Latest news with #Copp
Sydney Morning Herald
11-05-2025
- Business
- Sydney Morning Herald
Timelines for swath of Victorian construction projects blow out
On the road network, the duplication of the Western Highway between Ballarat and Stawell still has no firm completion date despite being slated for 2021. The government's Big Build website says planning for the final section is still under way. Another project renewing sections of the Great Ocean Road, forecast to be completed this year, is expected to be four to six months behind schedule after already being pushed back from as far back as 2020. The Big Housing Build, a 2020 state government commitment to build 12,000 social and affordable homes over four years, is now forecast to be completed in 2028. The government says the $6.3 billion project will now deliver 13,300 social and affordable homes, with work on 10,100 complete or under way. A government spokesperson said the auditor-general's report was a 'snapshot in time' and information was provided 12 months ago. Other delays outlined in the report are no longer accurate and have not been included in this article. Loading 'Since then, works have progressed, with Victorians reaping the benefits from these vital major projects across the state,' the spokesperson said. Opposition major projects spokesman Evan Mulholland said the government's management of projects had become a 'slow-motion disaster'. 'Victorians pay the price with added costs and delayed projects because we have a government that rewards union thuggery instead of demanding accountability,' Mulholland said. Improvements to Victoria's male prison system capacity, first forecast for 2023, are also delayed and unlikely to stay within budget because of black mould infestations affecting hundreds of new beds at Barwon Prison in Lara and the Metropolitan Remand Centre in Ravenhall. The Department of Justice and Community safety is currently negotiating with the contractors of the prison project and argues the works were not completed to standard. Infrastructure Australia's market capacity report, published in December 2024, said investment in transport projects was falling as billions of dollars more in funding flowed to energy and housing projects. Chief executive Adam Copp said at the time that the nation's infrastructure ambitions were being challenged by skills shortages, stagnant productivity growth and the rising costs of materials. 'Construction materials on average cost around 30 per cent more than they did three years ago, and with ongoing skills shortages we simply don't have the people power we need to get the job done on time – our analysis shows 7 per cent of the pipeline, or $15 billion of planned construction work, has been hampered by project delays,' Copp said in the report. Loading Copp said projects would also shift into regional areas and northern Australia, which would bring other challenges in attracting workers and supplying materials. Roads Australia chief executive Ehssan Veiszadeh has previously warned of the impact of delays, particularly those linked to union action. The peak body's members reported that repeated construction delays and poorer working environments added 30 per cent to the total costs of projects. 'On major public infrastructure worksites, workplace safety has not only been undermined – it has been weaponised,' Veiszadeh said. 'Worksites have been shut down for spurious reasons, sometimes costing up to $5 million a day. Often industrial action has targeted critical works such as concrete pours, which can have a cost impact of tens of millions of dollars.' This masthead's Building Bad investigation has detailed allegations of serious misconduct across government sites over the past year, including allegations gangland-linked figures were receiving large payments from companies on publicly funded projects looking to gain favour with figures within the CFMEU.
The Age
11-05-2025
- Business
- The Age
Timelines for swath of Victorian construction projects blow out
On the road network, the duplication of the Western Highway between Ballarat and Stawell still has no firm completion date despite being slated for 2021. The government's Big Build website says planning for the final section is still under way. Another project renewing sections of the Great Ocean Road, forecast to be completed this year, is expected to be four to six months behind schedule after already being pushed back from as far back as 2020. The Big Housing Build, a 2020 state government commitment to build 12,000 social and affordable homes over four years, is now forecast to be completed in 2028. The government says the $6.3 billion project will now deliver 13,300 social and affordable homes, with work on 10,100 complete or under way. A government spokesperson said the auditor-general's report was a 'snapshot in time' and information was provided 12 months ago. Other delays outlined in the report are no longer accurate and have not been included in this article. Loading 'Since then, works have progressed, with Victorians reaping the benefits from these vital major projects across the state,' the spokesperson said. Opposition major projects spokesman Evan Mulholland said the government's management of projects had become a 'slow-motion disaster'. 'Victorians pay the price with added costs and delayed projects because we have a government that rewards union thuggery instead of demanding accountability,' Mulholland said. Improvements to Victoria's male prison system capacity, first forecast for 2023, are also delayed and unlikely to stay within budget because of black mould infestations affecting hundreds of new beds at Barwon Prison in Lara and the Metropolitan Remand Centre in Ravenhall. The Department of Justice and Community safety is currently negotiating with the contractors of the prison project and argues the works were not completed to standard. Infrastructure Australia's market capacity report, published in December 2024, said investment in transport projects was falling as billions of dollars more in funding flowed to energy and housing projects. Chief executive Adam Copp said at the time that the nation's infrastructure ambitions were being challenged by skills shortages, stagnant productivity growth and the rising costs of materials. 'Construction materials on average cost around 30 per cent more than they did three years ago, and with ongoing skills shortages we simply don't have the people power we need to get the job done on time – our analysis shows 7 per cent of the pipeline, or $15 billion of planned construction work, has been hampered by project delays,' Copp said in the report. Loading Copp said projects would also shift into regional areas and northern Australia, which would bring other challenges in attracting workers and supplying materials. Roads Australia chief executive Ehssan Veiszadeh has previously warned of the impact of delays, particularly those linked to union action. The peak body's members reported that repeated construction delays and poorer working environments added 30 per cent to the total costs of projects. 'On major public infrastructure worksites, workplace safety has not only been undermined – it has been weaponised,' Veiszadeh said. 'Worksites have been shut down for spurious reasons, sometimes costing up to $5 million a day. Often industrial action has targeted critical works such as concrete pours, which can have a cost impact of tens of millions of dollars.' This masthead's Building Bad investigation has detailed allegations of serious misconduct across government sites over the past year, including allegations gangland-linked figures were receiving large payments from companies on publicly funded projects looking to gain favour with figures within the CFMEU.
Yahoo
07-05-2025
- Business
- Yahoo
Chorus Aviation Inc. Announces First Quarter 2025 Financial Results
In the first quarter of 2025, Chorus reported Adjusted EBITDA from continuing operations of $56.9 million, an increase of $2.8 million compared to the first quarter of 2024 primarily due to: 2 These are non-GAAP financial measures or non-GAAP ratios that are not recognized measures for financial statement presentation under GAAP. As such, they do not have standardized meanings, may not be comparable to similar measures presented by other issuers and should not be considered a substitute for or superior to GAAP results. Refer to "Non-GAAP Financial Measures" for further information. 1 The results of discontinued operations (RAL segment) have been excluded from prior period figures to conform to current period presentation. All amounts presented and discussed in this press release are from continuing operations unless otherwise noted. "These positive outcomes and our focus on returning capital to shareholders reflect the increased strength of our balance sheet, and a commitment to enhance value for our shareholders," said Mr. Copp. "At the same time, we took steps to deliver on our commitment to return capital to shareholders through a substantial issuer bid (SIB) for $25.0 million in value of Chorus' shares," added Mr. Copp. "This initiative is in addition to $53.0 million in share buy-backs since we launched our normal course issuer bid (NCIB) program in 2022." "Consistent with our plan, the first quarter results show significant improvements resulting from our sale of the regional aircraft leasing (RAL) business," said Colin Copp, President and Chief Executive Officer, Chorus. "The results also reflect strong growth at Voyageur, primarily driven by part sales, consistent earnings from Jazz's capacity purchase agreement (CPA) with Air Canada as well as our corporate cost reductions." HALIFAX, NS, May 6, 2025 /CNW/ - Chorus Aviation Inc. ('Chorus') (TSX: CHR) today announced its first quarter 2025 financial results. Parts sales, contract flying, MRO and other revenue of $39.1 million compared to $28.5 million for Q1 2024 primarily driven by Voyageur. Leverage Ratio 2 of 1.6 compared to 1.4 at December 31, 2024. The increase was a result of additional cash held at December 31, 2024 due to a $58.9 million prepayment of revenue related to January 2025. Adjusted Earnings available to Common Shareholders of $0.57 per Common Share, basic, 2 compared to $0.13 for Q1 2024. Adjusted Earnings available to Common Shareholders 2 of $15.4 million compared to $3.7 million for Q1 2024 was due to the positive impacts of the sale of the RAL business and improved financial results primarily related to increased parts sales, contract flying, MRO and other revenue. Story Continues an increase in Voyageur's parts sales, contract flying and MRO activity; and a decrease in general administrative expenses primarily attributable to lower overhead costs; partially offset by a decrease in capitalization of major maintenance overhauls on owned aircraft of $1.5 million; and a decrease in aircraft leasing revenue under the CPA of $0.7 million primarily due to a change in lease rates on certain aircraft partially offset by a higher US dollar exchange rate. Adjusted Net Income from continuing operations was $15.4 million for the quarter, an increase of $2.8 million compared to the first quarter of 2024 primarily due to: a $2.8 million increase in Adjusted EBITDA as previously described; and a decrease in net interest costs of $5.5 million primarily related to the repayment of the Series A Debentures at maturity, the partial repurchase of the Series B Debentures and Series C Debentures and the absence of any draw in the current quarter under the Operating Credit Facility; partially offset by an increase of $3.5 million in income tax expense; an increase in depreciation expense of $1.1 million primarily attributable to capital expenditures; and a negative change in foreign exchange of $1.0 million. Net income from continuing operations was $18.9 million, an increase of $13.5 million compared to the first quarter of 2024 primarily due to: the previously noted increase in Adjusted Net Income of $2.8 million; and a positive change in net unrealized foreign exchange of $10.7 million. Adjusted Earnings available to Common Shareholders from continuing operations was $15.4 million for the quarter, an increase of $11.7 million compared to the first quarter of 2024 primarily due to: the previously noted increase in Adjusted Net Income of $2.8 million; and the elimination of Preferred Share dividends of $8.8 million due to the redemption of the Preferred Shares. Consolidated Financial Analysis This section provides detailed information and analysis about Chorus' performance from continuing operations for the three months ended March 31, 2025 compared to the three months ended March 31, 2024. (unaudited) (expressed in thousands of Canadian dollars) Three months ended March 31, 2025 2024 Change Change $ $ $ % (revised)(1) Operating revenue 348,129 358,594 (10,465) (2.9) Operating expenses 318,419 330,632 (12,213) (3.7) Operating income 29,710 27,962 1,748 6.3 Net interest expense (3,744) (9,291) 5,547 (59.7) Foreign exchange gain (loss) 152 (9,550) 9,702 (101.6) Gain on property and equipment 1 — 1 100.0 Income before income tax 26,119 9,121 16,998 186.4 Income tax expense (7,186) (3,711) (3,475) 93.6 Net income from continuing operations 18,933 5,410 13,523 250.0 Net income from discontinued operations, net of taxes — 6,900 (6,900) (100.0) Net income 18,933 12,310 6,623 53.8 Net income attributable to non-controlling interest — 3,491 (3,491) (100.0) Net income attributable to Shareholders 18,933 8,819 10,114 114.7 Adjusted EBITDA(2) 56,861 54,013 2,848 5.3 Adjusted EBT(2) 22,568 16,279 6,289 38.6 Adjusted Net Income(2) 15,382 12,568 2,814 22.4 (1) The results of discontinued operations (RAL segment) have been excluded from prior period figures in accordance with IFRS 5 to conform to current period presentation. All amounts presented and discussed in this release are from continuing operations unless otherwise noted. (2) These are non-GAAP financial measures that are not recognized measures for financial statement presentation under GAAP. As such, they do not have standardized meanings, may not be comparable to similar measures presented by other issuers and should not be considered a substitute for or superior to GAAP results. Outlook (See cautionary statement regarding forward-looking information below.) The discussion that follows includes forward-looking information. This outlook provides current expectations for the Jazz business in 2025 and 2026. This information may not be appropriate for other purposes. The CPA provides a Fixed Margin to Jazz regardless of flying levels; therefore, any variations in flying are not expected to have any impact on Jazz's earnings. In addition, Jazz receives compensation for aircraft leased under the CPA that generates predictable Free Cash Flows. Jazz aircraft have amortizing debt that will be fully paid-off at the end of the original lease term under the CPA. At the end of each lease, Jazz will either extend the lease, sell or part-out each aircraft. Subsequent aircraft leases will continue to produce predictable Free Cash Flow at lower rates as the aircraft will be unencumbered. Annual Forecast(1) (unaudited) (in thousands of Canadian dollars) 2025 $ 2026(2) $ Fixed Margin(3) 59,600 43,900 Aircraft leasing under the CPA Revenue(4) 123,000 109,000 Payment on long-term debt and interest 81,000 72,000 Total Fixed Margin and Aircraft leasing under the CPA less payment on long-term debt and interest 101,600 80,900 Wholly-owned aircraft leased under the CPA (end of period)(4) 45 39 Wholly-owned aircraft leased under the CPA available for re-lease (end of period)(4) 3 9 (1) The forecast uses a foreign exchange rate of 1.4000 for 2025 and 2026 to translate USD to CAD. (2) Includes lease rates for 12 Dash 8-400's for 2026 with contracted lease extensions to 2030. (3) The Fixed Margin will decrease to no less than $59.6 million in 2025 and no less than $43.9 million in 2026 with no further changes thereafter. (4) Leases on three Dash 8-400s expire at the end of 2025 and on six Dash 8-400s that expire in mid-2026. Chorus plans to sell these aircraft. Portfolio of Aircraft Leasing under the CPA Current fleet of 48 wholly-owned aircraft and five spare engines Current net book value of $778.0 million Future contracted lease revenue US $362.2 million 1 Current weighted average fleet age of 8.7 years 2 Current weighted average remaining lease term of 4.6 years 2 Long-term debt of $324.1 million (US $225.4 million) 100% of debt has a fixed rate of interest Current weighted average cost of borrowing of 3.31% 1. The estimates are based on agreed lease rates in the CPA. 2. Fleet age and remaining lease term is calculated based on the weighted average of the aircraft net book value. Covered Aircraft The actual and forecasted Covered Aircraft under the CPA for the years 2025 to 2026 are as follows: Actual Change Forecast Change Forecast (unaudited) March 31, 2025 2025 2025 2026 2026 Dash 8-400 Aircraft Leased under the CPA 34 (3) 31 (6) 25 Other Covered Aircraft 5 (5) — — — 39 (8) 31 (6) 25 CRJ900 Aircraft Leased under the CPA 14 — 14 — 14 Other Covered Aircraft 21 — 21 (5) 16 35 — 35 (5) 30 CRJ200 Aircraft Leased under the CPA — — — — — Other Covered Aircraft(1) 15 — 15 (15) — 15 — 15 (15) — E175 Aircraft Leased under the CPA — — — — — Other Covered Aircraft 25 — 25 — 25 25 — 25 — 25 Total Aircraft Leased under the CPA(2)(3) 48 (3) 45 (6) 39 Other Covered Aircraft 66 (5) 61 (20) 41 114 (8) 106 (26) 80 (1) The 15 CRJ200s are currently non-operational under the CPA. (2) After 2026, the 39 owned aircraft leased under the CPA have lease expiry dates from 2027 to 2033. Air Canada will determine the composition of the Covered Aircraft fleet on the condition that the fleet must have a minimum of 80 aircraft with 75-78 seats. As leases in respect of owned aircraft mature, the minimum 80 Covered Aircraft fleet will be composed of owned aircraft with lease extensions and/or other Covered Aircraft sourced by Air Canada. (3) Lease expiry dates for owned aircraft are as follows: Dash 8-400s: six expiries in November 2027, seven expiries in 2028 and 12 expiries in 2030; and for CRJ900s: five in 2028, eight in 2032 and one in 2033. Jazz has started the initial phase of an extensive cabin refurbishment program for aircraft operated under the Air Canada Express brand. This refurbishment program includes upgraded Wi-Fi connectivity, larger overhead storage bins, new lightweight seats, in-seat power supply, and refreshed cabin interiors for the E-175s and CRJ900s. In addition, a select number of Dash 8-400s will receive Wi-Fi connectivity for Toronto Billy Bishop service along with Jazz's previous announcement in May 2024 that its Dash 8-400 fleet would receive new lightweight seats as part of an emission reductions initiative. All 39 owned aircraft leased under the CPA post 2026 are included in this passenger cabin refurbishment program with all costs associated with the program to be paid by Air Canada. Capital Expenditures Capital expenditures in 2025 are expected to be as follows: (unaudited) (in thousands of Canadian dollars) Annual Forecast 2025 $ Capital expenditures, excluding aircraft acquisitions 20,000 to 25,000 Capitalized major maintenance overhauls(1) 8,000 to 13,000 Aircraft acquisitions and improvements 2,500 to 7,500 30,500 to 45,500 (1) The 2025 plan includes between $3.0 million to $7.0 million of costs that are expected to be included in and recovered through the Controllable Costs. Use of Defined Terms Capitalized terms used but not defined in this news release have the meanings given to them in management's discussion and analysis of results of operations and financial condition dated May 6, 2025 (the"MD&A"), which is available on Chorus' website ( ) and under Chorus' profile on SEDAR+ ( ). In this news release, the term "shareholders" refers only to holders of Common Shares. Investor Conference Call / Audio Webcast Chorus will hold an analyst call at 9:00 AM ET on Wednesday, May 7, 2025, to discuss the first quarter 2025 financial results. The call may be accessed by dialing 1-888-699-1199. The call will be simultaneously audio webcast via: . This is a listen-in only audio webcast. The conference call webcast will be archived on Chorus' website at under Investors > Reports. A playback of the call can also be accessed until midnight ET, May 14, 2025, by dialing toll-free 1-888-660-6345 and using passcode 88823 # (pound key). NON-GAAP FINANCIAL MEASURES This news release references several non-GAAP financial measures and ratios to supplement the analysis of Chorus' results. Chorus uses these non-GAAP measures to evaluate and assess performance. These non-GAAP measures are generally numerical measures of Chorus' financial performance, financial position, or cash flows, that include or exclude amounts from the most comparable GAAP measure. As such, these measures are not recognized for financial statement presentation under GAAP, do not have standardized meanings, may not be comparable to similar measures presented by other entities, and should not be considered a substitute for or superior to GAAP results. For further information on non-GAAP measures used in this news release, please refer to Section 17 (Non-GAAP Financial Measures) of the MD&A, which is available on Chorus' website ( ) and under Chorus' profile on SEDAR+ ( ). Reconciliations of non-GAAP measures to their nearest GAAP measures are provided below. Adjusted Net Income, Adjusted EBT, Adjusted EBITDA (unaudited) (expressed in thousands of Canadian dollars) Three months ended March 31, 2025 $ 2024 $ Change $ (revised)(1) Net income 18,933 12,310 6,623 Less: Net income from discontinued operations, net of taxes — 6,900 (6,900) Net income from continuing operations 18,933 5,410 13,523 Add (Deduct) items to get to Adjusted Net Income Unrealized foreign exchange (gain) loss (3,551) 7,158 (10,709) (3,551) 7,158 (10,709) Adjusted Net Income 15,382 12,568 2,814 Add (Deduct) items to get to Adjusted EBT Income tax expense 7,186 3,711 3,475 Adjusted EBT 22,568 16,279 6,289 Add (Deduct) items to get to Adjusted EBITDA Net interest expense 3,744 9,291 (5,547) Depreciation and amortization excluding impairment 27,151 26,051 1,100 Foreign exchange loss 3,399 2,392 1,007 Gain on disposal of property and equipment (1) — (1) 34,293 37,734 (3,441) Adjusted EBITDA 56,861 54,013 2,848 (1) The results of discontinued operations (RAL segment) have been excluded from prior period figures in accordance with IFRS 5 to conform to current period presentation. All amounts presented and discussed in this release are from continuing operations unless otherwise noted. Adjusted Earnings available to Common Shareholders per Common Share Adjusted Earnings available to Common Shareholders per Common Share is used by Chorus to assess performance and is calculated as Adjusted Net Income less non-controlling interest and Preferred Share dividends declared, excluding the MOIC. (unaudited) (expressed in thousands of Canadian dollars, except per Share amounts) Three months ended March 31, 2025 $ 2024 $ Change $ (revised)(1) Adjusted Net Income from continuing operations 15,382 12,568 2,814 Add (Deduct) items to get to Adjusted Earnings available to Common Shareholders Preferred Share dividends declared — (8,848) 8,848 Adjusted Earnings available to Common Shareholders - continuing operations 15,382 3,720 11,662 Adjusted Earnings available to Common Shareholders per Common Share, basic - continuing operations 0.57 0.13 0.44 (1) The results of discontinued operations (RAL segment) have been excluded from prior period figures in accordance with IFRS 5 to conform to current period presentation. All amounts presented and discussed in this release are from continuing operations unless otherwise noted. Leverage Ratio Leverage Ratio is used by Chorus as a means to measure financial leverage. Leverage Ratio is calculated by dividing Net debt by trailing 12-month Adjusted EBITDA. Management believes Leverage Ratio to be a useful ratio when monitoring and managing debt levels. In addition, as leverage is a measure frequently analyzed for public companies, Chorus has calculated the amount to assist readers in this review. Leverage Ratio should not be construed as a measure of cash flows. Net debt is a key component of capital management for Chorus and provides management with a measure of its net indebtedness. (unaudited) (expressed in thousands of Canadian dollars) March 31, 2025 December 31, 2024 Change $ $ $ (revised)(1) Long-term debt and lease liabilities (including current portion) 418,437 516,379 (97,942) Less: Cash (74,351) (222,216) 147,865 Adjusted Net Debt 344,086 294,163 49,923 Adjusted EBITDA(1) 211,885 209,037 2,848 Leverage Ratio 1.6 1.4 0.2 (1) The results of discontinued operations (RAL segment) have been excluded from prior period figures in accordance with IFRS 5 to conform to current period presentation. All amounts presented and discussed in this release are from continuing operations unless otherwise noted. Free Cash Flow Free Cash Flow is a non-GAAP measure used as an indicator of financial strength and performance. Chorus believes that this measurement is useful as an indicator of its ability to service its debt, meet other ongoing obligations and reinvest in the Corporation and return capital to Common Shareholders. Readers are cautioned that Free Cash Flow does not represent residual cash flow available for discretionary expenditures. Free Cash Flow is defined as cash provided by operating activities less net changes in non-cash balances related to operations, capital expenditures excluding aircraft acquisitions and improvements. Following the sale of the RAL business in December 2024, asset sales are no longer considered part of the ordinary course of Chorus' business. Therefore, net proceeds from asset sales are no longer included in Free Cash Flow. The following table provides a reconciliation of Free Cash Flow to cash flows from operating activities, which is the most comparable financial measure calculated and presented in accordance with GAAP: (unaudited) (expressed in thousands of Canadian dollars) Three months ended March 31, 2025 2024 Change $ $ $ (revised)(1) Cash (used in) provided by operating activities from continuing operations (22,514) 68,216 (90,730) Add (Deduct) Net changes in non-cash balances related to operations 69,457 (29,722) 99,179 Capital expenditures, excluding aircraft acquisitions (3,171) (3,037) (134) Capitalized major maintenance overhauls (3,218) (4,768) 1,550 Free Cash Flow 40,554 30,689 9,865 (1) The results of discontinued operations (RAL segment) have been excluded from prior period figures in accordance with IFRS 5 to conform to current period presentation. All amounts presented and discussed in this release are from continuing operations unless otherwise noted. Adjusted Return on Equity Adjusted Return on Equity is a non-GAAP financial measure used to gauge a corporation's profitability and how efficient it is in generating profits. Adjusted Return on Equity is calculated based on Chorus' Adjusted Net Income less non-controlling interest and Preferred Share dividends declared, excluding the MOIC, divided by Average Shareholders' equity excluding non-controlling interest, Preferred Shares and cash. (unaudited) (expressed in thousands of Canadian dollars) Trailing 12-months ended March 31, December 31, 2025 2024 Change $ $ $ (revised)(1) Adjusted Net Income from continuing operations(1) 47,261 44,447 2,814 Add (Deduct) items to get to Adjusted Earnings available to Common Shareholders Preferred Share dividends declared, excluding MOIC(2) (8,979) (17,827) 8,848 Adjusted Earnings available to Common Shareholders(2) 38,282 26,620 11,662 Average equity attributable to Common Shareholders excluding cash Average Shareholders' equity 906,317 896,209 10,108 Add (Deduct) items to get to average equity attributable to Common Shareholders excluding cash Average Non-controlling interest (45,838) (43,293) (2,545) Average Preferred Shares (187,609) (187,609) — Average Cash(1) (48,101) (126,385) 78,284 624,769 538,922 85,847 Adjusted Return on Equity(1) 6.1 % 4.9 % 1.2 % (1) The results of discontinued operations (RAL segment) have been excluded from prior period figures in accordance with IFRS 5 to conform to current period presentation. All amounts presented and discussed in this release are from continuing operations unless otherwise noted. (2) Adjusted Earnings available to Common Shareholders excludes the MOIC payment in December 2024 of $91.2 million as the Preferred Shares were redeemed early due to the sale of the RAL business. Forward-Looking Information This news release includes forward-looking information and statements within the meaning of applicable securities laws (collectively, "forward-looking information"). Forward-looking information is identified by the use of terms and phrases such as "anticipate", "believe", "could", "estimate", "expect", "intend", "may", "plan", "potential", "predict", "project", "will", "would", and similar terms and phrases, including negative versions thereof. All information and statements other than statements of historical fact are forward-looking and by their nature, are based on various underlying assumptions and expectations that are subject to known and unknown risks, uncertainties and other factors that may cause actual future results, performance or achievements to differ materially from those indicated in the forward-looking information. As a result, there can be no assurance that the forward-looking information included in this news release will prove to be accurate or correct. Examples of forward-looking information in this news release include the discussion in the Outlook section and statements regarding Chorus' future performance, growth prospects and the ability to return capital to Common Shareholders. Actual results may differ materially from those anticipated in forward-looking information for a number of reasons including: changes in the aviation industry and general economic conditions; the emergence of disputes with contractual counterparties (including under the CPA); a deterioration in Air Canada's financial condition; any default by Chorus under debt covenants; asset impairments; changes in law; litigation; the imposition of tariffs on Canadian exports or imports or adverse changes to existing trade agreements and/or relationships; and the risk factors in Chorus' Annual Information Form dated February 19, 2025, and in Chorus' public disclosure record available under its profile on SEDAR+ at . The forward-looking information contained in this news release represents Chorus' expectations as of the date of this news release (or as of the date they are otherwise stated to be made) and is subject to change after such date. Chorus disclaims any intention or obligation to update or revise any forward-looking information as a result of new information, subsequent events or otherwise, except as required by applicable securities laws. Readers are cautioned that the foregoing factors and risks are not exhaustive. About Chorus Aviation Inc. Chorus is a holding company which owns the following principal operating subsidiaries: Jazz Aviation, the largest regional operator in Canada and provider of regional air services under the Air Canada Express brand; Voyageur Aviation, a leading provider of specialty charter, aircraft modifications, parts provisioning and in-service support services; and Cygnet Aviation Academy, an industry leading accredited training academy preparing pilots for direct entry into airlines. Together, Chorus' subsidiaries provide services that encompass every stage of an aircraft's lifecycle, including: contract flying, aircraft refurbishment, engineering, modification, repurposing and transition; aircraft and component maintenance, disassembly, and parts provisioning; aircraft acquisition and leasing; and pilot training. Chorus Class A Variable Voting Shares and Class B Voting Shares trade on the Toronto Stock Exchange under the trading symbol 'CHR'. Chorus' 6.00% Convertible Senior Unsecured Debentures due June 30, 2026, and 5.75% Senior Unsecured Debentures due June 30, 2027 trade on the Toronto Stock Exchange under the trading symbols ' and ' respectively. For further information on Chorus, please visit . SOURCE Chorus Aviation Inc. Cision View original content:
Cision Canada
06-05-2025
- Business
- Cision Canada
Chorus Aviation Inc. Announces First Quarter 2025 Financial Results Français
Financial Highlights: Net income of $18.9 million compared to $12.3 million for Q1 2024. Net income from continuing operations 1 of $18.9 million compared to $5.4 million for Q1 2024. Adjusted Earnings available to Common Shareholders 2 of $15.4 million compared to $3.7 million for Q1 2024 was due to the positive impacts of the sale of the RAL business and improved financial results primarily related to increased parts sales, contract flying, MRO and other revenue. Adjusted Earnings available to Common Shareholders of $0.57 per Common Share, basic, 2 compared to $0.13 for Q1 2024. Adjusted EBITDA 2 of $56.9 million compared to $54.0 million for Q1 2024. Free Cash Flow 2 of $40.6 million compared to $30.7 million for Q1 2024. Leverage Ratio 2 of 1.6 compared to 1.4 at December 31, 2024. The increase was a result of additional cash held at December 31, 2024 due to a $58.9 million prepayment of revenue related to January 2025. Parts sales, contract flying, MRO and other revenue of $39.1 million compared to $28.5 million for Q1 2024 primarily driven by Voyageur. HALIFAX, NS, May 6, 2025 /CNW/ - Chorus Aviation Inc. ('Chorus') (TSX: CHR) today announced its first quarter 2025 financial results. "Consistent with our plan, the first quarter results show significant improvements resulting from our sale of the regional aircraft leasing (RAL) business," said Colin Copp, President and Chief Executive Officer, Chorus. "The results also reflect strong growth at Voyageur, primarily driven by part sales, consistent earnings from Jazz's capacity purchase agreement (CPA) with Air Canada as well as our corporate cost reductions." "At the same time, we took steps to deliver on our commitment to return capital to shareholders through a substantial issuer bid (SIB) for $25.0 million in value of Chorus' shares," added Mr. Copp. "This initiative is in addition to $53.0 million in share buy-backs since we launched our normal course issuer bid (NCIB) program in 2022." "These positive outcomes and our focus on returning capital to shareholders reflect the increased strength of our balance sheet, and a commitment to enhance value for our shareholders," said Mr. Copp. __________________________ 1 The results of discontinued operations (RAL segment) have been excluded from prior period figures to conform to current period presentation. All amounts presented and discussed in this press release are from continuing operations unless otherwise noted. 2 These are non-GAAP financial measures or non-GAAP ratios that are not recognized measures for financial statement presentation under GAAP. As such, they do not have standardized meanings, may not be comparable to similar measures presented by other issuers and should not be considered a substitute for or superior to GAAP results. Refer to "Non-GAAP Financial Measures" for further information. First Quarter Summary In the first quarter of 2025, Chorus reported Adjusted EBITDA from continuing operations of $56.9 million, an increase of $2.8 million compared to the first quarter of 2024 primarily due to: an increase in Voyageur's parts sales, contract flying and MRO activity; and a decrease in general administrative expenses primarily attributable to lower overhead costs; partially offset by a decrease in capitalization of major maintenance overhauls on owned aircraft of $1.5 million; and a decrease in aircraft leasing revenue under the CPA of $0.7 million primarily due to a change in lease rates on certain aircraft partially offset by a higher US dollar exchange rate. Adjusted Net Income from continuing operations was $15.4 million for the quarter, an increase of $2.8 million compared to the first quarter of 2024 primarily due to: a $2.8 million increase in Adjusted EBITDA as previously described; and a decrease in net interest costs of $5.5 million primarily related to the repayment of the Series A Debentures at maturity, the partial repurchase of the Series B Debentures and Series C Debentures and the absence of any draw in the current quarter under the Operating Credit Facility; partially offset by an increase of $3.5 million in income tax expense; an increase in depreciation expense of $1.1 million primarily attributable to capital expenditures; and a negative change in foreign exchange of $1.0 million. Net income from continuing operations was $18.9 million, an increase of $13.5 million compared to the first quarter of 2024 primarily due to: the previously noted increase in Adjusted Net Income of $2.8 million; and a positive change in net unrealized foreign exchange of $10.7 million. Adjusted Earnings available to Common Shareholders from continuing operations was $15.4 million for the quarter, an increase of $11.7 million compared to the first quarter of 2024 primarily due to: the previously noted increase in Adjusted Net Income of $2.8 million; and the elimination of Preferred Share dividends of $8.8 million due to the redemption of the Preferred Shares. Consolidated Financial Analysis This section provides detailed information and analysis about Chorus' performance from continuing operations for the three months ended March 31, 2025 compared to the three months ended March 31, 2024. (unaudited) (expressed in thousands of Canadian dollars) Three months ended March 31, 2025 2024 Change Change $ $ $ % (revised) (1) Operating revenue 348,129 358,594 (10,465) (2.9) Operating expenses 318,419 330,632 (12,213) (3.7) Operating income 29,710 27,962 1,748 6.3 Net interest expense (3,744) (9,291) 5,547 (59.7) Foreign exchange gain (loss) 152 (9,550) 9,702 (101.6) Gain on property and equipment 1 — 1 100.0 Income before income tax 26,119 9,121 16,998 186.4 Income tax expense (7,186) (3,711) (3,475) 93.6 Net income from continuing operations 18,933 5,410 13,523 250.0 Net income from discontinued operations, net of taxes — 6,900 (6,900) (100.0) Net income 18,933 12,310 6,623 53.8 Net income attributable to non-controlling interest — 3,491 (3,491) (100.0) Net income attributable to Shareholders 18,933 8,819 10,114 114.7 Adjusted EBITDA (2) 56,861 54,013 2,848 5.3 Adjusted EBT (2) 22,568 16,279 6,289 38.6 Adjusted Net Income (2) 15,382 12,568 2,814 22.4 (1) The results of discontinued operations (RAL segment) have been excluded from prior period figures in accordance with IFRS 5 to conform to current period presentation. All amounts presented and discussed in this release are from continuing operations unless otherwise noted. (2) These are non-GAAP financial measures that are not recognized measures for financial statement presentation under GAAP. As such, they do not have standardized meanings, may not be comparable to similar measures presented by other issuers and should not be considered a substitute for or superior to GAAP results. Outlook (See cautionary statement regarding forward-looking information below.) The discussion that follows includes forward-looking information. This outlook provides current expectations for the Jazz business in 2025 and 2026. This information may not be appropriate for other purposes. The CPA provides a Fixed Margin to Jazz regardless of flying levels; therefore, any variations in flying are not expected to have any impact on Jazz's earnings. In addition, Jazz receives compensation for aircraft leased under the CPA that generates predictable Free Cash Flows. Jazz aircraft have amortizing debt that will be fully paid-off at the end of the original lease term under the CPA. At the end of each lease, Jazz will either extend the lease, sell or part-out each aircraft. Subsequent aircraft leases will continue to produce predictable Free Cash Flow at lower rates as the aircraft will be unencumbered. (1) The forecast uses a foreign exchange rate of 1.4000 for 2025 and 2026 to translate USD to CAD. (2) Includes lease rates for 12 Dash 8-400's for 2026 with contracted lease extensions to 2030. (3) The Fixed Margin will decrease to no less than $59.6 million in 2025 and no less than $43.9 million in 2026 with no further changes thereafter. (4) Leases on three Dash 8-400s expire at the end of 2025 and on six Dash 8-400s that expire in mid-2026. Chorus plans to sell these aircraft. Portfolio of Aircraft Leasing under the CPA Current fleet of 48 wholly-owned aircraft and five spare engines Current net book value of $778.0 million Future contracted lease revenue US $362.2 million 1 Current weighted average fleet age of 8.7 years 2 Current weighted average remaining lease term of 4.6 years 2 Long-term debt of $324.1 million (US $225.4 million) 100% of debt has a fixed rate of interest Current weighted average cost of borrowing of 3.31% 1. The estimates are based on agreed lease rates in the CPA. 2. Fleet age and remaining lease term is calculated based on the weighted average of the aircraft net book value. The actual and forecasted Covered Aircraft under the CPA for the years 2025 to 2026 are as follows: (1) The 15 CRJ200s are currently non-operational under the CPA. (2) After 2026, the 39 owned aircraft leased under the CPA have lease expiry dates from 2027 to 2033. Air Canada will determine the composition of the Covered Aircraft fleet on the condition that the fleet must have a minimum of 80 aircraft with 75-78 seats. As leases in respect of owned aircraft mature, the minimum 80 Covered Aircraft fleet will be composed of owned aircraft with lease extensions and/or other Covered Aircraft sourced by Air Canada. (3) Lease expiry dates for owned aircraft are as follows: Dash 8-400s: six expiries in November 2027, seven expiries in 2028 and 12 expiries in 2030; and for CRJ900s: five in 2028, eight in 2032 and one in 2033. Jazz has started the initial phase of an extensive cabin refurbishment program for aircraft operated under the Air Canada Express brand. This refurbishment program includes upgraded Wi-Fi connectivity, larger overhead storage bins, new lightweight seats, in-seat power supply, and refreshed cabin interiors for the E-175s and CRJ900s. In addition, a select number of Dash 8-400s will receive Wi-Fi connectivity for Toronto Billy Bishop service along with Jazz's previous announcement in May 2024 that its Dash 8-400 fleet would receive new lightweight seats as part of an emission reductions initiative. All 39 owned aircraft leased under the CPA post 2026 are included in this passenger cabin refurbishment program with all costs associated with the program to be paid by Air Canada. Capital Expenditures Capital expenditures in 2025 are expected to be as follows: (1) The 2025 plan includes between $3.0 million to $7.0 million of costs that are expected to be included in and recovered through the Controllable Costs. Use of Defined Terms Capitalized terms used but not defined in this news release have the meanings given to them in management's discussion and analysis of results of operations and financial condition dated May 6, 2025 (the"MD&A"), which is available on Chorus' website ( and under Chorus' profile on SEDAR+ ( In this news release, the term "shareholders" refers only to holders of Common Shares. Investor Conference Call / Audio Webcast Chorus will hold an analyst call at 9:00 AM ET on Wednesday, May 7, 2025, to discuss the first quarter 2025 financial results. The call may be accessed by dialing 1-888-699-1199. The call will be simultaneously audio webcast via: This is a listen-in only audio webcast. The conference call webcast will be archived on Chorus' website at under Investors > Reports. A playback of the call can also be accessed until midnight ET, May 14, 2025, by dialing toll-free 1-888-660-6345 and using passcode 88823 # (pound key). NON-GAAP FINANCIAL MEASURES This news release references several non-GAAP financial measures and ratios to supplement the analysis of Chorus' results. Chorus uses these non-GAAP measures to evaluate and assess performance. These non-GAAP measures are generally numerical measures of Chorus' financial performance, financial position, or cash flows, that include or exclude amounts from the most comparable GAAP measure. As such, these measures are not recognized for financial statement presentation under GAAP, do not have standardized meanings, may not be comparable to similar measures presented by other entities, and should not be considered a substitute for or superior to GAAP results. For further information on non-GAAP measures used in this news release, please refer to Section 17 (Non-GAAP Financial Measures) of the MD&A, which is available on Chorus' website ( and under Chorus' profile on SEDAR+ ( Reconciliations of non-GAAP measures to their nearest GAAP measures are provided below. Adjusted Net Income, Adjusted EBT, Adjusted EBITDA (unaudited) (expressed in thousands of Canadian dollars) Three months ended March 31, 2025 $ 2024 $ Change $ (revised) (1) Net income 18,933 12,310 6,623 Less: Net income from discontinued operations, net of taxes — 6,900 (6,900) Net income from continuing operations 18,933 5,410 13,523 Add (Deduct) items to get to Adjusted Net Income Unrealized foreign exchange (gain) loss (3,551) 7,158 (10,709) (3,551) 7,158 (10,709) Adjusted Net Income 15,382 12,568 2,814 Add (Deduct) items to get to Adjusted EBT Income tax expense 7,186 3,711 3,475 Adjusted EBT 22,568 16,279 6,289 Add (Deduct) items to get to Adjusted EBITDA Net interest expense 3,744 9,291 (5,547) Depreciation and amortization excluding impairment 27,151 26,051 1,100 Foreign exchange loss 3,399 2,392 1,007 Gain on disposal of property and equipment (1) — (1) 34,293 37,734 (3,441) Adjusted EBITDA 56,861 54,013 2,848 (1) The results of discontinued operations (RAL segment) have been excluded from prior period figures in accordance with IFRS 5 to conform to current period presentation. All amounts presented and discussed in this release are from continuing operations unless otherwise noted. Adjusted Earnings available to Common Shareholders per Common Share Adjusted Earnings available to Common Shareholders per Common Share is used by Chorus to assess performance and is calculated as Adjusted Net Income less non-controlling interest and Preferred Share dividends declared, excluding the MOIC. (1) The results of discontinued operations (RAL segment) have been excluded from prior period figures in accordance with IFRS 5 to conform to current period presentation. All amounts presented and discussed in this release are from continuing operations unless otherwise noted. Leverage Ratio Leverage Ratio is used by Chorus as a means to measure financial leverage. Leverage Ratio is calculated by dividing Net debt by trailing 12-month Adjusted EBITDA. Management believes Leverage Ratio to be a useful ratio when monitoring and managing debt levels. In addition, as leverage is a measure frequently analyzed for public companies, Chorus has calculated the amount to assist readers in this review. Leverage Ratio should not be construed as a measure of cash flows. Net debt is a key component of capital management for Chorus and provides management with a measure of its net indebtedness. (unaudited) (expressed in thousands of Canadian dollars) March 31, 2025 December 31, 2024 Change $ $ $ (revised) (1) Long-term debt and lease liabilities (including current portion) 418,437 516,379 (97,942) Less: Cash (74,351) (222,216) 147,865 Adjusted Net Debt 344,086 294,163 49,923 Adjusted EBITDA (1) 211,885 209,037 2,848 Leverage Ratio 1.6 1.4 0.2 (1) The results of discontinued operations (RAL segment) have been excluded from prior period figures in accordance with IFRS 5 to conform to current period presentation. All amounts presented and discussed in this release are from continuing operations unless otherwise noted. Free Cash Flow Free Cash Flow is a non-GAAP measure used as an indicator of financial strength and performance. Chorus believes that this measurement is useful as an indicator of its ability to service its debt, meet other ongoing obligations and reinvest in the Corporation and return capital to Common Shareholders. Readers are cautioned that Free Cash Flow does not represent residual cash flow available for discretionary expenditures. Free Cash Flow is defined as cash provided by operating activities less net changes in non-cash balances related to operations, capital expenditures excluding aircraft acquisitions and improvements. Following the sale of the RAL business in December 2024, asset sales are no longer considered part of the ordinary course of Chorus' business. Therefore, net proceeds from asset sales are no longer included in Free Cash Flow. The following table provides a reconciliation of Free Cash Flow to cash flows from operating activities, which is the most comparable financial measure calculated and presented in accordance with GAAP: (1) The results of discontinued operations (RAL segment) have been excluded from prior period figures in accordance with IFRS 5 to conform to current period presentation. All amounts presented and discussed in this release are from continuing operations unless otherwise noted. Adjusted Return on Equity Adjusted Return on Equity is a non-GAAP financial measure used to gauge a corporation's profitability and how efficient it is in generating profits. Adjusted Return on Equity is calculated based on Chorus' Adjusted Net Income less non-controlling interest and Preferred Share dividends declared, excluding the MOIC, divided by Average Shareholders' equity excluding non-controlling interest, Preferred Shares and cash. (1) The results of discontinued operations (RAL segment) have been excluded from prior period figures in accordance with IFRS 5 to conform to current period presentation. All amounts presented and discussed in this release are from continuing operations unless otherwise noted. (2) Adjusted Earnings available to Common Shareholders excludes the MOIC payment in December 2024 of $91.2 million as the Preferred Shares were redeemed early due to the sale of the RAL business. Forward-Looking Information This news release includes forward-looking information and statements within the meaning of applicable securities laws (collectively, "forward-looking information"). Forward-looking information is identified by the use of terms and phrases such as "anticipate", "believe", "could", "estimate", "expect", "intend", "may", "plan", "potential", "predict", "project", "will", "would", and similar terms and phrases, including negative versions thereof. All information and statements other than statements of historical fact are forward-looking and by their nature, are based on various underlying assumptions and expectations that are subject to known and unknown risks, uncertainties and other factors that may cause actual future results, performance or achievements to differ materially from those indicated in the forward-looking information. As a result, there can be no assurance that the forward-looking information included in this news release will prove to be accurate or correct. Examples of forward-looking information in this news release include the discussion in the Outlook section and statements regarding Chorus' future performance, growth prospects and the ability to return capital to Common Shareholders. Actual results may differ materially from those anticipated in forward-looking information for a number of reasons including: changes in the aviation industry and general economic conditions; the emergence of disputes with contractual counterparties (including under the CPA); a deterioration in Air Canada's financial condition; any default by Chorus under debt covenants; asset impairments; changes in law; litigation; the imposition of tariffs on Canadian exports or imports or adverse changes to existing trade agreements and/or relationships; and the risk factors in Chorus' Annual Information Form dated February 19, 2025, and in Chorus' public disclosure record available under its profile on SEDAR+ at The forward-looking information contained in this news release represents Chorus' expectations as of the date of this news release (or as of the date they are otherwise stated to be made) and is subject to change after such date. Chorus disclaims any intention or obligation to update or revise any forward-looking information as a result of new information, subsequent events or otherwise, except as required by applicable securities laws. Readers are cautioned that the foregoing factors and risks are not exhaustive. About Chorus Aviation Inc. Chorus is a holding company which owns the following principal operating subsidiaries: Jazz Aviation, the largest regional operator in Canada and provider of regional air services under the Air Canada Express brand; Voyageur Aviation, a leading provider of specialty charter, aircraft modifications, parts provisioning and in-service support services; and Cygnet Aviation Academy, an industry leading accredited training academy preparing pilots for direct entry into airlines. Together, Chorus' subsidiaries provide services that encompass every stage of an aircraft's lifecycle, including: contract flying, aircraft refurbishment, engineering, modification, repurposing and transition; aircraft and component maintenance, disassembly, and parts provisioning; aircraft acquisition and leasing; and pilot training. Chorus Class A Variable Voting Shares and Class B Voting Shares trade on the Toronto Stock Exchange under the trading symbol 'CHR'. Chorus' 6.00% Convertible Senior Unsecured Debentures due June 30, 2026, and 5.75% Senior Unsecured Debentures due June 30, 2027 trade on the Toronto Stock Exchange under the trading symbols ' and ' respectively. For further information on Chorus, please visit
NZ Herald
22-04-2025
- Sport
- NZ Herald
Kiwi Aidan Copp sets world shearing record in South Africa
Aidan Copp, 39, has set a new nine-hour world record for Merino lambs. A New Zealander has become the first shearer to set world records in three countries by establishing a new two-stand mark on Merino lambs over nine hours in South Africa overnight. Aidan Copp, 39, joined 38-year-old South African shearer and contractor Tienie du Plessis in setting the tally of 970 at Teebus Waters, near Steynsburg, inland Eastern Cape, about 330km northwest of coastal city East London. Copp grew up in West Melton, near Christchurch, but is based in New South Wales. Copp, who has also set records in New Zealand and Australia, shore 523 and du Plessis shore 447. The South African took up shearing full-time about 16 years ago after retiring from rugby with a fractured skull.
