FINANCIAL STATEMENTS A S AT M AY 3 1, A N D

Size: px
Start display at page:

Download "www.fondsftq.com FINANCIAL STATEMENTS A S AT M AY 3 1, 2 0 1 1 A N D 2 0 1 0"

Transcription

1 FINANCIAL STATEMENTS A S AT M AY 3 1, A N D

2 INDEPENDENT AUDITORS REPORT To the Shareholders of the Fonds de solidarité des travailleurs du Québec (F.T.Q.) We have audited the accompanying financial statements of the Fonds de solidarité des travailleurs du Québec (F.T.Q.), which comprise the balance sheets as at May 31, 2011 and 2010, and the statements of operations, changes in net assets and cash flows for the years then ended, and a summary of significant accounting policies and other explanatory information. Management s Responsibility for the Financial Statements Management is responsible for the preparation and fair presentation of these financial statements in accordance with Canadian generally accepted accounting principles, and for such internal control as management determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. Auditors Responsibility Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits in accordance with Canadian generally accepted auditing standards. Those standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement. An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditors judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditors consider internal control relevant to the entity s preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity s internal control. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that the audit evidence we have obtained in our audits is sufficient and appropriate to provide a basis for our audit opinion. Opinion In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fonds de solidarité des travailleurs du Québec (F.T.Q.) as at May 31, 2011 and 2010 and the results of its operations and its cash flows for the years then ended in accordance with Canadian generally accepted accounting principles Chartered accountant auditor permit No Chartered accountant auditor permit No Montréal, June 29, 2011 FONDS DE SOLIDARITÉ FTQ

3 BALANCE SHEETS A S AT M AY (In thousands, except net assets per share) $ $ Assets Development capital investments (Note 4) 4,269,537 3,920,407 Other investments (Note 5) 4,190,196 3,670,163 Accounts receivable and other assets (Note 8) 264, ,201 Cash 6,372 8,536 Capital assets (Note 9) 62,323 62,011 Income taxes 4,156 Future income taxes (Note 17) 685 8,792,676 7,843,159 Liabilities Notes (Note 10) 349, ,810 Accounts payable and other liabilities (Note 12) 260, ,169 Income taxes 1,170 Future income taxes (Note 17) 3, , ,807 Net assets (Note 13) 8,177,811 7,294,352 Number of Class A shares, Series 1 and Series 2 outstanding (Note 13) 315, ,951 Net assets per Class A share, Series 1 and Series Contingencies (Note 14) The accompanying notes form an integral part of these financial statements. On behalf of the Board of Directors, YVON BOLDUC, DIRECTOR MICHEL ARSENAULT, DIRECTOR 2 FONDS DE SOLIDARITÉ FTQ 2011

4 STATEMENTS OF OPERATIONS FOR THE YEARS ENDED MAY (In thousands, except earnings per share) $ $ Revenues Interest (Note 15) 188, ,051 Dividends 67,116 52, , ,963 Expenses (Note 16) Corporate expenses 38,364 37,558 Development capital investment and other investment expenses 32,111 29,428 Shareholder Services and Economic Training development and administration expenses 41,954 38,522 Capital tax 1,064 5,314 Amortization of property and equipment and information systems development 4,307 4, , ,289 Net investment income before income taxes 137, ,674 Income taxes (Note 17) 26,080 21,806 Net investment income 111,639 84,868 Gains on development capital investments and other investments Realized 79,708 65,717 Change in unrealized appreciation or depreciation 460, ,504 Transaction costs (1,298) (1,830) 538, ,391 Net earnings 650, ,259 Weighted average number of Class A shares, Series 1 and Series 2 310, ,740 Earnings per Class A share, Series 1 and Series The accompanying notes form an integral part of these financial statements. FONDS DE SOLIDARITÉ FTQ

5 STATEMENTS OF CHANGES IN NET ASSETS FOR THE YEARS ENDED MAY 31 Contributed Surplus Retained Earnings Share Capital (Note 13) (Note 13) (Deficit) Net Assets Class A Class G Subscribed Realized Unrealized Series 1 Series 2 (In thousands) $ $ $ $ $ $ $ $ 2011 Balance at beginning of year As previously reported 6,276,688 76, ,249,106 32,527 (341,287) 7,294,352 Restatement (Note 13) (134,701) 134,701 As restated 6,276,688 76, ,114, ,228 (341,287) 7,294,352 Net earnings 190, , ,283 Share issues 688,157 10, ,249 Net change in share subscriptions Share redemptions (391,217) (8,540) (62,075) (3,526) (465,358) Transfers (Note 13) 103,000 (103,000) Balance at end of year 6,676,628 78, ,052, , ,947 8,177, Balance at beginning of year As previously reported 5,844,350 72,019 20, ,230,575 (792,791) 6,374,721 Restatement (Note 13) (104,279) 104,279 As restated 5,844,350 72,019 20, ,126, ,279 (792,791) 6,374,721 Net earnings 148, , ,259 Share issues 649,311 10, ,085 Net change in share subscriptions (1) (1) Share redemptions (301,973) (5,917) (32,016) (806) (340,712) Transfers (Note 13) 85,000 (20,125) 20,125 (85,000) Balance at end of year 6,276,688 76, ,114, ,228 (341,287) 7,294,352 The accompanying notes form an integral part of these financial statements. 4 FONDS DE SOLIDARITÉ FTQ 2011

6 STATEMENTS OF CASH FLOWS FOR THE YEARS ENDED MAY (In thousands) $ $ Operating activities Net investment income 111,639 84,868 Non-cash items and change in non-cash items Interest capitalized on development capital investments (8,113) (4,738) Interest capitalized on notes 16,008 14,418 Amortization of property and equipment and information systems development 4,307 4,467 Future income taxes 3, Accounts receivable and other assets (61,110) 402,999 Accounts payable and other liabilities 1,553 (409,111) Income taxes 5,326 1,245 Other 3,186 7,009 Transaction costs (1,297) (1,893) 74,654 99,687 Financing activities Issuance of notes 100,828 83,257 Repayment of notes (172,177) (105,065) Shares issued and subscribed 698, ,084 Shares redeemed (466,038) (341,940) 161, ,336 Investing activities Acquisition of development capital investments (649,431) (642,054) Proceeds of disposal of development capital investments 557, ,787 Acquisition of other investments (11,997,154) (15,173,076) Proceeds of disposal of other investments 11,855,568 15,056,648 Property and equipment (3,119) (1,433) Information systems development (1,298) (875) (237,965) (404,003) Decrease in cash (2,164) (7,980) Cash at beginning of year 8,536 16,516 Cash at end of year 6,372 8,536 Cash flows from operating activities include income taxes paid of $20 million (2010: $20.7 million). The accompanying notes form an integral part of these financial statements. FONDS DE SOLIDARITÉ FTQ

7 NOTES TO FINANCIAL STATEMENTS A S AT M AY 3 1, A N D INCORPORATION ACT STATUTES AND OBJECTIVES OF THE FONDS The Fonds de solidarité des travailleurs du Québec (F.T.Q.) (the Fonds ), incorporated by an Act of the Québec National Assembly, is a joint-stock company with the following objectives: a) to invest in Québec business enterprises and provide them with services in order to create, maintain or protect jobs; b) to promote the training of workers in economic matters to enable them to increase their influence on Québec s economic development; c) to stimulate the Québec economy by making strategic investments that will be of benefit to Québec workers and business enterprises; d) to promote the development of qualified business enterprises by inviting workers to participate in that development by purchasing the Fonds shares. To this end, the Fonds endeavours to concentrate most of its development capital investments in unsecured investments, mainly in small and medium-sized enterprises ( SMEs ), located in Québec. As a general rule, the Fonds will take a minority interest in the projects in which it invests. 60% RULE The Fonds may make development capital investments in any business enterprise with or without security. However, in any given financial year, the proportion of unsecured development capital investments made in qualified business enterprises must represent an average of at least 60% of the Fonds average net assets of the previous financial year. If the Fonds fails to reach this percentage, the share issues giving rise to tax credits for the following financial year are limited to a prescribed percentage of the total value of shares issued in the preceding financial year, except for shares acquired through payroll deductions and employer contributions stipulated in agreements concluded at the end of the preceding financial year. The percentage of average qualified development capital investments to the average net assets of the preceding year is 71.0% as at May 31, 2011 (2010: 66.2%). Since the minimum percentage prescribed by the 60% rule has been reached as at May 31, 2011, the amount of share issues will not be limited for the financial year. 2. SIGNIFICANT ACCOUNTING POLICIES The Fonds is an investment company as defined in the Accounting Guideline on investment companies contained in the Canadian Institute of Chartered Accountants ( CICA ) Handbook and, as such, applies the accounting principles stated therein. A Statement of Comprehensive Income is not provided as there are no items to include therein. USE OF ESTIMATES The preparation of financial statements in accordance with Canadian generally accepted accounting principles ( GAAP ) requires management to make estimates and assumptions, in particular when determining allowances and the fair value of development capital investments and other investments, that affect the reported amounts in the financial statements. Actual results could differ from those estimates. RECOGNITION OF FINANCIAL INSTRUMENTS Financial instruments are recognized at fair value on the transaction date. Accounts receivable and other assets are classified as loans and receivables, and Notes and Accounts payable and other liabilities, excluding derivative financial instruments, are classified as other liabilities. These instruments are recognized at amortized cost, which approximates their fair value. 6 FONDS DE SOLIDARITÉ FTQ 2011

8 2. SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) MEASUREMENT OF FINANCIAL INSTRUMENTS All development capital investments and other investments are measured at fair value, established as follows: a) Unlisted financial instruments Unlisted financial instruments consist of shares, partnership units, loans and advances and guarantees and suretyships. These instruments are measured at fair value using appropriate valuation techniques and models that may not be principally based on observable market information. Observable market information is used in valuation models if they are available. The fair value is established based on reasonable assumptions that would be considered by parties to an arm s length transaction. Certain assumptions may have a significant impact on fair value, including those used to determine characteristic cash flows and the level of risk and future growth rate associated with such cash flows considering economic conditions, the outlook for the relevant industry segment and conditions specific to the business entreprise. Units of funds of hedge funds are valued at the value set by their respective manager at the date closest to the Fonds year-end. b) Listed financial instruments Listed financial instruments consist of shares, partnership units, bonds and money market instruments. These instruments are valued at bid price at the close of trading at balance sheet date. In exceptional instances, when the market for a financial instrument is not active, such instrument is then valued using appropriate valuation techniques, including the techniques used for unlisted financial instruments. c) Derivative financial instruments These instruments are valued using appropriate valuation techniques, including option pricing models using in particular the bid price for assets and the ask price for liabilities at the close of trading at balance sheet date. SECURITIES LENDING, SECURITIES PURCHASED UNDER REVERSE REPURCHASE AGREEMENTS AND SECURITIES SOLD UNDER REPURCHASE AGREEMENTS To generate additional revenues, the Fonds participates in the securities lending program put in place by its trustee for securities of which it is the custodian. Under this program, the Fonds can enter into securities lending transactions and transactions involving the purchase of securities with a simultaneous commitment to resell them in the short-term at a specified price and date. In addition, the program allows the Fonds to enter into transactions involving the sale of securities with a simultaneous commitment to repurchase them in the short-term at a specified price and date. The resulting revenues are recorded under Interest in the Statement of Operations. CAPITAL ASSETS Capital assets are stated at cost and are amortized over their estimated useful life using the following methods and annual rates: Methods Rates Buildings straight-line 2.5% Office furniture and equipment diminishing balance 20.0% Computer hardware straight-line 25.0% Information systems development straight-line 33.3% Property and equipment comprise buildings, office furniture and equipment and computer hardware. Capital assets are tested for recoverability whenever events or changes in circumstances indicate that their carrying amount may not be recoverable. An impairment loss is recorded when their carrying amount exceeds the undiscounted cash flows that would result from their use and eventual disposition. The recognized impairment loss is measured as the amount by which the carrying amount of the asset exceeds its fair value. FONDS DE SOLIDARITÉ FTQ

9 NOTES TO FINANCIAL STATEMENTS (CONTINUED) A S AT M AY 3 1, A N D SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) REVENUE RECOGNITION a) Interest Interest is recorded on an accrual basis. b) Dividends Dividends are recorded as income when they are declared, except for cumulative dividends which are recorded on an accrual basis. c) Gains and losses on development capital investments and other investments Realized gains and losses on disposals of development capital investments and other investments, including derivative financial instruments, are recorded at the time of sale and presented under Gains on development capital investments and other investments in the Statement of Operations. The amount is the difference between the proceeds of disposal and the average cost, without considering the unrealized appreciation or depreciation recorded in prior years, which is reversed and taken into account under Change in unrealized appreciation or depreciation. INCOME TAXES The Fonds uses the asset and liability method of accounting for income taxes. Under this method, future income taxes are recognized based on the expected future tax consequences of differences between the carrying amounts of balance sheet items and their tax bases, multiplied by the enacted or substantively enacted income tax rates for the years in which the differences are expected to reverse. Future income tax assets are recognized to the extent that it is more likely than not that they will be realized. FOREIGN CURRENCY TRANSLATION Monetary assets and liabilities and assets and liabilities measured at fair value are translated into Canadian dollars at the year-end exchange rate. Revenues and expenses denominated in foreign currencies are translated at the exchange rate prevailing at the transaction date. Foreign exchange gains and losses are recognized in the Statement of Operations. EMPLOYEE FUTURE BENEFITS The cost of pensions and other retirement benefits earned by managers and employees is actuarially determined using the projected benefit method prorated on service and management s best estimate of expected return on plan assets, salary escalation and retirement ages of employees. For the purposes of calculating the expected return on plan assets, those assets are valued at fair value. Net actuarial gains or losses which are greater than 10% of the accrued benefit obligation or the fair value of the plan assets, whichever is higher, are amortized over the average remaining service period of active employees. The average remaining service period of covered active employees is between 8.8 and 12.2 years (2010: between 9.8 and 12.8 years). 3. FUTURE CHANGES IN ACCOUNTING POLICIES INTERNATIONAL FINANCIAL REPORTING STANDARDS (IFRS) In 2008, the Accounting Standards Board of Canada (AcSB) confirmed that Canadian GAAP will be replaced by IFRS for the years beginning on or after January 1, In January 2011, the AcSB confirmed that investment companies, as defined in the Accounting Guideline on investment companies of the CICA Handbook, will have to apply IFRS for the first time to interim and annual financial statements for the years beginning on or after January 1, The Fonds therefore deferred its first-time adoption date and will prepare its first interim financial statements in accordance with IFRS as at November 30, The Fonds complies with its IFRS conversion plan. Additional information is presented in the Recent development section of the Management Discussion and Analysis for the year ended May 31, 2011, which is available at the Fonds head office, on its Website at or at 8 FONDS DE SOLIDARITÉ FTQ 2011

10 4. DEVELOPMENT CAPITAL INVESTMENTS The Audited Statement of Development Capital Investments, at Cost, is available at the Fonds head office, on its Website at or at Unrealized Unrealized appreciation appreciation Cost (depreciation) Fair value Cost (depreciation) Fair value (In thousands) $ $ $ $ $ $ Unsecured Listed shares and units 564, , , ,198 10, ,926 Unlisted shares and units 2,051,802 46,032 2,097,834 1,904,449 (25,623) 1,878,826 Loans, bonds and advances 1,488,162 (47,146) 1,441,016 1,485,819 (77,495) 1,408,324 Secured Loans, bonds and advances 65,534 (34,373) 31,161 45,548 (15,217) 30,331 4,170,225 99,312 4,269,537 4,028,014 (107,607) 3,920,407 Development capital investments include securities denominated in foreign currencies, mainly the U.S. dollar, with a fair value of $258.6 million (2010: $251 million). Investment agreements may include clauses providing for conversion and redemption options. BREAKDOWN OF LOANS, BONDS AND ADVANCES BY MATURITY Loans, bonds and advances at fair value Variable rates Fixed rates Total Maturity Less than 1 year 1 to 5 years 5 years and more (In thousands) $ $ $ $ $ Unsecured 51, , , ,143 1,441,016 Average effective rate 11.8% % 9.7% 7.7% Secured 19,188 4,816 4,477 2,680 31,161 Average effective rate 6.9% 12.4% 11.8% 9.3% Unsecured 37, , , ,227 1,408,324 Average effective rate 12.0% % 9.5% 7.4% Secured ,328 11,040 30,331 Average effective rate 4.3% 12.0% 12.4% 7.2% 1. This average rate includes non-interest bearing advances repayable on demand of $235.1 million (2010: $236.1 million) to a wholly-owned company. Excluding these advances, the average effective rate would be 10.0% (2010: 9.1%). FONDS DE SOLIDARITÉ FTQ

11 NOTES TO FINANCIAL STATEMENTS (CONTINUED) A S AT M AY 3 1, A N D DEVELOPMENT CAPITAL INVESTMENTS (CONTINUED) BREAKDOWN OF DEVELOPMENT CAPITAL INVESTMENTS BY INDUSTRY SEGMENT Industry Segment Regional or Manufacturing Services local and real Technology and primary and tourism estate funds Total (In thousands) $ $ $ $ $ Cost 864,934 1,069,118 1,456, ,739 4,170,225 Unrealized appreciation (depreciation) (212,465) (82,573) 244, ,053 99,312 Fair value 652, ,545 1,700, ,792 4,269,537 Allocation of investments made by the regional or local funds 23,153 76,346 71,973 (171,472) Funds committed but not disbursed 1 445, , ,703 81, ,778 Guarantees and suretyships 2 11,190 7,324 18,514 Maximum risk 1,121,391 1,175,364 2,070, ,343 5,206,829 Cost 859,021 1,117,891 1,368, ,137 4,028,014 Unrealized appreciation (depreciation) (279,397) (119,456) 143, ,547 (107,607) Fair value 579, ,435 1,512, ,684 3,920,407 Allocation of investments made by the regional or local funds 18,814 72,673 63,821 (155,308) Funds committed but not disbursed 1 508, , ,623 82, ,868 Guarantees and suretyships 2 11,985 8,431 21,500 41,916 Maximum risk 1,107,327 1,199,930 1,698, ,395 4,784, Funds committed but not disbursed represent development capital investments that have already been agreed to and for which amounts have been committed by the Fonds but have not been disbursed as at year-end. Disbursements are subject to compliance with the agreement s terms and conditions. Of funds committed but not disbursed, an amount of $251 million (2010: $180.3 million) represents credit facilities and project financing for operating companies, having a weighted average maturity of 6 months (2010: 18 months); and an amount of $667.8 million (2010: $641.6 million) represents commitments that will be disbursed to specialized funds in tranches, having a weighted average maturity of 8.5 years (2010: 9 years). Commitments amounting to $153.8 million (2010: $193.5 million) are denominated in foreign currencies, mainly the U.S. dollar. 2. Under Section 17 of its Incorporation Act, when the Fonds makes a development capital investment in the form of a guarantee or a suretyship, it must establish and maintain a reserve equal to at least 50% of the guarantee or suretyship amount for the term thereof. This reserve is established from Other investments. The Fonds granted guarantees and suretyships that do not generally include a specific maturity and that are irrevocable commitments by the Fonds to make the payments of partner companies that cannot meet their obligations to third parties for an undiscounted total maximum amount and for the following purposes: (In thousands) $ $ Loans on real estate projects with recourse 21,500 Operating activities and operating lines of credit without recourse 1,250 4,028 Operating activities and operating lines of credit with recourse 17,264 16,388 18,514 41,916 As at May 31, 2011, the unrealized depreciation related to guarantees and suretyships amounts to $3.7 million (2010: $2.6 million) and is presented under Accounts payable and other liabilities. As well, in the normal course of business, the Fonds enters into various indemnification agreements, usually related to sales of development capital investments, for the representations and warrantees made as well as to the liability of the Fonds directors, officers or representatives toward partner companies. The latter liability is covered, subject to certain conditions, by liability insurance. Due to the nature of these agreements, it is impossible to reasonably estimate the maximum amount that the Fonds may have to pay to counterparties. In management s opinion, it is highly unlikely that these commitments will result in material additional expenses, taking into consideration the provisions recorded. 10 FONDS DE SOLIDARITÉ FTQ 2011

12 5. OTHER INVESTMENTS The Unaudited Statement of Other Investments is available at the Fonds head office, on its Website at or at Unrealized Unrealized appreciation appreciation Cost (depreciation) Fair value Cost (depreciation) Fair value (In thousands) $ $ $ $ $ $ Shares and units 1,390, ,857 1,509,639 1,390,033 (101,870) 1,288,163 Units of funds of hedge funds 230,053 (13,614) 216, ,307 (9,813) 220,494 Bonds 2,246,336 56,749 2,303,085 2,011,697 10,605 2,022,302 Money market instruments 153, , , ,590 4,020, ,210 4,183,003 3,748,524 (100,975) 3,647,549 Derivative financial instruments 7,193 7,193 1,692 20,922 22,614 4,020, ,403 4,190,196 3,750,216 (80,053) 3,670,163 Other investments include securities denominated in foreign currencies with a fair value of $1,267.7 million (2010: $1,109.9 million), mainly including $710 million (2010: $636.3 million) in U.S. dollars, $201.1 million (2010: $167.7 million) in Euros and $165.6 million (2010: $135.8 million) in pounds sterling. BREAKDOWN BY MATURITY BONDS Maturity Less than 1 year 1 to 5 years 5 to 10 years 10 to 20 years 20 to 30 years 30 years and more Total (In thousands) $ $ $ $ $ $ $ 2011 Fair value 145, , , , , ,628 2,303,085 Cost 148, , , , , ,070 2,246,336 Par value 144, , , , , ,062 2,149,417 Average effective rate 2.2% 2.9% 4.3% 4.9% 5.0% 3.7% 3.8% Average nominal rate 3.9% 4.0% 4.6% 6.2% 5.5% 3.9% 4.6% 2010 Fair value 74, , , , ,869 91,481 2,022,302 Cost 75, , , , ,633 96,411 2,011,697 Par value 73, , , , ,605 93,669 1,951,894 Average effective rate 4.6% 3.0% 4.6% 5.2% 5.2% 4.1% 4.1% Average nominal rate 5.8% 4.1% 4.7% 5.5% 5.7% 4.3% 4.7% MONEY MARKET INSTRUMENTS Maturity Less than 1 month 1 to 6 months 6 months and more Total (In thousands) $ $ $ $ 2011 Fair value ,548 11, ,840 Average effective rate 1.0% 1.2% 1.5% 1.2% 2010 Fair value 36,519 60,183 19, ,590 Average effective rate 0.4% 1.0% 0.7% 0.8% FONDS DE SOLIDARITÉ FTQ

13 NOTES TO FINANCIAL STATEMENTS (CONTINUED) A S AT M AY 3 1, A N D OTHER INVESTMENTS (CONTINUED) BREAKDOWN BY MATURITY (CONTINUED) DERIVATIVE FINANCIAL INSTRUMENTS 1 Maturity Less than 1 month 1 to 6 months 6 months and more Total (In thousands) $ $ $ $ 2011 Fair value Foreign currency forward contracts Purchases (14) (5) (19) Sales (7,846) 116 (7,730) Interest rate futures Interest rate forward contracts (2,077) (2,077) Stock index futures Commodity futures Interest rate swaps (2,475) (2,475) (9,937) 111 (2,475) (12,301) Notional amount Foreign currency forward contracts Purchases 570,838 16, ,118 Sales 884, ,922 1,426,569 Interest rate futures 26, , ,231 1,010,206 Interest rate forward contracts 615, ,689 Stock index futures 20,067 20,067 Commodity futures 1,191 1,191 Interest rate swaps 25,000 25, The net fair value of these derivative financial instruments is $-12.3 million (2010: $-14.9 million). The fair value of instruments with positive values is $7.2 million (2010: $22.6 million) and is presented under Other investments, whereas those with negative values is $19.5 million (2010: $37.5 million) and is presented under Accounts payable and other liabilities. 12 FONDS DE SOLIDARITÉ FTQ 2011

14 5. OTHER INVESTMENTS (CONTINUED) BREAKDOWN BY MATURITY (CONTINUED) DERIVATIVE FINANCIAL INSTRUMENTS (Continued) Maturity Less than 1 month 1 to 6 months 6 months and more Total (In thousands) $ $ $ $ 2010 Fair value Stock option contracts Written call options (323) (696) (1,019) Purchased put options 20 1,030 1,050 Written put options (332) (332) Stock index option contracts Written put options (920) (920) Purchase call options Written call options (191) (191) Foreign currency forward contracts Purchases (3,548) (118) (3,666) Sales (5,165) 3,267 (1,898) Interest rate futures Interest rate forward contracts (6,813) 157 (6,656) Stock index futures Commodity futures Interest rate swaps (1,600) (1,600) (15,526) 2,240 (1,598) (14,884) Notional amount Stock option contracts Written call options ,462 12,189 Purchased put options ,096 10,787 Written put options 380 8,355 8,735 Stock index option contracts Written put options 11,840 11,840 Purchase call options 5,022 5,022 Written call options 8,108 8,108 Foreign currency forward contracts Purchases 589,954 44, ,645 Sales 845, ,803 1,444,830 Interest rate futures 3, , , ,313 Interest rate forward contracts 1,099,752 22,470 1,122,222 Stock index futures 30,082 30,082 Commodity futures Interest rate swaps 158, ,000 FONDS DE SOLIDARITÉ FTQ

15 NOTES TO FINANCIAL STATEMENTS (CONTINUED) A S AT M AY 3 1, A N D OTHER INVESTMENTS (CONTINUED) BREAKDOWN OF FAIR VALUE BY INDUSTRY SEGMENT 1 Shares Money market and units Bonds instruments Total (In thousands) $ $ $ $ Government and government agencies 1,583,968 32,370 1,616,338 Financial institutions 86, ,593 74, ,931 Technology 218,947 81,271 19, ,081 Manufacturing and primary 897, ,151 26,945 1,040,965 Services and tourism 522, , ,688 Fair value 1,726,078 2,303, ,840 4,183,003 Funds committed but not disbursed 2 22,648 22,648 Maximum risk 1,748,726 2,303, ,840 4,205,651 Government and government agencies 1,344,493 9,290 1,353,783 Financial institutions 77, ,613 48, ,699 Technology 186,999 49,230 9, ,528 Manufacturing and primary 768, ,109 49, ,681 Services and tourism 475,001 77, ,858 Fair value 1,508,657 2,022, ,590 3,647,549 Funds committed but not disbursed 2 36,321 36,321 Maximum risk 1,544,978 2,022, ,590 3,683, This breakdown does not take into account changes in asset allocation resulting from derivative financial instruments. 2. Funds committed but not disbursed to international infrastructure funds represent other investments that have already been agreed to and for which amounts have been committed by the Fonds but have not been disbursed as at year-end. Disbursements are subject to compliance with the agreement s terms and conditions. These commitments, having a weighted average maturity of 2.2 years (2010: 3 years), are denominated in U.S. dollars. 14 FONDS DE SOLIDARITÉ FTQ 2011

16 6. FAIR VALUE HIERARCHY Financial instruments measured at fair value are classified using a hierarchy that reflects the significance of the inputs used in making the measurements. This hierarchy has the following levels: Level 1: Fair value based on quoted market prices (unadjusted) observed on active markets for identical financial instruments. Level 2: Fair value based on quoted prices for similar financial instruments or based on valuation techniques for which all significant inputs are based on observable market information. Level 3: Fair value based on valuation techniques for which all significant inputs are not based on observable market information. Level Total (In thousands) $ $ $ $ 2011 Development capital investments Unsecured Listed shares and units 697,562 1, ,526 Unlisted shares and units 2,097,834 2,097,834 Loans, bonds and advances 443, ,759 1,441,016 Secured Loans, bonds and advances 31,161 31,161 Other investments 697, ,221 3,126,754 4,269,537 Shares and units 1,432,897 76,742 1,509,639 Units of funds of hedge funds 216, ,439 Bonds 2,291,343 11,742 2,303,085 Money market instruments 153, ,840 Derivative financial instruments 7,193 7,193 1,432,897 2,452, ,923 4,190,196 2,130,459 2,897,597 3,431,677 8,459,733 Cash 6,372 6,372 Derivative financial instruments (19,494) (19,494) 2,136,831 2,878,103 3,431,677 8,446, Development capital investments Unsecured Listed shares and units 591,434 8,642 2, ,926 Unlisted shares and units 6,587 1,872,239 1,878,826 Loans, bonds and advances 250,892 1,157,432 1,408,324 Secured Loans, bonds and advances 30,331 30,331 Other investments 591, ,121 3,062,852 3,920,407 Shares and units 1,224,600 63,563 1,288,163 Units of funds of hedge funds 220, ,494 Bonds 2,014,021 8,281 2,022,302 Money market instruments 116, ,590 Derivative financial instruments ,266 22,614 1,224,948 2,152, ,338 3,670,163 1,816,382 2,418,998 3,355,190 7,590,570 Cash 8,536 8,536 Derivative financial instruments (1,112) (36,386) (37,498) 1,823,806 2,382,612 3,355,190 7,561,608 FONDS DE SOLIDARITÉ FTQ

17 NOTES TO FINANCIAL STATEMENTS (CONTINUED) A S AT M AY 3 1, A N D FAIR VALUE HIERARCHY (CONTINUED) The following table shows the reconciliation of Level 3 fair values from May 31, 2010 to May 31, DEVELOPMENT CAPITAL INVESTMENTS Shares and units Loans, bonds and advances Total Listed Unlisted Unsecured Secured (In thousands) $ $ $ $ $ 2011 Fair value as at May 31, ,850 1,872,239 1,157,432 30,331 3,062,852 Realized gains (losses) (15,853) 30,970 (24,800) (1,182) (10,865) Change in unrealized appreciation or depreciation 13,208 69,241 20,511 (19,156) 83,804 Purchases 1, , ,117 46, ,000 Sales and settlements (7,987) (238,263) (285,992) (25,568) (557,810) Transfers of financial instruments to (out of) Level 3 6,282 (202,509) 1 (196,227) Fair value as at May 31, ,097, ,759 31,161 3,126, Change in unrealized appreciation or depreciation of development capital investments held as at May 31, ,553 29,954 (19,176) (23,893) (4,562) Fair value as at May 31, ,404 1,645,238 1,019,656 36,461 2,721,759 Realized losses (14,743) (94,199) (13,674) (2,144) (124,760) Change in unrealized appreciation or depreciation 101,606 50,415 57,419 (12,090) 197,350 Purchases 14, , ,639 19, ,535 Sales and settlements (108,635) (94,019) (91,608) (10,966) (305,228) Transfers of financial instruments out of Level 3 (9,804) (9,804) Fair value as at May 31, ,850 1,872,239 1,157,432 30,331 3,062,852 Change in unrealized appreciation or depreciation of development capital investments held as at May 31, 2010 (11,677) (7,572) 38,039 (12,444) 6, Certain unsecured debentures have been transferred from Level 3 to Level 2 since their measurement method is now based on observable market data. 16 FONDS DE SOLIDARITÉ FTQ 2011

18 6. FAIR VALUE HIERARCHY (CONTINUED) OTHER INVESTMENTS Shares Units of funds and units of hedge funds Bonds Total (In thousands) $ $ $ $ 2011 Fair value as at May 31, , ,494 8, ,338 Realized losses (703) (703) Change in unrealized appreciation or depreciation 2,804 (3,802) 3,726 2,728 Purchases 14,309 10,890 25,199 Sales and settlements (3,934) (10,440) (265) (14,639) Fair value as at May 31, , ,439 11, ,923 Change in unrealized appreciation or depreciation of other investments held as at May 31, ,804 (3,691) 3,720 2, Fair value as at May 31, , ,715 8, ,842 Realized losses (1,951) (407) (2,358) Change in unrealized appreciation or depreciation 1,285 18,173 1,634 21,092 Purchases 18,228 1,378 19,606 Sales and settlements (18,821) (1,023) (19,844) Fair value as at May 31, , ,494 8, ,338 Change in unrealized appreciation or depreciation of other investments held as at May 31, ,285 18,173 1,634 21,092 All Level 3 financial instruments, except for units, are measured at fair value using valuation techniques and models whose outputs depend on significant assumptions that are based on unobservable data. Even though management believes that its fair value measurements are appropriate, using reasonably possible alternative assumptions could result in different fair values. Whenever possible, a sensitivity analysis of changes in significant assumptions is performed. Management assessed the situation and determined that using reasonably possible alternative assumptions would not result in significantly different fair values. Since the Fonds does not have access to information on the underlying investments, the fair value of Level 3 units is based on the value provided by the general partner or the external manager. Therefore no other reasonably possible assumption could be used. 7. SECURITIES LENDING As part of the securities lending program, the trustee receives, in exchange for the securities loaned, guarantees or assets equivalent to the minimum percentage prescribed by law or to a percentage that may vary according to best practices. Depending on the securities loaned, this percentage range from 102% to 104% as at May 31, 2011 (2010: from 102% to 105%), and the fair value of the securities loaned is $98 million (2010: $99 million). 8. ACCOUNTS RECEIVABLE AND OTHER ASSETS (In thousands) $ $ Accounts receivable relating to development capital investments and other investments sold 102,270 76,326 Accrued dividends and interest 81,072 71,513 Other 80,906 29, , ,201 FONDS DE SOLIDARITÉ FTQ

19 NOTES TO FINANCIAL STATEMENTS (CONTINUED) A S AT M AY 3 1, A N D CAPITAL ASSETS Accumulated Cost amortization Net book value (In thousands) $ $ $ Buildings 70,368 15,858 54,510 Office furniture and equipment 17,169 15,324 1,845 Computer hardware 11,688 7,413 4,275 Information systems development 15,348 13,655 1, ,573 52,250 62,323 Buildings 70,048 13,951 56,097 Office furniture and equipment 16,979 14,919 2,060 Computer hardware 9,575 6,864 2,711 Information systems development 14,081 12,938 1, ,683 48,672 62,011 The net book value of the portion of building held for rental amounts to $24.3 million (2010: $24.7 million). 10. NOTES Notes are repayable on demand and bear interest at a rate based on the rate of return of Other investments. Consequently, the fair value of these notes arising from excess liquidities of regional and local funds and of certain specialized funds corresponds to their carrying amount. As at May 31, 2011, the interest rate is 4.25% (2010: 4.00%). 11. CREDIT FACILITIES As at May 31, 2011 and 2010, the Fonds has credit facilities amounting to $80 million, bearing interest at prime rate and renewable annually. As at May 31, 2011 and 2010, these facilities are unused. 12. ACCOUNTS PAYABLE AND OTHER LIABILITIES (In thousands) $ $ Accounts payable relating to development capital investments and other investments purchased 142,626 49,871 Derivative financial instruments 19,494 37,498 Share redemptions payable 13,274 13,802 Accrued expenses and other 85,500 82, , , FONDS DE SOLIDARITÉ FTQ 2011

20 13. NET ASSETS SHARE CAPITAL Authorized CLASS A SHARES Unlimited number of Class A shares to be issued in Series 1 and 2, without par value, voting, redeemable and inalienable unless approved by a resolution of the Board of Directors. Class A shares, Series 1 and 2 can be exchanged for shares of another series and rank pari passu. However, Class A shares, Series 1 may be issued only to an individual requesting their transfer to a trustee under a registered retirement savings plan. CLASS G SHARES Unlimited number of Class G shares, without par value, non-voting, without dividends, non-transferable and non-redeemable. In the event of a dissolution, liquidation or any other distribution of the Fonds assets in whole or in part, these shares entitle their holders the right to be reimbursed after all Class A and B shareholders have been reimbursed. During the year, the Fonds statutes were amended to cancel the Class G shares. CLASS B SHARES Unlimited number of Class B shares, without par value, non-voting, entitled to a preferential dividend at the rate determined by the Board of Directors. In the event of liquidation, the Class B shares rank prior to Class A and G shares. Subscribed Subscribed capital is money cashed but for which no Class A share can be issued in consideration thereof pursuant to the Fonds purchase-by-agreement policy. These Class A shares will be issued at the time set out in such policy at the share price in effect at that date. Redemption terms The Fonds is required to redeem shares in the circumstances set out in its Incorporation Act or to redeem them by mutual agreement in exceptional situations provided under a policy for such purpose adopted by the Fonds Board of Directors and approved by the Minister of Finance of Québec. The redemption price is determined semi-annually based on the value of the Fonds. Contributed surplus Contributed surplus arises from the reduction in issued and paid-up capital resulting from transfers and the excess of the average value of share capital over the redemption price. This excess is reduced when shares are redeemed at a price exceeding the average value of issued share capital, prorata to the redeemed shares. Restatement A change was made to the calculation of the proportion applicable to contributed surplus when shares are redeemed at a price exceeding the average value of issued share capital. As a result of the retrospective restatement, contributed surplus was reduced and retained earnings were increased by $134.7 million as at June 1, 2010 (June 1, 2009: $104.3 million). Contributed surplus was reduced and retained earnings were increased by $30.4 million with respect to shares redeemed during the year ended May 31, This restatement had no impact on net assets per Class A share, Series 1 and Series 2. FONDS DE SOLIDARITÉ FTQ

21 NOTES TO FINANCIAL STATEMENTS (CONTINUED) A S AT M AY 3 1, A N D NET ASSETS (CONTINUED) Transfers During the year, the Board of Directors approved an increase in the issued and paid-up capital on Class A shares, Series 1 of $103 million through transfers from retained earnings (2010: $85 million). As at May 31, 2011, the Fonds had transferred a cumulative amount of $1,620 million from retained earnings to share capital. During the year ended May 31, 2009, the Board of Directors of the Fonds approved a resolution to reduce the issued and paid-up capital on Class A shares, Series 1 by $1 billion through a transfer to contributed surplus. Afterwards, an amount of $126.6 million was transferred from contributed surplus to eliminate the realized deficit as at May 31, On May 31, 2010, the holders of Class G shares, namely the Minister of Finance of Québec and the Fédération des travailleurs et travailleuses du Québec (FTQ), waived the right to receive any distribution or return of capital attached to their shares. Accordingly, the issued and paid-up capital on Class G shares was reduced by $20.1 million through a transfer to contributed surplus. In consideration, By-Law 69, allowing the cancellation of Class G shares in exchange of equivalent unsecured debentures for an amount of $10 million for the Minister of Finance of Québec and $10.1 million for the Fédération des travailleurs et travailleuses du Québec (FTQ), was adopted during the Fonds special shareholders meeting held on October 2, These issued debentures do not bear interest, are payable only upon the Fonds dissolution and are presented under Accounts payable and other liabilities. NET ASSETS BY SHARE CLASS AND SERIES Class A Class G Subscribed Total Series 1 Series 2 Number (In thousands) Number $ Number $ and $ $ $ 2011 Net assets at beginning of year 302,413 7,209,561 3,538 84, ,294,352 Share issues 28, , , ,249 Net change in share subscriptions Share redemptions (18,596) (455,778) (391) (9,580) (465,358) Net earnings 642,780 7, ,283 Net assets at end of year 311,941 8,084,720 3,563 92, ,177, Net assets at beginning of year 288,407 6,281,708 3,326 72,445 20, ,374,721 Share issues 28, , , ,085 Net change in share subscriptions (1) (1) Share redemptions (14,719) (334,512) (273) (6,200) (340,712) Net earnings 593,162 7, ,259 Transfer 19, (20,125) Net assets at end of year 302,413 7,209,561 3,538 84, ,294, FONDS DE SOLIDARITÉ FTQ 2011

22 14. CONTINGENCIES In the normal course of business, the Fonds is party to claims and litigations that could result in losses. A contingent loss is recognized when it is likely and can be estimated. Management believes that the aggregate amount of contingent losses, net of losses recognized, would not have a material adverse effect on the Fonds financial position. 15. REVENUES Interest totalling $16.0 million (2010: $14.4 million) on the notes is recorded against Interest and is capitalized under Notes. 16. OPERATING EXPENSES (In thousands) $ $ Salaries and benefits 71,266 65,770 Occupancy expenses and rent 11,115 10,802 Advertising and information 13,613 12,791 Management fees 7,287 7,271 Professional fees 7,545 8,933 Travel and entertainment 3,360 2,988 Stationery and office supplies 3,388 3,188 Shareholder reporting costs 2,597 2,500 Custodial fees and trustee s fees Fees and other income (4,414) (5,786) Rental income (4,259) (3,853) Capital tax 1,064 5,314 Amortization of property and equipment 3,590 3,501 Amortization of information systems development , , INCOME TAXES For purposes of the Income Tax Act (Canada), the Fonds is subject to the rules applicable to mutual fund corporations. As such, the Fonds can receive a refund of the income taxes paid on its capital gains by redeeming its shares or by increasing its issued and paid-up share capital through a transfer from retained earnings. Since these income taxes are refundable and that, in management s opinion, the issued and paid-up share capital will be increased sufficiently to recover them, these income taxes are not presented in the Statement of Operations, but are included in Accounts receivable and other assets. The balance of these income taxes is $9.0 million as at May 31, 2011 (2010: $6.5 million). The Fonds, as a private company, can receive a refund of a portion of the income taxes paid on its investment income through the refundable dividend tax on hand (RDTOH). The RDTOH is recoverable by increasing the issued and paid-up share capital through transfers from retained earnings. These income taxes of $33.9 million (2010: $26.4 million) were entirely applied against income taxes payable following transfers approved by the Board of Directors during the year in order to recover these taxes. FONDS DE SOLIDARITÉ FTQ

23 NOTES TO FINANCIAL STATEMENTS (CONTINUED) A S AT M AY 3 1, A N D INCOME TAXES (CONTINUED) Under the Taxation Act (Québec), the Fonds is an open-ended investment company. As such, the Fonds can, in calculating its Québec taxes, deduct taxable capital gains from its taxable income. Consequently, capital gains realized by the Fonds are not subject to taxes in Québec. Income taxes on net investment income before income taxes are detailed as follows: (In thousands) $ $ Current 22,925 21,383 Future 3, ,080 21,806 The above income taxes are different from the amounts that would be obtained by applying the combined basic tax rate (federal and provincial) to net investment income before income taxes. The difference is explained as follows: (In thousands) $ $ Income taxes based on combined income tax rate of 46.6% 64,177 49,710 Non-taxable dividends (13,242) (8,213) Refundable dividend tax on hand (33,903) (26,356) Other items 9,048 6,665 26,080 21,806 Items giving rise to future income taxes are as follows: Development capital investments Capital assets and other Total (In thousands) $ $ $ Future income tax liabilities 1,548 1,750 3,298 Future income tax assets (334) 1, Future income tax liabilities FONDS DE SOLIDARITÉ FTQ 2011

24 18. EMPLOYEE FUTURE BENEFITS On January 1, 2001, the Fonds implemented funded and unfunded defined benefit pension plans, which guarantee pension benefits to most of its employees. Pension benefits under these plans are based on years of service and average annual salary, which represents the average annual salary over the period of 36 months of consecutive service which results in the highest average. Also, since July 1, 2003, the Fonds has had an optional personal insurance plan for retired employees. The accrued benefit obligation of these plans as determined by independent actuaries and the fair value of plan assets are as at March 31, The most recent actuarial valuation of the pension plans for funding and solvency purposes was as of December 31, 2010 and the next valuation will take place as of December 31, Information about the plans is as follows: Pension plans Insurance plan Pension plans Insurance plan (In thousands) $ $ $ $ Accrued benefit obligation Balance at beginning of year 102,189 1,679 65,000 1,194 Current service cost 13, , Interest cost 5, , Benefits paid (2,097) (25) (1,101) (13) Actuarial loss 1,407 23, Balance at end of year 120,826 1, ,189 1,679 Plan assets Balance at beginning of year 74,118 52,978 Fonds contributions 6, , Employee contributions 5,755 4,445 Benefits paid (2,097) (25) (1,101) (13) Actual return on plan assets 8,525 12,932 Balance at end of year 93,246 74,118 Reconciliation of accrued benefit obligation and plan assets Funded status deficit (27,580) (1,833) (28,071) (1,679) Unamortized net actuarial loss 13, , Unamortized past service cost (gain) 535 (178) 708 (218) Accrued benefit liabilities (13,187) (1,559) (10,692) (1,417) These accrued benefit liabilities are presented under Accounts payable and other liabilities. FONDS DE SOLIDARITÉ FTQ

FINANCIAL STATEMENTS. As at May 31, 2013 and 2012

FINANCIAL STATEMENTS. As at May 31, 2013 and 2012 FINANCIAL STATEMENTS As at May 31, 2013 and 2012 INDEPENDENT AUDITORS REPORT To the Shareholders of the Fonds de solidarité des travailleurs du Québec (F.T.Q.) We have audited the accompanying financial

More information

FINANCIAL STATEMENTS AS AT NOVEMBER 30, 2014

FINANCIAL STATEMENTS AS AT NOVEMBER 30, 2014 FINANCIAL STATEMENTS AS AT NOVEMBER 30, 2014 INDEPENDENT AUDITORS REPORT To the Shareholders of the Fonds de solidarité des travailleurs du Québec (F.T.Q.) We have audited the accompanying financial statements

More information

FINANCIAL STATEMENTS AS AT MAY 31, 2015

FINANCIAL STATEMENTS AS AT MAY 31, 2015 FINANCIAL STATEMENTS AS AT MAY 31, 2015 INDEPENDENT AUDITORS REPORT To the Shareholders of the Fonds de solidarité des travailleurs du Québec (F.T.Q.) We have audited the accompanying financial statements

More information

FINANCIAL STATEMENTS. Alberta Beverage Container Recycling Corporation. Contents

FINANCIAL STATEMENTS. Alberta Beverage Container Recycling Corporation. Contents 1 FINANCIAL STATEMENTS Alberta Beverage Container Recycling Corporation Contents 2 Independent Auditor s Report 3 Statement of Operations and Changes in Net Assets 4 Statement of Financial Position 5 Statement

More information

INDUSTRIAL-ALLIANCE LIFE INSURANCE COMPANY. FIRST QUARTER 2000 Consolidated Financial Statements (Non audited)

INDUSTRIAL-ALLIANCE LIFE INSURANCE COMPANY. FIRST QUARTER 2000 Consolidated Financial Statements (Non audited) INDUSTRIAL-ALLIANCE LIFE INSURANCE COMPANY FIRST QUARTER 2000 Consolidated Financial Statements (Non audited) March 31,2000 TABLE OF CONTENTS CONSOLIDATED INCOME 2 CONSOLIDATED CONTINUITY OF EQUITY 3 CONSOLIDATED

More information

MOUNTAIN EQUIPMENT CO-OPERATIVE

MOUNTAIN EQUIPMENT CO-OPERATIVE Consolidated Financial Statements of MOUNTAIN EQUIPMENT CO-OPERATIVE KPMG LLP PO Box 10426 777 Dunsmuir Street Vancouver BC V7Y 1K3 Canada Telephone (604) 691-3000 Fax (604) 691-3031 Internet www.kpmg.ca

More information

Dumfries Mutual Insurance Company Financial Statements For the year ended December 31, 2010

Dumfries Mutual Insurance Company Financial Statements For the year ended December 31, 2010 Dumfries Mutual Insurance Company Financial Statements For the year ended December 31, 2010 Contents Independent Auditors' Report 2 Financial Statements Balance Sheet 3 Statement of Operations and Unappropriated

More information

A&W Food Services of Canada Inc. Consolidated Financial Statements December 30, 2012 and January 1, 2012 (in thousands of dollars)

A&W Food Services of Canada Inc. Consolidated Financial Statements December 30, 2012 and January 1, 2012 (in thousands of dollars) A&W Food Services of Canada Inc. Consolidated Financial Statements December 30, and January 1, (in thousands of dollars) February 12, 2013 Independent Auditor s Report To the Shareholders of A&W Food Services

More information

Financial Statements

Financial Statements ATB INVESTMENT MANAGEMENT INC. Financial Statements Year Ended March 31, 2015 Independent Auditor s Report.... 462 Statement of Financial Position.... 464 Statement of Changes in Equity... 465 Statement

More information

THE CANADIAN SOCIETY FOR INTERNATIONAL HEALTH FINANCIAL STATEMENTS DECEMBER 31, 2014

THE CANADIAN SOCIETY FOR INTERNATIONAL HEALTH FINANCIAL STATEMENTS DECEMBER 31, 2014 FINANCIAL STATEMENTS DECEMBER 31, 2014 TABLE OF CONTENTS PAGE Independent Auditor's Report 1 Financial Statements Statement of Operations and Changes in Net Assets 3 Statement of Financial Position 4 Statement

More information

Financial Statements. Nova Scotia Association of Health Organizations (Group Insurance Fund) March 31, 2015

Financial Statements. Nova Scotia Association of Health Organizations (Group Insurance Fund) March 31, 2015 Financial Statements Nova Scotia Association of Health Organizations INDEPENDENT AUDITORS REPORT To the Members of the Nova Scotia Association of Health Organizations We have audited the accompanying financial

More information

Financial Statements

Financial Statements ATB INSURANCE ADVISORS INC. Financial Statements Year Ended March 31, 2015 Independent Auditor s Report.... 442 Statement of Financial Position..................... 443 Statement of Changes in Equity....

More information

FORM 51 102F4 BUSINESS ACQUISITION REPORT

FORM 51 102F4 BUSINESS ACQUISITION REPORT FORM 51 102F4 BUSINESS ACQUISITION REPORT 1. IDENTITY OF COMPANY 1.1 Name and Address of Company Antibe Therapeutics Inc. (the Company ) 15 Prince Arthur Avenue Toronto, Ontario M5R 1B2 1.2 Executive Officer

More information

CITY OF SASKATOON DEFINED CONTRIBUTION PENSION PLAN FOR SEASONAL AND NON-PERMANENT PART-TIME EMPLOYEES

CITY OF SASKATOON DEFINED CONTRIBUTION PENSION PLAN FOR SEASONAL AND NON-PERMANENT PART-TIME EMPLOYEES DRAFT Financial Statements of CITY OF SASKATOON DEFINED CONTRIBUTION PENSION PLAN FOR SEASONAL AND NON-PERMANENT PART-TIME Deloitte LLP 122 1st Ave. S. Suite 400, PCS Tower Saskatoon SK S7K 7E5 Canada

More information

Canadian Council for International Co-operation Financial Statements March 31, 2011

Canadian Council for International Co-operation Financial Statements March 31, 2011 Canadian Council for International Co-operation Financial Statements Independent Auditor's Report 2-3 Financial Statements Financial Position 4 Revenues and Expenses 5 Changes in Net Assets 6 Cash Flows

More information

Financial Statements. Canadian Baptist Ministries December 31, 2014

Financial Statements. Canadian Baptist Ministries December 31, 2014 Financial Statements Canadian Baptist Ministries INDEPENDENT AUDITORS' REPORT To the Members of Canadian Baptist Ministries We have audited the accompanying financial statements of Canadian Baptist Ministries,

More information

HEALTHCARE EMPLOYEES BENEFITS PLAN - MANITOBA - THE GROUP LIFE INSURANCE PLAN

HEALTHCARE EMPLOYEES BENEFITS PLAN - MANITOBA - THE GROUP LIFE INSURANCE PLAN Financial Statements of HEALTHCARE EMPLOYEES BENEFITS PLAN - MANITOBA - THE GROUP LIFE INSURANCE PLAN KPMG LLP Telephone (204) 957-1770 Chartered Accountants Fax (204) 957-0808 Suite 2000 One Lombard Place

More information

The Wawanesa Life Insurance Company Segregated Funds. Interim Unaudited Financial Statements June 30, 2013

The Wawanesa Life Insurance Company Segregated Funds. Interim Unaudited Financial Statements June 30, 2013 The Wawanesa Life Insurance Company Segregated s Interim Unaudited Financial Statements Segregated s Statements of Net Assets As at (unaudited) and December 31, 2012 (audited) 2013 2012 Investments - at

More information

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q È QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended

More information

GUARDIAN CANADIAN BOND FUND

GUARDIAN CANADIAN BOND FUND GUARDIAN CANADIAN BOND FUND FINANCIAL STATEMENTS DECEMBER 31, 2010 March 11, 2011 PricewaterhouseCoopers LLP Chartered Accountants PO Box 82 Royal Trust Tower, Suite 3000 Toronto-Dominion Centre Toronto,

More information

Germania Mutual Insurance Company Financial Statements For the year ended December 31, 2014

Germania Mutual Insurance Company Financial Statements For the year ended December 31, 2014 Germania Mutual Insurance Company Financial Statements For the year ended Financial Statements For the year ended Table of Contents Page Independent Auditor's Report 2 Statement of Financial Position 3

More information

Financial statements. Standardbred Canada (Incorporated under the Animal Pedigree Act) October 31, 2012

Financial statements. Standardbred Canada (Incorporated under the Animal Pedigree Act) October 31, 2012 Financial statements Standardbred Canada (Incorporated under the Animal Pedigree Act) (Incorporated under the Animal Pedigree Act) Contents Page Independent Auditors Report 1-2 Statement of operations

More information

QUINSAM CAPITAL CORPORATION INTERIM FINANCIAL STATEMENTS FOR THE THIRD QUARTER ENDED SEPTEMBER 30, 2015 (UNAUDITED AND EXPRESSED IN CANADIAN DOLLARS)

QUINSAM CAPITAL CORPORATION INTERIM FINANCIAL STATEMENTS FOR THE THIRD QUARTER ENDED SEPTEMBER 30, 2015 (UNAUDITED AND EXPRESSED IN CANADIAN DOLLARS) INTERIM FINANCIAL STATEMENTS FOR THE THIRD QUARTER ENDED SEPTEMBER 30, (UNAUDITED AND EXPRESSED IN CANADIAN DOLLARS) NOTICE TO READER Under National Instrument 51-102, Part 4, subsection 4.3(3) (a), if

More information

Consolidated Financial Statements of THE CANADIAN RED CROSS SOCIETY

Consolidated Financial Statements of THE CANADIAN RED CROSS SOCIETY Consolidated Financial Statements of THE CANADIAN RED CROSS SOCIETY March 31, 2013 and 2012 Deloitte LLP 800-100 Queen Street Ottawa, ON K1P 5T8 Canada Tel: (613) 236 2442 Fax: (613) 236 2195 www.deloitte.ca

More information

FINANCIAL STATEMENTS 2013

FINANCIAL STATEMENTS 2013 452/green [A subsidiary of SaskPower] NorthPoint Energy Solutions Inc. FINANCIAL STATEMENTS 2013 711/red Report of Management The financial statements of NorthPoint Energy Solutions Inc. (NorthPoint)

More information

The Hospital for Sick Children Financial Statements. March 31, 2015 TOGETHER WE WILL

The Hospital for Sick Children Financial Statements. March 31, 2015 TOGETHER WE WILL The Hospital for Sick Children Financial Statements March 31, 2015 TOGETHER WE WILL TABLE OF CONTENTS Management s Report 3 Independent Auditor s Report 4 Financial Statements Balance Sheet 5 Statement

More information

UTILITY SPLIT TRUST. Annual Financial Statements for the year ended December 31, 2011

UTILITY SPLIT TRUST. Annual Financial Statements for the year ended December 31, 2011 Annual Financial Statements for the year ended December 31, 2011 MANAGEMENT S RESPONSIBILITY FOR FINANCIAL REPORTING The accompanying financial statements of Utility Split Trust (the Fund ) are the responsibility

More information

AUDIOTECH HEALTHCARE CORPORATION

AUDIOTECH HEALTHCARE CORPORATION Consolidated Financial Statements of AUDIOTECH HEALTHCARE CORPORATION Year ended September 30, 2008 1 CHARTERED ACCOUNTANTS MacKay LLP 1100 1177 West Hastings Street Vancouver, BC V6E 4T5 Tel: (604) 687-4511

More information

FUNDY MUTUAL INSURANCE COMPANY CONSOLIDATED FINANCIAL STATEMENTS

FUNDY MUTUAL INSURANCE COMPANY CONSOLIDATED FINANCIAL STATEMENTS CONSOLIDATED FINANCIAL STATEMENTS INDEX Page INDEPENDENT AUDITORS' REPORT 1-2 CONSOLIDATED FINANCIAL STATEMENTS Statement 1 - Consolidated Balance Sheet 3 Statement 2 - Consolidated General Reserve and

More information

Financial Statements of. Canadian Cancer Society, Saskatchewan Division. Year ended January 31, 2015

Financial Statements of. Canadian Cancer Society, Saskatchewan Division. Year ended January 31, 2015 Financial Statements of Canadian Cancer Society, Saskatchewan Division Independent Auditor s report To the Board of Directors of the Canadian Cancer Society, Saskatchewan Division We have audited the accompanying

More information

Cynk Technology Corp. (A Development Stage Company) (formerly Introbuzz) Balance Sheets

Cynk Technology Corp. (A Development Stage Company) (formerly Introbuzz) Balance Sheets Cynk Technology Corp. (A Development Stage Company) (formerly Introbuzz) Balance Sheets ASSETS March 31, December 2014 31, 2013 ------- --------- Current Assets Cash and cash equivalents $ 39 $ 39 --------

More information

VANCOUVER COMMUNITY COLLEGE

VANCOUVER COMMUNITY COLLEGE Financial Statements of VANCOUVER COMMUNITY COLLEGE KPMG Enterprise Metrotower II 4720 Kingsway, Suite 2400 Burnaby, BC V5H 4N2 Canada Telephone (604) 527-3600 Fax (604) 527-3636 Internet www.kpmg.ca/enterprise

More information

Consolidated Financial Statements. Forestry Innovation Investment Ltd. March 31, 2014

Consolidated Financial Statements. Forestry Innovation Investment Ltd. March 31, 2014 Consolidated Financial Statements Forestry Innovation Investment Ltd. Contents Page Independent Auditor's Report 1-2 Consolidated Statement of Financial Position 3 Consolidated Statement of Operations

More information

Western Energy Services Corp. Condensed Consolidated Financial Statements September 30, 2015 and 2014 (Unaudited)

Western Energy Services Corp. Condensed Consolidated Financial Statements September 30, 2015 and 2014 (Unaudited) Condensed Consolidated Financial Statements September 30, 2015 and 2014 (Unaudited) Condensed Consolidated Balance Sheets (Unaudited) (thousands of Canadian dollars) Note September 30, 2015 December 31,

More information

ENGINEERING.COM INCORPORATED 2002 FINANCIAL STATEMENTS

ENGINEERING.COM INCORPORATED 2002 FINANCIAL STATEMENTS ENGINEERING.COM INCORPORATED 2002 FINANCIAL STATEMENTS 2 MANAGEMENT S RESPONSIBILITY FOR FINANCIAL REPORTING To the Shareholders of ENGINEERING.com Incorporated: The consolidated financial statements and

More information

Financial Results. George Weston Limited 2010 Annual Report 67

Financial Results. George Weston Limited 2010 Annual Report 67 Financial Results Management s Statement of Responsibility for Financial Reporting 68 Independent Auditors Report 69 Consolidated Financial Statements 70 Consolidated Statements of Earnings 70 Consolidated

More information

Centre for Addiction and Mental Health. Financial Statements March 31, 2014

Centre for Addiction and Mental Health. Financial Statements March 31, 2014 Centre for Addiction and Mental Health Financial Statements June 4, Independent Auditor s Report To the Trustees of Centre for Addiction and Mental Health We have audited the accompanying financial statements

More information

JUSTICE INSTITUTE OF BRITISH COLUMBIA

JUSTICE INSTITUTE OF BRITISH COLUMBIA Financial Statements of JUSTICE INSTITUTE OF BRITISH COLUMBIA ABCD KPMG LLP Chartered Accountants Box 10426, 777 Dunsmuir Street Vancouver BC V7Y 1K3 Telephone (604) 691-3000 Telefax (604) 691-3031 Internet

More information

THE YARMOUTH MUTUAL FIRE INSURANCE COMPANY Financial Statements For the year ended December 31, 2014

THE YARMOUTH MUTUAL FIRE INSURANCE COMPANY Financial Statements For the year ended December 31, 2014 Financial Statements For the year ended Financial Statements For the year ended Table of Contents Page Independent Auditor's Report 2 Statement of Financial Position 3 Statement of Comprehensive Income

More information

Workers Compensation Board of Manitoba Retirement Plan

Workers Compensation Board of Manitoba Retirement Plan Financial Statements of Workers Compensation Board of Manitoba Retirement Plan, 2013 Management's Responsibility for Financial Information The financial statements of the WCB Retirement Plan were prepared

More information

GOLDMAN SACHS EXECUTION & CLEARING, L.P. and SUBSIDIARIES

GOLDMAN SACHS EXECUTION & CLEARING, L.P. and SUBSIDIARIES CONSOLIDATED STATEMENT of FINANCIAL CONDITION PURSUANT to RULE 17a-5 of the SECURITIES and EXCHANGE COMMISSION As of June 30, 2010 30 HUDSON STREET JERSEY CITY, NJ 07302 CONSOLIDATED STATEMENT OF FINANCIAL

More information

Notes to the Consolidated Financial Statements

Notes to the Consolidated Financial Statements Notes to the Consolidated Financial Statements Years ended September 30, 2007, 2006 and 2005 (tabular amounts only are in thousands of Canadian dollars, except share data) 1 Description of Business CGI

More information

5N PLUS INC. Condensed Interim Consolidated Financial Statements (Unaudited) For the three month periods ended March 31, 2016 and 2015 (in thousands

5N PLUS INC. Condensed Interim Consolidated Financial Statements (Unaudited) For the three month periods ended March 31, 2016 and 2015 (in thousands Condensed Interim Consolidated Financial Statements (Unaudited) (in thousands of United States dollars) Condensed Interim Consolidated Statements of Financial Position (in thousands of United States dollars)

More information

Consolidated Financial Statements. FUJIFILM Holdings Corporation and Subsidiaries. March 31, 2015 with Report of Independent Auditors

Consolidated Financial Statements. FUJIFILM Holdings Corporation and Subsidiaries. March 31, 2015 with Report of Independent Auditors Consolidated Financial Statements FUJIFILM Holdings Corporation and Subsidiaries March 31, 2015 with Report of Independent Auditors Consolidated Financial Statements March 31, 2015 Contents Report of Independent

More information

TCS Financial Solutions Australia (Holdings) Pty Limited. ABN 61 003 653 549 Financial Statements for the year ended 31 March 2015

TCS Financial Solutions Australia (Holdings) Pty Limited. ABN 61 003 653 549 Financial Statements for the year ended 31 March 2015 TCS Financial Solutions Australia (Holdings) Pty Limited ABN 61 003 653 549 Financial Statements for the year ended 31 March 2015 Contents Page Directors' report 3 Statement of profit or loss and other

More information

TRADES TRAINING CONSORTIUM OF BRITISH COLUMBIA

TRADES TRAINING CONSORTIUM OF BRITISH COLUMBIA Financial Statements of TRADES TRAINING CONSORTIUM OF BRITISH COLUMBIA Year ended March 31, 2015 KPMG LLP Chartered Accountants Metrotower II Suite 2400-4720 Kingsway Burnaby BC V5H 4N2 Canada Telephone

More information

Notes on the parent company financial statements

Notes on the parent company financial statements 316 Financial statements Prudential plc Annual Report 2012 Notes on the parent company financial statements 1 Nature of operations Prudential plc (the Company) is a parent holding company. The Company

More information

HEALTHCARE EMPLOYEES BENEFITS PLAN - MANITOBA - THE GROUP LIFE INSURANCE PLAN

HEALTHCARE EMPLOYEES BENEFITS PLAN - MANITOBA - THE GROUP LIFE INSURANCE PLAN Financial Statements of HEALTHCARE EMPLOYEES BENEFITS PLAN - MANITOBA - THE GROUP LIFE INSURANCE PLAN KPMG LLP Telephone (204) 957-1770 Chartered Accountants Fax (204) 957-0808 Suite 2000 One Lombard Place

More information

$ 2,035,512 98,790 6,974,247 2,304,324 848,884 173,207 321,487 239,138 (117,125) 658,103

$ 2,035,512 98,790 6,974,247 2,304,324 848,884 173,207 321,487 239,138 (117,125) 658,103 FINANCIAL SECTION CONSOLIDATED BALANCE SHEETS Aioi Insurance Company, Limited (Formerly The Dai-Tokyo Fire and Marine Insurance Company, Limited) and March 31, and ASSETS Cash and cash equivalents... Money

More information

COACHMAN INSURANCE COMPANY. Annual Report 2013

COACHMAN INSURANCE COMPANY. Annual Report 2013 COACHMAN INSURANCE COMPANY Annual Report 2013 RESPONSIBILITY FOR FINANCIAL STATEMENTS The financial statements are the responsibility of Management and have been prepared in conformity with International

More information

Consolidated Financial Statements

Consolidated Financial Statements Consolidated Financial Statements March 19, 2015 Independent Auditor s Report To the Members of Assiniboine Credit Union Limited We have audited the accompanying consolidated financial statements of Assiniboine

More information

The Wawanesa Life Insurance Company. Financial Statements December 31, 2011

The Wawanesa Life Insurance Company. Financial Statements December 31, 2011 The Wawanesa Life Insurance Company Financial Statements February 21, 2012 Appointed Actuary s Report To the Shareholder and Policyholders of The Wawanesa Life Insurance Company I have valued the insurance

More information

Huron University College. Financial Statements April 30, 2012

Huron University College. Financial Statements April 30, 2012 Financial Statements April 30, June 27, Independent Auditor s Report To the Executive Board of Huron University College We have audited the accompanying financial statements of Huron University College,

More information

SCORPEX INTERNATIONAL, INC.

SCORPEX INTERNATIONAL, INC. AUDIT REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM AND CONSOLIDATED FINANCIAL STATEMENTS C O N T E N T S Report of Independent Registered Public Accounting Firm.... 3 Consolidated Balance Sheets...

More information

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion. Financial Statements MNP INDEPENDENT AUDITOR'S REPORT To the Policyholders of Grenville Mutual Insurance Company We have audited the accompanying financial statements of Grenville Mutual Insurance Company,

More information

Consolidated Financial Statements of

Consolidated Financial Statements of Consolidated Financial Statements of KPMG LLP Telephone (613) 212-KPMG Chartered Accountants Fax (613) 212-2896 Suite 2000 Internet www.kpmg.ca 160 Elgin Street Ottawa, ON K2P 2P8 Canada INDEPENDENT AUDITORS

More information

CONSOLIDATED FINANCIAL STATEMENTS 31 DECEMBER 2015 CI FINANCIAL CORP.

CONSOLIDATED FINANCIAL STATEMENTS 31 DECEMBER 2015 CI FINANCIAL CORP. CONSOLIDATED FINANCIAL STATEMENTS 31 DECEMBER 2015 CI FINANCIAL CORP. INDEPENDENT AUDITORS REPORT TO THE SHAREHOLDERS OF CI FINANCIAL CORP. We have audited the accompanying consolidated financial statements

More information

Unaudited Interim Consolidated Financial Statements March 31, 2011. West African Iron Ore Corp. (formerly Westward Explorations Ltd.

Unaudited Interim Consolidated Financial Statements March 31, 2011. West African Iron Ore Corp. (formerly Westward Explorations Ltd. Unaudited Interim Consolidated Financial Statements March 31, 2011 West African Iron Ore Corp. NOTICE OF NO AUDITOR REVIEW OF INTERIM FINANCIAL STATEMENTS These accompanying unaudited interim consolidated

More information

Unaudited Condensed Interim Financial Statements of H&R FINANCE TRUST

Unaudited Condensed Interim Financial Statements of H&R FINANCE TRUST Unaudited Condensed Interim Financial Statements of H&R FINANCE TRUST For the three months ended March 31, 2012 and 2011 H&R FINANCE TRUST Condensed Interim Statement of Financial Position (In thousands

More information

Consolidated Balance Sheets March 31, 2001 and 2000

Consolidated Balance Sheets March 31, 2001 and 2000 Financial Statements SEIKAGAKU CORPORATION AND CONSOLIDATED SUBSIDIARIES Consolidated Balance Sheets March 31, 2001 and 2000 Assets Current assets: Cash and cash equivalents... Short-term investments (Note

More information

FINANCIAL STATEMENT 2010

FINANCIAL STATEMENT 2010 FINANCIAL STATEMENT 2010 CONTENTS Independent Auditors Report------------------------------ 2 Consolidated Balance Sheets ------------------------------ 3 Consolidated Statements of Operations ----------------

More information

Financial Statements of

Financial Statements of Financial Statements of For the year ended March 31, 2015 KPMG LLP Chartered Accountants Telephone (604) 854-2200 32575 Simon Avenue Fax (604) 853-2756 Abbotsford BC V2T 4W6 Internet www.kpmg.ca Canada

More information

FMG GLOBAL HEDGE FUND LTD. Financial Statements (With Auditors Report Thereon) March 31, 2010 and 2009

FMG GLOBAL HEDGE FUND LTD. Financial Statements (With Auditors Report Thereon) March 31, 2010 and 2009 Financial Statements (With Auditors Report Thereon) and 2009 KPMG Crown House Telephone 441 295-5063 4 Par-la-Ville Road Fax 441 295-9132 Hamilton HM 08, Bermuda www.kpmg.bm Mailing Address: P.O. Box HM

More information

The Kansai Electric Power Company, Incorporated and Subsidiaries

The Kansai Electric Power Company, Incorporated and Subsidiaries The Kansai Electric Power Company, Incorporated and Subsidiaries Consolidated Financial Statements for the Years Ended March 31, 2003 and 2002 and for the Six Months Ended September 30, 2003 and 2002 The

More information

Grenville Strategic Royalty Corp (formally Troon Ventures Ltd.) Consolidated Financial Statements For the Year Ended December 31, 2014

Grenville Strategic Royalty Corp (formally Troon Ventures Ltd.) Consolidated Financial Statements For the Year Ended December 31, 2014 Grenville Strategic Royalty Corp (formally Troon Ventures Ltd.) Consolidated Financial Statements For the Year Ended Contents Independent Auditors Report... 2 Consolidated Statements of Financial Position...

More information

Holloway Lodging Corporation. Interim Consolidated Condensed Financial Statements (Unaudited) June 30, 2015 (in thousands of Canadian dollars)

Holloway Lodging Corporation. Interim Consolidated Condensed Financial Statements (Unaudited) June 30, 2015 (in thousands of Canadian dollars) Interim Consolidated Condensed Financial Statements August 12, Management s Report The accompanying unaudited interim consolidated condensed financial statements of Holloway Lodging Corporation (the Company

More information

Abbey plc ( Abbey or the Company ) Interim Statement for the six months ended 31 October 2007

Abbey plc ( Abbey or the Company ) Interim Statement for the six months ended 31 October 2007 Abbey plc ( Abbey or the Company ) Interim Statement for the six months ended 31 October 2007 The Board of Abbey plc reports a profit before taxation of 18.20m which compares with a profit of 22.57m for

More information

Halwell Mutual Insurance Company Financial Statements For the year ended December 31, 2014

Halwell Mutual Insurance Company Financial Statements For the year ended December 31, 2014 Financial Statements For the year ended Contents Independent Auditor's Report 2 Financial Statements Statement of Financial Position 3 Statement of Comprehensive Income 4 Statement of Members Surplus 5

More information

Fidelity Global Financial Services Class of the Fidelity Capital Structure Corp.

Fidelity Global Financial Services Class of the Fidelity Capital Structure Corp. Fidelity Global Financial Services Class of the Fidelity Capital Structure Corp. Annual Report November 30, 2015 Fidelity Global Financial Services Class of the Fidelity Capital Structure Corp. Schedule

More information

Nova Scotia Fisheries and Aquaculture Loan Board. Financial Statements March 31, 2015 (in thousands of dollars)

Nova Scotia Fisheries and Aquaculture Loan Board. Financial Statements March 31, 2015 (in thousands of dollars) Nova Scotia Fisheries and Aquaculture Loan Board Financial Statements March 31, 2015 June 25, 2015 Independent Auditor s Report To the Members of the Legislative Assembly and to the Minister of Fisheries

More information

GENWORTH MI CANADA INC.

GENWORTH MI CANADA INC. Condensed Consolidated Interim Financial Statements (In Canadian dollars) GENWORTH MI CANADA INC. Three and six months ended June 30, 2015 and 2014 Condensed Consolidated Interim Statements of Financial

More information

Condensed Interim Financial Statements of MANITOU GOLD INC. Three months ended March 31, 2011 (Unaudited prepared by management)

Condensed Interim Financial Statements of MANITOU GOLD INC. Three months ended March 31, 2011 (Unaudited prepared by management) Condensed Interim Financial Statements of MANITOU GOLD INC. (Unaudited prepared by management) NOTICE TO READER The condensed interim balance sheets of Manitou Gold Inc. as at March 31, 2011 and December

More information

Consolidated financial statements of MTY Food Group Inc. November 30, 2015 and 2014

Consolidated financial statements of MTY Food Group Inc. November 30, 2015 and 2014 Consolidated financial statements of MTY Food Group Inc. Independent auditor s report...1 2 Consolidated statements of income... 3 Consolidated statements of comprehensive income... 4 Consolidated statements

More information

PEEL MARYBOROUGH MUTUAL INSURANCE COMPANY FINANCIAL STATEMENTS YEAR ENDED DECEMBER 31, 2014

PEEL MARYBOROUGH MUTUAL INSURANCE COMPANY FINANCIAL STATEMENTS YEAR ENDED DECEMBER 31, 2014 PEEL MARYBOROUGH MUTUAL INSURANCE COMPANY FINANCIAL STATEMENTS DECEMBER 31, 2014 CONTENTS Page Management Responsibility for Financial Reporting 1 Independent Auditors' Report 2 Financial Statements Financial

More information

Contents. Notice to Reader 2

Contents. Notice to Reader 2 Condensed Consolidated Financial Statements For the interim six month period ended June 30, 2011 (in ) Contents Notice to Reader 2 Condensed Consolidated Financial Statements Statements of Financial Position

More information

Starrex International Ltd.

Starrex International Ltd. Consolidated Financial Statements Table of Contents Independent Auditor s Report 1 Consolidated Financial Statements Consolidated Statements of Financial Position 2 Consolidated Statements of Comprehensive

More information

Consolidated Financial Statements

Consolidated Financial Statements Consolidated Financial Statements For the year ended February 20, 2016 Nitori Holdings Co., Ltd. Consolidated Balance Sheet Nitori Holdings Co., Ltd. and consolidated subsidiaries As at February 20, 2016

More information

NOVA SCOTIA STRATEGIC OPPORTUNITIES FUND INCORPORATED

NOVA SCOTIA STRATEGIC OPPORTUNITIES FUND INCORPORATED NOVA SCOTIA STRATEGIC OPPORTUNITIES FUND INCORPORATED FINANCIAL STATEMENTS MARCH 31, 2014 NOVA SCOTIA STRATEGIC OPPORTUNITIES FUND INCORPORATED INDEX MARCH 31, 2014 INDEPENDENT AUDITORS REPORT 1 STATEMENT

More information

Financial Statements. Young Women's Christian Association of Greater Toronto December 31, 2014

Financial Statements. Young Women's Christian Association of Greater Toronto December 31, 2014 Financial Statements Young Women's Christian Association of Greater Toronto INDEPENDENT AUDITORS' REPORT To the Members of Young Women's Christian Association of Greater Toronto REPORT ON THE FINANCIAL

More information

SENECA COLLEGE OF APPLIED ARTS AND TECHNOLOGY

SENECA COLLEGE OF APPLIED ARTS AND TECHNOLOGY Consolidated Financial Statements of SENECA COLLEGE OF APPLIED ARTS AND TECHNOLOGY KPMG LLP Telephone (416) 228-7000 Chartered Accountants Fax (416) 228-7123 Yonge Corporate Centre Internet www.kpmg.ca

More information

Financial Statements

Financial Statements PUBLIC SERVICE MANAGEMENT (CLOSED MEMBERSHIP) PENSION PLAN Financial Statements Year Ended December 31, 2014 Independent Auditor s Report.... 646 Statement of Financial Position........................

More information

CONSOLIDATED FINANCIAL STATEMENTS

CONSOLIDATED FINANCIAL STATEMENTS CONSOLIDATED FINANCIAL STATEMENTS TABLE OF CONTENTS MANAGEMENT S STATEMENT OF RESPONSIBILITY FOR FINANCIAL REPORTING 65 INDEPENDENT AUDITOR S REPORT 66 CONSOLIDATED FINANCIAL STATEMENTS 67 Consolidated

More information

EXPLANATORY NOTES. 1. Summary of accounting policies

EXPLANATORY NOTES. 1. Summary of accounting policies 1. Summary of accounting policies Reporting Entity Taranaki Regional Council is a regional local authority governed by the Local Government Act 2002. The Taranaki Regional Council group (TRC) consists

More information

G8 Education Limited ABN: 95 123 828 553. Accounting Policies

G8 Education Limited ABN: 95 123 828 553. Accounting Policies G8 Education Limited ABN: 95 123 828 553 Accounting Policies Table of Contents Note 1: Summary of significant accounting policies... 3 (a) Basis of preparation... 3 (b) Principles of consolidation... 3

More information

Acceleware Corp. Interim Financial Statements (Unaudited) For the Three Months Ended March 31, 2011 and 2010 (in Canadian dollars)

Acceleware Corp. Interim Financial Statements (Unaudited) For the Three Months Ended March 31, 2011 and 2010 (in Canadian dollars) Interim Financial Statements (Unaudited) For the Three Months Ended Interim Financial Statements (Unaudited) For the Three Months Ended Contents Statements of Financial Position 2 Statements of Comprehensive

More information

Transition to International Financial Reporting Standards

Transition to International Financial Reporting Standards Transition to International Financial Reporting Standards Topps Tiles Plc In accordance with IFRS 1, First-time adoption of International Financial Reporting Standards ( IFRS ), Topps Tiles Plc, ( Topps

More information

NOVA SCOTIA STRATEGIC OPPORTUNITIES FUND INCORPORATED MARCH 31, 2013 FINANCIAL STATEMENTS. ColUns Barrow. Chartered Acaorntarrta

NOVA SCOTIA STRATEGIC OPPORTUNITIES FUND INCORPORATED MARCH 31, 2013 FINANCIAL STATEMENTS. ColUns Barrow. Chartered Acaorntarrta NOVA SCOTIA STRATEGIC OPPORTUNITIES FUND INCORPORATED FINANCIAL STATEMENTS MARCH 31, 2013 ColUns Barrow Chartered Acaorntarrta NOVA SCOTIA STRATEGIC OPPORTUNITIES FUND INCORPORATED INDEX MARCH 31, 2013

More information

book 4: financials The Law Foundation Of Ontario

book 4: financials The Law Foundation Of Ontario book 4: financials The Law Foundation Of Ontario audited financial statements To The Trustees of The Law Foundation of Ontario We have audited the accompanying financial statements of The Law Foundation

More information

MASUPARIA GOLD CORPORATION

MASUPARIA GOLD CORPORATION CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS THREE MONTHS ENDED DECEMBER 31, 2011 and 2010 (expressed in Canadian Dollars) NOTICE TO READERS Under National Instrument 51-102, Part 4.3 (3)(a), if

More information

Contents. Notice to Reader 2

Contents. Notice to Reader 2 Condensed Consolidated Financial Statements For the interim nine month period ended September 30, 2011 (in ) Contents Notice to Reader 2 Condensed Consolidated Financial Statements Statements of Financial

More information

COMMUNITY LIVING BRITISH COLUMBIA. Audited Financial Statements. March 31, 2014

COMMUNITY LIVING BRITISH COLUMBIA. Audited Financial Statements. March 31, 2014 Audited Financial Statements Management s Report Management s Responsibility for the Financial Statements The financial statements of Community Living British Columbia as at, and for the year then ended,

More information

College of Physicians and Surgeons of British Columbia

College of Physicians and Surgeons of British Columbia Financial Statements OF College of Physicians and Surgeons of British Columbia FEBRUARY 29, 2012 Table of contents Independent Auditor s Report... 1 Statement of operations... 2 Statement of changes in

More information

PART III. Consolidated Financial Statements of Hitachi, Ltd. and Subsidiaries: Independent Auditors Report 47

PART III. Consolidated Financial Statements of Hitachi, Ltd. and Subsidiaries: Independent Auditors Report 47 PART III Item 17. Financial Statements Consolidated Financial Statements of Hitachi, Ltd. and Subsidiaries: Schedule: Page Number Independent Auditors Report 47 Consolidated Balance Sheets as of March

More information

Condensed Consolidated Interim Financial Statements of Cornerstone Capital Resources Inc. For the nine months ended September 30, 2011 and 2010

Condensed Consolidated Interim Financial Statements of Cornerstone Capital Resources Inc. For the nine months ended September 30, 2011 and 2010 Condensed Consolidated Interim Financial Statements of Cornerstone Capital Resources Inc. For the nine months ended September 30, 2011 and 2010 (Unaudited) NOTICE OF NO AUDITOR REVIEW OF INTERIM FINANCIAL

More information

HARMONIC DRIVE SYSTEMS INC. AND CONSOLIDATED SUBSIDIARIES CONSOLIDATED FINANCIAL STATEMENTS MARCH 31, 2013

HARMONIC DRIVE SYSTEMS INC. AND CONSOLIDATED SUBSIDIARIES CONSOLIDATED FINANCIAL STATEMENTS MARCH 31, 2013 HARMONIC DRIVE SYSTEMS INC. AND CONSOLIDATED SUBSIDIARIES CONSOLIDATED FINANCIAL STATEMENTS MARCH 31, 2013 HARMONIC DRIVE SYSTEMS INC. AND CONSOLIDATED SUBSIDIARIES CONSOLIDATED BALANCE SHEETS ASSETS

More information

PYROGENESIS CANADA INC. AMENDED FINANCIAL STATEMENTS FOR THE INTERIM PERIOD ENDED JUNE 30, 2011

PYROGENESIS CANADA INC. AMENDED FINANCIAL STATEMENTS FOR THE INTERIM PERIOD ENDED JUNE 30, 2011 PYROGENESIS CANADA INC. AMENDED FINANCIAL STATEMENTS FOR THE INTERIM PERIOD ENDED JUNE 30, 2011 The unaudited interim condensed consolidated financial statements of (the Company ) for the three and six

More information

SUMITOMO DENSETSU CO., LTD. AND SUBSIDIARIES. Consolidated Financial Statements

SUMITOMO DENSETSU CO., LTD. AND SUBSIDIARIES. Consolidated Financial Statements SUMITOMO DENSETSU CO., LTD. AND SUBSIDIARIES Consolidated Financial Statements Report of Independent Public Accountants To the Board of Directors of Sumitomo Densetsu Co., Ltd. : We have audited the consolidated

More information

Holland Bloorview Kids Rehabilitation Hospital. Financial Statements March 31, 2015

Holland Bloorview Kids Rehabilitation Hospital. Financial Statements March 31, 2015 Holland Bloorview Kids Rehabilitation Hospital Financial Statements June 8, 2015 Independent Auditor s Report To the Members of Holland Bloorview Kids Rehabilitation Hospital We have audited the accompanying

More information

Series of Shares B, B-6, E, F, F-6, O B, E, F, O O A, B

Series of Shares B, B-6, E, F, F-6, O B, E, F, O O A, B No securities regulatory authority has expressed an opinion about these securities and it is an offence to claim otherwise. The Funds and their securities offered under this Annual Information Form are

More information

Volex Group plc. Transition to International Financial Reporting Standards Supporting document for 2 October 2005 Interim Statement. 1.

Volex Group plc. Transition to International Financial Reporting Standards Supporting document for 2 October 2005 Interim Statement. 1. Volex Group plc Transition to International Financial Reporting Standards Supporting document for 2 October 2005 Interim Statement 1. Introduction The consolidated financial statements of Volex Group plc

More information