Financial Statements of - Shoppers Drug Mart
Financial Statements of - Shoppers Drug Mart
Financial Statements of - Shoppers Drug Mart
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SHOPPERS DRUG MART CORPORATION<br />
Notes to the Consolidated <strong>Financial</strong> <strong>Statements</strong><br />
(unaudited)<br />
(in thousands <strong>of</strong> Canadian dollars, except per share data)<br />
13. EXPLANATION OF TRANSITION TO IFRS (continued)<br />
Reconciliation <strong>of</strong> Consolidated Statement <strong>of</strong> Earnings for 52 weeks ended January 1, 2011<br />
Note<br />
Previous GAAP<br />
Presentation Adjustment<br />
from Previous GAAP to<br />
IFRS<br />
Effect <strong>of</strong> transition to IFRS<br />
IFRS<br />
<strong>Shoppers</strong> Rent Expense<br />
Employee Benefits -<br />
Optimum® Loyalty during the Fixturing Impairment <strong>of</strong> Store Sale-leaseback Financing Leases Ongoing Recognition <strong>of</strong><br />
Business<br />
Card Program<br />
Period<br />
Assets Transactions Classification Pension Expense Combinations Income Taxes<br />
Sales b)i) $ 10,376,067 $ - $ (183,353) $ - $ - $ - $ - $ - $ - $ - $ 10,192,714<br />
Cost <strong>of</strong> goods sold and other operating expenses (9,192,181) 9,192,181 - - - - - - - - -<br />
Cost <strong>of</strong> goods sold b)i) - (6,479,316) 179,071 - - - - - - - (6,300,245)<br />
Gross pr<strong>of</strong>it 1,183,886 2,712,865 (4,282) - - - - - - - 3,892,469<br />
Amortization (286,935) 286,935 - - - - - - - - -<br />
Operating and administrative expenses<br />
b)ii);<br />
- (2,999,800) - (2,946) (7,177) 10,906 3,967 (59) (38)<br />
(2,995,147)<br />
b)iii);<br />
b)iv);<br />
b)v);<br />
b)vi);<br />
b)vii)<br />
-<br />
Operating income 896,951 - (4,282) (2,946) (7,177) 10,906 3,967 (59) (38) - 897,322<br />
-<br />
Interest expense (56,036) 56,036 - - - - - - - - -<br />
Finance expenses b)iv) - (56,036) - - - - (4,597) - - - (60,633)<br />
Finance expenses (56,036) - - - - - (4,597) - - - (60,633)<br />
Earnings before income taxes 840,915 - (4,282) (2,946) (7,177) 10,906 (630) (59) (38) - 836,689<br />
Income taxes b)<br />
Current (238,779) - - - - - - - - - (238,779)<br />
Deferred (11,393) - 1,204 521 1,933 (2,029) (241) (114) 11 4,049 (6,059)<br />
(250,172) - 1,204 521 1,933 (2,029) (241) (114) 11 4,049 (244,838)<br />
Net earnings $ 590,743 $ - $ (3,078) $ (2,425) $ (5,244) $ 8,877 $ (871) $ (173) $ (27) $ 4,049 $ 591,851<br />
Net earnings per common share<br />
Basic $ 2.72 $ 2.72<br />
Diluted $ 2.72 $ 2.72<br />
50
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