BRP Reports Third-Quarter Results for FY05.VALCOURT, Quebec Valcourt is a small town in southern Quebec, Canada. It is located about 130km from Montreal and is where Bombardier, the first snowmobile manufacturer, was founded in 1942. -- Highlights: - Strengthening of Canadian dollar Noun 1. Canadian dollar - the basic unit of money in Canada; "the Canadian dollar has the image of loon on one side of the coin" loonie dollar - the basic monetary unit in many countries; equal to 100 cents results in decrease in revenues of 6% for Q3/FY05 - Year-to-date Year-to-date (YTD) The period beginning at the start of the calendar year up to the current date. revenues increased by 9% from $1,682.9 million to $1,832.7 million in FY05 - Q3/FY05 revenues unfavourably affected by approximately $55 million and by $139 million year-to-date due to foreign currency - Q3/FY05 Consolidated Adjusted EBITDA (Earnings Before Interest, Taxes, Depreciation and Amortization) A metric used to show a company's profitability, but not its cash flow. EBITDA became popular in the 1980s to show the potential profitability of leveraged buyouts, but has become stands at $77.8 million compared to $76.5 million for the same period in FY04 while year-to-date has reached $162.3 million compared to $111.9 million Bombardier Recreational Products Inc., a privately-held company branded as "BRP BRP Bombardier Recreational Products, Inc. BRP Blue Ribbon Panel BRP Bioengineering Research Partnership BRP Business Resumption Plan BRP Business Recovery Plan BRP Bathroom Privileges BRP Bronx River Parkway (New York) ," today reported revenues of $637.1 million for the third quarter of fiscal 2005 compared to $679.5 million for the same period of fiscal 2004, a 6% decrease mainly due to foreign exchange fluctuations of approximately $55 million. Year-to-date revenues for the first nine months of FY05 rose by 9% from $1,682.9 million to $1,832.7 million. These year-to-date results stem from increased deliveries as well as better product mix for snowmobiles, watercraft and ATVs, a manufacturing agreement with Deere and Company and by the management decision to postpone post·pone tr.v. post·poned, post·pon·ing, post·pones 1. To delay until a future time; put off. See Synonyms at defer1. 2. To place after in importance; subordinate. production of watercraft and therefore delivery from the latter part of fiscal year ended January January: see month. 31, 2004 to the first and second quarters of fiscal 2005.These results were also affected by foreign exchange fluctuations of approximately $139 million. Gross profit margins Gross profit margin Gross profit divided by sales, which is equal to each sales dollar left over after paying for the cost of goods sold. gross profit margin A measure calculated by dividing gross profit by net sales. amounted to 21% for the third quarter as compared to 24% for the same quarter last fiscal year. The decrease in gross margins is due primarily to the unfavourable impact of the strengthening of the Canadian dollar in relation to the U.S. dollar of approximately $31 million for the quarter. Year-to-date gross margins stood at 17% as compared to 20% for the same period last year.The decrease is due primarily to the unfavourable impact of the strengthening of the Canadian dollar in relation to the U.S. dollar valued at approximately $92 million, offset partially by the positive impact of increased deliveries and a better product mix. Gross margins were also negatively impacted by the following items as a result of the acquisition: - the goods sold during the period which had been valued at the distributor selling prices of $9.3 million year-to-date and, - the amortisation Noun 1. amortisation - the reduction of the value of an asset by prorating its cost over a period of years amortization reduction, step-down, diminution, decrease - the act of decreasing or reducing something 2. of $3.1 million for the third quarter and $9.3 million year-to-date of intangible assets Intangible Asset An asset that is not physical in nature. Notes: Examples are things like copyrights, patents, intellectual property, and goodwill. These are the opposite of tangible assets. acquired which were increased to their fair value. Gross profit margin of 21% and of 17% for the three- and nine-month periods include adjustments related to the acquisition of the Company amounting to $9.3 million and $37.3 million respectively for the three- and nine-month periods (both including the unfavourable impact of foreign exchange contracts on revenues). Without these adjustments, gross profit margin would have been higher at 22% for the third quarter and 19% year-to-date. Consolidated Adjusted EBITDA, as reconciled in the attached schedules, has reached $77.8 million compared to $76.5 for the third quarter of fiscal 2004, a 2% increase.This increase was negatively impacted by foreign exchange fluctuations of approximately $21 million. Year-to-date consolidated adjusted EBITDA reached $162.3 million compared to $111.9 million for the corresponding period last fiscal year, a 45% increase. This increase is due to the positive impact of additional volumes and better product mix partially offset by a negative impact of foreign exchange of approximately $64 million. BRP's income from continuing operations continuing operations Parts of a business that are expected to be maintained as an ongoing segment of an overall business operation. Income and losses from continuing operations are reported separately if any segments have been discontinued during the for the third quarter of fiscal 2005 was $53.6 million compared to $33.8 million for the same period in fiscal 2004, an increase of 59%. The third quarter of fiscal 2005 was largely impacted by an unrealised foreign exchange gain on the long-term debt Long-Term Debt Loans and financial obligations lasting over one year. Notes: For example debts obligations such as bonds and notes which have maturities greater than one year would be considered long-term debt. of $51.9 million and offset by increased interest expense and accretion The act of adding portions of soil to the soil already in possession of the owner by gradual deposition through the operation of natural causes. The growth of the value of a particular item given to a person as a specific bequest under the provisions of a will between the in the carrying value Carrying Value Also know as "book value," it is a company's total assets minus intangible assets and liabilities, such as debt. Notes: This is different than market value, as it can be higher or lower depending on the circumstances. of preferred shares Preferred shares Preferred shares give investors a fixed dividend from the company's earnings and entitle them to be paid before common shareholders. See: Preferred stock. and a loss on redemption of preferred shares. Year-to-date income from continuing operations amounted to $39.9 million compared to $22.7 million for the same period of fiscal 2004, an increase of 76%. "The strengthening of the Canadian dollar in relation to the U.S. dollar has had a significant unfavourable impact on our net income which was partially offset by the positive impact of the Canadian dollar on our U.S. dollar denominated debt," said Jose JOSE Jealous One's Still Envy (song) JOSE Joint Optics Structures Experiment Boisjoli, BRP's president and chief executive officer. "Our consolidated adjusted EBITDA for the quarter was relatively stable at $77.8 million compared to the same period the previous year," he added. BRP operates in two segments: the Power Sports segment designs, develops, manufactures and sells snowmobiles, watercraft, all-terrain vehicles all-ter·rain vehicle n. Abbr. ATV A small, open motor vehicle having one seat and three or more wheels fitted with large tires. It is designed chiefly for recreational use over roadless, rugged terrain. , sport boats and Rotax Rotax is an Austrian engine manufacturer, founded in 1920 in Dresden, Germany. Operations were moved to Wels, Austria in 1943 and finally to Gunskirchen in 1947. In 1959, Rotax merged with the Vienna-based Lohner-Werke, a manufacturer of car and railway wagon bodies. engines; the Marine Engines segment designs, develops, manufactures and sells outboard Not built in. Outboard devices are external to the main unit. Contrast with inboard. See offboard. engines. Power Sports segment revenues for the third quarter of fiscal 2005 reached $519.4 million compared to $539.1 million for the same quarter of fiscal 2004, a decrease of 4%. The decrease is due primarily to the strengthening of the Canadian dollar against the U.S. dollar. Year-to-date revenues amounted to $1,420.5 million, an increase of 11% when compared to revenues of $1,276.3 million for the same period the previous year. The increase is due to the popularity of the ATV (1) (Advanced TV) An early name for the digital TV standard proposed by the Advisory Committee on Advanced Television Service (ACATS). See ACATS. See also ATV Forum. (2) (Analog TV) Refers to the NTSC, PAL and SECAM analog TV standads. Outlander and MAX series, a manufacturing supply agreement with Deere and Company, additional snowmobile snowmobile, vehicle designed to travel over snow, ice, and similar surfaces that offer limited traction and weight-supporting capability. As the performance of the vehicle depends to a large extent on keeping its weight as low as possible, there is no enclosure for shipments and by a management decision to postpone watercraft production and therefore delivery from the latter part of fiscal year ended January 31, 2004 to the first and second quarter of fiscal 2005. In the snowmobile industry, the Lynx lynx, name given to several related small, ferocious members of the cat family. All have small heads, tufted ears, and heavy bodies with long legs and short tails. All are primarily terrestrial, although they are able to climb trees. (R) and Ski-Doo(R) brands in Europe Europe (y  r`əp), 6th largest continent, c.4,000,000 sq mi (10,360,000 sq km) including adjacent islands (1992 est. pop. 512,000,000). and in North America North America, third largest continent (1990 est. pop. 365,000,000), c.9,400,000 sq mi (24,346,000 sq km), the northern of the two continents of the Western Hemisphere. respectively continue to be number one in
their markets.Three years ago, the Ski-Doo MX Z, based on the REV
platform, created a new era in snowmobiling with the introduction of
the driver-centred design, which changed the way snowmobilers ride.
American American, river, 30 mi (48 km) long, rising in N central Calif. in the Sierra Nevada and flowing SW into the Sacramento River at Sacramento. The discovery of gold at Sutter's Mill (see Sutter, John Augustus) along the river in 1848 led to the California gold rush of Snowmobiler magazine just named the Ski-Doo MX Z,"Best of
the Best".With regards to the watercraft industry, BRP continues to strengthen its worldwide leadership position. The Sea-Doo Sea-Doo is a brand name for Bombardier Recreational Products' popular line of personal water craft (PWC). The name is derived from Bombardier's Ski-Doo snowmobile line. It is also used regionally as a genericized trademark for any type of sit-down PWC. (R) 3D was named "Boat of the Year" by Boating Magazine A boating magazine is a publication whose main topic is boating, new boat reviews, boat motors and watersports. They can be aimed at different water sports enthusiasts including but not limited to: cruisers, fishers, skiers, sailors, racers, et cetera. and came in second among "The 100 Best New Products for Men" in Men's Health Men's Health Definition Men's health is concerned with identifying, preventing, and treating conditions that are most common or specific to men. Tech Guide 2005. As for BRP's ATV business, the Outlander Max received the "Best in class" recognition from All-Terrain Vehicle Magazine. According to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. the magazine, the Company "has aced a new segment in the ATV business with the introduction of, safe and innovative two-passenger ATVs. The Max concept- particularly the Outlander Max, with its unusual ability to morph morph 1 n. An allomorph. [From morpheme.] morph 2 n. between one passenger and 2-upper - not only makes for safe, secure 2-up travel, it opens the door to a multitude of potential attachments..." Marine Engines segment revenues for the three-month period ended October October: see month. 31, 2004 reached $127.6 million a 16% decrease when compared to revenues of $151.3 million for the corresponding quarter of fiscal 2004.The decrease is mainly due to the strengthening of the Canadian dollar in relation to the U.S. dollar and a decrease in the number of deliveries due to a decision made to rationalise Verb 1. rationalise - structure and run according to rational or scientific principles in order to achieve desired results; "We rationalized the factory's production and raised profits" rationalize the product offering and to concentrate on E-TEC. Year-to-date revenues reached $443.2 million, a 2% increase when compared to the same nine-month period of fiscal 2004. The increase in segment revenues is primarily due to an increased number of units sold and better product mix, mainly due to the introduction of E-TEC which were partially offset by the strengthening Canadian dollar. In regards to the state-of-the-art Evinrude E-TEC(TM) engines, revenues continue to increase in line with the Company's expectations.The results clearly indicate that consumers are looking for Looking for In the context of general equities, this describing a buy interest in which a dealer is asked to offer stock, often involving a capital commitment. Antithesis of in touch with. performance and hi-tech. Earlier this year, the U.S. Department of Commerce (DOC See doc file and docs. 1. Doc - Directed Oc 2. doc - /dok/ Common spoken and written shorthand for "documentation". Often used in the plural "docs" and in the construction "doc file" (i.e. documentation available on-line). ) issued a preliminary determination of antidumping an·ti·dump·ing adj. Intended to discourage importation and sale of foreign-made goods at prices substantially below domestic prices for the same items. for each "Japanese made" outboard engine sold in the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. . The DOC is expected to make a final determination on the duties imposed before the end of the year. In early 2005, the International Trade Commission should announce its final findings whether illegal pricing practices by Japanese companies This is a list of companies from Japan. Note that 株式会社 can be (and frequently is) read both kabushiki kaisha and kabushiki gaisha (with or without a hyphen). See that article for more details. have harmed U.S. manufacturers. During the third quarter BRP closed the sale of its Utility Vehicle segment. Subsequent to the quarter end, in November 2004, the Company announced that it was looking for potential strategic buyers for its Delavan, Wisconsin Delavan is a city in Walworth County, Wisconsin, United States. The population was 7,956 at the 2000 census. The city is located partially within the Town of Delavan. Delavan is home to the Wisconsin School for the Deaf. and Spruce Pine, North Carolina Spruce Pine is a town in Mitchell County, North Carolina, United States. The population was 2,030 at the 2000 census. History Spruce Pine was founded in 1907 when the Clinchfield Railroad made its way down the North Toe River from Erwin, Tennessee. plants. The buyers would be expected to keep the plants operational and commit to maintaining a supplier relationship with the Company. BRP also announced the restructuring restructuring - The transformation from one representation form to another at the same relative abstraction level, while preserving the subject system's external behaviour (functionality and semantics). of the Company's operations, including a reduction of its workforce.Some 800 jobs will be eliminated, of which 600 are in Canada. "We've had to make difficult decisions in the last few weeks, especially with regards to our employees. These decisions were made to protect the Company from external pressures over which we have no control, and to ensure BRP's growth going forward," concluded Jose Boisjoli. BRP is a world leader in the design, development, manufacturing, distribution and marketing of Sea-Doo(R) watercraft and sport boats, Ski-Doo(R) and Lynx(TM) snowmobiles, Johnson(R) and Evinrude(R) outboard engines, direct injection technologies such as Evinrude E-TEC(TM), Bombardier(i) all-terrain vehicles (ATV), Rotax(R) engines and karts. See attached unaudited interim consolidated balance sheets consolidated balance sheet A balance sheet in which assets and liabilities of a parent company and its controlled subsidiaries are combined, thereby presenting balance sheet items for the parent and its subsidiaries as if they were a single firm. , interim consolidated statements of operations, and cash flows and schedules of adjusted EBITDA. This release refers to non-GAAP financial measures, such as EBITDA and Consolidated Adjusted EBITDA. "EBITDA" is defined as earnings before interest, taxes, depreciation and amortisation. Adjusted EBITDA includes the further adjustments described below. These non-GAAP financial measures are not prepared in accordance Accordance is Bible Study Software for Macintosh developed by OakTree Software, Inc.[] As well as a standalone program, it is the base software packaged by Zondervan in their Bible Study suites for Macintosh. with generally accepted accounting principles The standard accounting rules, regulations, and procedures used by companies in maintaining their financial records. Generally accepted accounting principles (GAAP) provide companies and accountants with a consistent set of guidelines that cover both broad accounting and may be different from non-GAAP financial measures used by other companies. Our Senior Credit Agreement and the indenture An agreement declaring the benefits and obligations of two or more parties, often applicable in the context of Bankruptcy and bond trading. The term indenture primarily describes secured contracts and has several applications in U.S. law. governing gov·ern v. gov·erned, gov·ern·ing, gov·erns v.tr. 1. To make and administer the public policy and affairs of; exercise sovereign authority in. 2. our Senior Subordinated Notes contain covenants tied to similar measures. We believe that EBITDA and Consolidated Adjusted EBITDA, adjusted for certain items and impacts resulting from purchase accounting, are a fair representation of and provide information with respect to our ability to service our debt. However, they should not be considered as substitutes for, or superior to, measures of financial performance prepared in accordance with GAAP GAAP See: Generally Accepted Accounting Principles GAAP See generally accepted accounting principles (GAAP). . This release contains certain forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. with respect to our financial condition, results of operations and business. All of these forward-looking statements, which can be identified by the use of terminology such as "subject to," "believe," "expects," "may," "will," "should," "can," or "anticipates," or the negative thereof, or variations thereon there·on adv. 1. On or upon this, that, or it. 2. Archaic Following that immediately; thereupon. Adv. 1. thereon - on that; "text and commentary thereon" on it, on that , or comparable terminology, or by discussions of strategy, although believed to be reasonable, are inherently uncertain. Factors which may materially affect such forward-looking statements include: (i) slow or negative growth in the recreational products industry; (ii) interruption INTERRUPTION. The effect of some act or circumstance which stops the course of a prescription or act of limitation's. 2. Interruption of the use of a thing is natural or civil. of business or negative impact on sales and earnings due to acts of war Tom Clancy's Op-Center: Acts of War is a technothriller by Jeff Rovin Plot introduction The mobile Regional Operations Center (ROC) in Turkey investigates a dam blown up by Kurdish terrorists. , terrorism, bio-terrorism, civil unrest Unrest is a sociological phenomenon, for instance:
adj. Not available, accessible, or at hand. un  a·vail of additional debt or equity capital; (viii) changes in
general worldwide economic and political conditions in the markets in
which BRP may compete from time to time; (ix) the inability of BRP to
gain and/or hold market share of its wholesale and/or retail customers
anywhere in the world; (x) the inability of BRP's clients to
obtain and/or renew insurance; (xi) exposure to, and expense of
defending and resolving, product liability claims and other litigation An action brought in court to enforce a particular right. The act or process of bringing a lawsuit in and of itself; a judicial contest; any dispute.When a person begins a civil lawsuit, the person enters into a process called litigation. ; (xii) the ability of BRP to successfully implement its business strategy; (xiii) the inability of BRP to manage its retail, wholesale, manufacturing and other operations efficiently; (xiv) consumer acceptance of BRP's products; (xv) fluctuations in foreign currencies, including the Canadian Dollar; (xvi) import-export controls on sales to foreign countries; (xvii) introduction of new federal, state, local or foreign legislation or regulation or adverse determinations by regulators anywhere in the world; (xviii) the mix of BRP's products and the profit margins thereon; and (xix) other factors beyond BRP's control. Readers are cautioned not to place undue reliance on forward-looking statements. BRP cannot guarantee future results, trends, events, levels of activity, performance or achievements. BRP does not undertake and specifically declines any obligation to update, republish re·pub·lish tr.v. re·pub·lished, re·pub·lish·ing, re·pub·lish·es 1. To publish again. 2. Law To revive (a libel or a canceled will). or revise forward-looking statements to reflect events or circumstances CIRCUMSTANCES, evidence. The particulars which accompany a fact. 2. The facts proved are either possible or impossible, ordinary and probable, or extraordinary and improbable, recent or ancient; they may have happened near us, or afar off; they are public or after the date hereof here·of adv. Of this. hereof Adverb Formal or law of or concerning this Adv. 1. hereof - of or concerning this; "the twigs hereof are physic" or to reflect the occurrences of unanticipated events. (R) TM Trademark of Bombardier Recreational Products Inc. or its subsidiaries. (i) Trademark of Bombardier Inc. used under license.
Bombardier Recreational Products Inc.
(millions of Canadian dollars) Unaudited Statements of Operations
Three months ended Nine months ended
October 31, October 31,
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the the
Company Predecessor(1) Company Predecessor(1)
2004 2003 2004 2003
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Revenues $637.1 $679.5 $1,832.7 $1,682.9
Cost of sales 505.2 517.8 1,516.0 1,347.9
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Gross profit 131.9 161.7 316.7 335.0
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Operating expenses
Selling and marketing 34.3 41.1 103.2 123.6
Research and
development 23.9 29.0 79.3 81.6
General and
administrative 35.4 40.9 97.3 92.0
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Total operating
expenses 93.6 111.0 279.8 297.2
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Operating income from
continuing operations 38.3 50.7 36.9 37.8
Financing costs 11.2 0.6 32.0 2.4
Other (income) and
expenses
Accretion in carrying
value of redeemable
preferred shares 1.0 - 3.0 -
Loss on early
redemption of preferred
shares 6.4 - 6.4 -
Foreign exchange gain
on long-term debt (51.9) - (50.6) -
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Income from continuing
operations before
income taxes 71.6 50.1 46.1 35.4
Income tax expense 18.0 16.3 6.2 12.7
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Income from continuing
operations 53.6 33.8 39.9 22.7
Income (loss) from
discontinued operations
- net of tax (0.3) 2.3 (3.6) (0.3)
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Net income $53.3 $36.1 $36.3 $22.4
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(1) Predecessor represents the recreational products business of
Bombardier Inc.
(millions of Canadian dollars) Unaudited Schedules of Consolidated
Adjusted EBITDA
Three months ended Nine months ended
October 31, October 31,
---------------------------------------------------------------------
the the
Company Predecessor(1) Company Predecessor(1)
2004 2003 2004 2003
---------------------------------------------------------------------
Income from continuing
operation $53.6 $33.8 $39.9 $22.7
Interest expense 10.9 0.6 32.8 2.4
Accretion in the
carrying value of
redeemable preferred
shares 1.0 - 3.0 -
Loss on early
redemption of preferred
share 6.4 - 6.4 -
Income tax expense 18.0 16.3 6.2 12.7
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EBIT 89.9 50.7 88.3 37.8
Depreciation and
amortisation 32.3 25.7 92.5 76.5
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EBITDA 122.2 76.4 180.8 114.3
Adjustments:
Impact of fair value
increments of inventory
on cost of sales - - 9.3 -
Impact of foreign
exchange contracts on
revenue 6.2 - 18.7 -
Foreign exchange gain
on long-term debt (51.9) - (50.6) -
Management fee 0.8 - 2.3 -
Employee stock
compensation 0.5 - 1.8 -
Loss (gain) on disposal
of other assets - 0.1 - (2.4)
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Consolidated Adjusted
EBITDA $77.8 $76.5 $162.3 $111.9
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(1) Predecessor represents the recreational products business of
Bombardier Inc.
(millions of Canadian dollars) Unaudited Consolidated Balance Sheets
(the Company)
As at October 31, As at January 31,
2004 2004
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ASSETS
Current Assets
Cash and cash equivalents $250.9 $196.2
Receivables 94.1 148.7
Inventories 344.0 331.3
Deferred income taxes 73.8 68.1
Other assets 108.0 97.1
Assets held for sale 14.5 63.3
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Total current assets 885.3 904.7
Property, plant and equipment 420.6 490.3
Goodwill 69.8 78.9
Trademarks 151.1 151.1
Other intangible assets 81.4 90.7
Deferred income taxes 10.1 15.4
Other assets 56.7 64.5
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$1,675.0 $1,795.6
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LIABILITIES AND SHAREHOLDER'S
EQUITY
Current Liabilities
Accounts payable and accrued
liabilities $555.9 $632.0
Income taxes payable 16.5 8.5
Current portion of long-term
debt 3.9 5.0
Deferred income taxes - 0.3
Liabilities related to assets
held for sale - 15.6
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Total current liabilities 576.3 661.4
Long-term debt 582.7 635.0
Deferred income taxes 12.8 17.5
Employee future benefits
obligations 123.3 118.6
Other long-term liabilities 27.4 30.9
Redeemable preferred shares - 43.2
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Total liabilities 1,322.5 1,506.6
Shareholder's equity
Share capital 364.0 304.5
Contributed surplus 1.9 -
Retained earnings (deficit) 18.8 (17.5)
Cumulative translation
adjustment (32.2) 2.0
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$1,675.0 $1,795.6
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(millions of Canadian dollars) Unaudited Statement of Cash Flows
Three months ended Nine months ended
October 31, October 31,
---------------------------------------------------------------------
the the
Company Predecessor(1) Company Predecessor(1)
2004 2003 2004 2003
---------------------------------------------------------------------
Operating Activities
Income from continuing
operations $53.6 $33.8 $39.9 $22.7
Non-Cash Items
Depreciation and
amortisation 32.3 25.7 92.5 76.5
Amortisation of
deferred financial
costs 1.5 - 4.7 -
Employee stock
compensation 0.5 - 1.9 -
Deferred income taxes 10.2 (2.2) (10.8) 8.6
Loss (gain) on disposal
of property, plant and
equipment 0.3 (0.5) 0.7 0.3
Loss (gain) on disposal
of other assets - 0.1 - (2.4)
Change in the fair
value of derivative
financial instruments 0.3 7.1 (0.8) 7.1
Accretion in carrying
value of redeemable
preferred shares 1.0 - 3.0 -
Loss on early
redemption of
preferred share 6.4 - 6.4 -
Foreign exchange gain
on long-term debt (51.9) - (50.6) -
Net change in non-cash
working capital
balances related to
operations (33.2) (14.4) (9.3) (203.8)
---------------------------------------------------------------------
Cash flows from
operating activities 21.0 49.6 77.6 (91.0)
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Investing Activities
Additions to property,
plant and equipment (15.8) (18.3) (35.6) (56.1)
Proceeds on disposal of
property, plant and
equipment 2.6 1.0 2.7 1.1
Proceeds on disposal of
other assets - (0.1) - 4.1
Business acquisition (3.6) - (17.5) -
Disposal related to
Utility Vehicles
segment 41.1 - 41.1 -
Other long-term assets - (6.3) - (9.6)
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Cash flows from
investing activities 24.3 (23.7) (9.3) (60.5)
---------------------------------------------------------------------
Financing Activities
Increase in share
capital 53.1 - 59.6 -
Redemption of preferred
shares (52.6) - (52.6) -
Net variation in
advances (to) from
related parties - 54.0 - 41.2
Net contribution by
(distribution to)
Bombardier Inc. - (81.7) - 114.3
Other liabilities - 4.9 (2.7) 2.1
Repayment of long-term
debt - - (2.7) (0.8)
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Cash flows from
financing activities 0.5 (22.8) 1.6 156.8
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Effect of exchange
rates changes on cash
and cash equivalents (4.7) (2.7) (9.8) 0.9
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Cash flows from
continuing operations 41.1 0.4 60.1 6.2
Cash flows from
discontinued operations 4.2 3.5 (5.4) (8.0)
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Net increase (decrease)
in cash and cash
equivalents 45.3 3.9 54.7 (1.8)
Cash and cash
equivalents beginning
of period 205.6 23.0 196.2 28.7
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Cash and cash
equivalents at end of
period $250.9 $26.9 $250.9 $26.9
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(1) Predecessor represents the recreational products business of
Bombardier Inc.
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