2007 annual report aveiro investment corp. - First West Properties

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MANAGEMENT’S REPORT To the shareholders of Aveiro Investment Corp. The accompanying Financial Statements of Aveiro Investment Corp. (the “Company”) are the responsibility of Management and have been prepared by Management in accordance with Canadian generally accepted accounting principles and policies as stated in the notes to the Financial Statements. The Company’s Board of Directors has approved the Financial Statements on the recommendation of the Audit Committee. John Mackay Harold Kunik CHAIRMAN CHIEF FINANCIAL OFFICER 30 | Aveiro Investment Corp. | 2007 Annual Report
AUDITOR’S REPORT To the shareholders of Aveiro Investment Corp. We have audited the balance sheet of Aveiro Investment Corp. as at June 30, 2007 and the statements of loss and defi cit and cash fl ows for the year then ended. These fi nancial statements are the responsibility of the Company’s management. Our responsibility is to express an opinion on these fi nancial statements based on our audit. We conducted our audit in accordance with Canadian generally accepted auditing standards. Those standards require that we plan and perform an audit to obtain reasonable assurance whether the fi nancial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the fi nancial statements. An audit also includes assessing the accounting principles used and signifi cant estimates made by management, as well as evaluating the overall fi nancial statement presentation. In our opinion, these fi nancial statements present fairly, in all material respects, the fi nancial position of the Company as at June 30, 2007 and the results of its operations and its cash fl ows for the year then ended in accordance with Canadian generally accepted accounting principles. The fi nancial statements as at June 30, 2006 and for the year then ended were audited by other auditors who expressed an opinion without reservation on those statements in their report dated August 18, 2006. Calgary, Canada Chartered Accountants September 7, 2007 Aveiro Investment Corp. | 2007 Annual Report | 31
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 and 12: JULY 2007 Private Placement In July
Page 13 and 14: WHY SASKATCHEWAN? Once solely an ag
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: The rates are determined based on m
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

2007 annual report aveiro investment corp. - First West Properties

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