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
1. ORGANIZATION
The interim consolidated financial statements of Ag Growth International Inc. ["Ag Growth Inc."]
for the three-month period ended March 31, 2011 were authorized for issuance in accordance with
a resolution of the directors on June 13, 2011. Ag Growth International Inc. is a listed company
incorporated and domiciled in Canada whose shares are publicly traded at the Toronto Stock
Exchange. The registered office is located at 1301 Kenaston Blvd., Winnipeg, Manitoba, Canada.
2. OPERATIONS
Ag Growth conducts business in the grain handling, storage and conditioning market.
Included in these interim consolidated financial statements are the accounts of Ag Growth Inc. and
all of its subsidiary partnerships and incorporated companies; together, Ag Growth Inc. and its
subsidiaries are referred to as "Ag Growth" or the "Company".
3. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
For all periods up to and including the year ended December 31, 2010, Ag Growth presented its
consolidated financial statements in accordance with Canadian generally accepted accounting
principles ["Canadian GAAP"]. The interim consolidated financial statements for the three-month
period ended March 31, 2011 are the first Ag Growth has prepared in accordance with
International Financial Reporting Standards ["IFRS"] as issued by the International Accounting
Standards Board ["IASB"].
Accordingly, Ag Growth has prepared financial statements which comply with IFRS for periods
beginning on or after January 1, 2011 as described in the accounting policies below. In preparing
these interim consolidated financial statements, Ag Growth's opening statement of financial
position was prepared as at January 1, 2010, Ag Growth's date of transition to IFRS. Note 33
explains the principal adjustments made by Ag Growth in restating its Canadian GAAP statement
of financial position as at January 1, 2010, and its previously published Canadian GAAP financial
statements for the year ended December 31, 2010 and the three-month period ended March 31,
2010, to be in compliance with IFRS.
Basis of preparation
The interim consolidated financial statements are presented in Canadian dollars, which is also the
functional currency of the parent company Ag Growth International Inc. All values are rounded to
45