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First

Departmental Performance Report — For the period ending March 31, 2009

Section 3: Supplementary Information

3.1 Financial Highlights

The financial highlights presented within this DPR are intended to serve as a general overview of IC's financial position and operations. The Department's financial statements can be found on IC's website.

($ millions)	% Change	2009	2008
Condensed Statement of Financial Position (unaudited) At March 31
ASSETS
Financial Assets	11	1,823	1,635
Non-Financial Assets	-1	110	111
TOTAL	11	1,933	1,746
LIABILITIES
Accounts Payable and Accrued Liabilities	-24	650	856
Deferred Revenue (Note 1)	417	4,957	958
Other Liabilities	14	496	434
Total Liabilities	171	6,103	2,248
EQUITY	731	(4,170)	(502)
TOTAL	11	1,933	1,746
Condensed Statement of Operations (unaudited) For the period Ended March 31
EXPENSES
Transfer Payments	-18	502	610
Operating Expenses	6	803	758
Total Expenses	-5	1,305	1,368
REVENUES
Sales of Services	13	772	681
Other	-23	36	47
Total Revenues	11	808	728
NET COST OF OPERATIONS	-22	497	640

Note 1: Increase in liability of $4.26 billion from an auction for Advanced Wireless Services and Other Spectrum in the 2 GHz Range. This revenue is recognized over a 10-year period.

Total assets were $1.93 billion at the end of 2008–09, an increase of $187 million (11%) versus last year’s total assets. This increase is mainly due to the change of total financial assets, which is composed of accounts receivable and advances of $102 million, loans of $405 million, and investments of $1.32 billion. During FY 2009, an additional $250 million investment in the Business Development Bank of Canada caused a significant increase in financial assets. The rest of the variation was the combined result of loans and accounts receivable.

Total liabilities were $6.10 billion at the end of 2008–09, an increase of $3.86 billion (171%) versus last year’s total liabilities. The deferred revenue is the largest liability on the statement of financial position, representing 81% of total liability. At the end of FY 2009, deferred revenue was $4.96 billion, with a significant increase of $4.26 billion in comparison to last year, and this increase is attributed to an auction for Advanced Wireless Services and Other Spectrum in the 2-GHz Range. The deferred revenue is being recognized on a straight-line basis over the next 10 years.

Total expenses were $1.31 billion in 2008–09, a decrease of $63 million (5%) versus last year’s total expenses. The decrease is mainly attributed to a decrease of total transfer payments of $108 million due to a one-time payment of $105 million made in FY 2008, and it is partially offset by an increase in salaries and employee benefits and other minor changes in other operating expenditures.

Total revenues were $808 million in 2008–09, an increase of $80 million (11%) versus last year’s total revenues. Sales of services account continued to be the largest revenue component, representing 96% of total revenue. The main revenue streams include license fees, $496 million; trademarks, patents, copyrights, $144 million, and other, $168 million. The variation of $80 million in FY 2009 is attributable largely to the recognition of revenue from the spectrum auction recorded as a liability.