2015_LCC Annual Report

PRINCE EDWARD ISLAND LIQUOR CONTROL COMMISSION Statement of Comprehensive Income and Changes in Retained Earnings for the year ended March 31, 2015

2015

2014

$

$

Revenue

Sales (Note 13)

70,581,370 38.891.110 31,690,260

68,999,435 38,107,265 30,892,170

Cost of goods sold (Note 6)

Gross profit

Expenses

Amortization

889,337 202,020

971,092 177,452 78,074 30,257 759,284 859,448 592,310 507,411 117,363 755,450 9,261,089 14,109,230

Insurance and property taxes (Note 15) Interest on long-term debt (Notes 9, 15) Interest on finance leases (Note 12)

70,633

119,861 632,021

Operating leases (Note 12)

Other operating expenses (Note 16)

1,030,616

Repairs and maintenance

620,361

Salaries and benefits (Notes 14, 15)

9,180,002

Store and office expenses

571,421 133,239 772,060

Travel Utilities

14,221.571

Income from operations

17,468,689

16,782,940

Other income (Note 3(c))

2,293,232

2,282,828

Loss on disposal of non current assets

(55.446)

(47,651)

Comprehensive income

19,706,475

19,018,117

Retained earnings, beginning of year

-

-

Distributions to the Province of Prince Edward Island (Note 15)

19,706,475

19,018.117

Retained earnings, end of year

(The accompanying notes are an integral part of these financial statements.)