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Annual Report of a Canadian Public Company
Part I GENERAL INFORMATION
1.Magnotta Winery Corporation
.Head Office
Custom Essays on annual Report of a canadaian company
71 Chrislea Road
Vaughan, Ontario L4H 8N6
.Toronto Stock Exchange
4.MGN
5.Canada, vineyard in Chile
6.Wines, beers, spirits & "must" (juice for making wine)
7.10
8.Gabriel Magnotta
.Gabriel Magnotta
10. 6
11. Audit Committee & Member of Compensation Committee
Part II ANNUAL REPORT
1.
·The LCBO and Magnotta Winery Corporation reached a mediated settlement of the outstanding litigation between the two organizations,
·With the opening of the European Union Market to Canadian wines, Magnotta received its first order placed by a European nation for its icewines,
·The Company opened two new retail locations
·The Company moved its Kitchener, Ontario winery retail location to a new Cambridge, Ontario location,
·The production facility in Beamsville, Ontario was expanded and upgraded,
·The Company redeemed all of its outstanding preference shares, which strengthened its balance sheet, and,
·The Company had its best year, in terms of revenue, earnings and earnings per share.
.
·Company's size, flexibility and innovativeness, allows it the ability to respond quickly to changes in market conditions and capitalize on opportunities and changes that arise
·A consistent high quality supply of reasonably prices wines, juices and grapes
·The Company is constantly taking steps to ensure that an affordable and excellent supply of products is secured
·Maintain strong relationships with growers and suppliers from around the world
·The Company expects to benefit form the decrease in world wine bulk prices
·Remains committed to develop new products and adjust to the ever changing markets within which it operates and competes
. 8
4. CIBC Mellon Trust Company
5. Yes there is a section dealing with "Corporate Governance". The company is not making any changes
Part III FINANCIAL STATEMENTS
1.January 1, 00
.Consolidated Balance Sheets, Consolidated Statements of Earnings & Retained Earnings, Consolidated Statements of Cash flow
.8
4.a). Basis of presentation
b). Inventories
c. Capital Assets
5.Cosolidated financial statements have been prepared by management and approved by the Board of Directors
-Management is responsible for the integrity of the information contained in the consolidated financial statements
-Statements have been prepared by management in conformity with GAAP
-Company maintains a system of controls
-Management believes system of controls records are reliable
-Board of Directors carries out its responsibilities for financial statements through Audit Committee
-KPMG LLP have audited and expressed their opinion on the accompanying consolidated financial statements
6.KPMG LLP
7.April 1, 00
8.Vaughan, Ontario
.Qualifications are to conducted audits in accordance with Canadian generally accepted auditing standards. An audit includes examing, on test basis, evidence supporting the amounts and disclosures in the financial statements. Also includes assessing the accounting principles used and significant estimates made by management.
Part IV SHAREHOLDER'S EQUITY AND INCOME STATEMENT REPORTING
1.Common Shares
.The authorized capital consists of an unlimited number of common shares.
# of common shares- 1, 056, 005
Amount- $ 6, 060, 4
.In 15, the corporation issued , 50, 000 preference shares which are redeemable and retractable at $1 per share plus all accrued and unpaid dividends. During 00, the corporation redeemed the preference shares. The $, 50, 000 preference shares were redeemed for a $1,000,000 note payable.
4.Contributed Capital
-6, 060, 44
-10,000
-10, 55, 55
Total shareholder's equity $16,8,
5.Information not Available
6.Information not Available
7.
8.Basic- $ 0.15
Diluted- $ 0.14
.Information not Available
10.Information not Available
11.Dividends of redeemable preference shares- 78,11
1.Information not Available
Part V INVESTMENTS IN OTHER CORPORATIONS
1.Information not available
.Information not available
.Information not available
4.Information not available
Part VI CORPORATE INCOME TAXES
1.Income taxes currently payable- $160, 741
Future income taxes- 1,088,1
.$1, 077,44
Part VII Cash Flows
1.$571,776
.$,47,54
.Decrease in long-term debt- (471,411)
Refinancing of long-term debt- 1,800,000
Issuance of share capital- 05,101
Repayment of note payable- (100,000)
Increase (decrease) in bank indebtedness- 5,564
4.(,06,00)
5.Purchases of capital assets- (,06,00)
6.Information not Available
7.Information not Available
Part VIII CONCLUSION
1.Yes, I would consider investing in this company because I believe that this company is a physically powerful corporation. Showing signs of increased sales through the year and increased net working capital, helps in my confidence in the company. Highlights of the company during the year make it more attributable in a fierce competitive market. Opening up two new retail locations will certainly increase sales and revenue. The company had its best year, in terms of revenue, earnings and earnings per share. The company, with great assurance will continue to achieve its characteristics of being innovative, courageousness and creative. If the company continues to make resilient decisions it will persist on being one of the top companies.
.What has impressed me the most is the fact that with the many key highlights of opening, moving, expanding and upgrading locations the company was still able to experience growth in sales and net earnings from the last year. The company was also able to strengthen its balance sheet by redeeming all of it preference shares. Accomplishments in fiscal 00 have helped to position Magnotta for strong years ahead. The company remains committed to develop new products and adjust to the ever-changing markets within which it operates.
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