CAA South Central Ontario and Subsidiary Companies. Selected Financial Information of Consolidated Financial Statements December 31, 2012

Transcription

1 and Subsidiary Companies Selected Financial Information of Consolidated Financial Statements December 31, 2012

2 Consolidated Balance Sheet As at December 31 Assets Cash and cash equivalents $ 123,791 $ 121,711 Investments 453, ,999 Installment premiums 45,991 42,291 Accounts receivable 8,458 7,295 Income taxes recoverable - 12 Prepaid expenses and deposits 5,150 4,763 Loan receivable 1,538 - Deferred policy and membership acquisition expenses 8,202 8,495 Prepaid pension cost 5,628 3,015 Deferred income tax asset 3,608 4,044 Due from facility Reinsurers share of provision for unpaid claims and adjustment expenses 21,499 15,852 Ceded unearned premium Investments in affiliated companies 10,756 11,310 Property and equipment 24,977 24,176 Intangible assets 11,224 3,487 Goodwill $ 725,314 $ 670,494 Liabilities Accounts payable and accrued liabilities $ 40,458 $ 31,546 Income taxes payable 559 1,700 Provision for unpaid claims and adjustment expenses 250, ,669 Unearned premiums 94,560 90,385 Unearned members fees 80,075 75,532 Retirement benefits, other than pension 15,976 13, , ,465 Surplus before accumulated other comprehensive income 221, ,152 Accumulated other comprehensive income 17,446 6,669 Surplus 239, ,821 Non-controlling interest in subsidiary 3,588 2,208 Total Surplus 242, ,029 $ 725,314 $ 670,494

3 Consolidated Statement of Operations and Comprehensive Income For the year ended December 31 Revenue Gross revenue $ 397,254 $ 373,912 Members fees earned 151, ,101 Retail commissions and related income 35,952 36,653 Gross insurance premiums earned and related income 194, ,809 Insurance premiums ceded to reinsurers (7,296) (6,802) Net insurance premiums earned and related income 187, ,007 Garage services and related revenue 10,104 8,880 Investment income 18,357 19, , ,907 Expenses Member services 84,680 83,267 Advertising and promotion 24,941 19,289 Administration 24,744 22,799 Claims, adjustments and other 174, ,214 Claims and adjustments recovered from reinsurers (5,788) 723 Net claims and adjustments 168, ,937 Retail centres 50,205 48,949 Garage services and related expenditures 12,550 10,422 Impairment charge 7,862 8, , ,588 Results of operations 29,945 22,319 Income (loss) from equity investment in affiliated companies (13,415) 1,505 Interest on mortgage obligations - (298) Net income before income taxes 16,530 23,526 Provision for income taxes Current 5,399 3,141 Deferred (186) (615) 5,213 2,526 Net income for the year 11,317 21,000 Less: net income non-controlling interest (630) (243) Net income 10,687 20,757 Other comprehensive income Change in net unrealized gains on available-for-sale investments, net of income tax of $873 ( $1,721) 12,250 (11,689) Reclassification of net realized gains (loss) to income, net of income tax of $507 ( $418) (1,473) (1,274) Impairment charge, net of income tax recovery of $nil ( $144) - 8,781 Total other comprehensive income (loss) for the year 10,777 (4,182) Comprehensive income for the year $ 21,464 $ 16,575

4 Consolidated Statement of Surplus For the year ended Surplus before accumulated other comprehensive income Accumulated other comprehensive income Surplus Noncontrolling interest Total surplus January 1, 2012 $ 211,152 $ 6,669 $ 217,821 $ 2,208 $ 220,029 Net income 10,687-10, ,317 Other comprehensive income - 10,777 10,777-10,777 10,687 $ 10,777 21, ,094 Sale of interest in subsidiary December 31, 2012 $ 221,839 $ 17,446 $ 239,285 $ 3,588 $ 242,873 January 1, 2011 $ 190,395 $ 10,851 $ 201,246 $ 1,715 $ 202,961 Net income 20,757-20, ,000 Other comprehensive loss - (4,182) (4,182) - (4,182) 20,757 (4,182) 16, ,818 Sale of interest in subsidiary December 31, 2011 $ 211,152 $ 6,669 $ 217,821 $ 2,208 $ 220,029

5 Consolidated Statement of Cash Flows For the year ended December 31 Cash provided by (used in) Operating activities Net income before interest and taxes $ 10,687 $ 20,757 Add (deduct): Items not affecting cash Amortization of property and equipment and intangible assets 4,765 3,738 Amortization of bond premiums and discounts (1,245) (185) Deferred income tax asset 436 (615) Gain on sale of investments (5,220) (3,515) Gain on sale of investment in affiliate - (243) Impairment charge 7,000 8,925 Goodwill Impairment Loss on sale of property and equipment Equity (loss) pickup of affiliated companies 13,415 (1,505) Non-controlling interest in subsidiary Dividends earned on investments Changes in non-cash working capital items 22,479 19,465 54,032 47,189 Income taxes (paid) recovered (4,608) (5,555) 49,424 41,634 Investing activities Purchase of investments (305,989) (332,538) Proceeds from sale of investments 292, ,217 Proceed on disposal of investment in affiliate 25 Equity investment in affiliated companies (19,900) - Loan receivable (1,538) - Purchase of property and equipment and intangible assets (13,476) (5,045) (48,094) (9,341) Financing activities Mortgage payments - (2,919) Sale of interest in subsidiary (2,669) Increase in cash and cash equivalents during the year 2,080 29,624 Cash and cash equivalents - beginning of year 121,711 92,087 Cash and cash equivalents - end of year 123, ,711 Cash and cash equivalents comprise Cash 42,115 19,205 Short-term deposits 81, ,506 $ 123,791 $ 121,711