Q1 Financial Report - 2011

Ag Growth International Inc.
NOTES TO UNAUDITED INTERIM CONSOLIDATED
FINANCIAL STATEMENTS
[in thousands of Canadian dollars, except where otherwise noted and per share data]
March 31, 2011
Note
Canadian
GAAP Adjustments IFRS
$ $ $
LIABILITIES AND SHAREHOLDERS'
EQUITY
Current liabilities
Accounts payable and accrued liabilities 9 24,565 (1,942) 22,623
Customer deposits 6,573 — 6,573
Long-term incentive plan 1 1,870 (1,870) —
Dividends payable 2,509 — 2,509
Acquisition price, transaction and financing
costs payable 11,994 — 11,994
Income taxes payable 56 — 56
Current portion of deferred credit 6a 8,302 (8,302) —
Current portion of long-term debt 128 — 128
Current portion of obligations under finance
leases 432 — 432
Current portion of share award incentive plan 2,003 — 2,003
Future income taxes 9 426 (426) —
Provisions 9 — 1,942 1,942
58,858 (10,598) 48,260
Non-current liabilities
Long-term debt 24,518 — 24,518
Obligations under finance leases 138 — 138
Convertible unsecured subordinated
debentures 105,140 — 105,140
Deferred tax liability 6b, 8 6,602 1,862 8,464
Deferred credit 6a 34,018 (34,018) —
Share award incentive plan 1 1,573 (2) 1,571
171,989 (32,158) 139,831
Total liabilities 230,847 (42,756) 188,091
Shareholders' equity
Common shares 151,376 — 151,376
Accumulated other comprehensive income
(loss) (1,026) 1,020 (6)
Equity component of convertible debentures — 5,105 5,105
Contributed surplus 11,121 (5,000) 6,121
Retained earnings (accumulated deficit) (755) 48,453 47,698
Total shareholders' equity
160,716 49,578 210,294
Commitments and contingencies
391,563 6,822 398,385
133