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Annual Report for Fourth Quarter and Full Year Results for FY11

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Annual Report for Fourth Quarter and Full Year Results for FY11 CAE Annual Report for the year ended March 31, 2011 CAE Annual Report for the year ended March Global fi rst. ANNUAL REPORT Fiscal year ended March 31, 2011 1 Corporate Profile 1 Financial Highlights 2 Global Reach 4 Chairman’s Message 6 Message to Shareholders 10 CAE’s Emerging Markets Footprint 12 Civil 26 Defence 39 New Core Markets 43 Social Responsibility 45 Financial Review 47 Management’s Discussion and Analysis 102 Management’s Report on Internal Control over Financial Reporting 102 Independent Auditor’s Report 104 Consolidated Financial Statements Our vision is to be 110 Notes to Consolidated Financial the partner of choice for customers operating Statements in complex mission-critical environments 157 Board of Directors and Officers by providing the most accessible and most innovative modelling and simulation-based an eTree member, CAE Inc. is committed to meeting shareholder needs while FSC certified post-consumer and 70% virgin fibre environmentally friendly. For each shareholder that receives electronic 158 Shareholder and Investor Information EcoLogo and FSC Mixed Sources of shareholder communications, CAE will plant a tree through Tree solutions to enhance safety, improve efficiency, the leader in Canadian urban reforestation. using biogas energy 159 Forward-Looking Statements and help solve challenging problems. Corporate Profile CAE (TSX: CAE; NYSE: CAE) is a global leader in modeling, simulation and training for civil aviation and defence. The company employs more than 7,500 people at more than 100 sites and training locations in more than 20 countries. Through CAE’s global network of 32 civil aviation, military and helicopter training centres, the company trains more than 80,000 crewmembers yearly. CAE’s business is diversified, ranging from the sale of simulation products to providing comprehensive services such as training and aviation services, professional services and in-service support. The company aims to apply its simulation expertise and operational experience to help customers enhance safety, improve efficiency, maintain readiness and solve challenging problems. CAE is now leveraging its simulation capabilities in new markets such as healthcare and mining. www.cae.com Financial Highlights (amounts in millions, except per share amounts) 2011 2010 2009 Operating results Continuing operations Revenue 1,629.0 1,526.3 1,662.2 Earnings 169.8 144.5 202.2 Net earnings 169.8 144.5 201.1 Backlog 3,440.5 3,042.8 3,181.8 Financial position Net cash provided by continuing operating activities 247.0 267.0 194.4 Capital expenditures 114.9 130.9 203.7 Total assets 2,857.9 2,621.9 2,665.8 Total long term debt, net of cash 198.1 179.8 285.1 Per share Earnings from continuing operations 0.66 0.56 0.79 Net earnings (basic) 0.66 0.56 0.79 Dividends 0.15 0.12 0.12 Shareholders’ equity 4.95 4.52 4.70 Revenue Distribution Fiscal 2011 United States of America Asia 29% Australia 53% 47% 53% 47% 39% Canada Central and 32% South America Middle East Europe Defence Civil Products Services CAE Annual Report 2011 | 1 ANCHORAGE CANADA COLD LAKE VANCOUVER MONTREAL BAGOTVILLE MOOSE JAW 3,800 FREDERICTON MIRABEL GRAND FORKS GAGETOWN employees McCHORD FAIRCHILD SUDBURY MONCTON MINNEAPOLIS PETAWAWA PEASE HALIFAX OTTAWA MILWAUKEE TORONTO GREENWOOD TRENTON BOSTON MCCONNELL GRISSOM DENVER MORRISTOWN USA SAN FRANCISCO WICHITA SCOTT FORT KNOX DURHAM SEYMOUR JOHNSON SAN JOSE OKLAHOMA CITY SHERWOOD HAMPTON ROADS PHOENIX MARCH ALTUS DOBBINS CHERRY POINT 1,700 RICHARDSON • CHARLOTTE SAN DIEGO DYESS LITTLE ROCK employees FORT BENNING DALLAS DAVIS-MONTHAN KEESLER COLUMBUS TAMPA ORLANDO HOLLOMAN MACDILL MIAMI LATIN AMERICA MEXICO CITY 70 employees BOGOTA CAE Global Reach LIMA LEGEND Q Aviation Training BELO HORIZONTE Q Aviation Services CAE Global Academy SÃO PAULO O Military Training O Military Services V Simulation Products Operations SANTIAGO W CAE Professional Services X Presagis Offi ces X CAE Healthcare X CAE Mining * Expansion NORTH AMERICA SOUTH AMERICA CANADA UNITED STATES O MacDill BRAZIL W Bagotville O Altus O March X Belo Horizonte OW Cold Lake Q Anchorage O McChord Q São Paulo V Fredericton X Boston O McConnell CHILE O Gagetown Q Charlotte Q Miami O Greenwood O Cherry Point O Milwaukee QX Santiago O Minneapolis W Halifax O Columbus COLUMBIA OW Mirabel QQO Dallas QO Morristown Q Bogota Moncton O Davis-Monthan Q Oklahoma City QQVWXXX Montreal X Denver QVWXX Orlando PERU O Moose Jaw O Dobbins O Pease QX Lima* QW Ottawa V Durham Q Phoenix O Petawawa* O Dyess X Richardson AFRICA X Sudbury O Fairchild O San Diego QQWX Toronto O Fort Benning Q San Francisco* CAMEROON O Trenton O Fort Knox XX San Jose Douala QQ Vancouver O Grand Forks O Scott SOUTH AFRICA O Grissom O Seymour Johnson X Johannesburg W Hampton Roads O Sherwood O Holloman OVW Tampa OO Keesler 2 | CAE Annual Report 2011 MEXICO O Little Rock Q Mexico City* STAVANGER ABERDEEN BENSON LYNEHAM MILDENHALL JAGEL AMSTERDAM ANGLESEY HOLZDORF DEN HELDER SWINDON KIEL MOSCOW WELLS YEOVILTON LAAGE NORDHOLZ CULDROSE WITTMUND BURGESS HILL BRUSSELS WUNSTORF FASSBERG BUECKEBURG NOERVENICH VÉLIZY BUECHEL EUROPE INDIA CHINA STOLBERG GEILENKIRCHEN NEUBURG LECHFELD FUERSTENFELDBRUCK 1,200 300 75 BUDAPEST employees employees employees SESTO CALENDE MILAN MADRID EVORA PISA SOUTHEAST ASIA TOKYO VITERBO 90 ROME employees DELHI HASIMARA PALAM OKINAWA DUBAI RAE BARELI GORAKHPUR ABU DHABI NASIK GONDIA ZHUHAI MUMBAI VISAKHAPATNAM MIDDLE EAST CHENNAI 120 BENGALURU employees LANGKAWI DOUALA GLENMARIE KUALA LUMPUR SINGAPORE AFRICA 25 employees JOHANNESBURG AUSTRALIA TOWNSVILLE 170 BRISBANE OAKEY employees AMBERLEY PERTH RICHMOND SYDNEY CANBERRA NOWRA MELBOURNE EUROPE ASIA BELGIUM HUNGARY SPAIN CHINA MALAYSIA Q O Brussels V Budapest Q Madrid Q Zhuhai Q Glenmarie QQ Kuala Lumpur FRANCE ITALY UNITED KINGDOM INDIA Langkawi X Vélizy X Milan Q Aberdeen QOV Bengaluru SINGAPORE GERMANY O Pisa O Anglesey O Chennai Q Rome X Delhi QOV Singapore O Buechel OO Benson O Sesto Calende Gondia OO Bueckeburg QVW Burgess Hill O Viterbo O Gorakhpur OO Fassberg O Culdrose O Hasimara OCEANIA O Fuerstenfeldbruck NETHERLANDS O Lyneham O Mildenhall O Mumbai O Geilenkirchen Q O Amsterdam AUSTRALIA X Swindon O Nasik OO Holzdorf O Den Helder OO Amberley* O Palam O Jagel X Wells V Brisbane NORWAY Rae Bareli O Kiel O Yeovilton W Canberra O Visakhapatnam O Laage Q Stavanger W Melbourne O Lechfeld PORTUGAL MIDDLE EAST JAPAN O Nowra O Neuburg O Oakey Evora O Okinawa O Noervenich UNITED ARAB EMIRATES Q Tokyo* X Perth RUSSIA O Nordholz Q Abu Dhabi OO Richmond Q Moscow VW Stolberg Q Dubai QV Sydney O Wittmund O Townsville* CAE Annual Report 2011 | 3 O Wunstorf 4 | | CAE CAE Annual Annual Report Report 2011 2010 Chairman’s Message CAE’s global reach and technology leadership in modeling and simulation solutions for civil aviation and defence forces drove strong results in fi scal year 2011 in a very competitive environment. Your company has established a CAE has always invested in technology remarkable global presence through leadership. This aspect of the company’s the years, allowing it to participate fully competitive position was demonstrated in the growth of passenger air travel in fi scal 2011, as CAE was awarded around the world – initially in developed contracts to develop the fi rst-ever economies, and more recently in the full-fl ight simulators for four new civil emerging markets of Asia and the aircraft platforms. Indian sub-continent, the Middle East and Latin America. The revenue growth These are but some of the highlights from civil aviation is balanced by an of the past year. For more insight into equally strong defence business, with CAE’s performance and prospects, customers in 50 countries. I encourage you to read this annual report. This sound business mix between civil and defence markets, as well On behalf of the Board, I hasten to as balanced revenue diversifi cation acknowledge the strong leadership of among North America, Europe and the Marc Parent, our President and Chief rest of the world, provide CAE with a Executive Offi cer, and his management solid foundation for sustainable growth team, as well as the dedication of our and profi tability. more than 7,500 employees around the world. CAE’s future is in good hands. Lynton R. Wilson Chairman of the Board CAE Annual Report 2011 | 5 6 | CAE Annual Report 2011 Message to Shareholders We are pleased with our performance in fiscal year 2011. CAE achieved good growth over the previous year while continuing to position the company for a strong future. CAE’s total revenue increased by 7% to As well, we continued to make steady Many important contracts were signed $1.63 billion compared to $1.53 billion in progress to secure additional sources during the year in commercial and fiscal 2010, reflecting a contribution from of recurring business with the signing business aviation and CAE pursued both our Civil and Defence businesses. of a number of long-term strategic its expansion in helicopter training, an Net earnings improved to $169.8 million agreements with our civil and defence under-served market. from $144.5 million last year, which customers. included a restructuring charge related • CAE renewed its flight crew training to measures taken to align our cost Civil Highlights services cooperation agreement with base to market conditions and customer Activity picked up in civil aviation Airbus through 2017. This cooperation, expectations. We ended the year with a throughout the year for both simulator which began in 2002, provides Airbus healthy balance sheet, higher free cash sales and training services, culminating operators with a joint global network of flow and a record backlog of orders. in a strong fourth quarter. Fiscal 2011 training centres with the largest fleet of full- revenue was up 6% to $763.9 million.
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