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Consolidated Statements of Changes in Shareholders’ Equity - CAD ($)
$ in Thousands
Telesat Corporation Shares
Accumulated earnings
Equity- settled employee benefits reserve
Foreign currency translation reserve
Total reserves
Total Telesat Corporation shareholders’ equity
Non- controlling Interest
Total
Beginning balance at Dec. 31, 2021 $ 42,841 $ 351,468 $ 38,664 $ (15,860) $ 22,804 $ 417,113 $ 1,285,110 $ 1,702,223
Net income (loss)   (23,764)       (23,764) (57,833) (81,597)
Issuance of share capital on settlement of restricted share units 2,142   (1,224) (1,224) 918 (2,991) (2,073)
Exchange of Limited Partnership units for Public Shares 1,571 21,812 (14) (183) (197) 23,186 (23,186)
Other comprehensive income (loss), net of tax (expense) recovery 6,757 36,896 36,896 43,653 131,317 174,970
Final Transaction adjustment (20,790) (20,790)
Share-based compensation 20,330 20,330 20,330 47,089 67,419
Ending balance at Dec. 31, 2022 46,554 356,273 57,756 20,853 78,609 481,436 1,358,716 1,840,152
Net income (loss)   157,118       157,118 426,152 583,270
Issuance of share capital on settlement of restricted share units 3,212 11 (661) (661) 2,562 (5,693) (3,131)
Issuance of share capital on exercise of stock options 29   29 (13) 16
Exchange of Limited Partnership units for Public Shares 1,457 21,577 2,375 1,358 3,733 26,767 (26,767)
Other comprehensive income (loss), net of tax (expense) recovery (921) (13,410) (13,410) (14,331) (40,039) (54,370)
Share-based compensation 8,337 8,337 8,337 24,709 33,046
Ending balance at Dec. 31, 2023 51,252 534,058 67,807 8,801 76,608 661,918 1,737,065 2,398,983
Net income (loss)   (87,720)       (87,720) (214,746) (302,466)
Issuance of share capital on settlement of restricted share units 7,830 16,041 (1,587) 1,667 80 23,951 (30,653) (6,702)
Other comprehensive income (loss), net of tax (expense) recovery 4,954 102,442 102,442 107,396 282,408 389,804
Share-based compensation 4,735 4,735 4,735 12,351 17,086
Ending balance at Dec. 31, 2024 $ 59,082 $ 467,333 $ 70,955 $ 112,910 $ 183,865 $ 710,280 $ 1,786,425 $ 2,496,705