |
Secondary offering |
30. |
FINANCIAL INSTRUMENTS |
a) |
Fair value |
|
||||||||
5 7 | ||||||||
30. |
FINANCIAL INSTRUMENTS [CONTINUED] |
a) |
Fair value [continued] |
As at |
As at |
|||||||||||||||||||||
January 31, 2022 |
January 31, 2021 |
|||||||||||||||||||||
Fair value level |
Carrying amount |
Fair value |
Carrying amount |
Fair value |
Valuation techniques and inputs | |||||||||||||||||
Restricted investments (Note 6) |
Level 2 | $ |
$ |
$ |
$ |
| ||||||||||||||||
Non-controlling interest liability (Note 15) |
Level 3 | $ |
$ |
$( |
$( |
| ||||||||||||||||
Derivative financial instruments Forward exchange contracts Favourable (Unfavourable) |
|
Level 2 Level 2 |
|
|
$ ( |
) |
|
$ ( |
) |
|
$ ( |
) |
|
$ ( |
) |
| ||||||
Interest rate cap |
Level 2 |
| ||||||||||||||||||||
Inflation rate swap |
Level 2 | ( |
) |
( |
) |
( |
) | ( |
) | | ||||||||||||
Total derivative financial instruments |
Level 2 | $ |
$ |
$ |
$ |
|||||||||||||||||
Term Facility (Note 16) |
|
Level 1 |
|
|
$( |
) |
|
$( |
) |
|
$( |
|
|
$( |
|
| ||||||
Term Loans (Note 16) |
Level 2 |
$( |
) |
$( |
) |
$( |
) |
$( |
|
|
||||||||
58 | ||||||||
30. |
FINANCIAL INSTRUMENTS [CONTINUED] |
a) |
Fair value [continued] |
b) |
Foreign exchange risk |
As at January 31, 2022 |
As at January 31, 2021 |
|||||||||||||||||||
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 |
$ |
$( |
$ |
$ |
[a] |
Based on variations that might exist at the closing dates. |
[b] |
Mainly from the long-term debt denominated in U.S. dollars. |
|
||||||||
59 | ||||||||
30. |
FINANCIAL INSTRUMENTS [CONTINUED] |
b) |
Foreign exchange risk [continued] |
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 12 months |
||||||||||||||||||||||||||||||
AUD |
$ |
$ |
$— | |||||||||||||||||||||||||||
GBP |
||||||||||||||||||||||||||||||
NOK |
— | |||||||||||||||||||||||||||||
SEK |
— | |||||||||||||||||||||||||||||
USD |
— | |||||||||||||||||||||||||||||
Between 12 and 24 months |
||||||||||||||||||||||||||||||
USD |
[ a] |
Exchange rates as at January 31, 2022 were used to translate notional amounts denominated in foreign currencies into Canadian dollars. |
As at January 31, 2021 | ||||||||||||||||||||||||||||||
Carrying amount | ||||||||||||||||||||||||||||||
Sell currency |
Buy currency |
Average rate |
Notional amount |
Canadian equivalent notional amount [a] |
Other financial assets |
Other financial liabilities | ||||||||||||||||||||||||
Less than 12 months |
||||||||||||||||||||||||||||||
AUD | $ |
$ |
$ | |||||||||||||||||||||||||||
GBP | ||||||||||||||||||||||||||||||
NOK | ||||||||||||||||||||||||||||||
SEK | ||||||||||||||||||||||||||||||
USD |
[a] |
Exchange rates as at January 31, 2021 were used to translate notional amounts denominated in foreign currencies into Canadian dollars. |
|
||||||||
60 | ||||||||
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 |
[a] |
Exchange rates as at January 31, 2022 were used to translate notional amounts denominated in foreign currencies into Canadian dollars. |
|
||||||||
61 | ||||||||
30. |
FINANCIAL INSTRUMENTS [CONTINUED] |
b) |
Foreign exchange risk [continued] |
As at January 31, 2021 | ||||||||||||||||||||||
Sell currency |
Buy currency |
Average rate |
Notional amount |
Canadian equivalent notional amount [a] | ||||||||||||||||||
Less than 12 months |
||||||||||||||||||||||
AUD | $ | |||||||||||||||||||||
BRL | ||||||||||||||||||||||
AUD | ||||||||||||||||||||||
Euro | ||||||||||||||||||||||
JPY | ||||||||||||||||||||||
MXN | ||||||||||||||||||||||
USD | ||||||||||||||||||||||
Euro | ||||||||||||||||||||||
CHF | ||||||||||||||||||||||
NOK | ||||||||||||||||||||||
SEK | ||||||||||||||||||||||
GBP | ||||||||||||||||||||||
JPY | ||||||||||||||||||||||
NOK | ||||||||||||||||||||||
SEK | ||||||||||||||||||||||
USD |
[a] |
Exchange rates as at January 31, 2021 were used to translate notional amounts denominated in foreign currencies into Canadian dollars. |
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 |
$ |
$ |
$ |
$ |
$ |
|
||||||||
6 2 | ||||||||
30. |
FINANCIAL INSTRUMENTS [CONTINUED] |
d) |
Interest risk |
e) |
Credit risk |
January 31, 2022 |
January 31, 2021 |
|||||||
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 |
$ |
$ |
||||||
6 3 | ||||||||
31. |
CAPITAL MANAGEMENT |
32. |
COMMITMENTS AND CONTINGENCIES |
a) |
Dealer and distributor financing arrangements |
Currency |
January 31, 2022 |
January 31, 2021 |
||||||||||
Total outstanding as at |
CAD | $ |
$ |
|||||||||
United States |
USD | $ |
$ |
|||||||||
Canada |
CAD | $ |
$ |
|||||||||
Europe |
Euro | € |
€ |
|||||||||
Australia and New Zealand |
AUD | $ |
$ |
|||||||||
Latin America |
USD | $ |
$ |
6 4 | ||||||||
32. |
COMMITMENTS AND CONTINGENCIES [CONTINUED] |
a) |
Dealer and distributor financing arrangements [continued] |
6 5 | ||||||||
32. |
COMMITMENTS AND CONTINGENCIES [CONTINUED] |
b) |
Guarantees under various agreements |
6 6 | ||||||||
32. |
COMMITMENTS AND CONTINGENCIES [CONTINUED] |
c) |
Litigation |
d) |
Contingent asset |
33. |
SUBSEQUENT EVENTS |
6 7 | ||||||||