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
Construction in progress is comprised primarily of building and equipment, the cost of which has
not been depreciated as the assets were not placed in use in the reporting period.
Ag Growth regularly assesses its long-lived assets for impairment. As at March 31, 2011, the
recoverable amount of each CGU exceeded the carrying amounts of the assets allocated to the
respective units.
Capitalized borrowing costs
No borrowing costs were capitalized in 2010 or the first quarter of 2011. Ag Growth availed itself
of the borrowing cost exemption available in IFRS 1.
Finance leases
Included in manufacturing equipment is equipment held under finance leases, the carrying value of
which at March 31, 2011 was $740 [December 31, 2010 - $839, January 1, 2010 - nil]. Leased
assets are pledged as security for the related finance lease liabilities.
10. INTANGIBLE ASSETS
Distribution
networks
Brand
names Patents Software
Order
backlog
Development
projects Total
$ $ $ $ $ $ $
COST
Balance, January 1, 2011 52,346 32,582 1,138 1,092 628 — 87,786
Additions
Internal development — — — — — 629 629
Exchange differences (243) (150) (20) (25) 6 — (432)
Balance, March 31, 2011 52,103 32,432 1,118 1,067 634 629 87,983
AMORTIZATION
Balance, January 1, 2011 14,509 — 568 — 364 — 15,441
Amortization charge for the period 788 — 22 226 14 — 1,050
Exchange differences (99) — (10) (4) 12 — (101)
Balance, March 31, 2011 15,198 — 580 222 390 — 16,390
Net book value, March 31, 2011 36,905 32,432 538 845 244 629 71,593
83