CAE reports fourth quarter and full-year results for fiscal year 2007

MONTREAL, May 31 /PRNewswire-FirstCall/ - (NYSE:CGT) (TSX:CAE) - CAE today reported financial results for the fourth quarter and fiscal year ended March 31, 2007. Net earnings were $34.3 million ($0.14 per share) this quarter, compared to $9.2 million ($0.04 per share) in the fourth quarter of last year. Net earnings for the year were $127.4 million ($0.51 per share) compared to $63.6 million ($0.25 per share) last year. All financial information is in Canadian dollars.

    Summary of consolidated results
    (millions,
     except
     operating
     margins)     FY07     FY06    Q4-07    Q3-07    Q2-07    Q1-07    Q4-06
    -------------------------------------------------------------------------
    Revenue  $ 1,250.7  1,107.2    337.3    331.2    280.4    301.8    284.3
    Earnings
     before
     interest
     and
     income
     taxes
     (EBIT)  $   189.4    104.0     53.3     44.2     44.8     47.1      9.1
    As a %
     of
     revenue %    15.1      9.4     15.8     13.3     16.0     15.6      3.2
    Net Ear-
     nings   $   127.4     63.6     34.3     29.7     31.0     32.4      9.2
    Backlog  $ 2,774.6  2,460.0  2,774.6  2,711.9  2,584.0  2,433.2  2,460.0
    -------------------------------------------------------------------------
    (Comparable periods have been restated to reflect a change in stock-based
    compensation expenses (EIC-162))(1)

Net earnings from continuing operations for the quarter, excluding non-recurring items(2), were $35.1 million ($0.14 per share) this quarter, compared to $23.0 million ($0.09 per share) in the same quarter of last year. On the same basis, net earnings from continuing operations for the year were $129.3 million, a 51% increase year over year.

Consolidated revenue this quarter was $337.3 million, $53.0 million higher than the fourth quarter of 2006. Consolidated revenue for the year was $1.251 billion, compared to $1.107 billion in 2006.

Fourth-quarter consolidated earnings before interest and taxes(3) (EBIT) were $53.3 million, or 15.8% of revenue, and $52.2 million, or 15.5% of revenue excluding non-recurring items. EBIT increased sequentially by 21% mainly from higher income in the Training & Services / Civil segment, which was partially offset by a decrease in the other segments. EBIT for the year was $189.4 million, or 15.1% of revenue compared to $104.0 million or 9.4% of revenue. Not including the effect of non-recurring items, EBIT for the year was $193.1 million, or 15.4% of revenue compared to $136.8 million or 12.4% of revenue in 2006.

"Our financial results show an improvement in profitability as well as in the quality of the earnings, all supported by positive cash flows," said Robert E. Brown, CAE's President and Chief Executive Officer. "We are continuing to see good opportunities in our core markets and we are addressing them with innovative, industry leading solutions. CAE is growing from a position of strength: we have dedicated employees, a solid reputation, a healthy balance sheet and extensive customer relationships."

Business segment highlights

During the fourth quarter CAE won orders for seven civil full-flight simulators (FFSs), bringing the total number to 34. Orders for the year were comprised of 10 Airbus platforms, 22 Boeing, one Embraer and one ATR aircraft. Since the start of the new fiscal year, we have announced 10 orders, and we currently expect to receive approximately 30 orders for the year as a whole. As we have done in the past, we intend to update this estimate as the year progresses. At the end of the year, we launched a breakthrough product, the CAE 5000 Series FFS, for which we have received orders from launch customers including Ryanair, Lufthansa Flight Training, and CAE Civil Training & Services.

In Civil Training & Services, we secured more than $450 million in new training contracts this year including 50 new business aviation contracts and 20 new commercial and regional aviation contracts with airlines around the world. During the quarter we announced our plans to open CAE's first Indian flight training centre in Bangalore.

We were awarded a number of new military contracts this year for a total of $596 million, including a range of programs for the Australian, British, Canadian, German, U.S., and Italian forces. During the year we continued to make acquisitions in the modelling and simulation area to expand our capabilities and R&D efforts. We acquired Kesem International in Australia and since the new year, we have acquired Engenuity Technologies in Canada and MultiGen-Paradigm in the U.S. to further accelerate our market strategy.

    Simulation Products/Civil (SP/C)

    Financial results
    (millions,
     except
     operating
     margins)     FY07     FY06    Q4-07    Q3-07    Q2-07    Q1-07    Q4-06
    -------------------------------------------------------------------------
    Revenue   $  348.1    257.0     97.6     92.1     84.2     74.2     78.0
    Segment
     operating
     income   $   60.4     29.9     15.3     15.5     18.7     10.9      9.3
    Operating
     margins  %   17.4     11.6     15.7     16.8     22.2     14.7     11.9
    Backlog   $  352.8    284.4    352.8    340.0    313.2    297.5    284.4
    -------------------------------------------------------------------------
    (Comparable periods have been restated to reflect a change in stock-based
    compensation expenses (EIC-162))(1)

Revenue in the SP/C segment was $97.6 million during the fourth quarter, up by 25% over the same period last year. Revenue increased as a result of the high number of recent orders, and because we achieved some important milestones on several projects. Revenue for the year was $348.1 million, which is 35% higher than in 2006. Higher order and delivery activity account for this increase.

Segment operating income was $15.3 million, up by 65% over the same period last year. This increase is mainly due to higher revenue this quarter, improved productivity, and contributions by the provincial and federal governments to Project Phoenix, our research and development program. Segment operating income was similar to the third quarter despite higher revenue due to intensified development efforts on our new CAE 5000 Series simulator, which we recently launched.

For the year, segment operating income was $60.4 million, which is 102% higher than the prior year. The improvement stems from higher revenue, improved program execution and contributions to project Phoenix.

During the year, we received orders for 34 civil full-flight simulators. Bookings for the year totalled $406.9 million, and segment backlog reached $352.8 million at the end of the year.

    Training & Services/Civil (TS/C)

    Financial results
    (millions,
     except
     operating
     margins)     FY07     FY06    Q4-07    Q3-07    Q2-07    Q1-07    Q4-06
    -------------------------------------------------------------------------
    Revenue   $  336.9    322.3     91.7     83.1     78.4     83.7     81.1
    Segment
     operating
     income   $   64.3     57.1     21.3     13.5     11.2     18.3     14.9
    Operating
     margins  %   19.1     17.7     23.2     16.2     14.3     21.9     18.4
    Backlog   $  951.6    809.0    951.6    905.6    842.9    817.6    809.0
    -------------------------------------------------------------------------
    (Comparable periods have been restated to reflect a change in stock-based
    compensation expenses (EIC-162))(1)

For the fourth quarter, revenue in the TS/C segment increased 10% over last quarter and by 13% from the same period last year. The increase from last quarter results from higher demand in most of our training centres and the addition of four Revenue Simulator Equivalent Units (RSEUs) to our training network, which are now beginning to ramp up to capacity. For the year, revenue was $336.9 million, which is 5% higher than last year. There was stronger demand for aviation training but average RSEUs only increased by one unit during the year as a result of several simulator redeployments. As well, the appreciation of the Canadian dollar offset the some of the increase in volume.

Segment operating income was $21.3 million (23.2% of revenue) in the fourth quarter, compared to $13.5 million (16.2% of revenue) last quarter and $14.9 million (18.4% of revenue) in the fourth quarter last year. In addition to stronger demand, we recognized a gain during the quarter of $1.1 million on the disposal of a simulator as part of our ongoing fleet management activities. During the quarter, we also gained $1.3 million following negotiations with a business partner.

For the year, segment operating income was $64.3 million (19.1% of revenue), which is 13% higher than last year. Segment operating income outpaced revenue growth as a result of higher volume and increased operational efficiencies, which more than offset the impact of a stronger Canadian dollar and the fact that average RSEUs increased by only one unit.

New orders for the year totalled $452.5 million, and segment backlog reached $951.6 million at the end of the year.

    Simulation Products/Military (SP/M)

    Financial results
    (millions,
     except
     operating
     margins)     FY07     FY06    Q4-07    Q3-07    Q2-07    Q1-07    Q4-06
    -------------------------------------------------------------------------
    Revenue   $  357.5    327.4     92.2    105.2     64.3     95.8     77.5
    Segment
     operating
     income   $   39.1     27.0      9.5     11.2      7.3     11.1      6.8
    Operating
     margins  %   10.9      8.2     10.3     10.6     11.4     11.6      8.8
    Backlog   $  635.8    540.5    635.8    609.0    626.3    475.2    540.5
    -------------------------------------------------------------------------
    (Comparable periods have been restated to reflect a change in stock-based
    compensation expenses (EIC-162))(1)

Revenue in the SP/M segment was $92.2 million for the fourth quarter, up by 19% over the same period last year. Higher activity on some US programs and the depreciation of the Canadian dollar during the comparable quarter contributed to this increase. Revenue was $357.5 million for the year. The 9% increase over 2006 stems from a higher order intake in the U.S. and the U.K., which was partially offset by a stronger Canadian dollar for the year as a whole.

Segment operating income this quarter was $9.5 million, up 40% year over year. The increase is due to higher revenues and contributions by Investissement Quebec to Project Phoenix. Higher revenues and lower amortization expenses on deferred development costs contributed to a 45% increase in segment operating income for the year, which reached $39.1 million.

New orders for the year totalled $421.3 million and segment backlog reached $635.8 million at the end of the year. We expect variations in the level of order bookings between quarters in both Military segments because of the unique nature of military contracts and the irregular timing in which they are awarded. As well, variations exist in the level of revenue that is recognized during a quarter as this is often dependent on reaching specific program performance milestones.

    Training & Services/Military (TS/M)

    Financial results
    (millions,
     except
     operating
     margins)     FY07     FY06    Q4-07    Q3-07    Q2-07    Q1-07    Q4-06
    -------------------------------------------------------------------------
    Revenue   $  208.2    200.5     55.8     50.8     53.5     48.1     47.7
    Segment
     operating
     income   $   33.7     18.7      6.1      6.8      9.3     11.5      3.2
    Operating
     margins  %   16.2      9.3     10.9     13.4     17.4     23.9      6.7
    Backlog   $  834.4    826.1    834.4    857.3    801.6    842.9    826.1
    -------------------------------------------------------------------------
    (Comparable periods have been restated to reflect a change in stock-based
    compensation expenses (EIC-162))(1)

Revenue in the TS/M segment was $55.8 million for the fourth quarter, up by 17% over the same period last year. The increase is due to the acquisition of Kesem in Australia and increased revenue from our Medium Support Helicopter Aircrew Training Facility in the U.K. and at our C-130 training centre in Tampa, U.S. Revenue was $208.2 million for the year, which is 4% higher than 2006 as a result of more activity on U.S. and German support services contracts and the integration of Kesem. These gains were partially offset by a stronger Canadian dollar for the year as a whole.

Segment operating income was $6.1 million this quarter, compared to $3.2 million in the same period last year.

Segment operating income for the year was $33.7 million compared to $18.7 million last year. The increase in income is the result of higher revenue and higher contributions to Project Phoenix. In addition, we received a release of claims payment related to AVTS during the first quarter this year. The first quarter last year included the write-down of deferred bid costs related to AVTS.

New orders this year totalled $174.5 million and segment backlog reached $834.4 million at the end of the year.

Combined revenue this quarter for the Military business as a whole was $148.0 million and combined operating income was $15.6 million, resulting in an operating margin of 10.5%.

Combined revenue this year was $565.7 million and combined operating income was $72.8 million, resulting in an operating margin of 12.9%.

Cash flow and financial position

This year we generated $239.3 million of net cash from continuing operations. We invested $158.1 million in capital expenditures, and received $34.0 million in non-recourse financing. As a result, we generated free cash flow(4) of $93.6 million.

Net debt(5) was $133.0 million at March 31, 2007, a reduction of 30% from last year.

CAE will pay a dividend of $0.01 per share on June 29, 2007 to shareholders of record at the close of business on June 15, 2007.

Additional consolidated financial results

The consolidated backlog was $2.775 billion at the end of this year, compared to $2.460 billion at the end of last year. New orders of $1.455 billion were added to backlog and favourable impact of $110.1 million due mainly to foreign exchange movements. This was partly offset by $1.251 billion of revenues generated from backlog.

Capital expenditures for the year were $158.1 million and we expect that total capital expenditures will be of similar magnitude in fiscal 2008.

Income taxes were $49.7 million this year, representing an effective tax rate of 28%. Excluding non-recurring items, the effective tax rate was 29%. We expect the effective income tax rate for fiscal 2008 to be approximately 30%.

You will find a more detailed discussion of our results by segment in the Management's Discussion and Analysis (MD&A) as well as in our consolidated financial statements which are posted on our website at http://www.cae.com/financialsQ4FY07.

Conference call

CAE will host a conference call today at 1:00 p.m. EST for analysts, institutional investors and the media. North American participants can listen to the conference by dialling 1(866) 542-4236 or (514) 868-1042. Overseas participants can dial +800-6578-9868 or +1(514) 868-1042. The conference call will also be audio Webcast live for the public at www.cae.com.

CAE is a world leader in providing simulation and modelling technologies, and integrated training services to the civil aviation industry and defence forces around the globe. We design, manufacture and supply simulation equipment and offer training and services. This includes integrated modelling, simulation and training solutions for commercial airlines, business aircraft operators, aircraft manufacturers and military organizations and a global network of training centres for pilots, and in some instances, cabin crew and maintenance workers.

With annual revenues of over CDN$1 billion, CAE operates in 19 countries around the world. CAE has sold nearly 700 simulators and training devices to airlines, aircraft manufacturers, training centres and defence forces for air and ground purposes in more than 40 countries. With over 110 full-flight simulators in more than 20 aviation training centres, serving approximately 3,500 airlines, aircraft operators and manufacturers across the globe, CAE licenses its simulation software to various market segments and has a professional services division assisting customers with a wide range of simulation-based needs.

Certain statements made in this news release, including, but not limited to, statements that are not historical facts, are forward-looking and are subject to important risks, uncertainties and assumptions. The results or events predicted in these forward-looking statements may differ materially from actual results or events. These statements do not reflect the potential impact of any non-recurring or other special items or events that are announced or completed after the date of this news release, including mergers, acquisitions, or other business combinations and divestitures.

You will find more information about the risks and uncertainties associated with our business in the MD&A section of our annual report and annual information form for the year ended March 31, 2006. These documents have been filed with the Canadian securities commissions and are available on our website (www.cae.com) and on SEDAR (www.sedar.com). They have also been filed with the US Securities and Exchange Commission under Form 40-F and are available on EDGAR (www.sec.gov). The forward-looking statements contained in this news release represent our expectations as of May 31, 2007 and, accordingly, are subject to change after this date.

We do not update or revise forward-looking information even if new information becomes available unless legislation requires us to do so. You should not place undue reliance on forward-looking statements.

    Notes

    (1) All comparative prior periods have been retroactively restated for a
        recent change in accounting standards (EIC-162: Stock-Based
        Compensation for Employees Eligible to Retire Before the Vesting
        Date). This change was required for all companies under Canadian GAAP
        for interim financial statements ending on or after December 31,
        2006.

    (2) Non recurring items do not have any standardized meaning prescribed
        by Canadian generally accepted accounting principles (GAAP). We
        consider an item to be non-recurring when it is outside the normal
        course of business either because it appears infrequently, is unusual
        or does not represent a normal business trend. Please refer to
        CAE Inc.'s 2007 Annual MD&A dated March 31, 2007 for more details.

    (3) Earnings before interest and taxes (EBIT) is a measure that shows us
        how we have performed before the effect of certain financing
        decisions and tax structures. It does not have any standardized
        meaning prescribed by Canadian generally accepted accounting
        principles (GAAP). Please refer to CAE Inc.'s 2007 Annual MD&A dated
        March 31, 2007 for more details.

    (4) Free cash flow is a measure that tells us how much cash we have
        available to build the business, repay debt and meet ongoing
        financial obligations. We use it as an indicator of our financial
        strength and liquidity. We calculate it by taking the net cash
        generated by our continuing operating activities, subtracting all
        capital expenditures (including growth capital expenditures and
        capitalized costs) and dividends paid, and then adding the proceeds
        from sales and leaseback arrangements and other asset-specific
        financing (including non-recourse debt). Free cash flow does not have
        any standardized meaning prescribed by Canadian generally accepted
        accounting principles (GAAP). Please refer to CAE Inc.'s 2007 Annual
        MD&A dated March 31, 2007 for more details.

    (5) Net debt is a measure we use to monitor how much debt we have after
        taking into account liquid assets such as cash and cash equivalents.
        Net debt does not have any standardized meaning prescribed by
        Canadian generally accepted accounting principles (GAAP). Please
        refer to CAE Inc.'s 2007 Annual MD&A dated March 31, 2007 for more
        details.


    Consolidated Balance Sheets

    (Unaudited)
    As at March 31
     (amounts in millions of Canadian dollars)               2007       2006
    -------------------------------------------------------------------------
                                                                    Restated
    Assets
    Current assets
      Cash and cash equivalents                          $  150.2  $    81.1
      Accounts receivable                                   219.8      172.6
      Inventories                                           203.8      180.9
      Prepaid expenses                                       23.5       25.2
      Income taxes recoverable                               24.7       75.7
      Future income taxes                                     3.7        5.7
    -------------------------------------------------------------------------
                                                            625.7      541.2
    Property, plant and equipment, net                      986.6      832.1
    Future income taxes                                      81.5       78.2
    Intangible assets                                        36.0       30.5
    Goodwill                                                 96.9       92.0
    Other assets                                            129.5      136.2
    Long-term assets held for sale                              -        5.9
    -------------------------------------------------------------------------
                                                        $ 1,956.2  $ 1,716.1
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------

    Liabilities and Shareholders' Equity
    Current liabilities
      Accounts payable and accrued liabilities          $   403.9  $   373.7
      Deposits on contracts                                 184.8      146.4
      Current portion of long-term debt                      27.2       10.4
      Future income taxes                                     4.9       14.5
    -------------------------------------------------------------------------
                                                            620.8      545.0
    Long-term debt                                          256.0      260.9
    Deferred gains and other long-term liabilities          232.7      211.2
    Future income taxes                                      16.8       26.8
    -------------------------------------------------------------------------
                                                          1,126.3    1,043.9
    -------------------------------------------------------------------------
    Shareholders' Equity
    Capital stock                                           401.7      389.0
    Contributed surplus                                       5.7        5.6
    Retained earnings                                       510.2      392.8
    Cumulative translation adjustment                       (87.7)    (115.2)
    -------------------------------------------------------------------------
                                                            829.9      672.2
    -------------------------------------------------------------------------
                                                        $ 1,956.2  $ 1,716.1
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------


    Consolidated Statements of Earnings

    (Unaudited)
    (amounts in millions of         Three months ended   Twelve months ended
     Canadian dollars,                   March 31              March 31
     except per share amounts)         2007       2006       2007       2006
    -------------------------------------------------------------------------
                                              Restated              Restated

    Revenue                       $   337.3  $   284.3  $ 1,250.7  $ 1,107.2
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------
    Earnings before interest
     and income taxes             $    53.3  $     9.1  $   189.4  $   104.0
    Interest expense, net               3.5        0.9       10.6       16.2
    -------------------------------------------------------------------------
    Earnings before income taxes  $    49.8  $     8.2  $   178.8  $    87.8
    Income tax expense (recovery)      14.7       (6.4)      49.7       18.2
    -------------------------------------------------------------------------
    Earnings from continuing
     operations                   $    35.1  $    14.6  $   129.1  $    69.6
    Results of discontinued
     operations                        (0.8)      (5.4)      (1.7)      (6.0)
    -------------------------------------------------------------------------
    Net earnings                  $    34.3  $     9.2  $   127.4  $    63.6
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------
    Basic and diluted earnings
     per share from continuing
     operations                   $    0.14  $    0.06  $    0.51  $    0.28
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------
    Basic earnings per share      $    0.14  $    0.04  $    0.51  $    0.25
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------
    Diluted earnings per share    $    0.14  $    0.04  $    0.50  $    0.25
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------
    Weighted average number of
     shares outstanding (basic)       251.4      250.5      251.1      249.8
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------
    Weighted average number of
     shares outstanding (diluted)     253.7      253.4      253.0      252.1
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------


    Consolidated Statements of Retained Earnings

    (Unaudited)                     Three months ended   Twelve months ended
    (amounts in millions of              March 31              March 31
     Canadian dollars)                 2007       2006       2007       2006
    -------------------------------------------------------------------------
    Retained earnings at
     beginning of period,
     as previously reported       $   478.4  $   388.8  $   395.7  $   340.8
    Change in accounting
     policy EIC-162                       -       (2.7)      (2.9)      (1.6)
    -------------------------------------------------------------------------
    Retained earnings at
     beginning of period,
     restated                     $   478.4  $   386.1  $   392.8  $   339.2
    Net earnings                       34.3        9.2      127.4       63.6
    Dividends                          (2.5)      (2.5)     (10.0)     (10.0)
    -------------------------------------------------------------------------
    Retained earnings at
     end of period                $   510.2  $   392.8  $   510.2  $   392.8
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------


    Consolidated Statements of Cash Flows

    (Unaudited)                     Three months ended   Twelve months ended
    (amounts in millions of              March 31              March 31
     Canadian dollars)                 2007       2006       2007       2006
    -------------------------------------------------------------------------
                                              Restated              Restated
    Operating Activities
    Net earnings                  $    34.3  $     9.2  $   127.4  $    63.6
    Results of discontinued
     operations                         0.8        5.4        1.7        6.0
    -------------------------------------------------------------------------
    Earnings from continuing
     operations                        35.1       14.6      129.1       69.6
    Adjustments to reconcile
     earnings to cash flows
     from operating activities:
      Depreciation                     14.6       12.7       55.0       52.5
      Amortization of deferred
       financing costs                  0.2        0.3        0.8        2.2
      Amortization and write
       down of intangible and
       other assets                     5.2        7.7       15.8       22.9
      Future income taxes             (25.6)       7.5      (14.2)       5.1
      Investment tax credits           13.8       (6.1)      19.3      (11.8)
      Stock-based compensation
       plans                           10.2        2.8       24.6       12.2
      Employee future benefit -
       net                             (0.4)       0.6       (0.9)      (2.0)
      Other                            (7.6)       1.8      (10.4)      (3.9)
      Changes in non-cash
       working capital                 46.7       25.6       20.2       79.1
    -------------------------------------------------------------------------
    Net cash provided by
     continuing operating
     activities                        92.2       67.5      239.3      225.9
    Net cash provided by
     discontinued operating
     activities                           -          -          -        2.1
    -------------------------------------------------------------------------
    Net cash provided by
     operating activities              92.2       67.5      239.3      228.0
    -------------------------------------------------------------------------

    Investing Activities
    Business acquisitions
     (net of cash and cash
     equivalents acquired)              0.5          -       (4.4)       2.6
    Proceeds from disposal of
     discontinued operations
     (net of cash and cash and
     cash equivalents disposed)         2.8          -       (3.8)      (4.9)
    Capital expenditures              (33.8)     (42.3)    (158.1)    (130.1)
    Deferred development costs         (2.7)      (1.4)      (3.0)      (1.8)
    Deferred pre-operating costs       (3.2)      (0.3)      (5.9)      (0.7)
    Other                              (5.5)      (0.7)      (2.9)      (9.9)
    -------------------------------------------------------------------------
    Net cash used in continuing
     investing activities             (41.9)     (44.7)    (178.1)    (144.8)
    Net cash used in discontinued
     investing activities                 -          -          -       (2.3)
    -------------------------------------------------------------------------
    Net cash used in investing
     activities                       (41.9)     (44.7)    (178.1)    (147.1)
    -------------------------------------------------------------------------

    Financing Activities
    Net borrowing under revolving
     unsecured credit facilities          -      (21.0)      (0.6)     (30.7)
    Proceeds from long-term debt       13.3        6.3       45.8       32.1
    Reimbursement of long-term
     debt                             (28.6)      (3.8)     (39.8)     (65.7)
    Dividends paid                     (2.5)      (2.5)      (9.8)      (9.7)
    Common stock issuance               6.4        1.8       10.0        8.0
    Other                              (1.1)       9.8       (2.1)      11.6
    -------------------------------------------------------------------------
    Net cash (used in) provided
     by continuing financing
     activities                       (12.5)      (9.4)       3.5      (54.4)
    Net cash provided by
     discontinued financing
     activities                           -          -          -        1.2
    -------------------------------------------------------------------------
    Net cash (used in) provided
     by financing activities          (12.5)      (9.4)       3.5      (53.2)
    -------------------------------------------------------------------------
    Effect of foreign exchange
     rate changes on cash and
     cash equivalents                  (0.5)       1.0        4.4       (8.1)
    -------------------------------------------------------------------------
    Net increase in cash and
     cash equivalents                  37.3       14.4       69.1       19.6
    Cash and cash equivalents
     at beginning of period           112.9       66.7       81.1       61.5
    -------------------------------------------------------------------------
    Cash and cash equivalents
     at end of period             $   150.2  $    81.1  $   150.2  $    81.1
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------

    Cash and cash equivalents
    related to:
    Continuing operations                               $   150.2  $    81.1
    Discontinued operations                                     -          -
    -------------------------------------------------------------------------
                                                        $   150.2  $    81.1
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------

Source: CAE INC.

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