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

Size: px
Start display at page:

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

Transcription

1 Financial Statements For the year ended

2 Financial Statements For the year ended Table of Contents Page Independent Auditor's Report 2 Statement of Financial Position 3 Statement of Comprehensive Income 4 Statement of Members Surplus 5 Statement of Cash Flows 6 Notes to the Financial Statements 1. Nature of operations and summary of significant accounting policies 7 2. Critical accounting estimates and judgements Financial instrument classification Investments Property, plant & equipment and intangible assets Insurance contracts Other provisions and contingent liabilities Pension plans Income taxes Gross claims and adjustment expenses Fees, commissions and other acquisition expenses Other operating and administrative expenses Salaries, benefits and directors fees Investment and other income Related party transactions Capital management Financial instrument and insurance risk management 32

3 Tel: Fax: BDO Canada LLP 94 Graham Street Woodstock Ontario N4S 6J7 Canada Independent Auditor s Report To the Policyholders of THE YARMOUTH MUTUAL FIRE INSURANCE COMPANY We have audited the accompanying financial statements of THE YARMOUTH MUTUAL FIRE INSURANCE COMPANY, which comprise the statement of financial position as at, and the statements of comprehensive income, members' surplus and cash flows for the years ended December 31, 2014, 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 International Financial Reporting Standards, 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. Auditor s Responsibility Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit 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 auditor s judgement, 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 auditor considers 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 audit 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 YARMOUTH MUTUAL FIRE INSURANCE COMPANY as at, and the results of its operations and its cash flows for the year then ended in accordance with International Financial Reporting Standards. Chartered Professional Accountants, Licensed Public Accountants Woodstock, Ontario February 17, BDO Canada LLP, a Canadian limited liability partnership, is a member of BDO International Limited, a UK company limited by guarantee, and forms part of the international BDO network of independent member firms.

4 Statement of Financial Position As at December Assets Cash $ 1,995,108 $ 2,924,963 Investments (Note 4) 13,016,286 12,172,902 Investment income accrued 85,297 89,742 Income taxes recoverable 186,943 72,036 Due from policyholders 2,732,577 2,623,666 Reinsurer's share of provision for unpaid claims (Note 6) 4,787,695 3,187,243 Deferred policy acquisition expenses (Note 6) 561, ,950 Property, plant & equipment (Note 5) 954, ,919 Deferred income taxes (Note 9) 54,940 48,960 Other assets 196, ,664 Liabilities $ 24,570,719 $ 22,822,045 Accounts payable and accrued liabilities $ 335,550 $ 562,755 Unearned premiums (Note 6) 4,381,305 4,534,119 Provision for unpaid claims (Note 6) 8,571,723 5,907,184 Members' Surplus 13,288,578 11,004,058 Unappropriated members' surplus 10,144,705 11,054,556 Accumulated other comprehensive income 1,137, ,431 11,282,141 11,817,987 $ 24,570,719 $ 22,822,045 Signed on behalf of the Board by:, Director, Director The accompanying notes are an integral part of these financial statements. 3

5 Statement of Comprehensive Income For the year ended December Underwriting income Gross premiums written $ 8,827,738 $ 9,148,564 Less reinsurance ceded 2,547,698 2,458,637 Net premiums written 6,280,040 6,689,927 Less change in unearned premiums (152,814) 138,665 Net premiums earned 6,432,854 6,551,262 Service charge income 163, ,694 6,596,211 6,727,956 Direct losses incurred Gross claims and adjustment expenses (Note 10) 9,117,043 4,140,400 Less reinsurer's share of claims and adjustment expenses 3,585, ,672 5,531,221 3,548,728 1,064,990 3,179,228 Expenses Fees, commissions and other acquisition expenses (Note 11) 1,328,577 1,405,802 Other operating and administrative expenses (Note 12) 1,461,725 1,590,334 2,790,302 2,996,136 Net underwriting (loss) income before refund (1,725,312) 183,092 Refund of premium from reinsurer - 130,101 Net underwriting (loss) income (1,725,312) 313,193 Investment and other income (Note 14) 557, ,199 (Loss) income before taxes (1,167,743) 788,392 Provision for income taxes (Note 9) (257,892) 148,432 Net (loss) income (909,851) 639,960 Other comprehensive income (net of tax) Change in unrealized gains / (losses) on available-for-sale investments 459,433 (42,847) Reclassification of realized (gains) / losses on available-for-sale investments (85,428) (19,733) Total other comprehensive income (net of tax) 374,005 (62,580) Total comprehensive (loss) income for the year $ (535,846) $ 577,380 The accompanying notes are an integral part of these financial statements. 4

6 Statement of Members' Surplus Accumulated Unappropriated Other Members Comprehensive Surplus Income Total Balance at January 1, 2013 $ 10,414,596 $ 826,011 $ 11,240,607 Net income 639, ,960 Change in unrealized gains / (losses) on available-for-sale investments - (42,847) (42,847) Reclassification of realized (gains) / losses on available-for-sale investments - (19,733) (19,733) Balance on December 31, 2013 $ 11,054,556 $ 763,431 $ 11,817,987 Net loss (909,851) - (909,851) Change in unrealized gains / (losses) on available-for-sale investments - 459, ,433 Reclassification of realized (gains) / losses on available-for-sale investments - (85,428) (85,428) Balance on $10,144,705 $1,137,436 $11,282,141 The accompanying notes are an integral part of these financial statements. 5

7 Statement of Cash Flows For the year ended December Operating activities Net (loss) income $ (909,851) $ 639,960 Adjustments for: Depreciation 74,652 67,307 Interest and dividend income (453,070) (423,565) Provision for income taxes (257,892) 148,432 Realized gain from disposal of investments (120,722) (68,943) (1,666,883) 363,191 Changes in working capital Change in due from policyholders (108,911) (127,181) Change in other assets (41,660) 7,623 Change in accounts payable and other liabilities (210,117) (27,719) (360,688) (147,277) Changes in insurance contract related balances Change in reinsurer's share of provision for unpaid claims (1,600,452) 334,466 Change in deferred policy acquisition expenses 18,643 (31,670) Change in unearned premiums (152,814) 138,665 Change in provision for unpaid claims 2,664,539 20, , ,293 Cash flows related to interest, dividends and income taxes Interest and dividends received 457, ,421 Income taxes paid 72,057 (267,334) 529, ,087 Total cash (outflows) inflows from operating activities (568,083) 833,294 Investing activities Sale of investments 2,325,373 1,254,992 Purchase of investments (2,626,169) (2,052,317) Purchase of property plant & equipment (60,976) (30,409) Total cash outflows from investing activities (361,772) (827,734) Net (decrease) increase in cash and cash equivalents (929,855) 5,560 Cash and cash equivalents, beginning of year 2,924,963 2,919,403 Cash and cash equivalents, end of year $ 1,995,108 $ 2,924,963 The accompanying notes are an integral part of these financial statements. 6

8 1. Nature of operations and summary of significant accounting policies Reporting entity THE YARMOUTH MUTUAL FIRE INSURANCE COMPANY (the Company) is incorporated under the laws of Ontario and is subject to the Ontario Insurance Act. It is licensed to write property, liability and automobile insurance in Ontario. The Company's head office is located at 1229 Talbot Street in St. Thomas, Ontario. The Company is subject to rate regulation in the automobile business that it writes. Before automobile insurance rates can be changed, a combined rate filing is prepared for most Ontario Farm Mutual Insurance Companies by the Farm Mutual Reinsurance Plan Inc. The rate filing must include actuarial justification for rate increases or decreases. All rate filings are approved or denied by the Financial Services Commission of Ontario. Rate regulation may affect the automobile revenues that are earned by the Company. The actual impact of rate regulation would depend on the competitive environment at the time. These financial statements have been authorized for issue by the Board of Directors on February 17, Basis of presentation These financial statements have been prepared in accordance with International Financial Reporting Standards (IFRS) as issued by the International Accounting Standards Board (the IASB). These financial statements were prepared under the historical cost convention, as modified by the revaluation of available-for-sale financial assets. The financial statements are presented in Canadian dollars ("CDN"), which is also the Company s functional currency. The preparation of financial statements in compliance with IFRS requires management to make certain critical accounting estimates. It also requires management to exercise judgement in applying the Company s accounting policies. The areas involving a higher degree of judgement of complexity, or areas where assumptions and estimates are significant to the financial statements are disclosed in Note 2. 7

9 1. Nature of operations and summary of significant accounting policies (cont'd) Significant accounting policies Insurance contracts Balances arising from insurance contracts include the following: (a) Premiums and unearned premiums Premiums written comprise the premiums on contracts incepting in the financial year. Premiums written are stated gross of commissions payable to agents and brokers and exclusive of taxes levied on premiums. The Company earns premium income evenly over the term of the insurance policy generally using the pro rata method. The portion of the premium related to the unexpired portion of the policy at the end of the fiscal year is reflected in unearned premiums. (b) Deferred policy acquisition expenses Acquisition costs are comprised of agents' and brokers' commissions. These costs are deferred and amortized over the terms of the related policies to the extent that they are considered to be recoverable from unearned premiums, after considering the related anticipated claims and expenses. (c) Provisions for unpaid claims and adjustment expenses Individual loss estimates are provided on each claim reported. In addition, provisions are made for adjustment expenses, changes in reported claims and for claims incurred but not reported, based on past experience and business in force. The estimates are regularly reviewed and updated, and any resulting adjustments are included in current income. Claim liabilities not including Facility Association and other pools are carried on an undiscounted basis. (d) Liability adequacy test At each reporting date the Company performs a liability adequacy test on its insurance liabilities less deferred policy acquisition expenses to ensure the carrying value is adequate, using current estimates of future cash flows, taking into account the relevant investment return. If that assessment shows that the carrying amount of the liabilities is inadequate, any deficiency is recognized as an expense initially by writing off the deferred policy acquisition expense and subsequently by recognizing any additional claims liability for claims provisions. 8

10 1. Nature of operations and summary of significant accounting policies (cont'd) (e) Reinsurer's share of provisions for unpaid claims and adjustment expenses The Company enters into reinsurance contracts in the normal course of business in order to limit potential losses arising from certain exposures. Reinsurance premiums are accounted for in the same period as the related premiums for the direct insurance business being reinsured. Reinsurance liabilities, comprised of premiums payable for the purchase of reinsurance contracts, are included in accounts payable and accrued liabilities and are recognized as an expense when due. Expected reinsurance recoveries on unpaid claims and adjustment expenses are recognized as assets at the same time and using principles consistent with the Company's method for establishing the related liability. (f) Salvage and subrogation recoverable In the normal course of business, the Company obtains the ownership of damaged property, which they resell to various salvage operations. Unsold property is valued at its estimated net realizable value. Where the Company indemnifies policyholders against a liability claim, it acquires rights to subrogate its claim against other parties. Structured settlements, Fire Mutuals Guarantee Fund and financial guarantee contracts The Company enters into annuity agreements with various life insurance companies to provide for fixed and recurring payments to claimants. Under such arrangements, the Company s liability to its claimants is substantially transferred, although the Company remains exposed to the credit risk that life insurers will fail to fulfil their obligations. The Company is a member of the Fire Mutuals Guarantee Fund ("the Fund"). The Fund was established to provide payment of outstanding policyholders' claims if a member company becomes bankrupt. As a result, the Company may be required to contribute assets to their proportionate share in meeting this objective. The Company is a member of the Farm Mutual Reinsurance Plan Inc. ("the Plan"), which is a general reinsurer that shares in the insurance risks originally accepted by member insurance companies. As a member of the Plan, the Company may be required to contribute additional capital to the Plan in the form of subordinated debt should the Plan's capital fall below a prescribed minimum. These exposures represent financial guarantee contracts. The Company accounts for financial guarantee contracts in accordance with IFRS 4, Insurance Contracts. 9

11 1. Nature of operations and summary of significant accounting policies (cont'd) Cash and Cash Equivalents Cash and cash equivalents includes cash on hand, deposits at call with banks, other short-term highly liquid investments with original maturities of three months or less. For cash flow statement presentation purposes, cash and cash equivalents includes bank overdrafts. Financial instruments The Company classifies its financial instruments into one of the following categories based on the purpose for which the asset was acquired or liability incurred. All transactions related to financial instruments are recorded on a trade date basis. The Company's accounting policy for each category is as follows: Designated fair value through profit and loss The Company does not have any instruments that are held for trading purposes. However, management has designated to voluntarily classify its cash and cash equivalents as fair value through profit and loss. These instruments are carried at fair value with changes in fair value recognized in net income. Loans and receivables These assets are non-derivative financial assets with fixed or determinable payments that are not quoted in an active market. They are initially recognized at fair value plus transaction costs that are directly attributable to their acquisition or issue and subsequently carried at amortized cost, using the effective interest rate method, less any impairment losses. Impairment provisions are recognized when there is objective evidence (such as significant financial difficulties on the part of the counterparty or default or significant delay in payment) that the Company will be unable to collect all of the amounts due under the terms receivable, the amount of such a provision being the difference between the net carrying amount and the present value of the future expected cash flows associated with the impaired receivable. For amounts due from policyholders and the reinsurer, which are reported net, such provisions are recorded in a separate allowance account with the loss being recognized in net income. On confirmation that the amounts receivable will not be collectable, the gross carrying value of the asset is written off against the associated provision. Available-for-sale investments Financial assets that do not meet the definition of loans and receivables are classified as available-for-sale and comprise investments in equity instruments and debt securities. These instruments are initially recognized at fair value plus transaction costs that are directly attributable to their acquisition. Subsequently they are carried at fair value, unless they do not have a quoted market price in an active market and fair value is not reliably determinable. When they do not have a quoted market price in an active market and fair value is not reliably determinable, they are carried at cost. 10

12 1. Nature of operations and summary of significant accounting policies (cont'd) Changes in fair value are recognized as a separate component of other comprehensive income. Where there is a significant or prolonged decline in the fair value of an available-for-sale financial asset, which constitutes objective evidence of impairment, the full amount of the impairment, including any amount previously recognized in other comprehensive income, is recognized in net income. Purchases and sales of equity instruments are recognized on settlement date with any change in fair value between trade date and settlement date being recognized in accumulated other comprehensive income. On sale, the amount held in accumulated other comprehensive income associated with that asset is removed from members' surplus and recognized in net income. Interest on debt securities classified as available-for-sale is calculated using the effective interest method and is included in net income. Other financial liabilities Other financial liabilities include all financial liabilities and comprise accounts payables and accrued liabilities, and other short-term monetary liabilities. These liabilities are initially recognized at fair value net of any transaction costs directly attributable to the issuance of the instrument and subsequently carried at amortized cost using the effective interest rate method, which ensures that any interest expense over the period to repayment is at a constant rate on the balance of the liability carried in the statement of financial position. Interest expense in this context includes initial transaction costs and premiums payable on redemption, as well as any interest or coupon payable while the liability is outstanding. Property, plant & equipment Property, plant & equipment is initially recorded at cost and subsequently measured at cost less accumulated depreciation and accumulated impairment losses, with the exception of land which is not depreciated. Depreciation is recognized in other operating and administrative expenses in the statement of comprehensive income and is provided for using the following rates and methods: Building Computer hardware Furniture and fixtures 4% straight-line 20% straight-line 20% declining balance Depreciation methods, useful lives and residual values are reviewed annually and adjusted if necessary. Intangible assets Intangible assets consist of computer software which is not integral to the computer hardware owned by the Company. Software is initially recorded at cost and subsequently measured at cost less accumulated depreciation and accumulated impairment losses. Software is amortized on a 50% straight-line basis. 11

13 1. Nature of operations and summary of significant accounting policies (cont'd) Impairment of non-financial assets Non-financial assets are subject to impairment tests whenever events or changes in circumstances indicate that their carrying amount may not be recoverable. Where the carrying value of an asset exceeds its recoverable amount, which is the higher of value in use and fair value less costs to sell, the asset is written down accordingly. For the purpose of assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset. Where it is not possible to estimate the recoverable amount of an individual asset, the impairment test is carried out on the asset's cash-generating unit, which is the lowest group of assets in which the asset belongs for which there are separately identifiable cash flows. Impairment charges are included in net income, except to the extent they reverse gains previously recognized in other comprehensive income. Income taxes Income tax expense includes current and deferred tax. Current tax and deferred tax are recognized in net income except to the extent that it relates to a business combination, or items recognized directly in unappropriated members' surplus or in other comprehensive income. Current income taxes are recognized for the estimated income taxes payable or receivable on taxable income or loss for the current year and any adjustment to income taxes payable in respect of previous years. Current income taxes are determined using tax rates and tax laws that have been enacted or substantively enacted by the year-end date. Deferred tax assets and liabilities are recognized where the carrying amount of an asset or liability differs from its tax base, except for taxable temporary differences arising on the initial recognition of goodwill and temporary differences arising on the initial recognition of an asset or liability in a transaction which is not a business combination and at the time of the transaction affects neither accounting or taxable profit or loss. Recognition of deferred tax assets for unused tax losses, tax credits and deductible temporary differences is restricted to those instances where it is probable that future taxable profit will be available against which the deferred tax asset can be utilized. Deferred tax assets are reviewed at each reporting date and are reduced to the extent that it is no longer probable that the related tax benefit will be realized. The amount of the deferred tax asset or liability is measured at the amount expected to be recovered from or paid to the taxation authorities. This amount is determined using tax rates and tax laws that have been enacted or substantively enacted by the year-end date and are expected to apply when the liabilities are settled or assets are recovered. 12

14 1. Nature of operations and summary of significant accounting policies (cont'd) Pension plans The Company participates in a defined benefit pension plan and a defined contribution pension plan, however, sufficient information is not available to use defined benefit accounting for the defined benefit plan. Therefore, the Company accounts for this plan as if it were a defined contribution plan, recognizing contributions as an expense in the year to which they relate. Provisions Provisions are recognized for liabilities of uncertain timing or amounts that have arisen as a result of past transactions, including legal, equitable or constructive obligations. The provision is measured at the best estimate of the expenditure required to settle the obligation at the reporting date. Leased assets Where substantially all of the risks and rewards incidental to ownership of a leased asset have been transferred to the Company (a "finance lease"), the asset is treated as if it had been purchased outright. The amount initially recognized as an asset is the lower of the fair value of the leased property and the present value of the minimum lease payments payable over the term of the lease. The corresponding lease commitment is shown as a liability. Lease payments are analyzed between capital and interest. The interest element is charged to the statement of comprehensive income over the period of the lease and is calculated so that it represents a constant proportion of the lease liability. The capital element reduces the balance owed to the lessor. Where substantially all of the risks and rewards incidental to ownership are not transferred to the Company (an "operating lease"), the total rentals payable under the lease are charged to the statement of comprehensive income on a straight-line basis over the lease term. The aggregate benefit of lease incentives is recognized as a reduction of the rental expense over the lease term on a straight-line basis. Fair value measurement Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Fair value measurements for invested assets are categorized into levels within a fair value hierarchy based on the nature of valuation inputs (Level 1, 2 or 3). The fair value of other financial assets and financial liabilities is considered to be the carrying value when they are of short duration or when the instrument's interest rate approximates current observable market rates. New standards, interpretations and amendments effective from January 1, 2014 There were no new standards, interpretations and amendments, effective for the first time from January 1, 2014 that have had a material effect on the financial statements. 13

15 1. Nature of operations and summary of significant accounting policies (cont'd) New standards, interpretations and amendments not yet effective At the date of authorization of these financial statements, certain new standards, amendments and interpretations to existing standards have been published by the IASB but are not yet effective, and have not been early adopted by the Company. Information on new standards, amendments and interpretations that are expected to be relevant to the Company s financial statements is provided below. Certain other new standards, amendments, and interpretations have been issued but are not expected to have a material impact on the Company s financial statements. IFRS 9 Financial Instruments IFRS 9 amends the requirements for classification and measurement of financial assets, impairment, and hedge accounting. IFRS 9 introduces an expected loss model of impairment and retains but simplifies the mixed measurement model and establishes three primary measurement categories for financial assets: amortized cost, fair value through profit or loss, and fair value through other comprehensive income. The basis of classification depends on the entity's business model and the contractual cash flow characteristics of the financial asset. The effective date for IFRS 9 is January 1, The Company is in the process of evaluating the impact of the new standard. IFRS 15 Revenue from Contracts with Customers IFRS 15 is based on the core principle to recognize revenue to depict the transfer of goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. IFRS 15 focuses on the transfer of control. IFRS 15 replaces all of the revenue guidance that previously existed in IFRSs. The effective date for IFRS 15 is January 1, The Company is in the process of evaluating the impact of the new standard. Amendments to IAS 1 Presentation of Financial Statements The amendments to IAS 1 are a part of a major initiative to improve disclosure requirements in IFRS financial statements. The amendments clarify the application of materiality to note disclosure and the presentation of line items in the primary statements provide options on the ordering of financial statements and additional guidance on the presentation of other comprehensive income related to equity accounted investments. The effective date for these amendments is January 1, The Company is in the process of evaluating the impact of these amendments. Amendments to IAS 19 Defined Benefit Plans Employee Contributions has been amended to clarify how an entity should account for contributions made by employees or third parties to defined benefit plans, based on whether those contributions are dependent on the number of years of service provided by the employee. The amendments are effective for annual periods beginning on or after July 1, The amendments are not expected to have a material impact on the Company's financial statements. 14

16 2. Critical accounting estimates and judgements The Company makes estimates and assumptions about the future that affect the reported amounts of assets and liabilities. Estimates and judgements are continually evaluated and based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. In the future, actual experience may differ from these estimates and assumptions. Estimates The effect of a change in an accounting estimate is recognized prospectively by including it in net income in the period of the change. The estimates and assumptions that have a significant risk of causing material adjustment to the carrying amounts of assets and liabilities within the next financial year are discussed below. Provision for unpaid claims The estimation of the provision for unpaid claims and the related reinsurer's share are the Company s most critical accounting estimates. There are several sources of uncertainty that need to be considered by the Company in estimating the amount that will ultimately be paid on these claims. The uncertainty arises because all events affecting the ultimate settlement of claims have not taken place and may not take place for some time. Changes in the estimate of the provision can be caused by receipt of additional claim information, changes in judicial interpretation of contracts, or significant changes in severity or frequency of claims from historical trends. The estimates are based on the Company's historical experience and industry experience. More details are included in Note 6. Income taxes The Company periodically assesses its liabilities and contingencies related to income taxes for all years open to audit based on the latest information available. For matters where it is probable that an adjustment will be made, the Company records its best estimate of the tax liability including the related interest and penalties in the current tax provision. Management believes they have adequately provided for the probable outcome of these matters; however, the final outcome may result in a materially different outcome than the amount included in the tax liabilities. Judgements Impairment of available-for-sale investments The Company determines that available-for-sale investments are impaired when there has been a significant or prolonged decline in fair value below its cost. The determination of what is significant or prolonged requires judgement. In making this judgement the Company considers among other factors, the normal volatility in market price, the financial health of the investee and industry and sector performance. Had the Company considered all declines in fair value to be significant or prolonged, the Company would have suffered additional losses of $146,112 in its 2014 financial statements. 15

17 3. Financial instrument classification The carrying amount of the Company's financial instruments by classification is as follows: Fair value through Other profit and Available- Loans and financial loss for-sale receivables liabilities Total Cash $ 1,995,108 $ - $ - $ - $ 1,995,108 Investments - 13,016, ,016,286 Investment income accrued ,297-85,297 Due from policyholders - - 2,732,577-2,732,577 Accounts payable and accrued liabilities (335,550) (335,550) $ 1,995,108 $13,016,286 $ 2,817,874 $ (335,550) $17,493,718 December 31, 2013 Cash $ 2,924,963 $ - $ - $ - $ 2,924,963 Investments - 12,172, ,172,902 Investment income accrued ,742-89,742 Due from policyholders - - 2,623,666-2,623,666 Accounts payable and accrued liabilities (562,755) (562,755) $ 2,924,963 $ 12,172,902 $ 2,713,408 $ (562,755) $ 17,248,518 16

18 4. Investments The following table provides cost and fair value information of investments by type of security and issuer. The maximum exposure to credit risk would be the fair value as shown below. December 31, 2013 Fair Fair Cost value Cost value GICs $ 600,000 $ 600,000 $ - $ - Bonds issued by Federal 293, ,419 1,103,544 1,091,827 Provincial 3,298,296 3,560,808 3,319,907 3,502,674 Municipal 74,488 74, , ,218 Corporate A or better 4,431,844 4,559,545 4,006,743 4,098,125 8,098,143 8,490,260 8,534,412 8,796,844 Equity investments Canadian 2,038,619 2,939,882 1,811,193 2,476,909 Farm mutual pooled funds Canadian fixed income 462, , , ,293 Canadian equity 357, , , , , , , ,728 Other investments Fire Mutuals Guarantee Fund 19,706 19,866 19,264 19,421 Total investments $11,576,511 $13,016,286 $ 11,154,994 $ 12,172,902 17

19 4. Investments (cont d) The following table provides an analysis of investments that are measured subsequent to initial recognition at fair value, grouped into Levels 1 to 3 based on the degree to which the fair value is observable: - Level 1 fair value measurements are those derived from quoted prices (unadjusted) in active markets for identical assets or liabilities using the last bid price; - Level 2 fair value measurements are those derived from inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly (i.e. as prices) or indirectly (i.e. derived from prices); and - Level 3 fair value measurements are those derived from valuation techniques that include inputs for the asset or liability that are not based on observable market data (unobservable inputs). Level 1 Level 2 Level 3 Total GICs $ 600,000 $ - $ - $ 600,000 Bonds 8,490, ,490,260 Equities 2,939, ,939,882 Farm mutual pooled funds - 966, ,278 Other investments - 19,866-19,866 Total $12,030,142 $ 986,144 $ - $13,016,286 December 31, 2013 Bonds $ 8,796,844 $ - $ - $ 8,796,844 Equities 2,476, ,476,909 Farm mutual pooled funds - 879, ,728 Other investments - 19,421-19,421 Total $ 11,273,753 $ 899,149 $ - $ 12,172,902 There were no transfers between Level 1 and Level 2 for the years ended December 31, 2013 and

20 4. Investments (cont d) Maturity profile of available for sale debt securities held is as follows: Within 2 to 5 6 to 10 Over 10 Fair 1 year years years years value GICs $ - $ 600,000 $ - $ - $ 600,000 Bonds 103,869 3,576,835 4,809,556-8,490,260 $ 103,869 $4,176,835 $4,809,556 $ - $9,090,260 Percent of Total 1 % 46 % 53 % - % December 31, 2013 Bonds $ 687,636 $ 3,235,628 $ 4,873,580 $ - $ 8,796,844 Percent of Total 8 % 37 % 55 % - % The effective interest rate of the debt securities held is 3.58% ( %) 19

21 Notes to Financial Statement 5. Property, plant & equipment and intangible assets Intangible Property, plant and equipment assets Furniture Computer and Computer Land Building hardware fixtures Total software Cost Balance - January 1, 2013 $ 100,000 $ 1,207,825 $ 199,186 $ 175,589 $ 1,682,600 $ 77,297 Additions - 9,522 3,640 17,247 30,409 - Balance - December 31, 2013 $ 100,000 $ 1,217,347 $ 202,826 $ 192,836 $ 1,713,009 $ 77,297 Additions - 9,995 41,721 9,260 60,976 - Balance - $ 100,000 $ 1,227,342 $ 244,547 $ 202,096 $ 1,773,985 $ 77,297 Accumulated depreciation Balance - January 1, 2013 $ - $ 356,075 $ 182,227 $ 139,481 $ 677,783 $ 77,297 Depreciation expense 48,681 7,955 10,671 67,307 - Balance - December 31, 2013 $ - $ 404,756 $ 190,182 $ 150,152 $ 745,090 $ 77,297 Depreciation expense 49,094 15,170 10,389 74,653 - Balance - $ - $ 453,850 $ 205,352 $ 160,541 $ 819,743 $ 77,297 Net book value December 31, 2013 $ 100,000 $ 812,591 $ 12,644 $ 42,684 $ 967,919 $ - $ 100,000 $ 773,492 $ 39,195 $ 41,555 $ 954,242 $ - 20

22 6. Insurance contracts Reinsurer's share of provision for unpaid claims Balance, beginning of the year $ 3,187,243 $ 3,521,709 New claims reserve 663,581 48,240 Change in prior year's reserve 3,112, ,432 Submitted to reinsurer (2,175,531) (926,138) Balance, end of the year $ 4,787,695 $ 3,187,243 Expected settlement Within one year $ 664,739 $ 319,125 More than one year $ 4,122,956 $ 2,868,118 Deferred policy acquisition expenses Balance, beginning of the year $ 579,950 $ 548,280 Acquisition costs incurred 1,309,934 1,437,472 Expensed during the year (Note 11) (1,328,577) (1,405,802) Balance, end of the year $ 561,307 $ 579,950 Deferred policy acquisition expenses will be recognized as an expense within one year. Unearned premiums Balance, beginning of the year $ 4,534,119 $ 4,395,454 Premiums written 8,827,738 9,148,564 Premiums earned during year (8,980,552) (9,009,899) Balance, end of the year $ 4,381,305 $ 4,534,119 21

23 Notes to Financial Statement 6. Insurance contracts (cont d) The following is a summary of the insurance contract provisions and related reinsurance assets. December 31, 2013 Gross Reinsurance Net Gross Reinsurance Net Outstanding claims provision Long term $ 3,234,079 $ 1,817,956 $ 1,416,123 $ 1,124,095 $ 563,118 $ 560,977 Short term 1,843, ,739 1,178,507 1,285, , ,718 Facility Association and other pools 344, , , ,246 5,421,723 2,482,695 2,939,028 2,757, ,243 1,874,941 Provision for claims incurred but not reported 3,150,000 2,305, ,000 3,150,000 2,305, ,000 $ 8,571,723 $ 4,787,695 $ 3,784,028 $ 5,907,184 $ 3,187,243 $ 2,719,941 22

24 6. Insurance contracts (cont d) Comments and assumptions for specific claims categories The Company must participate in industry automobile residual pools of business, and recognizes a share of this business based on its automobile market share. The Company records its share of the liabilities provided by the actuaries of the pools. Claims and adjustment expenses Changes in claim liabilities recorded in the balance sheet for the years ended and 2013 and their impact on claims and adjustment expenses for the two years follow: Unpaid claims - beginning of year net of reinsurance $ 2,719,941 $ 2,364,643 Increase in estimated losses and expenses, for losses occurring in prior years 1,233, ,458 Provision for losses and expenses on claims occurring in the current year 3,927,922 2,250,876 Payment on claims: Current year (2,400,164) (1,821,108) Prior years (1,696,988) (961,928) Unpaid claims end of year - net of reinsurance 3,784,028 2,719,941 Reinsurer s share 4,787,695 3,187,243 $ 8,571,723 $ 5,907,184 The change in estimate of losses occurring in prior years is due to changes arising from new information received. 23

25 6. Insurance contracts (cont d) Provision for unpaid claims and adjustment expenses The determination of the provision for unpaid claims and adjustment expenses and the related reinsurer's share requires the estimation of certain variables which include the development of claims and reinsurance recoveries. Claim development The estimation of claim development involves assessing the future behaviour of claims, taking into consideration the consistency of the Company's claim handling procedures, the amount of information available, the characteristics of the line of business from which the claim arises and historical delays in reporting claims. In general, the longer the term required for the settlement of a group of claims the more variable the estimates. Short settlement term claims are those which are expected to be substantially paid within a year of being reported. The tables that follow present the development of claims payments and the estimated ultimate cost of claims for the claim year 2007 to The tables show the cumulative amounts paid or estimated to be paid during successive years related to each claim year. The original estimates will be increased or decreased, as more information becomes known about the original claims and overall claim frequency and severity. In 2011, the year of adoption of IFRS, only information from periods beginning on or after January 1, 2007 was required to be disclosed. This is being increased in each subsequent year, until ten years of information is included. 24

26 Notes to Financial Statement 6. Insurance contracts (cont d) Gross claims Total Gross estimate of cumulative claims cost At the end year of claim $ 3,009,670 $ 2,490,689 $ 2,219,802 $ 2,507,177 $ 2,704,787 $ 2,245,049 $ 2,299,116 $ 4,591,503 One year later 3,473,693 2,203,507 2,521,575 2,644,336 2,992,276 3,218,263 3,303,750 Two years later 3,971,105 2,648,755 2,441,559 2,529,476 3,341,661 4,048,629 Three years later 4,573,301 3,034,679 2,737,905 2,690,234 4,995,129 Four years later 4,526,685 3,530,779 2,853,068 3,218,369 Five years later 5,680,072 3,268,388 3,117,307 Six years later 5,691,699 3,251,022 Seven years later 5,691,699 Current estimate of cumulative claims cost 5,691,699 3,251,022 3,117,307 3,218,369 4,995,129 4,048,629 3,303,750 4,591,503 32,217,408 Cumulative payments 5,691,699 3,251,022 2,982,198 3,176,788 3,974,261 3,436,516 2,227,435 2,400,164 27,140,083 Outstanding claims $ - $ - $ 135,109 $ 41,581 $ 1,020,868 $ 612,113 $ 1,076,315 $ 2,191,339 5,077,325 Facility reserves and all other residual pools 344,398 Incurred but not reported 3,150,000 Total gross outstanding claims and claims handling expense $ 8,571,723 Net of Reinsurance Total Net estimate of cumulative claims cost At the end year of claim $ 2,047,281 $ 2,419,605 $ 1,871,011 $ 2,400,180 $ 2,612,394 $ 2,236,049 $ 2,250,876 $ 3,927,922 One year later 2,119,067 2,039,243 1,982,036 2,468,555 2,884,574 2,908,826 2,680,848 Two years later 2,231,607 2,169,391 1,881,320 2,413,110 3,042,678 3,318,900 Three years later 2,247,862 2,312,260 1,962,882 2,420,046 3,250,042 Four years later 2,243,230 2,362,684 2,000,860 2,505,741 Five years later 2,302,198 2,340,280 2,026,985 Six years later 2,253,131 2,322,914 Seven years later 2,253,131 Current estimate of cumulative claims cost 2,253,131 2,322,914 2,026,985 2,505,741 3,250,042 3,318,900 2,680,848 3,927,922 22,286,483 Cumulative payments 2,253,131 2,322,914 1,986,910 2,464,160 2,992,658 3,094,521 2,177,395 2,400,164 19,691,853 Outstanding claims $ - $ - $ 40,075 $ 41,581 $ 257,384 $ 224,379 $ 503,453 $ 1,527,758 2,594,630 Facility reserves and all other residual pools 344,398 Incurred but not reported 845,000 Total net outstanding claims and claims handling expense $ 3,784,028 25

27 7. Other provisions and contingent liabilities In common with the insurance industry in general, the Company is subject to litigation arising in the normal course of conducting its insurance business which is taken into account in establishing the provision for unpaid claims and adjustment expenses. There are no outstanding provisions in the current year related to litigation arising outside the normal course of the Company's insurance business. 8. Pension Plans The Company makes contributions to the Ontario Mutual Insurance Association (OMIA) Pension Plan. The pension plan is accounted for as a multi-employer pension plan as defined by IAS 19 Employee Benefits. Eligible employees participate in the defined benefit plan. The defined benefit plan specifies the amount of the retirement benefit to be received by the employee based on the number of years the employee has contributed and the employees final average earnings. Under the terms of the OMIA Pension Plan, the Company is liable for the obligations of other companies participating in the pension should they be unable to satisfy their respective funding requirements. The Company is one of a number of employers who have pooled the assets and liabilities of the pension plan to take advantage of economies of scale in making investment decisions and in minimizing expenses. The information to account for the plan as a defined benefit plan is not readily available for each company to determine its share of the assets and liabilities of the plan. In the event of a wind-up or withdrawal from the plan, the Company is responsible for its portion of the deficit and all expenses as determined by the plan actuary. The amount contributed to the plan for 2014 was $124,018 ( $95,216). The contributions were made for current service and these have been recognized in net income. The current service amount is determined by the plan actuary using the projected accrued benefit actuarial cost method. The Company had a 2.25% ( %) share of the total contributions to the plan in Expected contributions to the plan for the next annual reporting period amount to $132,477. The defined benefit pension plan was closed to future eligible employees effective July 1, The Company and all current employees who are accruing benefits under the defined benefit plan will continue to contribute to the defined benefit plan according to the existing terms of the agreement. Future eligible employees will become part of the defined contribution plan. 26

28 9. Income taxes The significant components of tax expense included in net income are composed of: Current tax expense Based on current year taxable income $ - $ 135,712 Loss carry-back (203,343) - Adjustments for over provision in prior periods (709) - (204,052) 135,712 Deferred tax expense Origination and reversal of temporary differences (53,840) 12,720 Total income tax (recovery) expense $ (257,892) $ 148,432 The significant components of the tax effect of the amounts recognized in other comprehensive income are composed of: Deferred tax Change in unrealized (gains) / losses on availablefor-sale investments $ 58,767 $ 14,290 Reclassification of realized gains / (losses) on available-for-sale investments (10,907) 6,570 Total tax affect of amounts recorded in other comprehensive income $ 47,860 $ 20,860 27

29 9. Income taxes (cont'd) Reasons for the difference between tax expense for the year and the expected income taxes based on the statutory tax rate of 26.5% are as follows: Income before taxes $ (1,167,743) $ 788,392 Expected taxes based on the statutory rate of 26.5% ( %) (309,452) 208,924 Small business deduction - (45,684) Income from dividends (23,036) (19,280) Other non deductible expenses 3,831 5,233 Deferred tax rate variance on temporary differences 26,818 (761) Over provision in prior years (709) - Change in future tax rate 44,656 - Total income tax expense $ (257,892) $ 148,432 28

30 9. Income taxes (cont'd) The movement in 2014 deferred tax liabilities and assets are: Opening Closing balance Recognize Balance at Jan 1, in net Recognize at Dec 31, 2014 income in OCI 2014 Deferred tax liabilities Investments $ 20 $ (47,880) $ 47,860 $ - Deferred tax assets Property, plant & equipment 13, ,950 Claims liabilities 35,500 5,490-40,990 48,980 5,960-54,940 Net deferred tax asset $ 48,960 $ 53,840 $ (47,860) $ 54,940 The movement in 2013 deferred tax liabilities and assets are: Opening Closing balance Recognize Balance at Jan 1, in net Recognize at Dec 31, 2013 income in OCI 2013 Deferred tax liabilities Investments $ 260 $ 20,620 $ (20,860) $ 20 Deferred tax assets Property, plant & equipment 10,020 3,460-13,480 Claims liabilities 31,060 4,440-35,500 41,080 7,900-48,980 Net deferred tax asset $ 40,820 $ (12,720) $ 20,860 $ 48,960 29

31 10. Gross claims and adjustment expenses Included in claims expenses are wages and benefits of $190,912 ( $212,548). 11. Fees, commissions and other acquisition expenses Agents commissions $ 417,809 $ 458,028 Brokers commissions 845, ,779 Other, including change in deferred policy acquisition expenses 64,977 20,995 $ 1,328,577 $ 1,405, Other operating and administrative expenses Computer costs $ 125,457 $ 90,223 Depreciation 74,652 67,307 Licenses, fees and dues 110, ,551 Postage and office supplies 123,316 99,235 Professional fees 50,124 48,950 Repairs and maintenance 26,864 27,702 Salaries, benefits and directors fees 886,989 1,058,969 Utilities 9,000 8,528 Other 54,949 82,869 $ 1,461,725 $ 1,590, Salaries, benefits and directors fees Adjusting salaries and benefits (Note 10) $ 190,912 $ 212,548 Agents commissions (Note 11) 417, ,028 Other salaries, benefits and directors fees (Note 12) 886,989 1,058,969 $ 1,495,710 $ 1,729,545 30

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

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

More information

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

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

More information

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

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

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

More information

Erie Mutual Fire Insurance Company Consolidated Financial Statements For the year ended December 31, 2015

Erie Mutual Fire Insurance Company Consolidated Financial Statements For the year ended December 31, 2015 Consolidated Financial Statements For the year ended, 2015 Consolidated Financial Statements For the year ended, 2015 Table of Contents Page Independent Auditor's Report 2 Consolidated Statement of Financial

More information

HAMILTON TOWNSHIP MUTUAL INSURANCE COMPANY FINANCIAL STATEMENTS AS AT DECEMBER 31, 2015

HAMILTON TOWNSHIP MUTUAL INSURANCE COMPANY FINANCIAL STATEMENTS AS AT DECEMBER 31, 2015 FINANCIAL STATEMENTS AS AT DECEMBER 31, 2015 TABLE OF CONTENTS AS AT DECEMBER 31, 2015 INDEPENDENT AUDITORS' REPORT 1 FINANCIAL STATEMENTS Balance Sheet 2 Statement of Surplus and Resources for Protection

More information

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

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

More information

SAMPLE MUTUAL INSURANCE COMPANY ILLUSTRATIVE IFRS FINANCIAL STATEMENTS. Year ended December 31, 2011

SAMPLE MUTUAL INSURANCE COMPANY ILLUSTRATIVE IFRS FINANCIAL STATEMENTS. Year ended December 31, 2011 SAMPLE MUTUAL INSURANCE COMPANY ILLUSTRATIVE IFRS FINANCIAL STATEMENTS Year ended SAMPLE MUTUAL INSURANCE COMPANY ILLUSTRATIVE IFRS FINANCIAL STATEMENTS For the year ended The purpose of this publication

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

Year ended December 31, 2013

Year ended December 31, 2013 SAMPLE mutual insurance company Illustrative IFRS Financial Statements Year ended Sample mutual insurance company Illustrative IFRS Financial Statements For the year ended The information contained in

More information

L & A MUTUAL INSURANCE COMPANY FINANCIAL STATEMENTS AS AT DECEMBER 31, 2013

L & A MUTUAL INSURANCE COMPANY FINANCIAL STATEMENTS AS AT DECEMBER 31, 2013 FINANCIAL STATEMENTS AS AT DECEMBER 31, 2013 TABLE OF CONTENTS AS AT DECEMBER 31, 2013 INDEPENDENT AUDITORS' REPORT 1 FINANCIAL STATEMENTS Balance Sheet 2 Statement of Surplus and Resources for Protection

More information

BRANT MUTUAL INSURANCE COMPANY FINANCIAL STATEMENTS

BRANT MUTUAL INSURANCE COMPANY FINANCIAL STATEMENTS FINANCIAL STATEMENTS INDEX Page INDEPENDENT AUDITORS' REPORT 1 FINANCIAL STATEMENTS Statement of Financial Position 2 Statement of Changes In Equity 3 Statement of Comprehensive Income 4 Schedule of Expenses

More information

SAMPLE MANUFACTURING COMPANY LIMITED CONSOLIDATED FINANCIAL STATEMENTS. Year ended December 31, 2011

SAMPLE MANUFACTURING COMPANY LIMITED CONSOLIDATED FINANCIAL STATEMENTS. Year ended December 31, 2011 SAMPLE MANUFACTURING COMPANY LIMITED CONSOLIDATED FINANCIAL STATEMENTS Year ended SAMPLE MANUFACTURING COMPANY LIMITED CONSOLIDATED FINANCIAL STATEMENTS For the year ended The information contained in

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

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

COACHMAN INSURANCE COMPANY. Annual Report 2013

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

More information

The Kings Mutual Insurance Company Consolidated Financial Statements December 31, 2014

The Kings Mutual Insurance Company Consolidated Financial Statements December 31, 2014 Consolidated Financial Statements Contents Page Independent Auditor s Report 3 Consolidated Statement of Operations 5 Consolidated Statement of Comprehensive Income and Accumulated Other Comprehensive

More information

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

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

More information

The Wawanesa Mutual Insurance Company. Consolidated Financial Statements December 31, 2014

The Wawanesa Mutual Insurance Company. Consolidated Financial Statements December 31, 2014 The Wawanesa Mutual Insurance Company Consolidated Financial Statements February 19, 2015 Independent Auditor s Report To the Directors of The Wawanesa Mutual Insurance Company We have audited the accompanying

More information

SOUTHEASTERN MUTUAL INSURANCE COMPANY FINANCIAL STATEMENTS

SOUTHEASTERN MUTUAL INSURANCE COMPANY FINANCIAL STATEMENTS SOUTHEASTERN MUTUAL INSURANCE COMPANY FINANCIAL STATEMENTS INDEX Page INDEPENDENT AUDITORS' REPORT 1-2 FINANCIAL STATEMENTS Statement 1 - Financial Position 3 Statement 2 - Changes in Equity 4 Statement

More information

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

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

More information

EXPLANATORY NOTES. 1. Summary of accounting policies

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

More information

Acal plc. Accounting policies March 2006

Acal plc. Accounting policies March 2006 Acal plc Accounting policies March 2006 Basis of preparation The consolidated financial statements of Acal plc and all its subsidiaries have been prepared in accordance with International Financial Reporting

More information

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

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

More information

(Amounts in millions of Canadian dollars except for per share amounts and where otherwise stated. All amounts stated in US dollars are in millions.

(Amounts in millions of Canadian dollars except for per share amounts and where otherwise stated. All amounts stated in US dollars are in millions. Notes to the Consolidated Financial Statements (Amounts in millions of Canadian dollars except for per share amounts and where otherwise stated. All amounts stated in US dollars are in millions.) 1. Significant

More information

Residual carrying amounts and expected useful lives are reviewed at each reporting date and adjusted if necessary.

Residual carrying amounts and expected useful lives are reviewed at each reporting date and adjusted if necessary. 87 Accounting Policies Intangible assets a) Goodwill Goodwill represents the excess of the cost of an acquisition over the fair value of identifiable net assets and liabilities of the acquired company

More information

Summary of Significant Accounting Policies FOR THE FINANCIAL YEAR ENDED 31 MARCH 2014

Summary of Significant Accounting Policies FOR THE FINANCIAL YEAR ENDED 31 MARCH 2014 46 Unless otherwise stated, the following accounting policies have been applied consistently in dealing with items which are considered material in relation to the financial statements. The Company and

More information

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

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

More information

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

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

More information

SAMPLE MANUFACTURING COMPANY LIMITED CONSOLIDATED FINANCIAL STATEMENTS. Year ended December 31, 2012

SAMPLE MANUFACTURING COMPANY LIMITED CONSOLIDATED FINANCIAL STATEMENTS. Year ended December 31, 2012 SAMPLE MANUFACTURING COMPANY LIMITED CONSOLIDATED FINANCIAL STATEMENTS Year ended SAMPLE MANUFACTURING COMPANY LIMITED CONSOLIDATED FINANCIAL STATEMENTS For the year ended The information contained in

More information

Insurance Corporation of British Columbia Statements and Schedules of Financial Information

Insurance Corporation of British Columbia Statements and Schedules of Financial Information Statements and Schedules of Financial Information Year Ended: December 31, 2014 Table of Contents Statement of Financial Information Approval 1 Management s Responsibility for Financial Statements 2 Actuary

More information

ARABIAN SCANDINAVIAN INSURANCE COMPANY P.L.C.

ARABIAN SCANDINAVIAN INSURANCE COMPANY P.L.C. ARABIAN SCANDINAVIAN INSURANCE COMPANY P.L.C. Financial statements and independent auditor s report for the year ended 31 December 2012 ARABIAN SCANDINAVIAN INSURANCE COMPANY P.L.C. Contents Pages Independent

More information

Consolidated Financial Statements (In Canadian dollars) ACUITYADS INC. Years ended December 31, 2013, 2012 and 2011

Consolidated Financial Statements (In Canadian dollars) ACUITYADS INC. Years ended December 31, 2013, 2012 and 2011 Consolidated Financial Statements ACUITYADS INC. KPMG LLP Telephone (416) 228-7000 Yonge Corporate Centre Fax (416) 228-7123 4100 Yonge Street Suite 200 Internet www.kpmg.ca Toronto ON M2P 2H3 Canada To

More information

AL FUJAIRAH NATIONAL INSURANCE COMPANY P.S.C. Independent auditor s report and financial statements for the year ended 31 December 2013

AL FUJAIRAH NATIONAL INSURANCE COMPANY P.S.C. Independent auditor s report and financial statements for the year ended 31 December 2013 AL FUJAIRAH NATIONAL INSURANCE COMPANY P.S.C. Independent auditor s report and financial statements for the year ended 31 December 2013 Al Fujairah National Insurance Company P.S.C. Independent auditor

More information

Note 2 SIGNIFICANT ACCOUNTING

Note 2 SIGNIFICANT ACCOUNTING Note 2 SIGNIFICANT ACCOUNTING POLICIES BASIS FOR THE PREPARATION OF THE FINANCIAL STATEMENTS The consolidated financial statements have been prepared in accordance with International Financial Reporting

More information

Minnesota Workers' Compensation Assigned Risk Plan. Financial Statements Together with Independent Auditors' Report

Minnesota Workers' Compensation Assigned Risk Plan. Financial Statements Together with Independent Auditors' Report Minnesota Workers' Compensation Assigned Risk Plan Financial Statements Together with Independent Auditors' Report December 31, 2012 CONTENTS Page INDEPENDENT AUDITORS' REPORT 1 FINANCIAL STATEMENTS: Balance

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

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

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

More information

ATS AUTOMATION TOOLING SYSTEMS INC. Annual Audited Consolidated Financial Statements

ATS AUTOMATION TOOLING SYSTEMS INC. Annual Audited Consolidated Financial Statements Annual Audited Consolidated Financial Statements For the year ended March 31, 2014 MANAGEMENT S RESPONSIBILITY FOR FINANCIAL REPORTING The preparation and presentation of the Company s consolidated financial

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

OMAN INSURANCE COMPANY P.S.C. AND SUBSIDIARIES. Consolidated financial statements and independent auditor s report for the year ended 31 December 2013

OMAN INSURANCE COMPANY P.S.C. AND SUBSIDIARIES. Consolidated financial statements and independent auditor s report for the year ended 31 December 2013 OMAN INSURANCE COMPANY P.S.C. AND SUBSIDIARIES Consolidated financial statements and independent auditor s report for the year ended 31 December 2013 OMAN INSURANCE COMPANY P.S.C. AND SUBSIDIARIES Contents

More information

Statements and Schedules of Financial Information

Statements and Schedules of Financial Information Insurance Corporation of British Columbia Statements and Schedules of Financial Information Year Ended: December 31, 2013 table of contents statement of financial information approval 1 management s responsibility

More information

Condensed Consolidated Statement of Operations and Comprehensive Income (Loss) 3. Condensed Consolidated Balance Sheet 4

Condensed Consolidated Statement of Operations and Comprehensive Income (Loss) 3. Condensed Consolidated Balance Sheet 4 CONSOLIDATED FINANCIAL STATEMENTS For the fiscal year ended March 31, 2014 INDEX Page Condensed Consolidated Statement of Operations and Comprehensive Income (Loss) 3 Condensed Consolidated Balance Sheet

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

MATRIX IT LTD. AND ITS SUBSIDIARIES CONSOLIDATED FINANCIAL STATEMENTS

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

More information

Consolidated Financial Statements

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

More information

The consolidated financial statements of

The consolidated financial statements of Our 2014 financial statements The consolidated financial statements of plc and its subsidiaries (the Group) for the year ended 31 December 2014 have been prepared in accordance with International Financial

More information

Statutory Financial Statements and Report of Independent Certified Public Accountants. Massachusetts Catholic Self-Insurance Group, Inc.

Statutory Financial Statements and Report of Independent Certified Public Accountants. Massachusetts Catholic Self-Insurance Group, Inc. Statutory Financial Statements and Report of Independent Certified Public Accountants Massachusetts Catholic Self-Insurance Group, Inc. Contents Page Report of Independent Certified Public Accountants

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

Financial Statements

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

More information

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

AL FUJAIRAH NATIONAL INSURANCE COMPANY P.S.C. Independent auditor s report and financial statements for the year ended 31 December 2014

AL FUJAIRAH NATIONAL INSURANCE COMPANY P.S.C. Independent auditor s report and financial statements for the year ended 31 December 2014 AL FUJAIRAH NATIONAL INSURANCE COMPANY P.S.C. Independent auditor s report and financial statements for the year ended 31 December 2014 Al Fujairah National Insurance Company P.S.C. Content Pages Independent

More information

POLICY MANUAL. Financial Management Significant Accounting Policies (July 2015)

POLICY MANUAL. Financial Management Significant Accounting Policies (July 2015) POLICY 1. Objective To adopt Full Accrual Accounting and all other applicable Accounting Standards. 2. Local Government Reference Local Government Act 1995 Local Government (Financial Management) Regulations

More information

Financial Statements

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

More information

Consolidated Financial Statements of CGI GROUP INC. For the years ended September 30, 2013 and 2012

Consolidated Financial Statements of CGI GROUP INC. For the years ended September 30, 2013 and 2012 Consolidated Financial Statements of CGI GROUP INC. Management s and Auditors reports MANAGEMENT S STATEMENT OF RESPONSIBILITY FOR FINANCIAL REPORTING The management of CGI Group Inc. ( the Company ) is

More information

Consolidated Financial Statements of. Years ended September 30, 2015 and 2014

Consolidated Financial Statements of. Years ended September 30, 2015 and 2014 Consolidated Financial Statements of Years ended September 30, 2015 and 2014 1 KPMG LLP Telephone 519-747-8800 115 King Street South, 2 nd Floor Fax 519-747-8830 Waterloo ON N2J 5A3 Internet www.kpmg.ca

More information

Samsung Life Insurance Co., Ltd. Separate Financial Statements March 31, 2013 and 2012

Samsung Life Insurance Co., Ltd. Separate Financial Statements March 31, 2013 and 2012 Separate Financial Statements Index Page(s) Report of Independent Auditors 1-2 Separate Financial Statements Statements of Financial Position 3 Statements of Comprehensive Income 4 5 Statements of Changes

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

DUCA FINANCIAL SERVICES CREDIT UNION LTD.

DUCA FINANCIAL SERVICES CREDIT UNION LTD. Consolidated Financial Statements of DUCA FINANCIAL SERVICES CREDIT UNION LTD. KPMG LLP Telephone (416) 777-8500 Bay Adelaide Centre Fax (416) 777-8818 333 Bay Street Suite 4600 Internet www.kpmg.ca Toronto

More information

Accounting policies. General information. Comparatives for 2011. Summary of significant accounting policies. Changes in accounting policies

Accounting policies. General information. Comparatives for 2011. Summary of significant accounting policies. Changes in accounting policies Accounting policies General information This document constitutes the Annual Report and Financial Statements in accordance with UK Listing Rules requirements and the Annual Report on Form 20-F in accordance

More information

STATEMENT BY THE BOARD

STATEMENT BY THE BOARD Financial Statements 1 FINANCIAL STATEMENTS STATEMENT BY THE BOARD In our opinion, (a) the accompanying consolidated financial statements of Info-communications Development Authority of Singapore (the

More information

Summary of Certain Differences between SFRS and US GAAP

Summary of Certain Differences between SFRS and US GAAP Summary of Certain Differences between and SUMMARY OF CERTAIN DIFFERENCES BETWEEN AND The combined financial statements and the pro forma consolidated financial information of our Group included in this

More information

Consolidated Financial Statements of THE CANADIAN RED CROSS SOCIETY

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

More information

Principal Accounting Policies

Principal Accounting Policies 1. Basis of Preparation The accounts have been prepared in accordance with Hong Kong Financial Reporting Standards ( HKFRS ). The accounts have been prepared under the historical cost convention as modified

More information

Consolidated Financial Statements Notes to the Consolidated Financial Statements for Fiscal Year 2014

Consolidated Financial Statements Notes to the Consolidated Financial Statements for Fiscal Year 2014 171 The most important exchange rates applied in the consolidated financial statements developed as follows in relation to the euro: Currency Average rate Closing rate Country 1 EUR = 2014 2013 2014 2013

More information

SIGNIFICANT GROUP ACCOUNTING POLICIES

SIGNIFICANT GROUP ACCOUNTING POLICIES SIGNIFICANT GROUP ACCOUNTING POLICIES Basis of consolidation Subsidiaries Subsidiaries are all entities over which the Group has the sole right to exercise control over the operations and govern the financial

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

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

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

More information

Dhanamitr Factoring Public Company Limited (Formerly: Dhanamitr Factoring Company Limited)

Dhanamitr Factoring Public Company Limited (Formerly: Dhanamitr Factoring Company Limited) Annual financial statements and Audit report of Certified Public Accountant For the years ended 31 December 2005 and 2004 DHANA MITR FACTORING COMPANY LIMITED Notes to Financial Statements (Continued)

More information

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

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

More information

Consolidated financial statements

Consolidated financial statements Summary of significant accounting policies Basis of preparation DSM s consolidated financial statements have been prepared in accordance with International Financial Reporting Standards (IFRS) as adopted

More information

CONSOLIDATED FINANCIAL STATEMENTS

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

More information

VANCOUVER COMMUNITY COLLEGE

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

More information

ACCOUNTING POLICIES. for the year ended 30 June 2014

ACCOUNTING POLICIES. for the year ended 30 June 2014 ACCOUNTING POLICIES REPORTING ENTITIES City Lodge Hotels Limited (the company) is a company domiciled in South Africa. The group financial statements of the company as at and comprise the company and its

More information

Kilikia Universal Credit Organization LLC. Financial Statements for the year ended 31 December 2014

Kilikia Universal Credit Organization LLC. Financial Statements for the year ended 31 December 2014 Financial Statements for the year ended 31 December Contents Independent Auditors Report... 3 Statement of profit or loss and other comprehensive income... 4 Statement of financial position... 5 Statement

More information

Notes 2011 Solvang Group

Notes 2011 Solvang Group Notes 2011 Solvang Group NOTE 1 - CORPORATE INFORMATION AND SIGNIFICANT ACCOUNTING POLICIES CORPORATE INFORMATION Solvang ASA is a public limited company incorporated and domiciled in Norway whose shares

More information

SHIRE OF CARNARVON POLICY

SHIRE OF CARNARVON POLICY SHIRE OF CARNARVON POLICY POLICY NO C010 POLICY SIGNIFICANT ACCOUNTING POLICIES RESPONSIBLE DIRECTORATE CORPORATE COUNCIL ADOPTION Date: 27.5.14 Resolution No. FC 5/5/14 REVIEWED/MODIFIED Date: Resolution

More information

Microfinance Organization Credo LLC Financial statements

Microfinance Organization Credo LLC Financial statements LLC Financial statements Year ended 31 December 2015, together with independent auditor s report Financial statements Contents Independent auditors report Financial statements Statement of financial position...

More information

Notes to Consolidated Financial Statements Note 1: Basis of Presentation

Notes to Consolidated Financial Statements Note 1: Basis of Presentation NOTES TO CONSOLIDATED FINANCIAL STATEMENTS to Consolidated Financial Statements Note 1: Basis of Presentation Bank of Montreal ( the bank ) is a public company incorporated in Canada having its registered

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

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

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

More information

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

ANNUAL FINANCIAL RESULTS FOR THE YEAR ENDED 31 JULY 2014 FONTERRA ANNUAL FINANCIAL RESULTS 2014 A

ANNUAL FINANCIAL RESULTS FOR THE YEAR ENDED 31 JULY 2014 FONTERRA ANNUAL FINANCIAL RESULTS 2014 A ANNUAL FINANCIAL RESULTS FOR THE YEAR ENDED 31 JULY 2014 FONTERRA ANNUAL FINANCIAL RESULTS 2014 A CONTENTS DIRECTORS STATEMENT 1 INCOME STATEMENT 2 STATEMENT OF COMPREHENSIVE INCOME 3 STATEMENT OF FINANCIAL

More information

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

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

More information

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

Consolidated financial statements 2014. Zurich Insurance Group Annual Report 2014

Consolidated financial statements 2014. Zurich Insurance Group Annual Report 2014 Consolidated financial statements 2014 Annual Report 2014 2 Annual results 2014 Consolidated financial statements Contents Consolidated income statements 3 Consolidated statements of comprehensive income

More information

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

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

More information

ANNUAL FINANCIAL RESULTS

ANNUAL FINANCIAL RESULTS ANNUAL FINANCIAL RESULTS For the year ended 31 July 2013 ANNUAL FINANCIAL RESULTS 2013 FONTERRA CO-OPERATIVE GROUP LIMITED Contents: DIRECTORS STATEMENT... 1 INCOME STATEMENT... 2 STATEMENT OF COMPREHENSIVE

More information

ARMADA DATA CORPORATION CONSOLIDATED FINANCIAL STATEMENTS MAY 31, 2015

ARMADA DATA CORPORATION CONSOLIDATED FINANCIAL STATEMENTS MAY 31, 2015 CONSOLIDATED FINANCIAL STATEMENTS CONSOLIDATED FINANCIAL STATEMENTS I N D E X PAGE 1 Auditor s Report 2 Consolidated Statement of Financial Position 3 Consolidated Statement of Comprehensive Income 4 Consolidated

More information

BRITISH COLUMBIA TRANSIT

BRITISH COLUMBIA TRANSIT Audited Financial Statements of BRITISH COLUMBIA TRANSIT Years ended March 31, 2005 and 2004 AUDITOR S REPORT BC TRANSIT 41 REPORT OF MANAGEMENT Years ended March 31, 2005 and 2004 The financial statements

More information

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

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

More information

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

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

More information

CLOSED JOINT-STOCK COMPANY Eurobank. Financial Statements For the Year Ended 31 December 2009

CLOSED JOINT-STOCK COMPANY Eurobank. Financial Statements For the Year Ended 31 December 2009 CLOSED JOINT-STOCK COMPANY Eurobank Financial Statements For the Year Ended CLOSED JOINT-STOCK COMPANY EUROBANK TABLE OF CONTENTS Page STATEMENT OF MANAGEMENT S RESPONSIBILITIES FOR THE PREPARATION AND

More information

Significant Accounting Policies

Significant Accounting Policies Apart from the accounting policies presented within the corresponding notes to the financial statements, other significant accounting policies are set out below. These policies have been consistently applied

More information

FINANCE POLICY POLICY NO F.6 SIGNIFICANT ACCOUNTING POLICIES. FILE NUMBER FIN 2 ADOPTION DATE 13 June 2002

FINANCE POLICY POLICY NO F.6 SIGNIFICANT ACCOUNTING POLICIES. FILE NUMBER FIN 2 ADOPTION DATE 13 June 2002 POLICY NO F.6 POLICY SUBJECT FILE NUMBER FIN 2 ADOPTION DATE 13 June 2002 Shire of Toodyay Policy Manual FINANCE POLICY SIGNIFICANT ACCOUNTING POLICIES LAST REVIEW 22 July 2014 (Council Resolution No 201/07/14)

More information

PASINEX RESOURCES LIMITED. Consolidated Financial Statements

PASINEX RESOURCES LIMITED. Consolidated Financial Statements PASINEX RESOURCES LIMITED (An Exploration Stage Company) Consolidated Financial Statements Year Ended December 31, 2014 Independent Auditors' Report To the Shareholders of Pasinex Resources Limited: We

More information

Transition to International Financial Reporting Standards

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

More information

VASSETI (UK) PLC CONSOLIDATED FINANCIAL STATEMENTS FOR THE SIX MONTHS ENDED 30 JUNE 2013

VASSETI (UK) PLC CONSOLIDATED FINANCIAL STATEMENTS FOR THE SIX MONTHS ENDED 30 JUNE 2013 CONSOLIDATED FINANCIAL STATEMENTS FOR THE SIX MONTHS ENDED 30 JUNE 2013 INTERIM MANAGEMENT REPORT (UNAUDITED) FOR THE 6 MONTHS ENDED 30 JUNE 2013 1. Key Risks and uncertainties Risks and uncertainties

More information

Brewers Retail Inc. Financial Statements December 31, 2015 (in thousands of Canadian dollars)

Brewers Retail Inc. Financial Statements December 31, 2015 (in thousands of Canadian dollars) Financial Statements March 10, 2016 Independent Auditor s Report To the Shareholders of Brewers Retail Inc. We have audited the accompanying financial statements of Brewers Retail Inc., which comprise

More information

Condensed Consolidated Interim Financial Statements

Condensed Consolidated Interim Financial Statements Condensed Consolidated Interim Financial Statements As at December 31, 2011 and for the three months ended December 31, 2011 and 2010 NOTICE OF NO AUDITOR REVIEW OF INTERIM FINANCIAL STATEMENTS Under National

More information