Unaudited Condensed Consolidated Interim Financial .
Unaudited Condensed Consolidated InterimFinancial Statements ofALARIS EQUITY PARTNERS INCOME TRUSTFor the three and nine months ended September 30, 2020 and 2019
Alaris Equity Partners Income TrustCondensed consolidated interim statements of financial position (unaudited) thousandsAssetsCash and cash equivalentsPrepaymentsDerivative contractsTrade and other receivablesIncome taxes receivableInvestment tax credit receivableAssets acquired held for salePromissory notes receivableCurrent AssetsPromissory notes and other receivablesDepositsProperty and equipmentInvestmentsInvestment tax credit receivableDeferred income taxesNon-current assetsTotal AssetsLiabilitiesAccounts payable and accrued liabilitiesDistributions payableDerivative contractsLiabilities acquired held for saleOffice LeaseIncome tax payableCurrent LiabilitiesDeferred income taxesLoans and borrowingsConvertible debentureOther long-term liabilitiesNon-current liabilitiesTotal LiabilitiesEquityUnitholders' capitalEquity component of convertible debentureEquity reserveTranslation reserveRetained earnings / (deficit)Total EquityNote1049, 13444949, 1398, 13104967, 137, 8, 1357, 138, 13Total Liabilities and EquityCommitments and contingenciesSubsequent events30-Sep202031-Dec2019 16,7311,0659,7138,5605,796 41,86520,13520,206891751,593 792,825 834,690 17,1041,5095551,2264,2051,03297,1736,580 129,38419,66320,2061,053881,0372,243986 925,188 1,054,572 5,85911,031950701495 19,0366,203168,86381,7832,796 259,645 278,681 2,7135,04760,297837384 69,2784,715285,19390,939 380,847 450,125 615,79415,71528,284(103,784) 556,009 625,3134,05914,76317,076(56,764) 604,447 834,690 1,054,5724, 114, 6, 141
Alaris Equity Partners Income TrustCondensed consolidated interim statements of comprehensive income / (loss) (unaudited) thousands except per unit amountsRevenues, net of realized foreign exchange gain or lossNet realized gain from investmentsNet unrealized gain / (loss) of investments at fair valueTotal revenue and other operating incomeSalaries and benefitsCorporate and officeLegal and accounting feesGeneral and administrativeTransaction diligence costsUnit-based compensationBad debt expense / (recovery)Depreciation and amortizationTotal operating expensesEarnings / (loss) from operationsFinance costsUnrealized (gain) / loss on foreign exchangeNon-cash impact of trust conversionEarnings / (loss) before taxesCurrent income tax expenseDeferred income tax expense / (recovery)Total income tax expense / (recovery)Earnings / (loss)Note4448, 1346, 77, 1399, 13Other comprehensive incomeForeign currency translation differencesOther comprehensive income / (loss)Total comprehensive incomeEarnings / (loss) per unitBasicFully dilutedWeighted average units outstandingBasicFully Diluted55Three months endedSeptember 3020202019Nine months endedSeptember 302020201923,42111,885 35,30629,9359,317(9,357) 29,895 77,59511,603(76,257) 12,941 83,9469,317(5,162) 42(10,647) 35,3461,6195,1566,775 1,966) 20,6231,016(1,277)(261) 20,8842,3471,6196,12310,0894,0111,68916915,958 (3,017)13,331(4,721)(10,647) (980)3,8905,6869,576 ,913 77,18813,8804,351 58,9576,333(1,488)4,845 54,112(6,600)(6,600) 21,9714,2974,297 25,18111,20811,208 652(10,545)(10,545) 43,567 0.80 0.79 0.57 0.57 (0.29) (0.29) 1.48 582
Alaris Equity Partners Income TrustCondensed consolidated interim statement of changes in equity (unaudited)For the nine months ended September 30, 2019 thousandsBalance at January 1, 2019NotesUnitholders' ConvertibleCapitalDebenture 621,082 -Earnings for the periodEquityTranslationRetainedReserveReserve Earnings / (Deficit) 14,679 32,725 (32,621)TotalEquity 635,865---54,11254,112--(10,545)-(10,545)Other comprehensive income / (loss)Foreign currency translation differencesTotal comprehensive income / (loss) for the period - - - (10,545) 54,112 43,567 - 3,227 - - 3,227(45,265)(45,265)Transactions with unitholders, recognized directly in equityUnit based compensation8 -Distributions to unitholders5----Equity component of convertible debenture7-4,059---4,059(3,292)---Units issued pursuant to RSU vesting in the yearTotal transactions with UnitholdersBalance at September 30, 20193,292- 3,292 4,059 (65) - (45,265) (37,979) 624,374 4,059 14,614 22,180 (23,774) 641,4533
Alaris Equity Partners Income TrustCondensed consolidated interim statement of changes in equity (unaudited)For the nine months ended September 30, 2020 thousandsBalance at January 1, 2020NotesEarnings / (loss) for the periodUnitholders' ConvertibleDebentureCapital 4,059 625,313--EquityTranslationRetainedReserve Earnings / (Deficit)Reserve 14,763 17,076 (56,764)--(10,556)TotalEquity 604,447(10,556)Other comprehensive loss---11,208 - - - 11,208 (10,556) 6528, 13 - - 2,067 - - 2,0675--(36,464)(36,464)Equity component of convertible debenture7, 13-Reclassification of unit-based compensation in equity reserve8, 13-Foreign currency translation differencesTotal comprehensive income / (loss) for the period-11,208Transactions with unitholders, recognized directly in equityUnit based compensation, prior to trust conversionDistributions to unitholders(4,059)-Trust units repurchased under the NCIB5(10,051)-Units issued under RSU plan5532-Total transactions with UnitholdersBalance at September 30, -- (9,519) (4,059) 952 - (36,464) (49,090) 615,794 - 15,715 28,284 (103,784) 556,0094
Alaris Equity Partners Income TrustCondensed consolidated interim statements of cash flows (unaudited) thousandsCash flows from operating activitiesEarnings / (loss) for the periodAdjustments for:Finance costsDeferred income tax expense / (recovery)Depreciation and amortizationNet realized gain from investmentsNet unrealized (gain) / loss of investments at fair valueUnrealized (gain) / loss on foreign exchangeNon-cash impact of trust conversionTransaction diligence costsUnit-based compensationChanges in working capital (operating):- trade and other receivables- income tax receivable / payable- prepayments- accounts payable, accrued liabilitiesCash generated from operating activitiesCash interest paidNet cash from operating activitiesCash flows from investing activitiesAcquisition of investmentsTransaction diligence costsProceeds from partner redemptionsProceeds on disposal of assets and liabilities held for salePromissory notes issuedPromissory notes repaidChanges in working capital - investingNet cash from / (used in) investing activitiesCash flows from financing activitiesRepayment of loans and borrowingsProceeds from loans and borrowingsProceeds from convertible debenture, net of feesDistributions paidTrust unit repurchasesOffice lease paymentsNet cash from / (used in) financing activitiesNet increase / (decrease) in cash and cash equivalentsImpact of foreign exchange on cash balancesCash and cash equivalents, Beginning of periodCash and cash equivalents, End of periodCash taxes paidNotes6, 744138, 134644444466755Nine months ended September 3020202019 (10,556) 27236(4,244)444(5) 60,047(9,835) 50,212(2,145)(1,937)868(1,096) 68,241(11,151) 57,090 (28,178)(4,011)111,30639,196784(8,723) 110,374 (170,298)(2,129)20,089(8,877)3,465 (157,750) (181,077)64,225(30,480)(10,051)(136) (157,519) (68,030)111,88295,527(45,236)(418) 93,725 3,067(3,440)17,104 16,731 (6,935)(973)22,774 14,866 8,204 8,2535
Alaris Equity Partners Income TrustNotes to condensed consolidated interim financial statements1.Reporting entity:Alaris Equity Partners Income Trust is a company domiciled in Calgary, Alberta, Canada. The condensed consolidatedinterim financial statements as at and for the three and nine months ended September 30, 2020 and 2019 are comprised ofAlaris Equity Partners Income Trust and its subsidiaries (together referred to as “Alaris” or the “Trust”). The Trust’s Canadianinvestments are made through a wholly-owned Canadian corporation, Alaris Equity Partners Inc. (“AEP”, formerly known asAlaris Royalty Corp.) and its American investments are made through two Delaware corporations, Alaris Equity PartnersUSA Inc. (“Alaris USA”) and Salaris USA Royalty Inc. (“Salaris USA”). The Trust’s operations consist primarily of investmentsin private operating entities, typically in the form of preferred or common limited partnership interests, preferred or commoninterest in limited liability corporations in the United States, and loans receivable. The Trust also has a wholly-ownedsubsidiary in the Netherlands, Alaris Cooperatief U.A. (“Alaris Cooperatief”).On August 31, 2020, the shareholders approved a reorganization of Alaris Royalty Corp., as described in the Plan ofArrangement (the “Arrangement”) dated July 21, 2020 and became effective on September 1, 2020, pursuant to which theTrust indirectly acquired all of the issued and outstanding common shares of Alaris Royalty Corp. in exchange for trust unitsof the Trust.New accounting policies were adopted on the re-organization to reflect the new structure. These new accounting policiesare described in Note 3. In addition, adjustments to reflect these new accounting policies were recorded as of September 1,2020 and included adjustments to income tax balances and equity-based awards and instruments. Please refer to notes 7,8, 9 and 13 for additional information.2.Statement of compliance:(a) Statement of complianceThese condensed consolidated interim financial statements have been prepared in accordance with International AccountingStandard 34 and do not include all of the disclosures required for full annual financial statements and should be read inconjunction with the 2019 consolidated annual financial statements.Certain comparative period balances have been reclassified to conform with the current period’s presentation.These condensed consolidated interim financial statements were approved by the Board of Directors on November 5, 2020.(b) Basis of measurementThe condensed consolidated interim financial statements have been prepared on the historical cost basis except for thefollowing material items in the statement of financial position: Investments classified as fair value through profit or loss (“Investments at Fair Value”) are measured at fair value withchanges in fair value recorded in earnings (see note 4). Derivative financial instruments are measured at fair value.(c) Functional and presentation currencyThese condensed consolidated interim financial statements are presented in Canadian dollars which is the Trust’s functionalcurrency. Alaris USA and Salaris USA have the United States dollar, while the Trust, AEP and Alaris Cooperatief have theCanadian dollar as the functional currency.(d) Use of estimates and judgmentsThe preparation of the condensed consolidated interim financial statements requires management to make judgments,estimates and assumptions that affect the application of accounting policies and the reported amounts of assets, liabilities,income and expenses. Actual results may differ from these estimates.6
2. Statement of compliance (continued):Information about assumptions, judgments and estimation uncertainties that have a significant risk of resulting in a materialadjustment within the next twelve months are as follows:Key judgmentsA key judgment relates to the consideration of control, joint control and significant influence in each of our investments.Through subsidiaries, the Trust has agreements with various private businesses to whom it invests capital into (collectivelythe “Partners”) and these agreements include not only clauses as to distributions but also various protective rights. TheTrust has assessed these rights under IFRS 10 and 11 and determined that consolidation is not appropriate. In a number ofour investments we have protective rights, which provides the Trust the right to demand repayment of our investment if it isin default of the terms of our operating agreement. Failure to satisfy the demand for repayment can lead to the Trust’s rightsto allow it to control the investment.Key estimates used in discounted cash flow projectionsKey assumptions used in the discounted cash flow projections include the discount rate, terminal growth rate and estimatesrelating to changes in future distributions. Key assumptions used in the valuation of the common equity investments includethe discount rate, earnings and earnings multiples underlying each business.For the period ended September 30, 2020 and as discussed further in Note 4, the Trust has used estimates and judgmentsrelated to the impact that the novel coronavirus disease 2019 (“COVID-19”) has had and is expected to have on its Partnersin the determination of the fair value of the investments at September 30, 2020. These estimates are based on the informationavailable to the Trust to the date of the financial statements. The situation remains fluid and certain impacts to our Partner’sbusinesses continue to remain unknown and may reasonably result in future adjustments to our fair value assumptions withinthe next twelve months. Refer to Note 4 for further details on these key estimates and the impact on the Investments at FairValue at September 30, 2020.Collectability of financial assets at amortized costManagement makes estimates of expected credit losses (ECLs) on its financial assets measured at amortized cost. ECL’sare a probability weighted estimate of credit losses. Management makes estimates on the timing and availability of cashflows from its Partners to pay for amounts that are past due. These estimates are generally based on a combination of therelevant Partners’ most recently available financial information and past performance, and information on security values.Income taxesProvisions for income taxes are made using the best estimate of the amount expected to be paid based on a qualitativeassessment of all relevant factors. Management 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. Wherethe final outcome of these tax related matters is different from the amounts that were initially recorded, such differences willaffect the tax provisions in the period in which such determination is made.7
3.Significant accounting policies:The accounting policies applied in these condensed consolidated interim financial statements are the same as those appliedin the Trust’s consolidated financial statements as at and for the year ended December 31, 2019, except as noted below:a) Trust unitsThe Trust is an open-ended mutual fund trust and, as a result, the Trust units are redeemable at the holders’ option.This puttable feature would generally result in recognizing the Trust units as a financial liability. However, underInternational Accounting Standard 32, “Financial Instruments: Presentation” (IAS 32), the Trust units meet the narrowscope exception to be presented as equity, including meeting the condition as the most residual class of units.b) Unit based compensationThe Trust has two unit-based compensation plans, a unit option plan and a restricted share unit plan. The fair value ofthe unit-based compensation is recognized as compensation expense over the vesting period. The grants under theunit-based compensation plans are considered to be grants of financial liabilities because there is a contractualobligation for the Trust to deliver Trust units (which are accounted for as liabilities but presented as equity instrumentsunder IAS 32 as per Note 3(a)) upon conversion of the unit options and restricted units.Holders of units granted under the restricted unit plans receive distributions in the form of additional units when the Trustdeclares distributions on its Trust units. The additional units are recognized as compensation expense.Changes in fair value are recorded as an increase or (decrease) to unit-based compensation expense each period. Thecurrent portion of the liability is recorded in accounts payable and accrued liabilities, while the long-term portion isincluded in other long-term liabilities.c)Convertible debentureThe Trust has convertible unsecured subordinated debentures that are convertible at the holder’s option. The entireinstrument is considered a financial liability, as there is a contractual obligation for the Trust to deliver Trust units (whichare accounted for as liabilities but presented as equity instruments under IAS 32 as per Note 3(a)) upon conversion.As permitted under IFRS 9, Financial Instruments, the Trust has elected to separate the conversion feature from thedebt instrument, and account for the conversion feature at fair value through profit or loss (“FVTPL”). Fair value changesare recorded in Fair value adjustments to convertible debentures. The liability portion of the conversion feature isincluded in Other long-term liabilities.8
4.InvestmentsThe following table lists the Trust’s investments at period end. For each period presented, all of the investments are recordedat fair value with the exception of the GWM loan receivable, which is recorded at amortized cost. Investments listed beloware each denominated in their local currencies, other than LMS which includes a portion of its total that is in USD buttranslated into Canadian dollars using the period end exchange rates. The total United States investments in USD is alsotranslated below into Canadian dollars using the period end exchange rates.Investments at Fair Value & Amortized Cost thousandsAs atFederal Resources Supply Company (“FED”)PF Growth Partners, LLC (“PFGP”)DNT Construction, LLC (“DNT”)Body Contour Centers, LLC ("BCC")GWM Loan Receivable at amortized costAccscient, LLC ("Accscient")Unify Consulting, LLC ("Unify")Kimco Holdings, LLC (“Kimco”)Carey Electric Contracting LLC ("Carey Electric")Heritage Restoration, LLC (“Heritage”)PF Growth Partners, LLC (“PFGP Common Equity”)Fleet Advantage, LLC ("Fleet")Stride Consulting LLC ("Stride")GWM Holdings, Inc ("GWM")ccCommunications LLC (“ccComm”)Carey Electric Contracting LLC ("Carey Electric Common")Providence Industries, LLC ("Providence")Sales Benchmark Index LLC (“SBI”)Total Investments (based in United States) - USDCarrying Value30-Sep-2031-Dec-19US 73,524 US 73,524US 67,556US 72,312US 65,443US 68,943US 45,604US 46,904US 41,500US 41,500US 36,577US 38,277US 25,700US 25,000US 20,232US 11,332US 16,100US 15,200US 16,200US 15,144US 16,687US 10,800US 10,400US 6,000US 6,000US 4,400US 7,600US 3,827US 14,827US 900US 22,941US 84,240US 448,507 US 556,687AcquisitionCost30-Sep-20US 67,000US 75,156US 67,800US 46,000US 41,500US 38,000US 25,000US 34,200US 16,100US 15,000US 17,344US 10,000US 6,000US 4,500US 19,200US 900US 30,000US 513,700Total Investments (based in United States) - CAD 600,192 727,480 687,433Lower Mainland Steel Limited Partnership (“LMS”)Amur Financial Group ("Amur")SCR Mining and Tunneling, LP (“SCR”)Amur Financial Group ("Amur Common Equity")Total Investments (based in Canada)51,89847,30034,50317,700 151,40149,05450,00034,50320,000 153,55760,56450,00040,00020,000 170,564Total Investments 751,593 881,037 857,997Transactions closed in 2020Redemption of SBIOn January 7, 2020, SBI entered into a purchase and sale agreement with a third party pursuant to which SBI redeemed allof Alaris’ outstanding US 75.0 million of preferred units. The gross proceeds on the redemption to Alaris were US 91.3million, which consisted of US 84.3 million for the preferred units (inclusive of a US 9.3 million premium) as well as US 7.0million of distributions for the amounts owed up to the third annive
These condensed consolidated interim financial statements were approved by the Board of Directors on November 5, 2020 . (b) Basis of measurement . The condensed consolidated interim financial statements have been prepared on the historical cost basis except for the following material items in the statement of financial position:
The accompanying notes are part of the interim condensed consolidated financial statements Interim condensed consolidated financial statements CMA CGM / 6 Three-month period ended March 31, 2021 Interim Condensed Consolidated Statement of Financial Position - Liabilities & Equity (in USD million) Note As at March 31, 2021 As at December 31, 2020
Condensed consolidated statement of cash flows . 16 Notes to the condensed consolidated interim financial statements . 17 Independent auditor’s review report on the condensed . Prosus condensed consolidated interim financial statements for the six months ended 30 September 2020 1 Commentary
07 Condensed consolidated statement of financial position 08 Condensed consolidated statement of changes in equity 09 Condensed consolidated statement of cash flows . MultiChoice Group / Condensed consolidated interim financial statements for the period ended 30 September 2020 / 01. slightly more than the prior year due to higher
UNAUDITED CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2020 OF AFRISTRAT AND ITS SUBSIDIARIES The Board of directors of Afristrat (“the Board”) presents the condensed consolidated interim financial statements of the Group for the six-month period ending 30 September 2020.
These condensed interim financial statements were approved for issue on 29 August 2020. The financial statements have been reviewed, not audited. Condensed consolidated statement of profit or loss 5 Condensed consolidated statement of comprehensive income 6 Condensed consolidated balance sheet 7
The interim condensed consolidated financial statements are expressed in Saudi Arabian Riyals (SR) and amounts are rounded to the nearest thousand. 3. Consolidation These interim condensed consolidated financial statements include the financial position and results of Samba Financial Group and its subsidiary companies.
These condensed interim consolidated financial statements have been prepared on a historical cost basis except for the revaluation of certain financial instruments to fair value. In addition, these condensed interim consolidated financial statements have been prepared using the accrual basis of accounting except for cash flow information.
Alfredo López Austin “Rayamiento (Tlahuahuanaliztli)” p. 15-22 : Juegos rituales aztecas Alfredo López Austin (versión, introducción y notas) México Universidad Nacional Autónoma de México . Instituto de Investigaciones Históricas : 1967 . 94 p. (Cuadernos Serie Documental 5) [Sin ISBN] Formato: PDF Publicado en línea: 21 de noviembre de 2018 . Disponible en: www.historicas.unam .
