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

Size: px
Start display at page:

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

Transcription

1 Annual Financial Statements for the year ended December 31, 2011

2

3 MANAGEMENT S RESPONSIBILITY FOR FINANCIAL REPORTING The accompanying financial statements of Utility Split Trust (the Fund ) are the responsibility of First Asset Investment Management Inc., the Manager of the Fund. They have been prepared in accordance with Canadian generally accepted accounting principles using information available to March 28, 2012 and management s best estimates and judgments. The Fund s Manager is responsible for the information and representations contained in these Annual Financial Statements and the Annual Management Report of Fund Performance. The Manager is also responsible for the selection of the accounting principles that are most appropriate for the Fund s circumstances and for the judgments and estimates made in the financial statements. The Manager maintains appropriate processes to ensure that accurate, relevant and reliable financial information is produced. These financial statements have been approved by the Board of Directors of the Manager and have been audited by Ernst & Young LLP, Chartered Accountants, on behalf of the unitholders. The auditors report outlines the scope of their audit and their opinion on the financial statements. Barry Gordon Paul Dinelle DIRECTOR DIRECTOR MARCH 28, 2012 MARCH 28, ANNUAL FINANCIAL STATEMENTS UTILITY SPLIT TRUST 1

4 INDEPENDENT AUDITORS REPORT To the Unitholders of Utility Split Trust, We have audited the accompanying financial statements of Utility Split Trust (the Fund ), which comprise the schedule of investments as at December 31, 2011, the statements of net assets as at December 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 Fund as at December 31, 2011 and 2010, and the results of its operations, the changes in its net assets and its cash flows for the years then ended in accordance with Canadian generally accepted accounting principles. CHARTERED ACCOUNTANTS LICENSED PUBLIC ACCOUNTANTS TORONTO, CANADA MARCH 28, UTILITY SPLIT TRUST 2011 ANNUAL FINANCIAL STATEMENTS

5 STATEMENTS OF NET ASSETS As at December ASSETS Investments, at fair value [note 4] 26,035,309 63,690,871 Cash and cash equivalents 895,613 2,212,732 Due from brokers 1,757,139 Accrued income 235, ,916 Prepaid expenses 1,700 12,965 28,925,150 66,176,484 LIABILITIES Accounts payable and accrued liabilities 378, ,843 Preferred Securities interest payable [note 6] 434,212 Distributions payable [note 6] 60, ,737 Preferred Securities [notes 2 and 8] 28,947,450 Class B Preferred Securities [notes 2 and 8] 12,035,760 Deferred issue cost [note 2] (582,404) (209,806) 11,892,515 29,427,436 Net Assets 17,032,635 36,749,048 Number of Capital Units outstanding [note 8] 1,203,576 2,894,745 Net Assets per Capital Unit [note 3] Redemption value per Preferred Security [notes 3 and 8] Redemption value per Class B Preferred Security [notes 3 and 8] See accompanying notes. On behalf of Utility Split Trust by its Manager, First Asset Investment Management Inc.: DIRECTOR DIRECTOR MARCH 28, 2012 MARCH 28, ANNUAL FINANCIAL STATEMENTS UTILITY SPLIT TRUST 3

6 STATEMENTS OF OPERATIONS Years ended December INVESTMENT INCOME Distributions received 2,122,668 1,410,717 Interest 697,766 1,736,970 2,820,434 3,147,687 EXPENSES Management fee [note 7] 480, ,051 Preferred Securities issue cost amortization 213, ,188 Dealer Service fee [note 7] 148, ,446 Securityholder reporting costs 132,404 92,245 Goods and Services / Harmonized Sales Tax 107,637 64,501 Legal fees 91,732 10,157 Custodial fees 53,939 65,976 Audit fees 46,580 29,558 Trustee fee [note 7] 32,024 31,470 Interest and borrowing charges [note 5] 14,922 21,561 Independent review committee fees 4,196 5,126 1,325,609 1,162,279 Net investment income before interest on Preferred Securities 1,494,825 1,985,408 Interest on Preferred Securities [note 6] (1,613,409) (1,764,466) Net investment income (loss) (118,584) 220,942 REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS Net realized gain on sale of investments [note 9] 13,266,740 4,305,725 Net realized loss on forward foreign currency contracts (21,637) (225,998) Net realized foreign exchange loss (34,172) (62,649) Return of capital from income trust investments (201,601) (148,424) Transaction costs [note 7] (154,292) (166,882) Gain on recirculation of Preferred Securities 55,199 Loss on redemption of Preferred Securities (6,606) (10,135) Change in unrealized appreciation (depreciation) of investments (7,375,486) 4,355,966 Change in unrealized loss on other assets (172) (89) Net gain on investments 5,527,973 8,047,514 Total net results of operations for the year 5,409,389 8,268,456 Total net results of operations per Capital Unit See accompanying notes. 4 UTILITY SPLIT TRUST 2011 ANNUAL FINANCIAL STATEMENTS

7 STATEMENTS OF CHANGES IN NET ASSETS Years ended December TOTAL NET RESULTS OF OPERATIONS FOR THE YEAR 5,409,389 8,268,456 DISTRIBUTIONS TO UNITHOLDERS [note 6] Return of capital (1,553,241) (1,773,672) (1,553,241) (1,773,672) CAPITAL UNIT TRANSACTIONS [note 8] Capital Units recirculated 2,237,602 Redemption of Capital Units (25,810,163) (1,796,002) (23,572,561) (1,796,002) Increase (decrease) in Net Assets for the year (19,716,413) 4,698,782 Net Assets, beginning of year 36,749,048 32,050,266 Net Assets, end of year 17,032,635 36,749,048 See accompanying notes ANNUAL FINANCIAL STATEMENTS UTILITY SPLIT TRUST 5

8 STATEMENTS OF CASH FLOWS Years ended December OPERATING ACTIVITIES Net investment income (loss) (118,584) 220,942 Item not affecting cash: Preferred Securities issue cost amortization 213, ,188 94, ,130 Adjustments to reconcile cash flows from (used in) operating activities Proceeds from sale of investments 70,086,946 54,463,630 Purchases of investments (26,741,731) (48,575,276) Transaction costs (154,292) (166,882) Change in due from brokers (1,757,139) Net realized loss on forward foreign currency contracts (21,637) (225,998) Net realized foreign exchange loss (34,172) (62,649) Change in other assets and liabilities (355,456) 100,122 Cash flows from operating activities 41,117,410 5,991,077 FINANCING ACTIVITIES Subscriptions received on Class B Preferred Securities 12,035,760 Preferred Securities recirculated 1,896,450 Capital Units recirculated 2,237,602 Agents' fees and expenses of issue of Class B Preferred Securities (361,073) Distributions paid on Capital Units (1,637,799) (1,782,878) Redemption and purchase of Preferred Securities (30,795,306) (1,851,385) Redemption of Capital Units (25,810,163) (1,796,002) Cash flows used in financing activities (42,434,529) (5,430,265) Net increase (decrease) in cash and cash equivalents during the year (1,317,119) 560,812 Cash and cash equivalents, beginning of year 2,212,732 1,651,920 Cash and cash equivalents, end of year 895,613 2,212,732 See accompanying notes. 6 UTILITY SPLIT TRUST 2011 ANNUAL FINANCIAL STATEMENTS

9 SCHEDULE OF INVESTMENTS As at December 31, 2011 Number of Shares, Units, Par Value Description Average cost Fair value % of Portfolio LIMITED PARTNERSHIP UNITS Canadian Dollar 67,900 Brookfield Infrastructure Partners LP 1,600,680 1,912,743 52,400 Brookfield Renewable Energy Partners LP 1,337,164 1,422,660 97,250 Inter Pipeline Fund Limited Partnership, Cl. A 1,226,309 1,803,987 Total Limited Partnership Units 4,164,153 5,139, % COMMON SHARES Canadian Dollar 204,900 Algonquin Power & Utilities Corp. 1,104,878 1,311,360 1,888 AltaGas Ltd. 49,114 60,076 17,700 ATCO Ltd. Cl. I 862,593 1,062,531 20,744 Atlantic Power Corporation 275, ,203 18,300 Canadian Utilities Limited Cl. A 813,938 1,125,816 47,900 Capital Power Corporation 1,191,155 1,202,290 83,000 Capstone Infrastructure Corporation 431, ,400 43,900 Emera Inc. 1,057,001 1,449,139 38,300 Enbridge Inc. 1,054,554 1,458,847 12,100 Enbridge Income Fund Holding Inc. 227, ,210 52,500 Enercare, Inc. 368, ,625 32,800 Fortis, Inc. 941,394 1,093,224 46,700 Gibson Energy Inc. 871, , ,662 Innergex Renewable Energy, Inc. 1,645,022 2,044,232 11,100 Keyera Corp. 518, , ,400 Northland Power Inc. 1,492,337 2,076,576 20,000 TransCanada Corporation 861, ,000 Total Canadian Dollar 13,767,257 16,560, % United States Dollar 19,000 American Water Works Co., Inc. 521, ,581 Total United States Dollar 521, , % Total Common Shares 14,289,063 17,176, % 2011 ANNUAL FINANCIAL STATEMENTS UTILITY SPLIT TRUST 7

10 SCHEDULE OF INVESTMENTS continued As at December 31, 2011 Number of Shares, Units, Par Value Description Average cost Fair value % of Portfolio BONDS, NOTES AND CONVERTIBLE DEBENTURES Canadian Dollar Boralex Inc. 2,006, %, June 30, ,071,242 2,087,173 Harvest Operations Corporation 312, %, September 30, , , , %, May 31, , ,494 Superior Plus Corporation 440, %, June 30, , , , %, October 31, , ,000 Total Bonds, Notes and Convertible Debentures 3,399,975 3,723, % FORWARD CONTRACTS United States Dollar Forward currency contracts (1 contract) January 6, 2012 (1) (3,868) Total Forward Contracts (3,868) (0.00%) Adjustment for transaction costs (33,645) Total Investments 21,819,546 26,035, % (1) Sold 600,000 United States dollars for Canadian dollars at a weighted average rate of The Counterparty is rated A by Standard & Poor s. 8 UTILITY SPLIT TRUST 2011 ANNUAL FINANCIAL STATEMENTS

11 NOTES TO FINANCIAL STATEMENTS December 31, THE FUND Utility Split Trust (the Fund ) was formed as an investment trust under the laws of the Province of Ontario by a declaration of trust made as of October 24, On November 16, 2006, the Fund completed an initial public offering of 4,500,000 Preferred Securities at 10 per security and 4,500,000 Capital Units at 15 per Unit. On December 7, 2006, an over-allotment option granted to agents was exercised for 240,000 Preferred Securities at 10 per security and 240,000 Capital Units at 15 per Unit. Agents fees and expenses of issue relating to the initial public offering totaled 1,762,000 and 4,701,409 for Preferred Securities and Capital Units respectively. On November 17, 2011, the holders of Capital Units of the Fund approved (i) a five-year extension of the Fund s termination date from December 31, 2011 to December 31, 2016, and (ii) a special retraction right to enable Capital Unitholders to retract their Capital Units prior to December 31, 2011 on the same terms that would have applied had the Fund redeemed all of the Capital Units as originally contemplated on the scheduled termination date of December 31, On December 16, 2011, the Fund completed the special retraction of those Capital Units that were deposited for retraction pursuant to the special retraction right. Each retracted Capital Unit received per Capital Unit retracted. The Fund s original 6% Preferred Securities matured on December 31, 2011 on the same terms as originally contemplated by their terms. Payment of the repayment amount, including interest, was made to the original Preferred Securityholders on January 3, On December 19, 2011, the Fund completed its offering of 1,203,576 Class B Preferred Securities at 10 per security for gross proceeds of approximately 12 million (the Offering ). Agents fees and expenses of issue relating to this offering totaled 586,073. Effective September 24, 2010, First Asset Investment Management Inc. assumed the role of manager and trustee of the Fund from First Asset Funds Inc. First Asset Investment Management Inc. (the Manager or Trustee ) is a wholly owned subsidiary of First Asset Funds Inc. First Asset Investment Management Inc. is also the investment adviser of the Fund ( Investment Adviser ). 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES The financial statements have been prepared in accordance with Canadian generally accepted accounting principles ( GAAP ). In applying Canadian GAAP, management may make estimates and assumptions that affect the reported amounts of assets, liabilities, income and expenses during the reporting period. Actual results could differ from those estimates. The following is a summary of significant accounting policies followed by the Fund in the preparation of its financial statements. Investments Investments are categorized as held for trading and are recorded at their fair value. In the case of publicly traded securities, fair value means the latest bid price. For bonds and debentures, fair value means the bid price provided by independent security pricing services. The difference between fair value and average cost, as recorded in the accounts, is shown as unrealized appreciation (depreciation) of investments. Average cost is used to determine the gain or loss on investments sold. Investment transactions are recorded on the trade date. Distributions from income trusts are allocated between distributions received and interest on the Statements of Operations. Cash and cash equivalents Cash and cash equivalents are comprised of cash and short-term investments with a term to maturity of less than three months from date of purchase. Cash and cash equivalents are categorized as held for trading and therefore are carried at fair value. Short-term investments are valued at cost plus accrued interest, which approximates fair value. Income recognition The accrual method of recording income and expenses is followed with dividend income being recorded on the ex-dividend date. Transaction costs Transaction costs, such as brokerage commissions incurred in the purchase and sale of securities, are expensed and are recognized in the Statements of Operations. Foreign currency translation Investments at fair value and other assets and liabilities denominated in foreign currencies are translated into Canadian dollars at the rate of exchange applicable on the valuation date. Investment transactions and income and expenses are translated at the rate of exchange on the date of such transactions. The Fund is permitted to invest in forward currency contracts. The value of these forward contracts is recorded as the unrealized gain or loss that would be realized if the position was to be closed out. The value of the unrealized gain or loss is included in investments, at fair value. Upon maturity of the contracts, the difference between the carrying value and the fair value is included in realized gain (loss) on forward foreign currency contracts ANNUAL FINANCIAL STATEMENTS UTILITY SPLIT TRUST 9

12 NOTES TO FINANCIAL STATEMENTS continued Return of capital from income trust investments Distributions that are treated as a return of capital for income tax purposes are included in investment income and are adjusted for in the Statements of Operations and are used to reduce the average cost of the underlying investments on the Schedule of Investments. Total net results of operations per Capital Unit The total net result of operations per Capital Unit in the Statements of Operations represents the total net results of operations during the period, divided by the average number of Capital Units outstanding during the period. Net Assets per Capital Unit The Net Assets per Capital Unit is calculated as the value of the Fund s assets less its liabilities divided by the number of Capital Units outstanding of the Fund. Income taxes No provision for income taxes has been recorded in the accompanying financial statements as all income and gains are distributed to the unitholders. Preferred Securities The original Preferred Securities and Class B Preferred Securities (together Preferred Securities ) are carried at redemption value and are presented as liabilities in the Statements of Net Assets. The costs incurred to issue Preferred Securities are added with the Preferred Securities and are amortized over the term of the Preferred Securities. On redemption or early retraction of the Preferred Securities, any unamortized balance relating to these securities is written off. The fair value of the Class B Preferred Shares which is based on the Toronto Stock Exchange ( TSX ) market price on December 31, 2011, was 12,457,012 ( ,510,612 for original Preferred Securities). Other assets and liabilities Due from brokers and accrued income are designated as loans and receivables and recorded at cost or amortized cost. Similarly, accounts payable and accrued liabilities, Preferred Securities interest payable and distributions payable are designated as other liabilities and recorded at cost or amortized cost. Other assets and liabilities are short-term in nature and amortized cost approximates fair value. 3. NET ASSET VALUE For financial statement reporting purposes, the fair value of the Fund s investments are measured in accordance with CICA Handbook Section 3855: Financial Instruments Recognition and Measurement, which for publicly listed securities is based on the closing bid price on the recognized stock exchange on which the investments are listed or principally traded. Pursuant to National Instrument Investment Fund Continuous Disclosure, Net Asset Value for redemptions and subscriptions ( Net Asset Value ) is calculated based on the fair value of investments using the close or last traded price. The Net Asset Value per Unit calculated using the close or last traded price is as follows and any difference between the Canadian GAAP Net Assets and Net Asset Value is on account of the use of the last bid price for the valuation of investments for Canadian GAAP. December 31, 2011 December 31, 2010 Net Asset Value Per Unit Net Assets Per Unit Net Asset Value Per Unit Net Assets Per Unit Capital Unit Preferred Security Class B Preferred Security UTILITY SPLIT TRUST 2011 ANNUAL FINANCIAL STATEMENTS

13 NOTES TO FINANCIAL STATEMENTS continued 4. FAIR VALUE OF FINANCIAL INSTRUMENTS The following tables show the fair value of financial instruments analyzed between those whose fair value is based on quoted market prices (Level 1), those involving valuation techniques where all the model inputs are observable in the market (Level 2) and those where the valuation technique involves the use of non-market observable inputs (Level 3). As at December 31, 2011 Level 1 Level 2 Level 3 Total Financial Assets Equities and limited partnerships 22,316,070 22,316,070 Bonds, notes and convertible debentures 3,723,107 3,723,107 22,316,070 3,723,107 26,039,177 Financial Liabilities Preferred Securities (note 2) 12,457,012 12,457,012 Derivatives 3,868 3,868 12,457,012 3,868 12,460,880 As at December 31, 2010 Level 1 Level 2 Level 3 Total Financial Assets Equities, income trusts and limited partnerships 60,421,004 60,421,004 Bonds, notes and convertible debentures 3,257,805 3,257,805 Short-term notes 2,000,000 2,000,000 Derivatives 12,062 12,062 60,421,004 5,269,867 65,690,871 Financial Liabilities Preferred Securities (note 2) 30,510,612 30,510,612 30,510,612 30,510, BANK INDEBTEDNESS The Manager, on behalf of the Fund, has entered into a revolving term facility with a Canadian bank. The Fund may borrow up to 10% of the total assets of the Fund pursuant to the facility. Amounts borrowed under the facility are collateralized by a security interest in the assets and undertakings of the Fund. Amounts borrowed bear interest at the bank s prime rate or, if incurred by way of banker s acceptance, at rates slightly below prime. In addition, the Fund pays standby fees on the undrawn commitment. As at December 31, 2011 and 2010, and throughout these years, the Fund had no bank indebtedness ANNUAL FINANCIAL STATEMENTS UTILITY SPLIT TRUST 11

14 NOTES TO FINANCIAL STATEMENTS continued 6. DISTRIBUTIONS During the year, the Fund distributed to its holders of the original Preferred Securities ( Original Preferred Securityholders ) fixed quarterly interest payments equal to 0.15 per Preferred Security or 6.0% per annum on the 10 principal amount of the original Preferred Securities. Monthly distributions to Capital Unitholders are made to the extent that the distributions on the Fund s portfolio exceed the sum of interest, if any, payable on the bank loan facility, the expenses of the Fund and the aggregate interest payable on the Preferred Securities. Holders of Class B Preferred Securities ( Class B Preferred Securityholders ) are entitled to receive fixed quarterly interest payments of per Class B Preferred Security or 5.25% per annum on the original subscription price, which will be paid quarterly in arrears on or before the 15th day following the last day of each calendar quarter to Class B Preferred Securityholders of record as at the last day of each calendar quarter. The initial interest payment is expected to be paid on or about April 16, 2012 to Class B Preferred Securityholders of record on March 31, 2012 and will reflect interest from the closing date of the Offering to March 31, EXPENSES OF THE FUND The Manager is entitled to an annual fee of 0.75% of (a) the Net Asset Value, plus (b) the principal amount of the Preferred Securities outstanding and any accrued interest, plus applicable taxes. This fee is calculated daily and paid monthly in arrears. In addition, the Manager is entitled to an amount equal to the servicing fee payable to dealers, which is equal to 0.40% annually of the Net Asset Value per Capital Unit of the Fund for each Capital Unit held by clients of the registered dealers. This fee is calculated daily and paid quarterly in arrears. The Trustee is entitled to an annual fee equal to 0.05% of (a) the Net Asset Value, plus (b) the principal amount of the Preferred Securities outstanding and any accrued interest calculated daily and paid monthly in arrears, plus applicable taxes. The Fund is responsible for all costs relating to its administration. Total commissions and other transaction costs paid by the Fund for its portfolio transactions during the year amounted to 154,292 ( ,882). In addition to covering brokerage services on security transactions, commissions paid to dealers may also cover research services provided to the Investment Adviser. The value of research services included in total commissions and other transaction costs during the year is 9,229 (2010 9,298). 8. CAPITAL UNITS AND PREFERRED SECURITIES The authorized capital for the Fund consists of an unlimited number of Capital Units, each of which represents an equal, undivided interest in the Net Assets of the Fund. Concurrent with the issue of Capital Units, the Fund issued subordinated debt obligations referred to as Preferred Securities. Each Unit consists of one Capital Unit and one Preferred Security together. The Fund will ensure that an equal number of Capital Units and Preferred Securities are issued and outstanding. Original Preferred Securities The original Preferred Securityholders received fixed quarterly interest payments equal to 0.15 per original Preferred Security or 6.0% per annum on the 10 principal amount of the original Preferred Securities. The payment of interest on the original Preferred Securities were made in priority to any distributions on the Capital Units. The original Preferred Securities matured on December 31, On January 3, 2012, the 10 principal amount of each original Preferred Security together with any accrued and unpaid interest was paid to the original Preferred Securityholders. Class B Preferred Securities Class B Preferred Securityholders are entitled to receive fixed quarterly interest payments of per Class B Preferred Security or 5.25% per annum on the original subscription price. The payment of interest on the Class B Preferred Securities will be made in priority to any distributions on the Capital Units. A Class B Preferred Securityholder may surrender a Class B Preferred Security for repayment together with a Capital Unit for redemption under a Concurrent Annual Redemption on the Redemption Date which is the second to last business day of May of each year. Under a Concurrent Annual Redemption, a holder who surrenders a Class B Preferred Security for repayment together with a Capital Unit for redemption on the Redemption Date will receive an amount equal to the redemption proceeds per Combined Security minus the aggregate of all brokerage fees, commissions and other costs relating to the disposition of the appropriate number of securities in the Fund s portfolio to fund such redemption. The Class B Preferred Securities will mature on December 31, 2016 at which date the principal amount of each Class B Preferred Security together with any accrued and unpaid interest thereon will be payable by the Fund. The Class B Preferred Securities are subordinate to all senior indebtedness of the Fund, including the bank loan facility. 12 UTILITY SPLIT TRUST 2011 ANNUAL FINANCIAL STATEMENTS

15 NOTES TO FINANCIAL STATEMENTS continued Capital Units Capital Units are intended to provide unitholders with the opportunity to receive tax efficient monthly cash distributions and to participate in the leveraged performance of the Fund s portfolio and benefit from any increase in the distributions paid on the Fund s portfolio securities. A unitholder of Capital Units (a Unitholder ) may surrender a Capital Unit for redemption on the Redemption Date of any year, either alone or together with a Preferred Security surrendered for repayment. A Unitholder who surrenders a Capital Unit together with a Preferred Security under a Concurrent Annual Redemption will receive an amount equal to the redemption proceeds per Combined Security minus the aggregate of all brokerage fees, commissions and other costs relating to the disposition of the appropriate number of securities in the Fund s portfolio to fund such redemption. Upon a Concurrent Annual Redemption, the redemption proceeds paid by the Fund shall be allocated as follows: (i) as to the portion of such value equal to the principal amount of, and any accrued and unpaid interest on, the Preferred Security, as a repayment in full of such Preferred Security, and (ii) as to the remainder of such value, as the proceeds of redemption of such Capital Unit. A Unitholder who surrenders a Capital Unit without a Preferred Security will receive an amount equal to the redemption proceeds per Combined Security minus the cost to the Fund of repurchasing one Preferred Security and minus the aggregate of all brokerage fees, commissions and other costs relating to the disposition of the securities in the Fund s portfolio to fund such redemption and relating to the purchase of a Preferred Security in the market. For any redemption of Capital Units, the Fund will purchase for cancellation an equal number of Preferred Securities so that there will be an equal number of Preferred Securities and Capital Units outstanding at all times. Changes in the number of Units outstanding for the years ended December 31 are summarized as follows: 2011 Capital Units # 2011 Class B Preferred Securities # 2011 Preferred Securities # 2010 Capital Units # 2010 Preferred Securities # Units outstanding, beginning of year 2,894,745 2,894,745 3,078,870 3,078,870 Issuance of Units 1,203,576 Issued on Units recirculated 184, ,125 Units purchased for cancellation (14,225) (14,925) Redemption of Units (1,875,294) (3,064,645) (184,125) (169,200) Units outstanding, end of year 1,203,576 1,203,576 2,894,745 2,894,745 Under a normal course issuer bid, which expired on December 9, 2011, the Fund had the ability to repurchase Units up to a maximum of 10% of the public float at the time the bid commenced. Under the bid, Units were repurchased at their market price, through the facilities of the TSX. There were nil Capital Units (2010 nil Capital Units) and nil Preferred Securities ( ,925 original Preferred Securities at an average price of per original Preferred Security) purchased under the normal course issuer bid. Effective April 11, 2008, Units repurchased pursuant to a normal course issuer bid or a redemption of Units are held by the Fund for recirculation and are not included in the Fund s Units outstanding. Repurchased or redeemed Units which are not recirculated within 16 months after the date of repurchase will be cancelled. As at December 31, 2011, nil ( ,125) Units which were previously repurchased or redeemed are available for recirculation ANNUAL FINANCIAL STATEMENTS UTILITY SPLIT TRUST 13

16 NOTES TO FINANCIAL STATEMENTS continued 9. NET REALIZED GAIN ON SALE OF INVESTMENTS The net realized gain on sale of investments for the year ended December 31 is as follows: Proceeds on sale of investments 70,086,946 54,463,630 Less cost of investments sold Investments, beginning of year 52,099,622 53,830,675 Investments purchased during the year 26,741,731 48,575,276 Return of capital from income trust investments (201,601) (148,424) Investments, end of year (21,819,546) (52,099,622) Cost of investments sold 56,820,206 50,157,905 Net realized gain on sale of investments 13,266,740 4,305, TAX LOSS CARRYFORWARD As at December 31, 2011, the Fund had capital losses of 15,422,284 ( ,114,494) for income tax purposes which may be carried forward indefinitely to be applied against future capital gains. 11. MANAGEMENT OF FINANCIAL RISKS In the normal course of business, the Fund is exposed to various financial risks, including credit risk, liquidity risk and market risk (consisting of interest rate risk, currency risk and other price risk). The Fund s overall risk management program seeks to minimize potentially adverse effects of these risks on the Fund s financial performance by employing professional, experienced portfolio advisers, by monitoring daily the Fund s positions and market events, by diversifying the investment portfolio within the constraints of the investment guidelines and periodically may use derivatives to hedge certain risk exposures. To assist in managing risk, the Manager maintains a governance structure that oversees the Fund s investment activities and monitors compliance with the Fund s stated investment strategy, investment guidelines and securities regulations. Credit risk Credit risk is the risk that a counterparty to a financial instrument will fail to discharge an obligation or commitment that it has entered into with the Fund. As at December 31, 2011, the Fund has credit risk associated with its currency forward contracts. The credit risk is managed by selecting Schedule I Banks operating in Canada as counterparties to the currency forward contracts and by regular monitoring of credit exposures. As of December 31, 2011 the Fund has none ( %) of its Net Assets invested in short-term deposits (2010 short term deposits held with Royal Bank of Canada with a credit rating of AA- according to Standard & Poor s). The fair value of debt securities includes consideration of the creditworthiness of the debt issuer. The carrying amount for accrued income represents minimal credit risk exposure as it will be settled in the short term. The credit exposure of these assets is represented by their carrying amounts. All transactions executed by the Fund in listed securities are settled/paid for upon delivery using approved brokers. The risk of default is considered minimal, as delivery of securities sold is only made once the broker has received payment. Payment is made on a purchase once the securities have been received by the broker. The trade will fail if either party fails to meet its obligation. Liquidity risk Liquidity risk is the risk that the Fund may not be able to settle or meet its obligation on time or at a reasonable price. As at December 31, 2011, approximately 14.30% ( %) of the Portfolio is invested in convertible debentures. Convertible debentures may be less liquid than other securities and involve the risk that the Investment Adviser may not be able to dispose of them at the current market prices. As such, it may be difficult to significantly alter the composition of the Fund s portfolio in a short period of time and the Fund s liability to fund redemptions, distributions and operating expenses may be impacted. The Investment Adviser works to mitigate this risk by focusing on only highly creditworthy issuers. The remaining 85.70% ( %) of the Portfolio holdings are considered readily realizable as they are actively traded on public exchanges. As well, the Fund s financial liabilities are short-term in nature and there is sufficient cash, or the ability to raise cash, to settle these amounts as they come due. 14 UTILITY SPLIT TRUST 2011 ANNUAL FINANCIAL STATEMENTS

17 NOTES TO FINANCIAL STATEMENTS continued Interest rate risk Interest rate risk arises from the possibility that changes in interest rates will affect future cash flows or fair values of financial instruments. The fund invests in interest-bearing financial instruments. As such, the Fund is exposed to the risk that the value of such financial instruments will fluctuate due to changes in the prevailing levels of market interest rates. The tables below summarize the Fund s exposure to interest rate risk by remaining term to maturity as at December 31. Fair value Less than 1 year 1 3 years 318,240 1,611, years 1,007, ,550 Greater than 5 years 2,397, ,388 As at December 31, 2011, if the prevailing interest rates had been raised or lowered by 1%, assuming a parallel shift in the yield curve, with all other factors remaining constant, Net Assets could possibly have decreased or increased, respectively, by 143,661 or 0.84% of Net Assets ( ,405 or 0.31% of Net Assets). Currency risk Currency risk is the risk that the value of a financial instrument will fluctuate due to changes in foreign exchange rates. The Fund invests primarily in Canadian dollar securities, which represents the functional currency of the Fund. As at December 31, 2011, 2.1% ( %) of the Fund s Net Assets are invested in securities which are denominated in a currency other than the functional currency of the Fund. The Fund is hedged back to the Canadian dollar and, consequently, is not exposed to significant foreign currency risk. Other price risk Other price risk is the risk that the fair value or future cash flows of financial instruments will fluctuate because of changes in market prices (other than those arising from interest rate risk or currency risk), whether those changes are caused by factors specific to the individual financial instrument or its issuer, or factors affecting all similar financial instruments traded in the market. All investments in securities present a risk of loss of capital. The maximum market price risk resulting from these investments is equivalent to their fair value. The value of the Portfolio will be influenced by factors which are not within the control of the Fund including the performance of the portfolio securities, the condition of the equity markets generally and other factors. Market price risk is mitigated through the careful selection and diversification of securities within the limits of the Fund s investment objectives and strategy as well as the daily monitoring of the Fund s investment portfolio by the Manager. By utilizing a split share structure, the unitholders of Capital Units receive leveraged exposure such that any appreciation or depreciation of the Fund s portfolio will be borne by the Capital Units. Accordingly, any increase or decrease in the value of the Fund s portfolio will result in a greater proportionate increase or decrease in the Net Asset Value of the Capital Units. One component of the Fund s investment strategy is the utilization of borrowings under a loan facility. By adding additional leverage, this strategy has the potential to enhance returns, but also involves additional risks. The Investment Adviser will manage this risk by reducing or eliminating the use of leverage and thus reducing the Fund s exposure to the portfolio of securities during times of market uncertainty. As at December 31, 2011, 89.58% ( %) of the Fund s Net Assets were traded on global stock exchanges. The impact on Net Assets of the Fund due to a 10% change in the S&P/TSX Capped Utility Total Return Index (the benchmark ), using a historical correlation between the return of the Fund s Units as compared to the return of the benchmark, as at December 31, 2011, with all other variables held constant, would be an increase or decrease of 285,013 (2010 2,288,519) respectively. Regression analysis has been utilized to estimate the historical correlation. The analysis uses daily data points from January 1, 2008 to December 31, The historical correlation may not be representative of the future correlation and, accordingly, the impact on Net Assets could be materially different ANNUAL FINANCIAL STATEMENTS UTILITY SPLIT TRUST 15

18 NOTES TO FINANCIAL STATEMENTS continued 12. CAPITAL MANAGEMENT The Fund considers its capital to consist of redeemable Capital Units and Preferred Securities. Since the Offering, the Fund s objectives in managing its capital are (i) to provide Class B Preferred Securityholders with a fixed quarterly interest payment equal to 5.25% per annum on the 10 principal amount and to repay the principal amount on or about December 31, 2016 and (ii) to provide Capital Unitholders with tax efficient monthly distributions based on the dividends and distributions that the Fund receives on its portfolio and the opportunity to benefit from any increase in the dividends and distributions paid by utility issuers held in the Fund s portfolio. The Fund manages its capital in accordance with its investment objectives and strategies and the risk management practices outlined in note 11 while maintaining sufficient liquidity to meet distributions and redemptions. In order to manage its capital structure, the Fund may adjust the amount of distributions paid to securityholders. 13. INTERNATIONAL FINANCIAL REPORTING STANDARDS On December 12, 2011, the Canadian Accounting Standards Board ( AcSB ) made a decision to extend the deferral of the adoption of International Financial Reporting Standards ( IFRS ) by investment companies for an additional year to January 1, This extends the previous two-year deferral of IFRS to three years as compared to other publicly accountable entities. Consequently, IFRS will be applicable to the Fund for the fiscal year beginning January 1, At the transition date, the prior fiscal year financial statements will require restatement to IFRS for comparative purposes. The deferral is to provide time for the International Accounting Standards Board ( IASB ) to finalize its guidance on investment entities such that a final standard could be issued after January 1, 2013, the previously established changeover date for investment companies in Canada. The Fund is continuing with its orderly transition plan to meet the requirements to change over to IFRS. The Fund has reviewed the existing body of IFRS against its current policies under Canadian GAAP and has noted certain policy differences. The major changes identified include the classification of unitholders equity (puttable instruments) as a liability unless certain conditions are met, as well as more extensive note disclosure requirements. These changes will not have an impact on the Fund s results of operations or financial position. The process of evaluating the potential impact of IFRS on the financial statements is ongoing, as the IASB and the AcSB continue to issue new standards and recommendations. 16 UTILITY SPLIT TRUST 2011 ANNUAL FINANCIAL STATEMENTS

19

20 95 Wellington Street West, Suite 1400, Toronto, Ontario M5J 2N7 (416) or (877)

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

GUARDIAN EQUITY INCOME FUND

GUARDIAN EQUITY INCOME FUND GUARDIAN EQUITY INCOME FUND FINANCIAL STATEMENTS DECEMBER 31, 2013 March 28, 2014 Independent Auditor s Report To the Unitholders and Trustee of Guardian Equity Income Fund (the Fund) We have audited the

More information

HARVEST Canadian Income & Growth Fund. Interim Financial Statements (Unaudited) June 30, 2012

HARVEST Canadian Income & Growth Fund. Interim Financial Statements (Unaudited) June 30, 2012 Interim Financial Statements (Unaudited). The accompanying interim financial statements have not been reviewed by the external auditors of the Fund. The external auditors will be auditing the annual financial

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

FRONT STREET STRATEGIC YIELD FUND LTD.

FRONT STREET STRATEGIC YIELD FUND LTD. Financial Statements of FRONT STREET STRATEGIC YIELD FUND LTD. KPMG LLP Telephone (416) 777-8500 Chartered Accountants Fax (416) 777-8818 Bay Adelaide Centre Internet www.kpmg.ca 333 Bay Street Suite 4600

More information

US Buyback Leaders Fund. US Buyback Leaders Fund. Condensed Interim Financial Statements (Unaudited)

US Buyback Leaders Fund. US Buyback Leaders Fund. Condensed Interim Financial Statements (Unaudited) US Buyback Leaders Fund Condensed Interim Financial Statements (Unaudited) June 30, 2015 STATEMENT OF FINANCIAL POSITION (Unaudited) As at June 30, 2015 Assets Current assets Investments $ 50,157,740 Cash

More information

Brand Leaders Plus Income Fund. Brand Leaders Plus Income Fund. Annual Financial Statements

Brand Leaders Plus Income Fund. Brand Leaders Plus Income Fund. Annual Financial Statements Brand Leaders Plus Income Fund Annual Financial Statements December 31, 2015 MANAGEMENT RESPONSIBILITY FOR FINANCIAL REPORTING The accompanying financial statements have been prepared by Harvest Portfolios

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

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

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

Redwood Equity Growth Class

Redwood Equity Growth Class Financial statements of Redwood Equity Growth Class Table of contents Independent Auditor s Report... 1-2 Statements of net assets... 3 Statements of operations... 4 Statements of changes in net assets...

More information

BMO Mutual Funds 2015

BMO Mutual Funds 2015 BMO Mutual Funds 2015 SEMI-ANNUAL FINANCIAL STATEMENTS BMO Select Trust Conservative Portfolio NOTICE OF NO AUDITOR REVIEW OF THE SEMI-ANNUAL FINANCIAL STATEMENTS BMO Investments Inc., the Manager of the

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

NORTH AMERICAN HIGH YIELD BOND FUND (PUTNAM)

NORTH AMERICAN HIGH YIELD BOND FUND (PUTNAM) MANAGEMENT REPORT Management s Responsibility for Financial Reporting The accompanying financial statements have been prepared by Mackenzie Financial Corporation, as Manager of North American High Yield

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

CC&L High Yield Bond Fund. Financial Statements December 31, 2015

CC&L High Yield Bond Fund. Financial Statements December 31, 2015 Financial Statements December 31, 2015 March 24, 2016 Independent Auditor s Report To the Unitholders and Trustee of CC&L High Yield Bond Fund (the Fund) We have audited the accompanying financial statements

More information

GTU Portfolio Trust GTU PORTFOLIO TRUST. Annual Financial Statements

GTU Portfolio Trust GTU PORTFOLIO TRUST. Annual Financial Statements GTU PORTFOLIO TRUST Annual Financial Statements December 31, 2011 MANAGEMENT RESPONSIBILITY FOR FINANCIAL REPORTING The accompanying financial statements have been prepared by Harvest Portfolios Group

More information

Healthcare Special Opportunities Fund. Interim Financial Statements

Healthcare Special Opportunities Fund. Interim Financial Statements Interim Financial Statements Statements of Financial Position (unaudited) As at and December 31, 2015 2016 2015 Assets Current assets Financial assets at fair value through profit or loss (notes 3 and

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

Sprott Physical Silver Trust

Sprott Physical Silver Trust Sprott Physical Silver Trust Report to Unitholders MARCH 31, 2015 Table of Contents Management Report of Fund Performance 3 Unaudited Interim Financial Statements 7 The management report of fund performance

More information

Sprott Physical Gold Trust

Sprott Physical Gold Trust Sprott Physical Gold Trust Report to Unitholders MARCH 31, 2015 6DEC200918073609 Table of Contents Management Report on Fund Performance 3 Unaudited Interim Financial Statements 7 The management report

More information

GUARDIAN CANADIAN SMALL/MID CAP EQUITY FUND

GUARDIAN CANADIAN SMALL/MID CAP EQUITY FUND GUARDIAN CANADIAN SMALL/MID CAP EQUITY FUND FINANCIAL STATEMENTS DECEMBER 31, 2011 PWC March 27, 2012 Independent Auditor's Report To the Unitholders of Guardian Canadian Small/Mid Cap Equity Fund (the

More information

Independent Auditors Report

Independent Auditors Report Independent Auditors Report To the Board of Directors of We have audited the accompanying financial statements of Genome British Columbia, which comprise the statement of financial position as at March

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

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

Sprott Physical Gold Trust

Sprott Physical Gold Trust Sprott Physical Gold Trust Report to Unitholders SEPTEMBER 30, 2015 Table of Contents Management Report on Fund Performance 3 Unaudited Interim Financial Statements 7 The management report of fund performance

More information

Fidelity American Disciplined Equity Currency Neutral Fund

Fidelity American Disciplined Equity Currency Neutral Fund Fidelity American Disciplined Equity Currency Neutral Fund Annual Report June 30, 2016 Fidelity American Disciplined Equity Currency Neutral Fund Schedule of Investments June 30, 2016 Showing Percentage

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

Financial Statements. The Fiera Capital Mutual Funds

Financial Statements. The Fiera Capital Mutual Funds Financial Statements FOR THE YEAR ENDED DECEMBER 31, 2015 The Fiera Capital Mutual Funds Fiera Capital Balanced Fund Fiera Capital Bond Fund Fiera Capital High Income Fund Fiera Capital Equity Growth Fund

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

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 Financial Statements of. Timbercreek Mortgage Investment Corporation

Consolidated Financial Statements of. Timbercreek Mortgage Investment Corporation Consolidated Financial Statements of Timbercreek Mortgage Investment Corporation INDEPENDENT AUDITORS' REPORT To the Shareholders of Timbercreek Mortgage Investment Corporation We have audited the accompanying

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

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

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

GUYANA GOLDFIELDS INC.

GUYANA GOLDFIELDS INC. Interim Consolidated Financial Statements MANAGEMENT'S RESPONSIBILITY FOR FINANCIAL REPORTING The accompanying unaudited interim consolidated financial statements of Guyana Goldfields Inc. (An exploration

More information

FIRST ASSET DIVERSIFIED CONVERTIBLE DEBENTURE FUND. Annual Management Report of Fund Performance for the year ended December 31, 2011

FIRST ASSET DIVERSIFIED CONVERTIBLE DEBENTURE FUND. Annual Management Report of Fund Performance for the year ended December 31, 2011 FIRST ASSET DIVERSIFIED CONVERTIBLE DEBENTURE FUND Annual Management Report of Fund Performance for the year ended December 31, 2011 Fund: First Asset Diversified Convertible Debenture Fund Securities:

More information

Financial Statements. The National Ballet of Canada, Endowment Foundation. June 30, 2014

Financial Statements. The National Ballet of Canada, Endowment Foundation. June 30, 2014 Financial Statements The National Ballet of Canada, Endowment Foundation June 30, 2014 Contents Page Independent Auditor s Report 1-2 Statement of Financial Position 3 Statement of Operations and Changes

More information

TD Managed Assets Program INVESTOR SERIES

TD Managed Assets Program INVESTOR SERIES 2002 Annual Financial Statements TD MANAGED INDEX S INVESTOR AND e-series TD Managed Assets Program INVESTOR SERIES TD MANAGED INDEX INCOME RSP December 31, 2002 Mutual Funds * TD MANAGED INDEX INCOME

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

CC&L High Yield Bond Fund

CC&L High Yield Bond Fund Financial Statements (Unaudited) June 30, 2016 Notice to Reader: Connor, Clark & Lunn Funds Inc., the Manager of the Fund, appoints an independent auditor to audit the Fund's Annual Financial Statements.

More information

Realpool Investment Fund

Realpool Investment Fund POOLED INVESTMENT PORTFOLIOS GROUP OF FUNDS Realpool Investment Fund FINANCIAL STATEMENTS British Columbia Investment Management Corporation Pooled Investment Portfolios MANAGEMENT S RESPONSIBILITY FOR

More information

BMO Covered Call Utilities ETF (ZWU)

BMO Covered Call Utilities ETF (ZWU) SEMI-ANNUAL FINANCIAL STATEMENTS BMO Covered Call Utilities ETF (ZWU) Statement of Financial Position June 30 December 31 As at 2015 2014 Assets Current Assets Cash 3,258 3,579 Investments Non-derivative

More information

UNITED CORPORATIONS LIMITED ANNUAL REPORT

UNITED CORPORATIONS LIMITED ANNUAL REPORT ANNUAL REPORT 2010 THE FISCAL YEAR AT A GLANCE Year ended March 31 2010 (1) 2009 (1) Net equity value per Common Share (2)... $ 67.33 $ 54.81 Increase (decrease) in net assets from operations per Common

More information

ASPE AT A GLANCE Section 3856 Financial Instruments

ASPE AT A GLANCE Section 3856 Financial Instruments ASPE AT A GLANCE Section 3856 Financial Instruments December 2014 Section 3856 Financial Instruments Effective Date Fiscal years beginning on or after January 1, 2011 1 SCOPE Applies to all financial instruments

More information

BMO Floating Rate High Yield ETF (ZFH)

BMO Floating Rate High Yield ETF (ZFH) ANNUAL FINANCIAL STATEMENTS BMO Floating Rate High Yield ETF (ZFH) Independent Auditor's Report To the Unitholders of: BMO Mid Federal Bond Index ETF BMO S&P/TSX Capped Composite Index ETF BMO S&P 500

More information

Consolidated Financial Statements

Consolidated Financial Statements Consolidated Financial Statements Reports 111 Management s responsibility for financial reporting 111 Report of Independent Registered Chartered Accountants 112 Management s report on internal control

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

FirstService Capital Partners Canada Limited Partnership Financial Statements For the year ended December 31, 2014 (Expressed in U.S.

FirstService Capital Partners Canada Limited Partnership Financial Statements For the year ended December 31, 2014 (Expressed in U.S. FirstService Capital Partners Canada Limited Partnership Financial Statements For the year ended December 31, 2014 FirstService Capital Partners Canada Limited Partnership Financial Statements For the

More information

Tier One Capital Limited Partnership. Financial Statements. For the year ended December 31, 2015 and the period ended December 31, 2014

Tier One Capital Limited Partnership. Financial Statements. For the year ended December 31, 2015 and the period ended December 31, 2014 Tier One Capital Limited Partnership Financial Statements For the year ended December 31, 2015 and the period ended December 31, 2014 April 29, 2016 Independent Auditor s Report To the Partners of Tier

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

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

Pivot Technology Solutions, Inc.

Pivot Technology Solutions, Inc. Interim Condensed Consolidated Financial Statements Pivot Technology Solutions, Inc. For the Three Months Ended (Unaudited) (Expressed in Thousands of U.S. Dollars) INTERIM CONDENSED CONSOLIDATED STATEMENTS

More information

G4 C69. Symmetry Fixed Income PortFOlio Class. management report. Independent Auditor s Report. version: MANAGED ASSET PORTFOLIO

G4 C69. Symmetry Fixed Income PortFOlio Class. management report. Independent Auditor s Report. version: MANAGED ASSET PORTFOLIO management report Management s Responsibility for Financial Reporting The accompanying financial statements have been prepared by Mackenzie Financial Corporation, as Manager of Symmetry Fixed Income Portfolio

More information

FIRST BAPTIST CHURCH, REGINA INC. FINANCIAL STATEMENTS December 31, 2013

FIRST BAPTIST CHURCH, REGINA INC. FINANCIAL STATEMENTS December 31, 2013 FIRST BAPTIST CHURCH, REGINA INC. FINANCIAL STATEMENTS December 31, 2013 MANAGEMENT S RESPONSIBILITY FOR FINANCIAL STATEMENTS The financial statements are the responsibility of management and have been

More information

INTERACTIVE BROKERS CANADA INC. (a wholly-owned subsidiary of IBG LLC)

INTERACTIVE BROKERS CANADA INC. (a wholly-owned subsidiary of IBG LLC) Financial statements of INTERACTIVE BROKERS CANADA INC. (a wholly-owned subsidiary of IBG LLC) Table of contents Independent Auditor s report... 1 Statements of comprehensive loss... 2 Statements of financial

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

Pension Plan for Employees of Ontario College of Art & Design University [Ontario Registration Number 0284455] September 30, 2011

Pension Plan for Employees of Ontario College of Art & Design University [Ontario Registration Number 0284455] September 30, 2011 Financial Statements Pension Plan for Employees of Ontario College of Art & Design University [Ontario Registration Number 0284455] INDEPENDENT AUDITORS' REPORT To the Pension Committee of the Pension

More information

Wells Fargo Bank, N.A. Collective Investment Funds. annual report

Wells Fargo Bank, N.A. Collective Investment Funds. annual report Wells Fargo Bank, N.A. Collective Investment Funds 2014 annual report Table of Contents Page Independent Auditors Report 1 Financial Statements: Statement of Operations 3 Statement of Changes in Net Assets

More information

Investors Mortgage and Short Term Income Fund

Investors Mortgage and Short Term Income Fund Investors Mortgage and Short Term Income Fund Annual Financial Report MARCH 31, 2015 Copyright Investors Group Inc. 2015 Trademarks owned by IGM Financial Inc. and licensed to its subsidiary corporations.

More information

Semi-Annual Financial Statements as at September 30, 2013

Semi-Annual Financial Statements as at September 30, 2013 SemiAnnual Financial Statements as at September 30, 2013 A look inside Overview.................................................................. 1 About the CI Funds Board of Governors Letter from the

More information

Fidelity Tactical Fixed Income Fund

Fidelity Tactical Fixed Income Fund Fidelity Tactical Fixed Income Fund Semi-Annual Report December 31, 2015 Notice to Readers The accompanying interim financial statements have not been reviewed by the external auditor of the Fund. The

More information

(Formerly CVTech Group Inc.)

(Formerly CVTech Group Inc.) (Formerly CVTech Group Inc.) Condensed Interim Consolidated Financial Statements For the three months ended, 2014 Consolidated Statement of Financial Position (in thousands of Canadian dollars) December

More information

The Fiera Sceptre Private Mutual Funds

The Fiera Sceptre Private Mutual Funds The Fiera Sceptre Private Mutual Funds ANNUAL FINANCIAL REPORT For the year ended DECEMBER 31, 2012 Fiera Sceptre Core Canadian Equity Fund Fiera Sceptre Large Cap Canadian Equity Fund Fiera Sceptre U.S.

More information

Mackenzie Master Limited Partnership

Mackenzie Master Limited Partnership Annual Report December 31, 2014 A note on forward-looking statements This report may contain forward-looking statements that reflect our current expectations or forecasts of future events. Forward-looking

More information

BA-CA Finance (Cayman) Limited Financial Statements

BA-CA Finance (Cayman) Limited Financial Statements Financial Statements and Independent Auditors Report Deloitte & Touche One Capital Place P.O. Box 1787 Grand Cayman KY1-1109 CAYMAN ISLANDS INDEPENDENT AUDITORS REPORT Tel: +1 345 949 7500 Fax:+1 345 949

More information

Draft for discussion purposes. April 14, 2014 FINANCIAL STATEMENTS DRAFT EXCELLENCE CANADA. December 31, 2013

Draft for discussion purposes. April 14, 2014 FINANCIAL STATEMENTS DRAFT EXCELLENCE CANADA. December 31, 2013 Draft for discussion purposes April 14, 2014 FINANCIAL STATEMENTS EXCELLENCE CANADA CONTENTS Page INDEPENDENT AUDITOR'S REPORT 1 FINANCIAL STATEMENTS Balance sheet 3 Statement of changes in net assets

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

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

eqube Gaming Limited Condensed Interim Consolidated Financial Statements For the Three and Nine Months Ended November 30, 2015 (Unaudited)

eqube Gaming Limited Condensed Interim Consolidated Financial Statements For the Three and Nine Months Ended November 30, 2015 (Unaudited) Condensed Interim Consolidated Financial Statements For the Three and Nine Months Ended November 30, 2015 Notice to Reader The following interim consolidated financial statements and notes have not been

More information

TUCKAMORE CAPITAL MANAGEMENT INC.

TUCKAMORE CAPITAL MANAGEMENT INC. Consolidated Interim Financial Statements of TUCKAMORE CAPITAL MANAGEMENT INC. Three and Six Months Ended June 30, 2013 and 2012 (Unaudited) These statements have not been reviewed by an independent firm

More information

Assurance and accounting A Guide to Financial Instruments for Private

Assurance and accounting A Guide to Financial Instruments for Private june 2011 www.bdo.ca Assurance and accounting A Guide to Financial Instruments for Private Enterprises and Private Sector t-for-profit Organizations For many entities adopting the Accounting Standards

More information

Bentall Kennedy Prime Canadian Property Fund Ltd. Consolidated Financial Statements December 31, 2015 (in thousands)

Bentall Kennedy Prime Canadian Property Fund Ltd. Consolidated Financial Statements December 31, 2015 (in thousands) Bentall Kennedy Prime Canadian Property Fund Ltd. Consolidated Financial Statements (in thousands) February 9, 2016 Independent Auditor s Report To the Shareholders of Bentall Kennedy Prime Canadian Property

More information

Roche Capital Market Ltd Financial Statements 2009

Roche Capital Market Ltd Financial Statements 2009 R Roche Capital Market Ltd Financial Statements 2009 1 Roche Capital Market Ltd, Financial Statements Reference numbers indicate corresponding Notes to the Financial Statements. Roche Capital Market Ltd,

More information

CANADIAN BREAST CANCER FOUNDATION

CANADIAN BREAST CANCER FOUNDATION Financial Statements of CANADIAN BREAST CANCER FOUNDATION Table of Contents Independent Auditors' Report Balance Sheet... 1 Statement of Revenue, Expenses and Allocations... 2 Statement of Changes in Fund

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

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

previous version of the Handbook). The Handbook applies to pension plan financial statements for fiscal years beginning on or after January 1, 2011.

previous version of the Handbook). The Handbook applies to pension plan financial statements for fiscal years beginning on or after January 1, 2011. Financial Services Commission of Ontario Commission des services financiers de l Ontario SECTION: INDEX NO.: TITLE: APPROVED BY: Financial Statements Guidance Note FSGN-100 Disclosure Expectations for

More information

THE UNIVERSITY OF WESTERN ONTARIO RETIREMENT INCOME FUND

THE UNIVERSITY OF WESTERN ONTARIO RETIREMENT INCOME FUND Financial Statements of THE UNIVERSITY OF WESTERN ONTARIO Statement of Changes in Net Assets Available for Retirement Income Payments, with comparative information for 2012 2013 2012 Investment income

More information

Roche Capital Market Ltd Financial Statements 2014

Roche Capital Market Ltd Financial Statements 2014 Roche Capital Market Ltd Financial Statements 2014 1 Roche Capital Market Ltd - Financial Statements 2014 Roche Capital Market Ltd, Financial Statements Roche Capital Market Ltd, statement of comprehensive

More information

Roche Capital Market Ltd Financial Statements 2012

Roche Capital Market Ltd Financial Statements 2012 R Roche Capital Market Ltd Financial Statements 2012 1 Roche Capital Market Ltd - Financial Statements 2012 Roche Capital Market Ltd, Financial Statements Reference numbers indicate corresponding Notes

More information

Scott s Real Estate Investment Trust. Interim Consolidated Financial Statements (Unaudited) March 31, 2009 and 2008

Scott s Real Estate Investment Trust. Interim Consolidated Financial Statements (Unaudited) March 31, 2009 and 2008 Interim Consolidated Financial Statements March 31, and Interim Consolidated Balance Sheets (in thousands of dollars) Assets March 31, December 31, Income-producing properties (note 3) 172,404 174,135

More information

Horizons Canadian Midstream Oil & Gas Index ETF (HOG:TSX)

Horizons Canadian Midstream Oil & Gas Index ETF (HOG:TSX) Annual Report December 31, 2015 Horizons Canadian Midstream Oil & Gas Index ETF (HOG:TSX) ALPHA BENCHMARK BETAPRO Innovation is our capital. Make it yours. www.horizonsetfs.com Contents MANAGEMENT REPORT

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

Antigonish Farmers Mutual Insurance Company. Consolidated financial statements. December 31, 2014

Antigonish Farmers Mutual Insurance Company. Consolidated financial statements. December 31, 2014 Consolidated financial statements Contents Page Management s statement of responsibility for financial reporting 1 Independent auditor s report 2 Consolidated statement of financial position 3 Consolidated

More information

SAMPLE FUND, LP FINANCIAL STATEMENTS DECEMBER 31, 2015

SAMPLE FUND, LP FINANCIAL STATEMENTS DECEMBER 31, 2015 FINANCIAL STATEMENTS CONTENTS INDEPENDENT AUDITOR S REPORT 1 STATEMENT OF FINANCIAL CONDITION 2 CONDENSED SCHEDULE OF INVESTMENTS 3-4 STATEMENT OF OPERATIONS 5 STATEMENT OF CHANGES IN PARTNERS CAPITAL

More information

CONSOLIDATED FINANCIAL STATEMENTS

CONSOLIDATED FINANCIAL STATEMENTS CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) (Expressed in Canadian Dollar) and 2007 Index Balance Sheets Statements of Operations, Comprehensive Loss and Deficit Statements of Cash Flows Notes to Financial

More information

Brookfield Investment Management

Brookfield Investment Management Brookfield Investment Management 2014 Brookfield Global Infrastructure Securities Income Fund BGI.UN Annual Financial Statements For the period from January 1, 2014 to December 31, 2014 Management s Responsibility

More information

MIDPOINT HOLDINGS LTD. CONSOLIDATED FINANCIAL STATEMENTS. (Expressed in Canadian Dollars) FOR THE YEAR ENDED JUNE 30, 2015

MIDPOINT HOLDINGS LTD. CONSOLIDATED FINANCIAL STATEMENTS. (Expressed in Canadian Dollars) FOR THE YEAR ENDED JUNE 30, 2015 CONSOLIDATED FINANCIAL STATEMENTS (Expressed in Canadian Dollars) FOR THE YEAR ENDED JUNE 30, 2015 INDEX TO CONSOLIDATED FINANCIAL STATEMENTS INDEPENDENT AUDITORS REPORT PAGES 1-2 CONSOLIDATED STATEMENTS

More information

CRS ELECTRONICS INC. FINANCIAL STATEMENTS For the Years Ended December 31, 2010 and 2009

CRS ELECTRONICS INC. FINANCIAL STATEMENTS For the Years Ended December 31, 2010 and 2009 CRS ELECTRONICS INC. FINANCIAL STATEMENTS For the Years Ended December 31, 2010 and 2009 CRS ELECTRONICS INC. Table of Contents December 31, 2010 Pages Independent Auditors Report 1 Financial Statements

More information

Parent Company Only Statement of Financial Condition (In U.S. dollars) OANDA CORPORATION. Year ended December 31, 2015

Parent Company Only Statement of Financial Condition (In U.S. dollars) OANDA CORPORATION. Year ended December 31, 2015 Parent Company Only Statement of Financial Condition OANDA CORPORATION KPMG LLP Telephone (416) 777-8500 Chartered Professional Accountants Fax (416) 777-8818 Bay Adelaide Centre Internet www.kpmg.ca 333

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

PERMANENT HEALTH FUND FINANCIAL STATEMENTS

PERMANENT HEALTH FUND FINANCIAL STATEMENTS FINANCIAL STATEMENTS Years Ended August 31, 2001 and 2000 Deloitte & Touche LLP Suite 2300 333 Clay Street Houston, Texas 77002-4196 Tel: (713) 982-2000 Fax: (713) 982-2001 www.us.deloitte.com INDEPENDENT

More information

INTERACTIVE BROKERS CANADA INC. (a wholly-owned subsidiary of Interactive Brokers Group LLC)

INTERACTIVE BROKERS CANADA INC. (a wholly-owned subsidiary of Interactive Brokers Group LLC) Financial statements of INTERACTIVE BROKERS CANADA INC. (a wholly-owned subsidiary of Interactive Brokers Group LLC) December 31, 2002 Table of contents Auditors report...1 Statement of loss and deficit...2

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

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

(unaudited expressed in Canadian Dollars)

(unaudited expressed in Canadian Dollars) Condensed Consolidated Interim Financial Statements of CARGOJET INC. For the three month periods ended (unaudited expressed in Canadian Dollars) This page intentionally left blank Condensed Consolidated

More information

ASSOCIATION OF FUNDRAISING PROFESSIONALS GREATER TORONTO CHAPTER

ASSOCIATION OF FUNDRAISING PROFESSIONALS GREATER TORONTO CHAPTER Financial Statements of ASSOCIATION OF FUNDRAISING PROFESSIONALS INDEPENDENT AUDITORS' REPORT To the Members of ASSOCIATION OF FUNDRAISING PROFESSIONALS We have audited the accompanying financial statements

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

Consolidated financial statements

Consolidated financial statements Consolidated financial statements 88 Financial reporting responsibility 89 Independent auditors report of registered public accounting firm to shareholders 91 Consolidated balance sheet 92 Consolidated

More information