Pdf Financial Statements 2012 Q1 2019-02-22 22:08:54
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Unaudited Interim Condensed Consolidated Financial Statements of IBI GROUP INC. Three months ended March 31, 2012 and 2011 IBI GROUP INC. Interim Condensed Consolidated Statement of Financial Position March 31, December 31, (thousands of Canadian dollars) Notes 2012 2011 (unaudited) Assets Current Assets Cash and cash equivalents 5 $ 300 $ 2,358 Accounts receivable 5,8 138,539 134,779 Work in process 5 121,566 118,608 Prepaid expenses and other current assets 11,233 10,616 Income tax recoverable 1,708 1,703 Total Current Assets $ 273,346 $ 268,064 Property and equipment 7,621 7,537 Intangible assets 29,292 31,160 Goodwill 168,948 169,766 Deferred tax assets 5,306 5,332 Total Assets $ 484,513 $ 481,859 Liabilities and Equity Liabilities Current Liabilities Accounts payable and accrued liabilities 11 $ 47,227 $ 54,964 Notes payable 11 14,984 16,080 Deferred revenue 12,114 12,885 Income taxes payable 4,270 4,765 Dividends payable 1,204 1,195 Distributions payable 2,010 1,340 Total Current Liabilities $ 81,809 $ 91,229 Due to related parties 6 20,000 20,000 Notes payable 11 1,787 3,831 Unrealized interest rate swap losses 5,8 41 36 Long-term debt 5 92,507 76,941 Convertible debentures 5 113,122 112,687 Deferred tax liabilities 9,188 9,455 Total Liabilities $ 318,454 $ 314,179 Equity Shareholders’ Equity Share capital 7 177,086 176,109 Deficit (75,177) (74,268) Convertible debentures - equity component 5 5,852 5,852 Accumulated other comprehensive loss (4,075) (3,558) Total Shareholders’ Equity $ 103,686 $ 104,135 Non-controlling interest 7 62,373 63,545 Total Equity $ 166,059 $ 167,680 Total Liabilities and Equity $ 484,513 $ 481,859 See accompanying notes to the interim condensed consolidated financial statements. 2 IBI GROUP INC. Interim Condensed Consolidated Statement of Comprehensive Income (unaudited) Three months ended March 31, March 31, (thousands of Canadian dollars, except per share amounts) Notes 2012 2011 Revenue $ 86,896 $ 77,785 Salaries, fees and employee benefits 60,551 52,988 Rent 5,174 4,857 Other operating expenses 9,599 8,910 Foreign exchange loss 8 289 218 Amortization of intangible assets 1,782 1,872 Amortization of property and equipment 777 857 Impairment of financial assets 274 211 78,446 69,913 Operating Income $ 8,450 $ 7,872 Interest expense, net 10 3,603 3,503 Other finance costs 10 162 223 Finance Costs $ 3,765 $ 3,726 Current tax expense 1,090 1,652 Deferred tax expense (recovery) (138) 2,493 Income taxes $ 952 $ 4,145 Net Income for the Period $ 3,733 $ 1 Other comprehensive loss Loss on translating financial statements of foreign operations, net of tax (716) (641) Other comprehensive loss, net of tax (716) (641) Total Comprehensive Income (Loss) $ 3,017 $ (640) Net income (loss) attributable to: Owners of the Company $ 2,696 $ 1 Non-controlling interests 7 1,037 - Net income for the period $ 3,733 $ 1 Total comprehensive income (loss) attributable to: Owners of the Company $ 2,179 $ (460) Non-controlling interests 7 838 (180) Total comprehensive income (loss) for the period $ 3,017 $ (640) Earnings per share Basic and diluted earnings per share 7 $ 0.2065 $ 0.0001 See accompanying notes to the interim condensed consolidated financial statements. 3 IBI GROUP INC. Interim Condensed Consolidated Statement of Cash Flows (unaudited) Three months ended (thousands of Canadian dollars) Notes March 31, 2012 March 31, 2011 Cash Flows provided by (used in) Operating Activities $ 3,733 $ 1 Net income Items not affecting cash: Amortization of property and equipment 777 857 Amortization of intangible assets 1,782 1,872 Amortization of deferred financing costs 54 120 Interest expense, net 3,603 3,503 Deferred income taxes (138) 2,493 Change in fair value of financial instruments 10 5 (186) Interest paid (3,128) (3,115) Income taxes paid (1,099) (1,203) Change in non-cash operating working capital 9 (15,711) (1,217) Net Cash provided by (used in) from Operating Activities $ (10,122) $ 3,125 Cash Flows from Financing Activities Payments on principal of notes payable (2,195) (269) Proceeds from (payments on) principal of term debt 16,000 (31,342) Dividends paid to shareholders (3,599) (4,101) Distributions paid to non-controlling interest (1,340) (1,340) Advances from (payments to) related parties 6 - (6,000) Issue of share capital 7 - 268 Proceeds of issuance of convertible debentures, net of transaction costs 5 - 54,619 Net Cash provided by Financing Activities $ 8,866 $ 11,835 Cash Flows from Investing Activities Purchase of property and equipment (870) (590) Acquisitions, net of cash acquired 11 - (7,408) Net Cash used in Investing Activities $ (870) $ (7,998) Effect of foreign exchange rate fluctuations on cash held 8 68 (444) Net increase (decrease) in Cash and Cash Equivalents $ (2,058) $ 6,518 Cash and cash equivalents, beginning of period 2,358 3,662 Cash and Cash Equivalents, End of Period $ 300 $ 10,180 See accompanying notes to the interim condensed consolidated financial statements. 4 IBI GROUP INC. Interim Condensed Consolidated Statement of Changes in Equity (unaudited) Three months ended March 31, March 31, (thousands of Canadian dollars) Notes 2012 2011 Share Capital Share capital, beginning of period $ 176,109 $ - Issuance upon conversion from trust to corporation - 174,610 Shares issued from treasury 8 977 268 Share Capital, End of Period $ 177,086 $ 174,878 Deficit Deficit, beginning of period (74,268) (66,847) Net income attributable to owners of the Company 2,696 1 Dividends declared to shareholders (3,605) (3,569) Deficit, End of Period $ (75,177) $ (70,415) Convertible Debentures - Equity Component Convertible debentures, beginning of period 5,852 - Reclassification upon conversion from trust to corporation - 2,646 Issuance of convertibles debentures - 3,206 Convertible Debentures, End of Period $ 5,852 $ 5,852 Accumulated Other Comprehensive Loss Accumulated other comprehensive loss, beginning of period (3,558) (3,958) Other comprehensive loss attributable to shareholders (517) (460) Accumulated Other Comprehensive Loss, End of Period $ (4,075) $ (4,418) Total Shareholders' Equity $ 103,686 $ 105,897 Non -controlling Interest Non-controlling interest, beginning of period 63,545 - Reclassification upon conversion from a trust to a corporation - 67,899 Total comprehensive income attributable to non-controlling interests 8 838 (180) Distributions (2,010) (1,340) Non-controlling Interest, End of Period $ 62,373 $ 66,379 Total Equity, End of Period $ 166,059 $ 172,276 See accompanying notes to the interim condensed consolidated financial statements. 5 IBI GROUP INC. Notes to the Unaudited Interim Condensed Consolidated Financial Statements (In thousands of Canadian dollars, except per share amounts) NOTE 1: ORGANIZATION AND DESCRIPTION OF THE BUSINESS IBI Group Inc. (the “Company”) is a company incorporated pursuant to the provisions of the Canada Business Corporations Act (the “CBCA”) on June 30, 2010 and became the successor to IBI Income Fund (the “Fund”), an unincorporated, open-ended limited purpose trust established under the laws of Ontario. The Fund was created on July 23, 2004 to indirectly acquire the outstanding Class A partnership units of IBI Group Partnership (“IBI Group”), a general partnership formed under the laws of the Province of Ontario that carries on business. IBI Group also issued Class B partnership units to IBI Group Management Partnership (the “Management Partnership”), the entity that carried on the operations of the Fund prior to its acquisition by the Fund. As at March 31, 2012, the Management Partnership holds 5,025,778 Class B partnership units representing 27.7% of the issued and outstanding units of IBI Group and, with affiliated partnerships, 3,281,011 common shares of the Company, representing a total ownership of approximately 45.9% of the Company. The Management Partnership also holds 5,025,778 non-participating voting shares of the Company, which together with the 3,281,011 common shares of the Company held by the Management Partnership and affiliated partnerships, represents approximately 45.9% of the voting shares of the Company on a partially diluted basis, assuming the exchange of the Class B partnership units for common shares of the Company. Through IBI Group, the Company is an international, multi-disciplinary provider of a broad range of professional services focused on the physical development of cities. IBI Group's business is concentrated in four main areas of development, being urban land, building facilities, transportation networks and systems technology. The professional services provided by IBI Group include planning, design, implementation, analysis of operations and other consulting services related to these four main areas of development. The common shares of the Company are listed on the Toronto Stock Exchange under the symbol “IBG”. The Company’s registered head office is 230 Richmond Street West, 5th Floor, Toronto Ontario, M5V 1V6. NOTE 2: STATEMENT OF COMPLIANCE (a) Statement of Compliance These unaudited interim condensed consolidated financial statements of the Company and its subsidiaries (the “consolidated group”) have been prepared in accordance with IAS 34, Interim Financial Reporting, using accounting policies consistent with the International Financial Reporting Standards (“IFRS”), as issued by the International Accounting Standards Board (“IASB”) and using accounting policies derived therein consistent with the Company’s 2011 annual audited consolidated financial statements. Certain information and footnote disclosures which are considered material to the understanding of the Company’s interim financial statements and which are normally included in annual financial statements prepared in accordance with IFRS are provided in these notes. The interim condensed consolidated financial statements do not include all of the information required for 6 IBI GROUP INC. Notes to the Unaudited Interim Condensed Consolidated Financial Statements full annual financial statements.