Cover
Cover | 12 Months Ended |
Mar. 31, 2024 shares | |
Document Information [Line Items] | |
Document Type | 40-F |
Document Registration Statement | false |
Document Annual Report | true |
Document Period End Date | Mar. 31, 2024 |
Current Fiscal Year End Date | --03-31 |
Entity Registrant Name | ATS Corp /ATS |
Entity Incorporation, State or Country Code | Z4 |
Entity File Number | 98-0149239 |
Entity Address, Address Line One | 730 Fountain Street North |
Entity Address, Address Line Two | Building 3 |
Entity Address, City or Town | Cambridge |
Entity Address, State or Province | ON |
Entity Address, Postal Zip Code | N3H 4R7 |
City Area Code | 519 |
Local Phone Number | 653-6500 |
Title of 12(b) Security | Common Shares |
Trading Symbol | ATS |
Security Exchange Name | NYSE |
Annual Information Form | true |
Audited Annual Financial Statements | true |
Entity Common Stock, Shares Outstanding | 98,219,496 |
Entity Current Reporting Status | Yes |
Entity Interactive Data Current | Yes |
Entity Emerging Growth Company | false |
ICFR Auditor Attestation Flag | false |
Document Financial Statement Error Correction [Flag] | false |
Amendment Flag | false |
Entity Central Index Key | 0001394832 |
Document Fiscal Period Focus | FY |
Document Fiscal Year Focus | 2024 |
Business Contact | |
Document Information [Line Items] | |
Contact Personnel Name | Corporation Service Company |
Entity Address, Address Line One | 251 Little Falls Drive |
Entity Address, City or Town | Wilmington |
Entity Address, State or Province | DE |
Entity Address, Postal Zip Code | 19808 |
City Area Code | 800 |
Local Phone Number | 927-9800 |
Audit Information
Audit Information | 12 Months Ended |
Mar. 31, 2024 | |
Audit Information [Abstract] | |
Auditor Name | Ernst & Young LLP |
Auditor Location | Toronto, ON, Canada |
Auditor Firm ID | 1263 |
Consolidated Statements of Fina
Consolidated Statements of Financial Position - CAD ($) $ in Thousands | Mar. 31, 2024 | Mar. 31, 2023 |
Current assets | ||
Cash and cash equivalents | $ 170,177 | $ 159,867 |
Accounts receivable | 471,345 | 399,741 |
Income tax receivable | 13,428 | 15,160 |
Contract assets | 704,703 | 526,990 |
Inventories | 295,880 | 256,866 |
Deposits, prepaids and other assets | 98,161 | 93,350 |
Current assets | 1,753,694 | 1,451,974 |
Non-current assets | ||
Property, plant and equipment | 296,977 | 263,119 |
Right-of-use assets | 105,661 | 94,212 |
Other assets | 18,416 | 16,679 |
Goodwill | 1,228,600 | 1,118,262 |
Intangible assets | 679,547 | 593,210 |
Deferred income tax assets | 5,904 | 6,337 |
Non-current assets | 2,335,105 | 2,091,819 |
Total assets | 4,088,799 | 3,543,793 |
Current liabilities | ||
Bank indebtedness | 4,060 | 5,824 |
Accounts payable and accrued liabilities | 604,488 | 647,629 |
Income tax payable | 44,732 | 38,904 |
Contract liabilities | 312,204 | 296,555 |
Provisions | 35,978 | 30,600 |
Current portion of lease liabilities | 27,571 | 23,994 |
Current portion of long-term debt | 176 | 65 |
Current liabilities | 1,029,209 | 1,043,571 |
Non-current liabilities | ||
Employee benefits | 24,585 | 25,486 |
Long-term lease liabilities | 83,808 | 73,255 |
Long-term debt | 1,171,796 | 1,155,721 |
Deferred income tax liabilities | 81,353 | 104,459 |
Other long-term liabilities | 14,101 | 10,718 |
Non-current liabilities | 1,375,643 | 1,369,639 |
Total liabilities | 2,404,852 | 2,413,210 |
EQUITY | ||
Share capital | 865,897 | 520,633 |
Contributed surplus | 26,119 | 15,468 |
Accumulated other comprehensive income | 64,155 | 60,040 |
Retained earnings | 724,495 | 530,707 |
Equity attributable to shareholders | 1,680,666 | 1,126,848 |
Non-controlling interests | 3,281 | 3,735 |
Total equity | 1,683,947 | 1,130,583 |
Total liabilities and equity | $ 4,088,799 | $ 3,543,793 |
Consolidated Statements of Inco
Consolidated Statements of Income - CAD ($) $ in Thousands | 12 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Profit or loss [abstract] | ||
Revenues | $ 3,032,883 | $ 2,577,384 |
Operating costs and expenses | ||
Cost of revenues | 2,177,379 | 1,851,574 |
Selling, general and administrative | 503,533 | 445,242 |
Restructuring costs | 22,790 | 27,487 |
Stock-based compensation | 13,790 | 30,592 |
Earnings from operations | 315,391 | 222,489 |
Net finance costs | 68,704 | 62,718 |
Income before income taxes | 246,687 | 159,771 |
Income tax expense | 52,506 | 32,070 |
Net income | 194,181 | 127,701 |
Attributable to | ||
Shareholders | 193,735 | 127,433 |
Non-controlling interests | 446 | 268 |
Net income | $ 194,181 | $ 127,701 |
Earnings per share attributable to shareholders | ||
Basic (in dollars per share) | $ 1.98 | $ 1.39 |
Diluted (in dollars per share) | $ 1.97 | $ 1.38 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - CAD ($) $ in Thousands | 12 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Condensed Statement of Income Captions [Line Items] | ||
Net income | $ 194,181 | $ 127,701 |
Items to be reclassified subsequently to net income: | ||
Currency translation adjustment (net of income taxes of $nil) | (2,805) | 26,993 |
Net unrealized gain (loss) on derivative financial instruments designated as cash flow hedges | 5,364 | (12,279) |
Tax impact | (1,337) | 3,060 |
Loss transferred to net income for derivatives designated as cash flow hedges | 1,786 | 5,583 |
Tax impact | (438) | (1,408) |
Items that will not be reclassified subsequently to net income: | ||
Actuarial gains (losses) on defined benefit pension plans | (561) | 5,043 |
Tax impact | 155 | (1,399) |
Other comprehensive income | 3,475 | 41,035 |
Comprehensive income | 197,656 | 168,736 |
Attributable to | ||
Shareholders | 197,444 | 168,269 |
Non-controlling interests | 212 | 467 |
Comprehensive income | 197,656 | 168,736 |
Cross-currency interest rate swap | ||
Items to be reclassified subsequently to net income: | ||
Interest rate swap adjustment | 1,016 | 20,122 |
Tax impact | (254) | (5,031) |
Interest rate swap instrument | ||
Items to be reclassified subsequently to net income: | ||
Interest rate swap adjustment | 732 | 467 |
Tax impact | $ (183) | $ (116) |
Consolidated Statements of Co_2
Consolidated Statements of Comprehensive Income (Parenthetical) - CAD ($) | 12 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Statement of comprehensive income [abstract] | ||
Income tax relating to exchange differences on translation of foreign operations included in other comprehensive income | $ 0 | $ 0 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Equity - CAD ($) $ in Thousands | Total | Share capital | Contributed surplus | Retained earnings | Currency translation adjustments | Cash flow hedge reserve | Total accumulated other comprehensive income | Non-controlling interests |
Beginning balance at Mar. 31, 2022 | $ 985,683 | $ 530,241 | $ 11,734 | $ 416,773 | $ 24,412 | $ (1,564) | $ 22,848 | $ 4,087 |
Changes in equity [abstract] | ||||||||
Net income | 127,701 | 127,433 | 268 | |||||
Other comprehensive income (loss) | 41,035 | 3,644 | 26,794 | 10,398 | 37,192 | 199 | ||
Comprehensive income | 168,736 | 131,077 | 26,794 | 10,398 | 37,192 | 467 | ||
Non-controlling interest | (452) | 367 | (819) | |||||
Stock-based compensation | 5,088 | 5,088 | ||||||
Exercise of stock options | 4,964 | 6,318 | (1,354) | |||||
Common shares held in trust | (12,365) | (12,365) | ||||||
Repurchase of common shares | (21,071) | (3,561) | (17,510) | |||||
Ending balance at Mar. 31, 2023 | 1,130,583 | 520,633 | 15,468 | 530,707 | 51,206 | 8,834 | 60,040 | 3,735 |
Changes in equity [abstract] | ||||||||
Net income | 194,181 | 193,735 | 446 | |||||
Other comprehensive income (loss) | 3,475 | (406) | (2,571) | 6,686 | 4,115 | (234) | ||
Comprehensive income | 197,656 | 193,329 | (2,571) | 6,686 | 4,115 | 212 | ||
Non-controlling interest | (195) | 471 | (666) | |||||
Stock-based compensation | 11,253 | 11,253 | ||||||
Exercise of stock options | 2,152 | 2,754 | (602) | |||||
U.S. initial public offering (note 17) | 366,332 | 366,332 | ||||||
Common shares held in trust | (23,820) | (23,820) | ||||||
Repurchase of common shares | (14) | (2) | (12) | |||||
Ending balance at Mar. 31, 2024 | $ 1,683,947 | $ 865,897 | $ 26,119 | $ 724,495 | $ 48,635 | $ 15,520 | $ 64,155 | $ 3,281 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows | 12 Months Ended | |
Mar. 31, 2024 CAD ($) | Mar. 31, 2023 CAD ($) | |
Operating activities | ||
Net income | $ 194,181,000 | $ 127,701,000 |
Items not involving cash | ||
Depreciation of property, plant and equipment | 28,455,000 | 25,590,000 |
Amortization of right-of-use assets | 29,656,000 | 24,060,000 |
Amortization of intangible assets | 83,063,000 | 75,839,000 |
Deferred income taxes | (29,915,000) | (37,542,000) |
Other items not involving cash | (20,277,000) | 16,470,000 |
Stock-based compensation | 11,253,000 | 5,088,000 |
Change in non-cash operating working capital | (275,636,000) | (109,406,000) |
Cash flows provided by operating activities | 20,780,000 | 127,800,000 |
Investing activities | ||
Acquisition of property, plant and equipment | (58,830,000) | (56,104,000) |
Acquisition of intangible assets | (29,628,000) | (24,192,000) |
Business acquisitions, net of cash acquired | (276,538,000) | (51,679,000) |
Settlement of cross-currency interest rate swap instrument | 0 | 21,493,000 |
Proceeds from disposal of property, plant and equipment | 23,211,000 | 1,460,000 |
Cash flows used in investing activities | (341,785,000) | (109,022,000) |
Financing activities | ||
Bank indebtedness | (1,527,000) | 3,399,000 |
Repayment of long-term debt | (798,378,000) | (344,169,000) |
Proceeds from long-term debt | 816,514,000 | 395,559,000 |
Proceeds from exercise of stock options | 2,152,000 | 4,964,000 |
Proceeds from U.S. initial public offering, net of issuance fees | 362,072,000 | 0 |
Purchase of non-controlling interest | (195,000) | (452,000) |
Repurchase of common shares | (14,000) | (21,071,000) |
Acquisition of shares held in trust | (23,820,000) | (12,365,000) |
Principal lease payments | (26,080,000) | (20,983,000) |
Cash flows provided by financing activities | 330,724,000 | 4,882,000 |
Effect of exchange rate changes on cash and cash equivalents | 591,000 | 925,000 |
Increase in cash and cash equivalents | 10,310,000 | 24,585,000 |
Cash and cash equivalents at beginning of period | 159,867,000 | 135,282,000 |
Cash and cash equivalents at end of period | 170,177,000 | 159,867,000 |
Supplemental information | ||
Cash income taxes paid | 49,511,000 | 58,398,000 |
Cash interest paid | $ 68,526,000 | $ 58,452,000 |
CORPORATE INFORMATION
CORPORATE INFORMATION | 12 Months Ended |
Mar. 31, 2024 | |
Corporate information and statement of IFRS compliance [abstract] | |
CORPORATE INFORMATION | CORPORATE INFORMATION ATS Corporation and its subsidiaries (collectively, “ATS” or the “Company”) uses its extensive knowledge base and global capabilities in custom automation, repeat automation, automation products and value-added solutions, including pre-automation and after-sales services, to address the sophisticated manufacturing automation systems and service needs of multinational customers. The Company is listed on the Toronto Stock Exchange and New York Stock Exchange under the ticker symbol “ATS” and is incorporated and domiciled in Ontario, Canada. The address of its registered office is 730 Fountain Street North, Cambridge, Ontario, Canada. The annual audited consolidated financial statements of the Company for the year ended March 31, 2024 were authorized for issue by the Board of Directors (the “Board”) on May 15, 2024. |
BASIS OF PREPARATION
BASIS OF PREPARATION | 12 Months Ended |
Mar. 31, 2024 | |
Corporate information and statement of IFRS compliance [abstract] | |
BASIS OF PREPARATION | BASIS OF PREPARATION These consolidated financial statements were prepared on a historical cost basis, except for derivative instruments that have been measured at fair value. The annual audited consolidated financial statements are presented in Canadian dollars and all values are rounded to the nearest thousand, except where otherwise stated. Statement of compliance These consolidated financial statements are prepared in accordance with International Financial Reporting Standards (“IFRS”), as issued by the International Accounting Standards Board (“IASB”). Basis of consolidation These consolidated financial statements include the accounts of the Company and its subsidiaries. Subsidiaries are those entities where the Company directly or indirectly owns the majority of the voting power or can otherwise control the activities. The financial statements of the subsidiaries are prepared for the same reporting period as the parent company, using consistent accounting policies. Non-controlling interests in the equity and results of the Company’s subsidiaries are presented separately in the consolidated statements of income and within equity on the consolidated statements of financial position. Subsidiaries are fully consolidated from the date of acquisition, being the date on which the Company obtains control, and continue to be consolidated until the date that such control ceases. The Company’s material subsidiaries are Automation Tooling Systems Enterprises GmbH, ATS Automation Holdings Limited, Automation Tooling Systems Enterprises Inc. and ATS Automation Tooling Systems GmbH. The Company has a 100% voting and equity securities interest in each of these corporations. All material intercompany balances, transactions, revenues and expenses and profits or losses, including dividends resulting from intercompany transactions, have been eliminated on consolidation. |
SUMMARY OF MATERIAL ACCOUNTING
SUMMARY OF MATERIAL ACCOUNTING POLICIES | 12 Months Ended |
Mar. 31, 2024 | |
Corporate information and statement of IFRS compliance [abstract] | |
SUMMARY OF MATERIAL ACCOUNTING POLICIES | SUMMARY OF MATERIAL ACCOUNTING POLICIESBusiness combinations and goodwill: Business combinations are accounted for using the acquisition method. The cost of the acquisition is measured as the aggregate of the consideration transferred, measured at the acquisition date fair value, and the amount of any non-controlling interest in the acquiree. For each business combination, the Company measures the non-controlling interest in the acquiree either at fair value or at the proportionate share of the acquiree’s identifiable net assets. Acquisition costs are expensed as incurred. When the Company acquires a business, it assesses the assets and liabilities assumed based upon the estimated fair values at the date of acquisition, except where specific exceptions are provided in IFRS 3. The Company determines the fair value of the assets acquired and the liabilities assumed based on discounted cash flows, market information and information that is available to the Company. Any contingent consideration to be transferred by the acquirer will be recognized at fair value at the acquisition date. Subsequent changes in the fair value of the contingent consideration that is deemed to be an asset or liability will be recognized in accordance with IFRS 9 - Financial Instruments (“IFRS 9”) in consolidated statements of income. If the contingent consideration is classified as equity, it will not be remeasured. Subsequent settlement is accounted for within equity. In instances where the contingent consideration does not fall within the scope of IFRS 9, it is measured in accordance with the appropriate IFRS policy. Goodwill represents the excess of the cost of an acquisition over the fair value of the Company’s share of the net identifiable assets of the acquiree at the date of acquisition. After initial recognition, goodwill is measured at cost less any accumulated impairment losses. For the purpose of impairment testing, goodwill is allocated to cash-generating units (“CGUs”) or groups of CGUs based on the level at which management monitors it. The allocation is made to those CGUs or groups of CGUs that are expected to benefit from the business combination in which the goodwill arose. Where goodwill forms part of a CGU and part of the operation within that unit is disposed of, the goodwill associated with the operation disposed of is included in the carrying amount of the operation when determining the gain or loss on disposal of the operation. Goodwill disposed of in this circumstance is measured based on the relative fair values of the operation disposed of and the portion of the CGU retained. Functional currency is the currency of the primary economic environment in which the subsidiary operates and is normally the currency in which the subsidiary generates and uses cash. Each subsidiary in the Company determines its own functional currency, and items included in the consolidated financial statements of each subsidiary are measured using that functional currency. The Company’s functional and presentation currency is the Canadian dollar. Transactions Foreign currency transactions are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the functional currency spot rate at the reporting date. All differences are recorded in the consolidated statements of income. Non-monetary items that are measured in terms of historical cost in a foreign currency are translated using the exchange rate at the dates of the initial transactions. Non-monetary items measured at fair value in a foreign currency are translated using the exchange rates at the date when the fair value is determined. Translation The assets and liabilities of foreign operations are translated into Canadian dollars at period-end exchange rates, and their revenue and expense items are translated at exchange rates prevailing at the dates of the transactions. The resulting exchange differences are recognized in other comprehensive income. On disposal of a foreign operation, the component of other comprehensive income relating to that particular foreign operation is recognized in the consolidated statements of income. The Company generates revenue from construction contracts, the sale of goods, and by services rendered. Revenue is measured based on the consideration specified in a contract and the Company recognizes revenue when it transfers control of a product or provides a service to a customer. If the contract includes variable consideration, such as volume rebates, the Company only includes the amount in the transaction amount if it is measurable and highly probable to occur. With respect to incremental costs such as sales commissions incurred in obtaining a contract, the Company has elected to apply the practical expedient to expense these costs when incurred as the term of the Company’s contracts are typically one year or less. Construction contracts A construction contract generally includes the design, manufacture and installation of new equipment for a customer’s new or existing system. The Company generally considers a construction contract to contain one performance obligation. However, the Company may provide several distinct goods or services as part of a contract, in which case, the Company separates the contract into more than one performance obligation. If a contract is separated into more than one performance obligation, the total transaction price is allocated to each performance obligation in an amount based on the estimated relative standalone selling prices of the promised goods or services underlying each performance obligation. The Company typically satisfies construction contract performance obligations over time; therefore, the Company recognizes revenue over time as the performance obligations are satisfied using the stage of completion method as described below: • The stage of completion of fixed price contracts is measured based on costs incurred, excluding costs that are not representative of progress to completion, as a percentage of total costs anticipated on each contract. • The stage of completion of time and material contracts is measured using the right to invoice practical expedient - revenue is recognized at the contractual rates as labour hours are delivered and direct expenses are incurred. Payment terms on fixed price contracts are normally based on set milestones outlined in the contract. Amounts received in advance of the associated contract work being performed are recorded as contract liabilities. Revenue is recognized without issuing an invoice and this entitlement to consideration is recognized as a reduction of the contract liability or as a contract asset. Payment terms on time and material contracts are normally based on a monthly billing cycle. When the contract outcome cannot be measured reliably, revenue is recognized only to the extent that the expenses incurred are eligible to be recovered. Provisions for estimated losses on incomplete contracts are made in the period that losses are determined. Sale of goods Revenue related to the sale of goods is recognized at a point in time when the Company satisfies a performance obligation and control of the asset is transferred to the customer. In determining satisfaction of a performance obligation, the Company considers the terms of the contract, including shipping terms, and transfer of title and risk. Services rendered Service contracts are either executed separately or bundled together with construction contracts. Where these contracts are bundled together, they are regarded as separate performance obligations, as each of the promises are capable of being distinct and are separately identifiable. Accordingly, a portion of the transaction price is allocated to each performance obligation relative to standalone selling prices. A service contract can include modifications to existing customer equipment, maintenance services, training, line relocation, onsite support, field service, remote support and consulting services. The Company generally considers service contracts to contain one performance obligation, which is satisfied over time. Therefore, revenue is recognized over time, using the stage of completion method described below: • The stage of completion of fixed price contracts to provide specified services at specific times is measured based on costs incurred, excluding costs that are not representative of progress to completion, as a percentage of total costs anticipated on each contract. • The stage of completion of fixed price contracts to provide an indeterminable number of services over a specified period of time is measured based on contract term elapsed as a percentage of the full contract term. • The stage of completion of time and material contracts is measured using the right to invoice practical expedient - revenue is recognized at the contractual rates as labour hours are delivered and direct expenses are incurred. Payment terms on service contracts are similar to construction contracts. Provisions for estimated losses on incomplete contracts are made in the period that losses are determined. Revenue-related assets and liabilities: Trade receivables A trade receivable represents the Company’s right to an amount of consideration that is unconditional (i.e., only the passage of time is required before payment of the consideration is due). Trade receivables are typically due upon issuance of an invoice. Payment terms on fixed price contracts are normally based on set milestones outlined in the contract. The ATS generally accepted payment terms (with regard to customer contracts) make it improbable that a significant financing component would exist in contracts with customers. If there is a variable consideration component to a contract, it is only included in the transaction price when it is highly probable that the consideration will result in revenue and can be reliably measured. Contract assets Contract assets represent the right to consideration in exchange for goods or services that have been transferred to a customer. These assets are transferred to accounts receivable when the right to receive the consideration becomes unconditional. Contract liabilities Contract liabilities represent the obligation to transfer goods and services to a customer for which the Company has received consideration (or an amount of consideration is due) from the customer. Contract liabilities are recognized as revenue when the Company performs under the contract. Unearned revenue Unearned revenue relates to deposits or prepayments from customers for service and sale of goods contracts where revenue is earned at a point in time. (d) Investment tax credits and government grants: Investment tax credits are accounted for as a reduction in the cost of the related asset or expense where there is reasonable assurance that such credits will be realized. Government grants are recognized when there is reasonable assurance that the grant will be received and all attached conditions will be met. When the grant relates to an expense item, it is deducted from the cost that it is intended to compensate. When the grant relates to an asset, it is deducted from the cost of the related asset. If a grant becomes repayable, the inception-to-date impact of the assistance previously recognized in income is reversed immediately in the period in which the assistance becomes repayable. Current income tax Current income tax assets and liabilities for the current and prior periods are measured at the amount expected to be recovered from or paid to the taxation authorities. The tax rates and tax laws used to compute the amount are those that are enacted or substantively enacted, by the reporting date, in the countries where the Company operates and generates taxable income. Current income tax related to items recognized directly in equity is also recognized in equity and not in the consolidated statements of income. Management periodically evaluates positions taken in the tax filings with respect to situations in which applicable tax regulations are subject to interpretation, and establishes provisions where appropriate. Deferred income tax Deferred income tax is provided using the liability method on temporary differences at the reporting date between the tax basis of assets and liabilities and their carrying amounts for financial reporting purposes. Deferred income tax assets and liabilities are measured at the tax rates that are expected to apply in the period when the asset will be realized or the liability will be settled, based on tax rates and tax laws that have been enacted or substantively enacted at the reporting date. Deferred income taxes are recognized for all taxable temporary differences, except: • When the deferred income tax liability arises from the initial recognition of goodwill or an asset or liability in a transaction that is not a business combination and, at the time of the transaction, affects neither the accounting profit nor taxable profit or loss. • In respect of taxable temporary differences associated with investments in subsidiaries and interests in joint operations, when the timing of the reversal of the temporary differences can be controlled and it is probable that the temporary differences will not reverse in the foreseeable future. Deferred income tax assets are recognized for all deductible temporary differences and carryforward of unused tax credits and unused tax losses, to the extent that it is probable that taxable profit will be available against which the deductible temporary differences and the carryforward of unused tax credits and unused tax losses can be utilized, except: • When the deferred income tax asset relating to the deductible temporary difference arises from the initial recognition of an asset or liability in a transaction that is not a business combination and, at the time of the transaction, affects neither the accounting profit nor taxable profit or loss. • In respect of deductible temporary differences associated with investments in subsidiaries and interests in joint operations, deferred income tax assets are recognized only to the extent that it is probable that the temporary differences will reverse in the foreseeable future and taxable profit will be available against which the temporary differences can be utilized. The carrying amount of deferred income tax assets is reviewed at each reporting date and reduced to the extent that it is no longer probable that all or part of the deferred income tax asset will be utilized. Unrecognized deferred income tax assets are reassessed at each reporting date and are recognized to the extent that it has become probable the benefit will be recovered. Deferred income tax assets and deferred income tax liabilities are offset if a legally enforceable right exists to offset current income tax assets against current income tax liabilities and the deferred income taxes relate to the same taxable entity and the same taxation authority. Deferred income tax related to items recognized outside profit or loss is also recognized outside profit or loss. Deferred income tax items are recognized in correlation to the underlying transaction either in other comprehensive income or directly in equity. Income tax benefits acquired as part of a business combination, but not satisfying the criteria for separate recognition at that date, would be recognized subsequently if new information about facts and circumstances existing at the acquisition date changed. The adjustment would either be treated as a reduction to goodwill (as long as it does not exceed goodwill) if it occurs during the measurement period or in profit or loss. Revenues, expenses and assets are recognized net of the amount of sales tax, except where the sales tax incurred on a purchase of assets or services is not recoverable from the taxation authority, in which case the sales tax is recognized as part of the cost of acquisition of the asset or as part of the expense item as applicable. Receivables and payables are stated with the amount of sales tax included. The net amount of sales tax recoverable from, or payable to, the taxation authority is included as part of accounts receivable or accounts payable and accrued liabilities on the consolidated statements of financial position. (f) Property, plant and equipment: Property, plant and equipment are stated at cost, net of accumulated depreciation and accumulated impairment losses, if any. Such cost includes the cost of replacing component parts of the property, plant and equipment and borrowing costs for long-term construction projects if the recognition criteria are met. When significant parts of property, plant and equipment are required to be replaced at intervals, ATS derecognizes the replaced part and recognizes the new part with its own associated useful life and depreciation. Likewise, when a major inspection is performed, its cost is recognized in the carrying amount of the property, plant and equipment as a replacement if the recognition criteria are satisfied. All other repair and maintenance costs are recognized in the consolidated statements of income as incurred. Depreciation is calculated on a straight-line basis over the estimated useful lives of the assets as follows: Buildings 25 to 40 years Production equipment 3 to 10 years Other equipment 3 to 10 years Leasehold improvements are amortized over the shorter of the term of the related lease or their remaining useful life on a straight-line basis. An item of property, plant and equipment or any significant part initially recognized is derecognized upon disposal or when no future economic benefits are expected from its use or eventual disposition. Any gain or loss arising on derecognition of the asset (calculated as the difference between the net disposal proceeds and the carrying amount of the asset) is included in the consolidated statements of income when the asset is derecognized. The assets’ residual values, useful lives and methods of depreciation are reviewed on an annual basis or more frequently if required and adjusted prospectively, if appropriate. (g) Leases: At the inception of a contract, the Company determines whether a contract is, or contains, a lease based on whether the contract conveys the right to control the use of an underlying asset for a period of time in exchange for consideration. The Company recognizes a right-of-use (“ROU”) asset and a lease liability on the date the leased asset is available for use by the Company (at the commencement of the lease). Right-of-use assets ROU assets are initially measured at cost, which is comprised of the initial amount of the lease liability, any initial direct costs incurred and an estimate of costs to dismantle, remove or restore the underlying asset or site on which it is located, less any lease payments made at or before the commencement date. Unless the Company is reasonably certain to obtain ownership of the leased asset at the end of the lease term, a recognized ROU asset is depreciated using the straight-line method over the shorter of its estimated useful life or the lease term. The ROU asset may be adjusted for certain remeasurements of the lease liability and impairment losses. Lease liabilities The lease liability is initially measured at the present value of the lease payments that are not paid at the commencement date, discounted using the incremental borrowing rate at the lease commencement date if the interest rate implicit in the lease is not readily available. The Company uses a single discount rate for a portfolio of leases with reasonably similar characteristics. Lease payments include fixed payments less any lease incentives, and any variable lease payments where variability depends on an index or rate. The lease payments also include the exercise price of a purchase option reasonably certain to be exercised by the Company and payment of penalties for termination of a lease. Each lease payment is allocated between the repayment of the principal portion of the lease liability and the interest portion. The finance cost is charged to net finance costs in the consolidated statements of income over the lease period. Payments associated with short-term leases (lease term of 12 months or less) and leases of low-value assets are recognized on a straight-line basis as an expense in the consolidated statements of income as permitted by IFRS 16 - Leases (“IFRS 16”). The carrying amount of the lease liability is remeasured if there is a modification resulting in a change in the lease term, a change in the future lease payments, or a change in the Company’s estimate of whether it will exercise a purchase, extension or termination option. If the lease liability is remeasured, a corresponding adjustment is made to the ROU asset. As a practical expedient, IFRS 16 permits a lessee to not separate non-lease components, but instead account for any lease and associated non-lease components as a single arrangement. The Company has applied this practical expedient. Determining the lease term of contracts with renewal or termination options The lease term includes the non-cancellable term of the lease including extension and termination options if the Company is reasonably certain to exercise the option. The Company applies judgment in evaluating whether it is reasonably certain to exercise the options. All relevant factors that create an economic incentive for it to exercise the renewal are considered. After the commencement date, the Company reassesses the lease term if there is a significant event or change in circumstances that is within its control and affects its ability to exercise (or not to exercise) the option. Borrowing costs directly attributable to the acquisition, construction or production of an asset that necessarily takes a substantial period of time to get ready for its intended use or sale are capitalized as part of the cost of the respective asset. All other borrowing costs are expensed in the period in which they occur. (i) Intangible assets: Acquired intangible assets are primarily software, customer relationships, brands and technologies. Intangible assets acquired separately are initially recorded at fair value and subsequently at cost less accumulated amortization and impairment losses. The useful lives of intangible assets are assessed as either finite or indefinite. Intangible assets with finite lives are amortized over their useful economic lives, ranging from 1 to 15 years, on a straight-line basis. Intangible assets with finite lives are assessed for impairment whenever there is an indication that the intangible asset may be impaired. The amortization period and the amortization method for an intangible asset with a finite useful life are reviewed at least at the end of each reporting period. Changes in the expected useful life or the expected pattern of consumption of future economic benefits embodied in the asset are accounted for by changing the amortization period or method, as appropriate, and are treated as a change in accounting estimate. The amortization expense on intangible assets with finite lives is recognized in the consolidated statements of income in the expense category consistent with the function of the intangible assets. Intangible assets with indefinite useful lives are not amortized. The Company assesses the indefinite life at each reporting date to determine if there is an indication that an intangible asset may be impaired. If any indication exists, or when annual impairment testing for the intangible asset is required, the Company estimates the recoverable amount at the CGU level to determine whether the indefinite life continues to be supportable. If not, the change in useful life from indefinite to finite is made on a prospective basis. An asset is impaired when the recoverable amount is less than its carrying amount. The recoverable amount is the higher of an asset’s fair value less costs to sell or its value in use. Impairment losses relating to intangible assets are evaluated for potential reversals when events or changes in circumstances warrant such consideration. Gains or losses arising from derecognition of an intangible asset are measured as the difference between the net disposal proceeds and the carrying amount of the asset and are recognized in the consolidated statements of income when the asset is derecognized. Research and development expenditures Research costs are expensed as incurred. Development expenditures on an individual project are recognized as an intangible asset only when the following conditions are demonstrated: • The technical feasibility of completing the intangible asset so that it will be available for use or sale; • The Company’s intention to complete and its ability to use or sell the intangible asset; • How the asset will generate future economic benefits; • The availability of resources to complete the intangible asset; and • The ability to measure the expenditures reliably during development. Following initial recognition of the development expenditure as an asset, the cost model is applied, requiring the asset to be carried at cost less any accumulated amortization and accumulated impairment losses. Amortization of the asset begins when development is complete and the asset is available for use. It is amortized over the period of expected future benefit. In the event that a product program for which costs have been deferred is modified or cancelled, the Company will assess the recoverability of the deferred costs and, if considered unrecoverable, will expense the costs in the period the assessment is made. Recognition Financial assets and financial liabilities are recognized on the consolidated statements of financial position when the Company becomes a party to the contractual provisions of the instrument. Classification The Company classifies its financial assets and financial liabilities in the following measurement categories: amortized cost, fair value through profit or loss (“FVTPL”), fair value through other comprehensive income (“FVTOCI”), or derivatives designated as a hedging instrument in an effective hedge. The classification of financial assets depends on the business model for managing the financial assets and the contractual terms of the cash flows. Financial assets are measured at amortized cost where the business model is to hold the financial asset to collect its contractual cash flows. Financial liabilities are classified to be measured at amortized cost, derivatives designated as a hedging instrument in an effective hedge, or they are designated to be measured subsequently at FVTPL. For assets and liabilities measured at fair value, gains and losses are either recorded in profit or loss or other comprehensive income. The Company reclassifies financial assets when and only when its business model for managing those assets changes. Financial liabilities are not reclassified. The Company classifies and measures financial assets (excluding derivatives) on initial recognition as described below: • Cash and cash equivalents and restricted cash are classified as and measured at amortized cost. • Accounts receivable and contract assets are classified as and measured at amortized cost using the effective interest rate method, less any impairment allowance. Accounts receivable are held within a hold-to-collect business model. The Company does not factor or sell any of its trade receivables. Accounts payable and accrued liabilities, contract liabilities, bank indebtedness, and long-term debt are classified as other financial liabilities and are measured at amortized cost using the effective interest rate method. Measurement All financial instruments are initially measured at fair value. Transaction costs that are directly attributable to the acquisition or issuance of financial instruments classified as amortized cost are included with the carrying value of such instruments. Transaction costs directly attributable to the acquisition of financial instruments classified as FVTPL are recognized immediately in profit or loss. Financial assets that are held within a business model whose objective is to collect the contractual cash flows, and that have contractual cash flows that are solely payments of principal and interest on the principal amounts outstanding, are generally measured at amortized cost at the end of the subsequent accounting periods. All other financial assets including equity investments are measured at fair value at the end of subsequent accounting periods, with changes recognized in profit or loss or other comprehensive income (irrevocable election at the time of recognition). Designation at FVTOCI is not permitted if the equity investment is held for trading. The cumulative fair value gain or loss will not be reclassified to profit or loss on the disposal of the investments. Derecognition A financial asset is derecognized when the rights to receive cash flows from the asset have expired or the Company has transferred its rights to receive cash flows from the asset or has assumed an obligation to pay the received cash flows in full without material delay to a third party under a “pass-through” arrangement, and either the Company has transferred substantially all the risks and rewards of the asset, or ATS has neither transferred nor retained substantially all the risks and rewards of the asset, but has transferred control of the asset. A financial liability is derecognized when the obligation under the liability is discharged, cancelled or expired. When an existing financial liability is replaced by another from the same lender on substantially different terms, or the terms of an existing liability are substantially modified, such an exchange or modification is treated as a derecognition of the original liability and the recognition of a new liability, and the difference in the respective carrying amounts is recognized in the consolidated statements of income. Impairment The Company recognizes expected credit losses for trade receivables and contract assets based on the simplified approach under IFRS 9. The simplified approach to the recognition of expected losses does not require the Company to track the changes in credit risk; rather, the Company recognizes a loss allowance based on lifetime expected credit losses at each reporting date from the date of recognizing the trade receivable and contract asset. Expected credit losses are measured as the difference in the present value of the contractual cash flows that are due to the Company under the contract, and the cash flows that the Company expects to receive. The Company assesses all information available, including past due status, credit ratings, the existence of third-party insurance, and forward-looking macroeconomic factors in the measurement of the expected credit losses associated with its assets carried at amortized cost. Customer credit risk is managed according to established policies, procedures and controls. Customer credit quality is assessed in line with credit rating criteria. Outstanding customer balances are monitored for evidence of customer financial difficulties including payment default and technical disputes on the contract. Significant balances are reviewed individually while smaller balances are grouped and assessed collectively. The Company considers the aging of past due receivables along with known project technical disputes a primary consideration in assessing credit risk. The Company measures expected credit loss by considering the risk of default over the contract period and incorporates forward-looking information into its measurement. A financial asset, subject to other considerations, is generally considered in default when contractual payments are 90 days past due, which was determined based on historical collection rates. A financial asset may also be considered to be in default if observable internal or external data indicates a measurable decrease in expected cash flows that the Company is expected to receive, including the existence of a technical dispute. Financial assets are written off when there is no reasonable expectation of recovery. Trade receivables and contract assets are reviewed on a case-by-case basis to determine whether they are impaired. Evidence of impairment may include indications that a debtor or a group of debtors is experiencing significant financial difficulty, default or delinquency in interest or principal payments, the probability that they will enter bankruptc |
CRITICAL ACCOUNTING ESTIMATES A
CRITICAL ACCOUNTING ESTIMATES AND ASSUMPTIONS | 12 Months Ended |
Mar. 31, 2024 | |
Corporate information and statement of IFRS compliance [abstract] | |
CRITICAL ACCOUNTING ESTIMATES AND ASSUMPTIONS | SUMMARY OF MATERIAL ACCOUNTING POLICIESBusiness combinations and goodwill: Business combinations are accounted for using the acquisition method. The cost of the acquisition is measured as the aggregate of the consideration transferred, measured at the acquisition date fair value, and the amount of any non-controlling interest in the acquiree. For each business combination, the Company measures the non-controlling interest in the acquiree either at fair value or at the proportionate share of the acquiree’s identifiable net assets. Acquisition costs are expensed as incurred. When the Company acquires a business, it assesses the assets and liabilities assumed based upon the estimated fair values at the date of acquisition, except where specific exceptions are provided in IFRS 3. The Company determines the fair value of the assets acquired and the liabilities assumed based on discounted cash flows, market information and information that is available to the Company. Any contingent consideration to be transferred by the acquirer will be recognized at fair value at the acquisition date. Subsequent changes in the fair value of the contingent consideration that is deemed to be an asset or liability will be recognized in accordance with IFRS 9 - Financial Instruments (“IFRS 9”) in consolidated statements of income. If the contingent consideration is classified as equity, it will not be remeasured. Subsequent settlement is accounted for within equity. In instances where the contingent consideration does not fall within the scope of IFRS 9, it is measured in accordance with the appropriate IFRS policy. Goodwill represents the excess of the cost of an acquisition over the fair value of the Company’s share of the net identifiable assets of the acquiree at the date of acquisition. After initial recognition, goodwill is measured at cost less any accumulated impairment losses. For the purpose of impairment testing, goodwill is allocated to cash-generating units (“CGUs”) or groups of CGUs based on the level at which management monitors it. The allocation is made to those CGUs or groups of CGUs that are expected to benefit from the business combination in which the goodwill arose. Where goodwill forms part of a CGU and part of the operation within that unit is disposed of, the goodwill associated with the operation disposed of is included in the carrying amount of the operation when determining the gain or loss on disposal of the operation. Goodwill disposed of in this circumstance is measured based on the relative fair values of the operation disposed of and the portion of the CGU retained. Functional currency is the currency of the primary economic environment in which the subsidiary operates and is normally the currency in which the subsidiary generates and uses cash. Each subsidiary in the Company determines its own functional currency, and items included in the consolidated financial statements of each subsidiary are measured using that functional currency. The Company’s functional and presentation currency is the Canadian dollar. Transactions Foreign currency transactions are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the functional currency spot rate at the reporting date. All differences are recorded in the consolidated statements of income. Non-monetary items that are measured in terms of historical cost in a foreign currency are translated using the exchange rate at the dates of the initial transactions. Non-monetary items measured at fair value in a foreign currency are translated using the exchange rates at the date when the fair value is determined. Translation The assets and liabilities of foreign operations are translated into Canadian dollars at period-end exchange rates, and their revenue and expense items are translated at exchange rates prevailing at the dates of the transactions. The resulting exchange differences are recognized in other comprehensive income. On disposal of a foreign operation, the component of other comprehensive income relating to that particular foreign operation is recognized in the consolidated statements of income. The Company generates revenue from construction contracts, the sale of goods, and by services rendered. Revenue is measured based on the consideration specified in a contract and the Company recognizes revenue when it transfers control of a product or provides a service to a customer. If the contract includes variable consideration, such as volume rebates, the Company only includes the amount in the transaction amount if it is measurable and highly probable to occur. With respect to incremental costs such as sales commissions incurred in obtaining a contract, the Company has elected to apply the practical expedient to expense these costs when incurred as the term of the Company’s contracts are typically one year or less. Construction contracts A construction contract generally includes the design, manufacture and installation of new equipment for a customer’s new or existing system. The Company generally considers a construction contract to contain one performance obligation. However, the Company may provide several distinct goods or services as part of a contract, in which case, the Company separates the contract into more than one performance obligation. If a contract is separated into more than one performance obligation, the total transaction price is allocated to each performance obligation in an amount based on the estimated relative standalone selling prices of the promised goods or services underlying each performance obligation. The Company typically satisfies construction contract performance obligations over time; therefore, the Company recognizes revenue over time as the performance obligations are satisfied using the stage of completion method as described below: • The stage of completion of fixed price contracts is measured based on costs incurred, excluding costs that are not representative of progress to completion, as a percentage of total costs anticipated on each contract. • The stage of completion of time and material contracts is measured using the right to invoice practical expedient - revenue is recognized at the contractual rates as labour hours are delivered and direct expenses are incurred. Payment terms on fixed price contracts are normally based on set milestones outlined in the contract. Amounts received in advance of the associated contract work being performed are recorded as contract liabilities. Revenue is recognized without issuing an invoice and this entitlement to consideration is recognized as a reduction of the contract liability or as a contract asset. Payment terms on time and material contracts are normally based on a monthly billing cycle. When the contract outcome cannot be measured reliably, revenue is recognized only to the extent that the expenses incurred are eligible to be recovered. Provisions for estimated losses on incomplete contracts are made in the period that losses are determined. Sale of goods Revenue related to the sale of goods is recognized at a point in time when the Company satisfies a performance obligation and control of the asset is transferred to the customer. In determining satisfaction of a performance obligation, the Company considers the terms of the contract, including shipping terms, and transfer of title and risk. Services rendered Service contracts are either executed separately or bundled together with construction contracts. Where these contracts are bundled together, they are regarded as separate performance obligations, as each of the promises are capable of being distinct and are separately identifiable. Accordingly, a portion of the transaction price is allocated to each performance obligation relative to standalone selling prices. A service contract can include modifications to existing customer equipment, maintenance services, training, line relocation, onsite support, field service, remote support and consulting services. The Company generally considers service contracts to contain one performance obligation, which is satisfied over time. Therefore, revenue is recognized over time, using the stage of completion method described below: • The stage of completion of fixed price contracts to provide specified services at specific times is measured based on costs incurred, excluding costs that are not representative of progress to completion, as a percentage of total costs anticipated on each contract. • The stage of completion of fixed price contracts to provide an indeterminable number of services over a specified period of time is measured based on contract term elapsed as a percentage of the full contract term. • The stage of completion of time and material contracts is measured using the right to invoice practical expedient - revenue is recognized at the contractual rates as labour hours are delivered and direct expenses are incurred. Payment terms on service contracts are similar to construction contracts. Provisions for estimated losses on incomplete contracts are made in the period that losses are determined. Revenue-related assets and liabilities: Trade receivables A trade receivable represents the Company’s right to an amount of consideration that is unconditional (i.e., only the passage of time is required before payment of the consideration is due). Trade receivables are typically due upon issuance of an invoice. Payment terms on fixed price contracts are normally based on set milestones outlined in the contract. The ATS generally accepted payment terms (with regard to customer contracts) make it improbable that a significant financing component would exist in contracts with customers. If there is a variable consideration component to a contract, it is only included in the transaction price when it is highly probable that the consideration will result in revenue and can be reliably measured. Contract assets Contract assets represent the right to consideration in exchange for goods or services that have been transferred to a customer. These assets are transferred to accounts receivable when the right to receive the consideration becomes unconditional. Contract liabilities Contract liabilities represent the obligation to transfer goods and services to a customer for which the Company has received consideration (or an amount of consideration is due) from the customer. Contract liabilities are recognized as revenue when the Company performs under the contract. Unearned revenue Unearned revenue relates to deposits or prepayments from customers for service and sale of goods contracts where revenue is earned at a point in time. (d) Investment tax credits and government grants: Investment tax credits are accounted for as a reduction in the cost of the related asset or expense where there is reasonable assurance that such credits will be realized. Government grants are recognized when there is reasonable assurance that the grant will be received and all attached conditions will be met. When the grant relates to an expense item, it is deducted from the cost that it is intended to compensate. When the grant relates to an asset, it is deducted from the cost of the related asset. If a grant becomes repayable, the inception-to-date impact of the assistance previously recognized in income is reversed immediately in the period in which the assistance becomes repayable. Current income tax Current income tax assets and liabilities for the current and prior periods are measured at the amount expected to be recovered from or paid to the taxation authorities. The tax rates and tax laws used to compute the amount are those that are enacted or substantively enacted, by the reporting date, in the countries where the Company operates and generates taxable income. Current income tax related to items recognized directly in equity is also recognized in equity and not in the consolidated statements of income. Management periodically evaluates positions taken in the tax filings with respect to situations in which applicable tax regulations are subject to interpretation, and establishes provisions where appropriate. Deferred income tax Deferred income tax is provided using the liability method on temporary differences at the reporting date between the tax basis of assets and liabilities and their carrying amounts for financial reporting purposes. Deferred income tax assets and liabilities are measured at the tax rates that are expected to apply in the period when the asset will be realized or the liability will be settled, based on tax rates and tax laws that have been enacted or substantively enacted at the reporting date. Deferred income taxes are recognized for all taxable temporary differences, except: • When the deferred income tax liability arises from the initial recognition of goodwill or an asset or liability in a transaction that is not a business combination and, at the time of the transaction, affects neither the accounting profit nor taxable profit or loss. • In respect of taxable temporary differences associated with investments in subsidiaries and interests in joint operations, when the timing of the reversal of the temporary differences can be controlled and it is probable that the temporary differences will not reverse in the foreseeable future. Deferred income tax assets are recognized for all deductible temporary differences and carryforward of unused tax credits and unused tax losses, to the extent that it is probable that taxable profit will be available against which the deductible temporary differences and the carryforward of unused tax credits and unused tax losses can be utilized, except: • When the deferred income tax asset relating to the deductible temporary difference arises from the initial recognition of an asset or liability in a transaction that is not a business combination and, at the time of the transaction, affects neither the accounting profit nor taxable profit or loss. • In respect of deductible temporary differences associated with investments in subsidiaries and interests in joint operations, deferred income tax assets are recognized only to the extent that it is probable that the temporary differences will reverse in the foreseeable future and taxable profit will be available against which the temporary differences can be utilized. The carrying amount of deferred income tax assets is reviewed at each reporting date and reduced to the extent that it is no longer probable that all or part of the deferred income tax asset will be utilized. Unrecognized deferred income tax assets are reassessed at each reporting date and are recognized to the extent that it has become probable the benefit will be recovered. Deferred income tax assets and deferred income tax liabilities are offset if a legally enforceable right exists to offset current income tax assets against current income tax liabilities and the deferred income taxes relate to the same taxable entity and the same taxation authority. Deferred income tax related to items recognized outside profit or loss is also recognized outside profit or loss. Deferred income tax items are recognized in correlation to the underlying transaction either in other comprehensive income or directly in equity. Income tax benefits acquired as part of a business combination, but not satisfying the criteria for separate recognition at that date, would be recognized subsequently if new information about facts and circumstances existing at the acquisition date changed. The adjustment would either be treated as a reduction to goodwill (as long as it does not exceed goodwill) if it occurs during the measurement period or in profit or loss. Revenues, expenses and assets are recognized net of the amount of sales tax, except where the sales tax incurred on a purchase of assets or services is not recoverable from the taxation authority, in which case the sales tax is recognized as part of the cost of acquisition of the asset or as part of the expense item as applicable. Receivables and payables are stated with the amount of sales tax included. The net amount of sales tax recoverable from, or payable to, the taxation authority is included as part of accounts receivable or accounts payable and accrued liabilities on the consolidated statements of financial position. (f) Property, plant and equipment: Property, plant and equipment are stated at cost, net of accumulated depreciation and accumulated impairment losses, if any. Such cost includes the cost of replacing component parts of the property, plant and equipment and borrowing costs for long-term construction projects if the recognition criteria are met. When significant parts of property, plant and equipment are required to be replaced at intervals, ATS derecognizes the replaced part and recognizes the new part with its own associated useful life and depreciation. Likewise, when a major inspection is performed, its cost is recognized in the carrying amount of the property, plant and equipment as a replacement if the recognition criteria are satisfied. All other repair and maintenance costs are recognized in the consolidated statements of income as incurred. Depreciation is calculated on a straight-line basis over the estimated useful lives of the assets as follows: Buildings 25 to 40 years Production equipment 3 to 10 years Other equipment 3 to 10 years Leasehold improvements are amortized over the shorter of the term of the related lease or their remaining useful life on a straight-line basis. An item of property, plant and equipment or any significant part initially recognized is derecognized upon disposal or when no future economic benefits are expected from its use or eventual disposition. Any gain or loss arising on derecognition of the asset (calculated as the difference between the net disposal proceeds and the carrying amount of the asset) is included in the consolidated statements of income when the asset is derecognized. The assets’ residual values, useful lives and methods of depreciation are reviewed on an annual basis or more frequently if required and adjusted prospectively, if appropriate. (g) Leases: At the inception of a contract, the Company determines whether a contract is, or contains, a lease based on whether the contract conveys the right to control the use of an underlying asset for a period of time in exchange for consideration. The Company recognizes a right-of-use (“ROU”) asset and a lease liability on the date the leased asset is available for use by the Company (at the commencement of the lease). Right-of-use assets ROU assets are initially measured at cost, which is comprised of the initial amount of the lease liability, any initial direct costs incurred and an estimate of costs to dismantle, remove or restore the underlying asset or site on which it is located, less any lease payments made at or before the commencement date. Unless the Company is reasonably certain to obtain ownership of the leased asset at the end of the lease term, a recognized ROU asset is depreciated using the straight-line method over the shorter of its estimated useful life or the lease term. The ROU asset may be adjusted for certain remeasurements of the lease liability and impairment losses. Lease liabilities The lease liability is initially measured at the present value of the lease payments that are not paid at the commencement date, discounted using the incremental borrowing rate at the lease commencement date if the interest rate implicit in the lease is not readily available. The Company uses a single discount rate for a portfolio of leases with reasonably similar characteristics. Lease payments include fixed payments less any lease incentives, and any variable lease payments where variability depends on an index or rate. The lease payments also include the exercise price of a purchase option reasonably certain to be exercised by the Company and payment of penalties for termination of a lease. Each lease payment is allocated between the repayment of the principal portion of the lease liability and the interest portion. The finance cost is charged to net finance costs in the consolidated statements of income over the lease period. Payments associated with short-term leases (lease term of 12 months or less) and leases of low-value assets are recognized on a straight-line basis as an expense in the consolidated statements of income as permitted by IFRS 16 - Leases (“IFRS 16”). The carrying amount of the lease liability is remeasured if there is a modification resulting in a change in the lease term, a change in the future lease payments, or a change in the Company’s estimate of whether it will exercise a purchase, extension or termination option. If the lease liability is remeasured, a corresponding adjustment is made to the ROU asset. As a practical expedient, IFRS 16 permits a lessee to not separate non-lease components, but instead account for any lease and associated non-lease components as a single arrangement. The Company has applied this practical expedient. Determining the lease term of contracts with renewal or termination options The lease term includes the non-cancellable term of the lease including extension and termination options if the Company is reasonably certain to exercise the option. The Company applies judgment in evaluating whether it is reasonably certain to exercise the options. All relevant factors that create an economic incentive for it to exercise the renewal are considered. After the commencement date, the Company reassesses the lease term if there is a significant event or change in circumstances that is within its control and affects its ability to exercise (or not to exercise) the option. Borrowing costs directly attributable to the acquisition, construction or production of an asset that necessarily takes a substantial period of time to get ready for its intended use or sale are capitalized as part of the cost of the respective asset. All other borrowing costs are expensed in the period in which they occur. (i) Intangible assets: Acquired intangible assets are primarily software, customer relationships, brands and technologies. Intangible assets acquired separately are initially recorded at fair value and subsequently at cost less accumulated amortization and impairment losses. The useful lives of intangible assets are assessed as either finite or indefinite. Intangible assets with finite lives are amortized over their useful economic lives, ranging from 1 to 15 years, on a straight-line basis. Intangible assets with finite lives are assessed for impairment whenever there is an indication that the intangible asset may be impaired. The amortization period and the amortization method for an intangible asset with a finite useful life are reviewed at least at the end of each reporting period. Changes in the expected useful life or the expected pattern of consumption of future economic benefits embodied in the asset are accounted for by changing the amortization period or method, as appropriate, and are treated as a change in accounting estimate. The amortization expense on intangible assets with finite lives is recognized in the consolidated statements of income in the expense category consistent with the function of the intangible assets. Intangible assets with indefinite useful lives are not amortized. The Company assesses the indefinite life at each reporting date to determine if there is an indication that an intangible asset may be impaired. If any indication exists, or when annual impairment testing for the intangible asset is required, the Company estimates the recoverable amount at the CGU level to determine whether the indefinite life continues to be supportable. If not, the change in useful life from indefinite to finite is made on a prospective basis. An asset is impaired when the recoverable amount is less than its carrying amount. The recoverable amount is the higher of an asset’s fair value less costs to sell or its value in use. Impairment losses relating to intangible assets are evaluated for potential reversals when events or changes in circumstances warrant such consideration. Gains or losses arising from derecognition of an intangible asset are measured as the difference between the net disposal proceeds and the carrying amount of the asset and are recognized in the consolidated statements of income when the asset is derecognized. Research and development expenditures Research costs are expensed as incurred. Development expenditures on an individual project are recognized as an intangible asset only when the following conditions are demonstrated: • The technical feasibility of completing the intangible asset so that it will be available for use or sale; • The Company’s intention to complete and its ability to use or sell the intangible asset; • How the asset will generate future economic benefits; • The availability of resources to complete the intangible asset; and • The ability to measure the expenditures reliably during development. Following initial recognition of the development expenditure as an asset, the cost model is applied, requiring the asset to be carried at cost less any accumulated amortization and accumulated impairment losses. Amortization of the asset begins when development is complete and the asset is available for use. It is amortized over the period of expected future benefit. In the event that a product program for which costs have been deferred is modified or cancelled, the Company will assess the recoverability of the deferred costs and, if considered unrecoverable, will expense the costs in the period the assessment is made. Recognition Financial assets and financial liabilities are recognized on the consolidated statements of financial position when the Company becomes a party to the contractual provisions of the instrument. Classification The Company classifies its financial assets and financial liabilities in the following measurement categories: amortized cost, fair value through profit or loss (“FVTPL”), fair value through other comprehensive income (“FVTOCI”), or derivatives designated as a hedging instrument in an effective hedge. The classification of financial assets depends on the business model for managing the financial assets and the contractual terms of the cash flows. Financial assets are measured at amortized cost where the business model is to hold the financial asset to collect its contractual cash flows. Financial liabilities are classified to be measured at amortized cost, derivatives designated as a hedging instrument in an effective hedge, or they are designated to be measured subsequently at FVTPL. For assets and liabilities measured at fair value, gains and losses are either recorded in profit or loss or other comprehensive income. The Company reclassifies financial assets when and only when its business model for managing those assets changes. Financial liabilities are not reclassified. The Company classifies and measures financial assets (excluding derivatives) on initial recognition as described below: • Cash and cash equivalents and restricted cash are classified as and measured at amortized cost. • Accounts receivable and contract assets are classified as and measured at amortized cost using the effective interest rate method, less any impairment allowance. Accounts receivable are held within a hold-to-collect business model. The Company does not factor or sell any of its trade receivables. Accounts payable and accrued liabilities, contract liabilities, bank indebtedness, and long-term debt are classified as other financial liabilities and are measured at amortized cost using the effective interest rate method. Measurement All financial instruments are initially measured at fair value. Transaction costs that are directly attributable to the acquisition or issuance of financial instruments classified as amortized cost are included with the carrying value of such instruments. Transaction costs directly attributable to the acquisition of financial instruments classified as FVTPL are recognized immediately in profit or loss. Financial assets that are held within a business model whose objective is to collect the contractual cash flows, and that have contractual cash flows that are solely payments of principal and interest on the principal amounts outstanding, are generally measured at amortized cost at the end of the subsequent accounting periods. All other financial assets including equity investments are measured at fair value at the end of subsequent accounting periods, with changes recognized in profit or loss or other comprehensive income (irrevocable election at the time of recognition). Designation at FVTOCI is not permitted if the equity investment is held for trading. The cumulative fair value gain or loss will not be reclassified to profit or loss on the disposal of the investments. Derecognition A financial asset is derecognized when the rights to receive cash flows from the asset have expired or the Company has transferred its rights to receive cash flows from the asset or has assumed an obligation to pay the received cash flows in full without material delay to a third party under a “pass-through” arrangement, and either the Company has transferred substantially all the risks and rewards of the asset, or ATS has neither transferred nor retained substantially all the risks and rewards of the asset, but has transferred control of the asset. A financial liability is derecognized when the obligation under the liability is discharged, cancelled or expired. When an existing financial liability is replaced by another from the same lender on substantially different terms, or the terms of an existing liability are substantially modified, such an exchange or modification is treated as a derecognition of the original liability and the recognition of a new liability, and the difference in the respective carrying amounts is recognized in the consolidated statements of income. Impairment The Company recognizes expected credit losses for trade receivables and contract assets based on the simplified approach under IFRS 9. The simplified approach to the recognition of expected losses does not require the Company to track the changes in credit risk; rather, the Company recognizes a loss allowance based on lifetime expected credit losses at each reporting date from the date of recognizing the trade receivable and contract asset. Expected credit losses are measured as the difference in the present value of the contractual cash flows that are due to the Company under the contract, and the cash flows that the Company expects to receive. The Company assesses all information available, including past due status, credit ratings, the existence of third-party insurance, and forward-looking macroeconomic factors in the measurement of the expected credit losses associated with its assets carried at amortized cost. Customer credit risk is managed according to established policies, procedures and controls. Customer credit quality is assessed in line with credit rating criteria. Outstanding customer balances are monitored for evidence of customer financial difficulties including payment default and technical disputes on the contract. Significant balances are reviewed individually while smaller balances are grouped and assessed collectively. The Company considers the aging of past due receivables along with known project technical disputes a primary consideration in assessing credit risk. The Company measures expected credit loss by considering the risk of default over the contract period and incorporates forward-looking information into its measurement. A financial asset, subject to other considerations, is generally considered in default when contractual payments are 90 days past due, which was determined based on historical collection rates. A financial asset may also be considered to be in default if observable internal or external data indicates a measurable decrease in expected cash flows that the Company is expected to receive, including the existence of a technical dispute. Financial assets are written off when there is no reasonable expectation of recovery. Trade receivables and contract assets are reviewed on a case-by-case basis to determine whether they are impaired. Evidence of impairment may include indications that a debtor or a group of debtors is experiencing significant financial difficulty, default or delinquency in interest or principal payments, the probability that they will enter bankruptc |
ACQUISITIONS
ACQUISITIONS | 12 Months Ended |
Mar. 31, 2024 | |
Disclosure of detailed information about business combination [abstract] | |
ACQUISITIONS | ACQUISITIONSCurrent year acquisitions (i) On November 16, 2023, the Company acquired 100% of the shares of Avidity Science, LLC (“Avidity”), a designer and manufacturer of automated water purification solutions for biomedical and life science applications. The total purchase price paid upon finalization of post-closing adjustments was $267,649 ($195,471 U.S.). Cash used in investing activities was determined as follows: Cash consideration $ 267,649 Less: cash acquired (6,100) $ 261,549 The allocation of the purchase price at fair value is as follows: Purchase price allocation Cash $ 6,100 Other current assets 47,474 Property, plant and equipment 15,649 Right-of-use assets 4,687 Intangible assets with a definite life Technology 43,542 Customer relationships 56,139 Other 1,284 Intangible assets with an indefinite life Brands 26,700 Current liabilities (21,648) Other long-term liabilities (5,346) Deferred tax liability (9,271) Net identifiable assets $ 165,310 Residual purchase price allocated to goodwill 102,339 Purchase consideration $ 267,649 Current assets include accounts receivable of $17,616, representing the fair value of accounts receivable expected to be collected. The primary factors that contributed to a residual purchase price that resulted in the recognition of goodwill are: the acquired workforce, access to growth opportunities in new markets and with existing customers, and the combined strategic value to the Company’s growth plan. Of the amounts assigned to goodwill and intangible assets, approximately 17% of the aggregate are not expected to be deductible for tax purposes. This acquisition was accounted for as a business combination with the Company as the acquirer of Avidity. The purchase method of accounting was used with an acquisition date of November 16, 2023. Avidity contributed approximately $38,615 in revenue and $926 in net loss from the acquisition date November 16, 2023 to March 31, 2024. If Avidity had been acquired at the beginning of ATS' fiscal year (April 1, 2023), the Company estimates that revenues and net income of the combined Avidity and ATS entity for the twelve months ended March 31, 2024 would have been approximately $64,358 higher and $1,543 lower, respectively. (ii) On January 1, 2024, the Company acquired 100% of the shares of IT.ACA. Engineering S.r.l. (“ITACA”), an Italian automation system integrator. The total purchase price was $12,444 (8,507 Euros). Cash considerations paid in the fourth quarter of fiscal 2024, was $4,813 (3,290 Euros). The balance of $7,631 (5,217 Euros) will be paid within 36 months of the acquisition date. On July 3, 2023, the Company acquired 100% of the shares of Odyssey Validation Consultants Limited (“Odyssey”), an Ireland-based provider of digitalization solutions for the life sciences industry. The total purchase price was $5,636 (3,898 Euros). On June 30, 2023, the Company acquired 100% of the shares of Yazzoom B.V. (“Yazzoom”), a Belgium-based provider of artificial intelligence and machine learning based tools for industrial production. The purchase price, paid in the first quarter of fiscal 2024, was $5,283 (3,655 Euros). Cash used in investing activities for the three acquisitions was determined as follows: Cash consideration $ 23,363 Less: cash acquired (8,323) $ 15,040 The allocation of the purchase price at fair value for the three acquisitions is as follows: Purchase price allocation Cash $ 8,323 Other current assets 4,928 Property, plant and equipment 2,064 Right-of-use assets 423 Intangible assets with a definite life Technology 4,449 Brands 2,053 Customer relationships 1,027 Other 1,429 Current liabilities (7,243) Other long-term liabilities (679) Deferred tax liability (1,378) Net identifiable assets $ 15,396 Residual purchase price allocated to goodwill 7,967 Purchase consideration $ 23,363 Current assets include accounts receivable of $3,524, representing the fair value of accounts receivable expected to be collected. The purchase cost was allocated to the underlying assets acquired and liabilities assumed based upon the estimated fair values at the date of acquisition. The allocations to intangible assets were determined using relative values from comparable transactions. The primary factors that contributed to a residual purchase price that resulted in the recognition of goodwill are: the acquired workforce, access to growth opportunities in new markets and with existing customers, and the combined strategic value to the Company’s growth plan. The amounts assigned to goodwill and intangible assets are not expected to be deductible for tax purposes. These acquisitions were accounted for as business combinations with the Company as the acquirer of Yazzoom, Odyssey, and ITACA. The purchase method of accounting was used with an acquisition date of June 30, 2023 for Yazzoom, July 3, 2023 for Odyssey, and January 1, 2024 for ITACA. |
INVENTORIES
INVENTORIES | 12 Months Ended |
Mar. 31, 2024 | |
Disclosure of Inventories [Abstract] | |
INVENTORIES | INVENTORIES As at March 31 March 31 Raw materials $ 153,433 $ 138,792 Work in progress 98,245 84,401 Finished goods 44,202 33,673 $ 295,880 $ 256,866 The amount charged to net income and included in cost of revenues for the write-down of inventories for valuation issues during the year ended March 31, 2024 was $15,980 (March 31, 2023 - $2,709). The amount of inventories carried at net realizable value as at March 31, 2024 was $6,904 (March 31, 2023 - $591). For the year ended March 31, 2024, the Company recognized expense related to cost of inventories of $1,024,143 (March 31, 2023 - $912,608) in cost of revenues in the consolidated statements of income. |
DEPOSITS, PREPAIDS AND OTHER AS
DEPOSITS, PREPAIDS AND OTHER ASSETS | 12 Months Ended |
Mar. 31, 2024 | |
Subclassifications of assets, liabilities and equities [abstract] | |
DEPOSITS, PREPAIDS AND OTHER ASSETS | DEPOSITS, PREPAIDS AND OTHER ASSETS As at March 31 March 31 Prepaid assets $ 38,046 $ 29,766 Supplier deposits 35,686 45,565 Investment tax credit receivable 19,379 13,819 Forward foreign exchange contracts 5,050 4,200 $ 98,161 $ 93,350 |
RIGHT-OF-USE ASSETS AND LEASE L
RIGHT-OF-USE ASSETS AND LEASE LIABILITIES | 12 Months Ended |
Mar. 31, 2024 | |
Leases [Abstract] | |
RIGHT-OF-USE ASSETS AND LEASE LIABILITIES | RIGHT-OF-USE ASSETS AND LEASE LIABILITIES Changes in the net balance of right-of-use assets during the years ended March 31, 2024 and March 31, 2023 were as follows: Note Buildings Vehicles and equipment Total Balance, at March 31, 2022 $ 69,505 $ 11,784 $ 81,289 Additions 22,514 8,322 30,836 Amortization (17,541) (6,519) (24,060) Acquisition of subsidiaries 5 3,059 510 3,569 Exchange and other adjustments 2,343 235 2,578 Balance, at March 31, 2023 $ 79,880 $ 14,332 $ 94,212 Additions 25,411 12,567 37,978 Amortization (21,596) (8,060) (29,656) Acquisition of subsidiaries 5 4,184 1,362 5,546 Exchange and other adjustments (2,291) (128) (2,419) Balance, at March 31, 2024 $ 85,588 $ 20,073 $ 105,661 Changes in the balance of lease liabilities during the years ended March 31, 2024 and March 31, 2023 were as follows: Note 2024 2023 Balance, at April 1 $ 97,249 $ 82,820 Additions 37,978 30,836 Interest 5,473 4,016 Payments (31,553) (24,999) Acquisition of subsidiaries 5 6,560 3,640 Exchange and other adjustments (4,328) 936 Balance, at March 31 $ 111,379 $ 97,249 Less: current portion 27,571 23,994 $ 83,808 $ 73,255 The right-of-use assets and lease liabilities relate to leases of real estate properties, automobiles and other equipment. For the year ended March 31, 2024, the Company recognized an expense related to short-term and low-value leases of $4,450, in cost of revenues (March 31, 2023 - $2,564), and $1,729 (March 31, 2023 - $1,750) in selling, general and administrative expenses in the consolidated statements of income. The annual lease obligations for the next five years and thereafter are as follows: As at March 31, 2024 Less than one year $ 31,066 One - two years 25,068 Two - three years 19,337 Three - four years 12,460 Four - five years 9,685 Due in over five years 30,234 Total undiscounted lease liabilities $ 127,850 |
OTHER ASSETS AND LIABILITIES
OTHER ASSETS AND LIABILITIES | 12 Months Ended |
Mar. 31, 2024 | |
Subclassifications of assets, liabilities and equities [abstract] | |
OTHER ASSETS AND LIABILITIES | OTHER ASSETS AND LIABILITIES Other assets consist of the following: As at March 31 March 31 Cross-currency interest rate swap instrument (i) $ 17,204 $ 16,187 Variable for fixed interest rate swap instruments (ii) 1,198 467 Other 14 25 Total $ 18,416 $ 16,679 Other long-term liabilities consist of the following: As at March 31 March 31 Cross-currency interest rate swap instrument (i) $ 14,101 $ 10,718 (i) On April 20, 2022, the Company entered into a cross-currency interest rate swap instrument to swap U.S. $175,000 into Canadian dollars to hedge a portion of its foreign exchange risk related to its U.S. dollar-denominated Senior Notes. The Company will receive interest of 4.125% U.S. per annum and pay interest of 4.169% Canadian. The terms of the hedging instrument will end on December 15, 2025. The Company entered into a cross-currency interest rate swap instrument on April 20, 2022 to swap 161,142 Euros into Canadian dollars to hedge the net investment in European operations. The Company will receive interest of 4.169% Canadian per annum and pay interest of 2.351% Euros. The terms of the hedging relationship will end on December 15, 2025. (ii) Effective November 4, 2022, the Company entered into a variable for fixed interest rate swap instrument to swap the variable interest rate on its $300,000 non-amortized secured term credit facility to a fixed 4.241% interest plus a margin. The terms of the hedging instrument will end on November 4, 2024. On November 21, 2023, the Company entered into a variable for fixed interest rate swap instrument to swap the variable interest rate on its $300,000 non-amortized secured term credit facility to a fixed 4.044% interest plus a margin for the period November 4, 2024 to November 4, 2026. |
PROPERTY, PLANT AND EQUIPMENT
PROPERTY, PLANT AND EQUIPMENT | 12 Months Ended |
Mar. 31, 2024 | |
Property, plant and equipment [abstract] | |
PROPERTY, PLANT AND EQUIPMENT | PROPERTY, PLANT AND EQUIPMENT Note Land Buildings and leaseholds Production equipment Other equipment Total Cost: Balance, at March 31, 2022 $ 34,676 $ 161,158 $ 37,310 $ 79,532 $ 312,676 Additions — 31,109 7,155 17,840 56,104 Acquisition of subsidiaries 5 — 50 23 476 549 Disposals (118) (1,008) (3,263) (7,995) (12,384) Exchange and other adjustments 2,043 8,338 1,613 3,785 15,779 Balance, at March 31, 2023 $ 36,601 $ 199,647 $ 42,838 $ 93,638 $ 372,724 Additions 4,400 30,559 7,248 16,623 58,830 Acquisition of subsidiaries 5 843 10,404 4,039 2,305 17,591 Disposals (2,083) (14,630) (526) (6,227) (23,466) Exchange and other adjustments (34) 245 865 (3,916) (2,840) Balance, at March 31, 2024 $ 39,727 $ 226,225 $ 54,464 $ 102,423 $ 422,839 Land Buildings and leaseholds Production equipment Other equipment Total Depreciation: Balance, at March 31, 2022 $ — $ (34,660) $ (11,232) $ (44,661) $ (90,553) Depreciation expense — (8,428) (6,337) (10,825) (25,590) Disposals — 540 2,879 7,505 10,924 Exchange and other adjustments — (1,742) (832) (1,812) (4,386) Balance, at March 31, 2023 $ — $ (44,290) $ (15,522) $ (49,793) $ (109,605) Depreciation expense — (9,344) (7,070) (12,041) (28,455) Disposals — 7,114 111 5,979 13,204 Exchange and other adjustments — (260) (272) (474) (1,006) Balance, at March 31, 2024 $ — $ (46,780) $ (22,753) $ (56,329) $ (125,862) Net book value: At March 31, 2024 $ 39,727 $ 179,445 $ 31,711 $ 46,094 $ 296,977 At March 31, 2023 $ 36,601 $ 155,357 $ 27,316 $ 43,845 $ 263,119 Included in building and leaseholds as at March 31, 2024 was $34,725 (March 31, 2023 - $18,889) of assets that relate to the expansion and improvement of certain manufacturing facilities and have not been depreciated. Included in other equipment as at March 31, 2024 is $8,548 (March 31, 2023 - $5,975) of assets that are under construction and have not been depreciated. |
GOODWILL
GOODWILL | 12 Months Ended |
Mar. 31, 2024 | |
Disclosure of goodwill [Abstract] | |
GOODWILL | GOODWILL The carrying amount of goodwill acquired through business combinations has been allocated to a group of CGUs that combine to form a single operating segment, ATS Corporation, as follows: As at Note 2024 2023 Balance, at April 1 $ 1,118,262 $ 1,024,790 Acquisition of subsidiaries 5 112,201 23,758 Foreign exchange (1,863) 69,714 Balance, at March 31 $ 1,228,600 $ 1,118,262 The Company performed its annual impairment test of goodwill as at March 31, 2024. The recoverable amount of the group of CGUs is determined based on fair value less costs of disposal using a capitalized EBITDA approach. The approach requires management to estimate maintainable future EBITDA and capitalize this amount by rates of return which incorporate the specific risks and opportunities facing the business. EBITDA is defined as earnings from operations excluding depreciation and amortization (“EBITDA”). In determining a maintainable future EBITDA, the historical operating results for the five years ended March 31, 2024 were compared to the budgeted results for the year ending March 31, 2025, as presented to and approved by the Board. Non-recurring and unusual items have been adjusted in order to normalize past EBITDA. Management selected capitalization rates in the range of 6.8% to 8.3% for the calculation of the reasonable range of capitalized EBITDA. These capitalization rates were based on EBITDA multiples which incorporate specific risks and opportunities facing the Company. The inputs used in the calculation are level three of the fair value hierarchy. As a result of the analysis, management did not identify impairment for this group of CGUs. Management believes that any reasonable possible change in the key assumptions on which the recoverable amount is based would not cause the aggregate carrying amount to exceed the aggregate recoverable amount of the group of CGUs. |
INTANGIBLE ASSETS
INTANGIBLE ASSETS | 12 Months Ended |
Mar. 31, 2024 | |
Intangible assets [Abstract] | |
INTANGIBLE ASSETS | INTANGIBLE ASSETS Note Development projects Computer software, licenses and other Technology Customer relationships Brands (i) Total Cost: Balance, at March 31, 2022 $ 48,613 $ 68,244 $ 247,134 $ 335,642 $ 156,426 $ 856,059 Additions 18,060 6,132 — — — 24,192 Acquisition of subsidiaries 5 — 7,211 19,713 4,549 9,098 40,571 Disposals (424) (7,380) — — — (7,804) Exchange and other adjustments 1,973 (18,518) 11,663 8,542 5,511 9,171 Balance, at March 31, 2023 $ 68,222 $ 55,689 $ 278,510 $ 348,733 $ 171,035 $ 922,189 Additions 18,135 11,493 — — — 29,628 Acquisition of subsidiaries 5 1,170 1,639 48,920 57,379 29,183 138,291 Disposals (635) (2,641) — — — (3,276) Exchange and other adjustments (6,525) 3,476 (12,174) (60,794) (390) (76,407) Balance, at March 31, 2024 $ 80,367 $ 69,656 $ 315,256 $ 345,318 $ 199,828 $ 1,010,425 Development projects Computer software, licenses and other Technology Customer relationships Brands (i) Total Amortization: Balance, at March 31, 2022 $ (23,430) $ (47,130) $ (53,507) $ (158,028) $ (5,784) $ (287,879) Amortization (3,199) (15,135) (25,982) (29,400) (2,123) (75,839) Disposals — 7,319 — — — 7,319 Exchange and other adjustments (1,126) 20,068 (181) 3,699 4,960 27,420 Balance, at March 31, 2023 $ (27,755) $ (34,878) $ (79,670) $ (183,729) $ (2,947) $ (328,979) Amortization (6,493) (12,364) (31,172) (29,547) (3,487) (83,063) Disposals 13 2,594 — — — 2,607 Exchange and other adjustments 190 6,563 11,478 60,303 23 78,557 Balance, at March 31, 2024 $ (34,045) $ (38,085) $ (99,364) $ (152,973) $ (6,411) $ (330,878) Net book value: At March 31, 2024 $ 46,322 $ 31,571 $ 215,892 $ 192,345 $ 193,417 $ 679,547 At March 31, 2023 $ 40,467 $ 20,811 $ 198,840 $ 165,004 $ 168,088 $ 593,210 Research and development costs that are not eligible for capitalization have been expensed and are recognized in cost of revenues. The Company performed its annual impairment test of indefinite-lived intangible assets as at March 31, 2024. The recoverable amount of the related CGUs was estimated based on a value in use calculation using the present value of the future cash flows expected to be derived by the related subsidiaries. This approach requires management to estimate cash flows that include earnings from operations less capital expenditures. In determining future cash flows, the budgeted results for the year ending March 31, 2025, as presented to and approved by the Board, were extrapolated for a five-year period, followed by a terminal calculation based on the fifth year forecasted amount. The estimated cash flows are based on historical data and past experience of operating within the marketplace. The average revenue growth rate used for the intangible asset impairment testing of indefinite-lived brands was 5% (March 31, 2023 - 5%). The terminal growth rate used in the impairment testing ranged from 3% to 5% (March 31, 2023 - 5%). The rates used to project cash flows are based on management’s expectations for the growth of the cash generating unit and do not exceed long-term average growth rates for the markets in which the cash generating units operate. Management used a pre-tax discount rate of 10% (March 31, 2023 - 15%) to determine the present value of future cash flows. As a result of the analysis, management did not identify an impairment of the indefinite lived intangible assets and any reasonable change in assumptions would not result in impairment. |
FINANCIAL INSTRUMENTS AND RISK
FINANCIAL INSTRUMENTS AND RISK MANAGEMENT | 12 Months Ended |
Mar. 31, 2024 | |
Financial instruments [Abstract] | |
FINANCIAL INSTRUMENTS AND RISK MANAGEMENT | FINANCIAL INSTRUMENTS AND RISK MANAGEMENTSummary of financial instruments:Categories of financial instruments: The carrying values of the Company’s financial instruments are classified into the following categories: As at March 31, 2024 Fair value Amortized Fair value through other comprehensive income Total Financial assets: Cash and cash equivalents (i) $ — $ 170,177 $ — $ 170,177 Trade accounts receivable — 437,329 — 437,329 Financial liabilities: Bank indebtedness — (4,060) — (4,060) Trade accounts payable and accrued liabilities — (535,844) — (535,844) Long-term debt — (1,171,972) — (1,171,972) Derivative instruments: Held for trading derivatives that are not designated in hedge accounting relationships – gain (ii) 600 — — 600 Derivative instruments in designated hedge accounting relationships – gain (ii) — — 2,290 2,290 Cross-currency interest rate swap – gain (iii) — — 3,103 3,103 Interest rate swap instrument – gain (iii) — — 1,198 1,198 As at March 31, 2023 Fair value Amortized Fair value through other comprehensive income Total Financial assets: Cash and cash equivalents (i) $ — $ 159,867 $ — $ 159,867 Trade accounts receivable — 368,855 — 368,855 Financial liabilities: Bank indebtedness — (5,824) — (5,824) Trade accounts payable and accrued liabilities — (601,094) — (601,094) Long-term debt — (1,155,786) — (1,155,786) Derivative instruments: Held for trading derivatives that are not designated in hedge accounting relationships – gain (ii) 1,024 — — 1,024 Derivative instruments in designated hedge accounting relationships – loss (ii) — — (4,860) (4,860) Cross-currency interest rate swap – gain (iii) — — 5,469 5,469 Interest rate swap instrument – gain (iii) — — 467 467 (i) Cash and cash equivalents is in the form of deposits on demand with major financial institutions. Cash equivalents were nil at March 31, 2024 and March 31, 2023. (ii) Derivative financial instruments in a gain position are included in deposits, prepaids and other assets, and derivative financial instruments in a loss position are included in accounts payable and accrued liabilities on the consolidated statements of financial position. (iii) The cross-currency interest rate swap instrument in a gain position is included in other assets on the consolidated statements of financial position. The cross-currency interest rate swap instrument in a loss position is included in other long-term liabilities on the consolidated statements of financial position. During the years ended March 31, 2024 and March 31, 2023, there were no changes in the classification of financial assets as a result of a change in the purpose or use of those assets. The following table summarizes the Company’s financial instruments that are carried or disclosed at fair value and indicates the fair value hierarchy that reflects the significance of the inputs used in making the measurements: As at March 31 Carrying Level 1 Level 2 Level 3 Fair value Measured at fair value: Held for trading derivatives that are not $ 600 $ — $ 600 $ — $ 600 Derivative instruments in designated hedge accounting relationships 2,290 — 2,290 — 2,290 Cross-currency interest rate swap 3,103 — 3,103 — 3,103 Interest rate swap instrument 1,198 — 1,198 — 1,198 Disclosed at fair value: Long-term debt (1,171,972) — (1,130,183) — (1,130,183) As at March 31 Carrying Level 1 Level 2 Level 3 Fair value Measured at fair value: Held for trading derivatives that are not $ 1,024 $ — $ 1,024 $ — $ 1,024 Derivative instruments in designated hedge accounting relationships (4,860) — (4,860) — (4,860) Cross-currency interest rate swap 5,469 — 5,469 — 5,469 Interest rate swap instrument 467 — 467 — 467 Disclosed at fair value: Long-term debt (1,155,786) — (1,102,089) — (1,102,089) The estimated fair values of cash and cash equivalents, accounts receivable, bank indebtedness, accounts payable and accrued liabilities approximate their respective carrying values due to the short period to maturity. The estimated fair value of long-term debt borrowings under the Credit Facility and other facilities approximates the carrying value due to interest rates approximating current market values. The estimated fair value of the long-term debt Senior Notes reflects the current trading price. Derivative financial instruments are carried at fair value. The fair value of the Company’s derivative instruments is estimated using a discounted cash flow technique incorporating inputs that are observable in the market or can be derived from observable market data. The derivative contract counterparties are highly rated multinational financial institutions. During the years ended March 31, 2024 and March 31, 2023, there were no transfers between Level 1 and Level 2 fair value measurements. The Company manages its market risk through the use of various financial derivative instruments. The Company uses these instruments to mitigate exposure to fluctuations in foreign exchange rates. The Company’s strategy, policies and controls are designed to ensure that the risks it assumes comply with the Company’s internal objectives and its risk tolerance. The Company does not enter into derivative financial agreements for speculative purposes. As such, any change in cash flows associated with derivative instruments is designed to be offset by changes in cash flows of the relevant risk being hedged. When appropriate, the Company applies hedge accounting. Hedging does not guard against all risks and is not always effective. The Company may recognize financial losses as a result of volatility in the market values of these contracts. The fair values of these instruments represent the price that would be received to sell the asset or paid to transfer the liability in an orderly transaction between market participants at the measurement date. The fair value of these derivatives is determined using valuation techniques such as discounted cash flow analysis. The valuation technique incorporates all factors that would be considered in setting a price, including the Company’s own credit risk as well as the credit risk of the counterparty. Foreign currency risk The Company transacts business in multiple currencies, the most significant of which are the Canadian dollar, the U.S. dollar and the Euro. As a result, the Company has foreign currency exposure with respect to items denominated in foreign currencies that may have an impact on operating results and cash flows. The types of foreign exchange risk can be categorized as follows: Translation exposure Each foreign operation’s assets and liabilities are translated from the subsidiary’s functional currency into Canadian dollars using the exchange rates in effect at the consolidated statement of financial position date. Unrealized translation gains and losses are deferred and included in accumulated other comprehensive income. The cumulative currency translation adjustments are recognized in income when there has been a reduction in the net investment in the foreign operations. Foreign currency risks arising from the translation of assets and liabilities of foreign operations into the Company’s functional currency are hedged under certain circumstances. The Company has assessed the net foreign currency exposure of operations relative to their own functional currency. A fluctuation of +/- 5% in the Euro, and U.S. dollar, provided as an indicative range in a volatile currency environment, would, everything else being equal, have an effect on accumulated other comprehensive income for the year ended March 31, 2024 of approximately +/- $8,602 and $36,925, respectively (2023 +/- $62,943 and $72,051), and on income before income taxes for the year ended March 31, 2024 of approximately +/- $1,679 and $6,934, respectively (2023 +/- $12 and $2,840). Foreign-currency-based earnings are translated into Canadian dollars each period at prevailing rates. As a result, fluctuations in the value of the Canadian dollar relative to these other currencies will impact reported net income. Transaction exposure The Company generates significant revenues in foreign currencies, which exceed the natural hedge provided by purchases of goods and services in those currencies. The Company’s risk management objective is to reduce cash flow risk related to foreign currency-denominated cash flows. In order to manage foreign currency exposure in subsidiaries that have transaction exposure in currencies other than the subsidiary’s functional currency, the Company enters into forward foreign exchange contracts. The timing and amount of these forward foreign exchange contracts are estimated based on existing customer contracts on hand or anticipated, current conditions in the Company’s markets and the Company’s past experience. As such, there is not a material transaction exposure. The Company’s U.S. dollar-denominated Senior Notes are translated into Canadian dollars at the foreign exchange rate in effect at the consolidated statement of financial position dates. As a result, the Company is exposed to foreign currency translation gains and losses. The Company uses cross-currency interest rate swaps as derivative financial instruments to hedge a portion of its foreign exchange risk related to the Senior Notes. The balance of the Senior Notes is designated as a hedge of the U.S. dollar-denominated net investment in foreign operations. Interest rate risk Interest rate risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market interest rates. In relation to its debt financing, the Company is exposed to changes in interest rates, which may impact the Company’s borrowing costs. Floating rate debt exposes the Company to fluctuations in short-term interest rates. The Company manages interest rate risk on a portfolio basis and seeks financing terms in individual arrangements that are most advantageous taking into account all relevant factors, including credit margin, term and basis. The risk management objective is to minimize the potential for changes in interest rates to cause adverse changes in cash flows to the Company. As at March 31, 2024, $408,420 or 34.0% (March 31, 2023 - $388,397 or 33.0%) of the Company’s total debt is subject to movements in floating interest rates. A +/- 1% change in interest rates in effect for the fiscal year would, all things being equal, have an impact of +/- $4,084 on income before income taxes for the year ended March 31, 2024 (March 31, 2023 +/- $3,884). Credit risk Credit risk is the risk of financial loss to the Company if a customer or counterparty to a financial instrument fails to meet its contractual obligations. Financial instruments that potentially subject the Company to credit risk consist mainly of cash and cash equivalents, accounts receivable, contract assets and derivative financial instruments. The carrying values of these assets represent management’s assessment of the associated maximum exposure to such credit risk. Cash and cash equivalents are held by major financial institutions. Substantially all of the Company’s trade accounts receivable and contract assets are due from customers in a variety of industries and, as such, are subject to normal credit risks from their respective industries. The Company regularly monitors customers for changes in credit risk. The Company does not believe that any single industry or geographic region represents significant credit risk. Credit risk concentration with respect to trade receivables is mitigated by the Company’s client base being primarily large, multinational customers and a portion of these balances being insured by a third party. Trade receivables – aged by due date as at March 31 March 31 Current $ 316,492 $ 304,181 1 – 30 days 68,454 35,704 31 – 60 days 12,537 13,098 61 – 90 days 13,554 5,870 Over 90 days 32,533 16,503 Total $ 443,570 $ 375,356 The movement in the Company’s allowance for doubtful accounts for the years ended March 31 was as follows: 2024 2023 Balance, at April 1 $ 6,501 $ 5,216 Provision for doubtful accounts 2,135 1,086 Amounts written off (201) (491) Recoveries (2,114) (406) Foreign exchange (80) 1,096 Balance, at March 31 $ 6,241 $ 6,501 The Company minimizes credit risk associated with derivative financial instruments by only entering into derivative transactions with highly rated multinational financial institutions, in order to reduce the risk of counterparty default. The Company reviews counterparty credit ratings on a regular basis and sets credit limits when deemed necessary. Liquidity risk Liquidity risk is the risk that the Company may encounter difficulties in meeting obligations associated with financial liabilities. The Company’s process for managing liquidity risk includes ensuring, to the extent possible, that it will have sufficient liquidity to meet its liabilities when they become due. The Company requires authorizations for expenditures on projects and prepares annual capital expenditure budgets to assist with the management of capital. The Company’s accounts payable primarily have contractual maturities of less than 90 days, and the contractual cash flows equal their carrying values. Trade payables – aged by due date as at March 31 March 31 1 – 30 days $ 179,521 $ 222,332 31 – 60 days 27,514 32,246 61 – 90 days 7,732 17,836 Over 90 days 6,697 13,072 Total $ 221,464 $ 285,486 As at March 31, 2024, the Company was holding cash and cash equivalents of $170,177 (March 31, 2023 - $159,867) and had unutilized lines of credit of $447,339 (March 31, 2023 - $456,010). The Company expects that continued cash flows from operations in fiscal 2025, together with cash and cash equivalents on hand and available credit facilities, will be more than sufficient to fund its requirements for investments in working capital, property, plant and equipment and strategic investments including some potential acquisitions, and that the Company’s credit ratings provide reasonable access to capital markets to facilitate future debt issuance. The Company’s long-term debt obligations and scheduled interest payments are presented in note 16. Cash flow hedges - foreign currency risk of forecasted purchases and sales The Company manages foreign exchange risk on its highly probable forecasted revenue and purchase transactions denominated in various foreign currencies. The Company has identified foreign exchange fluctuation risk as the hedged risk. To mitigate the risk, forward currency contracts are designated as the hedging instrument and are entered into to hedge a portion of the purchases and sales. The forward currency contracts limit the risk of variability in cash flows arising from foreign currency fluctuations. The Company has established a hedge ratio of 1:1 for all of its hedging relationships. The Company has identified counterparty credit risk as the only potential source of hedge ineffectiveness. Cash flow hedges - foreign currency risk on foreign-currency-denominated Senior Notes The Company uses cross-currency interest rate swaps as derivative financial instruments to hedge a portion of its foreign exchange risk related to its U.S. dollar-denominated Senior Notes. On April 20, 2022, the Company entered into a cross-currency interest rate swap instrument to swap U.S. $175,000 into Canadian dollars to hedge a portion of its foreign exchange risk related to its U.S. dollar-denominated Senior Notes. The Company will receive interest of 4.125% U.S. per annum and pay interest of 4.169% Canadian. The terms of the hedging relationship will end on December 15, 2025. The Company has established a hedge ratio of 1:1 for all of its hedging relationships. The Company has identified counterparty credit risk as the only potential source of hedge ineffectiveness. Cash flow hedges - variable for fixed interest rate swap Effective November 4, 2022, the Company entered into a variable for fixed interest rate swap instrument. The instrument swapped the variable interest rate on its $300,000 non-amortized secured term credit facility to a fixed 4.241% interest plus a margin and the terms of the hedging instrument end on November 4, 2024. On November 21, 2023, the Company entered into a variable for fixed interest rate swap instrument to swap the variable interest rate on its $300,000 non-amortized secured term credit facility to a fixed 4.044% interest plus a margin for the period November 4, 2024 to November 4, 2026. The Company has established a hedge ratio of 1:1 for the hedging relationship. The Company has identified counterparty credit risk as the only potential source of hedge ineffectiveness. Hedge of Euro-denominated net investment in foreign operations The Company manages foreign exchange risk on its Euro-denominated net investments. The Company uses a cross-currency interest rate swap as a derivative financial instrument to hedge a portion of the foreign exchange risk related to its Euro-denominated net investment. On April 20, 2022, the Company entered into a cross-currency interest rate swap instrument to swap 161,142 Euros into Canadian dollars to hedge the net investment in its European operations. The Company will receive interest of 4.169% Canadian per annum and pay interest of 2.351% Euros. The terms of the hedging relationship will end on December 15, 2025. The Company has established a hedge ratio of 1:1 for all of its hedging relationships. The Company has identified counterparty credit risk as the only potential source of hedge ineffectiveness. During the years ended March 31, 2024 and March 31, 2023, income of $345 and $75, respectively, was recognized in selling, general and administrative expenses for the ineffective portion of cash flow hedges. The following table summarizes the Company’s outstanding cash flow hedge positions to buy and sell foreign currencies under forward foreign exchange contracts and cross-currency interest rate swaps: As at March 31, 2024 Carrying amount Hedging instrument Hedged item Cash flow hedge reserves Item sold Item bought Nominal amount (in CAD) Assets Liabilities Changes in fair value used for calculating hedge ineffectiveness Changes in fair value used for calculating hedge ineffectiveness For continuing hedges For discontinued hedges Derivative hedging instruments (i) U.S. dollars Canadian dollars 233,244 1,024 1,024 1,024 1,024 — Euros Canadian dollars 98,103 1,559 1,559 1,559 1,559 — U.S. dollars Euros 18,648 204 204 204 204 — Euros U.S. dollars 10,763 26 26 26 26 — Euros Czech Koruna 2,740 63 63 63 63 — Cross-currency interest rate swap instruments (ii) U.S. dollars Canadian dollars 237,038 17,204 — 1,017 1,017 17,204 — Canadian dollars Euros 235,477 — 14,101 (3,383) (3,383) 14,101 — Interest rate swap instrument (ii) Variable rate Fixed rate 406,350 1,198 — 732 732 1,198 — As at March 31, 2023 Carrying amount Hedging instrument Hedged item Cash flow hedge reserves Currency sold Currency bought Nominal amount (in CAD) Assets Liabilities Changes in fair value used for calculating hedge ineffectiveness Changes in fair value used for calculating hedge ineffectiveness For continued hedges For discontinued hedges Derivative hedging instruments (i) U.S. dollars Canadian dollars 193,545 — 1,083 1,083 1,083 1,083 — Euros Canadian dollars 56,573 — 4,152 4,152 4,152 4,152 — U.S. dollars Euros 45,535 522 — 522 522 522 — Euros U.S. dollars 3,648 — 99 99 99 99 — Cross-currency interest rate swap instruments (ii) U.S. dollars Canadian dollars 236,495 16,187 — 20,122 20,122 16,187 — Canadian dollars Euros 236,137 — 10,718 (28,722) (28,722) 10,718 — Interest rate swap instrument (ii) Variable rate Fixed rate 405,420 467 — 467 467 467 — (i) Derivative hedging instruments in a gain position are included in deposits, prepaids and other assets, and derivative hedging instruments in a loss position are included in accounts payable and accrued liabilities on the consolidated statements of financial position. (ii) The cross-currency interest rate swap instrument in a gain position is included in other assets on the consolidated statements of financial position. The cross-currency interest rate swap instrument in a loss position is included in other long-term liabilities on the consolidated statements of financial position. As at March 31, 2024, the Company is holding the following forward foreign exchange contracts to hedge the exposure on its revenues and purchases: As at March 31, 2024 Less than 3 months 3 to 6 months 6 to 9 months 9 to 12 months 1 to 2 years Currency sold Currency bought Nominal amount Average hedged rate Nominal amount Average hedged rate Nominal amount Average hedged rate Nominal amount Average hedged rate Nominal amount Average hedged rate Revenue hedges U.S. dollars Canadian dollars 65,780 1.352 48,247 1.353 42,539 1.351 24,381 1.360 47,408 1.363 Euros Canadian dollars 24,842 1.479 28,130 1.483 12,056 1.495 8,768 1.512 20,458 1.524 U.S. dollars Euros 11,170 0.907 5,224 0.928 2,198 0.905 — — — — Euros Czech Koruna 1,279 24.523 877 24.866 584 24.958 — — — — Purchase hedges U.S. dollars Canadian dollars 4,889 1.339 — — — — — — — — Euros U.S. dollars 2,192 1.084 3,208 1.088 3,317 1.093 2,046 1.098 — — U.S. dollars Euros 56 0.919 — — — — — — — — Euros Canadian dollars 3,513 1.480 336 1.473 — — — — — — As at March 31, 2023 Less than 3 months 3 to 6 months 6 to 9 months 9 to 12 months 1 to 2 years Currency sold Currency bought Nominal amount Average hedged rate Nominal amount Average hedged rate Nominal amount Average hedged rate Nominal amount Average hedged rate Nominal amount Average hedged rate Revenue hedges Euros U.S. dollars 1,300 1.145 650 1.150 — — — — — — U.S. dollars Canadian dollars 55,347 1.333 45,926 1.341 31,114 1.339 21,616 1.348 39,542 1.344 Euros Canadian dollars 23,602 1.355 16,119 1.369 12,456 1.370 4,396 1.374 — — U.S. dollars Euros 11,398 0.929 15,567 0.921 10,423 0.928 4,400 0.925 3,228 1.014 Purchase hedges Euros U.S. dollars 665 1.088 204 1.081 — — 828 1.092 — — U.S. dollars Euros 365 0.955 98 1.003 — — — — 56 0.919 The following summarizes the Company’s amounts included in other comprehensive income that relate to hedge accounting: As at March 31, 2024 Cash flow hedges Change in the Hedge ineffectiveness recognized in profit or loss Amount reclassified Line item Foreign exchange risk: Revenue hedges (7,154) — (1,706) Revenues Purchase hedges 4 — (80) Cost of revenues Cross-currency interest rate swap (1,017) — — Net finance costs Interest rate swap instrument (732) — — Net finance costs As at March 31, 2023 Cash flow hedges Change in the Hedge ineffectiveness recognized in profit or loss Amount reclassified Line item Foreign exchange risk: Revenue hedges 6,914 — (5,413) Revenues Purchase hedges (219) — (170) Cost of revenues Cross-currency interest rate swap (20,122) — — Net finance costs Interest rate swap instrument (467) — — Net finance costs Instruments not subject to hedge accounting As part of the Company’s risk management strategy, forward contract derivative financial instruments are used to manage foreign currency exposure related to the translation of foreign currency net assets to the subsidiary’s functional currency. As these instruments have not been designated as hedges, the change in fair value is recorded in selling, general and administrative expenses in the consolidated statements of income. For the year ended March 31, 2024, the Company recorded risk management gains of $5,448 (losses of $21,553 for the year ended March 31, 2023) on foreign currency risk management forward contracts in the consolidated statements of income. Included in these amounts were unrealized gains of $3,146 (losses of $2,758 during the year ended March 31, 2023), representing the change in fair value. In addition, during the year ended March 31, 2024, the Company realized gains in foreign exchange of $2,302 (losses of $18,795 during the year ended March 31, 2023), which were settled. |
PROVISIONS
PROVISIONS | 12 Months Ended |
Mar. 31, 2024 | |
Other provisions, contingent liabilities and contingent assets [Abstract] | |
PROVISIONS | PROVISIONS Warranty Restructuring Other Total Balance, at March 31, 2022 $ 12,793 $ 10,610 $ 1,422 $ 24,825 Provisions made 3,559 27,487 8,822 39,868 Provisions used (5,838) (19,773) (9,372) (34,983) Exchange adjustments 588 266 36 890 Balance, at March 31, 2023 $ 11,102 $ 18,590 $ 908 $ 30,600 Provisions made 6,460 22,790 10,362 39,612 Acquisition of subsidiaries 522 — — 522 Provisions used (4,862) (19,445) (10,352) (34,659) Exchange adjustments (30) (72) 5 (97) Balance, at March 31, 2024 $ 13,192 $ 21,863 $ 923 $ 35,978 Warranty provisions Warranty provisions are related to sales of products and are based on experience reflecting statistical trends of warranty costs. Restructuring Restructuring charges are recognized in the period incurred and when the criteria for provisions are fulfilled. Termination benefits are recognized as a liability and an expense when the Company is demonstrably committed through a formal restructuring plan. The Company periodically undertakes reviews of its operations to ensure alignment with strategic market opportunities. As part of this review, the Company identified an opportunity to improve the cost structure of the organization and reallocate investment to growth areas. In fiscal 2024, restructuring expenses of $22,790 were recorded in relation to the reorganization. In fiscal 2023, the Company completed a reorganization plan which primarily impacted certain management positions. Other provisions Other provisions are related to medical insurance expenses that have been incurred during the period but are not yet paid, and other miscellaneous provisions. |
EMPLOYEE BENEFITS
EMPLOYEE BENEFITS | 12 Months Ended |
Mar. 31, 2024 | |
Employee benefits [Abstract] | |
EMPLOYEE BENEFITS | EMPLOYEE BENEFITS The Company operates pension plans for certain of its employees through defined contribution plans, defined benefit plans and other long-term employee benefit plans. The costs associated with defined contribution plans are expensed as incurred. The most recent actuarial valuations of the defined benefit plans and other long-term employee benefit plans were completed as at March 31, 2024. The next valuations are scheduled to be as at March 31, 2025. The changes in the fair value of assets, the employee benefit obligation and the funded status were as follows: As at March 31 March 31 Accrued benefit obligations: Opening balance $ 29,162 $ 32,721 Acquisition of subsidiary — 1,055 Interest cost 1,015 579 Service cost 610 553 Assumption changes 561 (5,043) Transfers and benefits paid (2,590) (2,111) Foreign exchange (376) 1,408 Accrued benefit obligations, ending balance $ 28,382 $ 29,162 Plan assets: Opening balance $ 3,676 $ 3,589 Interest income included in net interest expense 125 (170) Company contributions — 179 Foreign exchange (4) 78 Plan assets, ending balance $ 3,797 $ 3,676 Employee benefits liability $ 24,585 $ 25,486 Amounts recognized in the consolidated statements of comprehensive income (before tax) were as follows: As at March 31 March 31 Total actuarial gains (losses) recognized in OCI $ (561) $ 5,043 The significant weighted average annual actuarial assumptions used in measuring the accrued benefit obligation were as follows: As at March 31 March 31 Discount rate 3.8 % 4.1 % Rate of compensation increase 0.6 % 0.4 % Sensitivity analysis Significant actuarial assumptions for the determination of the defined benefit obligation are the discount rate and life expectancy. The sensitivity analyses have been performed based on reasonably possible changes in the respective assumptions occurring at the end of the reporting period, while holding all other assumptions constant. As at March 31, 2024, the following quantitative analysis shows changes to the significant actuarial assumptions and the corresponding impact on the accrued benefit obligations: Discount rate Life expectancy 1% increase 1% decrease Increase by 1 year Decrease by 1 year Accrued benefit obligations $ (2,988) $ 2,146 $ 625 $ (638) The sensitivity analysis presented above may not be representative of the actual change in the defined benefit obligation as it is unlikely that the changes in assumptions would occur in isolation from one another as some of the assumptions may be correlated. The weighted average allocations of plan assets were: As at March 31 March 31 Other 100.0 % 100.0 % No plan assets were directly invested in the Company’s securities. The net employee benefits expense included the following components: Years ended March 31 March 31 Defined benefit plans Service cost $ 610 $ 553 Interest cost 1,015 579 1,625 1,132 Defined contribution plans 9,871 7,250 Net employee benefits expense $ 11,496 $ 8,382 The Company expects to contribute nil to its defined benefit plans during the year ending March 31, 2025. |
BANK INDEBTEDNESS AND LONG-TERM
BANK INDEBTEDNESS AND LONG-TERM DEBT | 12 Months Ended |
Mar. 31, 2024 | |
Financial instruments [Abstract] | |
BANK INDEBTEDNESS AND LONG-TERM DEBT | BANK INDEBTEDNESS AND LONG-TERM DEBT On October 5, 2023, the Company amended its senior secured credit facility (the “Credit Facility”) to extend the term loan maturity to match the maturity of the revolving line of credit. The Credit Facility consists of (i) a $750,000 secured committed revolving line of credit and (ii) a fully drawn $300,000 non-amortized secured term credit facility; both maturing on November 4, 2026. The Credit Facility is secured by the Company’s assets, including a pledge of shares of certain of the Company’s subsidiaries. Certain of the Company’s subsidiaries also provide guarantees under the Credit Facility. At March 31, 2024, the Company had utilized $703,984 under the Credit Facility, of which $703,972 was classified as long-term debt (March 31, 2023 - $691,906) and $12 by way of letters of credit (March 31, 2023 - $48). The Credit Facility is available in Canadian dollars by way of prime rate advances and/or bankers’ acceptances, in U.S. dollars by way of base rate advances and/or Term SOFR, in Euros by way of EURIBOR advances, in British pounds sterling by way of Daily Simple SONIA advances, and by way of letters of credit for certain purposes. The interest rates applicable to the Credit Facility are determined based on a net debt-to-EBITDA ratio as defined in the Credit Facility. For prime rate advances and base rate advances, the interest rate is equal to the bank’s prime rate or the bank’s U.S. dollar base rate in Canada, respectively, plus a margin ranging from 0.45% to 2.00%. For bankers’ acceptances, Term SOFR, EURIBOR advances and Daily Simple SONIA advances, the interest rate is equal to the bankers’ acceptance fee, Term SOFR rate, EURIBOR rate or Daily Simple SONIA rate, respectively, plus a margin that varies from 1.45% to 3.00%. The Company pays a fee for usage of financial letters of credit that ranges from 1.45% to 3.00%, and a fee for usage of non-financial letters of credit that ranges from 0.97% to 2.00%. The Company pays a standby fee on the unadvanced portions of the amounts available for advance or drawdown under the Credit Facility at rates ranging from 0.29% to 0.60%. The Company's Credit Facility is subject to changes in market interest rates. Changes in economic conditions outside of the Company's control could result in higher interest rates, thereby increasing its interest expense. The Company uses a variable for fixed interest rate swap to hedge a portion of its Credit Facility (see note 9). The Credit Facility is subject to financial covenants including a net debt-to-EBITDA test and an interest coverage test. Under the terms of the Credit Facility, the Company is restricted from encumbering any assets with certain permitted exceptions. At March 31, 2024, all of the covenants were met. The Company has additional credit facilities available of $108,058 (40,575 Euros, $24,000 U.S., 120,000 Thai Baht, 5,000 GBP, 5,000 CNY, $150 AUD and $2,189 CAD). The total amount outstanding on these facilities as at March 31, 2024 was $6,735, of which $4,060 was classified as bank indebtedness (March 31, 2023 - $5,824), $2,299 was classified as long-term debt (March 31, 2023 - $202) and $376 by way of letters of credit (March 31, 2023 - $158). The interest rates applicable to the credit facilities range from 0.03% to 8.45% per annum. A portion of the long-term debt is secured by certain assets of the Company. The Company’s U.S. $350,000 aggregate principal amount of senior notes (“the Senior Notes”) were issued at par, bear interest at a rate of 4.125% per annum and mature on December 15, 2028. After December 15, 2023, the Company may redeem the Senior Notes, in whole at any time or in part from time to time, at specified redemption prices and subject to certain conditions required by the Senior Notes. If the Company experiences a change of control, the Company may be required to repurchase the Senior Notes, in whole or in part, at a purchase price equal to 101% of the aggregate principal amount of the Senior Notes, plus accrued and unpaid interest, if any, to, but not including, the redemption date. The Senior Notes contain customary covenants that restrict, subject to certain exceptions and thresholds, some of the activities of the Company and its subsidiaries, including the Company’s ability to dispose of assets, incur additional debt, pay dividends, create liens, make investments, and engage in specified transactions with affiliates. At March 31, 2024, all of the covenants were met. Subject to certain exceptions, the Senior Notes are guaranteed by each of the subsidiaries of the Company that is a borrower or has guaranteed obligations under the Credit Facility. Transaction fees of $8,100 were deferred and are being amortized over the term of the Senior Notes. The Company uses a cross-currency interest rate swap instrument to hedge a portion of its U.S.-dollar-denominated Senior Notes (see note 9). As at March 31 March 31 Other facilities $ 4,060 $ 5,824 As at March 31 March 31 Credit Facility $ 703,972 $ 691,906 Senior Notes 474,075 472,990 Other facilities 2,299 202 Issuance costs (8,374) (9,312) 1,171,972 1,155,786 Less: current portion 176 65 $ 1,171,796 $ 1,155,721 Scheduled principal repayments and interest payments on long-term debt as at March 31, 2024 are as follows (variable interest repayments on the Credit Facility are not reflected in the table below as they fluctuate based on the amounts drawn): Interest Less than one year $ 176 $ 20,971 One - two years 256 20,864 Two - three years 616,102 20,748 Three - four years 88,225 20,620 Four - five years 474,267 20,476 Thereafter 1,320 2,171 $ 1,180,346 $ 105,850 |
SHARE CAPITAL
SHARE CAPITAL | 12 Months Ended |
Mar. 31, 2024 | |
Share-based payment arrangements [Abstract] | |
SHARE CAPITAL | SHARE CAPITAL Authorized share capital of the Company consists of an unlimited number of common shares, without par value, for unlimited consideration. On May 30, 2023, the Company announced the closing of its U.S. initial public offering on the New York Stock Exchange. A total of 6,900,000 common shares were sold by the Company, at a price of $55.04 ($41 U.S.) per share, for gross proceeds to the Company of $379,797 ($282,900 U.S.). Offering costs of $17,725 ($13,203 U.S.) were paid and deferred tax of $4,260 ($3,173 U.S.) related to the offering costs were recorded to share capital. On December 13, 2023, the Company announced that the Toronto Stock Exchange (“TSX”) had accepted a notice filed by the Company of its intention to make a normal course issuer bid (“NCIB”). Under the NCIB, ATS may purchase for cancellation up to a maximum of 8,044,818 common shares during the 12-month period ending December 14, 2024. For the year ended March 31, 2024, the Company purchased 300 common shares for $14 under the recently announced and previous NCIB programs. Subsequent to March 31, 2024, during the period April 1, 2024 to May 3, 2024, the Company purchased 1,020,887 common shares for cancellation under the NCIB program for $44,986. For the year ended March 31, 2023, the Company purchased nil common shares under the previous NCIB program. All purchases are made in accordance with the bid at prevalent market prices plus brokerage fees, or such other prices that may be permitted by the TSX, with consideration allocated to share capital up to the average carrying amount of the shares, and any excess allocated to retained earnings. The changes in the common shares issued and outstanding during the period presented were as follows: Note Number of common shares Share capital Balance, at March 31, 2022 92,267,724 $ 530,241 Exercise of stock options 291,659 6,318 Common shares held in trust (337,496) (12,365) Repurchase of common shares (619,695) (3,561) Balance, at March 31, 2023 91,602,192 $ 520,633 Exercise of stock options 105,398 2,754 Common shares held in trust 19 (387,794) (23,820) Initial public offering, net of offering costs and deferred tax 6,900,000 366,332 Repurchase of common shares (300) (2) Balance, at March 31, 2024 98,219,496 $ 865,897 The Company’s capital management framework is designed to ensure the Company has adequate liquidity, financial resources and borrowing capacity to allow financial flexibility and to provide an adequate return to shareholders. The Company defines capital as the aggregate of equity (excluding accumulated other comprehensive income), bank indebtedness, long-term debt, lease liabilities and cash and cash equivalents. The Company monitors capital using the ratio of total debt to equity. Total debt includes bank indebtedness, long-term debt and lease liabilities as shown on the consolidated statements of financial position. Equity includes all components of equity, less accumulated other comprehensive income. The Company also monitors an externally imposed covenant of debt to EBITDA of not greater than 3.5 to 1. For the years ended March 31, 2024 and March 31, 2023, the Company operated with a ratio below the externally imposed covenant. The Company is prepared to increase the total debt-to-equity ratio and net debt-to-EBITDA ratio if appropriate opportunities arise. The capital management criteria can be illustrated as follows: As at March 31 March 31 Equity excluding accumulated other comprehensive income $ 1,619,792 $ 1,070,543 Long-term debt 1,171,972 1,155,786 Lease liabilities 111,379 97,249 Bank indebtedness 4,060 5,824 Cash and cash equivalents (170,177) (159,867) Capital under management $ 2,737,026 $ 2,169,535 Debt-to-equity ratio 0.79:1 1.18:1 |
TAXATION
TAXATION | 12 Months Ended |
Mar. 31, 2024 | |
Income taxes [Abstract] | |
TAXATION | TAXATION (i) Reconciliation of income taxes: Income tax expense differs from the amounts that would be obtained by applying the combined Canadian basic federal and provincial income tax rate to income before income taxes. These differences result from the following items: Years ended Note March 31 March 31 Income before income taxes and non-controlling interest $ 246,687 $ 159,771 Combined Canadian basic federal and provincial income tax rate 26.50% 26.50% Income tax expense based on combined Canadian basic $ 65,372 $ 42,339 Increase (decrease) in income taxes resulting from: Adjustments in respect of current income tax of previous periods 603 (4,269) Non-taxable items net of non-deductible items (14,391) (4,649) Unrecognized assets 12,001 9,428 Income taxed at different rates and statutory rate changes (8,843) (10,030) Manufacturing and processing allowance and all other items (2,236) (749) At the effective income tax rate of 21% (March 31, 2023 – 20%) $ 52,506 $ 32,070 Income tax expense reported in the consolidated statements of income: Current tax expense $ 82,421 $ 69,612 Deferred tax recovery (29,915) (37,542) $ 52,506 $ 32,070 Deferred tax related to items charged or credited directly to equity and goodwill: Loss on revaluation of cash flow hedges $ (2,212) $ (3,495) Opening deferred tax of acquired company 5 (10,963) (6,727) Other items recognized through equity 6,215 (7,428) Income tax charged directly to equity and goodwill $ (6,960) $ (17,650) Deferred income taxes are provided for the differences between accounting and tax bases of assets and liabilities. Deferred income tax assets and liabilities are comprised of the following: As at March 31 March 31 Accounting income not currently taxable $ 24,782 $ (655) Intangible assets (128,423) (127,466) Investment tax credits taxable in future years when utilized (5,332) (7,285) Loss available for offset against future taxable income 9,537 13,898 Property, plant and equipment 19,001 21,688 Other 4,986 1,698 Net deferred income tax liability $ (75,449) $ (98,122) Presented as: March 31 March 31 Deferred income tax assets $ 5,904 $ 6,337 Deferred income tax liabilities (81,353) (104,459) Net deferred income tax liability $ (75,449) $ (98,122) Unrecognized deferred income tax assets: Deferred income tax assets have not been recognized in respect of the following item: As at March 31 March 31 Losses and other assets available for offset against future taxable income $ 67,908 $ 59,076 Loss carryforwards: As at March 31, 2024, the Company has the following net operating loss carryforwards that are scheduled to expire in the following years: As at March 31, 2024 Years of expiry Non-Canadian Canadian 2025 - 2031 $ 5,006 $ 6 2032 - 2044 16,720 5 No expiry 114,626 — $ 136,352 $ 11 As at March 31, 2023 Years of expiry Non-Canadian Canadian 2024 - 2030 $ 16,181 $ 6 2031 - 2043 17,322 3,849 No expiry 105,843 — $ 139,346 $ 3,855 At March 31, 2024, the Company has U.S. federal and state capital loss carryforwards of $533 ( March 31, 2023 – $531) that do not expire, and Canadian capital loss carryforwards of $89,433 (March 31, 2023 - $83,887) that do not expire. Investment tax credits: As at March 31, 2024, the Company has investment tax credits available to be applied against future taxes payable in Canada of approximately $15,746 and in foreign jurisdictions of approximately $11,268. The investment tax credits are scheduled to expire as follows: Years of expiry Gross ITC balance 2031 - 2036 $ 1,246 2037 - 2044 25,768 $ 27,014 The benefit of $19,379 (March 31, 2023 - $13,819) of these investment tax credits has been recognized in the consolidated financial statements. Unrecognized investment tax credits are scheduled to expire between 2041 and 2044. (iii) The Company has determined that as of the reporting date, undistributed profits of its subsidiaries will not be distributed in the foreseeable future. (iv) There are temporary differences of $7,986 associated with investments in subsidiaries for which no deferred income tax liability has been recognized. (v) The Company operates in jurisdictions that have enacted or substantively enacted new legislation for the global minimum top-up tax, known as Pillar Two. The legislation will become effective for the Company in its fiscal year ending March 31, 2025, with no current tax impact for the year ended March 31, 2024. The rules ensure that large multinational groups are subject to a minimum tax rate of 15% on income earned in each jurisdiction where they carry on business. While most jurisdictions where the |
STOCK-BASED COMPENSATION
STOCK-BASED COMPENSATION | 12 Months Ended |
Mar. 31, 2024 | |
Share-based payment arrangements [Abstract] | |
STOCK-BASED COMPENSATION | STOCK-BASED COMPENSATION Employee Share Purchase Plan: Under the terms of the Company’s Employee Share Purchase Plan, qualifying employees of the Company may set aside funds through payroll deductions for an amount up to a maximum of 10% of their base salary or $10,000 in any one calendar year. Subject to the member not making withdrawals from the plan, the Company makes contributions to the plan equal to 20% of a member’s contribution to the plan during the year, up to a maximum of 1% of the member’s salary or $2,000. Shares for the plan may be issued from treasury or purchased in the market as determined by the Company’s Board of Directors. During the years ended March 31, 2024 and March 31, 2023, no shares were issued from treasury related to the plan. Stock Option Plan: The Company uses a stock option plan to attract and retain key employees, officers and directors. Under the Company’s 1995 Stock Option Plan (the “1995 Plan”), the shareholders have approved a maximum of 5,991,839 common shares for issuance, with the maximum reserved for issuance to any one person at 5% of the common shares outstanding at the time of the grant. Time-vested stock options vest over four-year periods. The exercise price is either the price of the Company’s common shares on the TSX at closing for the day prior to the date of the grant or the five-day volume weighted average price of the Company’s common shares on the TSX prior to the date of the grant. Stock options granted under the 1995 Plan may be exercised during periods not exceeding seven years from the date of grant, subject to earlier termination upon the option holder ceasing to be a director, officer or employee of the Company. Stock options issued under the 1995 Plan are non-transferable. Any stock option granted that is cancelled or terminated for any reason prior to exercise is returned to the pool and becomes available for future stock option grants. In the event that the stock option would otherwise expire during a restricted trading period, the expiry date of the stock option is extended to the 10th business day following the date of expiry of such period. In addition, the 1995 Plan restricts the granting of stock options to insiders that may be under the 1995 Plan. Under the Company’s 2006 Stock Option Plan (the “2006 Plan”), the shareholders have approved a maximum of 5,159,000 common shares for issuance. The terms of the 2006 Plan are identical to those of the 1995 Plan, except that the maximum number of common shares to be issued pursuant to the issue of options under the 2006 Plan is 5,159,000 common shares. As at March 31, 2024, there are a total of 1,751,082 common shares remaining for future stock option grants under both plans (March 31, 2023 - 1,894,578). Years ended March 31 March 31 Number of stock options Weighted average exercise price Number of stock options Weighted average Stock options outstanding, beginning of year 785,429 $ 26.69 890,408 $ 21.04 Granted 176,112 57.71 223,144 36.42 Exercised (i) (105,398) 20.45 (291,659) 17.02 Forfeited (32,616) 40.86 (36,464) 25.59 Stock options outstanding, end of year 823,527 $ 33.56 785,429 $ 26.69 Stock options exercisable, end of year, time-vested options 369,483 $ 24.54 286,424 $ 21.16 (i) For the year ended March 31, 2024, the weighted average share price at the date of exercise was $57.26 (March 31, 2023 - $49.16). As at March 31, 2024 Stock options outstanding Stock options exercisable Range of exercise prices Number outstanding Weighted average remaining contractual life Weighted average exercise price Number exercisable Weighted average exercise price $20.22 - $20.60 196,165 3.2 years $ 20.23 144,343 $ 20.23 $20.61 - $32.92 265,219 3.4 years 26.58 178,373 24.88 $32.93 - $40.76 183,568 5.1 years 35.78 43,189 35.78 $40.77 - $57.71 178,575 6.1 years 56.31 3,578 45.74 $20.22 - $57.71 823,527 4.3 years $ 33.56 369,483 $ 24.54 The fair values of the Company’s stock options issued during the periods presented were estimated at the date of grant using the Black-Scholes option pricing model with the following weighted average assumptions. Expected stock price volatility was determined at the time of the grant by considering historical share price volatility. Expected stock option grant life was determined at the time of the grant by considering the average of the grant vesting period and the grant exercise period. Years ended March 31 March 31 Weighted average risk-free interest rate 3.52 % 2.66 % Dividend yield 0 % 0 % Weighted average expected volatility 36 % 34 % Weighted average expected life 4.77 years 4.75 years Number of stock options granted: Time-vested 176,112 223,144 Weighted average exercise price per option $ 57.71 $ 36.42 Weighted average value per option: Time-vested $ 20.83 $ 12.24 Restricted Share Unit Plan: During the year ended March 31, 2024, the Company granted 161,568 time-vesting restricted share units (“RSUs”), (210,678 in the year ended March 31, 2023) and 126,944 performance-based RSUs, (152,690 in the year ended March 31, 2023). The Company measures these RSUs based on the fair value at the date of grant and a compensation expense is recognized over the vesting period in the consolidated statements of income with a corresponding increase in contributed surplus. The performance-based RSUs vest upon successful achievement of certain operational and share price targets. On May 18, 2022, the RSU plan was amended so that RSUs granted may be settled in ATS Common Shares, where deemed advisable by the Company, as an alternative to cash payments. It is the Company's intention to settle these RSUs with ATS Common Shares and therefore the Company measures these RSUs as equity awards based on fair value. At March 31, 2024, 725,290 shares are held in a trust and may be used to settle some or all of the RSU grants when they are fully vested. The trust is consolidated in the Company's annual audited consolidated financial statements with the value of the acquired common shares presented as a reduction of share capital. The RSUs issued prior to May 18, 2022 give the employee the right to receive a cash payment based on the market value of a common share of the Company. The RSU liability is recognized quarterly based on the expired portion of the vesting period and the change in the Company’s stock price. The change in value of the RSU liability is included in the consolidated statements of income in the period of the change. At March 31, 2024, the value of the outstanding liability related to the RSU plan was $13,875 (March 31, 2023 - $36,177). The RSU liability is included in accounts payable and accrued liabilities on the consolidated statements of financial position The weighted average remaining vesting period for the time-vesting RSUs and performance-based RSUs to be settled in cash is 0.25 years. Deferred Stock Unit Plan: During the year ended March 31, 2024, the Company granted 32,498 units (March 31, 2023 - 33,998 units). During the years ended March 31, 2024 and March 31, 2023, no units were redeemed upon directors' retirement from the Board. As at March 31, 2024, the value of the outstanding liability related to the DSUs was $19,661 (2023 - $22,565).The DSU liability is revalued at each reporting date based on the change in the Company’s stock price. The DSU liability is included in accounts payable and accrued liabilities on the consolidated statements of financial position. The change in the value of the DSU liability is included in the consolidated statements of income in the period of the change. The following table shows the compensation expense related to the Company's share-based payment plans: For the years ended March 31 March 31 Stock options $ 2,454 $ 1,772 RSUs 14,240 22,705 DSUs (2,904) 6,115 $ 13,790 $ 30,592 The decrease in stock-based compensation costs for the year ended March 31, 2024 is attributable to lower expenses from the revaluation of RSUs that are treated as liability awards and DSUs based on the market price of the Company's shares. |
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 12 Months Ended |
Mar. 31, 2024 | |
Other provisions, contingent liabilities and contingent assets [Abstract] | |
COMMITMENTS AND CONTINGENCIES | COMMITMENTS AND CONTINGENCIES The minimum purchase obligations are as follows as at March 31, 2024: Less than one year $ 353,703 One - two years 13,535 Two - three years 1,732 Three - four years 562 Four - five years 62 $ 369,594 The Company’s off-balance sheet arrangements consist of purchase obligations, primarily commitments for material purchases, which have been entered into in the normal course of business. In accordance with industry practice, the Company is liable to customers for obligations relating to contract completion and timely delivery. In the normal conduct of its operations, the Company may provide letters of credit as security for advances received from customers pending delivery and contract performance. In addition, the Company provides letters of credit for post-retirement obligations and may provide letters of credit as security on equipment under lease and on order. As at March 31, 2024, the total value of outstanding letters of credit was approximately $171,065 (March 31, 2023 - $192,508). In the normal course of operations, the Company is party to a number of lawsuits, claims and contingencies. Although it is possible that liabilities may be incurred in instances for which no accruals have been made, the Company does not believe that the ultimate outcome of these matters will have a material impact on its consolidated statements of financial position. |
SEGMENTED DISCLOSURE
SEGMENTED DISCLOSURE | 12 Months Ended |
Mar. 31, 2024 | |
Operating segments [Abstract] | |
SEGMENTED DISCLOSURE | SEGMENTED DISCLOSURE The Company’s operations are reported as one operating segment, Automation Systems, which plans, allocates resources, builds capabilities and implements best practices on a global basis. Geographic segmentation of revenues is determined based on revenues by customer location. Non-current assets represent property, plant and equipment, right-of-use assets and intangible assets that are attributable to individual geographic segments, based on location of the respective operations. As at March 31, 2024 Right-of-use assets Property, plant and equipment Intangible assets Canada $ 30,483 $ 62,895 $ 28,558 United States 11,273 143,642 434,039 Germany 24,849 35,158 38,945 Italy 16,819 39,439 133,447 Other Europe 17,627 13,581 34,672 Other 4,610 2,262 9,886 Total Company $ 105,661 $ 296,977 $ 679,547 As at March 31, 2023 Right-of-use assets Property, plant and equipment Intangible Canada $ 21,384 $ 57,589 $ 25,584 United States 12,514 111,702 334,731 Germany 25,250 35,848 43,291 Italy 21,136 40,645 145,217 Other Europe 9,031 16,049 33,729 Other 4,897 1,286 10,658 Total Company $ 94,212 $ 263,119 $ 593,210 Revenues from external customers for the years ended March 31 March 31 Canada $ 113,386 $ 103,149 United States 1,488,331 1,338,689 Germany 284,335 249,593 Italy 117,117 80,358 Other Europe 588,604 481,646 Other 441,110 323,949 Total Company $ 3,032,883 $ 2,577,384 For the year ended March 31, 2024, the Company had revenues from a single customer that amounted to 25.1% of total consolidated revenues. For the year ended March 31, 2023, the Company had revenues from a single customer that amounted to 15.9% or more of total consolidated revenues. |
REVENUE FROM CONTRACTS WITH CUS
REVENUE FROM CONTRACTS WITH CUSTOMERS | 12 Months Ended |
Mar. 31, 2024 | |
Revenue from contracts with customers [Abstract] | |
REVENUE FROM CONTRACTS WITH CUSTOMERS | REVENUE FROM CONTRACTS WITH CUSTOMERSRevenue by type: For the years ended March 31 March 31 Revenues from construction contracts $ 1,972,816 $ 1,630,406 Services rendered 614,690 492,325 Sale of goods 445,377 454,653 Total Company $ 3,032,883 $ 2,577,384 Revenues by market for the years ended March 31 March 31 Life Sciences $ 1,268,546 $ 1,209,856 Transportation 933,329 578,240 Food & Beverage 435,005 371,341 Consumer Products 287,228 305,100 Energy 108,775 112,847 Total Company $ 3,032,883 $ 2,577,384 Timing of revenue recognition based on transfer of control for the years ended March 31 March 31 Goods and services transferred at a point in time $ 445,377 $ 454,653 Goods and services transferred over time 2,587,506 2,122,731 Total Company $ 3,032,883 $ 2,577,384 The following table presents the aggregate amount of the revenues expected to be realized in the future from partially or fully unsatisfied performance obligations as at March 31, 2024 and March 31, 2023. The amounts disclosed below represent the value of firm orders and do not include constrained variable consideration or letters of intent. Such orders may be subject to future modifications that could impact the amount and/or timing of revenue recognition. Revenues expected to be recognized in: March 31 March 31 Less than one year $ 1,215,000 $ 1,607,000 Thereafter 578,000 546,000 Total $ 1,793,000 $ 2,153,000 As at March 31 March 31 Trade accounts receivable $ 443,570 $ 375,356 Less: allowance for expected credit loss (6,241) (6,501) Trade accounts receivables, net $ 437,329 $ 368,855 Other accounts receivable 34,016 30,886 Total $ 471,345 $ 399,741 As at March 31 March 31 Trade receivables $ 437,329 $ 368,855 Contract assets 704,703 526,990 Contract liabilities (312,204) (296,555) Unearned revenue (i) (51,056) (33,490) Net contract balances $ 778,772 $ 565,800 (i) The unearned revenue liability is included in accounts payable and accrued liabilities on the consolidated statements of financial position. As at March 31 March 31 Contracts in progress: Costs incurred $ 3,936,631 $ 3,285,121 Estimated earnings 1,354,259 1,091,180 5,290,890 4,376,301 Progress billings (4,898,391) (4,145,866) Net contract assets and liabilities $ 392,499 $ 230,435 Contract assets relate to revenue earned in exchange of goods or services that have been transferred to a customer. These assets are billed and transferred to accounts receivable when the right to receive the consideration becomes unconditional. As such, the balances of this account vary and depend on the timing of billings on contracts at the end of the year. Contract liabilities represent the obligation to transfer goods and services for which the Company has received consideration. The balance of this account is dependent on timing of progress on the contract as well as receipts from customers, and as such will vary. The outstanding contract asset and contract liability balances increased by $177,713 and $15,649, respectively during the year ended March 31, 2024 due to the timing of billings on certain customer contracts. |
OPERATING COSTS AND EXPENSES
OPERATING COSTS AND EXPENSES | 12 Months Ended |
Mar. 31, 2024 | |
Analysis of income and expense [abstract] | |
OPERATING COSTS AND EXPENSES | OPERATING COSTS AND EXPENSES Depreciation, amortization and employee benefit expenses recorded in the consolidated statements of income are detailed as follows: For the years ended March 31 March 31 Included in cost of revenues: Depreciation of property, plant and equipment $ 20,235 $ 18,313 Amortization of right-of-use assets 24,021 19,577 Amortization of intangible assets 11,238 5,538 Wages, salaries and other employee benefits 977,273 785,721 Included in selling, general and administrative expenses: Depreciation of property, plant and equipment $ 8,220 $ 7,277 Amortization of right-of-use assets 5,635 4,483 Amortization of intangible assets 71,825 70,301 Wages, salaries and other employee benefits 221,888 186,160 Retirement benefits (i) 11,496 8,382 (i) Includes defined benefit and defined contribution plan expenses. |
NET FINANCE COSTS
NET FINANCE COSTS | 12 Months Ended |
Mar. 31, 2024 | |
Analysis of income and expense [abstract] | |
NET FINANCE COSTS | NET FINANCE COSTS Note March 31 March 31 Interest expense $ 65,210 $ 60,663 Interest on lease liabilities 8 5,473 4,016 Interest income (1,979) (1,961) $ 68,704 $ 62,718 |
EARNINGS PER SHARE
EARNINGS PER SHARE | 12 Months Ended |
Mar. 31, 2024 | |
Earnings per share [abstract] | |
EARNINGS PER SHARE | EARNINGS PER SHARE Basic earnings per share Earnings per common share is calculated by dividing earnings attributable to common shareholders by the weighted average number of common shares outstanding. Diluted earnings per share The treasury stock method is used to determine the dilutive impact of stock options and RSUs. This method assumes any proceeds from the exercise of stock options and vesting of RSUs would be used to purchase common shares at the average market price during the period. For the year ended March 31 March 31 Weighted average number of common shares outstanding 97,761,731 91,835,740 Dilutive effect of RSUs 140,747 44,132 Dilutive effect of performance-based RSUs 328,044 — Dilutive effect of stock option conversion 344,794 362,101 Diluted weighted average number of common shares outstanding 98,575,316 92,241,973 The Company presents basic and diluted earnings per share data. Basic earnings per share is calculated by dividing the net income attributable to shareholders of the Company by the weighted average number of common shares outstanding during the period, adjusted for common shares held in trust under the RSU Plans. Diluted earnings per share is determined by further adjusting the weighted average number of common shares outstanding for the effects of all potential dilutive shares, which comprise stock options, RSUs and performance-based RSUs granted to executive officers and designated employees. For the year ended March 31, 2024, stock options to purchase 164,263 common shares and 146,826 RSUs are excluded from the weighted average number of common shares in the calculation of diluted earnings per share as they are anti-dilutive (217,439 common shares and 7,378 RSUs were excluded for the year ended March 31, 2023). |
SUPPLEMENTAL CASH FLOW INFORMAT
SUPPLEMENTAL CASH FLOW INFORMATION | 12 Months Ended |
Mar. 31, 2024 | |
Supplemental Cash Flow Information [Abstract] | |
SUPPLEMENTAL CASH FLOW INFORMATION | SUPPLEMENTAL CASH FLOW INFORMATION The following table sets forth the supplemental cash flow information on net change in non-cash working capital: For the year ended March 31 March 31 Accounts receivable $ (50,516) $ (40,593) Income tax receivable 2,181 (5,935) Contract assets (178,224) (162,886) Inventories (12,197) (48,408) Deposits, prepaids and other assets 3,063 (18,745) Accounts payable and accrued liabilities (69,923) 129,239 Income tax payable 5,126 (10,178) Contract liabilities 14,944 43,290 Provisions 4,840 5,775 Foreign exchange and other 5,070 (965) Total change in non-cash working capital $ (275,636) $ (109,406) |
CAPITAL MANAGEMENT
CAPITAL MANAGEMENT | 12 Months Ended |
Mar. 31, 2024 | |
Share capital [Abstract] | |
CAPITAL MANAGEMENT | SHARE CAPITAL Authorized share capital of the Company consists of an unlimited number of common shares, without par value, for unlimited consideration. On May 30, 2023, the Company announced the closing of its U.S. initial public offering on the New York Stock Exchange. A total of 6,900,000 common shares were sold by the Company, at a price of $55.04 ($41 U.S.) per share, for gross proceeds to the Company of $379,797 ($282,900 U.S.). Offering costs of $17,725 ($13,203 U.S.) were paid and deferred tax of $4,260 ($3,173 U.S.) related to the offering costs were recorded to share capital. On December 13, 2023, the Company announced that the Toronto Stock Exchange (“TSX”) had accepted a notice filed by the Company of its intention to make a normal course issuer bid (“NCIB”). Under the NCIB, ATS may purchase for cancellation up to a maximum of 8,044,818 common shares during the 12-month period ending December 14, 2024. For the year ended March 31, 2024, the Company purchased 300 common shares for $14 under the recently announced and previous NCIB programs. Subsequent to March 31, 2024, during the period April 1, 2024 to May 3, 2024, the Company purchased 1,020,887 common shares for cancellation under the NCIB program for $44,986. For the year ended March 31, 2023, the Company purchased nil common shares under the previous NCIB program. All purchases are made in accordance with the bid at prevalent market prices plus brokerage fees, or such other prices that may be permitted by the TSX, with consideration allocated to share capital up to the average carrying amount of the shares, and any excess allocated to retained earnings. The changes in the common shares issued and outstanding during the period presented were as follows: Note Number of common shares Share capital Balance, at March 31, 2022 92,267,724 $ 530,241 Exercise of stock options 291,659 6,318 Common shares held in trust (337,496) (12,365) Repurchase of common shares (619,695) (3,561) Balance, at March 31, 2023 91,602,192 $ 520,633 Exercise of stock options 105,398 2,754 Common shares held in trust 19 (387,794) (23,820) Initial public offering, net of offering costs and deferred tax 6,900,000 366,332 Repurchase of common shares (300) (2) Balance, at March 31, 2024 98,219,496 $ 865,897 The Company’s capital management framework is designed to ensure the Company has adequate liquidity, financial resources and borrowing capacity to allow financial flexibility and to provide an adequate return to shareholders. The Company defines capital as the aggregate of equity (excluding accumulated other comprehensive income), bank indebtedness, long-term debt, lease liabilities and cash and cash equivalents. The Company monitors capital using the ratio of total debt to equity. Total debt includes bank indebtedness, long-term debt and lease liabilities as shown on the consolidated statements of financial position. Equity includes all components of equity, less accumulated other comprehensive income. The Company also monitors an externally imposed covenant of debt to EBITDA of not greater than 3.5 to 1. For the years ended March 31, 2024 and March 31, 2023, the Company operated with a ratio below the externally imposed covenant. The Company is prepared to increase the total debt-to-equity ratio and net debt-to-EBITDA ratio if appropriate opportunities arise. The capital management criteria can be illustrated as follows: As at March 31 March 31 Equity excluding accumulated other comprehensive income $ 1,619,792 $ 1,070,543 Long-term debt 1,171,972 1,155,786 Lease liabilities 111,379 97,249 Bank indebtedness 4,060 5,824 Cash and cash equivalents (170,177) (159,867) Capital under management $ 2,737,026 $ 2,169,535 Debt-to-equity ratio 0.79:1 1.18:1 |
RELATED PARTY DISCLOSURE
RELATED PARTY DISCLOSURE | 12 Months Ended |
Mar. 31, 2024 | |
Related party [Abstract] | |
RELATED PARTY DISCLOSURE | RELATED PARTY DISCLOSURE The Company has an agreement with a shareholder, Mason Capital Management, LLC (“Mason Capital”), pursuant to which Mason Capital agreed to provide ATS with ongoing strategic and capital markets advisory services for an annual fee of U.S. $500. As part of the agreement, Michael Martino, a member of the Company’s Board of Directors who is associated with Mason Capital has waived any fees to which he may have otherwise been entitled for serving as a member of the Board or as a member of any committee of the Board. The compensation of the Board and key management personnel is determined by the Board on recommendation from the Human Resources Committee of the Board: For the years ended March 31 March 31 Short-term employee benefits $ 5,710 $ 5,103 Fees 677 662 Stock-based compensation (i) 6,242 18,487 Post-employment benefits 59 57 Total remuneration $ 12,688 $ 24,309 (i) Stock-based compensation includes approximately $(6,700) (March 31, 2023 - approximately $13,400) related to changes in the fair value of cash-settled plans due to the decrease in the Company’s share price during the year. The amounts disclosed in the table are the amounts recognized as an expense during the reporting period related to key management personnel. |
SUMMARY OF MATERIAL ACCOUNTIN_2
SUMMARY OF MATERIAL ACCOUNTING POLICIES (Policies) | 12 Months Ended |
Mar. 31, 2024 | |
Corporate information and statement of IFRS compliance [abstract] | |
Business combinations and goodwill | Business combinations and goodwill: Business combinations are accounted for using the acquisition method. The cost of the acquisition is measured as the aggregate of the consideration transferred, measured at the acquisition date fair value, and the amount of any non-controlling interest in the acquiree. For each business combination, the Company measures the non-controlling interest in the acquiree either at fair value or at the proportionate share of the acquiree’s identifiable net assets. Acquisition costs are expensed as incurred. When the Company acquires a business, it assesses the assets and liabilities assumed based upon the estimated fair values at the date of acquisition, except where specific exceptions are provided in IFRS 3. The Company determines the fair value of the assets acquired and the liabilities assumed based on discounted cash flows, market information and information that is available to the Company. Any contingent consideration to be transferred by the acquirer will be recognized at fair value at the acquisition date. Subsequent changes in the fair value of the contingent consideration that is deemed to be an asset or liability will be recognized in accordance with IFRS 9 - Financial Instruments (“IFRS 9”) in consolidated statements of income. If the contingent consideration is classified as equity, it will not be remeasured. Subsequent settlement is accounted for within equity. In instances where the contingent consideration does not fall within the scope of IFRS 9, it is measured in accordance with the appropriate IFRS policy. Goodwill represents the excess of the cost of an acquisition over the fair value of the Company’s share of the net identifiable assets of the acquiree at the date of acquisition. After initial recognition, goodwill is measured at cost less any accumulated impairment losses. For the purpose of impairment testing, goodwill is allocated to cash-generating units (“CGUs”) or groups of CGUs based on the level at which management monitors it. The allocation is made to those CGUs or groups of CGUs that are expected to benefit from the business combination in which the goodwill arose. Where goodwill forms part of a CGU and part of the operation within that unit is disposed of, the goodwill associated with the operation disposed of is included in the carrying amount of the operation when determining the gain or loss on disposal of the operation. Goodwill disposed of in this circumstance is measured based on the relative fair values of the operation disposed of and the portion of the CGU retained. |
Foreign currency | Foreign currency: Functional currency is the currency of the primary economic environment in which the subsidiary operates and is normally the currency in which the subsidiary generates and uses cash. Each subsidiary in the Company determines its own functional currency, and items included in the consolidated financial statements of each subsidiary are measured using that functional currency. The Company’s functional and presentation currency is the Canadian dollar. Transactions Foreign currency transactions are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the functional currency spot rate at the reporting date. All differences are recorded in the consolidated statements of income. Non-monetary items that are measured in terms of historical cost in a foreign currency are translated using the exchange rate at the dates of the initial transactions. Non-monetary items measured at fair value in a foreign currency are translated using the exchange rates at the date when the fair value is determined. Translation |
Revenue | Revenue: The Company generates revenue from construction contracts, the sale of goods, and by services rendered. Revenue is measured based on the consideration specified in a contract and the Company recognizes revenue when it transfers control of a product or provides a service to a customer. If the contract includes variable consideration, such as volume rebates, the Company only includes the amount in the transaction amount if it is measurable and highly probable to occur. With respect to incremental costs such as sales commissions incurred in obtaining a contract, the Company has elected to apply the practical expedient to expense these costs when incurred as the term of the Company’s contracts are typically one year or less. Construction contracts A construction contract generally includes the design, manufacture and installation of new equipment for a customer’s new or existing system. The Company generally considers a construction contract to contain one performance obligation. However, the Company may provide several distinct goods or services as part of a contract, in which case, the Company separates the contract into more than one performance obligation. If a contract is separated into more than one performance obligation, the total transaction price is allocated to each performance obligation in an amount based on the estimated relative standalone selling prices of the promised goods or services underlying each performance obligation. The Company typically satisfies construction contract performance obligations over time; therefore, the Company recognizes revenue over time as the performance obligations are satisfied using the stage of completion method as described below: • The stage of completion of fixed price contracts is measured based on costs incurred, excluding costs that are not representative of progress to completion, as a percentage of total costs anticipated on each contract. • The stage of completion of time and material contracts is measured using the right to invoice practical expedient - revenue is recognized at the contractual rates as labour hours are delivered and direct expenses are incurred. Payment terms on fixed price contracts are normally based on set milestones outlined in the contract. Amounts received in advance of the associated contract work being performed are recorded as contract liabilities. Revenue is recognized without issuing an invoice and this entitlement to consideration is recognized as a reduction of the contract liability or as a contract asset. Payment terms on time and material contracts are normally based on a monthly billing cycle. When the contract outcome cannot be measured reliably, revenue is recognized only to the extent that the expenses incurred are eligible to be recovered. Provisions for estimated losses on incomplete contracts are made in the period that losses are determined. Sale of goods Revenue related to the sale of goods is recognized at a point in time when the Company satisfies a performance obligation and control of the asset is transferred to the customer. In determining satisfaction of a performance obligation, the Company considers the terms of the contract, including shipping terms, and transfer of title and risk. Services rendered Service contracts are either executed separately or bundled together with construction contracts. Where these contracts are bundled together, they are regarded as separate performance obligations, as each of the promises are capable of being distinct and are separately identifiable. Accordingly, a portion of the transaction price is allocated to each performance obligation relative to standalone selling prices. A service contract can include modifications to existing customer equipment, maintenance services, training, line relocation, onsite support, field service, remote support and consulting services. The Company generally considers service contracts to contain one performance obligation, which is satisfied over time. Therefore, revenue is recognized over time, using the stage of completion method described below: • The stage of completion of fixed price contracts to provide specified services at specific times is measured based on costs incurred, excluding costs that are not representative of progress to completion, as a percentage of total costs anticipated on each contract. • The stage of completion of fixed price contracts to provide an indeterminable number of services over a specified period of time is measured based on contract term elapsed as a percentage of the full contract term. • The stage of completion of time and material contracts is measured using the right to invoice practical expedient - revenue is recognized at the contractual rates as labour hours are delivered and direct expenses are incurred. Payment terms on service contracts are similar to construction contracts. Provisions for estimated losses on incomplete contracts are made in the period that losses are determined. Revenue-related assets and liabilities: Trade receivables A trade receivable represents the Company’s right to an amount of consideration that is unconditional (i.e., only the passage of time is required before payment of the consideration is due). Trade receivables are typically due upon issuance of an invoice. Payment terms on fixed price contracts are normally based on set milestones outlined in the contract. The ATS generally accepted payment terms (with regard to customer contracts) make it improbable that a significant financing component would exist in contracts with customers. If there is a variable consideration component to a contract, it is only included in the transaction price when it is highly probable that the consideration will result in revenue and can be reliably measured. Contract assets Contract assets represent the right to consideration in exchange for goods or services that have been transferred to a customer. These assets are transferred to accounts receivable when the right to receive the consideration becomes unconditional. Contract liabilities Contract liabilities represent the obligation to transfer goods and services to a customer for which the Company has received consideration (or an amount of consideration is due) from the customer. Contract liabilities are recognized as revenue when the Company performs under the contract. Unearned revenue Unearned revenue relates to deposits or prepayments from customers for service and sale of goods contracts where revenue is earned at a point in time. (a) Revenue recognition and contracts in progress: |
Investment tax credits and government grants | Investment tax credits and government grants: Investment tax credits are accounted for as a reduction in the cost of the related asset or expense where there is reasonable assurance that such credits will be realized. Government grants are recognized when there is reasonable assurance that the grant will be received and all attached conditions will be met. When the grant relates to an expense item, it is deducted from the cost that it is intended to compensate. When the grant relates to an asset, it is deducted from the cost of the related asset. If a grant becomes repayable, the inception-to-date impact of the assistance previously recognized in income is reversed immediately in the period in which the assistance becomes repayable. |
Taxes | Taxes: Current income tax Current income tax assets and liabilities for the current and prior periods are measured at the amount expected to be recovered from or paid to the taxation authorities. The tax rates and tax laws used to compute the amount are those that are enacted or substantively enacted, by the reporting date, in the countries where the Company operates and generates taxable income. Current income tax related to items recognized directly in equity is also recognized in equity and not in the consolidated statements of income. Management periodically evaluates positions taken in the tax filings with respect to situations in which applicable tax regulations are subject to interpretation, and establishes provisions where appropriate. Deferred income tax Deferred income tax is provided using the liability method on temporary differences at the reporting date between the tax basis of assets and liabilities and their carrying amounts for financial reporting purposes. Deferred income tax assets and liabilities are measured at the tax rates that are expected to apply in the period when the asset will be realized or the liability will be settled, based on tax rates and tax laws that have been enacted or substantively enacted at the reporting date. Deferred income taxes are recognized for all taxable temporary differences, except: • When the deferred income tax liability arises from the initial recognition of goodwill or an asset or liability in a transaction that is not a business combination and, at the time of the transaction, affects neither the accounting profit nor taxable profit or loss. • In respect of taxable temporary differences associated with investments in subsidiaries and interests in joint operations, when the timing of the reversal of the temporary differences can be controlled and it is probable that the temporary differences will not reverse in the foreseeable future. Deferred income tax assets are recognized for all deductible temporary differences and carryforward of unused tax credits and unused tax losses, to the extent that it is probable that taxable profit will be available against which the deductible temporary differences and the carryforward of unused tax credits and unused tax losses can be utilized, except: • When the deferred income tax asset relating to the deductible temporary difference arises from the initial recognition of an asset or liability in a transaction that is not a business combination and, at the time of the transaction, affects neither the accounting profit nor taxable profit or loss. • In respect of deductible temporary differences associated with investments in subsidiaries and interests in joint operations, deferred income tax assets are recognized only to the extent that it is probable that the temporary differences will reverse in the foreseeable future and taxable profit will be available against which the temporary differences can be utilized. The carrying amount of deferred income tax assets is reviewed at each reporting date and reduced to the extent that it is no longer probable that all or part of the deferred income tax asset will be utilized. Unrecognized deferred income tax assets are reassessed at each reporting date and are recognized to the extent that it has become probable the benefit will be recovered. Deferred income tax assets and deferred income tax liabilities are offset if a legally enforceable right exists to offset current income tax assets against current income tax liabilities and the deferred income taxes relate to the same taxable entity and the same taxation authority. Deferred income tax related to items recognized outside profit or loss is also recognized outside profit or loss. Deferred income tax items are recognized in correlation to the underlying transaction either in other comprehensive income or directly in equity. Income tax benefits acquired as part of a business combination, but not satisfying the criteria for separate recognition at that date, would be recognized subsequently if new information about facts and circumstances existing at the acquisition date changed. The adjustment would either be treated as a reduction to goodwill (as long as it does not exceed goodwill) if it occurs during the measurement period or in profit or loss. Revenues, expenses and assets are recognized net of the amount of sales tax, except where the sales tax incurred on a purchase of assets or services is not recoverable from the taxation authority, in which case the sales tax is recognized as part of the cost of acquisition of the asset or as part of the expense item as applicable. Receivables and payables are stated with the amount of sales tax included. The net amount of sales tax recoverable from, or payable to, the taxation authority is included as part of accounts receivable or accounts payable and accrued liabilities on the consolidated statements of financial position. (b) Income taxes: Income tax assets and liabilities are measured at the amount that is expected to be realized or incurred upon ultimate settlement with taxation authorities. Such assessments are based upon the applicable income tax legislation, regulations and interpretations, all of which may be subject to change and interpretation. Investment tax credit assets, disclosed in note 18, are recognized as a reduction of the related expenses in the year in which the expenses are incurred, provided there is reasonable assurance that the credits will be realized. Management has made estimates and assumptions in determining the expenditures eligible for the investment tax credits claim and the amount could be materially different from the recorded amount upon review by the government. Deferred income tax assets, disclosed in note 18, are recognized to the extent that it is probable that taxable income will be available against which the losses can be utilized. Significant management judgment is required to determine the amount of deferred income tax assets that can be recognized based upon the likely timing and level of future taxable income together with future tax planning strategies. If the assessment of the Company’s ability to utilize the deferred income tax asset changes, the Company would be required to recognize more or fewer deferred income tax assets, which would increase or decrease income tax expense in the period in which this is determined. The Company establishes provisions based on reasonable estimates for possible consequences of audits by the tax authorities of the respective countries in which it operates. The amount of such provisions is based on various factors, such as experience of previous taxation audits and differing interpretations of tax regulations by the taxable entity and the respective tax authority. These provisions for uncertain tax positions are made using the best estimate of the amount expected to be paid based on a qualitative assessment of all the relevant factors. The Company reviews the adequacy of these provisions at each quarter; however, it is possible that at some future date an additional liability could result from audits by the taxation authorities. Where the final tax outcome of these matters is different from the amount initially recorded, such differences will affect the tax provisions in the period in which such determination is made. |
Property, plant and equipment | Property, plant and equipment: Property, plant and equipment are stated at cost, net of accumulated depreciation and accumulated impairment losses, if any. Such cost includes the cost of replacing component parts of the property, plant and equipment and borrowing costs for long-term construction projects if the recognition criteria are met. When significant parts of property, plant and equipment are required to be replaced at intervals, ATS derecognizes the replaced part and recognizes the new part with its own associated useful life and depreciation. Likewise, when a major inspection is performed, its cost is recognized in the carrying amount of the property, plant and equipment as a replacement if the recognition criteria are satisfied. All other repair and maintenance costs are recognized in the consolidated statements of income as incurred. Depreciation is calculated on a straight-line basis over the estimated useful lives of the assets as follows: Buildings 25 to 40 years Production equipment 3 to 10 years Other equipment 3 to 10 years Leasehold improvements are amortized over the shorter of the term of the related lease or their remaining useful life on a straight-line basis. An item of property, plant and equipment or any significant part initially recognized is derecognized upon disposal or when no future economic benefits are expected from its use or eventual disposition. Any gain or loss arising on derecognition of the asset (calculated as the difference between the net disposal proceeds and the carrying amount of the asset) is included in the consolidated statements of income when the asset is derecognized. The assets’ residual values, useful lives and methods of depreciation are reviewed on an annual basis or more frequently if required and adjusted prospectively, if appropriate. |
Leases | Leases: At the inception of a contract, the Company determines whether a contract is, or contains, a lease based on whether the contract conveys the right to control the use of an underlying asset for a period of time in exchange for consideration. The Company recognizes a right-of-use (“ROU”) asset and a lease liability on the date the leased asset is available for use by the Company (at the commencement of the lease). Right-of-use assets ROU assets are initially measured at cost, which is comprised of the initial amount of the lease liability, any initial direct costs incurred and an estimate of costs to dismantle, remove or restore the underlying asset or site on which it is located, less any lease payments made at or before the commencement date. Unless the Company is reasonably certain to obtain ownership of the leased asset at the end of the lease term, a recognized ROU asset is depreciated using the straight-line method over the shorter of its estimated useful life or the lease term. The ROU asset may be adjusted for certain remeasurements of the lease liability and impairment losses. Lease liabilities The lease liability is initially measured at the present value of the lease payments that are not paid at the commencement date, discounted using the incremental borrowing rate at the lease commencement date if the interest rate implicit in the lease is not readily available. The Company uses a single discount rate for a portfolio of leases with reasonably similar characteristics. Lease payments include fixed payments less any lease incentives, and any variable lease payments where variability depends on an index or rate. The lease payments also include the exercise price of a purchase option reasonably certain to be exercised by the Company and payment of penalties for termination of a lease. Each lease payment is allocated between the repayment of the principal portion of the lease liability and the interest portion. The finance cost is charged to net finance costs in the consolidated statements of income over the lease period. Payments associated with short-term leases (lease term of 12 months or less) and leases of low-value assets are recognized on a straight-line basis as an expense in the consolidated statements of income as permitted by IFRS 16 - Leases (“IFRS 16”). The carrying amount of the lease liability is remeasured if there is a modification resulting in a change in the lease term, a change in the future lease payments, or a change in the Company’s estimate of whether it will exercise a purchase, extension or termination option. If the lease liability is remeasured, a corresponding adjustment is made to the ROU asset. As a practical expedient, IFRS 16 permits a lessee to not separate non-lease components, but instead account for any lease and associated non-lease components as a single arrangement. The Company has applied this practical expedient. Determining the lease term of contracts with renewal or termination options |
Borrowing costs | Borrowing costs: Borrowing costs directly attributable to the acquisition, construction or production of an asset that necessarily takes a substantial period of time to get ready for its intended use or sale are capitalized as part of the cost of the respective asset. All other borrowing costs are expensed in the period in which they occur. |
Intangible assets | Intangible assets: Acquired intangible assets are primarily software, customer relationships, brands and technologies. Intangible assets acquired separately are initially recorded at fair value and subsequently at cost less accumulated amortization and impairment losses. The useful lives of intangible assets are assessed as either finite or indefinite. Intangible assets with finite lives are amortized over their useful economic lives, ranging from 1 to 15 years, on a straight-line basis. Intangible assets with finite lives are assessed for impairment whenever there is an indication that the intangible asset may be impaired. The amortization period and the amortization method for an intangible asset with a finite useful life are reviewed at least at the end of each reporting period. Changes in the expected useful life or the expected pattern of consumption of future economic benefits embodied in the asset are accounted for by changing the amortization period or method, as appropriate, and are treated as a change in accounting estimate. The amortization expense on intangible assets with finite lives is recognized in the consolidated statements of income in the expense category consistent with the function of the intangible assets. Intangible assets with indefinite useful lives are not amortized. The Company assesses the indefinite life at each reporting date to determine if there is an indication that an intangible asset may be impaired. If any indication exists, or when annual impairment testing for the intangible asset is required, the Company estimates the recoverable amount at the CGU level to determine whether the indefinite life continues to be supportable. If not, the change in useful life from indefinite to finite is made on a prospective basis. An asset is impaired when the recoverable amount is less than its carrying amount. The recoverable amount is the higher of an asset’s fair value less costs to sell or its value in use. Impairment losses relating to intangible assets are evaluated for potential reversals when events or changes in circumstances warrant such consideration. Gains or losses arising from derecognition of an intangible asset are measured as the difference between the net disposal proceeds and the carrying amount of the asset and are recognized in the consolidated statements of income when the asset is derecognized. Research and development expenditures Research costs are expensed as incurred. Development expenditures on an individual project are recognized as an intangible asset only when the following conditions are demonstrated: • The technical feasibility of completing the intangible asset so that it will be available for use or sale; • The Company’s intention to complete and its ability to use or sell the intangible asset; • How the asset will generate future economic benefits; • The availability of resources to complete the intangible asset; and • The ability to measure the expenditures reliably during development. Following initial recognition of the development expenditure as an asset, the cost model is applied, requiring the asset to be carried at cost less any accumulated amortization and accumulated impairment losses. Amortization of the asset begins when development is complete and the asset is available for use. It is amortized over the period of expected future benefit. In the event that a product program for which costs have been deferred is modified or cancelled, the Company will assess the recoverability of the deferred costs and, if considered unrecoverable, will expense the costs in the period the assessment is made. |
Financial instruments | Financial instruments: Recognition Financial assets and financial liabilities are recognized on the consolidated statements of financial position when the Company becomes a party to the contractual provisions of the instrument. Classification The Company classifies its financial assets and financial liabilities in the following measurement categories: amortized cost, fair value through profit or loss (“FVTPL”), fair value through other comprehensive income (“FVTOCI”), or derivatives designated as a hedging instrument in an effective hedge. The classification of financial assets depends on the business model for managing the financial assets and the contractual terms of the cash flows. Financial assets are measured at amortized cost where the business model is to hold the financial asset to collect its contractual cash flows. Financial liabilities are classified to be measured at amortized cost, derivatives designated as a hedging instrument in an effective hedge, or they are designated to be measured subsequently at FVTPL. For assets and liabilities measured at fair value, gains and losses are either recorded in profit or loss or other comprehensive income. The Company reclassifies financial assets when and only when its business model for managing those assets changes. Financial liabilities are not reclassified. The Company classifies and measures financial assets (excluding derivatives) on initial recognition as described below: • Cash and cash equivalents and restricted cash are classified as and measured at amortized cost. • Accounts receivable and contract assets are classified as and measured at amortized cost using the effective interest rate method, less any impairment allowance. Accounts receivable are held within a hold-to-collect business model. The Company does not factor or sell any of its trade receivables. Accounts payable and accrued liabilities, contract liabilities, bank indebtedness, and long-term debt are classified as other financial liabilities and are measured at amortized cost using the effective interest rate method. Measurement All financial instruments are initially measured at fair value. Transaction costs that are directly attributable to the acquisition or issuance of financial instruments classified as amortized cost are included with the carrying value of such instruments. Transaction costs directly attributable to the acquisition of financial instruments classified as FVTPL are recognized immediately in profit or loss. Financial assets that are held within a business model whose objective is to collect the contractual cash flows, and that have contractual cash flows that are solely payments of principal and interest on the principal amounts outstanding, are generally measured at amortized cost at the end of the subsequent accounting periods. All other financial assets including equity investments are measured at fair value at the end of subsequent accounting periods, with changes recognized in profit or loss or other comprehensive income (irrevocable election at the time of recognition). Designation at FVTOCI is not permitted if the equity investment is held for trading. The cumulative fair value gain or loss will not be reclassified to profit or loss on the disposal of the investments. Derecognition A financial asset is derecognized when the rights to receive cash flows from the asset have expired or the Company has transferred its rights to receive cash flows from the asset or has assumed an obligation to pay the received cash flows in full without material delay to a third party under a “pass-through” arrangement, and either the Company has transferred substantially all the risks and rewards of the asset, or ATS has neither transferred nor retained substantially all the risks and rewards of the asset, but has transferred control of the asset. A financial liability is derecognized when the obligation under the liability is discharged, cancelled or expired. When an existing financial liability is replaced by another from the same lender on substantially different terms, or the terms of an existing liability are substantially modified, such an exchange or modification is treated as a derecognition of the original liability and the recognition of a new liability, and the difference in the respective carrying amounts is recognized in the consolidated statements of income. Impairment The Company recognizes expected credit losses for trade receivables and contract assets based on the simplified approach under IFRS 9. The simplified approach to the recognition of expected losses does not require the Company to track the changes in credit risk; rather, the Company recognizes a loss allowance based on lifetime expected credit losses at each reporting date from the date of recognizing the trade receivable and contract asset. Expected credit losses are measured as the difference in the present value of the contractual cash flows that are due to the Company under the contract, and the cash flows that the Company expects to receive. The Company assesses all information available, including past due status, credit ratings, the existence of third-party insurance, and forward-looking macroeconomic factors in the measurement of the expected credit losses associated with its assets carried at amortized cost. Customer credit risk is managed according to established policies, procedures and controls. Customer credit quality is assessed in line with credit rating criteria. Outstanding customer balances are monitored for evidence of customer financial difficulties including payment default and technical disputes on the contract. Significant balances are reviewed individually while smaller balances are grouped and assessed collectively. The Company considers the aging of past due receivables along with known project technical disputes a primary consideration in assessing credit risk. The Company measures expected credit loss by considering the risk of default over the contract period and incorporates forward-looking information into its measurement. A financial asset, subject to other considerations, is generally considered in default when contractual payments are 90 days past due, which was determined based on historical collection rates. A financial asset may also be considered to be in default if observable internal or external data indicates a measurable decrease in expected cash flows that the Company is expected to receive, including the existence of a technical dispute. Financial assets are written off when there is no reasonable expectation of recovery. Trade receivables and contract assets are reviewed on a case-by-case basis to determine whether they are impaired. Evidence of impairment may include indications that a debtor or a group of debtors is experiencing significant financial difficulty, default or delinquency in interest or principal payments, the probability that they will enter bankruptcy or other financial reorganization and where observable data indicates that there is a measurable decrease in the estimated future cash flows, such as changes in arrears or economic conditions that correlate with defaults. Trade receivables and contract assets are reviewed qualitatively on a case-by-case basis to determine whether they need to be written off. An allowance is set up to reduce the financial asset balance to its estimated realizable value when the amount is not considered to be collectible in full. Once it is confirmed that the reserved amount is uncollectible, the amount may be written off and removed from the financial asset and reserve. Where trade receivables and contract assets have been written off, the Company continues to engage to recover the financial asset. Where recoveries are made, these are recognized in the consolidated statements of income. There has been no change to the estimation techniques or significant assumptions used in the impairment of financial instruments policy. Fair value of financial instruments The Company primarily applies the market approach for recurring fair value measurements. Three levels of inputs may be used to measure fair value: Level 1 - unadjusted quoted prices in active markets for identical assets or liabilities Level 2 - inputs other than quoted prices included in Level 1 that are observable or can be corroborated by observable market data Level 3 - unobservable inputs that are supported by no market activity |
Derivative financial instruments and hedge accounting | Derivative financial instruments and hedge accounting: The Company may use derivative financial instruments such as forward foreign exchange contracts and cross-currency interest rate swaps to hedge its foreign currency risk. The Company designates certain derivative financial instruments as either fair value hedges, cash flow hedges or hedges of net investments in foreign operations. Derivative financial instruments are initially recognized at fair value on the date on which a derivative contract is entered into and are subsequently remeasured at fair value. The accounting for subsequent changes in fair value depends on whether the derivative is designated as a hedging instrument, and if so, the nature of the item being hedged and the type of hedge relationship designated. At the inception of the hedging relationship, the Company documents the economic relationship between the hedging instrument and the hedged item including whether the hedging instrument is expected to offset changes in cash flows of hedged items. At the inception of each hedging relationship, the Company documents its risk management objective, its strategy for undertaking various hedge transactions and how the Company will assess the hedging instrument’s effectiveness in offsetting changes in fair value or cash flows of the hedged item attributable to the hedged risk. The hedges are expected to be highly effective in achieving offsetting changes in fair value or cash flows and are assessed on an ongoing basis to determine whether they have actually been highly effective throughout the financial reporting periods for which they were designated. Hedges that meet the criteria for hedge accounting are accounted for as follows: Cash flow hedges The effective portion of changes in the fair value of derivatives that are designated and qualify as cash flow hedges is recognized in other comprehensive income and accumulated under the heading of cash flow reserve, while any ineffective portion is recognized immediately in the consolidated statements of income. Amounts recognized in other comprehensive income and accumulated in equity are transferred to the consolidated statements of income when the hedged item is recognized in profit or loss. These earnings are included within the same line of the consolidated statements of income as the hedged item. If the forecasted transaction or firm commitment is no longer expected to occur, the cumulative gain or loss previously recognized in equity is transferred to the consolidated statements of income. If the hedging instrument expires or is sold, terminated or exercised without replacement or rollover, any cumulative gain or loss previously recognized in other comprehensive income remains in other comprehensive income until the forecasted transaction or firm commitment affects profit or loss. The Company uses forward foreign exchange contracts as hedges of its exposure to foreign currency risk on anticipated revenues or costs, and cross-currency interest rate swap contracts as hedges of its exposure to foreign currency-denominated Senior Notes. The Company may use interest rate swap contracts to reduce its exposure to floating interest rates. Hedges of net investments |
Inventories | Inventories: Inventories are stated at the lower of cost and net realizable value on a first-in, first-out basis. The cost of raw materials includes purchase cost and costs incurred in bringing each product to its present location and condition. The cost of work in progress and finished goods includes cost of raw materials, labour and related manufacturing overhead, excluding borrowing costs, based on normal operating capacity. Cost of inventories includes the transfer from equity of gains and losses on qualifying cash flow hedges in respect of the purchase of raw materials. Net realizable value is the estimated selling price in the ordinary course of business, less estimated costs of completion and the estimated costs necessary to make the sale. Impairment losses, including impairment on inventories, are recognized in the consolidated statements of income in those expense categories consistent with the function of the impaired asset. |
Impairment of non-financial assets | Impairment of non-financial assets: The Company assesses at each reporting date whether there is an indication that an asset may be impaired. If any indication exists, or when annual impairment testing for an asset is required, the Company estimates the asset’s recoverable amount. An asset’s recoverable amount is the higher of an asset’s or CGU’s fair value less costs to sell and its value in use. It is determined for an individual asset, unless the asset does not generate cash inflows that are largely independent of those from other assets or groups of assets. Where the carrying amount of an asset or CGU exceeds its recoverable amount, the asset is considered impaired and is written down to its recoverable amount. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset. In determining fair value less costs to sell, recent market transactions are taken into account, if available. If no such transactions can be identified, an appropriate valuation model is used. These calculations are corroborated by valuation multiples, quoted share prices for publicly traded subsidiaries or other available fair value indicators. |
Provisions | Provisions: Provisions are recognized when: the Company has a present obligation (legal or constructive) as a result of a past event; it is probable that an outflow of resources embodying economic benefits will be required to settle the obligation; and a reliable estimate can be made of the amount of the obligation. Where the Company expects some or all of a provision to be reimbursed, for example under an insurance contract, the reimbursement is recognized as a separate asset, but only when the reimbursement is virtually certain. The expense relating to any provision is presented in the consolidated statements of income net of any reimbursement. If the effect of the time value of money is material, provisions are discounted using a current pre-tax rate that reflects, where appropriate, the risks specific to the liability. Where discounting is used, the increase in the provision due to the passage of time is recognized as a finance cost. Warranty provisions Provisions for warranty-related costs are recognized when the product is sold or the service is provided. Initial recognition is based on historical experience and specific known risks. The initial estimate of warranty-related costs is reviewed at the end of each reporting period and adjusted to reflect the current best estimate. Restructuring provisions Restructuring provisions are only recognized when general recognition criteria for provisions are fulfilled. Additionally, the Company needs to have in place a detailed formal plan about the business or part of the business concerned, the location and number of employees affected, a detailed estimate of the associated costs and the appropriate timeline. The people affected have a valid expectation that the restructuring is being carried out or the implementation has been initiated already. |
Employee benefits | Employee benefits: The Company operates pension plans in accordance with the applicable laws and regulations in the respective countries in which the Company conducts business. The pension benefits are provided through defined benefit and defined contribution plans. The cost of providing benefits under the defined benefit plans is determined separately for each plan using the projected unit credit method, pro-rated on length of service and management’s best estimate assumptions to value its pensions using a measurement date of March 31. Actuarial gains and losses arising from experience adjustments and changes in actuarial assumptions are recognized in the period in which they occur in other comprehensive income. Net interest is calculated by applying the discount rate to the net defined benefit liability or asset and is recognized in selling, general and administrative expenses in the consolidated statements of income. The past service costs are recognized immediately in profit or loss as an expense. The defined benefit asset or liability comprises the present value of the defined benefit obligation using the current interest rate at the reporting date on high-quality fixed-income investments with maturities that match the expected maturities of the obligation, less the fair value of plan assets out of which the obligations are to be settled. Plan assets are assets that are held by a long-term employee benefit fund or qualifying insurance policies. Fair value is based on market price information, and in the case of quoted securities, it is the published bid price. The value of any defined benefit asset recognized is restricted to the sum of any past service costs and actuarial gains and losses not yet recognized and the present value of any economic benefits available in the form of refunds from the plan or reductions in the future contributions to the plan. The accounting method for other long-term employee benefit plans is similar to the method used for defined benefit plans, except that all actuarial gains and losses are recognized immediately in the consolidated statements of income. (c) Employee benefits: The cost of defined benefit pension plans, the cost of other long-term employee benefit plans and the present value of the pension obligations are determined using actuarial valuations. An actuarial valuation involves making various assumptions that may differ from actual developments in the future. These include the determination of the discount rate, future salary increases, mortality rates and future pension increases. Due to the complexity of the valuation, the underlying assumptions and its long-term nature, a defined benefit obligation is highly sensitive to changes in these assumptions. All assumptions are reviewed at each reporting date. In determining the appropriate discount rate, management considers the interest rates of corporate bonds in the respective currency, with extrapolated maturities corresponding to the expected duration of the defined benefit obligation. The mortality rate is based on publicly available mortality tables for the specific country. Future salary increases and pension increases are based on expected future inflation rates for the respective country. Further details about the assumptions used are provided in note 15. |
Stock-based payments | Stock-based payments: The Company operates both equity-settled and cash-settled stock-based compensation plans under which the entity receives services from employees as consideration for equity instruments of the Company or cash payments. For equity-settled plans, namely the Employee Share Purchase Plan, the Stock Option Plan and Restricted Share Units, the fair value determined at the grant date is expensed on a proportionate basis consistent with the vesting features of each grant and incorporates an estimate of the number of equity instruments that will ultimately vest. The total amount to be expensed is determined by reference to the fair value of the stock options or restricted share units granted, excluding the impact of any non-market service and performance vesting conditions (for example, profitability, sales growth targets and remaining an employee of the entity over a specified time period). At the end of each reporting period, the Company revises its estimate of the number of equity instruments expected to vest based on the non-market vesting conditions. The impact of the revision of the original estimates, if any, is recognized in the consolidated statements of income with a corresponding adjustment to equity. The proceeds received are credited to share capital and share premiums when the units are exercised. For cash-settled plans, namely the Deferred Stock Unit Plan and the Restricted Share Units, the expense is determined based on the fair value of the liability incurred at each award date and at each subsequent consolidated statement of financial position date until the award is settled. The fair value of the liability is measured by applying quoted market prices. Changes in fair value are recognized in the consolidated statements of income in stock-based compensation expense. |
Standards adopted in 2024 and Standards issued but not yet effective | Standards adopted in fiscal 2024: The following amendments to accounting standards were adopted by the Company during fiscal 2024: (i) Amendments to IAS 12 - Income taxes Effective May 23, 2023, the IASB issued International Tax Reform - Pillar Two Model Rules (Amendments to IAS 12 - Income Taxes (“IAS 12”)). The amendments provide a mandatory immediate temporary exception to accounting for deferred taxes arising from the Organization for Economic Co-operation and Development's (OECD) international tax reform and introduce additional disclosure requirements for annual financial statements. The Company has applied the mandatory temporary exception to recognizing and disclosing information about deferred tax assets and liabilities related to Pillar Two income taxes. The adoption did not have an impact on the Company's annual audited consolidated financial statements. (ii) Amendments to IAS 1 - Presentation of Financial Statements In February 2021, the IASB issued amendments to IAS 1, Disclosure of Accounting Policies, aiming to assist preparers in determining which accounting policies to disclose in their financial statements. Instead of disclosing significant accounting policies, entities are now required to disclose material accounting policy information. These amendments have been adopted in the Company's consolidated financial statements for the year ended on March 31, 2024. A number of new standards and amendments to standards have been issued but are not yet effective for the financial year ended March 31, 2024, and accordingly, have not been applied in preparing these consolidated financial statements. This listing is of standards and amendments issues that the Company reasonably expects to be applicable at a future date. (i) Amendments to IAS 1 - Presentation of Financial Statements (effective for reporting periods beginning on or after January 1, 2024) The IASB clarified the classification of liabilities as current or non-current based on the existence of a right to defer settlement at the reporting date. The classification of a liability remains unaffected by the intentions or expectations of the entity to exercise its right to defer settlement, or will to choose to settle early. The IASB reconfirmed that only covenants with which a company must comply on or before the reporting date affect the classification of a liability as current or non-current. Future covenants do not affect classification, however, if there is a future covenant on a non-current liability, entities are required to disclose information regarding the risk that those liabilities could become repayable within 12 months after the reporting date. The Company does not expect the amendments to IAS 1 to have a significant impact on its consolidated financial statements, and will incorporate the new disclosure requirements of IAS 1 in its consolidated financial statements upon adoption on April 1, 2024. (ii) Issuance of IFRS 18 - Presentation and Disclosure in Financial Statements On April 9, 2024, the IASB issued IFRS 18 which will replace IAS 1 for reporting periods beginning on or after January 1, 2027. The new standard aims to improve comparability and transparency of communication in financial statements. The requirements include required totals, subtotals and new categories in the consolidated statements of income; disclosure of management-defined performance measures and guidance on aggregation and disaggregation. Retrospective application is required in both annual and interim financial statements. The Company is in the process of reviewing the new standard to determine the impact on its consolidated financial statements. |
Fair value measurement | (d) Fair value measurement: |
SUMMARY OF MATERIAL ACCOUNTIN_3
SUMMARY OF MATERIAL ACCOUNTING POLICIES (Tables) | 12 Months Ended |
Mar. 31, 2024 | |
Corporate information and statement of IFRS compliance [abstract] | |
Disclosure of detailed information about property, plant and equipment | Depreciation is calculated on a straight-line basis over the estimated useful lives of the assets as follows: Buildings 25 to 40 years Production equipment 3 to 10 years Other equipment 3 to 10 years Note Land Buildings and leaseholds Production equipment Other equipment Total Cost: Balance, at March 31, 2022 $ 34,676 $ 161,158 $ 37,310 $ 79,532 $ 312,676 Additions — 31,109 7,155 17,840 56,104 Acquisition of subsidiaries 5 — 50 23 476 549 Disposals (118) (1,008) (3,263) (7,995) (12,384) Exchange and other adjustments 2,043 8,338 1,613 3,785 15,779 Balance, at March 31, 2023 $ 36,601 $ 199,647 $ 42,838 $ 93,638 $ 372,724 Additions 4,400 30,559 7,248 16,623 58,830 Acquisition of subsidiaries 5 843 10,404 4,039 2,305 17,591 Disposals (2,083) (14,630) (526) (6,227) (23,466) Exchange and other adjustments (34) 245 865 (3,916) (2,840) Balance, at March 31, 2024 $ 39,727 $ 226,225 $ 54,464 $ 102,423 $ 422,839 Land Buildings and leaseholds Production equipment Other equipment Total Depreciation: Balance, at March 31, 2022 $ — $ (34,660) $ (11,232) $ (44,661) $ (90,553) Depreciation expense — (8,428) (6,337) (10,825) (25,590) Disposals — 540 2,879 7,505 10,924 Exchange and other adjustments — (1,742) (832) (1,812) (4,386) Balance, at March 31, 2023 $ — $ (44,290) $ (15,522) $ (49,793) $ (109,605) Depreciation expense — (9,344) (7,070) (12,041) (28,455) Disposals — 7,114 111 5,979 13,204 Exchange and other adjustments — (260) (272) (474) (1,006) Balance, at March 31, 2024 $ — $ (46,780) $ (22,753) $ (56,329) $ (125,862) Net book value: At March 31, 2024 $ 39,727 $ 179,445 $ 31,711 $ 46,094 $ 296,977 At March 31, 2023 $ 36,601 $ 155,357 $ 27,316 $ 43,845 $ 263,119 |
ACQUISITIONS (Tables)
ACQUISITIONS (Tables) | 12 Months Ended |
Mar. 31, 2024 | |
Disclosure of detailed information about business combination [abstract] | |
Disclosure of detailed information about business combination | Cash used in investing activities was determined as follows: Cash consideration $ 267,649 Less: cash acquired (6,100) $ 261,549 The allocation of the purchase price at fair value is as follows: Purchase price allocation Cash $ 6,100 Other current assets 47,474 Property, plant and equipment 15,649 Right-of-use assets 4,687 Intangible assets with a definite life Technology 43,542 Customer relationships 56,139 Other 1,284 Intangible assets with an indefinite life Brands 26,700 Current liabilities (21,648) Other long-term liabilities (5,346) Deferred tax liability (9,271) Net identifiable assets $ 165,310 Residual purchase price allocated to goodwill 102,339 Purchase consideration $ 267,649 Cash used in investing activities for the three acquisitions was determined as follows: Cash consideration $ 23,363 Less: cash acquired (8,323) $ 15,040 The allocation of the purchase price at fair value for the three acquisitions is as follows: Purchase price allocation Cash $ 8,323 Other current assets 4,928 Property, plant and equipment 2,064 Right-of-use assets 423 Intangible assets with a definite life Technology 4,449 Brands 2,053 Customer relationships 1,027 Other 1,429 Current liabilities (7,243) Other long-term liabilities (679) Deferred tax liability (1,378) Net identifiable assets $ 15,396 Residual purchase price allocated to goodwill 7,967 Purchase consideration $ 23,363 Cash used in investing activities for the three prior year acquisitions was determined as follows: Cash consideration $ 58,639 Less: cash acquired (7,012) $ 51,627 The allocation of the purchase price at fair value for the three acquisitions was as follows: Purchase price allocation Cash $ 7,012 Other current assets 14,475 Property, plant and equipment 428 Right-of-use assets 4,005 Intangible assets with a definite life Technology 20,643 Brands 9,527 Customer relationships 4,763 Other 7,307 Current liabilities (11,854) Other long-term liabilities (5,073) Deferred tax liability (7,041) Net identifiable assets $ 44,192 Residual purchase price allocated to goodwill 25,653 Purchase consideration $ 69,845 |
INVENTORIES (Tables)
INVENTORIES (Tables) | 12 Months Ended |
Mar. 31, 2024 | |
Disclosure of Inventories [Abstract] | |
Disclosure of detailed information about inventories | As at March 31 March 31 Raw materials $ 153,433 $ 138,792 Work in progress 98,245 84,401 Finished goods 44,202 33,673 $ 295,880 $ 256,866 |
DEPOSITS, PREPAIDS AND OTHER _2
DEPOSITS, PREPAIDS AND OTHER ASSETS (Tables) | 12 Months Ended |
Mar. 31, 2024 | |
Subclassifications of assets, liabilities and equities [abstract] | |
Disclosure of detailed information about prepayments and other assets | As at March 31 March 31 Prepaid assets $ 38,046 $ 29,766 Supplier deposits 35,686 45,565 Investment tax credit receivable 19,379 13,819 Forward foreign exchange contracts 5,050 4,200 $ 98,161 $ 93,350 |
RIGHT-OF-USE ASSETS AND LEASE_2
RIGHT-OF-USE ASSETS AND LEASE LIABILITIES (Tables) | 12 Months Ended |
Mar. 31, 2024 | |
Leases [Abstract] | |
Disclosure of quantitative information about right-of-use assets | Note Buildings Vehicles and equipment Total Balance, at March 31, 2022 $ 69,505 $ 11,784 $ 81,289 Additions 22,514 8,322 30,836 Amortization (17,541) (6,519) (24,060) Acquisition of subsidiaries 5 3,059 510 3,569 Exchange and other adjustments 2,343 235 2,578 Balance, at March 31, 2023 $ 79,880 $ 14,332 $ 94,212 Additions 25,411 12,567 37,978 Amortization (21,596) (8,060) (29,656) Acquisition of subsidiaries 5 4,184 1,362 5,546 Exchange and other adjustments (2,291) (128) (2,419) Balance, at March 31, 2024 $ 85,588 $ 20,073 $ 105,661 |
Disclosure of quantitative information about lease liabilities | Note 2024 2023 Balance, at April 1 $ 97,249 $ 82,820 Additions 37,978 30,836 Interest 5,473 4,016 Payments (31,553) (24,999) Acquisition of subsidiaries 5 6,560 3,640 Exchange and other adjustments (4,328) 936 Balance, at March 31 $ 111,379 $ 97,249 Less: current portion 27,571 23,994 $ 83,808 $ 73,255 |
Disclosure of maturity analysis of finance lease payments receivable | The annual lease obligations for the next five years and thereafter are as follows: As at March 31, 2024 Less than one year $ 31,066 One - two years 25,068 Two - three years 19,337 Three - four years 12,460 Four - five years 9,685 Due in over five years 30,234 Total undiscounted lease liabilities $ 127,850 |
OTHER ASSETS AND LIABILITIES (T
OTHER ASSETS AND LIABILITIES (Tables) | 12 Months Ended |
Mar. 31, 2024 | |
Subclassifications of assets, liabilities and equities [abstract] | |
Disclosure of other non-current asset | Other assets consist of the following: As at March 31 March 31 Cross-currency interest rate swap instrument (i) $ 17,204 $ 16,187 Variable for fixed interest rate swap instruments (ii) 1,198 467 Other 14 25 Total $ 18,416 $ 16,679 |
Disclosure of other non-current liabilities | Other long-term liabilities consist of the following: As at March 31 March 31 Cross-currency interest rate swap instrument (i) $ 14,101 $ 10,718 |
PROPERTY, PLANT AND EQUIPMENT (
PROPERTY, PLANT AND EQUIPMENT (Tables) | 12 Months Ended |
Mar. 31, 2024 | |
Property, plant and equipment [abstract] | |
Disclosure of detailed information about property, plant and equipment | Depreciation is calculated on a straight-line basis over the estimated useful lives of the assets as follows: Buildings 25 to 40 years Production equipment 3 to 10 years Other equipment 3 to 10 years Note Land Buildings and leaseholds Production equipment Other equipment Total Cost: Balance, at March 31, 2022 $ 34,676 $ 161,158 $ 37,310 $ 79,532 $ 312,676 Additions — 31,109 7,155 17,840 56,104 Acquisition of subsidiaries 5 — 50 23 476 549 Disposals (118) (1,008) (3,263) (7,995) (12,384) Exchange and other adjustments 2,043 8,338 1,613 3,785 15,779 Balance, at March 31, 2023 $ 36,601 $ 199,647 $ 42,838 $ 93,638 $ 372,724 Additions 4,400 30,559 7,248 16,623 58,830 Acquisition of subsidiaries 5 843 10,404 4,039 2,305 17,591 Disposals (2,083) (14,630) (526) (6,227) (23,466) Exchange and other adjustments (34) 245 865 (3,916) (2,840) Balance, at March 31, 2024 $ 39,727 $ 226,225 $ 54,464 $ 102,423 $ 422,839 Land Buildings and leaseholds Production equipment Other equipment Total Depreciation: Balance, at March 31, 2022 $ — $ (34,660) $ (11,232) $ (44,661) $ (90,553) Depreciation expense — (8,428) (6,337) (10,825) (25,590) Disposals — 540 2,879 7,505 10,924 Exchange and other adjustments — (1,742) (832) (1,812) (4,386) Balance, at March 31, 2023 $ — $ (44,290) $ (15,522) $ (49,793) $ (109,605) Depreciation expense — (9,344) (7,070) (12,041) (28,455) Disposals — 7,114 111 5,979 13,204 Exchange and other adjustments — (260) (272) (474) (1,006) Balance, at March 31, 2024 $ — $ (46,780) $ (22,753) $ (56,329) $ (125,862) Net book value: At March 31, 2024 $ 39,727 $ 179,445 $ 31,711 $ 46,094 $ 296,977 At March 31, 2023 $ 36,601 $ 155,357 $ 27,316 $ 43,845 $ 263,119 |
GOODWILL (Tables)
GOODWILL (Tables) | 12 Months Ended |
Mar. 31, 2024 | |
Disclosure of goodwill [Abstract] | |
Disclosure of detailed information about goodwill | The carrying amount of goodwill acquired through business combinations has been allocated to a group of CGUs that combine to form a single operating segment, ATS Corporation, as follows: As at Note 2024 2023 Balance, at April 1 $ 1,118,262 $ 1,024,790 Acquisition of subsidiaries 5 112,201 23,758 Foreign exchange (1,863) 69,714 Balance, at March 31 $ 1,228,600 $ 1,118,262 |
INTANGIBLE ASSETS (Tables)
INTANGIBLE ASSETS (Tables) | 12 Months Ended |
Mar. 31, 2024 | |
Intangible assets [Abstract] | |
Disclosure of detailed information about intangible assets | Note Development projects Computer software, licenses and other Technology Customer relationships Brands (i) Total Cost: Balance, at March 31, 2022 $ 48,613 $ 68,244 $ 247,134 $ 335,642 $ 156,426 $ 856,059 Additions 18,060 6,132 — — — 24,192 Acquisition of subsidiaries 5 — 7,211 19,713 4,549 9,098 40,571 Disposals (424) (7,380) — — — (7,804) Exchange and other adjustments 1,973 (18,518) 11,663 8,542 5,511 9,171 Balance, at March 31, 2023 $ 68,222 $ 55,689 $ 278,510 $ 348,733 $ 171,035 $ 922,189 Additions 18,135 11,493 — — — 29,628 Acquisition of subsidiaries 5 1,170 1,639 48,920 57,379 29,183 138,291 Disposals (635) (2,641) — — — (3,276) Exchange and other adjustments (6,525) 3,476 (12,174) (60,794) (390) (76,407) Balance, at March 31, 2024 $ 80,367 $ 69,656 $ 315,256 $ 345,318 $ 199,828 $ 1,010,425 Development projects Computer software, licenses and other Technology Customer relationships Brands (i) Total Amortization: Balance, at March 31, 2022 $ (23,430) $ (47,130) $ (53,507) $ (158,028) $ (5,784) $ (287,879) Amortization (3,199) (15,135) (25,982) (29,400) (2,123) (75,839) Disposals — 7,319 — — — 7,319 Exchange and other adjustments (1,126) 20,068 (181) 3,699 4,960 27,420 Balance, at March 31, 2023 $ (27,755) $ (34,878) $ (79,670) $ (183,729) $ (2,947) $ (328,979) Amortization (6,493) (12,364) (31,172) (29,547) (3,487) (83,063) Disposals 13 2,594 — — — 2,607 Exchange and other adjustments 190 6,563 11,478 60,303 23 78,557 Balance, at March 31, 2024 $ (34,045) $ (38,085) $ (99,364) $ (152,973) $ (6,411) $ (330,878) Net book value: At March 31, 2024 $ 46,322 $ 31,571 $ 215,892 $ 192,345 $ 193,417 $ 679,547 At March 31, 2023 $ 40,467 $ 20,811 $ 198,840 $ 165,004 $ 168,088 $ 593,210 |
FINANCIAL INSTRUMENTS AND RIS_2
FINANCIAL INSTRUMENTS AND RISK MANAGEMENT (Tables) | 12 Months Ended |
Mar. 31, 2024 | |
Financial instruments [Abstract] | |
Disclosure of financial assets | Categories of financial instruments: The carrying values of the Company’s financial instruments are classified into the following categories: As at March 31, 2024 Fair value Amortized Fair value through other comprehensive income Total Financial assets: Cash and cash equivalents (i) $ — $ 170,177 $ — $ 170,177 Trade accounts receivable — 437,329 — 437,329 Financial liabilities: Bank indebtedness — (4,060) — (4,060) Trade accounts payable and accrued liabilities — (535,844) — (535,844) Long-term debt — (1,171,972) — (1,171,972) Derivative instruments: Held for trading derivatives that are not designated in hedge accounting relationships – gain (ii) 600 — — 600 Derivative instruments in designated hedge accounting relationships – gain (ii) — — 2,290 2,290 Cross-currency interest rate swap – gain (iii) — — 3,103 3,103 Interest rate swap instrument – gain (iii) — — 1,198 1,198 As at March 31, 2023 Fair value Amortized Fair value through other comprehensive income Total Financial assets: Cash and cash equivalents (i) $ — $ 159,867 $ — $ 159,867 Trade accounts receivable — 368,855 — 368,855 Financial liabilities: Bank indebtedness — (5,824) — (5,824) Trade accounts payable and accrued liabilities — (601,094) — (601,094) Long-term debt — (1,155,786) — (1,155,786) Derivative instruments: Held for trading derivatives that are not designated in hedge accounting relationships – gain (ii) 1,024 — — 1,024 Derivative instruments in designated hedge accounting relationships – loss (ii) — — (4,860) (4,860) Cross-currency interest rate swap – gain (iii) — — 5,469 5,469 Interest rate swap instrument – gain (iii) — — 467 467 |
Disclosure of financial liabilities | Categories of financial instruments: The carrying values of the Company’s financial instruments are classified into the following categories: As at March 31, 2024 Fair value Amortized Fair value through other comprehensive income Total Financial assets: Cash and cash equivalents (i) $ — $ 170,177 $ — $ 170,177 Trade accounts receivable — 437,329 — 437,329 Financial liabilities: Bank indebtedness — (4,060) — (4,060) Trade accounts payable and accrued liabilities — (535,844) — (535,844) Long-term debt — (1,171,972) — (1,171,972) Derivative instruments: Held for trading derivatives that are not designated in hedge accounting relationships – gain (ii) 600 — — 600 Derivative instruments in designated hedge accounting relationships – gain (ii) — — 2,290 2,290 Cross-currency interest rate swap – gain (iii) — — 3,103 3,103 Interest rate swap instrument – gain (iii) — — 1,198 1,198 As at March 31, 2023 Fair value Amortized Fair value through other comprehensive income Total Financial assets: Cash and cash equivalents (i) $ — $ 159,867 $ — $ 159,867 Trade accounts receivable — 368,855 — 368,855 Financial liabilities: Bank indebtedness — (5,824) — (5,824) Trade accounts payable and accrued liabilities — (601,094) — (601,094) Long-term debt — (1,155,786) — (1,155,786) Derivative instruments: Held for trading derivatives that are not designated in hedge accounting relationships – gain (ii) 1,024 — — 1,024 Derivative instruments in designated hedge accounting relationships – loss (ii) — — (4,860) (4,860) Cross-currency interest rate swap – gain (iii) — — 5,469 5,469 Interest rate swap instrument – gain (iii) — — 467 467 |
Disclosure of fair value measurement of assets | The following table summarizes the Company’s financial instruments that are carried or disclosed at fair value and indicates the fair value hierarchy that reflects the significance of the inputs used in making the measurements: As at March 31 Carrying Level 1 Level 2 Level 3 Fair value Measured at fair value: Held for trading derivatives that are not $ 600 $ — $ 600 $ — $ 600 Derivative instruments in designated hedge accounting relationships 2,290 — 2,290 — 2,290 Cross-currency interest rate swap 3,103 — 3,103 — 3,103 Interest rate swap instrument 1,198 — 1,198 — 1,198 Disclosed at fair value: Long-term debt (1,171,972) — (1,130,183) — (1,130,183) As at March 31 Carrying Level 1 Level 2 Level 3 Fair value Measured at fair value: Held for trading derivatives that are not $ 1,024 $ — $ 1,024 $ — $ 1,024 Derivative instruments in designated hedge accounting relationships (4,860) — (4,860) — (4,860) Cross-currency interest rate swap 5,469 — 5,469 — 5,469 Interest rate swap instrument 467 — 467 — 467 Disclosed at fair value: Long-term debt (1,155,786) — (1,102,089) — (1,102,089) |
Disclosure of fair value measurement of liabilities | The following table summarizes the Company’s financial instruments that are carried or disclosed at fair value and indicates the fair value hierarchy that reflects the significance of the inputs used in making the measurements: As at March 31 Carrying Level 1 Level 2 Level 3 Fair value Measured at fair value: Held for trading derivatives that are not $ 600 $ — $ 600 $ — $ 600 Derivative instruments in designated hedge accounting relationships 2,290 — 2,290 — 2,290 Cross-currency interest rate swap 3,103 — 3,103 — 3,103 Interest rate swap instrument 1,198 — 1,198 — 1,198 Disclosed at fair value: Long-term debt (1,171,972) — (1,130,183) — (1,130,183) As at March 31 Carrying Level 1 Level 2 Level 3 Fair value Measured at fair value: Held for trading derivatives that are not $ 1,024 $ — $ 1,024 $ — $ 1,024 Derivative instruments in designated hedge accounting relationships (4,860) — (4,860) — (4,860) Cross-currency interest rate swap 5,469 — 5,469 — 5,469 Interest rate swap instrument 467 — 467 — 467 Disclosed at fair value: Long-term debt (1,155,786) — (1,102,089) — (1,102,089) |
Disclosure of credit risk | Trade receivables – aged by due date as at March 31 March 31 Current $ 316,492 $ 304,181 1 – 30 days 68,454 35,704 31 – 60 days 12,537 13,098 61 – 90 days 13,554 5,870 Over 90 days 32,533 16,503 Total $ 443,570 $ 375,356 |
Disclosure of allowance for credit losses | The movement in the Company’s allowance for doubtful accounts for the years ended March 31 was as follows: 2024 2023 Balance, at April 1 $ 6,501 $ 5,216 Provision for doubtful accounts 2,135 1,086 Amounts written off (201) (491) Recoveries (2,114) (406) Foreign exchange (80) 1,096 Balance, at March 31 $ 6,241 $ 6,501 |
Disclosure of maturity analysis for non-derivative financial liabilities | Trade payables – aged by due date as at March 31 March 31 1 – 30 days $ 179,521 $ 222,332 31 – 60 days 27,514 32,246 61 – 90 days 7,732 17,836 Over 90 days 6,697 13,072 Total $ 221,464 $ 285,486 Scheduled principal repayments and interest payments on long-term debt as at March 31, 2024 are as follows (variable interest repayments on the Credit Facility are not reflected in the table below as they fluctuate based on the amounts drawn): Interest Less than one year $ 176 $ 20,971 One - two years 256 20,864 Two - three years 616,102 20,748 Three - four years 88,225 20,620 Four - five years 474,267 20,476 Thereafter 1,320 2,171 $ 1,180,346 $ 105,850 |
Disclosure of detailed information about hedged items | The following table summarizes the Company’s outstanding cash flow hedge positions to buy and sell foreign currencies under forward foreign exchange contracts and cross-currency interest rate swaps: As at March 31, 2024 Carrying amount Hedging instrument Hedged item Cash flow hedge reserves Item sold Item bought Nominal amount (in CAD) Assets Liabilities Changes in fair value used for calculating hedge ineffectiveness Changes in fair value used for calculating hedge ineffectiveness For continuing hedges For discontinued hedges Derivative hedging instruments (i) U.S. dollars Canadian dollars 233,244 1,024 1,024 1,024 1,024 — Euros Canadian dollars 98,103 1,559 1,559 1,559 1,559 — U.S. dollars Euros 18,648 204 204 204 204 — Euros U.S. dollars 10,763 26 26 26 26 — Euros Czech Koruna 2,740 63 63 63 63 — Cross-currency interest rate swap instruments (ii) U.S. dollars Canadian dollars 237,038 17,204 — 1,017 1,017 17,204 — Canadian dollars Euros 235,477 — 14,101 (3,383) (3,383) 14,101 — Interest rate swap instrument (ii) Variable rate Fixed rate 406,350 1,198 — 732 732 1,198 — As at March 31, 2023 Carrying amount Hedging instrument Hedged item Cash flow hedge reserves Currency sold Currency bought Nominal amount (in CAD) Assets Liabilities Changes in fair value used for calculating hedge ineffectiveness Changes in fair value used for calculating hedge ineffectiveness For continued hedges For discontinued hedges Derivative hedging instruments (i) U.S. dollars Canadian dollars 193,545 — 1,083 1,083 1,083 1,083 — Euros Canadian dollars 56,573 — 4,152 4,152 4,152 4,152 — U.S. dollars Euros 45,535 522 — 522 522 522 — Euros U.S. dollars 3,648 — 99 99 99 99 — Cross-currency interest rate swap instruments (ii) U.S. dollars Canadian dollars 236,495 16,187 — 20,122 20,122 16,187 — Canadian dollars Euros 236,137 — 10,718 (28,722) (28,722) 10,718 — Interest rate swap instrument (ii) Variable rate Fixed rate 405,420 467 — 467 467 467 — |
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows | As at March 31, 2024, the Company is holding the following forward foreign exchange contracts to hedge the exposure on its revenues and purchases: As at March 31, 2024 Less than 3 months 3 to 6 months 6 to 9 months 9 to 12 months 1 to 2 years Currency sold Currency bought Nominal amount Average hedged rate Nominal amount Average hedged rate Nominal amount Average hedged rate Nominal amount Average hedged rate Nominal amount Average hedged rate Revenue hedges U.S. dollars Canadian dollars 65,780 1.352 48,247 1.353 42,539 1.351 24,381 1.360 47,408 1.363 Euros Canadian dollars 24,842 1.479 28,130 1.483 12,056 1.495 8,768 1.512 20,458 1.524 U.S. dollars Euros 11,170 0.907 5,224 0.928 2,198 0.905 — — — — Euros Czech Koruna 1,279 24.523 877 24.866 584 24.958 — — — — Purchase hedges U.S. dollars Canadian dollars 4,889 1.339 — — — — — — — — Euros U.S. dollars 2,192 1.084 3,208 1.088 3,317 1.093 2,046 1.098 — — U.S. dollars Euros 56 0.919 — — — — — — — — Euros Canadian dollars 3,513 1.480 336 1.473 — — — — — — As at March 31, 2023 Less than 3 months 3 to 6 months 6 to 9 months 9 to 12 months 1 to 2 years Currency sold Currency bought Nominal amount Average hedged rate Nominal amount Average hedged rate Nominal amount Average hedged rate Nominal amount Average hedged rate Nominal amount Average hedged rate Revenue hedges Euros U.S. dollars 1,300 1.145 650 1.150 — — — — — — U.S. dollars Canadian dollars 55,347 1.333 45,926 1.341 31,114 1.339 21,616 1.348 39,542 1.344 Euros Canadian dollars 23,602 1.355 16,119 1.369 12,456 1.370 4,396 1.374 — — U.S. dollars Euros 11,398 0.929 15,567 0.921 10,423 0.928 4,400 0.925 3,228 1.014 Purchase hedges Euros U.S. dollars 665 1.088 204 1.081 — — 828 1.092 — — U.S. dollars Euros 365 0.955 98 1.003 — — — — 56 0.919 |
Disclosure of hedge accounting | The following summarizes the Company’s amounts included in other comprehensive income that relate to hedge accounting: As at March 31, 2024 Cash flow hedges Change in the Hedge ineffectiveness recognized in profit or loss Amount reclassified Line item Foreign exchange risk: Revenue hedges (7,154) — (1,706) Revenues Purchase hedges 4 — (80) Cost of revenues Cross-currency interest rate swap (1,017) — — Net finance costs Interest rate swap instrument (732) — — Net finance costs As at March 31, 2023 Cash flow hedges Change in the Hedge ineffectiveness recognized in profit or loss Amount reclassified Line item Foreign exchange risk: Revenue hedges 6,914 — (5,413) Revenues Purchase hedges (219) — (170) Cost of revenues Cross-currency interest rate swap (20,122) — — Net finance costs Interest rate swap instrument (467) — — Net finance costs |
PROVISIONS (Tables)
PROVISIONS (Tables) | 12 Months Ended |
Mar. 31, 2024 | |
Other provisions, contingent liabilities and contingent assets [Abstract] | |
Disclosure of detailed information about provisions | Warranty Restructuring Other Total Balance, at March 31, 2022 $ 12,793 $ 10,610 $ 1,422 $ 24,825 Provisions made 3,559 27,487 8,822 39,868 Provisions used (5,838) (19,773) (9,372) (34,983) Exchange adjustments 588 266 36 890 Balance, at March 31, 2023 $ 11,102 $ 18,590 $ 908 $ 30,600 Provisions made 6,460 22,790 10,362 39,612 Acquisition of subsidiaries 522 — — 522 Provisions used (4,862) (19,445) (10,352) (34,659) Exchange adjustments (30) (72) 5 (97) Balance, at March 31, 2024 $ 13,192 $ 21,863 $ 923 $ 35,978 |
EMPLOYEE BENEFITS (Tables)
EMPLOYEE BENEFITS (Tables) | 12 Months Ended |
Mar. 31, 2024 | |
Employee benefits [Abstract] | |
Disclosure of net defined benefit liability (asset) | The changes in the fair value of assets, the employee benefit obligation and the funded status were as follows: As at March 31 March 31 Accrued benefit obligations: Opening balance $ 29,162 $ 32,721 Acquisition of subsidiary — 1,055 Interest cost 1,015 579 Service cost 610 553 Assumption changes 561 (5,043) Transfers and benefits paid (2,590) (2,111) Foreign exchange (376) 1,408 Accrued benefit obligations, ending balance $ 28,382 $ 29,162 Plan assets: Opening balance $ 3,676 $ 3,589 Interest income included in net interest expense 125 (170) Company contributions — 179 Foreign exchange (4) 78 Plan assets, ending balance $ 3,797 $ 3,676 Employee benefits liability $ 24,585 $ 25,486 Amounts recognized in the consolidated statements of comprehensive income (before tax) were as follows: As at March 31 March 31 Total actuarial gains (losses) recognized in OCI $ (561) $ 5,043 The significant weighted average annual actuarial assumptions used in measuring the accrued benefit obligation were as follows: As at March 31 March 31 Discount rate 3.8 % 4.1 % Rate of compensation increase 0.6 % 0.4 % |
Disclosure of sensitivity analysis for actuarial assumptions | As at March 31, 2024, the following quantitative analysis shows changes to the significant actuarial assumptions and the corresponding impact on the accrued benefit obligations: Discount rate Life expectancy 1% increase 1% decrease Increase by 1 year Decrease by 1 year Accrued benefit obligations $ (2,988) $ 2,146 $ 625 $ (638) The weighted average allocations of plan assets were: As at March 31 March 31 Other 100.0 % 100.0 % |
Disclosure of defined benefit plans | The net employee benefits expense included the following components: Years ended March 31 March 31 Defined benefit plans Service cost $ 610 $ 553 Interest cost 1,015 579 1,625 1,132 Defined contribution plans 9,871 7,250 Net employee benefits expense $ 11,496 $ 8,382 |
BANK INDEBTEDNESS AND LONG-TE_2
BANK INDEBTEDNESS AND LONG-TERM DEBT (Tables) | 12 Months Ended |
Mar. 31, 2024 | |
Financial instruments [Abstract] | |
Disclosure of detailed information about borrowings | As at March 31 March 31 Other facilities $ 4,060 $ 5,824 As at March 31 March 31 Credit Facility $ 703,972 $ 691,906 Senior Notes 474,075 472,990 Other facilities 2,299 202 Issuance costs (8,374) (9,312) 1,171,972 1,155,786 Less: current portion 176 65 $ 1,171,796 $ 1,155,721 |
Disclosure of maturity analysis for non-derivative financial liabilities | Trade payables – aged by due date as at March 31 March 31 1 – 30 days $ 179,521 $ 222,332 31 – 60 days 27,514 32,246 61 – 90 days 7,732 17,836 Over 90 days 6,697 13,072 Total $ 221,464 $ 285,486 Scheduled principal repayments and interest payments on long-term debt as at March 31, 2024 are as follows (variable interest repayments on the Credit Facility are not reflected in the table below as they fluctuate based on the amounts drawn): Interest Less than one year $ 176 $ 20,971 One - two years 256 20,864 Two - three years 616,102 20,748 Three - four years 88,225 20,620 Four - five years 474,267 20,476 Thereafter 1,320 2,171 $ 1,180,346 $ 105,850 |
SHARE CAPITAL (Tables)
SHARE CAPITAL (Tables) | 12 Months Ended |
Mar. 31, 2024 | |
Share-based payment arrangements [Abstract] | |
Disclosure of number and weighted average exercise prices of share options | The changes in the common shares issued and outstanding during the period presented were as follows: Note Number of common shares Share capital Balance, at March 31, 2022 92,267,724 $ 530,241 Exercise of stock options 291,659 6,318 Common shares held in trust (337,496) (12,365) Repurchase of common shares (619,695) (3,561) Balance, at March 31, 2023 91,602,192 $ 520,633 Exercise of stock options 105,398 2,754 Common shares held in trust 19 (387,794) (23,820) Initial public offering, net of offering costs and deferred tax 6,900,000 366,332 Repurchase of common shares (300) (2) Balance, at March 31, 2024 98,219,496 $ 865,897 |
TAXATION (Tables)
TAXATION (Tables) | 12 Months Ended |
Mar. 31, 2024 | |
Income taxes [Abstract] | |
Disclosure of detailed information about operating loss carryforwards | As at March 31, 2024, the Company has the following net operating loss carryforwards that are scheduled to expire in the following years: As at March 31, 2024 Years of expiry Non-Canadian Canadian 2025 - 2031 $ 5,006 $ 6 2032 - 2044 16,720 5 No expiry 114,626 — $ 136,352 $ 11 As at March 31, 2023 Years of expiry Non-Canadian Canadian 2024 - 2030 $ 16,181 $ 6 2031 - 2043 17,322 3,849 No expiry 105,843 — $ 139,346 $ 3,855 |
Disclosure of reconciliation of accounting profit multiplied by applicable tax rates | These differences result from the following items: Years ended Note March 31 March 31 Income before income taxes and non-controlling interest $ 246,687 $ 159,771 Combined Canadian basic federal and provincial income tax rate 26.50% 26.50% Income tax expense based on combined Canadian basic $ 65,372 $ 42,339 Increase (decrease) in income taxes resulting from: Adjustments in respect of current income tax of previous periods 603 (4,269) Non-taxable items net of non-deductible items (14,391) (4,649) Unrecognized assets 12,001 9,428 Income taxed at different rates and statutory rate changes (8,843) (10,030) Manufacturing and processing allowance and all other items (2,236) (749) At the effective income tax rate of 21% (March 31, 2023 – 20%) $ 52,506 $ 32,070 Income tax expense reported in the consolidated statements of income: Current tax expense $ 82,421 $ 69,612 Deferred tax recovery (29,915) (37,542) $ 52,506 $ 32,070 Deferred tax related to items charged or credited directly to equity and goodwill: Loss on revaluation of cash flow hedges $ (2,212) $ (3,495) Opening deferred tax of acquired company 5 (10,963) (6,727) Other items recognized through equity 6,215 (7,428) Income tax charged directly to equity and goodwill $ (6,960) $ (17,650) |
Disclosure of temporary difference, unused tax losses and unused tax credits | Deferred income tax assets and liabilities are comprised of the following: As at March 31 March 31 Accounting income not currently taxable $ 24,782 $ (655) Intangible assets (128,423) (127,466) Investment tax credits taxable in future years when utilized (5,332) (7,285) Loss available for offset against future taxable income 9,537 13,898 Property, plant and equipment 19,001 21,688 Other 4,986 1,698 Net deferred income tax liability $ (75,449) $ (98,122) Presented as: March 31 March 31 Deferred income tax assets $ 5,904 $ 6,337 Deferred income tax liabilities (81,353) (104,459) Net deferred income tax liability $ (75,449) $ (98,122) As at March 31 March 31 Losses and other assets available for offset against future taxable income $ 67,908 $ 59,076 Years of expiry Gross ITC balance 2031 - 2036 $ 1,246 2037 - 2044 25,768 $ 27,014 |
STOCK-BASED COMPENSATION (Table
STOCK-BASED COMPENSATION (Tables) | 12 Months Ended |
Mar. 31, 2024 | |
Share-based payment arrangements [Abstract] | |
Disclosure of number and weighted average exercise prices of share options | Years ended March 31 March 31 Number of stock options Weighted average exercise price Number of stock options Weighted average Stock options outstanding, beginning of year 785,429 $ 26.69 890,408 $ 21.04 Granted 176,112 57.71 223,144 36.42 Exercised (i) (105,398) 20.45 (291,659) 17.02 Forfeited (32,616) 40.86 (36,464) 25.59 Stock options outstanding, end of year 823,527 $ 33.56 785,429 $ 26.69 Stock options exercisable, end of year, time-vested options 369,483 $ 24.54 286,424 $ 21.16 |
Disclosure of range of exercise prices of outstanding share options | As at March 31, 2024 Stock options outstanding Stock options exercisable Range of exercise prices Number outstanding Weighted average remaining contractual life Weighted average exercise price Number exercisable Weighted average exercise price $20.22 - $20.60 196,165 3.2 years $ 20.23 144,343 $ 20.23 $20.61 - $32.92 265,219 3.4 years 26.58 178,373 24.88 $32.93 - $40.76 183,568 5.1 years 35.78 43,189 35.78 $40.77 - $57.71 178,575 6.1 years 56.31 3,578 45.74 $20.22 - $57.71 823,527 4.3 years $ 33.56 369,483 $ 24.54 |
Disclosure of indirect measurement of fair value of goods or services received, share options granted during period | Years ended March 31 March 31 Weighted average risk-free interest rate 3.52 % 2.66 % Dividend yield 0 % 0 % Weighted average expected volatility 36 % 34 % Weighted average expected life 4.77 years 4.75 years Number of stock options granted: Time-vested 176,112 223,144 Weighted average exercise price per option $ 57.71 $ 36.42 Weighted average value per option: Time-vested $ 20.83 $ 12.24 |
Explanation of effect of share-based payments on entity's profit or loss | For the years ended March 31 March 31 Stock options $ 2,454 $ 1,772 RSUs 14,240 22,705 DSUs (2,904) 6,115 $ 13,790 $ 30,592 |
COMMITMENTS AND CONTINGENCIES (
COMMITMENTS AND CONTINGENCIES (Tables) | 12 Months Ended |
Mar. 31, 2024 | |
Other provisions, contingent liabilities and contingent assets [Abstract] | |
Disclosure of detailed information about purchase obligations | The minimum purchase obligations are as follows as at March 31, 2024: Less than one year $ 353,703 One - two years 13,535 Two - three years 1,732 Three - four years 562 Four - five years 62 $ 369,594 |
SEGMENTED DISCLOSURE (Tables)
SEGMENTED DISCLOSURE (Tables) | 12 Months Ended |
Mar. 31, 2024 | |
Operating segments [Abstract] | |
Disclosure of geographical areas | Geographic segmentation of revenues is determined based on revenues by customer location. Non-current assets represent property, plant and equipment, right-of-use assets and intangible assets that are attributable to individual geographic segments, based on location of the respective operations. As at March 31, 2024 Right-of-use assets Property, plant and equipment Intangible assets Canada $ 30,483 $ 62,895 $ 28,558 United States 11,273 143,642 434,039 Germany 24,849 35,158 38,945 Italy 16,819 39,439 133,447 Other Europe 17,627 13,581 34,672 Other 4,610 2,262 9,886 Total Company $ 105,661 $ 296,977 $ 679,547 As at March 31, 2023 Right-of-use assets Property, plant and equipment Intangible Canada $ 21,384 $ 57,589 $ 25,584 United States 12,514 111,702 334,731 Germany 25,250 35,848 43,291 Italy 21,136 40,645 145,217 Other Europe 9,031 16,049 33,729 Other 4,897 1,286 10,658 Total Company $ 94,212 $ 263,119 $ 593,210 Revenues from external customers for the years ended March 31 March 31 Canada $ 113,386 $ 103,149 United States 1,488,331 1,338,689 Germany 284,335 249,593 Italy 117,117 80,358 Other Europe 588,604 481,646 Other 441,110 323,949 Total Company $ 3,032,883 $ 2,577,384 |
REVENUE FROM CONTRACTS WITH C_2
REVENUE FROM CONTRACTS WITH CUSTOMERS (Tables) | 12 Months Ended |
Mar. 31, 2024 | |
Revenue from contracts with customers [Abstract] | |
Disclosure of disaggregation of revenue from contracts with customers | For the years ended March 31 March 31 Revenues from construction contracts $ 1,972,816 $ 1,630,406 Services rendered 614,690 492,325 Sale of goods 445,377 454,653 Total Company $ 3,032,883 $ 2,577,384 Revenues by market for the years ended March 31 March 31 Life Sciences $ 1,268,546 $ 1,209,856 Transportation 933,329 578,240 Food & Beverage 435,005 371,341 Consumer Products 287,228 305,100 Energy 108,775 112,847 Total Company $ 3,032,883 $ 2,577,384 As at March 31 March 31 Contracts in progress: Costs incurred $ 3,936,631 $ 3,285,121 Estimated earnings 1,354,259 1,091,180 5,290,890 4,376,301 Progress billings (4,898,391) (4,145,866) Net contract assets and liabilities $ 392,499 $ 230,435 |
Disclosure of performance obligations | Timing of revenue recognition based on transfer of control for the years ended March 31 March 31 Goods and services transferred at a point in time $ 445,377 $ 454,653 Goods and services transferred over time 2,587,506 2,122,731 Total Company $ 3,032,883 $ 2,577,384 |
Disclosure of transaction price allocated to remaining performance obligations | Revenues expected to be recognized in: March 31 March 31 Less than one year $ 1,215,000 $ 1,607,000 Thereafter 578,000 546,000 Total $ 1,793,000 $ 2,153,000 |
Disclosure of detailed information about receivables | As at March 31 March 31 Trade accounts receivable $ 443,570 $ 375,356 Less: allowance for expected credit loss (6,241) (6,501) Trade accounts receivables, net $ 437,329 $ 368,855 Other accounts receivable 34,016 30,886 Total $ 471,345 $ 399,741 |
Disclosure of detailed information about contract assets and liabilities | As at March 31 March 31 Trade receivables $ 437,329 $ 368,855 Contract assets 704,703 526,990 Contract liabilities (312,204) (296,555) Unearned revenue (i) (51,056) (33,490) Net contract balances $ 778,772 $ 565,800 (i) The unearned revenue liability is included in accounts payable and accrued liabilities on the consolidated statements of financial position. As at March 31 March 31 Contracts in progress: Costs incurred $ 3,936,631 $ 3,285,121 Estimated earnings 1,354,259 1,091,180 5,290,890 4,376,301 Progress billings (4,898,391) (4,145,866) Net contract assets and liabilities $ 392,499 $ 230,435 |
OPERATING COSTS AND EXPENSES (T
OPERATING COSTS AND EXPENSES (Tables) | 12 Months Ended |
Mar. 31, 2024 | |
Analysis of income and expense [abstract] | |
Disclosure of detailed information about operating expenses | Depreciation, amortization and employee benefit expenses recorded in the consolidated statements of income are detailed as follows: For the years ended March 31 March 31 Included in cost of revenues: Depreciation of property, plant and equipment $ 20,235 $ 18,313 Amortization of right-of-use assets 24,021 19,577 Amortization of intangible assets 11,238 5,538 Wages, salaries and other employee benefits 977,273 785,721 Included in selling, general and administrative expenses: Depreciation of property, plant and equipment $ 8,220 $ 7,277 Amortization of right-of-use assets 5,635 4,483 Amortization of intangible assets 71,825 70,301 Wages, salaries and other employee benefits 221,888 186,160 Retirement benefits (i) 11,496 8,382 (i) Includes defined benefit and defined contribution plan expenses. |
NET FINANCE COSTS (Tables)
NET FINANCE COSTS (Tables) | 12 Months Ended |
Mar. 31, 2024 | |
Analysis of income and expense [abstract] | |
Disclosure of detailed information of finance cost | Note March 31 March 31 Interest expense $ 65,210 $ 60,663 Interest on lease liabilities 8 5,473 4,016 Interest income (1,979) (1,961) $ 68,704 $ 62,718 |
EARNINGS PER SHARE (Tables)
EARNINGS PER SHARE (Tables) | 12 Months Ended |
Mar. 31, 2024 | |
Earnings per share [abstract] | |
Earnings per share | For the year ended March 31 March 31 Weighted average number of common shares outstanding 97,761,731 91,835,740 Dilutive effect of RSUs 140,747 44,132 Dilutive effect of performance-based RSUs 328,044 — Dilutive effect of stock option conversion 344,794 362,101 Diluted weighted average number of common shares outstanding 98,575,316 92,241,973 |
SUPPLEMENTAL CASH FLOW INFORM_2
SUPPLEMENTAL CASH FLOW INFORMATION (Tables) | 12 Months Ended |
Mar. 31, 2024 | |
Supplemental Cash Flow Information [Abstract] | |
Supplemental cash flow information | The following table sets forth the supplemental cash flow information on net change in non-cash working capital: For the year ended March 31 March 31 Accounts receivable $ (50,516) $ (40,593) Income tax receivable 2,181 (5,935) Contract assets (178,224) (162,886) Inventories (12,197) (48,408) Deposits, prepaids and other assets 3,063 (18,745) Accounts payable and accrued liabilities (69,923) 129,239 Income tax payable 5,126 (10,178) Contract liabilities 14,944 43,290 Provisions 4,840 5,775 Foreign exchange and other 5,070 (965) Total change in non-cash working capital $ (275,636) $ (109,406) |
CAPITAL MANAGEMENT (Tables)
CAPITAL MANAGEMENT (Tables) | 12 Months Ended |
Mar. 31, 2024 | |
Share capital [Abstract] | |
Disclosure of objectives, policies and processes for managing capital | The capital management criteria can be illustrated as follows: As at March 31 March 31 Equity excluding accumulated other comprehensive income $ 1,619,792 $ 1,070,543 Long-term debt 1,171,972 1,155,786 Lease liabilities 111,379 97,249 Bank indebtedness 4,060 5,824 Cash and cash equivalents (170,177) (159,867) Capital under management $ 2,737,026 $ 2,169,535 Debt-to-equity ratio 0.79:1 1.18:1 |
RELATED PARTY DISCLOSURE (Table
RELATED PARTY DISCLOSURE (Tables) | 12 Months Ended |
Mar. 31, 2024 | |
Related party [Abstract] | |
Disclosure of transactions between related parties | The compensation of the Board and key management personnel is determined by the Board on recommendation from the Human Resources Committee of the Board: For the years ended March 31 March 31 Short-term employee benefits $ 5,710 $ 5,103 Fees 677 662 Stock-based compensation (i) 6,242 18,487 Post-employment benefits 59 57 Total remuneration $ 12,688 $ 24,309 |
SUMMARY OF MATERIAL ACCOUNTIN_4
SUMMARY OF MATERIAL ACCOUNTING POLICIES (Details) | 12 Months Ended |
Mar. 31, 2024 | |
Minimum | |
Disclosure of detailed information about intangible assets [line items] | |
Useful life measured as period of time, intangible assets other than goodwill | 1 year |
Minimum | Buildings | |
Disclosure of detailed information about intangible assets [line items] | |
Useful life measured as period of time, property, plant and equipment | 25 years |
Minimum | Production equipment | |
Disclosure of detailed information about intangible assets [line items] | |
Useful life measured as period of time, property, plant and equipment | 3 years |
Minimum | Other equipment | |
Disclosure of detailed information about intangible assets [line items] | |
Useful life measured as period of time, property, plant and equipment | 3 years |
Maximum | |
Disclosure of detailed information about intangible assets [line items] | |
Useful life measured as period of time, intangible assets other than goodwill | 15 years |
Maximum | Buildings | |
Disclosure of detailed information about intangible assets [line items] | |
Useful life measured as period of time, property, plant and equipment | 40 years |
Maximum | Production equipment | |
Disclosure of detailed information about intangible assets [line items] | |
Useful life measured as period of time, property, plant and equipment | 10 years |
Maximum | Other equipment | |
Disclosure of detailed information about intangible assets [line items] | |
Useful life measured as period of time, property, plant and equipment | 10 years |
ACQUISITIONS - Assets acquired
ACQUISITIONS - Assets acquired and liabilities assumed (Details) $ in Thousands, $ in Thousands | Jan. 01, 2024 CAD ($) | Nov. 16, 2023 CAD ($) | Nov. 16, 2023 USD ($) | Mar. 28, 2023 CAD ($) |
Avidity Science, LLC | ||||
Disclosure of detailed information about business combination [line items] | ||||
Cash consideration | $ 267,649 | $ 195,471 | ||
Less: cash acquired | (6,100) | |||
Consideration transferred, acquisition-date fair value | 261,549 | |||
Purchase price allocation | ||||
Cash | 6,100 | |||
Other current assets | 47,474 | |||
Property, plant and equipment | 15,649 | |||
Right-of-use assets | 4,687 | |||
Technology | 43,542 | |||
Brands | 26,700 | |||
Customer relationships | 56,139 | |||
Other | 1,284 | |||
Current liabilities | (21,648) | |||
Other long-term liabilities | (5,346) | |||
Deferred tax liability | (9,271) | |||
Net identifiable assets | 165,310 | |||
Residual purchase price allocated to goodwill | 102,339 | |||
Purchase consideration | $ 267,649 | |||
IT.ACA. Engineering S.r.l., Odyssey Validation Consultants Limited and Yazzoom B.V. | ||||
Disclosure of detailed information about business combination [line items] | ||||
Cash consideration | $ 23,363 | |||
Less: cash acquired | (8,323) | |||
Consideration transferred, acquisition-date fair value | 15,040 | |||
Purchase price allocation | ||||
Cash | 8,323 | |||
Other current assets | 4,928 | |||
Property, plant and equipment | 2,064 | |||
Right-of-use assets | 423 | |||
Technology | 4,449 | |||
Brands | 2,053 | |||
Customer relationships | 1,027 | |||
Other | 1,429 | |||
Current liabilities | (7,243) | |||
Other long-term liabilities | (679) | |||
Deferred tax liability | (1,378) | |||
Net identifiable assets | 15,396 | |||
Residual purchase price allocated to goodwill | 7,967 | |||
Purchase consideration | $ 23,363 | |||
IPCOS Group N.V., Zi-Argus Australia Pty Ltd. and Zi-Argus Ltd. and Triad Unlimited LLC | ||||
Disclosure of detailed information about business combination [line items] | ||||
Cash consideration | $ 58,639 | |||
Less: cash acquired | (7,012) | |||
Consideration transferred, acquisition-date fair value | 51,627 | |||
Purchase price allocation | ||||
Cash | 7,012 | |||
Other current assets | 14,475 | |||
Property, plant and equipment | 428 | |||
Right-of-use assets | 4,005 | |||
Technology | 20,643 | |||
Brands | 9,527 | |||
Customer relationships | 4,763 | |||
Other | 7,307 | |||
Current liabilities | (11,854) | |||
Other long-term liabilities | (5,073) | |||
Deferred tax liability | (7,041) | |||
Net identifiable assets | 44,192 | |||
Residual purchase price allocated to goodwill | 25,653 | |||
Purchase consideration | $ 69,845 |
ACQUISITIONS - Narrative (Detai
ACQUISITIONS - Narrative (Details) € in Thousands, $ in Thousands, $ in Thousands | 12 Months Ended | ||||||||||||||||||
Mar. 28, 2023 CAD ($) | Dec. 22, 2022 CAD ($) | Mar. 31, 2024 CAD ($) | Mar. 31, 2025 CAD ($) | Mar. 31, 2025 EUR (€) | Mar. 31, 2024 EUR (€) | Jan. 01, 2024 CAD ($) | Jan. 01, 2024 EUR (€) | Nov. 16, 2023 CAD ($) | Nov. 16, 2023 USD ($) | Jul. 03, 2023 CAD ($) | Jul. 03, 2023 EUR (€) | Jun. 30, 2023 CAD ($) | Jun. 30, 2023 EUR (€) | Mar. 31, 2023 CAD ($) | Mar. 31, 2023 USD ($) | Mar. 28, 2023 USD ($) | Mar. 03, 2023 | Dec. 22, 2022 EUR (€) | |
Avidity Science, LLC | |||||||||||||||||||
Disclosure of detailed information about business combination [line items] | |||||||||||||||||||
Percentage of voting equity interests acquired | 100% | 100% | |||||||||||||||||
Cash consideration | $ 267,649 | $ 195,471 | |||||||||||||||||
Trade and other receivables recognised as of acquisition date | $ 17,616 | ||||||||||||||||||
Percentage of goodwill and intangible assets not tax deductible | 17% | 17% | |||||||||||||||||
Revenue of acquiree since acquisition date | $ 38,615 | ||||||||||||||||||
Profit (loss) of acquiree since acquisition date | (926) | ||||||||||||||||||
Revenue of combined entity as if combination occurred at beginning of period | 64,358 | ||||||||||||||||||
Profit (loss) of combined entity as if combination occurred at beginning of period | 1,543 | ||||||||||||||||||
IT.ACA. Engineering S.r.l. | |||||||||||||||||||
Disclosure of detailed information about business combination [line items] | |||||||||||||||||||
Percentage of voting equity interests acquired | 100% | 100% | |||||||||||||||||
Cash consideration | $ 4,813 | € 3,290 | $ 12,444 | € 8,507 | |||||||||||||||
Contingent consideration period | 36 months | ||||||||||||||||||
IT.ACA. Engineering S.r.l. | Major business combination | |||||||||||||||||||
Disclosure of detailed information about business combination [line items] | |||||||||||||||||||
Cash consideration | $ 7,631 | € 5,217 | |||||||||||||||||
IT.ACA. Engineering S.r.l., Odyssey Validation Consultants Limited and Yazzoom B.V. | |||||||||||||||||||
Disclosure of detailed information about business combination [line items] | |||||||||||||||||||
Cash consideration | 23,363 | ||||||||||||||||||
Trade and other receivables recognised as of acquisition date | $ 3,524 | ||||||||||||||||||
Odyssey Validation Consultants Limited | |||||||||||||||||||
Disclosure of detailed information about business combination [line items] | |||||||||||||||||||
Percentage of voting equity interests acquired | 100% | 100% | |||||||||||||||||
Cash consideration | $ 5,636 | € 3,898 | |||||||||||||||||
Yazzoom B.V. | |||||||||||||||||||
Disclosure of detailed information about business combination [line items] | |||||||||||||||||||
Percentage of voting equity interests acquired | 100% | 100% | |||||||||||||||||
Cash consideration | $ 5,283 | € 3,655 | |||||||||||||||||
IPCOS Group N.V., Zi-Argus Australia Pty Ltd. and Zi-Argus Ltd. and Triad Unlimited LLC | |||||||||||||||||||
Disclosure of detailed information about business combination [line items] | |||||||||||||||||||
Cash consideration | $ 58,639 | ||||||||||||||||||
Trade and other receivables recognised as of acquisition date | $ 10,464 | ||||||||||||||||||
Triad Unlimited LLC | |||||||||||||||||||
Disclosure of detailed information about business combination [line items] | |||||||||||||||||||
Percentage of voting equity interests acquired | 100% | 100% | |||||||||||||||||
Cash consideration | $ 20,623 | $ 15,166 | |||||||||||||||||
Contingent consideration period | 2 years | ||||||||||||||||||
Contingent consideration recognised as of acquisition date | $ 7,953 | $ 5,849 | |||||||||||||||||
Zi-Argus Australia Pty Ltd. and Zi-Argus Ltd. | |||||||||||||||||||
Disclosure of detailed information about business combination [line items] | |||||||||||||||||||
Percentage of voting equity interests acquired | 100% | ||||||||||||||||||
Cash consideration | $ 24,500 | $ 18,015 | |||||||||||||||||
IPCOS Group N.V. | |||||||||||||||||||
Disclosure of detailed information about business combination [line items] | |||||||||||||||||||
Percentage of voting equity interests acquired | 100% | 100% | |||||||||||||||||
Cash consideration | $ 24,722 | € 17,100 | |||||||||||||||||
Contingent consideration period | 36 months | ||||||||||||||||||
Contingent consideration recognised as of acquisition date | $ 3,253 | € 2,250 |
INVENTORIES (Details)
INVENTORIES (Details) - CAD ($) | 12 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Disclosure of Inventories [Abstract] | ||
Raw materials | $ 153,433,000 | $ 138,792,000 |
Work in progress | 98,245,000 | 84,401,000 |
Finished goods | 44,202,000 | 33,673,000 |
Current inventories | 295,880,000 | 256,866,000 |
Inventory write-down | 15,980,000 | 2,709,000 |
Inventories, at net realisable value | 6,904,000 | 591,000 |
Cost of inventories recognised as expense during period | $ 1,024,143,000 | $ 912,608,000 |
DEPOSITS, PREPAIDS AND OTHER _3
DEPOSITS, PREPAIDS AND OTHER ASSETS (Details) - CAD ($) $ in Thousands | Mar. 31, 2024 | Mar. 31, 2023 |
Subclassifications of assets, liabilities and equities [abstract] | ||
Prepaid assets | $ 38,046 | $ 29,766 |
Supplier deposits | 35,686 | 45,565 |
Investment tax credit receivable | 19,379 | 13,819 |
Forward foreign exchange contracts | 5,050 | 4,200 |
Current prepayments and other current assets | $ 98,161 | $ 93,350 |
RIGHT-OF-USE ASSETS AND LEASE_3
RIGHT-OF-USE ASSETS AND LEASE LIABILITIES - Right-of-use assets (Details) - CAD ($) $ in Thousands | 12 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Reconciliation of right-of-use assets [Abstract] | ||
Right-of-use assets, beginning balance | $ 94,212 | $ 81,289 |
Additions | 37,978 | 30,836 |
Amortization | (29,656) | (24,060) |
Acquisition of subsidiaries | 5,546 | 3,569 |
Exchange and other adjustments | (2,419) | 2,578 |
Right-of-use assets, ending balance | 105,661 | 94,212 |
Buildings | ||
Reconciliation of right-of-use assets [Abstract] | ||
Right-of-use assets, beginning balance | 79,880 | 69,505 |
Additions | 25,411 | 22,514 |
Amortization | (21,596) | (17,541) |
Acquisition of subsidiaries | 4,184 | 3,059 |
Exchange and other adjustments | (2,291) | 2,343 |
Right-of-use assets, ending balance | 85,588 | 79,880 |
Vehicles and equipment | ||
Reconciliation of right-of-use assets [Abstract] | ||
Right-of-use assets, beginning balance | 14,332 | 11,784 |
Additions | 12,567 | 8,322 |
Amortization | (8,060) | (6,519) |
Acquisition of subsidiaries | 1,362 | 510 |
Exchange and other adjustments | (128) | 235 |
Right-of-use assets, ending balance | $ 20,073 | $ 14,332 |
RIGHT-OF-USE ASSETS AND LEASE_4
RIGHT-OF-USE ASSETS AND LEASE LIABILITIES - Lease liabilities (Details) - CAD ($) $ in Thousands | 12 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Reconciliation of lease liabilities [Abstract] | ||
Lease liabilities, beginning balance | $ 97,249 | $ 82,820 |
Additions | 37,978 | 30,836 |
Interest | 5,473 | 4,016 |
Payments | (31,553) | (24,999) |
Acquisition of subsidiaries | 6,560 | 3,640 |
Exchange and other adjustments | (4,328) | 936 |
Lease liabilities, ending balance | 111,379 | 97,249 |
Less: current portion | 27,571 | 23,994 |
Non-current lease liabilities | $ 83,808 | $ 73,255 |
RIGHT-OF-USE ASSETS AND LEASE_5
RIGHT-OF-USE ASSETS AND LEASE LIABILITIES - Narrative (Details) - CAD ($) $ in Thousands | 12 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Cost of sales | ||
Disclosure of quantitative information about right-of-use assets [line items] | ||
Expense relating to leases of low-value assets for which recognition exemption has been used | $ 4,450 | $ 2,564 |
Selling, general and administrative expense | ||
Disclosure of quantitative information about right-of-use assets [line items] | ||
Expense relating to leases of low-value assets for which recognition exemption has been used | $ 1,729 | $ 1,750 |
RIGHT-OF-USE ASSETS AND LEASE_6
RIGHT-OF-USE ASSETS AND LEASE LIABILITIES- Annual lease obligations (Details) $ in Thousands | Mar. 31, 2024 CAD ($) |
Disclosure of maturity analysis of finance lease payments receivable [line items] | |
Total undiscounted lease liabilities | $ 127,850 |
Less than one year | |
Disclosure of maturity analysis of finance lease payments receivable [line items] | |
Total undiscounted lease liabilities | 31,066 |
One - two years | |
Disclosure of maturity analysis of finance lease payments receivable [line items] | |
Total undiscounted lease liabilities | 25,068 |
Two - three years | |
Disclosure of maturity analysis of finance lease payments receivable [line items] | |
Total undiscounted lease liabilities | 19,337 |
Three - four years | |
Disclosure of maturity analysis of finance lease payments receivable [line items] | |
Total undiscounted lease liabilities | 12,460 |
Four - five years | |
Disclosure of maturity analysis of finance lease payments receivable [line items] | |
Total undiscounted lease liabilities | 9,685 |
Due in over five years | |
Disclosure of maturity analysis of finance lease payments receivable [line items] | |
Total undiscounted lease liabilities | $ 30,234 |
OTHER ASSETS AND LIABILITIES (D
OTHER ASSETS AND LIABILITIES (Details) $ in Thousands | Mar. 31, 2024 CAD ($) | Nov. 21, 2023 CAD ($) | Mar. 31, 2023 CAD ($) | Nov. 04, 2022 CAD ($) | Apr. 20, 2022 CAD ($) | Apr. 20, 2022 EUR (€) |
Miscellaneous non-current assets [abstract] | ||||||
Other | $ 14 | $ 25 | ||||
Total | 18,416 | 16,679 | ||||
Cash flow hedges | Variable fixed interest rate swap instrument | ||||||
Miscellaneous non-current liabilities [abstract] | ||||||
Notional amount | $ 300 | $ 300 | ||||
Derivatives, interest rate fixed | 4.044% | 4.241% | ||||
Cross-currency interest rate swap instrument | ||||||
Miscellaneous non-current liabilities [abstract] | ||||||
Non-current derivative financial liabilities | 14,101 | 10,718 | ||||
Cross-currency interest rate swap instrument | ||||||
Miscellaneous non-current assets [abstract] | ||||||
Non-current derivative financial assets | 17,204 | 16,187 | ||||
Cross-currency interest rate swap instrument | Foreign exchange risk related to senior notes | ||||||
Miscellaneous non-current liabilities [abstract] | ||||||
Notional amount | $ 175 | |||||
Derivatives, interest rate received | 4.125% | 4.125% | ||||
Derivatives, interest rate paid | 4.169% | 4.169% | ||||
Cross-currency interest rate swap instrument | Net investment in european operations | ||||||
Miscellaneous non-current liabilities [abstract] | ||||||
Notional amount | € | € 161,142 | |||||
Derivatives, interest rate received | 4.169% | 4.169% | ||||
Derivatives, interest rate paid | 2.351% | 2.351% | ||||
Variable fixed interest rate swap instrument | ||||||
Miscellaneous non-current assets [abstract] | ||||||
Non-current derivative financial assets | $ 1,198 | $ 467 | ||||
Miscellaneous non-current liabilities [abstract] | ||||||
Notional amount | $ 300 | |||||
Derivatives, interest rate fixed | 4.241% |
PROPERTY, PLANT AND EQUIPMENT_2
PROPERTY, PLANT AND EQUIPMENT (Details) - CAD ($) $ in Thousands | 12 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Reconciliation of changes in property, plant and equipment [abstract] | ||
Property, plant and equipment at beginning of period | $ 263,119 | |
Property, plant and equipment at end of period | 296,977 | $ 263,119 |
Gross carrying amount | ||
Reconciliation of changes in property, plant and equipment [abstract] | ||
Property, plant and equipment at beginning of period | 372,724 | 312,676 |
Additions | 58,830 | 56,104 |
Acquisition of subsidiaries | 17,591 | 549 |
Disposals | (23,466) | (12,384) |
Exchange and other adjustments | (2,840) | 15,779 |
Property, plant and equipment at end of period | 422,839 | 372,724 |
Accumulated depreciation and amortisation | ||
Reconciliation of changes in property, plant and equipment [abstract] | ||
Property, plant and equipment at beginning of period | (109,605) | (90,553) |
Disposals | 13,204 | 10,924 |
Exchange and other adjustments | (1,006) | (4,386) |
Depreciation expense | (28,455) | (25,590) |
Property, plant and equipment at end of period | (125,862) | (109,605) |
Land | ||
Reconciliation of changes in property, plant and equipment [abstract] | ||
Property, plant and equipment at beginning of period | 36,601 | |
Property, plant and equipment at end of period | 39,727 | 36,601 |
Land | Gross carrying amount | ||
Reconciliation of changes in property, plant and equipment [abstract] | ||
Property, plant and equipment at beginning of period | 36,601 | 34,676 |
Additions | 4,400 | 0 |
Acquisition of subsidiaries | 843 | 0 |
Disposals | (2,083) | (118) |
Exchange and other adjustments | (34) | 2,043 |
Property, plant and equipment at end of period | 39,727 | 36,601 |
Land | Accumulated depreciation and amortisation | ||
Reconciliation of changes in property, plant and equipment [abstract] | ||
Property, plant and equipment at beginning of period | 0 | 0 |
Disposals | 0 | 0 |
Exchange and other adjustments | 0 | 0 |
Depreciation expense | 0 | 0 |
Property, plant and equipment at end of period | 0 | 0 |
Buildings and leaseholds | ||
Reconciliation of changes in property, plant and equipment [abstract] | ||
Property, plant and equipment at beginning of period | 155,357 | |
Property, plant and equipment at end of period | 179,445 | 155,357 |
Property, plant and equipment, temporarily idle | 34,725 | 18,889 |
Buildings and leaseholds | Gross carrying amount | ||
Reconciliation of changes in property, plant and equipment [abstract] | ||
Property, plant and equipment at beginning of period | 199,647 | 161,158 |
Additions | 30,559 | 31,109 |
Acquisition of subsidiaries | 10,404 | 50 |
Disposals | (14,630) | (1,008) |
Exchange and other adjustments | 245 | 8,338 |
Property, plant and equipment at end of period | 226,225 | 199,647 |
Buildings and leaseholds | Accumulated depreciation and amortisation | ||
Reconciliation of changes in property, plant and equipment [abstract] | ||
Property, plant and equipment at beginning of period | (44,290) | (34,660) |
Disposals | 7,114 | 540 |
Exchange and other adjustments | (260) | (1,742) |
Depreciation expense | (9,344) | (8,428) |
Property, plant and equipment at end of period | (46,780) | (44,290) |
Production equipment | ||
Reconciliation of changes in property, plant and equipment [abstract] | ||
Property, plant and equipment at beginning of period | 27,316 | |
Property, plant and equipment at end of period | 31,711 | 27,316 |
Production equipment | Gross carrying amount | ||
Reconciliation of changes in property, plant and equipment [abstract] | ||
Property, plant and equipment at beginning of period | 42,838 | 37,310 |
Additions | 7,248 | 7,155 |
Acquisition of subsidiaries | 4,039 | 23 |
Disposals | (526) | (3,263) |
Exchange and other adjustments | 865 | 1,613 |
Property, plant and equipment at end of period | 54,464 | 42,838 |
Production equipment | Accumulated depreciation and amortisation | ||
Reconciliation of changes in property, plant and equipment [abstract] | ||
Property, plant and equipment at beginning of period | (15,522) | (11,232) |
Disposals | 111 | 2,879 |
Exchange and other adjustments | (272) | (832) |
Depreciation expense | (7,070) | (6,337) |
Property, plant and equipment at end of period | (22,753) | (15,522) |
Other equipment | ||
Reconciliation of changes in property, plant and equipment [abstract] | ||
Property, plant and equipment at beginning of period | 43,845 | |
Property, plant and equipment at end of period | 46,094 | 43,845 |
Other equipment | Gross carrying amount | ||
Reconciliation of changes in property, plant and equipment [abstract] | ||
Property, plant and equipment at beginning of period | 93,638 | 79,532 |
Additions | 16,623 | 17,840 |
Acquisition of subsidiaries | 2,305 | 476 |
Disposals | (6,227) | (7,995) |
Exchange and other adjustments | (3,916) | 3,785 |
Property, plant and equipment at end of period | 102,423 | 93,638 |
Other equipment | Accumulated depreciation and amortisation | ||
Reconciliation of changes in property, plant and equipment [abstract] | ||
Property, plant and equipment at beginning of period | (49,793) | (44,661) |
Disposals | 5,979 | 7,505 |
Exchange and other adjustments | (474) | (1,812) |
Depreciation expense | (12,041) | (10,825) |
Property, plant and equipment at end of period | (56,329) | (49,793) |
Construction in progress | ||
Reconciliation of changes in property, plant and equipment [abstract] | ||
Property, plant and equipment at beginning of period | 5,975 | |
Property, plant and equipment at end of period | $ 8,548 | $ 5,975 |
GOODWILL (Details)
GOODWILL (Details) - CAD ($) $ in Thousands | 12 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Reconciliation of changes in intangible assets and goodwill [abstract] | ||
Goodwill at beginning of period | $ 1,118,262 | $ 1,024,790 |
Additional recognition, goodwill | 112,201 | 23,758 |
Increase (decrease) through net exchange differences, goodwill | (1,863) | 69,714 |
Goodwill at end of period | $ 1,228,600 | $ 1,118,262 |
Minimum | ||
Reconciliation of changes in intangible assets and goodwill [abstract] | ||
Capitalization rate, EBITDA | 6.80% | |
Maximum | ||
Reconciliation of changes in intangible assets and goodwill [abstract] | ||
Capitalization rate, EBITDA | 8.30% |
INTANGIBLE ASSETS - Components
INTANGIBLE ASSETS - Components of Intangible Assets (Details) - CAD ($) $ in Thousands | 12 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Reconciliation of changes in intangible assets and goodwill [abstract] | ||
Intangible assets other than goodwill at beginning of period | $ 593,210 | |
Intangible assets other than goodwill at end of period | 679,547 | $ 593,210 |
Intangible assets with indefinite useful life | $ 183,432 | $ 156,732 |
Amortisation rate, intangible assets other than goodwill | 5% | 5% |
Discount rate applied to cash flow projections | 10% | 15% |
Gross carrying amount | ||
Reconciliation of changes in intangible assets and goodwill [abstract] | ||
Intangible assets other than goodwill at beginning of period | $ 922,189 | $ 856,059 |
Additions | 29,628 | 24,192 |
Acquisition of subsidiaries | 138,291 | 40,571 |
Disposals | (3,276) | (7,804) |
Exchange and other adjustments | (76,407) | 9,171 |
Intangible assets other than goodwill at end of period | 1,010,425 | 922,189 |
Accumulated depreciation, amortisation and impairment | ||
Reconciliation of changes in intangible assets and goodwill [abstract] | ||
Intangible assets other than goodwill at beginning of period | (328,979) | (287,879) |
Disposals | 2,607 | 7,319 |
Exchange and other adjustments | 78,557 | 27,420 |
Amortization | (83,063) | (75,839) |
Intangible assets other than goodwill at end of period | (330,878) | (328,979) |
Development projects | ||
Reconciliation of changes in intangible assets and goodwill [abstract] | ||
Intangible assets other than goodwill at beginning of period | 40,467 | |
Intangible assets other than goodwill at end of period | 46,322 | 40,467 |
Development projects | Gross carrying amount | ||
Reconciliation of changes in intangible assets and goodwill [abstract] | ||
Intangible assets other than goodwill at beginning of period | 68,222 | 48,613 |
Additions | 18,135 | 18,060 |
Acquisition of subsidiaries | 1,170 | 0 |
Disposals | (635) | (424) |
Exchange and other adjustments | (6,525) | 1,973 |
Intangible assets other than goodwill at end of period | 80,367 | 68,222 |
Development projects | Accumulated depreciation, amortisation and impairment | ||
Reconciliation of changes in intangible assets and goodwill [abstract] | ||
Intangible assets other than goodwill at beginning of period | (27,755) | (23,430) |
Disposals | 13 | 0 |
Exchange and other adjustments | 190 | (1,126) |
Amortization | (6,493) | (3,199) |
Intangible assets other than goodwill at end of period | (34,045) | (27,755) |
Computer software, licenses and other | ||
Reconciliation of changes in intangible assets and goodwill [abstract] | ||
Intangible assets other than goodwill at beginning of period | 20,811 | |
Intangible assets other than goodwill at end of period | 31,571 | 20,811 |
Computer software, licenses and other | Gross carrying amount | ||
Reconciliation of changes in intangible assets and goodwill [abstract] | ||
Intangible assets other than goodwill at beginning of period | 55,689 | 68,244 |
Additions | 11,493 | 6,132 |
Acquisition of subsidiaries | 1,639 | 7,211 |
Disposals | (2,641) | (7,380) |
Exchange and other adjustments | 3,476 | (18,518) |
Intangible assets other than goodwill at end of period | 69,656 | 55,689 |
Computer software, licenses and other | Accumulated depreciation, amortisation and impairment | ||
Reconciliation of changes in intangible assets and goodwill [abstract] | ||
Intangible assets other than goodwill at beginning of period | (34,878) | (47,130) |
Disposals | 2,594 | 7,319 |
Exchange and other adjustments | 6,563 | 20,068 |
Amortization | (12,364) | (15,135) |
Intangible assets other than goodwill at end of period | (38,085) | (34,878) |
Technology | ||
Reconciliation of changes in intangible assets and goodwill [abstract] | ||
Intangible assets other than goodwill at beginning of period | 198,840 | |
Intangible assets other than goodwill at end of period | 215,892 | 198,840 |
Technology | Gross carrying amount | ||
Reconciliation of changes in intangible assets and goodwill [abstract] | ||
Intangible assets other than goodwill at beginning of period | 278,510 | 247,134 |
Additions | 0 | 0 |
Acquisition of subsidiaries | 48,920 | 19,713 |
Disposals | 0 | 0 |
Exchange and other adjustments | (12,174) | 11,663 |
Intangible assets other than goodwill at end of period | 315,256 | 278,510 |
Technology | Accumulated depreciation, amortisation and impairment | ||
Reconciliation of changes in intangible assets and goodwill [abstract] | ||
Intangible assets other than goodwill at beginning of period | (79,670) | (53,507) |
Disposals | 0 | 0 |
Exchange and other adjustments | 11,478 | (181) |
Amortization | (31,172) | (25,982) |
Intangible assets other than goodwill at end of period | (99,364) | (79,670) |
Customer relationships | ||
Reconciliation of changes in intangible assets and goodwill [abstract] | ||
Intangible assets other than goodwill at beginning of period | 165,004 | |
Intangible assets other than goodwill at end of period | 192,345 | 165,004 |
Customer relationships | Gross carrying amount | ||
Reconciliation of changes in intangible assets and goodwill [abstract] | ||
Intangible assets other than goodwill at beginning of period | 348,733 | 335,642 |
Additions | 0 | 0 |
Acquisition of subsidiaries | 57,379 | 4,549 |
Disposals | 0 | 0 |
Exchange and other adjustments | (60,794) | 8,542 |
Intangible assets other than goodwill at end of period | 345,318 | 348,733 |
Customer relationships | Accumulated depreciation, amortisation and impairment | ||
Reconciliation of changes in intangible assets and goodwill [abstract] | ||
Intangible assets other than goodwill at beginning of period | (183,729) | (158,028) |
Disposals | 0 | 0 |
Exchange and other adjustments | 60,303 | 3,699 |
Amortization | (29,547) | (29,400) |
Intangible assets other than goodwill at end of period | (152,973) | (183,729) |
Brands | ||
Reconciliation of changes in intangible assets and goodwill [abstract] | ||
Intangible assets other than goodwill at beginning of period | 168,088 | |
Intangible assets other than goodwill at end of period | $ 193,417 | 168,088 |
Useful life measured as period of time, intangible assets other than goodwill | 5 years | |
Brands | Gross carrying amount | ||
Reconciliation of changes in intangible assets and goodwill [abstract] | ||
Intangible assets other than goodwill at beginning of period | $ 171,035 | 156,426 |
Additions | 0 | 0 |
Acquisition of subsidiaries | 29,183 | 9,098 |
Disposals | 0 | 0 |
Exchange and other adjustments | (390) | 5,511 |
Intangible assets other than goodwill at end of period | 199,828 | 171,035 |
Brands | Accumulated depreciation, amortisation and impairment | ||
Reconciliation of changes in intangible assets and goodwill [abstract] | ||
Intangible assets other than goodwill at beginning of period | (2,947) | (5,784) |
Disposals | 0 | 0 |
Exchange and other adjustments | 23 | 4,960 |
Amortization | (3,487) | (2,123) |
Intangible assets other than goodwill at end of period | $ (6,411) | $ (2,947) |
INTANGIBLE ASSETS - Narrative (
INTANGIBLE ASSETS - Narrative (Details) | 12 Months Ended |
Mar. 31, 2024 | |
Brands | |
Disclosure of detailed information about intangible assets [line items] | |
Useful life measured as period of time, intangible assets other than goodwill | 5 years |
FINANCIAL INSTRUMENTS AND RIS_3
FINANCIAL INSTRUMENTS AND RISK MANAGEMENT - Categories of financial instruments (Details) - CAD ($) $ in Thousands | Mar. 31, 2024 | Mar. 31, 2023 |
Bank indebtedness | ||
Disclosure of detailed information about financial instruments [line items] | ||
Financial liabilities | $ (4,060) | $ (5,824) |
Bank indebtedness | Fair value through profit or loss | ||
Disclosure of detailed information about financial instruments [line items] | ||
Financial liabilities | 0 | 0 |
Bank indebtedness | Amortized cost | ||
Disclosure of detailed information about financial instruments [line items] | ||
Financial liabilities | (4,060) | (5,824) |
Bank indebtedness | Fair value through other comprehensive income | ||
Disclosure of detailed information about financial instruments [line items] | ||
Financial liabilities | 0 | 0 |
Trade accounts payable and accrued liabilities | ||
Disclosure of detailed information about financial instruments [line items] | ||
Financial liabilities | (535,844) | (601,094) |
Trade accounts payable and accrued liabilities | Fair value through profit or loss | ||
Disclosure of detailed information about financial instruments [line items] | ||
Financial liabilities | 0 | 0 |
Trade accounts payable and accrued liabilities | Amortized cost | ||
Disclosure of detailed information about financial instruments [line items] | ||
Financial liabilities | (535,844) | (601,094) |
Trade accounts payable and accrued liabilities | Fair value through other comprehensive income | ||
Disclosure of detailed information about financial instruments [line items] | ||
Financial liabilities | 0 | 0 |
Long-term debt | ||
Disclosure of detailed information about financial instruments [line items] | ||
Financial liabilities | (1,171,972) | (1,155,786) |
Long-term debt | Fair value through profit or loss | ||
Disclosure of detailed information about financial instruments [line items] | ||
Financial liabilities | 0 | 0 |
Long-term debt | Amortized cost | ||
Disclosure of detailed information about financial instruments [line items] | ||
Financial liabilities | (1,171,972) | (1,155,786) |
Long-term debt | Fair value through other comprehensive income | ||
Disclosure of detailed information about financial instruments [line items] | ||
Financial liabilities | 0 | 0 |
Derivatives | Cash flow hedges | ||
Disclosure of detailed information about financial instruments [line items] | ||
Financial liabilities | (4,860) | |
Derivatives | Fair value through profit or loss | Cash flow hedges | ||
Disclosure of detailed information about financial instruments [line items] | ||
Financial liabilities | 0 | |
Derivatives | Amortized cost | Cash flow hedges | ||
Disclosure of detailed information about financial instruments [line items] | ||
Financial liabilities | 0 | |
Derivatives | Fair value through other comprehensive income | Cash flow hedges | ||
Disclosure of detailed information about financial instruments [line items] | ||
Financial liabilities | (4,860) | |
Cash and cash equivalents | ||
Disclosure of detailed information about financial instruments [line items] | ||
Financial assets | 170,177 | 159,867 |
Cash and cash equivalents | Fair value through profit or loss | ||
Disclosure of detailed information about financial instruments [line items] | ||
Financial assets | 0 | 0 |
Cash and cash equivalents | Amortized cost | ||
Disclosure of detailed information about financial instruments [line items] | ||
Financial assets | 170,177 | 159,867 |
Cash and cash equivalents | Fair value through other comprehensive income | ||
Disclosure of detailed information about financial instruments [line items] | ||
Financial assets | 0 | 0 |
Trade accounts receivable | ||
Disclosure of detailed information about financial instruments [line items] | ||
Financial assets | 437,329 | 368,855 |
Trade accounts receivable | Fair value through profit or loss | ||
Disclosure of detailed information about financial instruments [line items] | ||
Financial assets | 0 | 0 |
Trade accounts receivable | Amortized cost | ||
Disclosure of detailed information about financial instruments [line items] | ||
Financial assets | 437,329 | 368,855 |
Trade accounts receivable | Fair value through other comprehensive income | ||
Disclosure of detailed information about financial instruments [line items] | ||
Financial assets | 0 | 0 |
Derivatives | ||
Disclosure of detailed information about financial instruments [line items] | ||
Financial assets | 600 | 1,024 |
Derivatives | Cash flow hedges | ||
Disclosure of detailed information about financial instruments [line items] | ||
Financial assets | 2,290 | |
Derivatives | Cross-currency interest rate swap instrument | Hedges of net investment in foreign operations | ||
Disclosure of detailed information about financial instruments [line items] | ||
Financial assets | 3,103 | 5,469 |
Derivatives | Interest rate swap instrument | Hedges of net investment in foreign operations | ||
Disclosure of detailed information about financial instruments [line items] | ||
Financial assets | 1,198 | 467 |
Derivatives | Fair value through profit or loss | ||
Disclosure of detailed information about financial instruments [line items] | ||
Financial assets | 600 | 1,024 |
Derivatives | Fair value through profit or loss | Cash flow hedges | ||
Disclosure of detailed information about financial instruments [line items] | ||
Financial assets | 0 | |
Derivatives | Fair value through profit or loss | Cross-currency interest rate swap instrument | Hedges of net investment in foreign operations | ||
Disclosure of detailed information about financial instruments [line items] | ||
Financial assets | 0 | 0 |
Derivatives | Fair value through profit or loss | Interest rate swap instrument | Hedges of net investment in foreign operations | ||
Disclosure of detailed information about financial instruments [line items] | ||
Financial assets | 0 | 0 |
Derivatives | Amortized cost | ||
Disclosure of detailed information about financial instruments [line items] | ||
Financial assets | 0 | 0 |
Derivatives | Amortized cost | Cash flow hedges | ||
Disclosure of detailed information about financial instruments [line items] | ||
Financial assets | 0 | |
Derivatives | Amortized cost | Cross-currency interest rate swap instrument | Hedges of net investment in foreign operations | ||
Disclosure of detailed information about financial instruments [line items] | ||
Financial assets | 0 | 0 |
Derivatives | Amortized cost | Interest rate swap instrument | Hedges of net investment in foreign operations | ||
Disclosure of detailed information about financial instruments [line items] | ||
Financial assets | 0 | 0 |
Derivatives | Fair value through other comprehensive income | ||
Disclosure of detailed information about financial instruments [line items] | ||
Financial assets | 0 | 0 |
Derivatives | Fair value through other comprehensive income | Cash flow hedges | ||
Disclosure of detailed information about financial instruments [line items] | ||
Financial assets | 2,290 | |
Derivatives | Fair value through other comprehensive income | Cross-currency interest rate swap instrument | Hedges of net investment in foreign operations | ||
Disclosure of detailed information about financial instruments [line items] | ||
Financial assets | 3,103 | 5,469 |
Derivatives | Fair value through other comprehensive income | Interest rate swap instrument | Hedges of net investment in foreign operations | ||
Disclosure of detailed information about financial instruments [line items] | ||
Financial assets | $ 1,198 | $ 467 |
FINANCIAL INSTRUMENTS AND RIS_4
FINANCIAL INSTRUMENTS AND RISK MANAGEMENT - Fair value measurements (Details) - CAD ($) $ in Thousands | Mar. 31, 2024 | Mar. 31, 2023 |
Derivatives | ||
Disclosure of detailed information about financial instruments [line items] | ||
Financial assets | $ 600 | $ 1,024 |
Financial assets, at fair value | 600 | 1,024 |
Derivatives | Carrying value | ||
Disclosure of detailed information about financial instruments [line items] | ||
Financial assets | 600 | 1,024 |
Derivatives | Cash flow hedges | ||
Disclosure of detailed information about financial instruments [line items] | ||
Financial assets | 2,290 | |
Financial assets, at fair value | 2,290 | |
Derivatives | Cash flow hedges | Carrying value | ||
Disclosure of detailed information about financial instruments [line items] | ||
Financial assets | 2,290 | |
Derivatives | Hedges of net investment in foreign operations | Cross-currency interest rate swap instrument | ||
Disclosure of detailed information about financial instruments [line items] | ||
Financial assets | 3,103 | 5,469 |
Financial assets, at fair value | 3,103 | 5,469 |
Derivatives | Hedges of net investment in foreign operations | Cross-currency interest rate swap instrument | Carrying value | ||
Disclosure of detailed information about financial instruments [line items] | ||
Financial assets | 3,103 | 5,469 |
Derivatives | Hedges of net investment in foreign operations | Interest rate swap instrument | ||
Disclosure of detailed information about financial instruments [line items] | ||
Financial assets | 1,198 | 467 |
Financial assets, at fair value | 1,198 | 467 |
Derivatives | Hedges of net investment in foreign operations | Interest rate swap instrument | Carrying value | ||
Disclosure of detailed information about financial instruments [line items] | ||
Financial assets | 1,198 | 467 |
Derivatives | Cash flow hedges | ||
Disclosure of detailed information about financial instruments [line items] | ||
Financial liabilities | (4,860) | |
Financial liabilities, at fair value | (4,860) | |
Derivatives | Cash flow hedges | Carrying value | ||
Disclosure of detailed information about financial instruments [line items] | ||
Financial liabilities | (4,860) | |
Long-term debt | ||
Disclosure of detailed information about financial instruments [line items] | ||
Financial liabilities | (1,171,972) | (1,155,786) |
Financial liabilities, at fair value | (1,130,183) | (1,102,089) |
Long-term debt | Carrying value | ||
Disclosure of detailed information about financial instruments [line items] | ||
Financial liabilities | (1,171,972) | (1,155,786) |
Level 1 | Derivatives | ||
Disclosure of detailed information about financial instruments [line items] | ||
Financial assets, at fair value | 0 | 0 |
Level 1 | Derivatives | Cash flow hedges | ||
Disclosure of detailed information about financial instruments [line items] | ||
Financial assets, at fair value | 0 | |
Level 1 | Derivatives | Hedges of net investment in foreign operations | Cross-currency interest rate swap instrument | ||
Disclosure of detailed information about financial instruments [line items] | ||
Financial assets, at fair value | 0 | 0 |
Level 1 | Derivatives | Hedges of net investment in foreign operations | Interest rate swap instrument | ||
Disclosure of detailed information about financial instruments [line items] | ||
Financial assets, at fair value | 0 | 0 |
Level 1 | Derivatives | Cash flow hedges | ||
Disclosure of detailed information about financial instruments [line items] | ||
Financial liabilities, at fair value | 0 | |
Level 1 | Long-term debt | ||
Disclosure of detailed information about financial instruments [line items] | ||
Financial liabilities, at fair value | 0 | 0 |
Level 2 | Derivatives | ||
Disclosure of detailed information about financial instruments [line items] | ||
Financial assets, at fair value | 600 | 1,024 |
Level 2 | Derivatives | Cash flow hedges | ||
Disclosure of detailed information about financial instruments [line items] | ||
Financial assets, at fair value | 2,290 | |
Level 2 | Derivatives | Hedges of net investment in foreign operations | Cross-currency interest rate swap instrument | ||
Disclosure of detailed information about financial instruments [line items] | ||
Financial assets, at fair value | 3,103 | 5,469 |
Level 2 | Derivatives | Hedges of net investment in foreign operations | Interest rate swap instrument | ||
Disclosure of detailed information about financial instruments [line items] | ||
Financial assets, at fair value | 1,198 | 467 |
Level 2 | Derivatives | Cash flow hedges | ||
Disclosure of detailed information about financial instruments [line items] | ||
Financial liabilities, at fair value | (4,860) | |
Level 2 | Long-term debt | ||
Disclosure of detailed information about financial instruments [line items] | ||
Financial liabilities, at fair value | (1,130,183) | (1,102,089) |
Level 3 | Derivatives | ||
Disclosure of detailed information about financial instruments [line items] | ||
Financial assets, at fair value | 0 | 0 |
Level 3 | Derivatives | Cash flow hedges | ||
Disclosure of detailed information about financial instruments [line items] | ||
Financial assets, at fair value | 0 | |
Level 3 | Derivatives | Hedges of net investment in foreign operations | Cross-currency interest rate swap instrument | ||
Disclosure of detailed information about financial instruments [line items] | ||
Financial assets, at fair value | 0 | 0 |
Level 3 | Derivatives | Hedges of net investment in foreign operations | Interest rate swap instrument | ||
Disclosure of detailed information about financial instruments [line items] | ||
Financial assets, at fair value | 0 | 0 |
Level 3 | Derivatives | Cash flow hedges | ||
Disclosure of detailed information about financial instruments [line items] | ||
Financial liabilities, at fair value | 0 | |
Level 3 | Long-term debt | ||
Disclosure of detailed information about financial instruments [line items] | ||
Financial liabilities, at fair value | $ 0 | $ 0 |
FINANCIAL INSTRUMENTS AND RIS_5
FINANCIAL INSTRUMENTS AND RISK MANAGEMENT - Narrative (Details) $ in Thousands, $ in Thousands | 12 Months Ended | ||||||||
Mar. 31, 2024 CAD ($) | Mar. 31, 2024 USD ($) | Mar. 31, 2023 CAD ($) | Mar. 31, 2023 USD ($) | Nov. 21, 2023 CAD ($) | Nov. 04, 2022 CAD ($) | Apr. 20, 2022 EUR (€) | Apr. 20, 2022 USD ($) | Mar. 31, 2022 CAD ($) | |
Disclosure of detailed information about financial instruments [line items] | |||||||||
Cash and cash equivalents | $ 170,177 | $ 159,867 | $ 135,282 | ||||||
Credit Facility | |||||||||
Disclosure of detailed information about financial instruments [line items] | |||||||||
Undrawn borrowing facilities | 447,339 | 456,010 | |||||||
Currency risk | |||||||||
Disclosure of detailed information about financial instruments [line items] | |||||||||
Effect on accumulated other comprehensive income | 8,602 | $ 36,925 | 62,943 | $ 72,051 | |||||
Effect on income before income taxes | $ 1,679 | $ 6,934 | 12 | $ 2,840 | |||||
Reasonably possible change in risk variable, percent | 5% | ||||||||
Interest rate risk | |||||||||
Disclosure of detailed information about financial instruments [line items] | |||||||||
Effect on income before income taxes | $ 4,084 | 3,884 | |||||||
Debt subject to movements | $ 408,420 | $ 388,397 | |||||||
Debt subject to movements, percentage | 34% | 33% | |||||||
Reasonably possible change in risk variable, percent | 1% | ||||||||
Forward contract | |||||||||
Disclosure of detailed information about financial instruments [line items] | |||||||||
Risk management gains (losses) | $ 5,448 | $ (21,553) | |||||||
Unrealized gains (losses) | 3,146 | (2,758) | |||||||
Realized gains (losses) | 2,302 | (18,795) | |||||||
Cash flow hedges | |||||||||
Disclosure of detailed information about financial instruments [line items] | |||||||||
Income recognized | $ 345 | $ 75 | |||||||
Cash flow hedges | Interest rate swap instrument | |||||||||
Disclosure of detailed information about financial instruments [line items] | |||||||||
Notional amount | € 161,142 | $ 175 | |||||||
US interest rate received | 4.125% | 4.125% | |||||||
Canadian interest rate paid | 4.169% | 4.169% | |||||||
Canadian interest rate received | 4.169% | 4.169% | |||||||
Euro interest rate paid | 2.351% | 2.351% | |||||||
Cash flow hedges | Variable fixed interest rate swap instrument | |||||||||
Disclosure of detailed information about financial instruments [line items] | |||||||||
Notional amount | $ 300 | $ 300 | |||||||
Derivatives, interest rate fixed | 4.044% | 4.241% |
FINANCIAL INSTRUMENTS AND RIS_6
FINANCIAL INSTRUMENTS AND RISK MANAGEMENT - Credit risk (Details) - Trade accounts receivable - Credit risk - CAD ($) $ in Thousands | Mar. 31, 2024 | Mar. 31, 2023 |
Disclosure of detailed information about financial instruments [line items] | ||
Total | $ 443,570 | $ 375,356 |
Current | ||
Disclosure of detailed information about financial instruments [line items] | ||
Total | 316,492 | 304,181 |
1 – 30 days | ||
Disclosure of detailed information about financial instruments [line items] | ||
Total | 68,454 | 35,704 |
31 – 60 days | ||
Disclosure of detailed information about financial instruments [line items] | ||
Total | 12,537 | 13,098 |
61 – 90 days | ||
Disclosure of detailed information about financial instruments [line items] | ||
Total | 13,554 | 5,870 |
Over 90 days | ||
Disclosure of detailed information about financial instruments [line items] | ||
Total | $ 32,533 | $ 16,503 |
FINANCIAL INSTRUMENTS AND RIS_7
FINANCIAL INSTRUMENTS AND RISK MANAGEMENT - Allowance for doubtful accounts (Details) - CAD ($) $ in Thousands | 12 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Reconciliation of changes in allowance account for credit losses of financial assets [abstract] | ||
Balance, at April 1 | $ 6,501 | $ 5,216 |
Provision for doubtful accounts | 2,135 | 1,086 |
Amounts written off | (201) | (491) |
Recoveries | (2,114) | (406) |
Foreign exchange | (80) | 1,096 |
Balance, at March 31 | $ 6,241 | $ 6,501 |
FINANCIAL INSTRUMENTS AND RIS_8
FINANCIAL INSTRUMENTS AND RISK MANAGEMENT - Trade payables (Details) - Trade accounts payable and accrued liabilities - Liquidity risk - CAD ($) $ in Thousands | Mar. 31, 2024 | Mar. 31, 2023 |
Disclosure of detailed information about financial instruments [line items] | ||
Accounts payable and accrued liabilities | $ 221,464 | $ 285,486 |
1 – 30 days | ||
Disclosure of detailed information about financial instruments [line items] | ||
Accounts payable and accrued liabilities | 179,521 | 222,332 |
31 – 60 days | ||
Disclosure of detailed information about financial instruments [line items] | ||
Accounts payable and accrued liabilities | 27,514 | 32,246 |
61 – 90 days | ||
Disclosure of detailed information about financial instruments [line items] | ||
Accounts payable and accrued liabilities | 7,732 | 17,836 |
Over 90 days | ||
Disclosure of detailed information about financial instruments [line items] | ||
Accounts payable and accrued liabilities | $ 6,697 | $ 13,072 |
FINANCIAL INSTRUMENTS AND RIS_9
FINANCIAL INSTRUMENTS AND RISK MANAGEMENT - Outstanding cash flow hedge positions (Details) - CAD ($) $ in Thousands | 12 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
US Dollars to Canadian Dollars | Derivative hedging instruments | ||
Disclosure of detailed information about financial instruments [line items] | ||
Nominal amount (in CAD) | $ 233,244 | $ 193,545 |
Assets | 1,024 | |
Liabilities | 1,083 | |
Changes in fair value used for calculating hedge ineffectiveness | 1,024 | 1,083 |
Changes in fair value used for calculating hedge ineffectiveness | 1,024 | 1,083 |
For continued hedges | 1,024 | 1,083 |
For discontinued hedges | 0 | 0 |
US Dollars to Canadian Dollars | Cross-currency interest rate swap | ||
Disclosure of detailed information about financial instruments [line items] | ||
Nominal amount (in CAD) | 237,038 | 236,495 |
Assets | 17,204 | 16,187 |
Changes in fair value used for calculating hedge ineffectiveness | 1,017 | 20,122 |
Changes in fair value used for calculating hedge ineffectiveness | 1,017 | 20,122 |
For continued hedges | 17,204 | 16,187 |
For discontinued hedges | 0 | 0 |
Euros to Canadian Dollars | Derivative hedging instruments | ||
Disclosure of detailed information about financial instruments [line items] | ||
Nominal amount (in CAD) | 98,103 | 56,573 |
Assets | 1,559 | |
Liabilities | 4,152 | |
Changes in fair value used for calculating hedge ineffectiveness | 1,559 | 4,152 |
Changes in fair value used for calculating hedge ineffectiveness | 1,559 | 4,152 |
For continued hedges | 1,559 | 4,152 |
For discontinued hedges | 0 | 0 |
US Dollars to Euros | Derivative hedging instruments | ||
Disclosure of detailed information about financial instruments [line items] | ||
Nominal amount (in CAD) | 18,648 | 45,535 |
Assets | 522 | |
Liabilities | 204 | |
Changes in fair value used for calculating hedge ineffectiveness | 204 | 522 |
Changes in fair value used for calculating hedge ineffectiveness | 204 | 522 |
For continued hedges | 204 | 522 |
For discontinued hedges | 0 | 0 |
Euros to US Dollars | Derivative hedging instruments | ||
Disclosure of detailed information about financial instruments [line items] | ||
Nominal amount (in CAD) | 10,763 | 3,648 |
Liabilities | 26 | 99 |
Changes in fair value used for calculating hedge ineffectiveness | 26 | 99 |
Changes in fair value used for calculating hedge ineffectiveness | 26 | 99 |
For continued hedges | 26 | 99 |
For discontinued hedges | 0 | 0 |
Canadian Dollars to Euros | Cross-currency interest rate swap | ||
Disclosure of detailed information about financial instruments [line items] | ||
Nominal amount (in CAD) | 235,477 | 236,137 |
Liabilities | 14,101 | 10,718 |
Changes in fair value used for calculating hedge ineffectiveness | (3,383) | (28,722) |
Changes in fair value used for calculating hedge ineffectiveness | (3,383) | (28,722) |
For continued hedges | 14,101 | 10,718 |
For discontinued hedges | 0 | 0 |
Variable Rate to Fixed Rate | Interest rate swap instrument | ||
Disclosure of detailed information about financial instruments [line items] | ||
Nominal amount (in CAD) | 406,350 | 405,420 |
Assets | 1,198 | 467 |
Changes in fair value used for calculating hedge ineffectiveness | 732 | 467 |
Changes in fair value used for calculating hedge ineffectiveness | 732 | 467 |
For continued hedges | 1,198 | 467 |
For discontinued hedges | 0 | $ 0 |
Euros to Czech Koruna | Derivative hedging instruments | ||
Disclosure of detailed information about financial instruments [line items] | ||
Nominal amount (in CAD) | 2,740 | |
Liabilities | 63 | |
Changes in fair value used for calculating hedge ineffectiveness | 63 | |
Changes in fair value used for calculating hedge ineffectiveness | 63 | |
For continued hedges | 63 | |
For discontinued hedges | $ 0 |
FINANCIAL INSTRUMENTS AND RI_10
FINANCIAL INSTRUMENTS AND RISK MANAGEMENT - Maturity (Details) - CAD ($) $ in Thousands | Mar. 31, 2024 | Mar. 31, 2023 |
Less than 3 months | US Dollars to Canadian Dollars | Revenue hedges | ||
Disclosure of detailed information about financial instruments [line items] | ||
Nominal amount | 65,780 | 55,347 |
Average hedged rate | 135.20% | 133.30% |
Less than 3 months | US Dollars to Canadian Dollars | Purchase hedges | ||
Disclosure of detailed information about financial instruments [line items] | ||
Nominal amount | 4,889 | |
Average hedged rate | 133.90% | |
Less than 3 months | Euros to Canadian Dollars | Revenue hedges | ||
Disclosure of detailed information about financial instruments [line items] | ||
Nominal amount | 24,842 | 23,602 |
Average hedged rate | 147.90% | 135.50% |
Less than 3 months | Euros to Canadian Dollars | Purchase hedges | ||
Disclosure of detailed information about financial instruments [line items] | ||
Nominal amount | 3,513 | |
Average hedged rate | 148% | |
Less than 3 months | US Dollars to Euros | Revenue hedges | ||
Disclosure of detailed information about financial instruments [line items] | ||
Nominal amount | 11,170 | 11,398 |
Average hedged rate | 90.70% | 92.90% |
Less than 3 months | US Dollars to Euros | Purchase hedges | ||
Disclosure of detailed information about financial instruments [line items] | ||
Nominal amount | 56 | 365 |
Average hedged rate | 91.90% | 95.50% |
Less than 3 months | Euros to Czech Koruna | Revenue hedges | ||
Disclosure of detailed information about financial instruments [line items] | ||
Nominal amount | 1,279 | |
Average hedged rate | 2,452.30% | |
Less than 3 months | Euros to US Dollars | Revenue hedges | ||
Disclosure of detailed information about financial instruments [line items] | ||
Nominal amount | 1,300 | |
Average hedged rate | 114.50% | |
Less than 3 months | Euros to US Dollars | Purchase hedges | ||
Disclosure of detailed information about financial instruments [line items] | ||
Nominal amount | 2,192 | 665 |
Average hedged rate | 108.40% | 108.80% |
3 to 6 months | US Dollars to Canadian Dollars | Revenue hedges | ||
Disclosure of detailed information about financial instruments [line items] | ||
Nominal amount | 48,247 | 45,926 |
Average hedged rate | 135.30% | 134.10% |
3 to 6 months | US Dollars to Canadian Dollars | Purchase hedges | ||
Disclosure of detailed information about financial instruments [line items] | ||
Nominal amount | 0 | |
Average hedged rate | 0% | |
3 to 6 months | Euros to Canadian Dollars | Revenue hedges | ||
Disclosure of detailed information about financial instruments [line items] | ||
Nominal amount | 28,130 | 16,119 |
Average hedged rate | 148.30% | 136.90% |
3 to 6 months | Euros to Canadian Dollars | Purchase hedges | ||
Disclosure of detailed information about financial instruments [line items] | ||
Nominal amount | 336 | |
Average hedged rate | 147.30% | |
3 to 6 months | US Dollars to Euros | Revenue hedges | ||
Disclosure of detailed information about financial instruments [line items] | ||
Nominal amount | 5,224 | 15,567 |
Average hedged rate | 92.80% | 92.10% |
3 to 6 months | US Dollars to Euros | Purchase hedges | ||
Disclosure of detailed information about financial instruments [line items] | ||
Nominal amount | 0 | 98 |
Average hedged rate | 0% | 100.30% |
3 to 6 months | Euros to Czech Koruna | Revenue hedges | ||
Disclosure of detailed information about financial instruments [line items] | ||
Nominal amount | 877 | |
Average hedged rate | 2,486.60% | |
3 to 6 months | Euros to US Dollars | Revenue hedges | ||
Disclosure of detailed information about financial instruments [line items] | ||
Nominal amount | 650 | |
Average hedged rate | 115% | |
3 to 6 months | Euros to US Dollars | Purchase hedges | ||
Disclosure of detailed information about financial instruments [line items] | ||
Nominal amount | 3,208 | 204 |
Average hedged rate | 108.80% | 108.10% |
6 to 9 months | US Dollars to Canadian Dollars | Revenue hedges | ||
Disclosure of detailed information about financial instruments [line items] | ||
Nominal amount | 42,539 | 31,114 |
Average hedged rate | 135.10% | 133.90% |
6 to 9 months | US Dollars to Canadian Dollars | Purchase hedges | ||
Disclosure of detailed information about financial instruments [line items] | ||
Nominal amount | 0 | |
Average hedged rate | 0% | |
6 to 9 months | Euros to Canadian Dollars | Revenue hedges | ||
Disclosure of detailed information about financial instruments [line items] | ||
Nominal amount | 12,056 | 12,456 |
Average hedged rate | 149.50% | 137% |
6 to 9 months | Euros to Canadian Dollars | Purchase hedges | ||
Disclosure of detailed information about financial instruments [line items] | ||
Nominal amount | 0 | |
Average hedged rate | 0% | |
6 to 9 months | US Dollars to Euros | Revenue hedges | ||
Disclosure of detailed information about financial instruments [line items] | ||
Nominal amount | 2,198 | 10,423 |
Average hedged rate | 90.50% | 92.80% |
6 to 9 months | US Dollars to Euros | Purchase hedges | ||
Disclosure of detailed information about financial instruments [line items] | ||
Nominal amount | 0 | 0 |
Average hedged rate | 0% | 0% |
6 to 9 months | Euros to Czech Koruna | Revenue hedges | ||
Disclosure of detailed information about financial instruments [line items] | ||
Nominal amount | 584 | |
Average hedged rate | 2,495.80% | |
6 to 9 months | Euros to US Dollars | Revenue hedges | ||
Disclosure of detailed information about financial instruments [line items] | ||
Nominal amount | 0 | |
Average hedged rate | 0% | |
6 to 9 months | Euros to US Dollars | Purchase hedges | ||
Disclosure of detailed information about financial instruments [line items] | ||
Nominal amount | 3,317 | 0 |
Average hedged rate | 109.30% | 0% |
9 to 12 months | US Dollars to Canadian Dollars | Revenue hedges | ||
Disclosure of detailed information about financial instruments [line items] | ||
Nominal amount | 24,381 | 21,616 |
Average hedged rate | 136% | 134.80% |
9 to 12 months | US Dollars to Canadian Dollars | Purchase hedges | ||
Disclosure of detailed information about financial instruments [line items] | ||
Nominal amount | 0 | |
Average hedged rate | 0% | |
9 to 12 months | Euros to Canadian Dollars | Revenue hedges | ||
Disclosure of detailed information about financial instruments [line items] | ||
Nominal amount | 8,768 | 4,396 |
Average hedged rate | 151.20% | 137.40% |
9 to 12 months | Euros to Canadian Dollars | Purchase hedges | ||
Disclosure of detailed information about financial instruments [line items] | ||
Nominal amount | 0 | |
Average hedged rate | 0% | |
9 to 12 months | US Dollars to Euros | Revenue hedges | ||
Disclosure of detailed information about financial instruments [line items] | ||
Nominal amount | 0 | 4,400 |
Average hedged rate | 0% | 92.50% |
9 to 12 months | US Dollars to Euros | Purchase hedges | ||
Disclosure of detailed information about financial instruments [line items] | ||
Nominal amount | 0 | 0 |
Average hedged rate | 0% | 0% |
9 to 12 months | Euros to Czech Koruna | Revenue hedges | ||
Disclosure of detailed information about financial instruments [line items] | ||
Nominal amount | 0 | |
Average hedged rate | 0% | |
9 to 12 months | Euros to US Dollars | Revenue hedges | ||
Disclosure of detailed information about financial instruments [line items] | ||
Nominal amount | 0 | |
Average hedged rate | 0% | |
9 to 12 months | Euros to US Dollars | Purchase hedges | ||
Disclosure of detailed information about financial instruments [line items] | ||
Nominal amount | 2,046 | 828 |
Average hedged rate | 109.80% | 109.20% |
1 to 2 years | US Dollars to Canadian Dollars | Revenue hedges | ||
Disclosure of detailed information about financial instruments [line items] | ||
Nominal amount | 47,408 | 39,542 |
Average hedged rate | 136.30% | 134.40% |
1 to 2 years | US Dollars to Canadian Dollars | Purchase hedges | ||
Disclosure of detailed information about financial instruments [line items] | ||
Nominal amount | 0 | |
Average hedged rate | 0% | |
1 to 2 years | Euros to Canadian Dollars | Revenue hedges | ||
Disclosure of detailed information about financial instruments [line items] | ||
Nominal amount | 20,458 | 0 |
Average hedged rate | 152.40% | 0% |
1 to 2 years | Euros to Canadian Dollars | Purchase hedges | ||
Disclosure of detailed information about financial instruments [line items] | ||
Nominal amount | 0 | |
Average hedged rate | 0% | |
1 to 2 years | US Dollars to Euros | Revenue hedges | ||
Disclosure of detailed information about financial instruments [line items] | ||
Nominal amount | 0 | 3,228 |
Average hedged rate | 0% | 101.40% |
1 to 2 years | US Dollars to Euros | Purchase hedges | ||
Disclosure of detailed information about financial instruments [line items] | ||
Nominal amount | 0 | 56 |
Average hedged rate | 0% | 91.90% |
1 to 2 years | Euros to Czech Koruna | Revenue hedges | ||
Disclosure of detailed information about financial instruments [line items] | ||
Nominal amount | 0 | |
Average hedged rate | 0% | |
1 to 2 years | Euros to US Dollars | Revenue hedges | ||
Disclosure of detailed information about financial instruments [line items] | ||
Nominal amount | 0 | |
Average hedged rate | 0% | |
1 to 2 years | Euros to US Dollars | Purchase hedges | ||
Disclosure of detailed information about financial instruments [line items] | ||
Nominal amount | 0 | 0 |
Average hedged rate | 0% | 0% |
FINANCIAL INSTRUMENTS AND RI_11
FINANCIAL INSTRUMENTS AND RISK MANAGEMENT - Cash flow hedges (Details) - Cash flow hedges - CAD ($) $ in Thousands | Mar. 31, 2024 | Mar. 31, 2023 |
Fair value through other comprehensive income | Revenue hedges | ||
Disclosure of detailed information about financial instruments [line items] | ||
Financial liabilities | $ (7,154) | $ 6,914 |
Fair value through other comprehensive income | Purchase hedges | ||
Disclosure of detailed information about financial instruments [line items] | ||
Financial liabilities | 4 | (219) |
Fair value through other comprehensive income | Cross-currency interest rate swap | ||
Disclosure of detailed information about financial instruments [line items] | ||
Financial liabilities | (1,017) | (20,122) |
Fair value through other comprehensive income | Interest rate swap instrument | ||
Disclosure of detailed information about financial instruments [line items] | ||
Financial liabilities | (732) | (467) |
Fair value through profit or loss | Revenue hedges | ||
Disclosure of detailed information about financial instruments [line items] | ||
Financial liabilities | 0 | 0 |
Fair value through profit or loss | Purchase hedges | ||
Disclosure of detailed information about financial instruments [line items] | ||
Financial liabilities | 0 | 0 |
Fair value through profit or loss | Cross-currency interest rate swap | ||
Disclosure of detailed information about financial instruments [line items] | ||
Financial liabilities | 0 | 0 |
Fair value through profit or loss | Interest rate swap instrument | ||
Disclosure of detailed information about financial instruments [line items] | ||
Financial liabilities | 0 | 0 |
Amount reclassified from the cash flow hedge reserve to profit or loss gain (loss) | Revenue hedges | ||
Disclosure of detailed information about financial instruments [line items] | ||
Financial liabilities | (1,706) | (5,413) |
Amount reclassified from the cash flow hedge reserve to profit or loss gain (loss) | Purchase hedges | ||
Disclosure of detailed information about financial instruments [line items] | ||
Financial liabilities | (80) | (170) |
Amount reclassified from the cash flow hedge reserve to profit or loss gain (loss) | Cross-currency interest rate swap | ||
Disclosure of detailed information about financial instruments [line items] | ||
Financial liabilities | 0 | 0 |
Amount reclassified from the cash flow hedge reserve to profit or loss gain (loss) | Interest rate swap instrument | ||
Disclosure of detailed information about financial instruments [line items] | ||
Financial liabilities | $ 0 | $ 0 |
PROVISIONS (Details)
PROVISIONS (Details) - CAD ($) $ in Thousands | 12 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Changes in other provisions [abstract] | ||
Provisions, beginning balance | $ 30,600 | $ 24,825 |
Provisions made | 39,612 | 39,868 |
Acquisition of subsidiaries | 522 | |
Provisions used | (34,659) | (34,983) |
Exchange adjustments | (97) | 890 |
Provisions, ending balance | 35,978 | 30,600 |
Warranty | ||
Changes in other provisions [abstract] | ||
Provisions, beginning balance | 11,102 | 12,793 |
Provisions made | 6,460 | 3,559 |
Acquisition of subsidiaries | 522 | |
Provisions used | (4,862) | (5,838) |
Exchange adjustments | (30) | 588 |
Provisions, ending balance | 13,192 | 11,102 |
Restructuring | ||
Changes in other provisions [abstract] | ||
Provisions, beginning balance | 18,590 | 10,610 |
Provisions made | 22,790 | 27,487 |
Acquisition of subsidiaries | 0 | |
Provisions used | (19,445) | (19,773) |
Exchange adjustments | (72) | 266 |
Provisions, ending balance | 21,863 | 18,590 |
Other | ||
Changes in other provisions [abstract] | ||
Provisions, beginning balance | 908 | 1,422 |
Provisions made | 10,362 | 8,822 |
Acquisition of subsidiaries | 0 | |
Provisions used | (10,352) | (9,372) |
Exchange adjustments | 5 | 36 |
Provisions, ending balance | $ 923 | $ 908 |
EMPLOYEE BENEFITS - Change in p
EMPLOYEE BENEFITS - Change in plan assets (Details) - CAD ($) $ in Thousands | 12 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Accrued benefit obligations: | ||
Net defined benefit liability (asset) at beginning of period | $ 25,486 | |
Net defined benefit liability (asset) at end of period | 24,585 | $ 25,486 |
Present value of defined benefit obligation [member] | ||
Accrued benefit obligations: | ||
Net defined benefit liability (asset) at beginning of period | 29,162 | 32,721 |
Acquisition of subsidiary | 0 | 1,055 |
Interest cost | 1,015 | 579 |
Service cost | 610 | 553 |
Assumption changes | 561 | (5,043) |
Transfers and benefits paid | (2,590) | (2,111) |
Foreign exchange | (376) | 1,408 |
Net defined benefit liability (asset) at end of period | 28,382 | 29,162 |
Plan assets [member] | ||
Accrued benefit obligations: | ||
Net defined benefit liability (asset) at beginning of period | 3,676 | 3,589 |
Interest cost | 125 | (170) |
Company contributions | 0 | 179 |
Foreign exchange | (4) | 78 |
Net defined benefit liability (asset) at end of period | $ 3,797 | $ 3,676 |
EMPLOYEE BENEFITS - Comprehensi
EMPLOYEE BENEFITS - Comprehensive income (before tax) (Details) - CAD ($) $ in Thousands | 12 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Employee benefits [Abstract] | ||
Total actuarial gains (losses) recognized in OCI | $ (561) | $ 5,043 |
EMPLOYEE BENEFITS - Assumptions
EMPLOYEE BENEFITS - Assumptions (Details) - CAD ($) $ in Thousands | Mar. 31, 2024 | Mar. 31, 2023 |
Disclosure of sensitivity analysis for actuarial assumptions [line items] | ||
Discount rate | 3.80% | 4.10% |
Rate of compensation increase | 0.60% | 0.40% |
Other | 100% | 100% |
Discount rate | ||
Disclosure of sensitivity analysis for actuarial assumptions [line items] | ||
Accrued benefit obligations | $ (2,988) | |
Accrued benefit obligations | 2,146 | |
Life expectancy | ||
Disclosure of sensitivity analysis for actuarial assumptions [line items] | ||
Accrued benefit obligations | 625 | |
Accrued benefit obligations | $ (638) |
EMPLOYEE BENEFITS - Net employe
EMPLOYEE BENEFITS - Net employee benefits expense (Details) - CAD ($) $ in Thousands | 12 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Employee benefits [Abstract] | ||
Service cost | $ 610 | $ 553 |
Interest cost | 1,015 | 579 |
Total | 1,625 | 1,132 |
Post-employment benefit expense, defined contribution plans | 9,871 | 7,250 |
Net employee benefits expense | $ 11,496 | $ 8,382 |
EMPLOYEE BENEFITS - Narrative (
EMPLOYEE BENEFITS - Narrative (Details) - CAD ($) | 12 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Employee benefits [Abstract] | ||
Estimate of contributions expected to be paid to plan for next annual reporting period | $ 0 | |
Cumulative actuarial losses, net of tax | $ 2,797,000 | $ 2,390,000 |
BANK INDEBTEDNESS AND LONG-TE_3
BANK INDEBTEDNESS AND LONG-TERM DEBT - Narrative (Details) € in Thousands, ฿ in Thousands, £ in Thousands, $ in Thousands, $ in Thousands | 12 Months Ended | |||||||
Mar. 31, 2024 CAD ($) | Mar. 31, 2024 EUR (€) | Mar. 31, 2024 USD ($) | Mar. 31, 2024 THB (฿) | Mar. 31, 2024 GBP (£) | Mar. 31, 2024 AUD ($) | Oct. 05, 2023 CAD ($) | Mar. 31, 2023 CAD ($) | |
Disclosure of detailed information about borrowings [line items] | ||||||||
Long-term debt | $ 1,171,972,000 | $ 1,155,786,000 | ||||||
Letters of credit | 171,065,000 | 192,508,000 | ||||||
Current borrowings | 4,060,000 | 5,824,000 | ||||||
Credit Facility | ||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||
Utilized amount | 703,984,000 | |||||||
Letters of credit | $ 12,000 | 48,000 | ||||||
Credit Facility | Bottom of range | ||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||
Letters of credit usage fee, percentage | 1.45% | 1.45% | 1.45% | 1.45% | 1.45% | 1.45% | ||
Borrowings usage fee, percentage | 0.97% | 0.97% | 0.97% | 0.97% | 0.97% | 0.97% | ||
Standby fee, percentage | 0.29% | 0.29% | 0.29% | 0.29% | 0.29% | 0.29% | ||
Credit Facility | Bottom of range | Prime Rate | ||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||
Borrowings, adjustment to interest rate basis | 0.45% | 0.45% | 0.45% | 0.45% | 0.45% | 0.45% | ||
Credit Facility | Bottom of range | SOFR, EURIBOR or SONIA Rate | ||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||
Borrowings, adjustment to interest rate basis | 1.45% | 1.45% | 1.45% | 1.45% | 1.45% | 1.45% | ||
Credit Facility | Top of range | ||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||
Letters of credit usage fee, percentage | 3% | 3% | 3% | 3% | 3% | 3% | ||
Borrowings usage fee, percentage | 2% | 2% | 2% | 2% | 2% | 2% | ||
Standby fee, percentage | 0.60% | 0.60% | 0.60% | 0.60% | 0.60% | 0.60% | ||
Credit Facility | Top of range | Prime Rate | ||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||
Borrowings, adjustment to interest rate basis | 2% | 2% | 2% | 2% | 2% | 2% | ||
Credit Facility | Top of range | SOFR, EURIBOR or SONIA Rate | ||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||
Borrowings, adjustment to interest rate basis | 3% | 3% | 3% | 3% | 3% | 3% | ||
Credit Facility | Gross carrying amount | ||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||
Long-term debt | $ 703,972,000 | 691,906,000 | ||||||
Secured Committed Revolving Line of Credit | ||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||
Principal amount | $ 750,000 | |||||||
Secured Term Credit Facility | ||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||
Principal amount | $ 300,000 | |||||||
Other Facilities , Including Bank Indebtedness | Bottom of range | ||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||
Borrowings, interest rate | 0.03% | 0.03% | 0.03% | 0.03% | 0.03% | 0.03% | ||
Other Facilities , Including Bank Indebtedness | Top of range | ||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||
Borrowings, interest rate | 8.45% | 8.45% | 8.45% | 8.45% | 8.45% | 8.45% | ||
Other Facilities , Including Bank Indebtedness | Gross carrying amount | ||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||
Long-term debt | $ 6,735,000 | |||||||
Letters of credit | 376,000 | 158,000 | ||||||
Additional credit facilities available | 108,058,000 | |||||||
Euro Credit Facility | Gross carrying amount | ||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||
Additional credit facilities available | € | € 40,575 | |||||||
U.S. Credit Facility | Gross carrying amount | ||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||
Additional credit facilities available | $ 24,000 | |||||||
Thai Baht Credit Facility | Gross carrying amount | ||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||
Additional credit facilities available | ฿ | ฿ 120,000 | |||||||
British Pound Sterling Credit Facility | Gross carrying amount | ||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||
Additional credit facilities available | £ | £ 5,000 | |||||||
Yuan Credit Facility | Gross carrying amount | ||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||
Additional credit facilities available | £ | £ 5,000 | |||||||
Australian Credit Facility | Gross carrying amount | ||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||
Additional credit facilities available | $ 150 | |||||||
Canadian Credit Facility | Gross carrying amount | ||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||
Additional credit facilities available | 2,189,000 | |||||||
Other Facilities | Gross carrying amount | ||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||
Long-term debt | 2,299,000 | 202,000 | ||||||
Senior Notes | ||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||
Principal amount | $ 350,000 | |||||||
Borrowings, interest rate | 4.125% | 4.125% | 4.125% | 4.125% | 4.125% | 4.125% | ||
Borrowings, redemption price, percentage | 101% | 101% | 101% | 101% | 101% | 101% | ||
Borrowing costs incurred | $ 8,100 | |||||||
Senior Notes | Gross carrying amount | ||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||
Long-term debt | $ 474,075,000 | $ 472,990,000 |
BANK INDEBTEDNESS AND LONG-TE_4
BANK INDEBTEDNESS AND LONG-TERM DEBT - Schedule of borrowings (Details) - CAD ($) $ in Thousands | Mar. 31, 2024 | Mar. 31, 2023 |
Disclosure of detailed information about borrowings [line items] | ||
Other facilities | $ 4,060 | $ 5,824 |
Borrowings | 1,171,972 | 1,155,786 |
Less: current portion | 176 | 65 |
Non-current portion of non-current borrowings | 1,171,796 | 1,155,721 |
Issuance costs | ||
Disclosure of detailed information about borrowings [line items] | ||
Borrowings | 8,374 | 9,312 |
Credit Facility | Gross carrying amount | ||
Disclosure of detailed information about borrowings [line items] | ||
Borrowings | 703,972 | 691,906 |
Senior Notes | Gross carrying amount | ||
Disclosure of detailed information about borrowings [line items] | ||
Borrowings | 474,075 | 472,990 |
Other Facilities | Gross carrying amount | ||
Disclosure of detailed information about borrowings [line items] | ||
Borrowings | $ 2,299 | $ 202 |
BANK INDEBTEDNESS AND LONG-TE_5
BANK INDEBTEDNESS AND LONG-TERM DEBT - Principal repayments (Details) - CAD ($) $ in Thousands | 12 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Disclosure of detailed information about borrowings [line items] | ||
Principal | $ 1,171,972 | $ 1,155,786 |
Long-Term Debt Besides Credit Facility Variable Interest Payments | ||
Disclosure of detailed information about borrowings [line items] | ||
Interest | 105,850 | |
Long-Term Debt Besides Credit Facility Variable Interest Payments | Gross carrying amount | ||
Disclosure of detailed information about borrowings [line items] | ||
Principal | 1,180,346 | |
Long-Term Debt Besides Credit Facility Variable Interest Payments | Less than one year | ||
Disclosure of detailed information about borrowings [line items] | ||
Interest | 20,971 | |
Long-Term Debt Besides Credit Facility Variable Interest Payments | Less than one year | Gross carrying amount | ||
Disclosure of detailed information about borrowings [line items] | ||
Principal | 176 | |
Long-Term Debt Besides Credit Facility Variable Interest Payments | One - two years | ||
Disclosure of detailed information about borrowings [line items] | ||
Interest | 20,864 | |
Long-Term Debt Besides Credit Facility Variable Interest Payments | One - two years | Gross carrying amount | ||
Disclosure of detailed information about borrowings [line items] | ||
Principal | 256 | |
Long-Term Debt Besides Credit Facility Variable Interest Payments | Two - three years | ||
Disclosure of detailed information about borrowings [line items] | ||
Interest | 20,748 | |
Long-Term Debt Besides Credit Facility Variable Interest Payments | Two - three years | Gross carrying amount | ||
Disclosure of detailed information about borrowings [line items] | ||
Principal | 616,102 | |
Long-Term Debt Besides Credit Facility Variable Interest Payments | Three - four years | ||
Disclosure of detailed information about borrowings [line items] | ||
Interest | 20,620 | |
Long-Term Debt Besides Credit Facility Variable Interest Payments | Three - four years | Gross carrying amount | ||
Disclosure of detailed information about borrowings [line items] | ||
Principal | 88,225 | |
Long-Term Debt Besides Credit Facility Variable Interest Payments | Four - five years | ||
Disclosure of detailed information about borrowings [line items] | ||
Interest | 20,476 | |
Long-Term Debt Besides Credit Facility Variable Interest Payments | Four - five years | Gross carrying amount | ||
Disclosure of detailed information about borrowings [line items] | ||
Principal | 474,267 | |
Long-Term Debt Besides Credit Facility Variable Interest Payments | Thereafter | ||
Disclosure of detailed information about borrowings [line items] | ||
Interest | 2,171 | |
Long-Term Debt Besides Credit Facility Variable Interest Payments | Thereafter | Gross carrying amount | ||
Disclosure of detailed information about borrowings [line items] | ||
Principal | $ 1,320 |
SHARE CAPITAL - Narrative (Deta
SHARE CAPITAL - Narrative (Details) | 1 Months Ended | 12 Months Ended | ||||
May 30, 2023 CAD ($) $ / shares shares | May 30, 2023 USD ($) shares | May 15, 2024 CAD ($) shares | Mar. 31, 2024 CAD ($) shares | Mar. 31, 2023 CAD ($) | May 30, 2023 USD ($) $ / shares | |
Disclosure of classes of share capital [line items] | ||||||
Number of shares issued (in shares) | 6,900,000 | 6,900,000 | ||||
Share price (in dollars per share) | (per share) | $ 55.04 | $ 41 | ||||
Proceeds from U.S. initial public offering, net of issuance fees | $ 379,797 | $ 282,900 | $ 362,072,000 | $ 0 | ||
Payments for share issue costs | 17,725 | $ 13,203 | ||||
Deferred tax | $ 4,260 | $ 3,173 | ||||
Shares available for purchase for cancellation (in shares) | 8,044,818 | |||||
Repurchase of common shares (in shares) | 300 | |||||
Payments to acquire or redeem entity's shares | $ | $ 14,000 | $ 21,071,000 | ||||
Major ordinary share transactions | ||||||
Disclosure of classes of share capital [line items] | ||||||
Repurchase of common shares (in shares) | 1,020,887 | |||||
Payments to acquire or redeem entity's shares | $ | $ 44,986,000 |
SHARE CAPITAL - Common shares i
SHARE CAPITAL - Common shares issued (Details) $ in Thousands | 12 Months Ended | 22 Months Ended | |
Mar. 31, 2024 CAD ($) shares | Mar. 31, 2023 CAD ($) shares | Mar. 31, 2024 CAD ($) shares | |
Number of common shares | |||
Exercise of stock options (in shares) | shares | 105,398 | 291,659 | |
Common shares held in trust (in shares) | shares | (725,290) | ||
Repurchase of common shares (in shares) | shares | (300) | ||
Share capital | |||
Common shares held in trust | $ | $ (23,820) | $ (12,365) | |
Initial public offering, net of offering costs and deferred tax | $ | 366,332 | ||
Repurchase of common shares | $ | $ (14) | $ (21,071) | |
Share capital | |||
Number of common shares | |||
Beginning balance (in shares) | shares | 91,602,192 | 92,267,724 | |
Exercise of stock options (in shares) | shares | 105,398 | 291,659 | |
Common shares held in trust (in shares) | shares | (387,794) | (337,496) | |
Initial public offering, net of offering costs and deferred tax (in shares) | shares | 6,900,000 | ||
Repurchase of common shares (in shares) | shares | (300) | (619,695) | |
Ending balance (in shares) | shares | 98,219,496 | 91,602,192 | 98,219,496 |
Share capital | |||
Beginning balance | $ | $ 520,633 | $ 530,241 | |
Exercise of stock options | $ | 2,754 | 6,318 | |
Common shares held in trust | $ | (23,820) | (12,365) | |
Initial public offering, net of offering costs and deferred tax | $ | 366,332 | ||
Repurchase of common shares | $ | (2) | (3,561) | |
Ending balance | $ | $ 865,897 | $ 520,633 | $ 865,897 |
TAXATION - Reconciliation (Deta
TAXATION - Reconciliation (Details) - CAD ($) $ in Thousands | 12 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Income taxes [Abstract] | ||
Income before income taxes and non-controlling interest | $ 246,687 | $ 159,771 |
Combined Canadian basic federal and provincial income tax rate | 26.50% | 26.50% |
Income tax expense based on combined Canadian basic federal and provincial income tax rate | $ 65,372 | $ 42,339 |
Reconciliation of accounting profit multiplied by applicable tax rates [abstract] | ||
Adjustments in respect of current income tax of previous periods | 603 | (4,269) |
Non-taxable items net of non-deductible items | (14,391) | (4,649) |
Unrecognized assets | 12,001 | 9,428 |
Income taxed at different rates and statutory rate changes | (8,843) | (10,030) |
Manufacturing and processing allowance and all other items | (2,236) | (749) |
At the effective income tax rate of 21% (March 31, 2023 – 20%) | 52,506 | 32,070 |
Income tax expense reported in the consolidated statements of income: | ||
Current tax expense | 82,421 | 69,612 |
Deferred tax recovery | (29,915) | (37,542) |
At the effective income tax rate of 21% (March 31, 2023 – 20%) | 52,506 | 32,070 |
Deferred tax related to items charged or credited directly to equity and goodwill: | ||
Loss on revaluation of cash flow hedges | (2,212) | (3,495) |
Opening deferred tax of acquired company | (10,963) | (6,727) |
Other items recognized through equity | 6,215 | (7,428) |
Income tax charged directly to equity and goodwill | $ (6,960) | $ (17,650) |
TAXATION - Deferred tax assets
TAXATION - Deferred tax assets and liabilities (Details) - CAD ($) $ in Thousands | Mar. 31, 2024 | Mar. 31, 2023 |
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Deferred tax liability (asset) | $ (75,449) | $ (98,122) |
Deferred tax assets and liabilities [abstract] | ||
Deferred income tax assets | 5,904 | 6,337 |
Deferred income tax liabilities | (81,353) | (104,459) |
Net deferred income tax liability | (75,449) | (98,122) |
Accounting income not currently taxable | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Deferred tax liability (asset) | 24,782 | (655) |
Deferred tax assets and liabilities [abstract] | ||
Net deferred income tax liability | 24,782 | (655) |
Intangible assets | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Deferred tax liability (asset) | (128,423) | (127,466) |
Deferred tax assets and liabilities [abstract] | ||
Net deferred income tax liability | (128,423) | (127,466) |
Investment tax credits taxable in future years when utilized | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Deferred tax liability (asset) | (5,332) | (7,285) |
Deferred tax assets and liabilities [abstract] | ||
Net deferred income tax liability | (5,332) | (7,285) |
Loss available for offset against future taxable income | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Deferred tax liability (asset) | 9,537 | 13,898 |
Deferred tax assets and liabilities [abstract] | ||
Net deferred income tax liability | 9,537 | 13,898 |
Property, plant and equipment | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Deferred tax liability (asset) | 19,001 | 21,688 |
Deferred tax assets and liabilities [abstract] | ||
Net deferred income tax liability | 19,001 | 21,688 |
Other | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Deferred tax liability (asset) | 4,986 | 1,698 |
Deferred tax assets and liabilities [abstract] | ||
Net deferred income tax liability | $ 4,986 | $ 1,698 |
TAXATION - Unrecognized deferre
TAXATION - Unrecognized deferred income tax assets (Details) - CAD ($) $ in Thousands | Mar. 31, 2024 | Mar. 31, 2023 |
Income taxes [Abstract] | ||
Losses and other assets available for offset against future taxable income | $ 67,908 | $ 59,076 |
TAXATION - Operating loss carry
TAXATION - Operating loss carryforwards (Details) - CAD ($) $ in Thousands | Mar. 31, 2024 | Mar. 31, 2023 |
Non-Canadian | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Operating loss carryforwards | $ 136,352 | $ 139,346 |
Canadian | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Operating loss carryforwards | 11 | 3,855 |
Tax Period 1 | Non-Canadian | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Operating loss carryforwards | 5,006 | 16,181 |
Tax Period 1 | Canadian | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Operating loss carryforwards | 6 | 6 |
Tax Period 2 | Non-Canadian | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Operating loss carryforwards | 16,720 | 17,322 |
Tax Period 2 | Canadian | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Operating loss carryforwards | 5 | 3,849 |
No expiry | Non-Canadian | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Operating loss carryforwards | 114,626 | 105,843 |
No expiry | Canadian | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Operating loss carryforwards | 0 | 0 |
Capital loss carryforwards | 89,433 | 83,887 |
No expiry | United States, Federal and State Tax Authority | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Capital loss carryforwards | $ 533 | $ 531 |
TAXATION - Narrative (Details)
TAXATION - Narrative (Details) - CAD ($) $ in Thousands | 12 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Deferred tax expense (benefit) | $ (29,915) | $ (37,542) |
Investment tax credits taxable in future years when utilized | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Deferred tax expense (benefit) | (19,379) | $ (13,819) |
Unrecognized tax benefits | $ 7,986 |
TAXATION - Investment tax credi
TAXATION - Investment tax credits (Details) $ in Thousands | Mar. 31, 2024 CAD ($) |
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |
Investment tax credits | $ 27,014 |
Tax Period 2 | |
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |
Investment tax credits | 1,246 |
2037 - 2044 | |
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |
Investment tax credits | 25,768 |
Canadian | |
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |
Investment tax credits | 15,746 |
Non-Canadian | |
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |
Investment tax credits | $ 11,268 |
STOCK-BASED COMPENSATION - Narr
STOCK-BASED COMPENSATION - Narrative (Details) $ / shares in Units, $ in Thousands | 12 Months Ended | 22 Months Ended | |
Mar. 31, 2024 CAD ($) shares $ / shares | Mar. 31, 2023 CAD ($) shares $ / shares | Mar. 31, 2024 CAD ($) shares | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Subscription rate | 10% | 10% | |
Maximum employee subscription | $ | $ 10 | ||
Employer match rate | 20% | ||
Employer match rate, employee salary maximum percentage | 1% | 1% | |
Employer match rate, employee salary maximum | $ | $ 2 | $ 2 | |
Maximum term of options | 7 years | ||
Weighted average share price for share options in share-based payment arrangement exercised during period at date of exercise (in dollars per share) | $ / shares | $ 57.26 | $ 49.16 | |
Common shares held in trust (in shares) | 725,290 | ||
Stock options | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Shares remaining for future grants (in shares) | 1,751,082 | 1,894,578 | 1,751,082 |
Stock options | 1995 Plan | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Shares available for purchase for cancellation (in shares) | 5,991,839 | 5,991,839 | |
Maximum shares issuable to a single person, percent | 5% | 5% | |
Vesting period | 4 years | ||
Stock options | 2006 Plan | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Shares available for purchase for cancellation (in shares) | 5,159,000 | 5,159,000 | |
RSUs | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Vesting period | 3 months | ||
Number of other equity instruments granted in share-based payment arrangement (in shares) | 161,568 | 210,678 | |
Liabilities from share-based payment transactions | $ | $ 13,875 | $ 36,177 | $ 13,875 |
Performance-based RSUs | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Vesting period | 3 months | ||
Number of other equity instruments granted in share-based payment arrangement (in shares) | 126,944 | 152,690 | |
DSUs | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Number of other equity instruments granted in share-based payment arrangement (in shares) | 32,498 | 33,998 | |
Liabilities from share-based payment transactions | $ | $ 19,661 | $ 22,565 | $ 19,661 |
Shares redeemed (in shares) | 0 | 0 |
STOCK-BASED COMPENSATION - Stoc
STOCK-BASED COMPENSATION - Stock option activity (Details) | 12 Months Ended | |
Mar. 31, 2024 shares $ / shares | Mar. 31, 2023 shares $ / shares | |
Share-based payment arrangements [Abstract] | ||
Stock options outstanding, beginning of year (in shares) | shares | 785,429 | 890,408 |
Granted (in shares) | shares | 176,112 | 223,144 |
Exercised (in shares) | shares | (105,398) | (291,659) |
Forfeited (in shares) | shares | (32,616) | (36,464) |
Stock options outstanding, beginning of year (in shares) | shares | 823,527 | 785,429 |
Stock options exercisable, end of year, time-vested options | shares | 369,483 | 286,424 |
Stock options outstanding, beginning of year (in dollars per share) | $ / shares | $ 26.69 | $ 21.04 |
Granted (in dollars per share) | $ / shares | 57.71 | 36.42 |
Exercised (in dollars per share) | $ / shares | 20.45 | 17.02 |
Forfeited (in dollars per share) | $ / shares | 40.86 | 25.59 |
Stock options outstanding, beginning of year (in dollars per share) | $ / shares | 33.56 | 26.69 |
Stock options exercisable, end of year, time-vested options (in dollars per share) | $ / shares | $ 24.54 | $ 21.16 |
STOCK-BASED COMPENSATION - Exer
STOCK-BASED COMPENSATION - Exercise price range (Details) | 12 Months Ended | ||
Mar. 31, 2024 shares $ / shares | Mar. 31, 2023 shares $ / shares | Mar. 31, 2022 shares $ / shares | |
Disclosure of range of exercise prices of outstanding share options [line items] | |||
Number outstanding (in shares) | shares | 823,527 | 785,429 | 890,408 |
Weighted average remaining contractual life | 4 years 3 months 18 days | ||
Weighted average exercise price (in dollars per share) | $ 33.56 | $ 26.69 | $ 21.04 |
Number exercisable (in shares) | shares | 369,483 | 286,424 | |
Weighted average exercise price (in dollars per share) | $ 24.54 | $ 21.16 | |
Bottom of range | |||
Disclosure of range of exercise prices of outstanding share options [line items] | |||
Range of exercise prices (in shares) | 20.22 | ||
Top of range | |||
Disclosure of range of exercise prices of outstanding share options [line items] | |||
Range of exercise prices (in shares) | $ 57.71 | ||
$0.02 - $0.02 | |||
Disclosure of range of exercise prices of outstanding share options [line items] | |||
Number outstanding (in shares) | shares | 196,165 | ||
Weighted average remaining contractual life | 3 years 2 months 12 days | ||
Weighted average exercise price (in dollars per share) | $ 20.23 | ||
Number exercisable (in shares) | shares | 144,343 | ||
Weighted average exercise price (in dollars per share) | $ 20.23 | ||
$0.02 - $0.02 | Bottom of range | |||
Disclosure of range of exercise prices of outstanding share options [line items] | |||
Range of exercise prices (in shares) | 20.22 | ||
$0.02 - $0.02 | Top of range | |||
Disclosure of range of exercise prices of outstanding share options [line items] | |||
Range of exercise prices (in shares) | $ 20.60 | ||
$0.02 - $0.03 | |||
Disclosure of range of exercise prices of outstanding share options [line items] | |||
Number outstanding (in shares) | shares | 265,219 | ||
Weighted average remaining contractual life | 3 years 4 months 24 days | ||
Weighted average exercise price (in dollars per share) | $ 26.58 | ||
Number exercisable (in shares) | shares | 178,373 | ||
Weighted average exercise price (in dollars per share) | $ 24.88 | ||
$0.02 - $0.03 | Bottom of range | |||
Disclosure of range of exercise prices of outstanding share options [line items] | |||
Range of exercise prices (in shares) | 20.61 | ||
$0.02 - $0.03 | Top of range | |||
Disclosure of range of exercise prices of outstanding share options [line items] | |||
Range of exercise prices (in shares) | $ 32.92 | ||
$0.03 - $0.04 | |||
Disclosure of range of exercise prices of outstanding share options [line items] | |||
Number outstanding (in shares) | shares | 183,568 | ||
Weighted average remaining contractual life | 5 years 1 month 6 days | ||
Weighted average exercise price (in dollars per share) | $ 35.78 | ||
Number exercisable (in shares) | shares | 43,189 | ||
Weighted average exercise price (in dollars per share) | $ 35.78 | ||
$0.03 - $0.04 | Bottom of range | |||
Disclosure of range of exercise prices of outstanding share options [line items] | |||
Range of exercise prices (in shares) | 32.93 | ||
$0.03 - $0.04 | Top of range | |||
Disclosure of range of exercise prices of outstanding share options [line items] | |||
Range of exercise prices (in shares) | $ 40.76 | ||
$0.04 - $0.06 | |||
Disclosure of range of exercise prices of outstanding share options [line items] | |||
Number outstanding (in shares) | shares | 178,575 | ||
Weighted average remaining contractual life | 6 years 1 month 6 days | ||
Weighted average exercise price (in dollars per share) | $ 56.31 | ||
Number exercisable (in shares) | shares | 3,578 | ||
Weighted average exercise price (in dollars per share) | $ 45.74 | ||
$0.04 - $0.06 | Bottom of range | |||
Disclosure of range of exercise prices of outstanding share options [line items] | |||
Range of exercise prices (in shares) | 40.77 | ||
$0.04 - $0.06 | Top of range | |||
Disclosure of range of exercise prices of outstanding share options [line items] | |||
Range of exercise prices (in shares) | $ 57.71 |
STOCK-BASED COMPENSATION - Assu
STOCK-BASED COMPENSATION - Assumptions (Details) | 12 Months Ended | |
Mar. 31, 2024 yr shares $ / shares | Mar. 31, 2023 shares yr $ / shares | |
Share-based payment arrangements [Abstract] | ||
Weighted average risk-free interest rate | 3.52% | 2.66% |
Dividend yield | 0% | 0% |
Weighted average expected volatility | 36% | 34% |
Weighted average expected life | yr | 4,770 | 4,750 |
Number of stock options granted: Time-vested (in shares) | shares | 176,112 | 223,144 |
Weighted average exercise price per option (in dollars per share) | $ 57.71 | $ 36.42 |
Weighted average value per option: Time-vested (in dollars per share) | $ 20.83 | $ 12.24 |
STOCK-BASED COMPENSATION - Comp
STOCK-BASED COMPENSATION - Compensation expense (Details) - CAD ($) $ in Thousands | 12 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||
Stock-based compensation | $ 13,790 | $ 30,592 |
Stock options | ||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||
Stock-based compensation | 2,454 | 1,772 |
RSUs | ||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||
Stock-based compensation | 14,240 | 22,705 |
DSUs | ||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||
Stock-based compensation | $ (2,904) | $ 6,115 |
COMMITMENTS AND CONTINGENCIES_2
COMMITMENTS AND CONTINGENCIES (Details) - CAD ($) $ in Thousands | Mar. 31, 2024 | Mar. 31, 2023 |
Disclosure of contingent liabilities [line items] | ||
Purchase obligations | $ 369,594 | |
Letters of credit | 171,065 | $ 192,508 |
Less than one year | ||
Disclosure of contingent liabilities [line items] | ||
Purchase obligations | 353,703 | |
One - two years | ||
Disclosure of contingent liabilities [line items] | ||
Purchase obligations | 13,535 | |
Two - three years | ||
Disclosure of contingent liabilities [line items] | ||
Purchase obligations | 1,732 | |
Three - four years | ||
Disclosure of contingent liabilities [line items] | ||
Purchase obligations | 562 | |
Four - five years | ||
Disclosure of contingent liabilities [line items] | ||
Purchase obligations | $ 62 |
SEGMENTED DISCLOSURE (Details)
SEGMENTED DISCLOSURE (Details) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2024 CAD ($) operatingSegment | Mar. 31, 2023 CAD ($) | Mar. 31, 2022 CAD ($) | |
Disclosure of geographical areas [line items] | |||
Number of operating segments | operatingSegment | 1 | ||
Right-of-use assets | $ 105,661 | $ 94,212 | $ 81,289 |
Property, plant and equipment | 296,977 | 263,119 | |
Intangible assets | 679,547 | 593,210 | |
Revenues | $ 3,032,883 | $ 2,577,384 | |
Concentration percentage | 15.90% | ||
Revenue | |||
Disclosure of geographical areas [line items] | |||
Concentration percentage | 25.10% | ||
Canada | |||
Disclosure of geographical areas [line items] | |||
Right-of-use assets | $ 30,483 | $ 21,384 | |
Property, plant and equipment | 62,895 | 57,589 | |
Intangible assets | 28,558 | 25,584 | |
Revenues | 113,386 | 103,149 | |
United States | |||
Disclosure of geographical areas [line items] | |||
Right-of-use assets | 11,273 | 12,514 | |
Property, plant and equipment | 143,642 | 111,702 | |
Intangible assets | 434,039 | 334,731 | |
Revenues | 1,488,331 | 1,338,689 | |
Germany | |||
Disclosure of geographical areas [line items] | |||
Right-of-use assets | 24,849 | 25,250 | |
Property, plant and equipment | 35,158 | 35,848 | |
Intangible assets | 38,945 | 43,291 | |
Revenues | 284,335 | 249,593 | |
Italy | |||
Disclosure of geographical areas [line items] | |||
Right-of-use assets | 16,819 | 21,136 | |
Property, plant and equipment | 39,439 | 40,645 | |
Intangible assets | 133,447 | 145,217 | |
Revenues | 117,117 | 80,358 | |
Other Europe | |||
Disclosure of geographical areas [line items] | |||
Right-of-use assets | 17,627 | 9,031 | |
Property, plant and equipment | 13,581 | 16,049 | |
Intangible assets | 34,672 | 33,729 | |
Revenues | 588,604 | 481,646 | |
Other | |||
Disclosure of geographical areas [line items] | |||
Right-of-use assets | 4,610 | 4,897 | |
Property, plant and equipment | 2,262 | 1,286 | |
Intangible assets | 9,886 | 10,658 | |
Revenues | $ 441,110 | $ 323,949 |
REVENUE FROM CONTRACTS WITH C_3
REVENUE FROM CONTRACTS WITH CUSTOMERS - Revenue by type (Details) - CAD ($) $ in Thousands | 12 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Revenue from contracts with customers [Abstract] | ||
Revenues from construction contracts | $ 1,972,816 | $ 1,630,406 |
Services rendered | 614,690 | 492,325 |
Sale of goods | 445,377 | 454,653 |
Total Company | $ 3,032,883 | $ 2,577,384 |
REVENUE FROM CONTRACTS WITH C_4
REVENUE FROM CONTRACTS WITH CUSTOMERS - Disaggregation of revenue (Details) - CAD ($) $ in Thousands | 12 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||
Total Company | $ 3,032,883 | $ 2,577,384 |
Life Sciences | ||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||
Total Company | 1,268,546 | 1,209,856 |
Transportation | ||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||
Total Company | 933,329 | 578,240 |
Food & Beverage | ||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||
Total Company | 435,005 | 371,341 |
Consumer Products | ||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||
Total Company | 287,228 | 305,100 |
Energy | ||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||
Total Company | 108,775 | 112,847 |
Goods and services transferred at a point in time | ||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||
Total Company | 445,377 | 454,653 |
Goods and services transferred over time | ||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||
Total Company | $ 2,587,506 | $ 2,122,731 |
REVENUE FROM CONTRACTS WITH C_5
REVENUE FROM CONTRACTS WITH CUSTOMERS - Backlog (Details) - CAD ($) $ in Thousands | Mar. 31, 2024 | Mar. 31, 2023 |
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||
Total | $ 1,793,000 | $ 2,153,000 |
Less than one year | ||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||
Total | 1,215,000 | 1,607,000 |
Thereafter | ||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||
Total | $ 578,000 | $ 546,000 |
REVENUE FROM CONTRACTS WITH C_6
REVENUE FROM CONTRACTS WITH CUSTOMERS - Accounts receivable continuity (Details) - CAD ($) $ in Thousands | Mar. 31, 2024 | Mar. 31, 2023 |
Revenue from contracts with customers [Abstract] | ||
Trade accounts receivable | $ 443,570 | $ 375,356 |
Less: allowance for expected credit loss | (6,241) | (6,501) |
Trade accounts receivables, net | 437,329 | 368,855 |
Other accounts receivable | 34,016 | 30,886 |
Accounts receivable | $ 471,345 | $ 399,741 |
REVENUE FROM CONTRACTS WITH C_7
REVENUE FROM CONTRACTS WITH CUSTOMERS - Contract balances (Details) - CAD ($) $ in Thousands | Mar. 31, 2024 | Mar. 31, 2023 |
Revenue from contracts with customers [Abstract] | ||
Trade receivables | $ 437,329 | $ 368,855 |
Contract assets | 704,703 | 526,990 |
Contract liabilities | (312,204) | (296,555) |
Unearned revenue | (51,056) | (33,490) |
Net contract balances | $ 778,772 | $ 565,800 |
REVENUE FROM CONTRACTS WITH C_8
REVENUE FROM CONTRACTS WITH CUSTOMERS - Net contract assets and liabilities (Details) - CAD ($) $ in Thousands | 12 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Revenue from contracts with customers [Abstract] | ||
Costs incurred | $ 3,936,631 | $ 3,285,121 |
Estimated earnings | 1,354,259 | 1,091,180 |
Contracts in progress | 5,290,890 | 4,376,301 |
Progress billings | (4,898,391) | (4,145,866) |
Net contract assets and liabilities | 392,499 | $ 230,435 |
Increase in contract asset | 177,713 | |
Increase in contract liability | $ 15,649 |
OPERATING COSTS AND EXPENSES (D
OPERATING COSTS AND EXPENSES (Details) - CAD ($) $ in Thousands | 12 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Disclosure of attribution of expenses by nature to their function [line items] | ||
Amortization of right-of-use assets | $ 29,656 | $ 24,060 |
Post-employment benefit expense in profit or lossRetirement benefits | 11,496 | 8,382 |
Cost of sales | ||
Disclosure of attribution of expenses by nature to their function [line items] | ||
Depreciation of property, plant and equipment | 20,235 | 18,313 |
Amortization of right-of-use assets | 24,021 | 19,577 |
Amortization of intangible assets | 11,238 | 5,538 |
Wages, salaries and other employee benefits | 977,273 | 785,721 |
Selling, general and administrative expense | ||
Disclosure of attribution of expenses by nature to their function [line items] | ||
Depreciation of property, plant and equipment | 8,220 | 7,277 |
Amortization of right-of-use assets | 5,635 | 4,483 |
Amortization of intangible assets | 71,825 | 70,301 |
Wages, salaries and other employee benefits | 221,888 | 186,160 |
Post-employment benefit expense in profit or lossRetirement benefits | $ 11,496 | $ 8,382 |
NET FINANCE COSTS (Details)
NET FINANCE COSTS (Details) - CAD ($) $ in Thousands | 12 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Analysis of income and expense [abstract] | ||
Interest expense | $ 65,210 | $ 60,663 |
Interest on lease liabilities | 5,473 | 4,016 |
Interest income | (1,979) | (1,961) |
Finance costs | $ 68,704 | $ 62,718 |
EARNINGS PER SHARE - Earnings p
EARNINGS PER SHARE - Earnings per share computation (Details) - shares | 12 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Earnings per share [abstract] | ||
Weighted average number of common shares outstanding (in shares) | 97,761,731 | 91,835,740 |
Dilutive effect of RSUs (in shares) | 140,747 | 44,132 |
Dilutive effect of performance-based RSUs (in shares) | 328,044 | 0 |
Dilutive effect of stock option conversion (in shares) | 344,794 | 362,101 |
Diluted weighted average number of common shares outstanding (in shares) | 98,575,316 | 92,241,973 |
EARNINGS PER SHARE - Narrative
EARNINGS PER SHARE - Narrative (Details) - shares | 12 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Ordinary shares | ||
Earnings per share [line items] | ||
Number of instruments that are antidilutive in period presented | 164,263 | 217,439 |
RSUs | ||
Earnings per share [line items] | ||
Number of instruments that are antidilutive in period presented | 146,826 | 7,378 |
SUPPLEMENTAL CASH FLOW INFORM_3
SUPPLEMENTAL CASH FLOW INFORMATION (Details) - CAD ($) $ in Thousands | 12 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Supplemental Cash Flow Information [Abstract] | ||
Accounts receivable | $ (50,516) | $ (40,593) |
Income tax receivable | 2,181 | (5,935) |
Contract assets | (178,224) | (162,886) |
Inventories | (12,197) | (48,408) |
Deposits, prepaids and other assets | 3,063 | (18,745) |
Accounts payable and accrued liabilities | (69,923) | 129,239 |
Income tax payable | 5,126 | (10,178) |
Contract liabilities | 14,944 | 43,290 |
Provisions | 4,840 | 5,775 |
Foreign exchange and other | 5,070 | (965) |
Change in non-cash operating working capital | $ (275,636) | $ (109,406) |
CAPITAL MANAGEMENT (Details)
CAPITAL MANAGEMENT (Details) $ in Thousands | Mar. 31, 2024 CAD ($) | Mar. 31, 2023 CAD ($) | Mar. 31, 2022 CAD ($) |
Share capital [Abstract] | |||
Debt to EBITDA ratio | 3.5 | ||
Equity excluding accumulated other comprehensive income | $ 1,619,792 | $ 1,070,543 | |
Long-term debt | 1,171,972 | 1,155,786 | |
Lease liabilities | 111,379 | 97,249 | $ 82,820 |
Bank indebtedness | 4,060 | 5,824 | |
Cash and cash equivalents | (170,177) | (159,867) | $ (135,282) |
Capital under management | $ 2,737,026 | $ 2,169,535 | |
Debt-to-equity ratio | 0.79 | 1.18 |
RELATED PARTY DISCLOSURE (Detai
RELATED PARTY DISCLOSURE (Details) $ in Thousands, $ in Thousands | 12 Months Ended | ||
Mar. 31, 2024 USD ($) | Mar. 31, 2024 CAD ($) | Mar. 31, 2023 CAD ($) | |
Disclosure of transactions between related parties [line items] | |||
Short-term employee benefits | $ 5,710 | $ 5,103 | |
Fees | 677 | 662 | |
Stock-based compensation | 6,242 | 18,487 | |
Post-employment benefits | 59 | 57 | |
Total remuneration | 12,688 | 24,309 | |
Changes in fair value of cash-settled plans | $ (6,700) | $ 13,400 | |
Related parties | |||
Disclosure of transactions between related parties [line items] | |||
Services received, related party transactions | $ 500 |
Uncategorized Items - _IXDS
Label | Element | Value |
Growth rate used to extrapolate cash flow projections | ifrs-full_DescriptionOfGrowthRateUsedToExtrapolateCashFlowProjections | 5% |
Bottom of range [member] | ||
Growth rate used to extrapolate cash flow projections | ifrs-full_DescriptionOfGrowthRateUsedToExtrapolateCashFlowProjections | 3% |
Top of range [member] | ||
Growth rate used to extrapolate cash flow projections | ifrs-full_DescriptionOfGrowthRateUsedToExtrapolateCashFlowProjections | 5% |