 |
|
Accounts and Financial Statements
Defence Construction (1951) Limited
Balance Sheet
| as at March 31, 2009 (in thousands of dollars) |
2009 |
2008 |
| Assets |
|
| Current |
|
|
| Cash |
$ 7,962 |
$ 6,135 |
| Due from related parties (note 6) |
15,342 |
9,500 |
| Prepaids, advances and accounts receivable |
575 |
347 |
|
23,879 |
15,982 |
| |
|
| Property, plant and equipment (note 4) |
1,810 |
1,529 |
| |
$ 25,689 |
$ 17,511 |
| |
|
| Liabilities |
|
| Current |
|
|
| Accounts payable and accrued liabilities |
$ 5,787 |
$ 4,074 |
| Due to related parties (note 6) |
701 |
38 |
| Current portion – provision for employee future benefits (note 5) |
361 |
228 |
|
6,849 |
4,340 |
| |
|
| Provision for employee future benefits (note 5) |
11,982 |
9,785 |
|
$ 18,831 |
$ 14,125 |
| |
|
| Shareholders’ equity |
|
| Share capital |
|
|
| Authorized – 1,000 common shares of no par value |
|
|
| Issued – 32 common shares |
$ - |
$ - |
| |
|
| Retained earnings |
6,858 |
3,386 |
|
6,858 |
3,386 |
| |
$ 25,689 |
$ 17,511 |
Commitments (note 7)
Contingencies (note 9)
The accompanying notes are an integral part of these financial statements.
Approved by the Board of Directors:
Director
Robert Presser |
Director
Kris Matthews |
Statement of Operations and Comprehensive Income
| for the year ended March 31, 2009 (in thousands of dollars) |
2009 |
2008 |
| Revenue |
|
| Services (note 6) |
$ 71,570 |
$ 55,458 |
| Interest |
154 |
258 |
|
71,724 |
55,716 |
| Expenses |
|
| Salaries and employee benefits |
60,069 |
49,343 |
| Operating and administrative |
7,130 |
6,228 |
| Amortization of property, plant and equipment |
1,053 |
851 |
|
68,252 |
56,422 |
| Net income (loss) and comprehensive income (loss) |
$ 3,472 |
$ (706) |
Statement of Retained Earnings
| for the year ended March 31, 2009 (in thousands of dollars) |
2009 |
2008 |
| Retained earnings at beginning of year |
$ 3,386 |
$ 4,092 |
| Net income (loss) and comprehensive income (loss) |
3,472 |
(706) |
| Retained earnings at end of year |
$ 6,858 |
$ 3,386 |
The accompanying notes are an integral part of these financial statements.
Statement of Cash Flows
| for the year ended March 31, 2009 (in thousands of dollars) |
2009 |
2008 |
| Cash Flows From Operating Activities |
|
| Net income (loss) and comprehensive income (loss) |
$ 3,472 |
$ (706) |
| Items not requiring cash: |
|
|
| Provision for employee future benefits |
2,663 |
2,027 |
| Amortization |
1,053 |
851 |
|
3,716 |
2,878 |
| |
|
| Employee severance and other non-pension benefits paid |
(333) |
(327) |
| |
|
| Increase (decrease) in non-cash working capital balances related to operations: |
|
|
| Due from related parties |
(5,842) |
(2,149) |
| Prepaids, advances and accounts receivables |
(228) |
152 |
| Accounts payables and accrued liabilities |
1,713 |
(765) |
| Due to related parties |
663 |
(8) |
|
(3,694) |
(2,770) |
| Net cash flows provided by (used in) operating activities |
3,161 |
(925) |
| |
|
| Cash Flows Used In Investing Activities |
|
| Acquisition of property, plant and equipment |
(1,334) |
(785) |
| Increase (decrease) in cash during the year |
1,827 |
(1,710) |
| Cash at beginning of the year |
6,135 |
7,845 |
| Cash at end of the year |
$ 7,962 |
$ 6,135 |
The accompanying notes are an integral part of these financial statements.
