BMN
2014-03-31
BMN
2013-06-30
BMN
2014-01-01
2014-03-31
BMN
2013-01-01
2013-03-31
BMN
2013-07-01
2014-03-31
BMN
2012-07-01
2013-03-31
BMN
ifrs-full:IssuedCapitalMember
2013-07-01
BMN
ifrs-full:IssuedCapitalMember
2013-07-01
2014-03-31
BMN
ifrs-full:IssuedCapitalMember
2014-03-31
BMN
ifrs-full:TreasurySharesMember
2013-07-01
BMN
ifrs-full:TreasurySharesMember
2013-07-01
2014-03-31
BMN
ifrs-full:TreasurySharesMember
2014-03-31
BMN
ifrs-full:NoncontrollingInterestsMember
2013-07-01
BMN
ifrs-full:NoncontrollingInterestsMember
2013-07-01
2014-03-31
BMN
ifrs-full:NoncontrollingInterestsMember
2014-03-31
BMN
ifrs-full:RetainedEarningsMember
2013-07-01
BMN
ifrs-full:RetainedEarningsMember
2013-07-01
2014-03-31
BMN
ifrs-full:RetainedEarningsMember
2014-03-31
BMN
ifrs-full:MachineryMember
2013-07-01
BMN
ifrs-full:MachineryMember
2013-07-01
2014-03-31
BMN
ifrs-full:MachineryMember
2014-03-31
BMN
ifrs-full:BuildingsMember
2013-07-01
BMN
ifrs-full:BuildingsMember
2013-07-01
2014-03-31
BMN
ifrs-full:BuildingsMember
2014-03-31
BMN
ifrs-full:FixturesAndFittingsMember
2013-07-01
BMN
ifrs-full:FixturesAndFittingsMember
2013-07-01
2014-03-31
BMN
ifrs-full:FixturesAndFittingsMember
2014-03-31
BMN
ifrs-full:VehiclesMember
2013-07-01
BMN
ifrs-full:VehiclesMember
2013-07-01
2014-03-31
BMN
ifrs-full:VehiclesMember
2014-03-31
iso4217:CAD
iso4217:USD
xbrli:shares
xbrli:pure
iso4217:CAD
xbrli:shares
74791877
48575677
1029567
3476866
1516982
400655
66837609
39511320
60148203
34590083
30091603
20836261
56167
83679
4077073
4077447
4707274
3162605
39993000
24576811
74791877
48575677
336446
27444
1213171
3274157
3274157
7734893
7646854
34798877
23998866
1781634
26274113
16411933
527346
483376
7954268
9064357
3081634
4707275
3162605
603038
1685309
876725
31730761
16358542
88039
1930342
2241774
105514
1152987
74739
2107405
41990
-118175
320737
-38227
-362554
501880
442521
-460894
406864
79546
1681663
75738
127648
183476
493007
550429
-3002090
-1331973
-11904482
-2259027
538119
538119
426564
-174686
415044
220309
-2148907
-776312
-6706394
-22009
4398
13610
3967
13720
472778
319730
1357853
1014763
-1520296
1182962
8703305
5100909
4317917
-1893305
-7043137
-5405825
-189318
246124
700371
-220792
-299716
23495
-481898
44300
3778650
1868758
15416189
1699169
-33964
303
646
63454
406864
79546
1681663
75738
127648
183476
493007
550429
2468337
4087720
9643194
11749329
23777
41477
80282
117315
2148907
776312
6706394
22009
7012
26239
25610
1187
3002090
1331973
11904482
2259027
538119
538119
170610
721848
372900
79849
1682309
139192
2608303
-464219
2360539
-525708
259231
112087
683952
299329
-1483785
1931987
9862180
5474952
-13906
-142425
-151394
-1063112
2065
6551
-36511
-744084
-1158875
-364616
3778650
1868758
15416189
1699169
20386
6395
43970
20470
3758264
1862363
15372219
1678699
4151550
1948607
17098498
1838361
-4322838
1865782
6947244
5349161
4921
27523
95893
56664
18700
7350
32450
22050
2582079
4128771
9984807
11236646
277402
240949
1224284
1274152
5250
10893
16878
32607
915 42nd Avenue S.E. Calgary, Alberta T2G 1Z1
Canada
2014-05-28
2014-03-31
Basic earnings (loss) per share is calculated by dividing the profit or loss attributable to owners of the Corporation (numerator) by the weighted average number of common shares outstanding (denominator) during the year. Diluted earnings (loss) per share is calculated by adjusting the earnings and number of shares for the effects of dilutive options and other dilutive potential units. All options are considered anti-dilutive when the Corporation is in a loss position.
Equity securities are recorded at market value with net unrealized gains or losses reported in income. Realized gains or losses on sale of securities arise when investments are sold, as determined on a specific identification basis. Transactions are recorded at trade date, and the closing price is used for valuation. Revenue from investment income is recognized when earned. The Corporation records return on capital as a reduction to investment income and an equal adjustment to the adjusted cost base of the individual security.
On initial recognition, financial assets and financial liabilities are recognized when the Corporation becomes a party to the contractual provisions of the instrument. All financial instruments are classified into one of the following categories: fair value through profit and loss, held to maturity, loans and receivables, available-for-sale financial assets or other financial liabilities. Fair value through profit and loss financial assets are measured at their fair value and changes in fair value are recognized in the consolidated statement of comprehensive income and loss. Changes in fair value that are recognized in the consolidated statement of comprehensive income and loss include interest income and unrealized gains or losses. Held to maturity and loans and receivables are measured at amortized cost which is generally the initially recognized amount. Available for sale assets are reported at fair market value with unrealized gains or losses excluded from the consolidated statement comprehensive income and loss and reported as other comprehensive income or loss, unless any impairment in their value is other than temporary, in which case the loss is charged against earnings. Other financial liabilities are measured at amortized cost using the effective interest method. The effective interest rate is the rate that exactly discounts estimated future cash receipts or payments through the expected life of the financial instrument to the net carrying amount of the financial asset or liability upon initial recognition. The Corporation has classified its financial instrument carried at fair values based on the required three - level hierarchy:
Level 1: Valuations based on quoted prices in active markets for identical assets or liabilities;
Level 2: Valuations based on observable inputs other than quoted active market prices; and,
Level 3: Valuations based on significant inputs that are not derived from observable market data, such as discounted cash flows methods.
Provisions for taxes are made using the best estimate of the amount expected to be paid based on qualitative assessment of all relative factors. The Corporation reviews the adequacy of these provisions at the end of the reporting period. However, it is possible that at some future date an additional liability could result from audits by taxing authorities. Where the final outcome of these tax-related matters is different from the amounts that were initially recorded, such differences will affect the tax provisions in the period in which such determination is made. Where a reasonable and consistent basis of allocation can be identified, corporate assets are also allocated to the individual CGUs, or otherwise they are allocated to the smallest group of CGUs for which a reasonable and consistent allocation basis can be identified.
Intangible assets with indefinite useful lives and intangible assets not yet available for use are tested for impairment at least annually, and whenever there is an indication that the asset may be impaired.
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a post-discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset or CGU is estimated to be less than its carrying amount, the carrying amount of the asset or CGU is reduced to its recoverable amount. An impairment loss is recognized immediately in the consolidated statement of comprehensive income and loss.
Where an impairment loss subsequently reverses, the carrying amount of the asset or CGU is increased to the revised estimate of its recoverable amount, but only to the extent that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognized for the asset or CGU in prior years. A reversal of an impairment loss is recognized immediately in the consolidated statement of comprehensive income and loss.
The Corporation estimates the useful lives of property and equipment based on the period over which the assets are expected to be available for use. The estimated useful lives of property and equipment are reviewed periodically and are updated if expectations differ from previous estimates due to physical wear and tear, technical or commercial obsolescence and legal or other limits on the use of the relevant assets. In addition, the estimation of the useful lives of property and equipment are based on internal technical evaluation and experience with similar assets. It is possible, however, that future results of operations could be materially affected by changes in the estimates brought about by changes in factors mentioned above. The amounts and timing of recorded expenses for any period would be affected by changes in these factors and circumstances. A reduction in the estimated useful lives of the property and equipment would increase the recorded expenses and decrease the non-current assets. Property and equipment are recorded at cost upon acquisition. Depreciation on property and equipment is provided using methods and rates based on the estimated useful lives of the assets. The assets residual values, useful lives and methods of depreciation are reviewed at each financial year end and adjusted prospectively, if appropriate.
Gains or losses arising from derecogniton of an item of property and equipment are measured as the difference between the net disposal proceeds and the carrying amount of the asset and are recognized in the consolidated statement of comprehensive income and loss when the asset is derecognized.
An operating segment is a component of the Corporation that engages in business activities from which it may earn revenues and incur expenses, including revenues and expenses that relate to transactions with any of the Corporations other components. All operating segments operating results are reviewed regularly by the Corporations President and CEO to make decisions about resources to be allocated to the segment and assess its performance, and for which discrete financial information is available.
The Corporation has the following operating segments:
a) Food Processing and Distribution Division - The Food Division develops and produces a variety of frozen food products for wholesale distribution within North America. The property and equipment are within the food division and any impairment of property and equipment will be determined within this division.
b) Investment Division - The Investment Division manages a portfolio of equity securities, often using margin loans to try to improve performance. Cash is generated via dividends and income trust distributions that are typically paid monthly or quarterly. Additional cash is generated in the form of realized gains when securities are sold. All investments are held within the investment division. Any impairment in a financial instrument will affect the Investment Division.
The Corporation measures the cost of share-based payment transactions with employees by reference to the fair value of the equity instruments. Estimating fair value for share-based payment transactions requires determining the most appropriate valuation model, which is dependent on the terms and conditions of the grant. This estimate also requires determining and making assumptions about the most appropriate inputs to the valuation model including the expected life, volatility and dividend yield of the share option.
Equity securities are recorded at market value with net unrealized gains or losses reported in income. Realized gains or losses on sale of securities arise when investments are sold, as determined on a specific identification basis. Transactions are recorded at trade date, and the closing price is used for valuation. Revenue from investment income is recognized when earned. The Corporation records return on capital as presented as a reduction to investment income and an equal adjustment to the adjusted cost base of the individual security.
Canadian Dollars
Consolidated condensed interim financial statements
Canadian Dollars
Management fees charged by an officer of the Corporation included in corporate and administrative expenses: $211,543 (2012-13 - $211,543)
Director and Consulting fees paid to current directors of the Corporation included in corporate and administrative expenses: $59,800 (2012-13 - $49,000)
Rent paid to a company controlled by an officer of the Corporation: $61,650 (2012-13 - $61,650)
The preparation of financial statements in conformity with IFRS requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenue and expenses during the reporting period.
In determining these estimates, the Corporation relies on assumptions regarding applicable industry performance and prospects, as well as general business and economic conditions that prevail and are expected to prevail. These assumptions are limited by the availability of reliable comparable data and the uncertainty of predictions concerning future events.
The consolidated financial statements incorporate the financial statements of the Corporation and subsidiaries controlled by the Corporation. Control is achieved where the Corporation has the power to govern the financial and operating policies of an entity so as to obtain benefits from its activities. All intercompany balances, transactions, income, expenses, profits and losses are eliminated in full on consolidation.
The consolidated financial statements include the accounts of the Corporation and its subsidiaries, which include Naleway Holdco Ltd., Naleway Foods Ltd., Naleway Realty Holdings Ltd., Naleway Foods International Inc., Beaumont Fine Foods Inc., Beaumont Enterprises Inc., Beaumont Realty Corporations Inc., 6434991 Canada Ltd (formerly The Food Source Ltd.), Angiogene Inc., and Beaumont Select Corporations Inc.
All of the subsidiaries, with the exception of Angiogene Inc., are wholly owned. As part of the acquisition of Angiogene Inc., the Corporation acquired less than 100% of the equity interests; therefore the interest held by other parties has been recognized as a non-controlling interest in these consolidated financial statements. The functional currency of the Corporation and all subsidiaries is Canadian dollars.
Provisions for taxes are made using the best estimate of the amount expected to be paid based on qualitative assessment of all relative factors. The Corporation reviews the adequacy of these provisions at the end of the reporting period. However, it is possible that at some future date an additional liability could result from audits by taxing authorities. Where the final outcome of these tax-related matters is different from the amounts that were initially recorded, such differences will affect the tax provisions in the period in which such determination is made.
Liquidity risk is the risk that the Corporation will not have sufficient cash resources to finance obligations as they come due. The Corporations liquidity and operating results may be adversely affected if the Corporations access to the capital markets is hindered, whether as a result of a downturn in stock market conditions generally or related to matters specific to the Corporation, or if the value of the Corporations investments declines, resulting in losses upon disposition. The Corporation generates cash flow primarily from its food division and from proceeds upon the disposition of its investments, in addition to dividends and distributions earned on its investments. The Corporation has sufficient investments which primarily consist of tradable and relatively liquid equity securities to fund its obligations as they become due under normal operating conditions. There have been no changes to the way the Corporation manages liquidity risk since June 30, 2013. The Corporation manages liquidity risk by reviewing the amount of margin available on a daily basis, and managing its cash flow. The Corporation holds investments which can be converted into cash when required. The Corporation uses the last close price in the valuation of its securities. If the bid price were used instead, the value of the portfolio would be $59,909,118, a decrease of $239,085 (June 30, 2013 - $34,319,165, a decrease of $270,918).
Non-controlling interest is presented in the consolidated statement of financial position as a component of shareholders equity. The Corporation holds a 94.5% interest in Angiogene Inc., with the remaining 5.5% held by six other investors.
Financial statements rounded to the nearest dollar
Beaumont Select Corporations Inc.
Naleway Holdco Ltd., Naleway Foods Ltd., Naleway Realty Holdings Ltd., Naleway Foods International Inc., Beaumont Fine Foods Inc., Beaumont Enterprises Inc., Beaumont Realty Corporations Inc., The Food Source Ltd., Angiogene Inc., and Beaumont Select Corporations Inc
Three and nine months ended March 31, 2014
Canada
These interim consolidated financial statements prepared in accordance with International Accounting Standard 34 (Interim Financial Reporting) issued by the International Accounting Standards Board using accounting policies consistent with International Financial Reporting Standards.
The same accounting policies and methods of computation were followed in the preparation of these interim consolidated statements as were followed in the preparation of the annual consolidated financial statements as at and for the year ended June 30, 2013. Accordingly, these interim consolidated statements for the three and nine months ended March 31, 2014 and 2013 should be read together with the annual consolidated financial statements as at and for the year ended June 30, 2013.
0.23
0.12
0.95
0.1
0.23
0.12
0.95
0.1
0.23
0.12
0.95
0.1
0.23
0.12
0.95
0.1
0.23
0.11
0.95
0.1
0.23
0.11
0.95
0.1
16166097
16171597
16166097
16171597
23326950
14956908
6730845
1930571
5614272
5489456
5191350
2749894
1277640
2711500
2168991
1271455
2093368
3067360
1935700
1496250
1334500
1047600
768195
587600
516150
560000
440538
163800
372600
233400
219500
169668
158200
145400
141018
98439
136850
148971
114680
110550
105170
104380
102300
142350
86925
85320
79200
71550
68800
50400
66150
53300
54064
50250
53600
44700
43950
37500
37500
35166
32450
33060
32800
26400
25050
24000
19100
137640
10100
5200
7658
3923
2452
2350
559
200
863446
29658
14770
459900
68650
51648
147350
84760
82500
1540
15150
5400
92363
12340
31450
25056
16240
900
112795
1289184
117500
MNP LLP
TSX
BMN.A
Alberta
British Columbia, Alberta
06/30/2014
Computershare Trust Company of Canada
investor_relations@beaumontselect.com
96032H
Philip Gaiser
4
3
0
1101207
91360
320698
37044
90096
4990
-300992
-30936
-22019
-6013
-210896
-30936
-17029
-6013
890311
60424
298679
31031
7646854
88039
483376
16358542
88039
-88039
15372219
43970
88039
-88039
43970
15372219
7734893
0
527346
31730761