RELATED PARTY RELATIONSHIPS

12 Months Ended

Mar. 31, 2021

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

Key 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