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RELATED PARTY RELATIONSHIPS | 12 Months Ended
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Mar. 31, 2023
Related Party [Abstract] |
RELATED PARTY RELATIONSHIPS | 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 |  | 2023 |  | 2022
CAE Academia de Aviacion (Espana) S.L. |  | Spain |  | 100.0 | % |  | 100.0 | %
CAE Arabia LLC |  | Saudi Arabia |  | 50.0 | % |  | 50.0 | %
CAE (UK) plc |  | United Kingdom |  | 100.0 | % |  | 100.0 | %
CAE (US) Inc. |  | United States |  | 100.0 | % |  | 100.0 | %
CAE Aircrew Training Services plc |  | United Kingdom |  | 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 Australia Pty Ltd. |  | Australia |  | 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 | % |  | 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. |  | United States |  | 100.0 | % |  | 100.0 | %
CAE Colombia Flight Training S.A.S. |  | Colombia |  | 100.0 | % |  | 100.0 | %
CAE Crew Solutions B.V |  | Netherlands |  | 100.0 | % |  | 100.0 | %
CAE Doss Aviation, Inc. |  | United States |  | 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 Services Austria GmbH |  | Austria |  | 100.0 | % |  | 100.0 | %
CAE Flight Services New Zealand Limited. |  | New Zealand |  | 100.0 | % |  | 100.0 | %
CAE Flight Services Poland Sp z.o.o |  | Poland |  | 100.0 | % |  | 100.0 | %
CAE Flight Services Sweden AB |  | Sweden |  | 100.0 | % |  | 100.0 | %
CAE Flight Services USA, Inc. |  | United States |  | 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 France SAS |  | France |  | 100.0 | % |  | 100.0 | %
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. |  | United States |  | 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 | %
Investments in subsidiaries consolidated in the Company’s financial statements (continued):
|  |  | % equity |  | % equity
|  |  |  | interest |  | interest
Name |  | Country of incorporation |  | 2023 |  | 2022
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. |  | United States |  | 100.0 | % |  | 100.0 | %
CAE Oslo - Aviation Academy AS |  | Norway |  | 100.0 | % |  | 100.0 | %
CAE Oxford Aviation Academy Phoenix Inc. |  | United States |  | 100.0 | % |  | 100.0 | %
CAE Services GmbH |  | Germany |  | 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. |  | United States |  | 100.0 | % |  | 100.0 | %
CAE Simulation Technologies Private Limited |  | India |  | 100.0 | % |  | 100.0 | %
CAE Simulator Services Inc. |  | Canada |  | 100.0 | % |  | 100.0 | %
CAE Singapore (S.E.A.) Pte Ltd. |  | Singapore |  | 100.0 | % |  | 100.0 | %
CAE South America Flight Training do Brasil Ltda. |  | Brazil |  | 100.0 | % |  | 100.0 | %
CAE STS Limited |  | United Kingdom |  | 100.0 | % |  | 100.0 | %
CAE Training & Services Brussels N.V. |  | Belgium |  | 100.0 | % |  | 100.0 | %
CAE Training & Services UK Ltd. |  | United Kingdom |  | 100.0 | % |  | 100.0 | %
CAE Training Norway AS |  | Norway |  | 100.0 | % |  | 100.0 | %
CAE TSP Inc. |  | Canada |  | 100.0 | % |  | 100.0 | %
CAE USA Inc. |  | United States |  | 100.0 | % |  | 100.0 | %
CAE Vietnam Limited Liability Company |  | Vietnam |  | 100.0 | % |  | 100.0 | %
Medicor Lab Inc. |  | Canada |  | 100.0 | % |  | 100.0 | %
Oxford Aviation Academy (Oxford) Limited |  | United Kingdom |  | 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. |  | United Kingdom |  | 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. |  | United States |  | 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 and affiliates accounted for under the equity method:
|  |  | % equity |  | % equity
|  |  |  | interest |  | interest
Name |  | Country of incorporation |  | 2023 |  | 2022
Aviation Training Northeast Asia B.V. |  | Netherlands |  | 50.0 | % |  | 50.0 | %
CAE Flight and Simulator Services Korea, Ltd. |  | Korea |  | 50.0 | % |  | 50.0 | %
CAE Icelandair Flight Training ehf |  | Iceland |  | 33.3 | % |  | 33.3 | %
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 L.L.C |  | 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 | % |  | 50.0 | %
National Flying Training Institute Private Limited |  | India |  | 51.0 | % |  | 51.0 | %
Pegasus Uçus 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 | %
SkyWarrior Flight Training LLC |  | United States |  | 37.0 | % |  | 37.0 | %
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, 2023, the Company's unrecognized share of losses in joint ventures was $0.1 million (2022 – profit of $1.6 million). As at March 31, 2023, the cumulative unrecognized share of losses for these joint ventures was $12.3 million (2022 – $12.2 million) and the cumulative unrecognized share of comprehensive loss of these joint ventures was $11.4 million (2022 – $11.2 million). SkyWarrior Flight Training LLC In August 2021, the Company acquired a 37% equity interest in SkyWarrior Flight Training LLC (SkyWarrior) for cash consideration of $4.3 million. SkyWarrior is a flight training operation which primarily delivers Phase 1 initial flight training to U.S. and international military customers. RELATED PARTY TRANSACTIONS The Company’s outstanding balances with its equity accounted investees are as follows:
|  | 2023 |  | 2022 |  |
Accounts receivable (Note 9) | $ | 59.5 |  | $ | 49.7 |  |  |
Contract assets |  | 25.6 |  |  | 23.0 |  |  |
Other non-current assets |  | 17.1 |  |  | 12.8 |  |  |
Accounts payable and accrued liabilities (Note 16) |  | 5.7 |  |  | 5.1 |  |  |
Contract liabilities |  | 58.0 |  |  | 46.5 |  |  |
Other non-current liabilities |  | — |  |  | 1.5 |  |  |
The Company’s transactions with its equity accounted investees are as follows:
|  | 2023 |  | 2022
Revenue | $ | 223.0 |  | $ | 111.8 |
Purchases |  | 4.6 |  |  | 3.5 |
Other income |  | 1.2 |  |  | 3.8 |
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 members of the Board of Directors and certain executive officers. The compensation expense of key management for employee services recognized in income are as follows:
|  | 2023 |  | 2022
Salaries and other short-term employee benefits | $ | 7.6 |  | $ | 8.4 |
Post-employment benefits – defined benefit plans |  | 4.4 |  |  | 2.2 |
Share-based payments expense |  | 1.7 |  |  | 6.6 |
| $ | 13.7 |  | $ | 17.2 |
For the year ended March 31, 2023, the compensation earned by non-employee Directors of the Company amounted to $2.9 million (2022 – $2.4 million), which include the grant date fair value of deferred share units (DSUs) as well as cash payments.

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