LEASES

12 Months Ended

Mar. 31, 2024

Leases as lessee

Right-of-use assets



					Machinery
	Buildings					and
	and land		Simulators		equipment			Aircraft	Total











Net book value as at March 31, 2022	$	255.3	$	90.5	$	15.5	$	11.7	$	373.0
Additions and remeasurements		120.9		7.3		—		—		128.2

Depreciation		(36.6)		(9.9)		(2.8)		(0.8)		(50.1)

Purchase of assets under lease (Note 13)		—		(34.6)		—		—		(34.6)
Transfers and others		(6.1)		(2.3)		(0.3)		—		(8.7)
Foreign currency exchange differences		13.2		5.9		—		—		19.1
Net book value as at March 31, 2023	$	346.7	$	56.9	$	12.4	$	10.9	$	426.9
Additions and remeasurements		168.0		8.7		0.5		—		177.2

Disposal of discontinued operations (Note 2)		(9.8)		—		—		—		(9.8)
Depreciation		(39.9)		(9.8)		(3.0)		(0.8)		(53.5)
Impairment		(1.3)		—		—		—		(1.3)

Transfers and others		9.3		(3.8)		—		—		5.5
Foreign currency exchange differences		0.9		(0.1)		—		—		0.8
Net book value as at March 31, 2024	$	473.9	$	51.9	$	9.9	$	10.1	$	545.8

During the year ended March 31, 2024, depreciation of $51.4 million (2023 – $47.5 million) has been recorded in cost of sales, $1.5 million (2023 – $1.6 million) in selling, general and administrative expenses and $0.6 million (2023 – $1.0 million) in net income from discontinued operations.

Short-term leases, leases of low-value assets and variable lease payments

During the year ended March 31, 2024, expenses of $16.4 million (2023 – $16.7 million) have been recognized in net income relating to short-term leases, leases of low-value assets and variable lease payments not included in the measurement of lease liabilities.

Leases as lessor

Operating Leases

As at March 31, 2024, the net book value of simulators leased under operating leases to third parties was $130.4 million (2023 – $76.1 million).

Undiscounted lease payments to be received under operating leases are as follows:


		2024		2023
Less than 1 year	$	63.0	$	33.0
Between 1 and 2 years		51.7		32.6
Between 2 and 3 years		43.3		30.0
Between 3 and 4 years		35.0		21.7
Between 4 and 5 years		21.4		16.5
More than 5 years		33.4		13.8
Total undiscounted lease payments receivable	$	247.8	$	147.6

Finance Leases

Undiscounted lease payments to be received under finance leases are as follows:


		2024		2023
Less than 1 year	$	16.4	$	16.6
Between 1 and 2 years		22.8		14.6
Between 2 and 3 years		17.4		15.1
Between 3 and 4 years		16.0		16.3
Between 4 and 5 years		16.0		13.6
More than 5 years		128.9		128.2
Total undiscounted lease payments receivable	$	217.5	$	204.4
Unearned finance income		(56.9)		(68.0)
Discounted unguaranteed residual values of leased assets		(12.8)		(10.7)
Total investment in finance leases	$	147.8	$	125.7
Current portion (Note 10)		11.9		13.5
Non-current portion (Note 16)	$	135.9	$	112.2