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Aurora Cannabis Inc AURORA CANNABIS INC. Consolidated Financial Statements For the years ended June 30, 2019 and 2018 (In Canadian Dollars) Table of Contents Management’s Responsibility for Financial Reporting......................................................................................................................... 1 Report of Independent Registered Public Accounting....................................................................................................................... 2 Consolidated Statements of Financial Position .................................................................................................................................... 4 Consolidated Statements of Comprehensive (Loss) Income ............................................................................................................. 5 Consolidated Statements of Changes in Equity .................................................................................................................................. 7 Consolidated Statements of Cash Flows............................................................................................................................................... 9 Notes to the Consolidated Financial Statements Note 1 Nature of Operations............................................... 10 Note 15 Share Capital............................................................ 46 Note 2 Significant Accounting Policies and Judgments.. 10 Note 16 Share-Based Compensation................................... 49 Note 3 Accounts Receivable.............................................. 14 Note 17 (Loss) Earnings Per Share ......................................... 51 Note 4 Strategic Investments .............................................. 14 Note 18 Other Income, Net................................................... 52 Note 5 Marketable Securities and Derivatives.................. 21 Note 19 Supplementary Cash Flow Information................. 52 Note 6 Investments in Associates and Joint Ventures ...... 23 Note 20 Income Taxes............................................................ 53 Note 7 Biological Assets ....................................................... 25 Note 21 Related Party Transactions...................................... 55 Note 8 Inventory ................................................................... 26 Note 22 Commitments and Contingencies ........................ 56 Note 9 Property, Plant and Equipment .............................. 28 Note 23 Revenue.................................................................... 57 Note 10 Business Combinations ............................................ 30 Note 24 Segmented Information.......................................... 58 Note 11 Non-Controlling Interests ......................................... 39 Note 25 Fair Value of Financial Instruments......................... 59 Note 12 Intangible Assets and Goodwill.............................. 40 Note 26 Financial Instruments Risk ........................................ 61 Note 13 Convertible Debentures.......................................... 43 Note 27 Capital Management ............................................. 63 Note 14 Loans and Borrowings.............................................. 45 Note 28 Subsequent Events................................................... 63 Management’s Responsibility To the Shareholders of Aurora Cannabis Inc.: Management is responsible for the preparation and presentation of the consolidated financial statements and accompanying note disclosures in accordance with International Financial Reporting Standards. This responsibility includes selection of appropriate accounting policies and principles as well as decisions related to significant estimates and areas of judgment. In discharging its responsibilities to support the integrity and fairness of the consolidated financial statements, management designs and maintains the necessary accounting systems and related internal controls to provide reasonable assurance that transactions are authorized, assets are safeguarded, and financial records are properly maintained to provide reliable information. The Board of Directors and Audit Committee are primarily composed of independent Directors. The Board is responsible for the oversight of management in the performance of its financial reporting responsibilities and approval of the financial information included in the annual report. The Board fulfills these responsibilities by reviewing the financial information prepared by management and discussing relevant matters with management and external auditors. The Audit Committee is also responsible for recommending the appointment of the Company’s external auditors. KPMG LLP, an independent firm of Chartered Professional Accountants, has been appointed by the Company’s shareholders to audit the consolidated financial statements and report directly to them. The external auditors have full and free access to the Audit Committee and management to discuss their audit findings. September 10, 2019 “Terry Booth” “Glen Ibbott” Terry Booth Glen Ibbott Chief Executive Officer Chief Financial Officer 1 KPMG LLP PO Box 10426 777 Dunsmuir Street Vancouver BC V7Y 1K3 Canada Telephone (604) 691-3000 Fax (604) 691-3031 Report of Independent Registered Public Accounting Firm To the Shareholders and Board of Directors Aurora Cannabis Inc.: Opinion on the Consolidated Financial Statements We have audited the accompanying consolidated statements of financial position of Aurora Cannabis Inc. (the Company) as of June 30, 2019, the related consolidated statements of comprehensive (loss) income, changes in equity, and cash flows for the year then ended, and the related notes (collectively, the consolidated financial statements). In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of the Company as of June 30, 2019, and the results of its operations and its cash flows for the year then ended, in conformity with International Financial Reporting Standards (IFRS) as issued by the International Accounting Standards Board. The consolidated financial statements of the Company as at June 30, 2018, and for the year then ended, were audited by another auditor, in accordance with Canadian generally accepted auditing standards, whose report dated September 24, 2018, expressed an unmodified audit opinion on those consolidated financial statements. Changes in Accounting Principles As discussed in Note 2 to the consolidated financial statements, the Company has changed its accounting for revenue recognition and financial instruments in 2019 due to the adoption of IFRS 15 - Revenue from Contracts with Customers and IFRS 9 - Financial Instruments. Basis for Opinion These consolidated financial statements are the responsibility of the Company’s management. Our responsibility is to express an opinion on these consolidated financial statements based on our audit. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB. We conducted our audit in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the consolidated financial statements are free of material misstatement, whether due to error or fraud. Our audit included performing procedures to assess the risks of material misstatement of the consolidated financial statements, whether due to error or fraud, and KPMG LLP is a Canadian limited liability partnership and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. KPMG Canada provides services to KPMG LLP. Aurora Cannabis Inc. Page 2 performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the consolidated financial statements. Our audit also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the consolidated financial statements. We believe that our audit provides a reasonable basis for our opinion. Chartered Professional Accountants We have served as the Company’s auditor since 2019. Vancouver, Canada September 10, 2019 AURORA CANNABIS INC. Consolidated Statements of Financial Position As at June 30, 2019 and June 30, 2018 (Amounts reflected in thousands of Canadian dollars) Notes June 30, 2019 June 30, 2018 $ $ Assets Current Cash and cash equivalents 172,727 76,785 Restricted cash 19 46,066 13,398 Accounts receivable 3, 26(a) 103,493 15,096 Income taxes receivable 8,833 — Marketable securities 5(a) 143,248 59,188 Biological assets 7 51,836 13,620 Inventory 8 113,641 29,595 Prepaids and other current assets 24,323 7,594 Assets held for distribution to owners — 4,422 664,167 219,698 Property, plant and equipment 9 765,567 246,352 Derivatives 5(b) 86,409 124,942 Deposits 6,926 — Investments in associates and joint ventures 6 118,845 334,442 Intangible assets 12 688,366 200,332 Goodwill 12 3,172,550 760,744 Total assets 5,502,830 1,886,510 Liabilities Current Accounts payable and accrued liabilities 26(b) 152,884 47,456 Income taxes payable — 1,659 Deferred
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