The Company utilizes EBITA (defined as earnings before interest, amortization, unrealized derivative (gain) loss, other expenses, and income taxes). EBITA is not a recognized measure under IFRS. Management believes that EBITA is a useful supplemental measure to net earnings, as it provides readers with an indication of cash available for investment prior to debt service, capital expenditures, and income taxes. Readers are cautioned that EBITA should not be construed as an alternative to net earnings determined in accordance with IFRS as an indicator of the Company's performance or to cash flows from operating, investing and financing activities as a measure of liquidity and cash flows. The Company also utilizes gross margin (defined as sales less cost of goods sold, excluding amortization) and net earnings excluding gains (losses) on derivative financial instruments, other expenses, and the related income tax effect as defined above. The Company's method of calculating EBITA, gross margin, and net earnings excluding gains (losses) on derivative financial instruments, other expenses, and the related income tax effect may differ from the methods used by other companies and, accordingly, may not be comparable to measures used by other companies.
Andrew Peller Limited common shares trade on the Toronto Stock Exchange (symbols ADW.A and ADW.B).
FORWARD-LOOKING INFORMATION
Certain statements in this news release may contain "forward-looking statements" within the meaning of applicable securities laws, including the "safe harbour provision" of the Securities Act (Ontario) with respect to Andrew Peller Limited (the "Company") and its subsidiaries. Such statements include, but are not limited to, statements about the growth of the business in light of the Company's recent acquisitions; its launch of new premium wines; sales trends in foreign markets; its supply of domestically grown grapes; and current economic conditions. These statements are subject to certain risks, assumptions, and uncertainties that could cause actual results to differ materially from those included in the forward-looking statements. The words "believe", "plan", "intend", "estimate", "expect", or "anticipate" and similar expressions, as well as future or conditional verbs such as "will", "should", "would", and "could" often identify forward-looking statements. We have based these forward-looking statements on our current views with respect to future events and financial performance. With respect to forward-looking statements contained in this news release, the Company has made assumptions and applied certain factors regarding, among other things: future grape, glass bottle, and wine prices; its ability to obtain grapes, imported wine, glass, and its ability to obtain other raw materials; fluctuations in the U.S./Canadian dollar exchange rates; its ability to market products successfully to its anticipated customers; the trade balance within the domestic Canadian wine market; market trends; reliance on key personnel; protection of its intellectual property rights; the economic environment; the regulatory requirements regarding producing, marketing, advertising, and labeling its products; the regulation of liquor distribution and retailing in Ontario; and the impact of increasing competition.
These forward-looking statements are also subject to the risks and uncertainties discussed in this news release, in the "Risk Factors" section and elsewhere in the Company's MD&A and other risks detailed from time to time in the publicly filed disclosure documents of Andrew Peller Limited which are available at www.sedar.com. Forward-looking statements are not guarantees of future performance and involve risks, uncertainties, and assumptions which could cause actual results to differ materially from those conclusions, forecasts, or projections anticipated in these forward-looking statements. Because of these risks, uncertainties and assumptions, you should not place undue reliance on these forward-looking statements. The Company's forward-looking statements are made only as of the date of this news release, and except as required by applicable law, the Company undertakes no obligation to update or revise these forward-looking statements to reflect new information, future events or circumstances or otherwise.
ANDREW PELLER LIMITEDCondensed Consolidated Balance SheetsUnauditedThese financial statements have not been reviewed by our auditors-------------------------------------------------------------------------------------------------------------------------------------------------------- December 31 March 31 2012 2012(in thousands of Canadian dollars) $ $----------------------------------------------------------------------------AssetsCurrent AssetsAccounts receivable 26,882 24,937Inventory 114,694 110,256Current portion of biological assets - 881Prepaid expenses and other assets 3,073 1,338 ---------------------------- 144,649 137,412Property, plant, and equipment 89,013 84,490Biological assets 12,924 12,556Intangibles 12,801 13,621Goodwill 37,473 37,473 ---------------------------- 296,860 285,552 ---------------------------- ----------------------------LiabilitiesCurrent LiabilitiesBank indebtedness 62,284 57,495Accounts payable and accrued liabilities 26,723 37,118Dividends payable 1,252 1,252Income taxes payable 1,928 40Current portion of derivative financial instruments 1,150 1,272Current portion of long-term debt 6,312 5,366 ---------------------------- 99,649 102,543Long-term debt 42,791 41,456Long-term derivative financial instruments 1,297 1,943Post-employment benefit obligations 8,119 7,151Deferred income 1,415 -Deferred income taxes 12,597 11,907 ---------------------------- 165,868 165,000 ----------------------------Shareholders' EquityCapital stock 7,026 7,026Retained earnings 123,966 113,526 ---------------------------- 130,992 120,552 ---------------------------- 296,860 285,552 ---------------------------- ----------------------------
