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RELATED PARTY TRANSACTIONS | 12 Months Ended
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Mar. 31, 2021
Disclosure of related party transactions [Abstract] |
RELATED PARTY TRANSACTIONS | RELATED PARTY RELATIONSHIPS The following tables include principal investments which, in aggregate, significantly impact the results or assets of the Company: Investments in subsidiaries consolidated in the Company’s financial statements:
|  |  | % equity |  | % equity
|  |  |  | interest |  | interest
Name |  | Country of incorporation |  | 2021 |  | 2020
CAE Academia de Aviacion (Espana) S.L. |  | Spain |  | 100.0 | % |  | 100.0 | %
CAE (US) Inc. |  | USA |  | 100.0 | % |  | 100.0 | %
CAE Aircrew Training Services plc |  | UK |  | 76.5 | % |  | 76.5 | %
CAE Australia Pty Ltd. |  | Australia |  | 100.0 | % |  | 100.0 | %
CAE Aviation Services Pte Ltd. |  | Singapore |  | 100.0 | % |  | 100.0 | %
CAE Aviation Training B.V. |  | Netherlands |  | 100.0 | % |  | 100.0 | %
CAE Aviation Training Peru S.A. |  | Peru |  | 100.0 | % |  | 100.0 | %
CAE Bangkok Co., Ltd. |  | Thailand |  | 100.0 | % |  | — | %
CAE Brunei Multi Purpose Training Centre Sdn Bhd |  | Brunei |  | 60.0 | % |  | 60.0 | %
CAE Center Amsterdam B.V. |  | Netherlands |  | 100.0 | % |  | 100.0 | %
CAE Center Brussels N.V. |  | Belgium |  | 100.0 | % |  | 100.0 | %
CAE Centre Copenhagen A/S |  | Denmark |  | 100.0 | % |  | 100.0 | %
CAE Centre Hong Kong Limited |  | China |  | 100.0 | % |  | 100.0 | %
CAE Centre Oslo AS |  | Norway |  | 100.0 | % |  | 100.0 | %
CAE Centre Stockholm AB |  | Sweden |  | 100.0 | % |  | 100.0 | %
CAE CFT B.V. |  | Netherlands |  | 100.0 | % |  | 100.0 | %
CAE Civil Aviation Training Solutions, Inc. |  | USA |  | 100.0 | % |  | 100.0 | %
CAE Colombia Flight Training S.A.S. |  | Colombia |  | 100.0 | % |  | 100.0 | %
CAE Crewing Services Limited |  | Ireland |  | 100.0 | % |  | 100.0 | %
CAE El Salvador Flight Training S.A. de C.V. |  | El Salvador |  | 99.5 | % |  | 99.5 | %
CAE Engineering Korlatolt Felelossegu Tarsasag |  | Hungary |  | 100.0 | % |  | 100.0 | %
CAE Entrenamiento de Vuelo Chile Limitada |  | Chile |  | 100.0 | % |  | 100.0 | %
CAE Flight & Simulator Services Sdn. Bhd. |  | Malaysia |  | 100.0 | % |  | 100.0 | %
CAE Flight Training (India) Private Limited |  | India |  | 100.0 | % |  | 100.0 | %
CAE Flight Training Center Mexico, S.A. de C.V. |  | Mexico |  | 100.0 | % |  | 100.0 | %
CAE GAH Aviation Technology Services Co Ltd. |  | China |  | 80.0 | % |  | 80.0 | %
CAE Global Academy Évora, SA |  | Portugal |  | 100.0 | % |  | 100.0 | %
CAE GmbH |  | Germany |  | 100.0 | % |  | 100.0 | %
CAE Healthcare Canada Inc. |  | Canada |  | 100.0 | % |  | 100.0 | %
CAE Healthcare, Inc. |  | USA |  | 100.0 | % |  | 100.0 | %
CAE India Private Limited |  | India |  | 100.0 | % |  | 100.0 | %
CAE Integrated Enterprise Solutions Australia Pty Ltd. |  | Australia |  | 100.0 | % |  | 100.0 | %
CAE International Holdings Limited |  | Canada |  | 100.0 | % |  | 100.0 | %
CAE Investments SARL |  | Luxembourg |  | 100.0 | % |  | 100.0 | %
CAE Kuala Lumpur Sdn. Bhd. |  | Malaysia |  | 100.0 | % |  | 100.0 | %
CAE Luxembourg Acquisition, S.à r.l. |  | Luxembourg |  | 100.0 | % |  | 100.0 | %
CAE Maritime Middle East L.L.C. |  | UAE |  | 49.0 | % |  | 49.0 | %
CAE Middle East L.L.C. |  | UAE |  | 49.0 | % |  | 49.0 | %
CAE Military Aviation Training Inc. |  | Canada |  | 100.0 | % |  | 100.0 | %
CAE New Zealand Pty Limited |  | New Zealand |  | 100.0 | % |  | 100.0 | %
CAE North East Training Inc. |  | USA |  | 100.0 | % |  | 100.0 | %
CAE Oslo - Aviation Academy AS |  | Norway |  | 100.0 | % |  | 100.0 | %
CAE Oxford Aviation Academy Phoenix Inc. |  | USA |  | 100.0 | % |  | 100.0 | %
CAE Services Italia S.r.l. |  | Italy |  | 100.0 | % |  | 100.0 | %
CAE Servicios Globales de Instrucción de Vuelo (España), S.L. |  | Spain |  | 100.0 | % |  | 100.0 | %
CAE Shanghai Company, Limited |  | China |  | 100.0 | % |  | 100.0 | %
CAE SimuFlite Inc. |  | USA |  | 100.0 | % |  | 100.0 | %
CAE Simulation Technologies Private Limited |  | India |  | 100.0 | % |  | 100.0 | %
CAE Simulator Services Inc. |  | Canada |  | 100.0 | % |  | 100.0 | %
Investments in subsidiaries consolidated in the Company’s financial statements (continued):
|  |  | % equity |  | % equity
|  |  |  | interest |  | interest
Name |  | Country of incorporation |  | 2021 |  | 2020
CAE South America Flight Training do Brasil Ltda. |  | Brazil |  | 100.0 | % |  | 100.0 | %
CAE STS Limited |  | UK |  | 100.0 | % |  | 100.0 | %
CAE Training & Services Netherlands B.V. |  | Netherlands |  | 100.0 | % |  | — | %
CAE Training & Services Brussels N.V. |  | Belgium |  | 100.0 | % |  | 100.0 | %
CAE Training & Services UK Ltd. |  | UK |  | 100.0 | % |  | 100.0 | %
CAE Training Norway AS |  | Norway |  | 100.0 | % |  | 100.0 | %
CAE TSP Inc. |  | Canada |  | 100.0 | % |  | — | %
CAE USA Inc. |  | USA |  | 100.0 | % |  | 100.0 | %
CAE USA Mission Solutions Inc. |  | USA |  | 100.0 | % |  | 100.0 | %
CAE Vietnam Limited Liability Company |  | Vietnam |  | 100.0 | % |  | 100.0 | %
Flight Training Device (Mauritius) Ltd. |  | Mauritius |  | 100.0 | % |  | 100.0 | %
Logitude OY |  | Finland |  | 100.0 | % |  | 100.0 | %
Merlot Aero Limited |  | New Zealand |  | 100.0 | % |  | — | %
Oxford Aviation Academy (Oxford) Limited |  | UK |  | 100.0 | % |  | 100.0 | %
Parc Aviation Engineering Services Ltd. |  | Ireland |  | 100.0 | % |  | 100.0 | %
Parc Aviation Limited |  | Ireland |  | 100.0 | % |  | 100.0 | %
Parc Aviation (UK) Ltd. |  | UK |  | 100.0 | % |  | 100.0 | %
Parc Interim Ltd. |  | Ireland |  | 100.0 | % |  | 100.0 | %
Pelesys Aviation Maintenance Training Inc. |  | Canada |  | 100.0 | % |  | 100.0 | %
Pelesys Learning Systems Inc. |  | Canada |  | 100.0 | % |  | 100.0 | %
Presagis Canada Inc. |  | Canada |  | 100.0 | % |  | 100.0 | %
Presagis Europe (S.A.S) |  | France |  | 100.0 | % |  | 100.0 | %
Presagis USA Inc. |  | USA |  | 100.0 | % |  | 100.0 | %
Servicios de Instrucción de Vuelo, S.L. |  | Spain |  | 80.0 | % |  | 80.0 | %
SIV Ops Training, S.L. |  | Spain |  | 80.0 | % |  | 80.0 | %
Investments in joint ventures accounted for under the equity method:
|  |  | % equity |  | % equity
|  |  |  | interest |  | interest
Name |  | Country of incorporation |  | 2021 |  | 2020
Aviation Training Northeast Asia B.V. |  | Netherlands |  | 50.0 | % |  | 50.0 | %
CAE Flight and Simulator Services Korea, Ltd. |  | Korea |  | 50.0 | % |  | 50.0 | %
CAE-LIDER Training do Brasil Ltda. |  | Brazil |  | 50.0 | % |  | 50.0 | %
CAE Melbourne Flight Training Pty Ltd. |  | Australia |  | 50.0 | % |  | 50.0 | %
CAE Middle East Pilot Services LLC |  | United Arab Emirates |  | 49.0 | % |  | 49.0 | %
CAE Simulation Training Private Limited |  | India |  | 50.0 | % |  | 50.0 | %
Embraer CAE Training Services LLC |  | United States |  | 49.0 | % |  | 49.0 | %
Emirates-CAE Flight Training LLC |  | UAE |  | 49.0 | % |  | 49.0 | %
Flight Training Alliance GmbH |  | Germany |  | 50.0 | % |  | 50.0 | %
HATSOFF Helicopter Training Private Limited |  | India |  | 50.0 | % |  | 50.0 | %
Helicopter Training Media International GmbH |  | Germany |  | 50.0 | % |  | 50.0 | %
HFTS Helicopter Flight Training Services GmbH |  | Germany |  | 25.0 | % |  | 25.0 | %
JAL CAE Flight Training Co. Ltd. |  | Japan |  | 50.0 | % |  | 50.0 | %
Leonardo CAE Advanced Jet Training S.r.l. |  | Italy |  | 50.0 | % |  | — | %
National Flying Training Institute Private Limited |  | India |  | 51.0 | % |  | 51.0 | %
Pegasus Ucus Egitim Merkezi A.S. |  | Turkey |  | 49.9 | % |  | 49.9 | %
Philippine Academy for Aviation Training, Inc. |  | Philippines |  | 40.0 | % |  | 40.0 | %
Rotorsim s.r.l. |  | Italy |  | 50.0 | % |  | 50.0 | %
Rotorsim USA LLC |  | United States |  | 50.0 | % |  | 50.0 | %
SIMCOM Holdings, Inc. |  | United States |  | 50.0 | % |  | 50.0 | %
Singapore CAE Flight Training Pte Ltd. |  | Singapore |  | 50.0 | % |  | 50.0 | %
TRU Flight Training Iceland ehf |  | Iceland |  | 33.3 | % |  | — | %
Xebec Government Services, LLC |  | United States |  | 49.0 | % |  | 49.0 | %
When the Company’s share of losses in a joint venture equals or exceeds its interests in the joint ventures, the Company does not recognize further losses, unless it will incur obligations or make payments on behalf of the joint ventures. During the year ended March 31, 2021, the Company's unrecognized share of profit in joint ventures was $2.2 million (2020 - losses of $3.3 million). As at March 31, 2021, the cumulative unrecognized share of losses for these joint ventures was $13.8 million (2020 – $16.0 million) and the cumulative unrecognized share of comprehensive loss of these joint ventures was $13.1 million (2020 – $16.1 million). Joint venture with Leonardo On March 29, 2021, the Company acquired a 50% equity interest in Leonardo CAE Advanced Jet Training Srl for cash consideration of $18.7 million. This joint venture will support the operations of the International Flight Training School (IFTS) in Italy, delivering a comprehensive lead-in to fighter training to the Italian Air Force and foreign customers. The joint venture will provide training support services, including full maintenance and operation of the M-346 aircraft and its ground-based training system, as well as operation of IFTS base facilities. Partnership with Directional Aviation Capital On November 4, 2019, the Company concluded a strategic partnership with Directional Aviation Capital (DAC) including a 15-year exclusive business aviation training services agreement with DAC affiliates and the acquisition of a 50% equity interest in SIMCOM Holdings, Inc. for cash consideration of $113.5 million (US$86.3 million). The Company obtained joint control over SIMCOM, therefore the joint venture is accounted for using the equity method. SIMCOM operates simulators and training devices representative of a wide range of jet, turboprop and piston powered aircraft and is headquartered in Orlando, Florida. Over the course of the 15-year business aviation training services agreement, DAC's affiliated business aircraft operators, which include Flexjet, Flight Options, Flairjet, Sirio, Nextant Aerospace and Corporate Wings, will train exclusively with SIMCOM and CAE. RELATED PARTY TRANSACTIONS The Company’s outstanding balances with its equity accounted investees are as follows:
|  | 2021 |  | 2020 |  |
Accounts receivable (Note 12) | $ | 33.3 |  | $ | 51.2 |  |  |
Contract assets |  | 14.3 |  |  | 38.5 |  |  |
Other non-current assets |  | 26.4 |  |  | 25.6 |  |  |
Accounts payable and accrued liabilities (Note 19) |  | 5.8 |  |  | 5.7 |  |  |
Contract liabilities |  | 22.0 |  |  | 28.8 |  |  |
Other non-current liabilities |  | 1.5 |  |  | 1.7 |  |  |
The Company’s transactions with its equity accounted investees are as follows:
|  | 2021 |  | 2020
Revenue | $ | 129.2 |  | $ | 166.0 |
Purchases |  | 2.8 |  |  | 2.5 |
Other income |  | 1.4 |  |  | 1.5 |
Compensation of key management personnel K ey management personnel have the ability and responsibility to make major operational, financial and strategic decisions for the Company and include certain executive officers. The compensation of key management for employee services are as follows:
|  | 2021 |  | 2020
Salaries and other short-term employee benefits | $ | 6.5 |  | $ | 6.5 |
Post-employment benefits – defined benefit plans |  | 1.6 |  |  | 2.5 |
Share-based payments expense |  | 24.8 |  |  | (8.8) |
| $ | 32.9 |  | $ | 0.2 |

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