June 30, 2024

Condensed Interim Statement of Financial Position 
(Unaudited)

(In thousands of Canadian dollars) June 30, 2024 March 31, 2024
Assets
Current assets
Cash  $              14,059  $                9,955
Trade and other receivables (note 4)                133,323                130,036
Inventories                  13,021                  14,462
Prepaids                    7,209                    8,506
Derivative financial assets                        55 -
               167,667                162,959
Non-current assets
Property and equipment (note 5)                357,121                355,726
Intangible assets (note 6)                  13,624                  14,160
Right-of-use assets (note 7)                  16,979                  17,059
Employee benefits asset (note 8)                  61,176                  57,088
               448,900                444,033
Total assets  $            616,567  $            606,992
Liabilities and Equity
Current liabilities
Trade and other payables   $            149,958  $            140,214
Holdbacks                       131                      142
Lease liabilities (note 10)                    2,549                    2,389
Deferred government funding related to operating expenses (note 11)                  20,230                  22,968
Derivative financial liabilities -                        82
               172,868                165,795
Non-current liabilities
Lease liabilities (note 10)                  16,631                  16,808
Deferred government funding related to capital expenditures (note 11)                369,886                368,994
Employee benefits liability (note 8)                  18,444                  18,484
Derivative financial liabilities -                        10
               404,961                404,296
Equity
Accumulated surplus                  38,738                  36,901
Total liabilities and equity  $            616,567  $            606,992

Contingencies (note 9) and contractual arrangements (note 14)
The accompanying notes are an integral part of these condensed interim financial statements.

Condensed Interim Statement of Comprehensive Income (Loss)
(Unaudited)

(In thousands of Canadian dollars) Three months ended June 30
2024 2023
Expenses
Pre-Board Screening   $            157,222  $            147,476
Hold Baggage Screening                  40,983                  40,193
Non-Passenger Screening                  36,855                  37,276
Restricted Area Identity Card Program                    1,060                    1,096
Corporate services                  13,519                  13,181
Total expenses (note 12)                249,639                239,222
Other income
Finance costs                      177                        67
Net (gain) loss on fair value of derivative financial instruments                     (147)                      407
Foreign exchange gain                         (9)                     (102)
Write-off of property and equipment and intangible assets -                        15
Loss on disposal of property and equipment -                          3
Total other income                        21                      390
Financial performance before revenue and government funding                249,660                239,612
Revenue
Finance income                      902                      677
Miscellaneous income                          2 -
Total revenue                      904                      677
Government funding
Parliamentary appropriations for operating expenses                234,645                224,527
Amortization of deferred government funding related to capital expenditures                  11,041                  10,455
Parliamentary appropriations for lease payments                      777                      529
Total government funding (note 11)                246,463                235,511
Financial performance  $               (2,293)  $               (3,424)
Other comprehensive income (loss)
Item that will not be reclassified to financial performance
Remeasurement of defined benefit plans (note 8)                    4,130                   (3,235)
Total comprehensive income (loss)  $                1,837  $               (6,659)

The accompanying notes are an integral part of these condensed interim financial statements.

Condensed Interim Statement of Changes in Equity
(Unaudited)

For the three months ended June 30:

(In thousands of Canadian dollars) Accumulated surplus
Balance, March 31, 2024  $                                36,901
 Financial performance                                     (2,293)
 Item that will not be reclassified to financial performance 
 Remeasurement of defined benefit plans (note 8)                                      4,130
Balance, June 30, 2024  $                                38,738
Balance, March 31, 2023  $                                35,129
Financial performance                                    (3,424)
Item that will not be reclassified to financial performance
Remeasurement of defined benefit plans (note 8)                                    (3,235)
Balance, June 30, 2023  $                                28,470

The accompanying notes are an integral part of these condensed interim financial statements.

Condensed Interim Statement of Cash Flows
(Unaudited)

(In thousands of Canadian dollars) Three months ended June 30
2024 2023
Cash flows provided by (used in)
Operating activities
Financial performance  $               (2,293)  $               (3,424)
Items not involving cash
Depreciation and amortization (note 12)                  11,731                  11,200
Change in net employee benefits asset/liability                           2                      634
Amortization of deferred government funding related to capital expenditures (note11)                 (11,041)                 (10,455)
Change in fair value of financial instruments at fair value through profit and loss                     (147)                      407
Write-off of property and equipment and intangible assets -                        15
Loss on disposal of property and equipment -                          3
Net change in working capital balances (note 16)                    6,513                    9,791
                   4,765                    8,171
 Investing activities 
Parliamentary appropriations received for capital funding (note 11)                    4,223 -
Purchase of property and equipment                   (4,199)                   (2,775)
Purchase of intangible assets                       (81) -
                      (57)                   (2,775)
 Financing activities 
Lease principal payments                     (604)                     (466)
                    (604)                     (466)
 Increase in cash                     4,104                    4,930
 Cash, beginning of period                     9,955                  13,785
 Cash, end of period   $              14,059  $              18,715

The accompanying notes are an integral part of these condensed interim financial statements.