Annual Report 2011 - Canlan Ice Sports

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Notes to Consolidated Financial Statements (tabular amounts expressed in thousands of dollars, except per share amounts) Years ended December 31, 2011 and 2010 19. Segmented information: The Company’s operations consist of full service ice rink and recreational facilities, primarily in Canada, which constitute a single operating segment. (a) Ice rink and recreational facilities revenue: 2011 2010 Ice sales $ 53,384 $ 51,343 Restaurant and lounge 11,604 11,797 Sports store 2,020 1,960 Management and consulting fees 226 286 Other 4,732 4,523 $ 71,966 $ 69,909 There is no single customer who accounts for 10% or more of the Company’s revenue. (b) Geographic: 2011 2010 Canada USA Total Canada USA Total Revenue $ 67,998 $ 3,968 $ 71,966 $ 67,368 $ 2,541 $ 69,909 Net earnings (loss) before tax 5,421 (1,308) 4,113 2,707 (912) 1,795 Non-current assets 82,637 4,819 87,456 92,678 1,029 93,707 Total assets 96,917 7,823 104,740 103,583 2,043 105,626 20. Supplemental cash flow information: 2011 2010 (a) Net changes in non-cash working capital: Accounts receivable $ (198) $ 326 Inventory (80) (17) Prepaid expenses (104) 40 Accounts payable and accrued liabilities 333 (520) Deferred revenue and customer deposits 473 (997) Effect of change in foreign currency (18) 26 $ 406 $ (1,142) (b) Non-cash transactions: Finance lease obligations $ 164 $ 647 54 Canlan Ice Sports Corp. 2011 Annual Report
Notes to Consolidated Financial Statements (tabular amounts expressed in thousands of dollars, except per share amounts) Years ended December 31, 2011 and 2010 21. Expenses by function: The Company’s consolidated statement of earnings and comprehensive income presents expenses on a mixed basis. IFRS requires a Company to present expenses according to its nature or function. The following information has been provided to disclose the Company’s expenses by function: 2011 2010 Ice rink and recreational facilities expense $ 62,846 $ 60,492 General and administrative expenses $ 4,422 $ 4,685 Other expenses (income): Gain on sale of assets $ (2,578) $ (35) Impairment on investment property 192 - Other 104 (43) $ (2,282) $ (78) The changes in the above table, as compared to the consolidated statement of earnings and comprehensive income, relate to depreciation of $5,150,000 (2010 - $4,986,000) being allocated from other expenses to ice rink and recreational facilities in the amount of $4,999,000 (2010 - $4,865,000) and to general and administrative expenses in the amount of $151,000 (2010 - $121,000). 22. First-time adoption of IFRS: These are the Company’s first annual consolidated financial statements prepared in accordance with IFRS. The significant accounting policies in note 4 have been applied in preparing the consolidated financial statements as at and for the year ended December 31, 2011, the comparative information for the year ended December 31, 2010, and the preparation of the opening IFRS statement of financial position on the date of transition to IFRS (“Transition Date”), January 1, 2010. The guidance for first-time adoption of IFRS is set out in IFRS 1 First-time Adoption of IFRS. IFRS 1 requires that the standards are applied retrospectively at the Transition Date with all adjustment to assets and liabilities taken to retained earnings, unless certain exemptions are applied. The Company elected to take the IFRS 1 optional exemption to apply the requirements of IAS 23 Borrowing Costs prospectively from the Transition Date. IFRS 1 also outlines specific guidelines where a first-time adopter must not apply the standards retrospectively. The Company has complied with these mandatory exceptions from retrospective application. In preparing the opening IFRS statement of financial position and comparative information for the year ended December 31, 2010, the Company has adjusted amounts reported previously in consolidated financial statements prepared in accordance with Canadian GAAP. An explanation of how the transition from Canadian GAAP to IFRS has affected the Company’s financial position, financial performance and cash flows is set out in the following tables and discussion. Canlan Ice Sports Corp. 2011 Annual Report 55
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Annual Report 2011 - Canlan Ice Sports

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