MANITOBA TRADE AND INVESTMENT CORPORATION ANNUAL REPORT 2012/13 SOCIÉTÉ DU COMMERCE ET DE L'INVESTISSEMENT DU MANITOBA RAPPORT ANNUEL 2012/13

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1 MANITOBA TRADE AND INVESTMENT CORPORATION ANNUAL REPORT 2012/13 SOCIÉTÉ DU COMMERCE ET DE L'INVESTISSEMENT DU MANITOBA RAPPORT ANNUEL 2012/13

2 Board of Directors Conseil d administration Hugh Eliasson Chair / Président Don Callis Vice-Chair, President & CEO Vice-président/président-directeur général Craig Halwachs Director Membre du conseil The Manitoba Trade and Investment Corporation (MTIC) is a provincial agency of Manitoba Entrepreneurship, Training and Trade. As an administrative mechanism, the Corporation supports the economic priority of building the Manitoba economy through increased exports and industry investment. The Corporation facilitates cost-sharing partnerships for specific projects and provides administrative support for missions by collecting revenues and paying related expenditures. La Société du commerce et de l investissement du Manitoba est un organisme provincial qui relève de l Entreprenariat, Formation professionnelle et Commerce Manitoba. En tant que mécanisme administratif, la Société soutient la priorité économique d agrandir l économie du Manitoba par l augmentation des exportations et des investissements dans les industries manitobaines. La Société facilite les partenariats financiers pour des projets précis et offre un soutien administratif pour les missions d affaires par le recouvrement des recettes et du paiement des dépenses liées aux projets.

3 The Honourable Philip S. Lee, C.M., O.M. Lieutenant Governor of Manitoba Room 235, Legislative Building Winnipeg MB R3C 0V8 Your Honour: I am pleased to present the Annual Report for Manitoba Trade and Investment Corporation for the fiscal year ending March 31, Respectfully submitted, Original signed by Peter Bjornson Minister

4 L honorable Philip S. Lee, C.M., O.M. Lieutenant-gouverneur du Manitoba Palais législatif, bureau 235 Winnipeg (Manitoba) R3C 0V8 Monsieur le Lieutenant-gouverneur: J'ai le plaisir de présenter à Votre Honneur le rapport annuel de la Société du commerce et de l investissement du Manitoba pour l exercice se terminant le 31 mars Je vous prie d'agréer, Monsieur le Lieutenant-gouverneur, l'expression de mon profond respect. Original signé par Peter Bjornson Ministre

5 Portage Avenue Winnipeg, MB CANADA R3B 3P4 Phone (204) Fax (204) Minister of Entrepreneurship, Training and Trade Room 333 Legislative Building Winnipeg, Manitoba R3C 0V8 Dear Minister: It is our pleasure to submit the Annual Report of the Manitoba Trade and Investment Corporation for the fiscal year ended March 31, 2013, as required by Section 15 of the Manitoba Trade and Investment Corporation Act. Respectfully submitted, Original signed by Hugh Eliasson Chair Original signed by Don Callis President

6 Portage Avenue Winnipeg, MB CANADA R3B 3P4 Phone (204) Fax (204) Ministre de l'entreprenariat, Formation professionnelle et Commerce Manitoba Palais législatif, bureau 333 Winnipeg (Manitoba) R3C 0V8 Monsieur le ministre: Nous avons le plaisir de vous présenter le rapport annuel de la Société du commerce et de l investissement du Manitoba pour l exercice qui s est terminé le 31 mars 2013, tel que le stipule l article 15 de la Loi sur la Société du commerce et de l investissement du Manitoba. C'est avec respect, Monsieur le ministre, que nous vous soumettons ce document. Le président, Le président, Original signé par Hugh Eliasson Original signé par Don Callis

7

8 Manitoba Trade and Investment Corporation Financial Statements March 31, 2013

9 Original signed by

10 Original signed by

11 Original signed by Chair of the Board Original signed by Financial Offi cer

12 MANITOBA TRADE AND INVESTMENT CORPORATION Statement of Operations and Changes in Net Assets For the year ended March Revenue Participation fees $ 531,891 $ 312,826 Interest 5,470 6, , ,076 Expenses Professional fees 7,792 8,287 Program 417, , , ,784 Excess of revenue over expenses for the year 112,256 20,292 Net assets, beginning of year 376, ,584 Net assets, end of year $ 489,132 $ 376,876 The accompanying notes are an integral part of these financial statements. 5

13 MANITOBA TRADE AND INVESTMENT CORPORATION Statement of Cash Flows For the year ended March Cash Flows from Operating Activities Excess of revenue over expenses for the year $ 112,256 $ 20,292 Changes in non-cash working capital Accounts receivable 172,501 (230,892) Accounts payable and accrued liabilities (166) 353 Deferred revenue (3,197) (33,452) 281,394 (243,699) Cash Flows from Investing Activities - - Cash Flows from Financing Activities - - Cash Flows from Capital Activities - - Net increase (decrease) in cash and bank 281,394 (243,699) Cash and bank, beginning of year 140, ,140 Cash and bank, end of year $ 421,835 $ 140,441 The accompanying notes are an integral part of these financial statements. 6

14 MANITOBA TRADE AND INVESTMENT CORPORATION Notes to Financial Statements For the year ended March 31, Nature of the Organization and Summary of Significant Accounting Policies (a) Nature of the Organization The Manitoba Trade and Investment Corporation (the Corporation) was formed by an Act of the Legislature in The objectives of the Corporation, as set out in the Act, are to: encourage, promote, develop and increase Manitoba exports and trade; promote investment in Manitoba; and promote international business opportunities for Manitoba businesses and assist Manitoba businesses in promoting those business opportunities. The Corporation is economically dependent on the Province of Manitoba as all project deficits incurred by the Corporation are recovered from the Province. (b) Basis of Accounting The financial statements of the Corporation have been prepared in accordance with Canadian public sector accounting standards for government not-for-profit organizations as established by the Public Sector Accounting Board. (c) Revenue Recognition The Corporation follows the deferral method of accounting for contributions. Participation fees are recognized as revenue in the same period that the shows, seminars and projects sponsored by the Corporation are actually held. Fees received in advance of event days are reflected as deferred revenue. (d) Financial Instruments Financial instruments are recorded at fair value when acquired or issued. In subsequent periods, financial assets with actively traded markets are reported at fair value, with any unrealized gains and losses reported in income. All other financial instruments are reported at cost or amortized cost less impairment, if applicable. Financial assets are tested for impairment when changes in circumstances indicate the asset could be impaired. transaction costs on the acquisition, sale or issue of financial instruments are expensed for those items remeasured at fair value at each balance sheet date and charged to the financial instrument for those measured at amortized cost. (e) Use of Estimates The preparation of financial statements in accordance with Canadian public sector accounting standards for not-for-profit organizations requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingencies at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from these estimates as additional information becomes available in the future. 7

15 MANITOBA TRADE AND INVESTMENT CORPORATION Notes to Financial Statements For the year ended March 31, Investment Funds available for investment are invested with the Province of Manitoba. A term deposit for the principal amount of $500,000 will mature on March 31, 2014 with an interest rate of 1.06%. 3. Deferred Revenue Deferred revenue represents fees received in advance of event days for specific trade projects. Changes in the deferred balance are as follows: Balance, beginning of year $ 7,697 $ 41,149 Less amounts recognized as revenue in the year 7,697 41,149 Add amounts received during the year and deferred at year end 4,500 7,697 Balance, end of year $ 4,500 $ 7, Operating Advance Payable The Corporation has $500,000 in non-interest bearing working capital advance from the Province of Manitoba. The advances are payable on demand. 5. Contributed Services During the year, the Province of Manitoba provided office space and other administrative services to the Corporation at nil cost. Because of the difficulty of estimating the fair value of such expenses, no contributed services are recognized in the financial statements. 6. Related Party Transactions The Corporation is related in terms of common ownership to all departments, Crown organizations and government enterprises created by the Province of Manitoba. The Corporation enters into transactions with these entities in the normal course of business. The Corporation records these transactions at the exchange amount which is the amount agreed upon by both parties. During the year, the Corporation received interest revenue in the amount of $5,470 from funds invested with the Province of Manitoba. 8

16 MANITOBA TRADE AND INVESTMENT CORPORATION Notes to Financial Statements For the year ended March 31, Financial Instrument Risk Management The Corporation is exposed to different types of risk in the normal course of operations, including credit risk and market risk. The Corporation's objective in risk management is to optimize the risk return trade-off, within set limits, by applying integrated risk management and control strategies, policies and procedures throughout the Corporation's activities. Credit Risk Credit risk is the risk that one party to a financial instrument fails to discharge an obligation and causes financial loss to another party. Financial instruments which potentially subject the Corporation to credit risk consist principally of cash and bank, accounts receivable and investment. In case of an outstanding payment the Trade Officer responsible for the project deals directly with the company representative. Companies participation in future trade shows and Manitoba Trade and Investment events are suspended until payment is made. All the outstanding accounts are reviewed by the Board of Directors (Board) during each Board meeting. The Board is notified if there is any issue that arise due to a payment not being received. In case of an issue arising due to the non-collection of a payment, it is brought to the attention of the Board and they will discuss and recommend the next course of action. Liquidity Risk Liquidity risk is the risk that the Corporation will encounter difficulty in meeting financial obligations as they become due, and arises from the Corporation's management of working capital. The Corporation's policy is to ensure that it will have sufficient cash to allow it to meet its liabilities when they become due. Market Risk Market risk is the risk the fair value of future cash flows of a financial instrument will fluctuate because of changes in market prices. Market risk comprises three types of risk: interest rate risk, foreign exchange risk and other price risk. Interest rate risk is the risk that the value of a financial instrument will fluctuate due to changes in market interest rates. The Corporation is not exposed to significant interest rate risk as its cash and investment are held in short-term or variable rate products. The Corporation is not exposed to significant foreign currency risk as it does not have any financial instruments denominated in foreign currency. The Corporation is not exposed to other price risk since it does not hold any financial instruments traded on a market. 9

17 MANITOBA TRADE AND INVESTMENT CORPORATION Notes to Financial Statements For the year ended March 31, Public Sector Compensation Disclosure The Public Sector Compensation Disclosure Act requires disclosure of the aggregate compensation paid to the Corporation s Board members and of individual compensation paid to Board members or staff, where such compensation is $50,000 or more per year. During the current and prior year, there was no compensation paid to Board members. The Corporation no longer has employees as of January 19, First-time Adoption Effective April 1, 2012, the Corporation adopted the requirements of the new accounting framework, Canadian Public Sector Accounting Standards for Government Not-for-Profit Organizations (PSAB for NPOs). These are the organization's first financial statements prepared in accordance with this framework and the transitional provisions of Section 2125, First-time adoption by Government Organizations have been applied. Section 2125 requires retrospective application of the accounting standards with certain elective exemptions and mandatory exceptions. The accounting policies set out in Note 1, with the exception of financial instruments, have been applied in preparing the financial statements for the year ended March 31, 2013, the comparative information presented in these financial statements for the year ended March 31, 2012 and in the preparation of an opening PSAB for NPOs statement of financial position at the date of transition of April 1, As described below, the accounting policies for financial instruments have only been applied in preparing the financial statements for the year ended March 31, No exemptions were used at the date of transition to PSAB for NPOs. The Corporation issued financial statements for the year ended March 31, 2012 using Canadian generally accepted accounting principles prescribed by the CICA Handbook - Accounting Part V - Pre-changeover Accounting Standards. The adoption of PSAB for NPOs resulted in no adjustments to the previously reported assets, liabilities, net assets, excess of revenue over expenses and cash flows of the Corporation. Financial Instruments On April 1, 2012, the Corporation adopted the Public Sector Accounting Handbook Section Financial Instruments, and Financial Statement Presentation. The new standards address the classification, recognition and measurement of financial instruments and is effective for years beginning on or after January 1, The accounting change did not result in any adjustments. These sections have been applied prospectively; as a result, comparative amounts are presented in accordance with the accounting policies applied by the Corporation immediately preceding its adoption of PSAB for NPOs. 10

18 Manitoba Trade and Investment Corporation thanks our many friends and partners throughout Canada and the world for their help and encouragement in 2012/13. We look forward to continuing good relations in the coming year. Nous remercions tous nos partenaires pour leur assistance et encouragement en 2012/13.

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