Annual Report 2011 - Canlan Ice Sports

Notes to Consolidated Financial Statements
(tabular amounts expressed in thousands of dollars, except per share amounts)
Years ended December 31, 2011 and 2010
22. First-time adoption of IFRS (continued):
Reconciliation of net earnings and comprehensive income for year ended December 31, 2010:
Effect of
Canadian
transition
GAAP to IFRS Notes IFRS
Revenue:
Ice rink and recreational facilities $ 69,849 $ 60 i $ 69,909
Expenses:
Ice rink and recreational facilities:
Salaries, wages and benefits 25,837 62 f 25,899
Selling, customer service and other 10,548 - 10,548
Cost of goods sold 5,291 - 5,291
Utilities 6,846 - 6,846
Repairs and maintenance 3,095 - 3,095
Property tax 2,489 - 2,489
Facility lease 1,459 - 1,459
55,565 62 55,627
Earnings from ice rink and recreational facilities 14,284 (2) 14,282
General and administration expenses 4,753 (189) e, f 4,564
Earnings before undernoted 9,531 187 9,718
Other expenses (income):
Depreciation 4,813 173 b - d 4,986
Interest 3,296 (3,296) i -
Gain on sale of assets (35) - (35)
Other (43) - (43)
Held-for-trading financial liabilities (341) 341 i -
7,690 (2,782) 4,908
Finance income (costs):
Finance income - 341 i 341
Finance costs - (3,356) i (3,356)
- (3,015) (3,015)
Earnings before income taxes 1,841 (46) 1,795
Deferred income tax expense 1,134 (72) g 1,062
Net earnings and comprehensive income $ 707 $ 26 $ 733
Basic and fully diluted earnings per share $ 0.05 $ 0.05
56 Canlan Ice Sports Corp. 2011 Annual Report