Q2 Financial Report - 2014

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Unaudited Interim Condensed Consolidated Financial Statements Ag Growth International Inc. June 30, 2014
Ag Growth International Inc. UNAUDITED INTERIM CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL POSITION [in thousands of Canadian dollars] As at As at June 30, December 31, 2014 2013 $ $ ASSETS [note 14] Current assets Cash and cash equivalents 5,731 108,731 Restricted cash [notes 5 and 13[a]] 250 112 Accounts receivable [note 11] 78,455 58,578 Inventory 68,946 57,546 Prepaid expenses and other assets 3,518 2,225 Income taxes recoverable — 9 156,900 227,201 Non-current assets Property, plant and equipment, net 89,470 88,416 Goodwill [note 8] 69,222 65,322 Intangible assets, net [note 7] 75,680 71,487 Available-for-sale investment[note 9] 900 2,000 Income taxes recoverable 5,616 5,487 Derivative instruments 57 — Deferred tax asset [note 16] 17,975 23,327 258,920 256,039 Assets held for sale 1,101 2,396 Total assets 416,921 485,636 LIABILITIES AND SHAREHOLDERS' EQUITY Current liabilities Accounts payable and accrued liabilities 31,557 30,872 Customer deposits 13,631 18,651 Dividends payable [note 12[d]] 2,622 2,525 Acquisition, transaction and financing costs payable [note 5] 250 — Income taxes payable 203 151 Current portion of long-term debt [note 14] 2 5 Current portion of derivative instruments [note 17] 3,053 3,348 Convertible unsecured subordinated debentures [note 15] — 113,360 Provisions 3,466 3,400 54,784 172,312 Non-current liabilities Long-term debt [note 14] 51,574 26,367 Due to vendor 617 615 Convertible unsecured subordinated debentures [note 15] 78,693 77,987 Derivative instruments [note 17] — 1,144 Deferred tax liability [note 16] 10,221 10,233 141,105 116,346 Total liabilities 195,889 288,658 Shareholders' equity [note 12] Common shares 180,938 158,542 Accumulated other comprehensive income 4,912 3,365 Equity component of convertible debentures 4,480 8,240 Contributed surplus 10,028 4,984 Retained earnings 20,674 21,847 Total shareholders' equity 221,032 196,978 Total liabilities and shareholders' equity 416,921 485,636 Commitments and contingencies [note 22] See accompanying notes On behalf of the Board of Directors: __________________________ (signed) Bill Lambert Director ______________________________ (signed) David A. White, CA, ICD.D Director 41 38
Page 1 and 2: 2014 QUARTERLY REPORT For the three
Page 3 and 4: Brazil however remains beyond our r
Page 5 and 6: AG GROWTH INTERNATIONAL INC. MANAGE
Page 7 and 8: Gross Margin (see "Non-IFRS Measure
Page 9 and 10: AGI’s international business has
Page 11 and 12: General and administrative 16,222 1
Page 13 and 14: Canada AGI posted record sales in C
Page 15 and 16: EBITDA and Adjusted EBITDA (thousan
Page 17 and 18: Current income tax expense For the
Page 19 and 20: CASH FLOW AND LIQUIDITY (thousands
Page 21 and 22: Cash Balance The Company’s cash b
Page 23 and 24: COMMON SHARES The following number
Page 25 and 26: Funds from operations can be reconc
Page 27 and 28: Valuation of Inventory Assessments
Page 29 and 30: Foreign Exchange Risk AGI generates
Page 31 and 32: Seasonality of Business The agricul
Page 33 and 34: legislation and regulations. While
Page 35 and 36: event specified in the legislation
Page 37: References to “funds from operati
Page 41 and 42: Ag Growth International Inc. UNAUDI
Page 43 and 44: Ag Growth International Inc. UNAUDI
Page 45 and 46: Ag Growth International Inc. NOTES
Page 79: Ag Growth International 198 Commerc

Q2 Financial Report - 2014

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