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HALIFAX INTERNATIONAL AIRPORT AUTHORITY 2005 ANNUAL REPORT 22 Financial Statements Auditor’s Report Balance Sheet To the Directors of Halifax International Airport Authority We have audited the balance sheet of Halifax International Airport Authority as at December 31, 2005 and the statements of operations and changes in net assets and cash flows for the year then ended. These financial statements are the responsibility of the Authority’s management. Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with Canadian generally accepted auditing standards. Those standards require that we plan and perform an audit to obtain reasonable assurance whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. In our opinion, these financial statements present fairly, in all material respects, the financial position of the Authority as at December 31, 2005 and the results of its operations and its cash flows for the year then ended in accordance with Canadian generally accepted accounting principles. As required by the Canada Corporations Act, we report that, in our opinion, these principles have been applied on a basis consistent with that of the preceding year. In thousands of dollars Year ended December 31 ASSETS Current Cash Accounts receivable Inventories Prepaid expenses Capital assets [note 3] LIABILITIES AND NET ASSETS Current Accounts payable and accrued liabilities Deferred revenue [note 9] Current portion of long-term debt [note 4] Long-term debt [note 4] Accrued benefit liability [note 7] Security deposits Net assets Equity in capital assets [note 5] 2005 $ 6,065 5,380 320 570 12,335 117,935 130,270 24,227 736 26,081 51,044 724 46 1,887 53,701 76,569 2004 $ 8,779 2,944 329 500 12,552 63,328 75,880 7,937 226 1,303 9,466 1,885 -- 1,603 12,954 62,926 Halifax, Canada February 10, 2006 Chartered Accountants Commitments [note 6] See accompanying notes 130,270 75,880 On behalf of the Board: Director Director
HALIFAX INTERNATIONAL AIRPORT AUTHORITY 2005 ANNUAL REPORT 23 Statement of Operations and Changes in Net Assets In thousands of dollars Statement of Cash Flows In thousands of dollars Year ended December 31 2005 $ 2004 $ Year ended December 31 2005 $ 2004 $ REVENUES Landing fees Terminal and passenger security fees Concessions Parking Rentals Other [note 4] Airport improvement fees [note 5] OPERATING EXPENSES Salaries, wages and benefits Materials, services and supplies General and administrative Ground lease rent Amortization Property taxes 8,595 8,291 7,789 5,368 2,018 2,299 34,360 11,707 46,067 11,042 9,061 3,412 4,361 3,361 1,187 32,424 9,227 8,759 7,580 4,390 2,093 1,167 33,216 11,437 44,653 10,683 8,001 3,428 4,240 2,795 861 30,008 OPERATING ACTIVITIES Excess of revenues over expenses Items not involving cash: Amortization Net change in non-cash working capital balances related to operations Cash provided by operating activities INVESTING ACTIVITIES Expenditures on capital assets Cash used in investing activities FINANCING ACTIVITIES Proceeds of long-term debt Repayments of long-term debt Cash provided by (used in) financing activities (Decrease) increase in cash Cash, beginning of year 13,643 3,361 3,949 20,953 (48,581) (48,581) 26,000 (1,086) 24,914 (2,714) 8,779 14,645 2,795 231 17,671 (12,438) (12,438) 427 (3,265) (2,838) 2,395 6,384 Excess of revenues over expenses Net assets, beginning of year 13,643 62,926 14,645 48,281 Cash, end of year 6,065 8,779 Net assets, end of year [note 5] 76,569 62,926 See accompanying notes See accompanying notes
Page 1: ONWARD and UPWARD HALIFAX INTERNATI
Page 4 and 5: ONWARD and UPWARD ‘Onward and Upw
Page 6 and 7: Message HALIFAX INTERNATIONAL AIRPO
Page 8 and 9: Our staff has risen to the challeng
Page 10 and 11: Leveraging HALIFAX INTERNATIONAL AI
Page 12 and 13: It’s our people that really make
Page 14 and 15: Richard Garson AIR SERVICE SPECIALI
Page 16 and 17: Increasing HALIFAX INTERNATIONAL AI
Page 18 and 19: HIAA values its role in the communi
Page 20 and 21: Sustaining Financial Stability HALI
Page 24 and 25: HALIFAX INTERNATIONAL AIRPORT AUTHO
Page 34: HALIFAX INTERNATIONAL AIRPORT AUTHO

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