Organización Soriana S.A. de C.V. y Subsidiarias. Informe Anual AnnualReport. Estados Financieros. Financial Statements

Size: px
Start display at page:

Download "Organización Soriana S.A. de C.V. y Subsidiarias. Informe Anual AnnualReport. Estados Financieros. Financial Statements"

Transcription

1 Organización Soriana S.A. de C.V. y Subsidiarias Informe Anual AnnualReport Estados Financieros Financial Statements 19

2 ÍNDICE INDEX Informe del Comisario Report of Shareholder Examiner 22 Informe de los Auditores Independientes Report of Independent Auditors 23 Balances Generales Consolidados Consolidated Balance Sheets 24 Estados Consolidados de Resultados Consolidated Statements of Income 25 Estados Consolidados de Inversión de los Accionistas Consolidated Statements of Stockholders Equity 26 Estados Consolidados de Cambios en la Situación Financiera Consolidated Statements of Changes in Financial Position 28 Notas a los Estados Financieros Consolidados Notes to Consolidated Financial Statements 29 20

3 CONSOLIDATED FINANCIAL STATEMENTS as of December 31, 2000 and 1999 TOGETHER WITH AUDITORS' REPORT 21

4 (Translation of a report originally issued in Spanish) REPORT OF SHAREHOLDER EXAMINER C.P. ERNESTO GONZÁLEZ DÁVILA CONTADOR PÚBLICO BOSQUE DE DURAZNOS MEXICO, D.F. February 26, 2001 To the Stockholders of ORGANIZACIÓN SORIANA, S.A. DE C.V. As shareholder examiner and in compliance with Article 166 of the Mexican Corporate Law and bylaws of ORGANIZACION SORIANA, S.A. DE C.V., I submit my opinion regarding the accuracy, sufficiency and fairness of the financial information presented to you by the Board of Directors concerning the Company s operations for the year ended December 31, I have obtained from the directors and management all of the information relative to the operations, documents and records that I deemed necessary. My audit was performed in accordance with the auditing standards generally accepted in Mexico. I have also audited the individual and consolidated balance sheets of the Company as of December 31, 2000, and the related statements of income, stockholders equity and changes in financial position for the year then ended, which are hereby submitted for your information and approval. In submitting this report, I have also relied upon the report issued on such financial statements by Ruiz Urquiza y Cía., S.C. (Arthur Andersen), independent auditors of the Company, whom in their opinion developed that, beginning in 2000, the Company adopted the new procedures for the recognition of deferred income taxes as prescribed by recently revised Bulletin D-4, Accounting for Income Taxes, Tax on Assets and Employee Profit Sharing. In my opinion, the accounting and reporting polices and criteria followed by the Company and considered by management to prepare and present the financial information are appropriate and sufficient and were applied on a basis consistent with that of the preceding year; therefore, the financial information presented by management accurately, sufficiently and fairly presents the individual and consolidated financial positions of ORGANIZACIÓN SORIANA, S.A. DE C.V., as of December 31, 2000, and the results of their operations, the changes in their stockholders equity and the changes in their financial position for the year then ended, in accordance with the accounting principles generally accepted in Mexico. C.P. Ernesto González Dávila Shareholder Examiner 22

5 (Translation of a report originally issued in Spanish) REPORT OF INDEPENDENT AUDITORS To the Stockholders of ORGANIZACIÓN SORIANA, S.A. DE C.V: We have audited the accompanying consolidated balance sheets of ORGANIZACION SORIANA, S.A. DE C.V. AND SUBSIDIARIES as of December 31, 2000 and 1999, and the related consolidated statements of income, stockholders equity and changes in financial position for the years then ended. These consolidated financial statements are the responsibility of the Company and subsidiaries management. Our responsibility is to express an opinion on these consolidated financial statements based on our audits. We conducted our audits in accordance with auditing standards generally accepted in Mexico. Those standards require that the audit be planned and performed to obtain reasonable assurance about whether the financial statements are free of material misstatement and that they are prepared in conformity with accounting principles generally accepted in Mexico. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion. As mentioned in Note 3 a) to the consolidated financial statements, the Company and subsidiaries adopted the regulations of the new Bulletin D-4, Accounting for Income and Asset Taxes and Employee Profit Sharing, effective January 1, The effects of this change in accounting are described in the above-mentioned Note. In our opinion, the consolidated financial statements referred to above present fairly, in all material respects, the financial position of Organización Soriana, S.A. de C.V. and Subsidiaries as of December 31, 2000 and 1999, and the results of their operations, the changes in their stockholders equity and the changes in their financial position for the years then ended, in conformity with accounting principles generally accepted in Mexico. February 26,

6 CONSOLIDATED BALANCE SHEETS at December 31, 2000 and 1999 (Amounts expressed in thousands of Mexican pesos with purchasing power as of December 31, 2000) ASSETS Current Assets: Cash and cash equivalents $ 1,476,369 $ 1,164,067 Trade 257, ,308 Other accounts receivable 398, ,574 Prepaid expenses 91, ,668 Inventories 3,041,166 2,753,193 Total Current Assets 5,264,626 4,904,810 Property and equipment, net 12,095,296 10,917,658 Other assets 4,463 5,150 TOTAL ASSETS $ 17,364,385 $ 15,827,618 LIABILITIES AND STOCKHOLDERS' EQUITY Current Libialities: Suppliers $ 4,623,486 $ 4,199,614 Other accounts payable and accrued liabilities 429, ,309 Total Current Liabilities 5,052,785 4,752,923 Long-Term Liabilities: Other liabilities 49,242 38,846 Deferred income tax 2,662,328 - Total Liabilities 7,764,355 4,791,769 Stockholders' Equity: Capital stock 1,535,126 1,535,597 Additional paid-in capital 1,194,824 1,194,824 Reserve for repurchase of shares 404, ,661 Premium on sale of repurchased shares 16,210 16,210 Accumulated earnings from prior years 8,517,742 9,214,343 Net consolidated income for the year 1,546,508 1,809,758 Cumulative result from holding nonmonetary assets (3,615,100) (3,143,544) Total Stockholders' Equity 9,600,030 11,035,849 TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 17,364,385 $ 15,827, The accompanying notes are an integral part of these consolidated balance sheets.

7 CONSOLIDATED STATEMENTS OF INCOME For the years ended December 31, 2000 and 1999 (Amounts expressed in thousands of Mexican pesos with purchasing power as of December 31, 2000) Net sales $ 24,659,319 $ 21,987,186 Other operating income 701, ,202 25,360,971 22,504,388 Cost of sales 19,703,846 17,498,244 Gross profit 5,657,125 5,006,144 Operating expenses 3,893,055 3,239,323 Operating income 1,764,070 1,766,821 Integral result of financing: Interest income, net 111, ,533 Exchange loss, net (2,010) (12,716) Gain on monetary position 439, , , ,306 Other expenses, net 95,656 94,263 Income before tax provisions 2,217,076 2,002,864 Tax provisions 670, ,106 Net consolidated income for the year $ 1,546,508 $ 1,809,758 Earnings per share (Mexican pesos per share) $ 2.58 $ 3.02 The accompanying notes are an integral part of these consolidated statements. 25

8 CONSOLIDATED STATEMENTS OF STOCKHOLDERS EQUITY For the years ended December 31, 2000 and 1999 (Amounts expressed in thousands of Mexican pesos with purchasing power as of December 31, 2000) Additional Reserve for Capital Paid-in Repurchase Stock Capital of Shares Balances at December 31, 1998 $ 1,533,478 $ 1,194,824 $ 384,572 Transfer of prior year income Sale of repurchased shares 2,119-24,089 Premium on sale of repurchased shares Balances before comprehensive income 1,535,597 1,194, ,661 Comprehensive income: Net consolidated income for the year Result from holding nonmonetary assets Total comprehensive income Balances at December 31, 1999 $ 1,535,597 $ 1,194,824 $ 408,661 Transfer of prior year income Repurchase of shares (471) - (3,941) Deferred income tax Dividends declared Balances before comprehensive income 1,535,126 1,194, ,720 Comprehensive income: Net consolidated income for the year Result from holding nonmonetary assets - - Total comprehensive income Balances at December 31, 2000 $ 1,535,126 $ 1,194,824 $ 404, The accompanying notes are an integral part of these consolidated statements.

9 Premium on Cumulative Result Sale of Accumulated Net Consolidated from Holding Total Repurchased Earnings from Income Nonmonetary Stockholders' Shares Prior Years For the Year Assets Equity $ 10,995 $ 7,546,606 $ 1,667,737 $ (2,656,065) $ 9,682,147-1,667,737 (1,667,737) ,208 5, ,215 16,210 9,214,343 - (2,656,065) 9,713, ,809,758-1,809, (487,479) (487,479) 1,322,279 $ 16,210 $ 9,214,343 $ 1,809,758 $ (3,143,544) $ 11,035,849-1,809,758 (1,809,758) (4,412) (2,369,154) (2,369,154) (137,205) (137,205) 16,210 8,517,742 - (3,143,544) 8,525, ,546,508-1,546, (471,556) (471,556) 1,074,952 $ 16,210 $ 8,517,742 $ 1,546,508 $ (3,615,100) $ 9,600,030 27

10 CONSOLIDATED STATEMENTS OF CHANGES IN FINANCIAL POSITION (Amounts expressed in thousands of Mexican pesos with purchasing power as of December 31, 2000) For the years ended December 31, 2000 and 1999 OPERATIONS: Net consolidated income for the year $ 1,546,508 $ 1,809,758 Add- Items not affecting resources Depreciation 409, ,575 Provision of deferred income tax 381,387-2,337,418 2,178,333 Changes in working capital: Accounts receivable 240,459 (372,445) Inventories (516,162) (748,249) Accounts payable 299,862 1,093,539 Net resources generated by operations 2,361,577 2,151,178 FINANCING ACTIVITIES: Dividends declared (137,205) - Premium on sale of repurchased shares - 5,215 Repurchase and sale of own shares (4,412) 26,208 Defered income tax effect (264,338) - Net resources (used in) generated by financing activities (405,955) 31,423 INVESTING ACTIVITIES: Property and equipment (1,654,403) (2,126,034) Other assets 11,083 8,828 Net resources used in investing activities (1,643,320) (2,117,206) Net increase in cash and cash equivalents 312,302 65,395 Cash and cash equivalents at the beginning of the year 1,164,067 1,098,672 Cash and cash equivalents at the end of the year $ 1,476,369 $ 1,164, The accompanying notes are an integral part of these consolidated statements.

11 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS For the years ended December 31, 2000 and 1999 (Amounts expressed in thousands of Mexican pesos with purchasing power as of December 31, 2000) EXPLANATION ADDED FOR TRANSLATION INTO ENGLISH: The accompanying consolidated statements have been translated into English for use outside of Mexico. These consolidated financial statements are presented on the basis of accounting principles generally accepted in Mexico. Certain accounting practices applied by Organización Soriana, S.A. de C.V. and subsidiaries ( the Companies ) that conform with accounting principles generally accepted in Mexico may not conform with generally accepted accounting principles in the country of use. 1. ACTIVITIES: Organización Soriana, S.A. de C.V. (SORIANA) is the majority shareholder of a group of companies that operate a chain of self-service stores for the sale of clothing, general and supermarket merchandise. During 2000, SORIANA invested $1,654,403, net, in the construction and remodeling of stores. At December 31, 2000, SORIANA has in operation one hundred stores. For the year 2001, the investment plans are estimated at approximately $1,900, BASIS OF CONSOLIDATION: The accompanying consolidated financial statements include the financial statements of SORIANA and those of its subsidiaries in which it is the majority stockholder and/or exercises administrative control. The principal subsidiaries of the SORIANA are: Tiendas Soriana, S.A. de C.V. Centros Comerciales Soriana, S.A. de C.V. Various service companies. Various real state companies. All significant intercompany balances and transactions have been eliminated in the accompanying consolidated financial statements. 3 SIGNIFICANT ACCOUNTING POLICIES: The accounting policies followed by the Companies are in conformity with the accounting principles generally accepted in Mexico, which require that management make certain estimates and use certain assumptions to determine the valuation of some of the items included in the financial statements and make the required disclosures therein. While the estimates and assumptions used may differ from their final effect, management believes that they were adequate under the circumstances. a) Changes in accounting policies- During 2000, the Companies adopted the regulations of the new Bulletin D-4 Accounting for Income and Asset Taxes and Employee Profit Sharing. The initial effect of the adoption of this bulletin was to record deferred income and asset taxes, based on the cumulative effect of temporary items as of January 1, 2000, as a long-term liability of $2,369,154, directly affecting stockholders' equity. The provision for income and asset taxes for the year 2000 increased by $381,387, and a credit to the result from holding nonmonetary assets of $97,936 was recorded for the portion of deferred taxes applicable to the items that were recorded therein. b) Recognition of the effects of inflation in the financial information- The Companies restate all of their financial statements in terms of the purchasing power of the Mexican peso as of the end of the latest period, thereby comprehensively recognizing the effects of inflation. Consequently, all consolidated financial statement amounts are comparable, both for the current and the prior year, since all are stated in terms of Mexican pesos of the same purchasing power. Accordingly, the consolidated financial statements of the prior year have been restated in terms of Mexican pesos of the latest period. The prior year amounts presented herein differ from those originally reported in terms of Mexican pesos of the corresponding year. 29

12 To recognize the effects of inflation in terms of Mexican pesos with purchasing power as of the most recent yearend, the procedures were as follows: Balance sheet: Inventories are restated to replacement cost, which does not exceed their realizable value. Property and equipment of domestic origin are restated using factors derived from the National Consumer Price Index (NCPI) and equipment of foreign origin is restated based on the devaluation and inflation of the country of origin. Depreciation is determined based on the estimated useful life of each asset. The depreciation of assets begins in the following month in which they are placed in service. Stockholders equity and other nonmonetary assets are restated using factors derived from the NCPI, cumulative from the date of contribution or generation, and is comprised as follows: Historical Restatement Total Capital stock $ 83,714 $ 1,451,412 $ 1,535,126 Additional paid-in capital $ 82,766 $ 1,112,058 $ 1,194,824 Reserve for repurchase of shares $ 108,706 $ 296,014 $ 404,720 Premium on sales of repurchased shares $ 14,089 $ 2,121 $ 16,210 Accumulated earnings of prior years $ 5,793,586 $ 2,724,156 $ 8,517,742 Net consolidated income for the year $ 1,479,882 $ 66,626 $ 1,546,508 Statement of income- Revenues and expenses that are associated with monetary items are restated from the month in which they arise through yearend, based on factors derived from the NCPI. Costs and expenses associated with nonmonetary items were restated through yearend using NCPI factors, as a function of the restatement of the nonmonetary asset which was being consumed or sold. As indicated above, property and equipment depreciation expense charged to the results of operations is determined based on the factor derived from the variation in the exchange rate and inflation rate of the country of origin, as appropriate. The gain on monetary position, which represents the effect of the inflation in the purchasing power of monetary items, is determined by applying to net monetary assets or liabilities at the beginning of each month the inflation factor derived from the NCPI, and is restated through yearend with the corresponding factor. Other statements- The consolidated statement of changes in financial position presents the changes in constant Mexican pesos, based on the financial position as of the beginning of the year, restated to Mexican pesos as of the most recent yearend. The cumulative result from holding nonmonetary assets shown in the consolidated statements of changes in stockholders equity represents the change in the specific price level of such assets and its effect on the results of operations in relation to the NCPI. 30

13 c) Cash and cash equivalents- Cash and cash equivalents are mainly represented by short-term investments and bank deposits valued at market (cost plus accrued interest). d) Income and asset taxes- Deferred income and asset taxes are determined by means of the liability method, which requires the recognition of deferred tax assets and liabilities for all temporary differences between the accounting and tax basis of assets and liabilities. The deferred tax provision for the year to be included in the results of operations is determined by comparing the deferred tax balance at beginning of the year to the balance at the end of the year, excluding from both balances the temporary differences that are registered directly in stockholders' equity. The deferred tax related to the temporary differences registered directly in stockholders' equity is recorded in the stockholders equity account that originated it. The initial effect of the application of this new bulletin was recorded in stockholders equity within accumulated earnings (see Note 8). e) Employee benefits- Under Mexican labor law, the Companies are liable for separation payments and seniority premiums payable to employees terminating under certain circumstances. The Companies record the liabilities from seniority premiums, pensions and retirement payments using actuarial calculations based on the projected unit credit method based on real interest rates. Projected benefit obligation (PBO) $ (23,388) $ (23,726) Plan assets at fair value 60,422 46,729 Excess of plan assets over PBO 37,034 23,003 Transitional asset to be amortized (11,353) (13,114) Variances in assumptions to be amortized (12,570) (672) Projected net asset $ 13,111 $ 9,217 The income from employee benefits is as follows: Service cost $ 1,633 $ 1,957 Amortization of the transitional asset (1,762) (1,770) Amortization of assumptions to be amortized (730) (46) Financing cost for the year ,081 Less- Return on fund assets (4,007) (3,061) Net Income $ (3,894) $ (1,980) 31

14 The following actuarial assumptions were used: Return on assets 7.00% 7.00% Interest rate 4.50% 4.50% Salary increase rate 1.50% 1.00% The changes in the net projected asset were as follows: Beginning balance $ 9,217 $ 7,237 Net income for the year 3,894 1,980 Ending balance $ 13,111 $ 9,217 Indemnity payments to involuntarily terminated employees are charged to results in the period in which they are made. f) Integral result of financing- The integral result of financing includes all financial revenues and expenses, such as interest income, exchange gains and losses from monetary position, as they occur or accrue. Transactions denominated in foreign currencies are recorded at the exchange rate at the date on which they occur. The assets and liabilities denominated in foreign currencies are valued at the exchange rate in effect at the balance sheet date. The resulting exchange fluctuations are credited or charged to income as part of the integral result of financing. g) Earnings per share- This represents the consolidated net income for the year divided by the weighted average number of shares of the Company outstanding during the year, in accordance with Bulletin B-14 Earnings per share. h) Comprehensive income- Comprehensive income is comprised of the consolidated net income for theyear plus any gains or losses that according to specific regulations are presented directly in stockholders equity, such as the result from holding nonmonetary assets. 4. FOREIGN CURRENCY POSITION AND TRANSACTIONS: At December 31, 2000 and 1999, the Companies had the following assets and liabilities denominated in foreign currency: Millions of U.S. dollars Current assets $ 4.62 $ 1.63 Current liabilities (42.46) (15.23) Net liability position in foreign currency $ (37.84) $ (13.60) Equivalent in thousands of Mexican pesos $ (363,253) $ (129,181) 32

15 The Companies' principal transactions denominated in foreign currency are as follows: Purchases in millions of U.S. dollars $ $ Equivalent in thousands of Mexican pesos $ 262,290 $ 1,259,033 At December 31, 2000 and 1999, the exchange rate was $ and $ Mexican pesos per U.S. dollar, respectively. At February 26, 2001, the unaudited foreign currency position has not significantly changed and the exchange rate is $ INVENTORIES: General merchandise $ 1,047,107 $ 1,072,552 Supermarket 1,218, ,666 Apparel 551, ,389 Other 296, ,192 3,114,429 2,828,799 Less- Allowance for shrinkage (73,263) (75,606) Net inventories $ 3,041,166 $ 2,753, PROPERTY AND EQUIPMENT: Buildings and installations $ 6,331,353 $ 5,641,634 Furniture and equipment 4,214,430 3,745,794 10,545,783 9,387,428 Less- Accumulated depreciation (2,578,888) (2,215,694) Net value to be depreciated $ 7,966,895 $ 7,171,734 Land 4,083,870 3,725,773 Construction-in-progress 44,531 20,151 Net book value $ 12,095,296 $ 10,917,658 Depreciation of property and equipment has been calculated based on the estimated economic useful lives of the assets. The average annual depreciation rates applied were as follows: Buildings and installations 2% 2% Furniture and equipment 6.7% to 20% 6.7% to 20% 33

16 7. TRANSACTIONS WITH RELATED PARTIES: The Companies had significant transactions with related parties, as follows: Purchases $ 262,290 $ 1,425,523 Operating expenses $ 1,963 $ TAX ENVIRONMENT: Income and asset tax regulations- The companies are subject to income and asset taxes. Income taxes are computed by taking into consideration the taxable and deductible effects of inflation, such as depreciation calculated on restated asset values and the deduction of purchases in lieu of cost of sales, which permit the deduction of current costs, and taxable income is increased or reduced by the effects of inflation on certain monetary assets and liabilities through the inflationary component, which is similar to the result on monetary position. Beginning in 1999, the income tax rate increased from 34% to 35%, with the obligation to pay this tax each year at a rate of 30% (transitorily 32% in 1999), with the remainder payable upon distribution of earnings. Asset taxes are computed at an annual rate of 1.8% on the average of the majority of restated assets less certain liabilities and the tax is paid only to the extent that it exceeds the income taxes for the year. Any required payment of asset tax is creditable against the excess of income taxes over asset taxes of the preceding three and following ten years. Employee profit sharing- The income for purposes of employee profit sharing does not consider the inflationary component. Depreciation is based on historical rather than restated values. Income taxes, asset taxes and employee profit sharing are calculated in terms of the Mexican peso on the date that the transactions occurred and not in terms of the Mexican peso at yearend. Taxes have been determined based on the individual results of each company and not on a consolidated basis. Deferred tax- The tax effect of temporary differences that generated deferred income tax liabilities is as follows: 2000 Initial cumulative effect Inventories $ 1,064,408 $ 928,394 Property and equipment 1,586,309 1,395,105 Other 11,611 45,655 Deferred income tax $ 2,662,328 $ 2,369,154 34

17 The deferred income tax activity for the year is as follows: 2000 Initial cumulative effect $ 2,369,154 Provision for the year 381,387 Result from holding nonmonetary assets (97,936) Result from monetary position 9,723 Deferred income tax liability $ 2,662,328 Tax provisions- The provision for the year is comprised as follows: Income and asset taxes $ 287,469 $ 250,863 Deferred tax 381,387 - Asset tax (171) (10,511) Unamortized tax loss carryforwards (15,313) (54,259) Employee profit sharing 17,196 7,013 Total tax provision $ 670,568 $ 193,106 Tax loss carryforwards and recoverable asset taxes- At December 31, 2000, the companies have tax loss carryforwards and recoverable asset taxes, which will be indexed for inflation through the year in which they are applied or recovered, as follows: Expiration Tax Loss Recoverable Carryforwards Asset Taxes 2001 $ - $ , and next 9,855 1,386 Total $ 10,343 $ 5, STOCKHOLDERS EQUITY: At an ordinary stockholder meeting held on April 26, 2000, the stockholders approved a cash dividend to be distributed from accumulated earnings for an amount of $137,205. At December 31, 2000, the capital stock of SORIANA is represented by 600,000,000 Series B common shares, without par value, fully subscribed and paid, which represent the minimum fixed capital without withdrawal rights. 35

18 Dividends paid from accumulated "net taxable income" will not be subject to tax. Dividends paid in excess of this amount will be subject to 35% income tax. Capital reductions will be subject to taxes on the excess of the reduction over the price-level adjusted paid-in capital, in accordance with the formula prescribed by the income tax law. As of 1999, dividends paid to individuals or foreign residents will be subject to income tax withholding at an effective rate ranging from 7.5% to 7.7%, depending on the year in which the earnings were generated. In addition, if earnings for which no corporate tax has been paid are distributed, the tax must be paid upon distribution of the dividends. The Companies' net income for the year is subject to the legal requirement that 5% thereof be transferred to a legal reserve each year until the reserve equals 20% of capital stock. This reserve may not be distributed to stockholders during the existence of the companies, except in the form of a stock dividend. 10. TEMPORARY STOCK REPURCHASES: Temporary stock repurchases of SORIANA s own shares have taken place with the objective to strengthen the supply and demand of SORIANA S shares in the stock market. As of December 31, 2000 and 1999 shares repurchased amounted to $4,412 and $26,208, respectively. 11.COMMITMENTS:: The Companies have operating leases on real estate for an average term of 15 years and the total amount of rent is $72,694 for 2000 and $ 75,083 for

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

Consolidated Balance Sheets

Consolidated Balance Sheets Consolidated Balance Sheets March 31 2015 2014 2015 Assets: Current assets Cash and cash equivalents 726,888 604,571 $ 6,057,400 Marketable securities 19,033 16,635 158,608 Notes and accounts receivable:

More information

DTS CORPORATION and Consolidated Subsidiaries. Unaudited Quarterly Consolidated Financial Statements for the Three Months Ended June 30, 2008

DTS CORPORATION and Consolidated Subsidiaries. Unaudited Quarterly Consolidated Financial Statements for the Three Months Ended June 30, 2008 DTS CORPORATION and Consolidated Subsidiaries Unaudited Quarterly Consolidated Financial Statements for the Three Months Ended June 30, 2008 DTS CORPORATION and Consolidated Subsidiaries Quarterly Consolidated

More information

OREGON HEALTH MANAGEMENT SERVICES AND SUBSIDIARY

OREGON HEALTH MANAGEMENT SERVICES AND SUBSIDIARY CONSOLIDATED FINANCIAL STATEMENTS AND SUPPLEMENTARY INFORMATION For the Years Ended December 31, 2014 and 2013 CONSOLIDATED FINANCIAL STATEMENTS AND SUPPLEMENTARY INFORMATION For the Years Ended December

More information

2-8. Identify whether each of the following items increases or decreases cash flow:

2-8. Identify whether each of the following items increases or decreases cash flow: Problems 2-8. Identify whether each of the following items increases or decreases cash flow: Increase in accounts receivable Increase in notes payable Depreciation expense Increase in investments Decrease

More information

Audit Report of Independent Certified Public Accountants

Audit Report of Independent Certified Public Accountants Audit Report of Independent Certified Public Accountants The Board of Directors Acer Incorporated: We have audited the non-consolidated balance sheets of Acer Incorporated (the Company ) as of June 30,

More information

FLEET MANAGEMENT SOLUTIONS INC.

FLEET MANAGEMENT SOLUTIONS INC. FLEET MANAGEMENT SOLUTIONS INC. (Formerly: Silverton Mining Corp.) CONSOLIDATED FINANCIAL STATEMENTS (unaudited prepared by management) March 31, 2013 (Expressed in US Dollars) 1 FLEET MANAGEMENT SOLUTIONS

More information

MITSUI SUMITOMO INSURANCE COMPANY, LIMITED AND SUBSIDIARIES. CONSOLIDATED BALANCE SHEETS March 31, 2005 and 2006

MITSUI SUMITOMO INSURANCE COMPANY, LIMITED AND SUBSIDIARIES. CONSOLIDATED BALANCE SHEETS March 31, 2005 and 2006 CONSOLIDATED BALANCE SHEETS March 31, 2005 and 2006 2005 2006 ASSETS Investments - other than investments in affiliates: Securities available for sale: Fixed maturities, at fair value 3,043,851 3,193,503

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

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

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

1. Basis of Preparation. 2. Summary of Significant Accounting Policies. Principles of consolidation. (a) Foreign currency translation.

1. Basis of Preparation. 2. Summary of Significant Accounting Policies. Principles of consolidation. (a) Foreign currency translation. Nitta Corporation and Subsidiaries Notes to Consolidated Financial Statements March 31, 1. Basis of Preparation The accompanying consolidated financial statements of Nitta Corporation (the Company ) and

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

Financial Statements

Financial Statements Financial Statements Years ended March 31,2002 and 2003 Contents Consolidated Financial Statements...1 Report of Independent Auditors on Consolidated Financial Statements...2 Consolidated Balance Sheets...3

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

EVERGREEN MARINE CORPORATION FINANCIAL STATEMENTS WITH REPORT OF INDEPENDENT AUDITORS FOR THE YEARS ENDED DECEMBER 31, 2006 AND 2005

EVERGREEN MARINE CORPORATION FINANCIAL STATEMENTS WITH REPORT OF INDEPENDENT AUDITORS FOR THE YEARS ENDED DECEMBER 31, 2006 AND 2005 EVERGREEN MARINE CORPORATION FINANCIAL STATEMENTS WITH REPORT OF INDEPENDENT AUDITORS FOR THE YEARS ENDED DECEMBER 31, 2006 AND 2005 The reader is advised that the accompanying financial statements have

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

MATRIX IT LTD. AND ITS SUBSIDIARIES CONSOLIDATED FINANCIAL STATEMENTS

MATRIX IT LTD. AND ITS SUBSIDIARIES CONSOLIDATED FINANCIAL STATEMENTS CONSOLIDATED FINANCIAL STATEMENTS AS OF DECEMBER 31, 2013 CONSOLIDATED FINANCIAL STATEMENTS AS OF DECEMBER 31, 2013 NIS IN THOUSANDS INDEX Page Auditors' Reports 2-4 Consolidated Statements of Financial

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

RANBAXY EGYPT COMPANY (L.L.C.) FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2015 TOGETHER WITH AUDITOR S REPORT

RANBAXY EGYPT COMPANY (L.L.C.) FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2015 TOGETHER WITH AUDITOR S REPORT FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2015 TOGETHER WITH AUDITOR S REPORT Translation of Auditor s report AUDITOR S REPORT TO THE SHAREHOLDERS OF Report on the Financial Statements We have audited

More information

StormGeo, Inc. and Subsidiary Consolidated Financial Statements December 31, 2012 StormGeo, Inc. and Subsidiary December 31, 2012 Table of Contents Page Independent Auditors Report... 1-2 Consolidated

More information

Cathay Life Insurance Co., Ltd. Financial Statements As of December 31, 2006 and 2007 With Independent Auditors Report

Cathay Life Insurance Co., Ltd. Financial Statements As of December 31, 2006 and 2007 With Independent Auditors Report Financial Statements With Independent Auditors Report The reader is advised that these financial statements have been prepared originally in Chinese. These financial statements do not include additional

More information

KOREAN AIR LINES CO., LTD. AND SUBSIDIARIES. Consolidated Financial Statements

KOREAN AIR LINES CO., LTD. AND SUBSIDIARIES. Consolidated Financial Statements Consolidated Financial Statements December 31, 2015 (With Independent Auditors Report Thereon) Contents Page Independent Auditors Report 1 Consolidated Statements of Financial Position 3 Consolidated Statements

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

Consolidated Interim Earnings Report

Consolidated Interim Earnings Report Consolidated Interim Earnings Report For the Six Months Ended 30th September, 2003 23th Octorber, 2003 Hitachi Capital Corporation These financial statements were prepared for the interim earnings release

More information

Japan Vilene Company, Ltd. and Subsidiaries

Japan Vilene Company, Ltd. and Subsidiaries - 27 - Japan Vilene Company, Ltd. and Subsidiaries Notes to Consolidated Financial Statements Year Ended March 31, 2015 1. BASIS OF PRESENTATION OF CONSOLIDATED FINANCIAL STATEMENTS The accompanying consolidated

More information

CYBERLINK CORP. AND SUBSIDIARIES CONSOLIDATED FINANCIAL STATEMENTS AND REPORT OF INDEPENDENT ACCOUNTANTS DECEMBER 31, 2009 AND 2008

CYBERLINK CORP. AND SUBSIDIARIES CONSOLIDATED FINANCIAL STATEMENTS AND REPORT OF INDEPENDENT ACCOUNTANTS DECEMBER 31, 2009 AND 2008 CYBERLINK CORP. AND SUBSIDIARIES CONSOLIDATED FINANCIAL STATEMENTS AND REPORT OF INDEPENDENT ACCOUNTANTS DECEMBER 31, 2009 AND 2008 For the convenience of readers and for information purpose only, the

More information

Cathay Life Insurance Co., Ltd. Financial Statements For The Three Months Ended March 31, 2012 and 2011 With Independent Auditors Review Report

Cathay Life Insurance Co., Ltd. Financial Statements For The Three Months Ended March 31, 2012 and 2011 With Independent Auditors Review Report Financial Statements For The Three Months Ended March 31, 2012 and 2011 With Independent Auditors Review Report The reader is advised that these financial statements have been prepared originally in Chinese.

More information

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

GAZIT-GLOBE (1982) LTD. FINANCIAL STATEMENTS AS OF DECEMBER 31, 2002 ADJUSTED TO THE NIS OF DECEMBER 2002 INDEX. Auditors' Report 2

GAZIT-GLOBE (1982) LTD. FINANCIAL STATEMENTS AS OF DECEMBER 31, 2002 ADJUSTED TO THE NIS OF DECEMBER 2002 INDEX. Auditors' Report 2 FINANCIAL STATEMENTS AS OF DECEMBER 31, 2002 ADJUSTED TO THE NIS OF DECEMBER 2002 INDEX Page Auditors' Report 2 Balance Sheets - Consolidated and the Company 3-6 Statements of Income - Consolidated and

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

INDEX TO FINANCIAL STATEMENTS. Balance Sheets as of June 30, 2015 and December 31, 2014 (Unaudited) F-2

INDEX TO FINANCIAL STATEMENTS. Balance Sheets as of June 30, 2015 and December 31, 2014 (Unaudited) F-2 INDEX TO FINANCIAL STATEMENTS Page Financial Statements Balance Sheets as of and December 31, 2014 (Unaudited) F-2 Statements of Operations for the three months ended and 2014 (Unaudited) F-3 Statements

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

Financial Statements Years Ended September 30, 2012 and 2011. LB&B Associates Inc.

Financial Statements Years Ended September 30, 2012 and 2011. LB&B Associates Inc. Financial Statements Years Ended September 30, 2012 and 2011 LB&B Associates Inc. LB&B Associates Inc. Contents Page Report of Independent Auditors 1 Financial Statements Balance Sheets 2 Statements of

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

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

www.fondsftq.com FINANCIAL STATEMENTS A S AT M AY 3 1, 2 0 1 1 A N D 2 0 1 0 www.fondsftq.com FINANCIAL STATEMENTS A S AT M AY 3 1, 2 0 1 1 A N D 2 0 1 0 INDEPENDENT AUDITORS REPORT To the Shareholders of the Fonds de solidarité des travailleurs du Québec (F.T.Q.) We have audited

More information

ACBEL POLYTECH INC. AND SUBSIDIARIES Consolidated Financial Statements June 30, 2006 and 2005 (With Auditors' Report Thereon)

ACBEL POLYTECH INC. AND SUBSIDIARIES Consolidated Financial Statements June 30, 2006 and 2005 (With Auditors' Report Thereon) Consolidated Financial Statements June 30, 2006 and 2005 (With Auditors' Report Thereon) Review Report of Independent Auditors The Board of Directors Acbel Polytech Inc.: We have reviewed the accompanying

More information

ANADOLU ANONİM TÜRK SİGORTA ŞİRKETİ DETAILED BALANCE SHEET

ANADOLU ANONİM TÜRK SİGORTA ŞİRKETİ DETAILED BALANCE SHEET ASSETS I- Current Assets Audited Current Period Audited Previous Period A- Cash and Cash Equivalents 14 1.606.048.714 1.153.712.216 1- Cash 14 37.347 49.256 2- Cheques Received 3- Banks 14 1.356.733.446

More information

Notes to Consolidated Financial Statements

Notes to Consolidated Financial Statements PAGE 20 Tokyo Electron Limited and Subsidiaries Years ended March 31, 2015 and 2014 Consolidated Statements of Changes in Net Assets Consolidated Statements of Cash Flows Independent Auditor s Report 1.

More information

Grupo Bimbo, S. A. B. de C. V. and Subsidiaries Consolidated Financial Statements

Grupo Bimbo, S. A. B. de C. V. and Subsidiaries Consolidated Financial Statements Grupo Bimbo, S. A. B. de C. V. and Subsidiaries Consolidated Financial Statements For the Years Ended December 31, 2011 and 2010, and Independent Auditors Report Dated March 26, 2012 Independent Auditors

More information

GEOLOGIX EXPLORATIONS INC. CONSOLIDATED FINANCIAL STATEMENTS DECEMBER 31, 2003

GEOLOGIX EXPLORATIONS INC. CONSOLIDATED FINANCIAL STATEMENTS DECEMBER 31, 2003 CONSOLIDATED FINANCIAL STATEMENTS DECEMBER 31, 2003 AUDITORS REPORT To the Shareholders of Geologix Explorations Inc.: We have audited the consolidated balance sheets of Geologix Explorations Inc. as at

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

Notes to Consolidated Financial Statements Year ended March 31, 2014

Notes to Consolidated Financial Statements Year ended March 31, 2014 Notes to Consolidated Financial Statements Year ended March 31, 2014 Mitsui Oil Exploration Co., Ltd. and Consolidated Subsidiaries 1. Basis of Presenting Consolidated Financial Statements The accompanying

More information

Consolidated Financial Statements. Nippon Unipac Holding and Consolidated Subsidiaries

Consolidated Financial Statements. Nippon Unipac Holding and Consolidated Subsidiaries Consolidated Financial Statements Nippon Unipac Holding and Consolidated Subsidiaries Period from March 30, 2001 (date inception) to September 30, 2001 Nippon Unipac Holding and Consolidated Subsidiaries

More information

YUANTA COMMERCIAL BANK CO., LTD. FINANCIAL STATEMENTS AND REPORT OF INDEPENDENT ACCOUNTANTS FOR THE YEARS ENDED DECEMBER 31, 2011 AND 2010

YUANTA COMMERCIAL BANK CO., LTD. FINANCIAL STATEMENTS AND REPORT OF INDEPENDENT ACCOUNTANTS FOR THE YEARS ENDED DECEMBER 31, 2011 AND 2010 YUANTA COMMERCIAL BANK CO., LTD. FINANCIAL STATEMENTS AND REPORT OF INDEPENDENT ACCOUNTANTS FOR THE YEARS ENDED DECEMBER 31, 2011 AND 2010 (101)PWCR11000380 To: Yuanta Commercial Bank Co., Ltd. REPORT

More information

Investments and advances... 313,669

Investments and advances... 313,669 Consolidated Financial Statements of the Company The consolidated balance sheet, statement of income, and statement of equity of the Company are as follows. Please note the Company s consolidated financial

More information

The Awa Bank, Ltd. Consolidated Financial Statements. The Awa Bank, Ltd. and its Consolidated Subsidiaries. Years ended March 31, 2011 and 2012

The Awa Bank, Ltd. Consolidated Financial Statements. The Awa Bank, Ltd. and its Consolidated Subsidiaries. Years ended March 31, 2011 and 2012 The Awa Bank, Ltd. Consolidated Financial Statements Years ended March 31, 2011 and 2012 Consolidated Balance Sheets (Note 1) 2011 2012 2012 Assets Cash and due from banks (Notes 3 and 4) \ 230,831 \

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

3. CONSOLIDATED QUARTERLY FINANCIAL STATEMENTS

3. CONSOLIDATED QUARTERLY FINANCIAL STATEMENTS 3. CONSOLIDATED QUARTERLY FINANCIAL STATEMENTS (1) Consolidated Quarterly Balance Sheets September 30, 2014 and March 31, 2014 Supplementary Information 2Q FY March 2015 March 31, 2014 September 30, 2014

More information

Audited (Restated) (*)

Audited (Restated) (*) 31 December 2015 31 December 2014 31 December 2013 ASSETS Current assets 459.875.342 251.625.938 233.029.758 Cash and cash equivalents 5 123.908.125 123.909.277 101.043.123 Financial investments 6 -- 15.126.664

More information

N otes to Consolidated Financial Statements

N otes to Consolidated Financial Statements N otes to Consolidated Financial Statements Brother Industries, Ltd. and Consolidated Subsidiaries For the Years ended March 31, 2011 and 2010 1. Basis of Presenting Consolidated Financial Statements The

More information

BALANCE SHEET (Translation) As of March 31, 2009 (Millions of yen) Account item Amount Account item Amount

BALANCE SHEET (Translation) As of March 31, 2009 (Millions of yen) Account item Amount Account item Amount BALANCE SHEET (Translation) As of March 31, 2009 Account item Amount Account item Amount ASSETS LIABILITIES Current assets 1,240,376 Current liabilities 747,651 Cash and deposits 52,627 Notes payable-trade

More information

Interim report to the shareholders for the six months ended March 31, 2012

Interim report to the shareholders for the six months ended March 31, 2012 Interim report to the shareholders for the six months ended March 31, 2012 CASTING AND EXTRUSION AUTOMOTIVE SOLUTIONS NOTICE TO READER The attached consolidated financial statements have been prepared

More information

KYODO PRINTING CO., LTD. and Consolidated Subsidiaries

KYODO PRINTING CO., LTD. and Consolidated Subsidiaries KYODO PRINTING CO., LTD. and Consolidated Subsidiaries Interim Consolidated Financial Statements (Unaudited) for the, Interim Consolidated Balance Sheets, as compared with March 31, (Unaudited) ASSETS,

More information

Illustrative Financial Statements Prepared Using the Financial Reporting Framework for Small- and Medium-Entities

Illustrative Financial Statements Prepared Using the Financial Reporting Framework for Small- and Medium-Entities Illustrative Financial Statements Prepared Using the Financial Reporting Framework for Small- and Medium-Entities Illustrative Financial Statements This component of the toolkit contains sample financial

More information

TRANSACTIONS ANALYSIS EXAMPLE. Maxwell Partners Medical Diagnostic Services report the following information for 2011, their first year of operations:

TRANSACTIONS ANALYSIS EXAMPLE. Maxwell Partners Medical Diagnostic Services report the following information for 2011, their first year of operations: TRANSACTIONS ANALYSIS EXAMPLE Maxwell Partners Medical Diagnostic Services report the following information for 2011, their first year of operations: 1. Billings to clients for services provided: $350,000

More information

Anadolu Hayat Emeklilik Anonim Şirketi Consolidated Balance Sheet As At 31 December 2015 (Currency: Turkish Lira (TRY))

Anadolu Hayat Emeklilik Anonim Şirketi Consolidated Balance Sheet As At 31 December 2015 (Currency: Turkish Lira (TRY)) Consolidated Balance Sheet As At ASSETS I- Current Assets A- Cash and Cash Equivalents 14 302,999,458 216,428,429 1- Cash 14 3,385 27,952 2- Cheques Received 3- Banks 14 145,598,543 87,301,020 4- Cheques

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

VII. Consolidated financial statements Credit Suisse (Bank) 281 Report of the Group Auditors. 283 Consolidated statements of income

VII. Consolidated financial statements Credit Suisse (Bank) 281 Report of the Group Auditors. 283 Consolidated statements of income VII Consolidated financial statements Credit Suisse (Bank) 281 Report of the Group Auditors 283 Consolidated statements of income 284 Consolidated balance sheets 286 Statements of changes in shareholder

More information

MEXICAN STOCK EXCHANGE

MEXICAN STOCK EXCHANGE STOCK EXCHANGE CODE: STATEMENT OF FINANCIAL POSITION QUARTER: 4 YEAR: 214 REF AT 31 DECEMBER 214 AND 31 DECEMBER 213 (Thousand Pesos) ACCOUNT / SUBACCOUNT ENDING CURRENT PREVIOUS YEAR END Amount Amount

More information

Investments and advances... 344,499

Investments and advances... 344,499 Consolidated Financial Statements of the Company The consolidated balance sheet, statement of income, and statement of equity of the Company are as follows. Please note the Company s consolidated financial

More information

THE KINKI SHARYO CO., LTD. AND CONSOLIDATED SUBSIDIARIES CONSOLIDATED FINANCIAL STATEMENTS AND INDEPENDENT AUDITORS' REPORT

THE KINKI SHARYO CO., LTD. AND CONSOLIDATED SUBSIDIARIES CONSOLIDATED FINANCIAL STATEMENTS AND INDEPENDENT AUDITORS' REPORT THE KINKI SHARYO CO., LTD. AND CONSOLIDATED SUBSIDIARIES CONSOLIDATED FINANCIAL STATEMENTS AND INDEPENDENT AUDITORS' REPORT Years ended March 31, 2009 and 2010 ASSETS THE KINKI SHARYO CO., LTD. AND CONSOLIDATED

More information

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS NOTES TO CONSOLIDATED FINANCIAL STATEMENTS KANEKA CORPORATION AND CONSOLIDATED SUBSIDIARIES 1. BASIS OF PRESENTING CONSOLIDATED FINANCIAL STATEMENTS Kaneka Corporation (the Company ) and its consolidated

More information

NOTES TO THE FINANCIAL STATEMENTS

NOTES TO THE FINANCIAL STATEMENTS NOTES TO THE FINANCIAL STATEMENTS 1 SIGNIFICANT ACCOUNTING POLICIES (a) Statement of compliance These financial statements have been prepared in accordance with all applicable Hong Kong Financial Reporting

More information

Caixa Econômica Federal CAIXA Financial Statements at June 30, 2009 and 2008 and Report of Independent Auditors

Caixa Econômica Federal CAIXA Financial Statements at June 30, 2009 and 2008 and Report of Independent Auditors (A free translation of the original in Portuguese) Caixa Econômica Federal CAIXA Financial Statements and Report of Independent Auditors (A free translation of the original in Portuguese) Report of Independent

More information

ANADOLU ANONİM TÜRK SİGORTA ŞİRKETİ DETAILED BALANCE SHEET. ASSETS Unaudited Current Audited Previous Dipnot I- Current Assets

ANADOLU ANONİM TÜRK SİGORTA ŞİRKETİ DETAILED BALANCE SHEET. ASSETS Unaudited Current Audited Previous Dipnot I- Current Assets ASSETS Unaudited Current Audited Previous Dipnot I- Current Assets A- Cash and Cash Equivalents 14 2.364.314.943 2.304.904.212 1- Cash 14 38.784 18.864 2- Cheques Received 3- Banks 14 1.961.058.269 1.937.834.876

More information

Notes to the Consolidated Financial Statements for the 92nd Fiscal Term. Notes to the Non-Consolidated Financial Statements for the 92nd Fiscal Term

Notes to the Consolidated Financial Statements for the 92nd Fiscal Term. Notes to the Non-Consolidated Financial Statements for the 92nd Fiscal Term To Those Shareholders with Voting Rights Notes to the Consolidated Financial Statements for the 92nd Fiscal Term Notes to the Non-Consolidated Financial Statements for the 92nd Fiscal Term The above documents

More information

3 4 5 6 FINANCIAL SECTION Five-Year Summary (Consolidated) TSUKISHIMA KIKAI CO., LTD. and its consolidated subsidiaries Years ended March 31 (Note 1) 2005 2004 2003 2002 2001 2005 For the year: Net sales...

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

ACER INCORPORATED AND SUBSIDIARIES. Consolidated Balance Sheets

ACER INCORPORATED AND SUBSIDIARIES. Consolidated Balance Sheets Consolidated Balance Sheets June 30, 2015, December 31, 2014, and (June 30, 2015 and 2014 are reviewed, not audited) Assets 2015.6.30 2014.12.31 2014.6.30 Current assets: Cash and cash equivalents $ 36,400,657

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

COMPONENTS OF THE STATEMENT OF CASH FLOWS

COMPONENTS OF THE STATEMENT OF CASH FLOWS ILLUSTRATION 24-1 OPERATING, INVESTING, AND FINANCING ACTIVITIES COMPONENTS OF THE STATEMENT OF CASH FLOWS CASH FLOWS FROM OPERATING ACTIVITIES + Sales and Service Revenue Received Cost of Sales Paid Selling

More information

BIOQUAL, INC. AND SUBSIDIARY AUDITED CONSOLIDATED FINANCIAL STATE:MENTS MAY 31, 2014 AND 2013

BIOQUAL, INC. AND SUBSIDIARY AUDITED CONSOLIDATED FINANCIAL STATE:MENTS MAY 31, 2014 AND 2013 BIOQUAL, INC. AND SUBSIDIARY AUDITED CONSOLIDATED FINANCIAL STATE:MENTS MAY 31, 2014 AND 2013 Table of Contents Page Independent Auditor's Report 1-2 Audited Consolidated Financial Statements Consolidated

More information

SAMPLE XYZ Contracting Corporation Financial Statements December 31, 20XX

SAMPLE XYZ Contracting Corporation Financial Statements December 31, 20XX Name SAMPLE Financial Statements December 31, 20XX CPA Accounting Firm Name Table of Contents Page Accountant s Review Report 1 Financial Statements Balance Sheet 2 Income Statement 3 Schedule of General

More information

JALUX Inc. and Consolidated Subsidiaries. Notes to Consolidated Financial Statements

JALUX Inc. and Consolidated Subsidiaries. Notes to Consolidated Financial Statements JALUX Inc. and Consolidated Subsidiaries Notes to Consolidated Financial Statements March 31, 2010 1. Summary of Significant Accounting Policies a. Basis of preparation JALUX Inc. (the Company ) and its

More information

INSTRUCTIONS FOR COMPLETING INSURANCE COMPANY FINANCIAL STATEMENTS

INSTRUCTIONS FOR COMPLETING INSURANCE COMPANY FINANCIAL STATEMENTS INSTRUCTIONS FOR COMPLETING INSURANCE COMPANY "DRAFT VERSION FOR FIRST REVIEW ONLY" Submitted to: Minstry of Finance and Economy Head of Insurance Department Republic of Armenia Submitted by: BearingPoint

More information

SANYO TRADING COMPANY LIMITED. Financial Statements

SANYO TRADING COMPANY LIMITED. Financial Statements Financial Statements Year Ended September 30, 2014 English translation from original Japanese-language documents Balance Sheets As of September 30, 2014 ASSETS Current Assets Cash and deposits US$ 18,509,007

More information

1 CONSOLIDATED FINANCIAL STATEMENTS (1) Consolidated Balance Sheets

1 CONSOLIDATED FINANCIAL STATEMENTS (1) Consolidated Balance Sheets 1 CONSOLIDATED FINANCIAL STATEMENTS (1) Consolidated Balance Sheets As of March 31,2014 As of March 31,2015 Assets Cash and due from banks 478,425 339,266 Call loans and bills bought 23,088 58,740 Monetary

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

QUARTERLY AND YEAR END REPORT BC FORM 51-901F (previously Form 61)

QUARTERLY AND YEAR END REPORT BC FORM 51-901F (previously Form 61) British Columbia Securities Commission QUARTERLY AND YEAR END REPORT BC FORM 51-901F (previously Form 61) INCORPORATED AS PART OF: X Schedule A Schedules B and C (Place X in appropriate category.) ISSUER

More information

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS NOTES TO CONSOLIDATED FINANCIAL STATEMENTS Japan Airlines Corporation and Consolidated Subsidiaries Japan Airlines System Corporation, the holding company of the JAL group, was renamed Japan Airlines Corporation

More information

Interim Consolidated Financial Statements (Unaudited)

Interim Consolidated Financial Statements (Unaudited) Interim Consolidated Financial Statements (Unaudited) For the Six Months Ended, NTT FINANCE CORPORATION This document has been translated and reclassified from a part of the Japanese

More information

! "#$ %&!& "& ' - 3+4 &*!&-.,,5///2!(.//+ & $!- )!* & % +, -).//0)& 7+00///2 *&&.4 &*!&- 7.00///2 )!*.//+ 8 -!% %& "#$ ) &!&.

! #$ %&!& & ' - 3+4 &*!&-.,,5///2!(.//+ & $!- )!* & % +, -).//0)& 7+00///2 *&&.4 &*!&- 7.00///2 )!*.//+ 8 -!% %& #$ ) &!&. ! "#!""#$%$#$#$"& $'"()*+,$-).,/ 012! "#$ %&!& "& '!(&)!*&%+,-).//0 -#$#3-4' &,'1$1# $!-!(.//0)& +01+///2 *&& - 3+4 &*!&-.,,5///2!(.//+ &!(!-6%(!(.//.$(!(.//0)& 01,///2 //+2% &*!&- 5,0///2 //32%!(.//+

More information

AMAZON.COM, INC. CONSOLIDATED STATEMENTS OF CASH FLOWS (in millions)

AMAZON.COM, INC. CONSOLIDATED STATEMENTS OF CASH FLOWS (in millions) CONSOLIDATED STATEMENTS OF CASH FLOWS CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD $ 8,084 $ 5,269 $ 3,777 OPERATING ACTIVITIES: Net income (loss) 274 (39) 631 Adjustments to reconcile net income (loss)

More information

CORNING INCORPORATED AND SUBSIDIARY COMPANIES CONSOLIDATED STATEMENTS OF INCOME (Unaudited; in millions, except per share amounts)

CORNING INCORPORATED AND SUBSIDIARY COMPANIES CONSOLIDATED STATEMENTS OF INCOME (Unaudited; in millions, except per share amounts) CONSOLIDATED STATEMENTS OF INCOME (Unaudited; in millions, except per share amounts) Three months ended Nine months ended 2013 2012 2013 2012 sales $ 2,067 $ 2,038 $ 5,863 $ 5,866 Cost of sales 1,166 1,149

More information

Notes to Consolidated Financial Statements SBI Holdings, Inc. and Consolidated Subsidiaries

Notes to Consolidated Financial Statements SBI Holdings, Inc. and Consolidated Subsidiaries Notes to Consolidated Financial Statements SBI Holdings, Inc. and Consolidated Subsidiaries 1. Nature of Operations and Basis of Presenting Consolidated Financial Statements 2. Summary of Significant Accounting

More information

MOHAMMAD AL MOJIL GROUP COMPANY (A SAUDI JOINT STOCK COMPANY) FINANCIAL STATEMENTS AND AUDITORS REVIEW REPORT FOR THE YEAR ENDED DECEMBER 31, 2010

MOHAMMAD AL MOJIL GROUP COMPANY (A SAUDI JOINT STOCK COMPANY) FINANCIAL STATEMENTS AND AUDITORS REVIEW REPORT FOR THE YEAR ENDED DECEMBER 31, 2010 FINANCIAL STATEMENTS AND AUDITORS REVIEW REPORT FOR THE YEAR ENDED DECEMBER 31, FINANCIAL STATEMENTS AND AUDITORS REVIEW REPORT FOR THE YEAR ENDED DECEMBER 31, INDEX PAGE Auditors report 1 Balance sheet

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

Shin Kong Investment Trust Co., Ltd. Financial Statements for the Years Ended December 31, 2014 and 2013 and Independent Auditors Report

Shin Kong Investment Trust Co., Ltd. Financial Statements for the Years Ended December 31, 2014 and 2013 and Independent Auditors Report Shin Kong Investment Trust Co., Ltd. Financial Statements for the Years Ended, 2014 and 2013 and Independent Auditors Report INDEPENDENT AUDITORS REPORT The Board of Directors and stockholder Shin Kong

More information

GOODYEAR (THAILAND) PUBLIC COMPANY LIMITED FINANCIAL STATEMENTS 31 DECEMBER 2011

GOODYEAR (THAILAND) PUBLIC COMPANY LIMITED FINANCIAL STATEMENTS 31 DECEMBER 2011 GOODYEAR (THAILAND) PUBLIC COMPANY LIMITED FINANCIAL STATEMENTS 31 DECEMBER 2011 AUDITOR S REPORT To the Shareholders of Goodyear (Thailand) Public Company Limited I have audited the accompanying statements

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

December 31, 2011 and 2010. (With Statutory and Independent Auditors Reports Thereon)

December 31, 2011 and 2010. (With Statutory and Independent Auditors Reports Thereon) Financial Statements December 31, 2011 and 2010 (With Statutory and Independent Auditors Reports Thereon) (Free Translation from Spanish Language Original) Statutory Auditor s Report (Free translation

More information

The Statement of Cash Flows Direct Method

The Statement of Cash Flows Direct Method 23 The Statement of Cash Flows Direct Method DEMONSTRATION PROBLEM The financial statements of Bolero Corporation follow. Copyright Houghton Mifflin Company. All rights reserved. 1 Bolero Corporation Income

More information

Study Guide - Final Exam Accounting I

Study Guide - Final Exam Accounting I Study Guide - Final Exam Accounting I True/False Indicate whether the sentence or statement is true or false. 1. Entries in a sales journal affect account balances in both the accounts receivable ledger

More information

SeriousFun Children's Network, Inc. and Subsidiaries

SeriousFun Children's Network, Inc. and Subsidiaries SeriousFun Children's Network, Inc. and Subsidiaries Consolidated Financial Statements and Independent Auditor's Report (With Supplementary Information) December 31, 2015 and 2014 Index Page Independent

More information

Thomas A. Bessant, Jr. (817) 335-1100

Thomas A. Bessant, Jr. (817) 335-1100 Additional Information: Thomas A. Bessant, Jr. (817) 335-1100 For Immediate Release ********************************************************************************** CASH AMERICA FIRST QUARTER NET INCOME

More information

FINANCIAL SUMMARY. (All financial information has been prepared in accordance with U.S. generally accepted accounting principles)

FINANCIAL SUMMARY. (All financial information has been prepared in accordance with U.S. generally accepted accounting principles) FINANCIAL SUMMARY FY2015 First Quarter (April 1, 2014 through June 30, 2014) English translation from the original Japanese-language document TOYOTA MOTOR CORPORATION FY2015 First Quarter Consolidated

More information

CARDIOME PHARMA CORP.

CARDIOME PHARMA CORP. Consolidated Financial Statements (Expressed in thousands of United States (U.S.) dollars) (Prepared in accordance with generally accepted accounting principles used in the United States of America (U.S.

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

Consolidated Financial Report 2009

Consolidated Financial Report 2009 Consolidated Financial Report 2009 Fiscal year ended March 31, 2009 Management's Discussion and Analysis Forward-looking statements in this document represent the best judgment of the Kagome Group as of

More information