Annual Meeting of Shareholders...AGA 2020 2. Jean-Marc Eustache Founding member Chairman of the...
Transcript of Annual Meeting of Shareholders...AGA 2020 2. Jean-Marc Eustache Founding member Chairman of the...
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Annual
Meeting of
Shareholders
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Caution
Forward-looking statements
This document contains certain forward-looking statements with respect to the Corporation. All such statements are made pursuant to applicable Canadian securities legislation. Such statements may involve but are not limited to comments with respect to strategies, expectations, planned operations or future actions.
Forward-looking statements, by their nature, necessarily involve risks and uncertainties that could cause actual results to differ materially from those contemplated by these forward-looking statements. The forward-looking statements in this document are based on a number of assumptions relating to economic and market conditions as well as the Corporation’s operations, financial position and transactions. Results indicated in forward-looking statements may differ materially from actual results for a number of reasons, detailed in the Risks and Uncertainties section of the MD&A included in our 2019 Annual Report.
Non-IFRS financial measures
Transat prepares its financial statements in accordance with International Financial Reporting Standards (IFRS). We will occasionally refer to non-IFRS financial measures in this document. These non-IFRS financial measures do not have any meaning prescribed by IFRS and are therefore unlikely to be comparable to similar measures presented by other issuers. They are intended to provide additional information and should not be considered as a substitute for measures of performance prepared in accordance with IFRS. All amounts are in Canadian dollars unless otherwise indicated.
Management believes that such non-IFRS financial measures are important, as they allow a better understanding of the results of our recurring operations and their related trends, while increasing transparency and clarity into our operating results. These expressions are presented in a consistent manner from one period to another.
By excluding from our results items that arise mainly from long-term strategic decisions and/or do not, in our opinion, reflect our operating performance for the period, such as the change in fair value of fuel-related derivatives and other derivatives, gain (loss) on business disposals, restructuring charges, asset impairment, depreciation and amortization, foreign exchange gains (losses) and other significant unusual items, and by including premiums for fuel-related derivatives and other derivatives matured during the period, we believe that non-IFRS financial measures help users to better analyze the Corporation’s results and ability to generate cash flows from operations. Furthermore, the use of non-IFRS measures helps users by enabling better comparability of results from one period to another and better comparability with other businesses in our industry. Refer to the Non-IFRS financial measures section of the MD&A of our 2019 Annual Report for definitions of these metrics and reconciliations to the most comparable IFRS measures.
AGA 2020 2
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Jean-Marc Eustache
Founding member
Chairman of the Board, President and Chief Executive Officer and Chair of the Executive Committee
Transat A.T. Inc.
AGA 2020 3
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Conduct of
the meeting
AGA 2020Conduct of the Meeting | 4
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Denis Pétrin
Vice-President, Finance and Administration, and Chief Financial Officer
AGA 2020 5Conduct of the Meeting |
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Bernard Bussières
Vice-President, General Counsel and Corporate Secretary
AGA 2020 6Conduct of the Meeting |
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Agenda
1. Appointment of scrutineers
2. Scrutineers’ report and quorum
3. Receipt of financial statements
4. Election of directors
5. Appointment of external auditors
6. Resolution: executive
compensation
7
7. Shareholder proposal No 1
8. President’s message
9. Financial report
10. Vote result
11. Question period
AGA 2020Agenda |
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1
AGA 2020
Appointment
of scrutineers 1 Appointment of scrutineers | 8
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2
AGA 2020
Scrutineers’ report
and quorum
2 Scrutineers’ report and quorum | 9
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Annual
Meeting of
Shareholders
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3
AGA 2020
Financial statements
as at October 31, 2019Financial statements as at October 31, 2019 | 11
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4
AGA 2020
Election of directors
4 Election of directors | 12
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Raymond Bachand
Strategic Advisor
Norton Rose Fulbright
AGA 20204 Election of directors | 13
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Louis-Marie Beaulieu
President and Chief Executive Officer
Groupe Desgagnés inc.
AGA 2020 144 Election of directors |
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Lucie Chabot
Corporate Director
AGA 2020 154 Election of directors |
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Lina De Cesare
Founding member
Corporate Director
AGA 2020 164 Election of directors |
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W. Brian Edwards
Corporate Director
AGA 2020 174 Election of directors |
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Susan Kudzman
Corporate Director
AGA 2020 184 Election of directors |
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Jean-Yves Leblanc
Corporate Director
AGA 2020 194 Election of directors |
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Ian Rae
Founder and Chief Executive Officer
CloudOps
AGA 2020 204 Election of directors |
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Jacques Simoneau
Corporate Director
AGA 2020 214 Election of directors |
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Louise St-Pierre
Corporate Director
AGA 2020 224 Election of directors |
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Philippe Sureau
Founding member
Corporate Director
AGA 2020 234 Election of directors |
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Jean-Marc Eustache
Founding member
Chairman of the Board, President and Chief Executive Officer and Chair of the Executive Committee
AGA 2020 244 Election of directors |
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4
AGA 2020
Election of directors
254 Election of directors |
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5
AGA 2020
Appointment
of external auditors
5 Appointment of external auditors | 26
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6
AGA 2020
Resolution:
Executive
compensation
6 Resolution: Executive compensation | 27
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7
AGA 2020
Shareholder
proposal No
1
7 Shareholder proposal No 1 | 28
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8
AGA 2020
President’s
message
298 President’s message |
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History
AGA 2020
1982
8 President’s message |
1987 1992
1997 2017 2019
Plan of Arrangement
with Air Canada
30
2002
2007
2012
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Key dates
JANUARY FEBRUARY MARCH APRIL MAY JUNE
MAY 2, 2020
Transport Canada report
MARCH 23, 2020
Competition Bureau report
Transaction finalized
Approval:European Commission
AGA 2020
Approval: Minister of Transportand Cabinet
318 President’s message |
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AGA 2020 328 President’s message |
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Competitive
environment
AGA 2020 338 President’s message |
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World tourism
1,3
1,4
1,5
1,2
1,3
1,4
1,5
1,6
2017 2018 2019
In b
illio
ns
Tourists
AGA 2020 348 President’s message |
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World tourism
AGA 2020
4,1
4,3
4,5
4,0
4,1
4,2
4,3
4,4
4,5
4,6
2017 2018 2019
In b
illio
ns
Passengers-kilometres
358 President’s message |
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geopolitical health-relatedeconomic
AGA 2020 36
Challenges
weather-related
8 President’s message |
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AGA 2020 378 President’s message |
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AGA 2020 388 President’s message |
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Approval of the Plan of arrangement
with Air Canada
Shareholders vote
August 23, 2019
Approval
94.77%
AGA 2020 398 President’s message |
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Fleet transformation
AGA 2020
A330
A321
A310
B737
2017 2018 2019 2020 2021 2022 2023
408 President’s message |
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Fifteen new
A321neoLRs
• Long range (autonomy)
• Medium- and long-haul routes (South and Europe)
• Increased frequencies
• Low fuel consumption
AGA 2020 418 President’s message |
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64 7079
94111
150
0
20
40
60
80
100
120
140
160
180
2014 2015 2016 2017 2018 2019 2020
Grow ancillary revenues
TOTAL ANCILLARY REVENUES
(in millions of $)
$165 M
AGA 2020 428 President’s message |
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Increase customer loyalty
43
2022 target
+ 20 points
10
17
2018 2019
NET PROMOTER SCORE (NPS)
AGA 2020
2018 2019
SATISFACTION
77% 80%
8 President’s message |
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AGA 2020 448 President’s message |
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Annual results
2018
$2.8 billion
Revenues
2019
$2.9 billion
In millions of dollars
ADJUSTED NET LOSS1
-24
-92019
2018
ADJUSTED OPERATING INCOME1
38
17
2019
2018
1 See the caution regarding non-IFRS financial measures
NET INCOME (LOSS)
ATTRIBUTABLE TO
SHAREHOLDERS
-33
6
2019
2018
AGA 2020 458 President’s message |
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AGA 2020 46
Transat,
a resilient company
2020COVID-19
2016ZIKA
2001SEPTEMBER 11
2003SRAS
2009H1N1
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AGA 2020 478 President’s message |
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Forbes magazine's annual list
among Canada’s
Best Employers
AGA 2020
among Quebec’s
Best Employers
Positions gained compared to the 2019 ranking
8th 3rd 43
488 President’s message |
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Annual
Meeting of
Shareholders
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9
AGA 2020
Financial report509 Financial report |
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Adjusted results
IN MILLIONS OF DOLLARS
17
38
-24
-9
20182019
Adjusted operating income
Adjusted net income (loss)
2019 2018
Revenues 2,937.1 2,849.0
Adjusted operating income1 38.0 17.2
Adjusted net income (loss)1 (9.4) (24.0)
Adjusted net income (loss)
per share1 ($)(0.25) (0.64)
AGA 2020 519 Financial report | 1 See the caution regarding non-IFRS financial measures
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Results as per financial statements
-50 -51
-33
6
2019 2018
Operating income (loss)
Net income (loss) attributable to shareholders
2019 2018
Revenues 2,937.1 2,849.0
Operating income (loss) (49.8) (50.6)
Net income (loss) attributable
to shareholders (33.2) 6.5
Basic earnings (loss) per share (0.88) 0.17
AGA 2020
IN MILLIONS OF DOLLARS
529 Financial report |
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1st quarter results
-8
27
-39
-20
20192020
Adjusted operating income (loss)
Adjusted net income (loss)
20202019
Restated
Revenues 693 648
Operating income (loss) (25) (49)
Adjusted operating income (loss)1 27 (8)
Net income (loss) attributable
to shareholders(34) (53)
Adjusted net income (loss)1 (20) (39)
AGA 2020
IN MILLIONS OF DOLLARS
531 See the caution regarding non-IFRS financial measures 9 Financial report |
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COVID-19
1
On the operational side
2
On the commercial side
54AGA 20209 Financial report |
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COVID-19
As at February 24
55
Since then Outlook
AGA 2020
BOOKINGS
9 Financial report |
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COVID-19
MITIGATION MEASURES
56
Costs
AGA 2020
Air program
9 Financial report |
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Consolidated balance sheets
as at January 31
10251093
753809
20192020
Total cash
Customer deposits and deferred revenues
2020
2019
Restated
Free cash 682 620
Total cash 1,093 1 025
Total assets 2,634 2,392
Customer deposits
and deferred revenues809 753
Lease obligations 690 556
Working capital ratio 1.04 1.14
Liquidity ratio1 37% 36%
AGA 2020
IN MILLIONS OF DOLLARS
571 See the caution regarding non-IFRS financial measures 9 Financial report |
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Annual
Meeting of
Shareholders
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10
AGA 2020
Vote result
5910 Vote result |
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11
AGA 2020
Question period
6011 Question period |
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Adjournment
of the meeting
AGA 2020Adjournment of the meeting | 61
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Thank you