PRT Forest Regeneration Income Fund
|
|
- Harriet Evans
- 5 years ago
- Views:
Transcription
1 PRT Forest Regeneration Income Fund Condensed Consolidated Interim Financial Statements (unaudited) For the quarter ended March 31, 2011 (in thousands of Canadian dollars) 2011
2 Condensed Consolidated Interim Statements of Financial Position (unaudited) Assets (in thousands of dollars) As at March 31, As at December 31, As at January 1, Note Non-current assets Property, plant and equipment 7 $ 35,960 $ 36,127 $ 37,765 Intangible assets Investment in associate Biological assets, non-current ,662 # 36,842 # 38,622 Current assets Cash and cash equivalents 1, Accounts receivable 10 6,249 6,147 11,237 Inventories 11 1,163 1,079 1,054 Agricultural produce Biological assets, current Prepaid expenses and deposits Unbilled revenue 10 4,325 2,399 2,711 Property, plant and equipment held for sale ,190 10,519 16,378 Liabilities $ 50,852 $ 47,361 $ 55,000 Current liabilities excluding net assets attributable to unitholders Operating line 14 $ - $ - $ 3,566 Accounts payable and accrued liabilities 3,046 2,407 1,799 Provisions Unearned revenue 10 3,304 1, Current portion of finance lease Current portion of long-term debt ,658 6,672 3,886 8,432 Non-current liabilities excluding net assets attributable to unitholders Finance lease Long-term debt ,497 Deferred tax liabilities 18 2,252 1,956 1,996 Unit option grants ,277 7,246 14,401 Net assets attributable to unitholders 40,575 40,115 40,599 Memorandum Note: Total Unitholders interests $ 50,852 $ 47,361 $ 55,000 Capital contributions (liability) 19, 20 $ 96,400 $ 96,393 $ 96,303 Cumulative deficit 20 (55,962) (56,319) (55,704) Accumulated other comprehensive income Net assets attributable to unitholders $ 40,575 # $ 40,115 # $ 40,599 Commitments (note 15) Subsequent events (note 25) See accompanying notes to these consolidated financial statements. Page 2
3 Condensed Consolidated Interim Statements of Operations and Comprehensive Income (Loss) (unaudited) (in thousands of dollars, except per unit amounts) Three months ended March 31, Note Revenue $ 7,291 $ 6,240 Expenses Costs of production 3,974 3,623 Selling, general and administration 1,822 2,283 Loss on foreign exchange Earnings before the following 1, Interest paid Amortization of property, plant and equipment Amortization of intangibles Equity in earnings of investee Loss on disposal of property, plant and equipment Profit (Loss) before income taxes 694 (688) Recovery of (provision for) income taxes (284) 89 Profit (loss) for the period 410 (598) Exchange differences on translating foreign operations Tax on other comprehensive income (14) (45) Other comprehensive income Total comprehensive income (loss) $ 452 $ (557) Basic and diluted income (loss) per Trust Unit 20 $ 0.05 $ (0.06) Weighted average number of Trust Units outstanding 20 9,757,336 9,721,702 See accompanying notes to these consolidated financial statements. Page 3
4 Condensed Consolidated Interim Statements of Net Assets Attributable to Unitholders (unaudited) (in thousands of dollars) Capital Contributions (Unitholder liability) Accumulated other comprehensive income - translation reserve Cumulative Deficit Total net assets attributable to Unitholders Balance at January 1, 2010 $ 96,303 $ - $ (55,704) $ 40,599 Units issued under ESOP Profit (loss) for the period - - (598) (598) Translation of foreign operations Tax on other comprehensive income - (45) - (45) Balance at March 31, , (56,303) 40,060 Balance at January 1, , (56,373) 40,116 - Units issued under ESOP Profit (loss) for the period Translation of foreign operations Tax on other comprehensive income - (14) - (14) Balance at March 31, 2011 $ 96,400 $ 137 $ (55,963) $ 40,575 See accompanying notes to these consolidated financial statements. Page 4
5 Condensed Consolidated Interim Statements of Cash Flows (unaudited) (in thousands of dollars) Three Months ended March 31, Note Cash flows from operating activities Profit (loss) for the period $ 410 $ (598) Items not affecting cash Amortization of property, plant and equipment (excluding seedling containers) Seedling container amortization included in costs of production Amortization of intangibles Recovery of future income taxes - (85) Loss on disposal of property, plant and equipment Equity in earnings of investee Unrealized loss on foreign exchange Unrealized loss (gain) on interest rate swaps 284 (64) Unit option grants , Net change in non-cash working capital balances ,487 2,089 1,858 Cash flows from financing activities Repayment of long-term debt (52) (3,916) Repayment of finance lease (34) (17) Decrease in operating line - (2,227) Issuance of Trust Units (80) (6,141) Cash flows from investing activities Purchase of property, plant and equipment (823) (767) Disposal of property, plant and equipment (net of disposal costs) 13-5,046 (823) 4,279 Increase in cash and cash equivalents 1,187 - Cash and cash equivalents - beginning of period 92 - Cash and cash equivalents - end of period $ 1,279 $ - See accompanying notes to these consolidated financial statements. Page 5
6 1. Organization and nature of operations PRT Forest Regeneration Income Fund (the Fund ) is an open-ended single purpose trust, created under the laws of British Columbia by a Declaration of Trust dated May 14, The Fund is the largest producer of container-grown forest seedlings in North America. The Fund provides seedling growing services from its nurseries in British Columbia, Alberta, Saskatchewan, Ontario and Oregon. These condensed consolidated financial statements include the accounts of the Fund, its wholly owned subsidiary Pacific Regeneration Technologies Inc. ( PRT or the Company ) and PRT s wholly owned subsidiary companies. 2. Basis of preparation and statement of compliance These condensed consolidated interim financial statements have been prepared in accordance with international Accounting Standard 34 (IAS 34) Interim Financial Reporting. These are the Fund s first IFRS condensed consolidated interim financial statements for the part of the period covered by the first IFRS consolidated annual financial statements to be presented in accordance with IFRS for the year ending December 31, 2011 and IFRS 1 First-time Adoption of International Financial Reporting Standards has been applied. Previously the Company prepared its consolidated annual and consolidated interim financial statements in accordance with Canadian generally accepted accounting principles (GAAP). These consolidated interim financial statements have been prepared using the accrual basis of accounting, except cash flow information. The condensed consolidated interim financial statements do not include all of the information required for full annual financial statements. These financial statements are presented in Canadian dollars which is the Fund s functional currency. All financial information presented in Canadian dollars has been rounded to the nearest thousand. The preparation of these condensed consolidated interim financial statements resulted in changes to accounting policies as compared with the most recent annual financial statements prepared under GAAP. The accounting policies set out below have been applied consistently to all periods presented, unless otherwise noted. They have also been applied in preparing the opening IFRS balance sheet as of January 1, 2010 for the purposes of the transition to IFRS for which the impact of the transition is explained in note 24. These condensed consolidated interim financial statements were approved by the Board of Trustees on June 2, Seasonality of operations Revenues and cash flow are affected by the PRT s seedling crop cycles and by the seasonality of PRT s customers planting season. As such, fluctuations between quarters occur depending upon the activities and expenditures in the quarter. Comparatively high cost activities, such as harvesting, typically occur in the second and fourth quarters, and accordingly these quarters normally reflect a higher proportion of annual revenues associated with the percentage of completion method of revenue recognition. 4. Significant accounting policies Principles of consolidation These interim financial statements include the accounts of the Fund and its wholly owned subsidiaries: PRT and PRT USA Inc. Intercompany balances and transactions, and any unrealized income and expenses arising from intercompany transactions, are eliminated in preparing the consolidated financial Page 6
7 statements. Subsidiaries are entities controlled by the Fund. The financial statements of subsidiaries are included in the consolidated financial statements from the date that control commences until the date that control ceases. Revenue recognition Revenue from contracts is recognized as a percentage of the contract price, based on the percentage of total direct expenses incurred to total expected direct costs. At this point the amount of revenue, stage of completion and costs incurred to date and expected to be incurred to completion are reliably measurable and it is probable that future economic benefits will result. Total revenue is recognized when seedling crops reach substantial completion, which is defined as meeting all contracted growth specifications. Any excess of revenues recorded using this percentage of completion method over amounts billed is recorded as unbilled revenue in the assets section of the balance sheet (billings in excess of earned revenue is presented as unearned revenue in the liabilities section of the balance sheet). The Fund uses this method of revenue recognition as it can reasonably estimate the expected costs and revenues of the contract based on the Fund s business practices, methods and experience. This method requires estimates of costs and profits over the full duration of the contract. Management regularly revises the underlying estimates of profitability and such adjustments are reflected in the statement of operations when known. Provisions for estimated losses, if any, are recognized in the period the loss is determined. Revenue from non-contracted goods and services is recognized when the goods are delivered, and the significant risks and rewards of ownership have transferred or the service has been substantially rendered, the amount of revenue can be measured reliably and the economic benefits associated with the transaction will flow to the Fund. Where services span multiple reporting periods such as over winter tree storage ( cold storage ) revenue is recognized based on the proportion of service rendered at the reporting date. Revenue from all sources is only recognized when collection is reasonably assured. Inventories and biological assets Inventories of supplies are recorded at the lower of cost and replacement cost (which approximates net realizable value), with cost being determined on a weighted average basis. Seedlings grown for inventory are considered a biological asset and are valued under IAS 41, Agriculture, at market value for finished seedlings where the fair value can be determined, and at cost for seedlings in progress where no fair value is available. Seedlings in process are not marketable as such to establish a fair value, and therefore are valued at cost. Deferred income taxes Deferred tax is recognized in respect of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for taxation purposes. Deferred tax is measured at the tax rates that are expected to be applied to temporary differences when they reverse, based on the laws that have been enacted or substantively enacted by the reporting date. Deferred tax assets and liabilities are offset if there is a legally enforceable right to offset current tax liabilities and assets, and they relate to income taxes levied by the same tax authority on the same taxable entity, or on different tax entities, but they intend to settle current tax liabilities and assets on a net basis or their tax assets and liabilities will be realized simultaneously. Page 7
8 A deferred tax asset is recognized for unused tax losses, tax credits and deductible temporary differences, to the extent that it is probable that future taxable profits will be available against which they can be utilized. Deferred tax assets are reviewed at each reporting date and are reduced to the extent that it is no longer probable that the related tax benefit will be realized. Investment The Fund accounts for investments over which it exercises significant influence using the equity method. Under this method, the initial investment is recorded at cost and the Fund s pro rata share of the investees earnings or losses is included in results of operations. Dividends received are recorded as a decrease in the equity investment. When the Company s share of losses exceeds its interest in an equityaccounted investee, the carrying amount of that interest is reduced to zero, and the recognition of further losses is discontinued except to the extent that the Company has an obligation or has made payments on behalf of the investee. Property, plant and equipment Property, plant and equipment are measured at cost less accumulated amortization and impairment losses. Included in the carrying value of greenhouses and other constructed assets are all costs to construct and put the item into use. For land and buildings, where elected under IFRS 1, deemed cost was established January 1, 2010 as market value. Amortization is based on the cost of an asset less its residual value. Significant components of individual assets are assessed, and if a component has a useful life that is different from the remainder of the asset, then that component is amortized separately. Amortization methods, useful lives and residual values are reviewed annually and adjusted if appropriate. Amortization is calculated and recognized in profit or loss using the straight-line method or declining balance method at rates that reflect the estimated useful lives of the components. Amortization related to seedling containers is included in costs of production in the consolidated income statements. Leased assets are amortized over the shorter of the lease term and their useful lives unless it is reasonably certain that the Company will obtain ownership by the end of the lease term. Land is not amortized. The estimated useful lives for the current and comparative periods are as follows: Buildings and Greenhouses years Equipment and Vehicles 3-25 years Seedling Containers 5 years When parts of an item of property, plant and equipment have different useful lives, they are accounted for as separate items (major components) of property, plant and equipment. The cost of replacing a component or item of property, plant and equipment is recognized in the carrying amount of the item if it is probable that the future economic benefits embodied within the component will flow to the Company, and its cost can be measured reliably. The carrying amount of the replaced component is derecognized. The costs of day-to-day servicing of property, plant and equipment are recognized in profit or loss as incurred. The Company capitalizes borrowing costs for qualifying assets where the construction period exceeds twelve months. Internally constructed assets normally involve greenhouses or open compound space and normal construction time for any one asset is from 1 to 3 months. Page 8
9 Property, plant and equipment held for sale Property, plant and equipment held for sale represents assets being actively marketed for sale, recorded at lower of carrying value and fair value less cost to sell. Depreciation ceases on assets when they are classified as held for sale. Government grants PRT is under agreement to receive two grants from the BC provincial government and federal government. Both grants correspond to expenditures at the Red Rock nursery which relate to a biomass energy project. Government grants are only recognized when there is reasonable assurance that PRT will comply with the conditions attached to them and reasonable assurance that the grants will be received. IFRS provides two approaches to accounting for government grants: the capital approach and the income approach. PRT has chosen to account for government grants under the capital approach under which the asset is reduced by the grant amount to arrive at the carrying amount of the asset shown on the statement of financial position. The grant is then recognized in profit or loss over the life of a depreciable asset as a reduced depreciation expense. Intangible assets Intangibles represent patents, customer lists, leases and non-competition agreements recorded on acquisition of subsidiaries. Intangibles are measured at cost less accumulated amortization and impairment losses and are being amortized on a straight-line basis over their estimated useful lives of 5 to 20 years. Subsequent expenditure is capitalized only when it increases the future economic benefits embodied in the specific asset to which it relates. All other expenditure is recognized in profit or loss as incurred. Impairment of non-financial assets IFRS requires that a long-lived asset should be tested for recoverability whenever events or changes in circumstances indicate that its carrying amount may not be recoverable. The recoverable amount of an asset is the greater of its value in use and its fair value less cost to sell. An impairment loss is recognized if the carrying amount of an asset exceeds its estimated recoverable amount. In assessing impairments management has concluded that greenhouses and related structures cannot be tested individually, but rather are grouped together into one cash generating unit for the consideration of impairment. The nature of the PRT business is that, within the current operating year, specific cash flows can be identified with specific locations and therefore the assets at that location. However, from year-to-year the market environment changes enough that PRT cannot specifically identify which types of crops (e.g. species, crop rotation, age, etc.) will be grown at any particular location, and capacity is managed on a pooled basis so that site by site analysis would be inappropriate. Therefore the most appropriate asset grouping over a number of years for an impairment analysis is the entire Company. Where a location is being closed, such that PRT is able to identify the specific cash flows to be associated with the long lived assets at that location in that year, and, where those long-lived assets are not planned to be reused at other nurseries in future years, PRT can identify the appropriate impairment charge for those assets. Page 9
10 Leases PRT leases certain items of property, plant and equipment. Leases of property, plant and equipment, where PRT has substantially all the risks and rewards of ownership, are classified as finance leases. From the beginning of the lease, finance leases are capitalized at the lower of the fair value of the leased property and the present value of minimum lease payments. PRT s payments are apportioned between finance expenses and reduction of the lease obligation using the effective interest method so as to achieve a constant rate of interest on the remaining balance of the liability. The property, plant and equipment acquired under finance leases are depreciated over the shorter of the useful life of the asset and the lease term. Leases in which substantially all the risks and rewards of ownership are retained by the lessor, are classified as operating leases. Operating lease payments are recognized as an expense on a straight line basis over the lease term, except where another systematic basis is more representative of the time pattern in which economic benefits from the leased asset are consumed. Foreign exchange Foreign currency transactions are translated into Canadian dollars at the exchange rates in effect at the transaction dates. Monetary account balances denominated in foreign currencies are translated into Canadian dollars at exchange rates in effect at the balance sheet dates. Non-monetary account balances denominated in foreign currencies are translated at their historical exchange rates. Exchange gains and losses arising from the translation or settlement of foreign currency denominated monetary items are included in the determination of net earnings. The Company has determined that the functional currency of the Fund s United States operations is US Dollars. The assets and liabilities of foreign operations are translated to Canadian dollars at exchange rates at the reporting date. The income and expenses of foreign operations are translated to Canadian dollars at exchange rates at the dates of the transactions. Exchange differences arising from the translation of the operation are recognized in the foreign currency translation reserve in other comprehensive income. Segment reporting: Operating segments are based on the information about the components of the Company used by management to make decisions about operating matters. The subsidiaries of the Company engage in one main business activity, hence operating segment information is not provided. Geographical segment information is provided by country of operations in note 22. Use of estimates The preparation of financial statements in conformity with IFRS requires management to make judgements, estimates and assumptions that affect the application of accounting policies and reported amounts of assets, liabilities, income and expenses. Accordingly, actual results could differ from those estimates. Financial risk management is discussed in greater detail in note 6. The most significant estimates are related to the recoverability of accounts receivable, costs to complete contracts as a basis for revenue recognition, future income tax assets, asset impairment and useful lives for amortization. Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognized in the period in which the estimates are revised and in any future periods affected. Page 10
11 Financial instruments Financial assets and financial liabilities are recognized when the Fund becomes a party to the contractual provisions of the financial instrument. Financial assets are derecognized when the contractual rights to the cash flows from the financial asset expire, or when the financial asset and all substantial risks and rewards are transferred. A financial liability is derecognized when it is extinguished, discharged, cancelled or expires. Financial assets and financial liabilities are measured initially at fair value plus transactions cost, except for financial assets and financial liabilities carried at fair value through profit or loss, which are measured initially at fair value. The Company has adopted the following classification for financial assets and financial liabilities: Cash and cash equivalents are classified as Financial Assets at Fair Value Through Profit or Loss. This financial asset is marked-to market through net earnings at each period end. Any derivative contracts are classified as Financial Assets or Financial Liabilities at Fair Value Through Profit or Loss with marked-to-market adjustments being recorded to net earnings at each period end. Accounts receivable are classified as Loans and Receivables. After their initial fair value measurement, they are measured at amortized cost using the effective interest rate method, as reduced by appropriate allowances for estimated unrecoverable amounts. Operating lines, accounts payable and accrued liabilities, distributions payable and long term debt are classified as at Amortized Cost and are net of any related financing fees or issue costs. After their initial fair value measurement, they are measured at amortized cost using the effective interest rate method. As a result of the Fund s units being redeemable for cash, Units and Unit options are classified as financial instrument liabilities and classified as at Amortized Cost. The cost of cash-settled unit-based transactions is measured at fair value using a Black-Scholes model and expensed over the vesting period. Foreign exchange contracts are not designated as hedges. The unrealized portions of these derivatives are marked-to-market each period and recorded on the statement of financial position with unrealized gains or losses recognized in earnings each period. Provisions Decommissioning The Fund recognizes provisions in the period that a constructive or legal obligation arises, can be reasonably estimated and is probable that costs will result from the obligation. Provisions are determined by discounting the expected future cash flows at a pretax rate that reflects current market assessments of the time value of money and the risks specific to the liability. The Company s activities may give rise to the dismantling or decommissioning of nurseries. A provision is made for the present value of estimated costs based on management s best estimates of the expenditure required to settle the obligation. Provision estimates are reviewed quarterly and the increase or decrease is recognized as an increase or decrease in the related asset, or if an increase in liability exceeds the carrying amount of the asset, through profit and loss. Page 11
12 Onerous contracts A provision for onerous contracts is recognized when the expected benefits to be derived by the Company from a contract are lower than the unavoidable cost of meeting its obligations under the contract. The provision is measured at the present value of the lower of the expected cost of terminating the contract and the expected net cost of continuing with the contract. Before a provision is established, the Company recognizes any impairment loss on associated assets. Employee benefits Short-term employee benefits are measured on an undiscounted basis and are expensed as the related service is provided. A liability is recognized for the amount expected to be paid under short-term cash bonus or profit-sharing plans if the Company has a present legal or constructive obligation to pay this amount as a result of past service provided by the employee, and the obligation can be estimated reliably. Termination benefits are recognized as an expense when the Company is committed demonstrably, without realistic possibility of withdrawal, to a formal detailed plan to either terminate employment before the normal retirement date, or to provide termination benefits as a result of an offer made to encourage voluntary redundancy. Benefits for voluntary terminations are recognized as an expense if the Company has made an offer of voluntary termination, it is probable that the offer will be accepted, and the number of acceptances can be estimated reliably. If benefits are payable more than 12 months after the reporting date, then they are discounted to their present value. Unit based compensation The Fund has a unit based long-term incentive plan as described in note 19. The fair value of the award payable to employees, in the form of Fund Units or cash, is recognized as an expense with a corresponding increase in liabilities, over the period that the employees unconditionally become entitled to payment. The amount recognized as an expense is adjusted to reflect the number of awards for which the related service and non-market vesting conditions are expected to be met. The liability is remeasured at its fair value each reporting date and at the settlement date. Any changes in the fair value of the liability are recognized as an employee expense in profit or loss. Comprehensive income (loss) Comprehensive income (loss) represents the change in equity of an enterprise during a year from transactions and other events arising from non-owner sources including gains and losses arising on translation of self-sustaining foreign operations, gains and losses from changes in the fair value of available for sale financial assets and changes in fair value of the effective portion of cash flow hedging instruments Income (loss) per unit Comprehensive income (loss) per unit is calculated based on the net comprehensive income (loss) attributable to Units for the year divided by the weighted average number of Units issued and outstanding during the year. While units are not ordinary common shares, they are treated as such for comprehensive income (loss) per unit calculations. Diluted comprehensive income (loss) per unit is calculated using the treasury stock method under which all options whose exercise price is less than or equal to the average Unit price of the Fund for the year are assumed to be exercised at the beginning of the year (or at the time of vesting if later) and the Fund using the resulting proceeds to purchase its units at the average market price during the year. The purchased units reduce the number of units issued upon exercise of the options and this net number is included in the denominator when calculating diluted comprehensive income per unit. When the effect of options converted into units is anti-dilutive, including when the Fund has incurred a loss for the period, basic and diluted loss per unit are the same. Page 12
13 Capital Contributions The Trust Units do not meet the definition of equity under IAS 32, and are therefore recorded under Net Assets attributable to Unitholders. This classification is a result of the Units being puttable instruments as the holder has an option to redeem Units, as described in note 19, and the Fund has a contractual obligation requiring delivery of Fund income to the Unitholders. The Fund records the capital contribution at the fair value of the Units at their inception and records the amounts subsequent to initial recognition on an amortized cost basis. Direct expenses associated with the initial issuance of the Fund Units are expensed as a financing cost at the date of issuance. Subsequent issuances of Fund Units are recorded at the fair value of the Units at the date of issue. 5. Financial instruments Fair value The fair values of cash and cash equivalents, accounts receivable, operating line, accounts payable and accrued liabilities approximate their carrying values given the short-term maturity of these instruments. The fair value of finance lease obligations is not expected to differ materially from their respective carrying values, given the interest rates being charged. Management considers that the fair value of the long-term debt approximates its carrying amount because it is floating rate debt and risk is addressed through the renewal of the credit agreements annually. 6. Financial risk management Credit risk The carrying amount of financial assets recorded in the financial statements, net of allowances for doubtful accounts, represents the Fund s maximum exposure to credit risk. Interest rate risk PRT is exposed to interest rate risk its long-term debt. PRT previously mitigated this risk primarily through the use of interest rate swaps. PRT opted to not renew swaps on debt where arrangements expired in the third quarter of 2009 while considering options to reduce the overall debt. In 2010 all loans with swapped rates were paid out and rate differences realized to income. Liquidity risk PRT manages liquidity through a combination of operating cash flow, an operating line of credit, and a term debt facility; the latter is used to finance long-term capital or project expenditures only. From an operating point of view, the management of the Company s liquidity exposures is centralized by a daily cash concentration process which enables PRT to manage its liquidity requirements according to the actual need of the Company and each nursery. The Company s short- and mid-term liquidity takes into account the maturities of financial assets and liabilities and estimates of cash flows from the operating business. The Company s policy is to use 10 year amortizing debt against its term debt facility. Market risk The business of PRT is highly dependent on the forest industry in Canada. While the Company is not materially dependent on any one customer, regional markets may be impacted by changes in global markets and government regulations and by more consolidated buying decisions by larger customers. Page 13
14 PRT manages and reduces this risk through diversification of operations across a wider variety of customers, and Provincial and State jurisdictions. 7. Property, plant and equipment Deemed Cost: Land Buildings Greenhouses Equipment Seedling Containers Subtotal Biological Assets Total Balance at January 1, 2010 $ 7,903 $ 7,530 $ 14,358 $ 29,131 $ 8,141 $ 67,063 $ 102 $ 67,165 Additions Assets acquired , , ,959 Disposals - (20) (158) (444) - (622) - (622) Balance at December 31, ,903 7,674 14,612 29,834 8,300 68, ,502 Additions Assets acquired Disposals - (3) (2) (254) - (259) - (259) Reclassed as held for sale (17) (158) (175) - (175) Balance at March 31, 2011 $ 7,886 $ 7,542 $ 14,615 $ 29,871 $ 8,794 $ 68,708 $ 183 $ 68,891 Accumulated amortization: Land Buildings Greenhouses Equipment Seedling Containers Subtotal Biological Assets Total Balance at January 1, 2010 $ - $ 1,787 $ 5,981 $ 14,625 $ 6,906 $ 29,299 $ 7 $ 29,306 Disposals - (3) (67) (203) - (273) - (273) Amortization for the period , , ,173 Balance at December 31, ,992 6,342 16,393 7,469 32, ,206 Disposals - (1) (1) (162) - (164) - (164) Reclassed as held for sale - (25) (25) - (25) Amortization for the period Balance at March 31, 2011 $ - $ 2,020 $ 6,429 $ 16,684 $ 7,615 $ 32,748 $ 11 $ 32,759 In addition to the disposals detailed above, the Company disposed of assets held for sale in the first quarter of 2010 as outlined in note 9. Carrying amounts: Land Buildings Greenhouses Equipment Seedling Containers Subtotal Biological Assets Total At January 1, 2010 $ 7,903 $ 5,743 $ 8,377 $ 14,506 $ 1,235 $ 37,765 $ 95 $ 37,859 At December 31, 2010 $ 7,903 $ 5,682 $ 8,270 $ 13,441 $ 831 $ 36,127 $ 169 $ 36,296 At March $ 7,886 $ 5,522 $ 8,186 $ 13,187 $ 1,179 $ 35,960 $ 172 $ 36,132 Page 14
15 The following summarizes amortization charged to earnings: March 31, March 31, Seedling container amortization included in costs of production $ 145 $ 167 Property, plant and equipment Intangibles $ 751 $ 862 Included in property, plant and equipment is a reduction of $584 (December 31, $584) for funds received or receivable under Provincial and Federal grant programs, as follows: Provincial Federal Total Grants recognized at January 1, 2010 $ 31 $ 114 $ 145 Additional grants claimed Net cash received (28) (114) (142) Grants receivable at March 31, 2010 $ 3 $ - $ 3 Provincial Federal Total Grants recognized at January 1, 2010 $ 31 $ 114 $ 145 Additional grants claimed Net cash received (328) (220) (547) Grants receivable at December 31, 2010 $ 36 $ - $ 36 Provincial Federal Total Grants recognized at January 1, 2011 $ 364 $ 220 $ 584 Additional grants claimed Net cash received (328) (220) (547) Grants receivable at March 31, 2011 $ 36 $ - $ 36 The table below details property plant and equipment reported in the statement of financial position as at January 1, 2010, December 31, 2010 and March 31, 2011 respectively: Page 15
16 Land Buildings Greenhouses Equipment Seedling Containers Subtotal Biological Assets Total Categorization at January 1, 2010 Owned $ 7,903 $ 5,403 $ 8,377 $ 14,492 $ 1,235 $ 37,410 $ 95 $ 37,505 Finance leased Held for sale $ 7,903 $ 6,056 $ 8,808 $ 14,537 $ 1,235 $ 38,539 $ 95 $ 38,634 Categorization at December 31, 2010 Owned $ 7,903 $ 5,401 $ 8,270 $ 13,371 $ 831 $ 35,776 $ 169 $ 35,945 Finance leased Held for sale $ 7,903 $ 5,682 $ 8,270 $ 13,441 $ 831 $ 36,127 $ 169 $ 36,296 Categorization at March 31, 2011 Owned $ 7,886 $ 5,256 $ 8,186 $ 13,119 $ 1,179 $ 35,626 $ 172 $ 35,798 Finance leased Held for sale $ 7,903 $ 5,655 $ 8,186 $ 13,187 $ 1,179 $ 36,110 $ 172 $ 36, Intangible assets PRT s intangible assets include customer lists acquired with the Coldstream and Maple Ridge, BC nurseries and certain agreements that arose from contractual agreements including non-competition agreements and leases. PRT amortizes intangibles over the term of those contracts. No additions or disposals took place during 2011 or PRT reclassified patents held on certain equipment to intangibles in 2010 (previously reported within equipment). The following summarizes intangible assets held: March 31, 2011 Cost Accumulated amortization Net Customer lists $ 970 $ 970 $ - Non-competition agreements Lease Patent $ 1,683 $ 1,429 $ 254 December 31, 2010 Cost Accumulated amortization Net Customer lists $ 970 $ 970 $ - Non-competition agreements Lease Patent $ 1,683 $ 1,419 $ 264 Page 16
17 January 1, 2010 Cost Accumulated amortization Net Customer lists $ 970 $ 873 $ 97 Non-competition agreements Lease Patent $ 1,683 $ 1,254 $ 429 Intangible assets amortization expense for the quarter was $10 ( $57). 9. Investment In 2003, PRT acquired a 40% non-controlling interest in a privately held company for cash consideration of $742. The investment is accounted for by the equity method. The investee is a supplier of software solutions for seedling supply management by forest companies and the investment has a carrying value as follows: March 31, 2011 December 31, 2010 January 1, 2010 Opening carrying value $ 282 $ 333 $ 265 Equity earnings of investee (7) Amortization of intangible assets - - (5) Dividends paid (3) (120) - Draw (repayment) of shareholder loan 3 (20) (20) Closing carrying value $ 275 $ 282 $ Accounts receivable, unbilled revenue and unearned revenue A substantial portion of PRT s accounts receivable are with customers in the forest industry and are subject to normal industry credit risks. Credit risk is managed by continuous evaluation by management of credit exposure on key accounts which includes current and future billings and contract values, and aged receivable balances in conjunction with specific client knowledge, past experience, and industry analysis. Allowance for doubtful accounts and past due receivables are reviewed by management at each balance sheet reporting date. PRT updates its estimate of allowance for doubtful accounts based on the specific evaluation of each customer s accounts receivable balance considering the account s historical collection trends and outlook. Accounts receivable are written-off once it is determined that they are more likely than not to be uncollectible. Page 17
18 Accounts receivable includes a non-trade receivable of $4,534 for insurance proceeds outstanding as of January 1, March 31, 2011 December 31, 2010 January 1, 2010 Trade $ 6,031 $ 5,927 $ 6,666 Insurance receivable - - 4,534 Other non-trade $ 6,249 $ 6,147 $ 11,237 With regards to their respective terms, trade accounts receivable are aged as follows: March 31, 2011 December 31, 2010 January 1, 2010 Current $ 5,520 $ 5,744 $ 6,580 Past due less than 30 days Past due over 30 days Trade accounts receivable $ 6,031 $ 5,927 $ 6,666 Trade receivables have been netted against the allowance for bad debts against specific receivables of $40 ( $58). The changes in the allowance for doubtful accounts were as follows: March 31, 2011 December 31, 2010 January 1, 2010 Balance, beginning of year $ 58 $ 85 $ 74 Bad debt expense, net of recovery (18) (27) 11 Written-off Balance, end of year $ 40 $ 58 $ 85 Revenue from contracts is recognized as a percentage of the contract price, based on the percentage of total direct expenses incurred to total expected direct costs to complete the contracts. Total revenue is recognized when seedling crops reach substantial completion, which is defined as meeting all contracted growth specifications. Any excess of revenues recorded using this percentage of completion method over amounts billed is recorded as unbilled revenue. Any revenues billed under contract terms, but not yet earned as a percentage of the contract price are recorded as unearned revenue. 11. Inventories PRT carries raw materials consisting mainly of growing materials and supplies including: peat, sand and vermiculite, packaging material, fertilizers and pesticides. There were no write-downs or reversals recorded in the periods presented. Seedlings and seed are carried at fair value, are classified as agricultural produce and are presented separately in the balance sheet. Page 18
19 12. Biological assets and agricultural produce PRT s agricultural produce includes seed, seedlings in process and finished seedlings. Depending on the season, PRT may have agricultural produce from biological assets including unrooted cuttings and harvested biomass, which are accounted for as inventory at their fair values less costs to sell under IFRS (where the fair value can be determined): Biological assets - non-current March 31, December 31, January 1, Stool Beds $ 17 $ 18 $ 6 Biomass Farm $ 173 $ 169 $ 95 Agricultural Produce March 31, December 31, January 1, Seed $ 66 $ 66 $ 97 Unrooted Cuttings Harvested biomass $ 79 $ 73 $ 104 Biological Assets - current March 31, December 31, January 1, Seedlings in process $ 65 $ 35 $ 101 Finished seedlings $ 491 $ 511 $ Property, plant and equipment held for sale January 1, 2010 assets held for sale relate to the nursery in Maple Ridge, BC. The closure took place in phases and operations ceased in August of The Company relocated certain long-lived assets to other nursery locations in the first quarter of 2010 and disposed of other excess assets. PRT is currently actively marketing a cold-storage facility in Northern Ontario; land and buildings have been segregated from assets employed to held for sale. The following summarizes the carrying value of assets held for sale from the applicable sites: March 31, December 31, January 1, Land $ 17 $ - $ - Buildings Growing facilities Equipment $ 150 $ - $ 774 Page 19
20 All assets held for sale at January 1, 2010 were disposed of in The disposal included a nonmonetary transaction with the owner of the previously leased Maple Ridge nursery site where certain PRT owned plant and equipment were exchanged for other movable and production equipment of similar nature. The value was measured at carrying value with a difference of $42 paid by PRT. This nonmonetary transaction generated no gain or loss. 14. Operating line PRT has a demand revolving operating facility with a major Canadian bank of up to $13,000 to fund the Company s working capital and general corporate requirements, and to provide temporary financing of capital expenditures prior to conversion of this financing to term debt. The amount of operating line available is dependent upon meeting certain margin requirements. As at March 31, 2011 no funds were drawn (December 31, 2010 nil; January 1, $3,566). Cash advances bear interest at prime plus 1%. A first fixed and floating charge over PRT s assets is provided as security with transaction costs recorded in profit and loss in the period of inception. 15. Provisions In October 2008, the Fund announced that it would close its seedling nursery facility in Maple Ridge, BC and cease operations in the latter part of 2009; the exit activities were completed during The Fund also announced, in November 2009 the temporary closure of its Kirkland Lake, Ontario nursery and permanent closure of its Summerland, BC nursery facility. Property, plant and equipment previously located at Summerland have been relocated at other facilities within the PRT group of nurseries. Provisions are reevaluated on a quarterly basis and the outstanding estimated liability is adjusted to profit and loss allocated by function. The only remaining exit activities in progress at March 31, 2011 relate to Summerland, and it is anticipated that this will be completed in Exit activities from January 1, 2010 to March 31, 2011 are summarized as follows: Exit Activities Balance at January 1, 2010 $ 591 Additional provisions made 465 Unused amounts reversed - Charged against the provision (496) Balance at March 31, 2010 $ 560 Balance at January 1, 2010 $ 591 Additional provisions made 582 Unused amounts reversed - Charged against the provision (1,034) Balance at December 31, 2010 $ 139 Balance at January 1, 2011 $ 139 Additional provisions made - Unused amounts reversed (44) Charged against the provision (41) Balance at March 31, 2011 $ 54 Page 20
21 16. Financing leases PRT leased certain equipment and facilities and have determined that these leases are considered finance leases and are recorded on the statement of financial position. Finance lease liabilities are payable as follows: Minimum Lease Payments Due Within one One to five Total year years March 31, 2011: Future minimum lease payments $ 72 $ 266 $ 338 Interest Value of minimum payments $ 85 $ 293 $ 378 December 31, 2010: Future minimum lease payments $ 91 $ 281 $ 372 Interest Value of minimum payments $ 105 $ 312 $ 417 January 1, 2010: Future minimum lease payments $ 65 $ 320 $ 385 Interest Value of minimum payments $ 86 $ 369 $ 455 The value of the lease payments is calculated using the interest rate implicit in the lease. Operating leases and other commitments PRT has non-cancelable operating lease commitments for certain nursery growing facilities. The leases typically run for a period of 6-10 years, with an option to renew the lease after that date. PRT also enters into agreements for natural gas supply. Obligations are as follows: Twelve Months Ending March 31, $ - $ Thereafter $ 1,632 $ 2, Long-term debt PRT repaid all Canadian bank term debt in February This includes all term debt disclosed below with the exception of the subsidiary s US$ debt (Term loan #2). Page 21
22 Term loan #2 was renewed with the Company s US lender on December 22, 2010 for $1,105, with a maturity date of November 30, PRT entered a new term loan facility agreement with Farm Credit Canada (FCC) in December 2010 for $5,500. No draws have been made on this facility to date. Canadian Bank Term loans Term loan #2 (USA), bearing interest at 5%, maturing on November 30, 2015 At March 31, 2011 At December 31, 2010 At January 1, 2010 $ - $ - $ 3,705 1,026 1,078 1,450 1,026 1,078 5,155 Less: Current portion ,658 $ 831 $ 880 $ 3,497 Interest paid on long-term debt 1 $ 15 $ 114 $ interest paid is for the quarter-ended March 31, and the years-ended December 31, 2010 and 2009 respectively The principal repayments required on the long-term debt facilities are as follows: At December 31, 2010 At January 1, 2010 At March 31, 2011 Year ending December $ - $ - $ 1, , $ 1,026 $ 1,078 $ 5,155 A first fixed and floating charge over the Company s nursery assets at the Pitt Meadows, Armstrong and Harrop, BC nurseries is provided as security for the FCC facilities, and a fixed and floating charge over nursery assets in Oregon, USA secure the US term debt facility. 18. Income taxes Effective January 1, 2011the Fund is taxable on any income that is distributed to Unitholders. Additionally, PRT is taxable on its income at Canadian statutory tax rates. Page 22
23 a) The consolidated income tax recovery comprises the following: March 31, 2011 March 31, 2010 Current income taxes $ - $ 4 Future income taxes 298 (48) $ 298 $ (44) b) The recovery of income taxes shown in the consolidated statement of operations, comprehensive income and cumulative earnings differs from the amounts obtained by applying statutory tax rates to the earnings before income taxes for the following reasons: March 31, 2011 March 31, 2010 Income tax expense (recovery) computed at statutory rates $ 174 $ (173) Valuation allowances and other Expense (Recovery) of income taxes $ 298 $ (44) c) The net future income tax liability comprises the following differences between book value and tax value at current tax rates: March 31, 2011 March 31, 2010 January 1, 2010 Future income tax liabilities Property, plant and equipment $ (3,321) $ (949) $ (3,118) Tax loss carry-forwards and other 1,366 1,300 1,417 Valuation allowances (297) (307) (295) Future income tax asset (liability) - net $ (2,252) $ 44 $ (1,996) d) Non-capital loss carry-forwards in subsidiary companies start to expire commencing in Capital contributions The Declaration of Trust provides that an unlimited number of Trust Units may be created and issued. Each Trust Unit represents an equal undivided beneficial interest in the assets of the Fund. All Trust Units of the Fund are of the same class with equal rights and privileges. Each Trust Unit is transferable and entitles the holder to participate equally in allocations and distributions, and to one vote at all meetings of Unitholders. Unitholders are not subject to future calls or assessments. Trust Units are redeemable at the holder s option at amounts related to market prices at the time, subject to a maximum of $75 in cash redemptions by the Fund in any particular month. The monthly redemption limitation may be waived at the discretion of the Trustees of the Fund. Redemption in excess of the maximum, assuming no waiving of the limitation, shall be paid by way of a distribution of a pro rata number of PRT common shares and unsecured variable interest rate subordinated notes (the Notes ). The fair value of the Fund units redeemable for cash at March 31, 2011 is $30.4 million (December 31, $23.0 million; January 1, $19.8 million) based on the quoted market price of the Fund units at each respective reporting date. Page 23
PRT Forest Regeneration Income Fund. Consolidated Financial Statements December 31, 2010 and 2009 (in thousands of dollars)
PRT Forest Regeneration Income Fund Consolidated Financial Statements December 31, 2010 and 2009 (in thousands of dollars) 2010 To the Unitholders Independent Auditors Report We have audited the accompanying
More informationPRT Forest Regeneration Income Fund. Consolidated Financial Statements December 31, 2009 and 2008 (in thousands of dollars)
PRT Forest Regeneration Income Fund Consolidated Financial Statements December 31, 2009 and 2008 (in thousands of dollars) 2009 Auditors Report To the Unitholders of PRT Forest Regeneration Income Fund
More informationUnaudited Condensed Interim Consolidated Financial Statements of H&R REAL ESTATE INVESTMENT TRUST
Unaudited Condensed Interim Consolidated Financial Statements of For the three months ended March 31, 2011 and 2010 Unaudited Condensed Interim Consolidated Statement of Financial Position (In thousands
More informationAVEDA TRANSPORTATION AND ENERGY SERVICES INC. CONSOLIDATED FINANCIAL STATEMENTS Years ended December 31, 2017 and 2016
AVEDA TRANSPORTATION AND ENERGY SERVICES INC. CONSOLIDATED FINANCIAL STATEMENTS MANAGEMENT S RESPONSIBILITY FOR CONSOLIDATED FINANCIAL STATEMENTS The management of Aveda Transportation and Energy Services
More informationConsolidated Financial Statements and Notes Years Ended 2014 and 2013 March 10, 2015 Independent Auditor s Report To the Shareholders of Rocky Mountain Dealerships Inc. We have audited the accompanying
More informationPHOENIX OILFIELD HAULING INC. CONSOLIDATED FINANCIAL STATEMENTS Years ended December 31, 2011 and 2010
PHOENIX OILFIELD HAULING INC. CONSOLIDATED FINANCIAL STATEMENTS MANAGEMENT S RESPONSIBILITY FOR CONSOLIDATED FINANCIAL STATEMENTS The management of Phoenix Oilfield Hauling Inc. (the "Company") is responsible
More informationUnaudited Condensed Interim Combined Financial Statements of. H&R REAL ESTATE INVESTMENT TRUST and H&R FINANCE TRUST
Unaudited Condensed Interim Combined Financial Statements of H&R REAL ESTATE INVESTMENT TRUST and For the three months ended March 31, 2011 and 2010 Unaudited Condensed Interim Combined Statement of Financial
More informationAVEDA TRANSPORTATION AND ENERGY SERVICES INC.
AVEDA TRANSPORTATION AND ENERGY SERVICES INC. CONSOLIDATED FINANCIAL STATEMENTS MANAGEMENT S RESPONSIBILITY FOR CONSOLIDATED FINANCIAL STATEMENTS The management of Aveda Transportation and Energy Services
More informationCara Operations Limited. Consolidated Financial Statements For the 52 weeks ended December 27, 2015 and December 30, 2014
Consolidated Financial Statements KPMG LLP Chartered Accountants Telephone (416) 777-8500 Bay Adelaide Centre Fax (416) 777-8818 333 Bay Street Suite 4600 Internet www.kpmg.ca Toronto ON M5H 2S5 Canada
More informationFor the six month period ended June 30, 2017 and 2016
Financial Statements of (Expressed in Canadian Dollars) NOTICE OF NO AUDIT OR REVIEW OF INTERIM FINANCIAL STATEMENTS Under National Instrument 51-102, Part 4, subsection 4.3(3)(a), if an auditor has not
More informationLiquor Stores Income Fund. Consolidated Financial Statements (Unaudited) September 30, 2004
Consolidated Financial Statements Consolidated Balance Sheet As at Assets Current assets Cash 2,129,410 Accounts receivable 1,065,993 Due from vendors (note 4) 1,260,113 Inventory 18,655,575 Prepaid expenses
More informationConsolidated Financial Statements
Consolidated Financial Statements Table of Contents Consolidated Statement of Financial Position 34 Consolidated Statement of Income 35 Consolidated Statement of Comprehensive Income 36 Consolidated Statement
More informationVillage Farms International, Inc. Consolidated Financial Statements Years Ended December 31, 2016 and 2015
Village Farms International, Inc. Consolidated Financial Statements Years Ended December 31, 2016 and 2015 March 31, 2017 Independent Auditor s Report To the Shareholders of Village Farms International,
More informationBEVO AGRO INC. CONSOLIDATED FINANCIAL STATEMENTS
CONSOLIDATED FINANCIAL STATEMENTS YEARS ENDED JUNE 30, 2016 AND 2015 CONSOLIDATED BALANCE SHEETS 2016 2015 ASSETS Current Cash [Note 7] $ 2,037,814 $ 1,197,439 Accounts receivable [Notes 3 and 7] 2,623,164
More informationGeneral notes to the consolidated financial statements
80 ARCADIS Financial Statements 2013 General notes to the consolidated financial statements General notes to the consolidated financial statements 1 General information ARCADIS NV is a public company organized
More informationVillage Farms International, Inc. Consolidated Financial Statements Years Ended December 31, 2017 and 2016
Village Farms International, Inc. Consolidated Financial Statements Years Ended December 31, 2017 and 2016 April 2, 2018 Independent Auditor s Report To the Shareholders of Village Farms International,
More informationEuropean Commercial Real Estate Investment Trust (Formerly European Commercial Real Estate Limited)
European Commercial Real Estate Investment Trust (Formerly European Commercial Real Condensed Consolidated Interim Financial Statements For the three and nine months ended September 30, 2017 Condensed
More informationBEVO AGRO INC. CONSOLIDATED INTERIM CONDENSED FINANCIAL STATEMENTS
CONSOLIDATED INTERIM CONDENSED FINANCIAL STATEMENTS DECEMBER 31, (Unaudited, prepared by Management) Notice of No Auditor Review of Consolidated Interim Condensed Financial Statements In accordance with
More informationFinancial review Refresco Financial review 2017
Financial review 2017 Financial review 2017 Financial review 2017 1 69 Consolidated income statement For the year ended December 31, 2017 (x 1 million euro) Note December 31, 2017 December 31, 2016 Revenue
More informationFinancial Statements. September 30, 2017
Financial Statements September 30, 2017 Consolidated Financial Statements of Nanotech Security Corp. September 30, 2017 and 2016 Table of Contents Independent Auditor s Report... 1 Consolidated Statements
More informationSIR Royalty Income Fund. Consolidated Financial Statements December 31, 2015 and 2014
Consolidated Financial Statements and March 11, 2016 Independent Auditor s Report To the Unitholders of We have audited the accompanying consolidated financial statements of and its subsidiaries, which
More informationVillage Farms International, Inc. Consolidated Financial Statements Years Ended December 31, 2015 and 2014
Village Farms International, Inc. Consolidated Financial Statements Years Ended December 31, 2015 and 2014 March 22, 2016 Independent Auditor s Report To the Shareholders of Village Farms International,
More informationProspera Credit Union. Consolidated Financial Statements December 31, 2012 (expressed in thousands of dollars)
Consolidated Financial Statements February 19, 2013 Independent Auditor s Report To the Members of Prospera Credit Union We have audited the accompanying consolidated financial statements of Prospera Credit
More informationSuntory Holdings Limited and its Subsidiaries
Suntory Holdings Limited and its Subsidiaries Consolidated Financial Statements for the Year Ended December 31, 2017, and Independent Auditor's Report Consolidated statement of financial position Suntory
More informationBEE VECTORING TECHNOLOGIES INTERNATIONAL INC. CONSOLIDATED FINANCIAL STATEMENTS. For the years ended September 30, 2017 and September 30, 2016
CONSOLIDATED FINANCIAL STATEMENTS (expressed in Canadian Dollars) INDEPENDENT AUDITORS' REPORT To the Shareholders of Bee Vectoring Technologies International Inc. We have audited the accompanying consolidated
More informationConsolidated Financial Statements. Le Château Inc. January 27, 2018
Consolidated Financial Statements Le Château Inc. January 27, 2018 INDEPENDENT AUDITORS REPORT To the Shareholders of Le Château Inc. We have audited the accompanying consolidated financial statements
More informationALDERGROVE CREDIT UNION
Consolidated Financial Statements of ALDERGROVE CREDIT UNION KPMG LLP Telephone (604) 854-2200 Chartered Accountants Fax (604) 853-2756 32575 Simon Avenue Internet www.kpmg.ca Abbotsford BC V2T 4W6 Canada
More informationConsolidated Financial Statements and Independent Auditor s Report
Consolidated Financial Statements and Independent Auditor s Report For the year ended 31 March, 2017 Daiichi Sankyo Company, Limited Contents Page 1) Consolidated Statement of Financial Position 1 2) Consolidated
More informationBadger Daylighting Ltd. Interim Condensed Consolidated Financial Statements (Unaudited) For the three and six months ended June 30, 2018 and 2017
Badger Daylighting Ltd. Interim Condensed Consolidated Financial Statements (Unaudited) For the three and six months ended June 30, 2018 and 2017 Interim Condensed Consolidated Statement of Financial Position
More informationCondensed Interim Consolidated Financial Statements. For the Three and Six Months Ended March 31, 2017 and 2016
Condensed Interim Consolidated Financial Statements Plateau Uranium Inc. UNAUDITED INDEX Consolidated Statements of Financial Position 1 Consolidated Statements of Loss and Comprehensive Loss 2 Consolidated
More informationCara Operations Limited. Consolidated Financial Statements For the 53 weeks ended December 31, 2017 and 52 weeks ended December 25, 2016
Consolidated Financial Statements KPMG LLP Chartered Accountants Telephone (905) 265-5900 100 New Park Place, Suite 1400 Fax (905) 265-6390 Vaughan, ON L4K 0J3 Internet www.kpmg.ca Canada To the Shareholders
More informationUNAUDITED CONDENSED CONSOLIDATED INTERIM STATEMENTS OF FINANCIAL POSITION (EXPRESSED IN CANADIAN DOLLARS)
UNAUDITED CONDENSED CONSOLIDATED INTERIM STATEMENTS OF FINANCIAL POSITION (EXPRESSED IN CANADIAN DOLLARS) As at November 30, 2017 May 31, 2017 $ $ ASSETS Current assets Cash and cash equivalents (Note
More informationProfit/(Loss) before income tax 112, ,323. Income tax benefit/(expense) 11 (31,173) (37,501)
Income statement For the year ended 31 July Note 2013 2012 Continuing operations Revenue 2,277,292 2,181,551 Cost of sales (1,653,991) (1,570,657) Gross profit 623,301 610,894 Other income 7 20,677 10,124
More informationProspera Credit Union. Consolidated Financial Statements December 31, 2015 (expressed in thousands of dollars)
Consolidated Financial Statements February 19, 2016 Independent Auditor s Report To the Members of Prospera Credit Union We have audited the accompanying consolidated financial statements of Prospera Credit
More informationIBI Group 2014 Annual Financial Statements
IBI Group 2014 Annual Financial Statements TWELVE MONTHS ENDED DECEMBER 31, 2014 Consolidated Financial Statements of IBI GROUP INC. Years Ended December 31, 2014 and 2013 KPMG LLP Telephone (416) 777-8500
More informationORASCOM CONSTRUCTION LIMITED
ORASCOM CONSTRUCTION LIMITED Consolidated Financial Statements For the year ended 31 December 2016 TABLE OF CONTENTS Independent auditors report on the consolidated financial statements 1-8 Consolidated
More informationCanwel Building Materials Group Ltd.
Canwel Building Materials Group Ltd. Consolidated Financial Statements (Unaudited) Three months ended March 31, 2011 and 2010 (in thousands of Canadian dollars) Notice of No Auditor Review of Interim Financial
More informationHARDWOODS DISTRIBUTION INCOME FUND NOTICE
NOTICE The accompanying unaudited interim consolidated financial statements of Hardwoods Distribution Income Fund have not been reviewed by the Fund s auditors. 1 Consolidated Balance Sheet (Expressed
More informationConsolidated Financial Statements and Independent Auditor s Report
Consolidated Financial Statements and Independent Auditor s Report For the year ended 31 March, 2018 Daiichi Sankyo Company, Limited Contents Page 1) Consolidated Statement of Financial Position 1 2) Consolidated
More informationKIRIN HOLDINGS COMPANY, LIMITED
KIRIN HOLDINGS COMPANY, LIMITED CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEARS ENDED DECEMBER 31, 2017 AND 2016 TOGETHER WITH INDEPENDENT AUDITOR S REPORT Consolidated Statement of Financial Position
More informationFinancial Section Annual R eport 2018 Year ended March 31, 2018
Financial Section Annual R eport 2018 Year ended March 31, 2018 Consolidated Financial Statements, Notes to the Consolidated Financial Statements and Independent Auditors' Report Consolidated Financial
More informationPRT Forest Regeneration Income Fund. INTERIM REPORT For the quarter ended March 31, 2008
PRT Forest Regeneration Income Fund INTERIM REPORT For the quarter ended March 31, 2008 Q1 Consolidated Balance Sheets (unaudited) ($000 s) Assets As at March 31 As at December 31 Current assets Cash $
More informationCANAF GROUP INC. Consolidated Interim Financial Statements. For the Three Months Ended January 31, (Expressed in U.S.
Consolidated Interim Financial Statements (Expressed in U.S. dollars) (Unaudited Prepared by Management) Consolidated Statements of Financial Position Consolidated Statements of Comprehensive Income Consolidated
More informationIntegris Credit Union
Consolidated Financial statements of Integris Credit Union Table of contents Independent Auditor s Report... 1-2 Consolidated Statement of Financial Position... 3 Consolidated Statement of Comprehensive
More informationDollarama Inc. Consolidated Financial Statements February 3, 2013 and January 29, 2012 (expressed in thousands of Canadian dollars)
Consolidated Financial Statements (expressed in thousands of Canadian dollars) April 12, 2013 Independent Auditor s Report To the Shareholders of Dollarama Inc. We have audited the accompanying consolidated
More informationSILVER MAPLE VENTURES INC.
AUDITED FINANCIAL STATEMENTS FOR THE YEARS ENDED September 30, 2017 and 2016 Statements of Financial Position As at September 30, 2017 and 2016 Page INDEPENDENT AUDITOR S REPORT 1 FINANCIAL STATEMENTS
More informationCRH Medical Corporation Canada Place Vancouver, BC V6C 3E1
CRH Medical Corporation 522 999 Canada Place Vancouver, BC V6C 3E1 Year-Ended December 31, 2013 Financial Report Trading Information: Toronto Stock Exchange (Symbol CRH ) For Information Contact: Richard
More informationAs at and for December 2016
As at and for the years ended December 29, 2017 and December 30, 2016 Consolidated Financial Statements RENEWABLE HOLDINGS INC. 4 KPMG LLP PO Box 10426 777 Dunsmuir Street Vancouver BC V7Y 1K3 Canada Telephone
More informationMEDX HEALTH CORP. Consolidated Financial Statements For the Three Months Ended March 31, 2015 and 2014 (UNAUDITED) (Presented in Canadian dollars)
Consolidated Financial Statements (UNAUDITED) () MANAGEMENT'S RESPONSIBILITY FOR FINANCIAL REPORTING The accompanying unaudited consolidated financial statements for MedX Health Corp. were prepared by
More informationMANAGEMENT S RESPONSIBILITY FOR FINANCIAL REPORTING
MANAGEMENT S RESPONSIBILITY FOR FINANCIAL REPORTING The preparation and presentation of the Company s consolidated financial statements is the responsibility of management. The consolidated financial statements
More informationPivot Technology Solutions, Inc.
Consolidated Financial Statements Pivot Technology Solutions, Inc. To the Shareholders of Pivot Technology Solutions, Inc. INDEPENDENT AUDITORS REPORT We have audited the accompanying consolidated financial
More informationPRODIGY VENTURES INC. (FORMERLY 71 CAPITAL CORP.)
PRODIGY VENTURES INC. (FORMERLY 71 CAPITAL CORP.) CONSOLIDATED INTERIM FINANCIAL STATEMENTS For the three and six months ended (Unaudited expressed in Canadian dollars) Notice to Reader Under National
More informationMANAGEMENT S RESPONSIBILITY FOR FINANCIAL STATEMENTS
MANAGEMENT S RESPONSIBILITY FOR FINANCIAL STATEMENTS The management of Trican Well Service Ltd. is responsible for the preparation and integrity of the accompanying consolidated financial statements and
More informationAUDITED FINANCIAL STATEMENTS
AUDITED FINANCIAL STATEMENTS Years Ended January 31, 2015 and 2014 YEARS ENDED JANUARY 31, 2015 & 2014 TABLE OF CONTENTS INDEPENDENT AUDITORS REPORT... 3 STATEMENTS OF COMPREHENSIVE INCOME... 4 STATEMENTS
More informationConsolidated Financial Statements of ROGERS SUGAR INC. Years ended September 29, 2018 and September 30, 2017
Consolidated Financial Statements of ROGERS SUGAR INC. Years ended September 29, 2018 and September 30, 2017 KPMG LLP Telephone (514) 840-2100 600 de Maisonneuve Blvd. West Fax (514) 840-2187 Suite 1500,
More informationBadger Daylighting Ltd. Interim Condensed Consolidated Financial Statements (Unaudited) For the three months ended March 31, 2018 and 2017
Badger Daylighting Ltd. Interim Condensed Consolidated Financial Statements (Unaudited) For the three months ended March 31, 2018 and 2017 Interim Condensed Consolidated Statement of Financial Position
More informationTELEHOP COMMUNICATIONS INC. INTERIM CONSOLIDATED FINANCIAL STATEMENTS FOR THE PERIODS ENDING SEPTEMBER 30, 2013 and 2012 (UNAUDITED)
INTERIM CONSOLIDATED FINANCIAL STATEMENTS FOR THE PERIODS ENDING SEPTEMBER 30, 2013 and 2012 (UNAUDITED) Telehop Communications Inc. Page 1 of 22 TO THE SHAREHOLDERS OF The interim consolidated statement
More informationMEDICAL FACILITIES CORPORATION
Interim Condensed Consolidated Financial Statements of MEDICAL FACILITIES CORPORATION (In U.S. dollars) TABLE OF CONTENTS FINANCIAL STATEMENTS Page Interim Condensed Consolidated Balance Sheets... 3 Interim
More informationNORTHERN CREDIT UNION LIMITED
Consolidated Financial Statements of Consolidated Statement of Financial Position, with comparative figures for December 31, 2010 and January 1, 2010 Assets December 31, December 31, January 1, 2011 2010
More informationIMAGING DYNAMICS COMPANY LTD.
IMAGING DYNAMICS COMPANY LTD. FINANCIAL RESULTS FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2018 Your Global Medical Imaging Technology Provider Management Report To the Shareholders of Imaging Dynamics Company
More informationConsolidated Financial Statements
Consolidated Financial Statements Years ended March 31, 2018 and 2017 Consolidated Statement of Financial Position Sumitomo Chemical Company, Limited and Consolidated Subsidiaries March 31, 2018, 2017
More informationConsolidated Financial Statements (In thousands of Canadian dollars) CCL INDUSTRIES INC. Years ended December 31, 2013 and 2012
Consolidated Financial Statements (In thousands of Canadian dollars) CCL INDUSTRIES INC. Years ended December 31, 2013 and 2012 To the Shareholders of CCL Industries Inc. KPMG LLP Telephone (416) 777-8500
More informationCanWel Building Materials Group Ltd.
CanWel Building Materials Group Ltd. Consolidated Financial Statements December 31, 2017 and 2016 (in thousands of Canadian dollars) INDEPENDENT AUDITORS REPORT To the Shareholders of CanWel Building Materials
More informationEnerCare Inc. Consolidated Financial Statements. Year Ended December 31, Dated March 5, 2014
EnerCare Inc. Consolidated Financial Statements Year Ended December 31, 2013 Dated March 5, 2014 March 5, 2014 Independent Auditor s Report To the Shareholders of EnerCare Inc. We have audited the accompanying
More informationPREMIUM BRANDS HOLDINGS CORPORATION. Consolidated Financial Statements
PREMIUM BRANDS HOLDINGS CORPORATION Consolidated Financial Statements Fiscal Years Ended and PwC refers to PricewaterhouseCoopers LLP, an Ontario limited liability partnership. Consolidated Balance Sheets
More informationElectrameccanica Vehicles Corp. Interim Financial Statements June 30, Unaudited - Expressed in Canadian Dollars
Interim Financial Statements Unaudited - Expressed in Canadian Dollars Statements of Financial Position (Expressed in Canadian dollars) ASSETS Current assets Note (Unaudited) December 31, Cash and cash
More informationCOASTAL COMMUNITY CREDIT UNION
Consolidated Financial Statements (Expressed in thousands of dollars) COASTAL COMMUNITY CREDIT UNION MANAGEMENT'S RESPONSIBILITY FOR FINANCIAL REPORTING The consolidated financial statements and the accompanying
More informationMEDX HEALTH CORP. 30, (UNAUDITED)
Interim Condensed Consolidated Financial Statements (UNAUDITED) () MANAGEMENT'S RESPONSIBILITY FOR FINANCIAL REPORTING The accompanying interim condensed consolidated financial statements for MedX Health
More informationFinancial Statements of ACASTI PHARMA INC. For the years ended February 29, 2016 and February 28, 2015 and 2014
Financial Statements of ACASTI PHARMA INC. For the years ended February 29, 2016 and February 28, 2015 and 2014 KPMG LLP Telephone (514) 840-2100 600 de Maisonneuve Blvd. West Fax (514) 840-2187 Suite
More informationConsolidated Financial Statements (Expressed in Canadian dollars) NEXJ SYSTEMS INC. Years ended December 31, 2016 and 2015
Consolidated Financial Statements (Expressed in Canadian dollars) NEXJ SYSTEMS INC. KPMG LLP Yonge Corporate Centre 4100 Yonge Street, Suite 200 Toronto ON M2P 2H3 Canada Tel 416-228-7000 Fax 416-228-7123
More informationConsolidated Financial Statements. Intrinsyc Software International, Inc. August 31, 2005
Consolidated Financial Statements Intrinsyc Software International, Inc. August 31, 2005 AUDITORS REPORT To the Shareholders of Intrinsyc Software International, Inc. We have audited the consolidated balance
More informationNOTES TO THE GROUP ANNUAL FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2014
14 NOTES TO THE GROUP ANNUAL FINANCIAL STATEMENTS 1. ACCOUNTING POLICIES The financial statements are presented in South African Rand, unless otherwise stated, rounded to the nearest million, which is
More informationSOURCE ENERGY SERVICES
SOURCE ENERGY SERVICES COMBINED FINANCIAL STATEMENTS AS AT AND FOR THE YEARS ENDED DECEMBER 31, 2016, 2015 AND 2014 FS-7 February 10, 2017 Independent Auditor s Report To the Board of Directors of Source
More informationMEDX HEALTH CORP. 30, (UNAUDITED)
Interim Condensed Consolidated Financial Statements (UNAUDITED) () MANAGEMENT'S RESPONSIBILITY FOR FINANCIAL REPORTING The accompanying unaudited interim condensed consolidated financial statements for
More informationCONSOLIDATED FINANCIAL STATEMENTS
CONSOLIDATED FINANCIAL STATEMENTS December 31, 2017 and 2016 INDEPENDENT AUDITOR S REPORT 94 CONSOLIDATED STATEMENTS OF EARNINGS 95 CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) 96 CONSOLIDATED
More informationIBI Group 2017 Fourth-Quarter Financial Statements
IBI Group 2017 Fourth-Quarter Financial Statements YEARS ENDED DECEMBER 31, 2017 AND 2016 CONSOLIDATED FINANCIAL STATEMENTS OF IBI GROUP INC. YEARS ENDED DECEMBER 31, 2017 AND 2016 KPMG LLP Telephone (416)
More informationHILL STREET BEVERAGE COMPANY INC. (formerly Avanco Capital Corp.) CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
HILL STREET BEVERAGE COMPANY INC. (formerly Avanco Capital Corp.) CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) FOR THE THREE MONTH PERIOD ENDED SEPTEMBER 30, 2018 AND 2017 (Expressed
More informationEuropean Commercial Real Estate Investment Trust (Formerly European Commercial Real Estate Limited)
European Commercial Real Estate Investment Trust (Formerly European Commercial Real Consolidated Financial Statements For the year ended December 31, 2017 March 26, 2018 Independent Auditor s Report To
More informationSIR Royalty Income Fund. Consolidated Financial Statements December 31, 2014 and 2013
Consolidated Financial Statements March 13, 2015 Independent Auditor s Report To the Unitholders of SIR Royalty Income Fund We have audited the accompanying consolidated financial statements of SIR Royalty
More informationConsolidated Financial Statements of EPCOR UTILITIES INC. Years ended December 31, 2017 and 2016
Consolidated Financial Statements of EPCOR UTILITIES INC. Management's responsibility for financial reporting The preparation and presentation of the accompanying consolidated financial statements of EPCOR
More informationNote 3. Significant accounting policies
Note 3. Significant accounting policies Business combinations and goodwill Business combinations are accounted for using the acquisition method. The cost of an acquisition is measured as the aggregate
More informationENABLENCE TECHNOLOGIES INC.
Consolidated Financial Statements of ENABLENCE TECHNOLOGIES INC. April 30, 2010 and 2009 Deloitte & Touche LLP 800-100 Queen Street Ottawa, ON K1P 5T8 Canada Tel: (613) 236-2442 Fax: (613) 236-2195 www.deloitte.ca
More informationReport for the Three Months Ended December 31, 2011 and 2010
Report for the Three Months Ended December 31, 2011 and 2010 #7-13511 Crestwood Place, Richmond BC V6V 2E9 Canada Head Office: 604-303-7964 Fax: 604-303-7987 Investor Relations: 1-800-349-7964 ext. 219
More informationATS AUTOMATION TOOLING SYSTEMS INC. Interim Condensed Consolidated Financial Statements. For the period ended December 31, 2017.
Interim Condensed Consolidated Financial Statements For the period ended December 31, 2017 (Unaudited) Interim Consolidated Statements of Financial Position (in thousands of Canadian dollars - unaudited)
More informationDollarama Inc. Consolidated Financial Statements
Consolidated Financial Statements (Expressed in thousands of Canadian dollars, unless otherwise noted) March 30, 2017 Independent Auditor s Report To the Shareholders of Dollarama Inc. We have audited
More informationNotice of no Auditor Review of Interim Financial Report 2. Consolidated Interim Statements of Financial Position 3
Consolidated Interim Financial Statements For the nine months ended September 30, 2014 Index Page Notice of no Auditor Review of Interim Financial Report 2 Consolidated Interim Financial Statements Consolidated
More informationEnablence Technologies Inc.
Consolidated financial statements Enablence Technologies Inc. For the years ended Table of contents Independent Auditor s Report... 1 Consolidated statements of financial position... 2 Consolidated statements
More informationConsolidated Interim Statements of Financial Position 3. Consolidated Interim Statements of Operations and Comprehensive Loss 5
KELSO TECHNOLOGIES INC. Consolidated Interim Financial Statements For the six months ended June 30, 2018 Index Page Notice of no Auditor Review of Interim Financial Report 2 Consolidated Interim Financial
More informationHALOGEN SOFTWARE INC.
Consolidated Financial Statements HALOGEN SOFTWARE INC. (in United States dollars) Deloitte LLP 400-515 Legget Drive Kanata ON K2K 3G4 Canada Tel: (613) 236-2442 Fax: (613) 599-4369 www.deloitte.ca Independent
More information[Financial Statements]
[Financial Statements] Contents 1 Financial Results Summary 2 Consolidated Statement of Financial Position 3 Consolidated Statement of Profit or Loss and Other Comprehensive Income 4 Consolidated Statement
More informationNigerian Breweries Plc RC: 613
RC: 613 Contents Page Statement of financial position 2 Statement of comprehensive income 4 Statement of changes in equity 5 Statement of cash flows 6 Notes to the financial statements 8 1 Statement of
More informationMaria Perrella. Andrew Hider. Chief Executive Officer. Chief Financial Officer
MANAGEMENT S RESPONSIBILITY FOR FINANCIAL REPORTING The preparation and presentation of the Company s consolidated financial statements is the responsibility of management. The consolidated financial statements
More informationVillage Farms International, Inc.
Village Farms International, Inc. Condensed Consolidated Interim Financial Statements Village Farms International, Inc. Condensed Consolidated Interim Statements of Financial Position (In thousands of
More informationConsolidated Financial Statements (In Canadian dollars) MORNEAU SHEPELL INC. Years ended December 31, 2017 and 2016
Consolidated Financial Statements (In Canadian dollars) MORNEAU SHEPELL INC. To the Shareholders of Morneau Shepell Inc. KPMG LLP Telephone (416) 777-8500 Chartered Professional Accountants Fax (416) 777-8818
More informationFinancial statements. Maricann Group Inc. December 31, 2016 and 2015 [Expressed in Canadian dollars]
Financial statements Maricann Group Inc. [Expressed in Canadian dollars] Independent auditors report To the Shareholders of Maricann Group Inc. We have audited the accompanying financial statements of
More informationDecember 22, Management s responsibility for financial reporting
Condensed Interim Consolidated Financial Statements (Unaudited Prepared by Management) In accordance with National Instrument 51-102 released by the Canadian Securities Administrators, the Company discloses
More informationInterRent Real Estate Investment Trust
Condensed Consolidated Financial Statements June 30, 2011 (unaudited - See Notice to Reader) Notice to Reader The accompanying unaudited condensed consolidated financial statements have been prepared by
More informationInterim Consolidated Financial Statements
Interim Consolidated Financial Statements For the three and six months ended June 30 th 2011 and 2010 Management s Report The accompanying consolidated financial statements of Groupe Aeroplan Inc. are
More informationKombat Copper Inc. (formerly Pan Terra Industries Inc.) Interim Condensed Consolidated Financial Statements Three Months ended June 30, 2013 and 2012
Interim Condensed Consolidated Financial Statements Three Months ended (Unaudited Prepared by Management) Notice of No Audit Review In accordance with National Instrument 51-102 released by the Canadian
More informationConsolidated Statement of Cash Flows
Consolidated Statement of Cash Flows Dentsu Inc. and Consolidated Subsidiaries December 31, 2016 (Millions of U.S. Dollars) Notes (Nine months ended December 31, 2015) CASH FLOWS FROM OPERATING ACTIVITIES
More information