2016 Annual Report For Web 7.3MB

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(LOSS) FROM DISCONTINUED OPERATIONS
2016
$
2015
$
PROFIT (LOSS) FROM DISCONTINUED OPERATIONS
FOR THE YEAR
8. DUE TO VENDOR
TRAMCO, INC. [“TRAMCO”]
353 (15,509)
Other comprehensive income
Item that may be reclassified subsequently
to profit or (loss)
Exchange difference on translation of foreign operations (143) 12
Other comprehensive income (loss) from discontinued
operations for the year
(143) 12
TOTAL COMPREHENSIVE INCOME (LOSS) FROM
DISCONTINUED OPERATIONS FOR THE YEAR 210 (15,497)
CONSOLIDATED STATEMENTS OF CASH FLOWS FROM
DISCONTINUED OPERATIONS FOR THE YEAR
2016
$
2015
$
Cash flows provided by (used in) from operating activities (368) 326
Cash flows used in investing activities (111) (413)
Cash flows used in discontinued operations (479) (87)
In the year ended December 31, 2013, the Company recorded a tax
deduction in regards to the write-off of a receivable outstanding as
at the date of the Tramco acquisition. Per the terms of the purchase
agreement, the tax benefit related to this deduction, net of 15% which
is to the benefit of the Company, is required to be paid to the vendor of
Tramco once the deduction has become statute barred. The impact of
this deduction from taxable income was to reduce current income tax
expense by $118 and income tax payable by $780. The amount payable
to the vendor upon the deduction becoming statute barred of $776 has
been recorded as a long-term liability on the consolidated statements of
financial position.
9. OTHER EXPENSES (INCOME)
2016
$
2015
$
[A] OTHER OPERATING EXPENSE (INCOME)
Net loss (gain) on disposal of property,
plant and equipment
(98) 3,249
Net gain on disposal of assets held for sale (16) (46)
Gain on equity swap (9,210) —
Other (2,272) (2,895)
(11,596) 308
[B] FINANCE EXPENSE (INCOME)
Interest income from banks (38) (215)
Loss (gain) on foreign exchange (930) 6,527
(968) 6,312
[C] FINANCE COSTS
Interest on overdrafts and other finance costs 139 247
Interest, including non-cash interest,
on debts and borrowings
9,258 7,398
Interest, including non-cash interest,
on convertible debentures [note 25]
14,628 10,845
24,025 18,490
[D] COST OF GOODS SOLD
Depreciation 10,019 7,621
Amortization of intangible assets 3,648 2,545
Warranty provision 104 2,721
Cost of inventory recognized as an expense 356,661 286,962
370,432 299,849
[E] SELLING, GENERAL AND ADMINISTRATIVE EXPENSES
Depreciation 904 567
Amortization of intangible assets 7,413 5,784
Minimum lease payments recognized as an operating
lease expense
2,908 2,261
Transaction costs 4,325 5,405
Selling, general and administrative 96,519 81,750
112,069 95,767
[F] EMPLOYEE BENEFITS EXPENSE
Wages and salaries 128,802 104,933
Share-based payment transaction expense [note 22] 6,891 3,004
Pension costs 3,150 2,626
138,843 110,563
Included in cost of goods sold 86,965 71,475
Included in selling general and administrative expense 51,878 39,088
138,843 110,563
VIS
2015
VIS manufactures bulk
storage and material handling
solutions for the feed,
fertilizer and grain handling
industries. The VIS product
line includes overhead bin
systems, bucket elevators,
drag, belt and screw
conveyors, distributors, gates
and diverter valves. VIS works
together with their clients
on system design to
determine the best selection
of equipment for their
application.
107 CONSOLIDATED FINANCIAL STATEMENTS
FIELD TO CONSUMER
2016 ANNUAL REPORT
CONSOLIDATED FINANCIAL STATEMENTS 06