2012 Annual Report - Prometic - Life Science, Inc.

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ANNUAL CONSOLIDATED FINANCIAL STATEMENTS OF PROMETIC LIFE SCIENCES INC. For the years ended December 31, 2012 and 2011 INDEPENDENT AUDITORS’ REPORT TO THE SHAREHOLDERS OF PROMETIC LIFE SCIENCES INC. We have audited the accompanying consolidated financial statements of ProMetic Life Sciences Inc. (the “Company”), which comprise the consolidated statements of financial position as at December 31, 2012 and 2011, and the consolidated statements of operations and comprehensive loss, changes in shareholders’ equity (deficiency) and cash flows for the years then ended, and a summary of significant accounting policies and other explanatory information. MANAGEMENT’S RESPONSIBILITY FOR THE CONSOLIDATED FINANCIAL STATEMENTS Management is responsible for the preparation and fair presentation of these consolidated financial statements in accordance with International Financial Reporting Standards, and for such internal control as management determines is necessary to enable the preparation of consolidated financial statements that are free from material misstatement, whether due to fraud or error. AUDITORS’ RESPONSIBILITY Our responsibility is to express an opinion on these consolidated financial statements based on our audits. We conducted our audits in accordance with Canadian generally accepted auditing standards. Those standards require that we comply with ethical requirements and plan and perform the audits to obtain reasonable assurance about whether the consolidated financial statements are free from material misstatement. An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the consolidated financial statements. The procedures selected depend on the auditors’ judgment, including the assessment of the risks of material misstatement of the consolidated financial statements, whether due to fraud or error. In making those risk assessments, the auditors consider internal control relevant to the entity’s preparation and fair presentation of the consolidated financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity’s internal control. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates made by management, as well as evaluating the overall presentation of the consolidated financial statements. We believe that the audit evidence we have obtained in our audits is sufficient and appropriate to provide a basis for our audit opinion. OPINION In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of ProMetic Life Sciences Inc. as at December 31, 2012 and 2011, and its financial performance and its cash flows for the years then ended in accordance with International Financial Reporting Standards. EMPHASIS OF MATTER Without qualifying our opinion, we draw attention to note 1 in the consolidated financial statements which indicates that the Company incurred a net loss of $424,000 during the year ended December 31, 2012 and as of that date, the Company had an accumulated deficit of $246,470,000. These conditions, along with other matters as set forth in note 1, indicate the existence of a material uncertainty that may cast doubt on the Company’s ability to continue as a going concern. Montreal, Canada March 25, 2013 1 CPA auditor, CA public accountancy permit no. A120254 PROMETIC LIFE SCIENCES INC. 24
CONSOLIDATED STATEMENTS OF FINANCIAL POSITION (See governing statutes, nature of operations and going concern uncertainty - note 1) (In thousands of Canadian dollars) As at As at December 31, December 31, 2012 2011 ASSETS (note 18) Current assets Cash $ 1,205 $ 275 Accounts receivable (note 6) 4,750 1,438 Share subscription receivable (note 20) 9,822 - Inventories (note 7) 1,238 1,243 Prepaid expenses 303 228 17,318 3,184 Restricted cash (note 8) 198 233 Other investment (note 9) 27 27 Investment in an associated company (note 10) 69 - Capital assets (note 11) 1,127 928 Licenses and patents (note 12) 4,252 4,320 $ 22,991 $ 8,692 LIABILITIES AND SHAREHOLDERS’ EQUITY (DEFICIENCY) Current liabilities Bank loan and other loan (note 13) $ 1,636 $ 752 Trade and other payables (note 14) 5,094 7,091 Promissory notes from shareholders (note 15) 250 817 Deferred revenues (note 16) 2,355 447 Repayable government grants and finance lease obligations (note 17) 560 733 Current portion of long-term debt provided by shareholders (note 18) 600 750 Current portion of advance on revenues from a supply agreement (note 19) 2,576 1,223 13,071 11,813 Long-term portion of lease inducement 226 183 Long-term portion of government grant and finance lease obligations (note 17) 4 13 Long-term debt provided by shareholders (note 18) 3,417 3,411 Advance on revenues from a supply agreement (note 19) 454 1,840 17,172 17,260 SHAREHOLDERS’ EQUITY (DEFICIENCY) Share capital (note 20) 224,741 220,777 Share capital to be issued (note 20 a) 9,822 - Contributed surplus 11,762 10,132 Future investment rights 6,542 6,542 Accumulated other comprehensive income 207 159 Deficit (246,470 ) (246,051 ) Equity (deficiency) attributable to owners of the parent 6,604 (8,441 ) Non-controlling interests (785 ) (127 ) 5,819 (8,568 ) $ 22,991 $ 8,692 The accompanying notes are an integral part of the consolidated financial statements. Commitments (note 24) Contingencies (note 31) Subsequent events (note 32) On behalf of the Board Director Director PROMETIC LIFE SCIENCES INC. 25
Page 1 and 2: ANNUAL REPORT 2012 We believe in ou
Page 3 and 4: We have + 14 + 28 applications and
Page 5 and 6: WHO WE ARE ProMetic Life Sciences I
Page 7 and 8: On May 15, 2012, ProMetic received
Page 9 and 10: alliance for the manufacturing of o
Page 11 and 12: PROMETIC’S BUSINESS IS ORGANIZED
Page 17 and 18: MANAGEMENT’S DISCUSSION & ANALYSI
Page 19 and 20: Although the Company achieved its f
Page 21 and 22: During the year ended December 31,
Page 23 and 24: FOURTH QUARTER The following inform
Page 25: Following a consulting agreement en
Page 29 and 30: CONSOLIDATED STATEMENTS OF CHANGES
Page 31 and 32: NOTES TO CONSOLIDATED FINANCIAL STA
Page 33 and 34: The gain or loss arising on the dis
Page 35 and 36: n) Income taxes The Company uses th
Page 37 and 38: IFRS 12 Disclosure of Involvement w
Page 39 and 40: 11. CAPITAL ASSETS Leasehold Equipm
Page 41 and 42: 13. BANK AND OTHER LOANS 2012 2011
Page 43 and 44: (b) Other loans: 1) Loan for an ini
Page 45 and 46: purposes. Consequently, the loans w
Page 47 and 48: 2012 During the year ended December
Page 49 and 50: d) Stock-based compensation: The Co
Page 51 and 52: 22. CAPITAL DISCLOSURES December 31
Page 53 and 54: Fair value hierarchy Financial inst
Page 55 and 56: December 31, 2012 December 31, 2011
Page 57 and 58: The Company has tax losses which ar
Page 59 and 60: d) Acquisition of capital assets an
Page 61 and 62: On March 7, 2013, the share purchas
Page 63 and 64: CORPORATE INFORMATION HEADQUARTERS

2012 Annual Report - Prometic - Life Science, Inc.

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