CGI INC
For the period ended Sep 30, 2024. Filed Dec 18, 2024.
View on SEC.govAbout this filing
The yearly report of certain Canadian companies, filed under a joint US and Canadian system. It is the main yearly account these companies give US investors, largely as filed in Canada.
FY2024 · Filed Dec 18, 2024
Use the contents to explore the available documents and sections.
Contents
EX-99.2 · 25. Cost optimization program
- Cost optimization program
During the year ended September 30, 2023, the Company initiated a cost optimization program to accelerate actions to improve operational efficiencies, including the increased use of automation and global delivery, and to rightsize its global real estate portfolio.
As at March 31, 2024, the Company completed its cost optimization program for a total cost of $100,027,000, of which $91,063,000 was expensed during the year ended September 30, 2024. These amounts included costs for terminations of employment of $69,500,000, accounted for in severance provisions (Note 13), and costs of vacating leased premises of $21,563,000, composed of impairment of right-of-use assets of $10,119,000 (Note 24), onerous supplier contract costs of $9,013,000 as well as impairment of PP&E of $2,431,000 (Note 24) related to leasehold improvements and furniture, fixtures and equipment.
During the year ended September 30, 2023, the Company recorded $8,964,000 of costs. This amount included costs for terminations of employment of $2,613,000, accounted for in severance provisions (Note 13), and costs of vacating leased premises of $6,351,000, composed of impairment of right-of-use assets of $2,232,000 (Note 24), onerous supplier contract costs of $2,181,000 as well as impairment of PP&E of $1,938,000 (Note 24) related to leasehold improvements and furniture, fixtures and equipment.
- Net finance costs
| 2024 | 2023 | |
|---|---|---|
| $ | $ | |
| Interest on long-term debt | 48,002 | 53,871 |
| Interest on lease liabilities | 29,234 | 29,115 |
| Net interest costs on net defined benefit pension plans (Note 17) | 7,563 | 4,782 |
| Other finance costs | 6,135 | 6,192 |
| Finance costs | 90,934 | 93,960 |
| Finance income | (63,045) | (41,497) |
| 27,889 | 52,463 |
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.