Date: Thu, 18 Dec 1997 06:32:09 GMT Server: Stronghold/2.0.1 Apache/1.2.0 Connection: close Content-Type: text/html BIG ROCK BREWERY: FINANCIAL STATEMENTS

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FINANCIAL STATEMENTS

Big Rock Brewery Ltd. (Incorporated under the Canada Business Corporations Act)

STATEMENT OF CHANGES IN FINANCIAL POSITION
As at March 31

1997
$

1996
$

(Denominated in Canadian Dollars)

Operating Activites

Net income for year

515,149

1,303,923

Items not affecting cash

Amortization

823,200

681,025

Writedown of surplus facilities and equipment

500,000

--

Deferred income taxes

578,000

532,400

Gain on disposal of capital assets

(14,394)

(22,554)



Cash flow from operations

 

2,401,955

 

2,494,794

 

Net change in non-cash working capital [note 12]

33,185

(442,811)

Cash provided by operating activities

2,435,140

2,051,983



Amortization

823,200

681,025

Bad debt expense

348,412

244,414

Writedown of surplus facilities and equipment [note 4]

500,000

--



Financing activities

Construction loan borrowings

7,248,754

8,751,246

Term loan repayments

(269,275)

(225,007)

Repayment of long term debt [note 6]

(5,000,000)

--

Share capital issued, net of share issue costs

5,113,626

41,502

(Decrease) increase in construction costs payable

(1,281,187)

1,281,187



Cash provided by financing activities

5,811,918

9,848,928

Investing activities

Additions to capital assets

(8,599,290)

(11,323,613)

Increase in deferred charges and other assets

(81,668)

(33,290)

Proceeds on disposal of capital assets

66,188

39,997



Cash used in investing activites

 

(8,614,770)

 

(11,316,906)

 



Net (decrease) increase in cash

(367,712)

584,005

Cash position, beginning of year

218,251

(365,754)



Cash position, end of year

(149,461)

218,251



Note: Cash position consists of cash less bank indebtedness.

See accompanying notes.

This Annual Report
Financial Highlights | Report to Shareholders
Management Discussion and Analysis | Auditors' Report
Financial Statements and Notes | Corporate Information


Big Rock Brewery
5555 76th Ave S.E., Calgary, Alberta, Canada, Phone: 403-720-3239, Fax: 403-236-7523
ale@bigrockbeer.com

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