2007 annual report aveiro investment corp. - First West Properties

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WHY ALBERTA? WESTERN CANADA FACTS AND FIGURES We focused primarily on Alberta in our fi rst year of operation because: • Over the past ten years, Alberta had the highest rate of economic growth in Canada at 4.3 per cent per year. • In 2006 alone, Alberta’s economy grew by 6.8 per cent. • The province consistently has the highest investment per capita among provinces. In 2006, Alberta investment per capita was $22,296, more than twice the national average. A total of $75.3 billion was invested in 2006, almost quadruple the 1996 level. (Government of Alberta) Alberta also has the lowest overall taxes in Canada and no provincial sales tax (the only province without it). Over the next year, we will also be looking for properties similar to the ones we have already bought in Alberta – properties with strong cash fl ow and the potential for price appreciation – in Alberta, British Columbia, Saskatchewan and Manitoba. 12 | Aveiro Investment Corp. | 2007 Annual Report WHY BRITISH COLUMBIA? • BC’s economy, as measured by real GDP, is expected to increase 31 per cent between 2004 and 2014. (Canadian Occupational Projection System) • British Columbia is expected to experience economic growth averaging 3.3 per cent in both 2007 and 2008. (Scotiabank Group, Provincial Trends, July 2007) • The value of building permits issued in British Columbia is up 22 per cent to approximately $6.6 billion this year, compared to $5.4 billion for the fi rst six months of 2006. For June 2007, the value of permits in BC’s non-residential construction sector reached nearly $498 million – the second highest level on record, according to the report. In addition, the total value of permits for 2007 is up 64 per cent in Victoria and 57 per cent in Kelowna, compared to the same time last year. (Statistics Canada, Building permits, August 3, 2007) • British Columbia’s new Major Projects Inventory shows 804 major capital projects, worth an estimated $124.2 billion, were planned or underway between January and March 2007. Every region in the province experienced growth compared to the fi rst quarter of 2006, when the inventory stood at 711 major capital projects worth an estimated $90.6 billion. This is the 15th straight quarter the inventory has grown. (BC Ministry of Economic Development)
WHY SASKATCHEWAN? Once solely an agricultural economy, Saskatchewan has diversifi ed with the development of its mineral resources – and the momentum in Saskatchewan’s economy continues to build: • According to Statistics Canada’s preliminary estimates (released April 25, 2007), Saskatchewan’s Gross Domestic Product (GDP), infl ation adjusted, stood at $34.3 billion in 2006. In the last decade – from 1996 to 2006 – Saskatchewan’s real GDP grew, on average, at a rate of 2.0 per cent annually. • Saskatchewan grows half of the entire quantity of Canada’s major export crops: wheat, oats, barley, rye, fl axseed and canola. • Saskatchewan has 14,000 oil wells, which produce about 12 percent of Canada’s total oil output. • Saskatchewan is the leading exporter of potash, with two-thirds of the world’s reserves. • Potash production and sales, oil production, farm cash receipts, urban housing starts, international exports, retail sales, building permit values, and average weekly earnings are all up. Many independent forecasters expect Saskatchewan to be among the nation’s leaders in economic growth this year. (Government of Saskatchewan) WHY MANITOBA? Manitoba’s economy was built on agriculture, forestry and mining, as well as the City of Winnipeg’s central role as the transportation gateway from Eastern to Western Canada and to the U.S. Midwest. A recent KPMG study concluded that Manitoba has some of the lowest overall business costs in the North American Midwest. Offi ce space and industrial land are inexpensive and readily available; electricity and long distance rates are among the lowest in Canada; and labour rates are competitive. The Government of Manitoba reports that growth in 2006 was broadly based with particular strength in mining, agriculture and construction. The Economic and Fiscal Analysis Branch also reports that: • Real GDP in Manitoba grew 3.1 per cent in 2006 and is forecast to grow by 2.8 per cent in 2007. • Manitoba capital investment increased 14.2 per cent in 2006, second highest in the country. In 2007, capital investment is projected to increase 11.3 per cent, again second highest among provinces, while private investment is projected to increase 6.5 per cent and public investment 23.7 per cent. • In the fi rst six months of 2007, Manitoba exports increased 22.6 per cent, substantially higher than the 5.1 per cent national increase. Aveiro Investment Corp. | 2007 Annual Report | 13
Page 1 and 2: AVEIRO INVESTMENT CORP. 2007 ANNUAL
Page 3 and 4: CHAIRMAN’S LETTER DEAR FELLOW SHA
Page 5 and 6: ASSETS SASKATOON TOTAL OF APPROXIMA
Page 7 and 8: ASSETS AIRDRIE 77 ACRES OF UNDEVELO
Page 9 and 10: Harold Kunik, Chief Financial Offic
Page 11: JULY 2007 Private Placement In July
Page 15 and 16: OVERVIEW About Aveiro Aveiro is an
Page 17 and 18: OVERALL PERFORMANCE Financial Posit
Page 19 and 20: The Warehouse Mortgage is a fi rst
Page 21 and 22: a company with common management. I
Page 23 and 24: During the 2008 fi scal year, the C
Page 25 and 26: properties. The ability of Aveiro t
Page 27 and 28: OUTSTANDING SHARE DATA Common Share
Page 29 and 30: The rates are determined based on m
Page 31 and 32: AUDITOR’S REPORT To the sharehold
Page 33 and 34: STATEMENTS OF LOSS AND DEFICIT Year
Page 35 and 36: NOTES TO THE FINANCIAL STATEMENTS J
Page 47 and 48: AUDITORS Grant Thornton LLP 1000, 1

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