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1998/99 First Quarter Report - July 31, 1998
Balance Sheet (Unaudited)
(expressed in United States Dollars)
Please follow the link below for a printable copy in Microsoft Excel format:
1st
Qtr. '99 Financials.xls
(download may take a few seconds-thanks for your patience!)
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As of July 31
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1998
US$ |
1997
US$ |
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Assets
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Current Assets |
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Cash and Due from Banks |
6,223,742 |
7,924,882 |
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Investments |
2,792,447 |
2,563,724 |
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Accounts Receivable |
4,740,446 |
4,907,870 |
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Due from Principal Shareholder |
188,977 |
326,023 |
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Inventories |
2,103,856 |
1,596,799 |
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Prepayments |
1,291,457 |
831,771 |
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17,340,925 |
18,151,069 |
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Property, Plant and Equipment |
119,725,543 |
104,376,430 |
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Other Assets |
2,722,036 |
2,568,553 |
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Total Assets |
139,788,504 |
125,096,052 |
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Liabilities and Shareholders' Equity |
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Current Liabilities |
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Current Portion of Long-Term Debt |
1,269,177 |
1,332,460 |
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Accounts Payable and Accrued Expenses |
6,706,246 |
5,664,349 |
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Consumers' Deposits |
2,897,674 |
2,980,620 |
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Consumers' Advances for Construction |
97,342 |
159,148 |
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Proposed Dividend |
1,973,673 |
1,749,965 |
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12,944,112 |
11,886,542 |
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Long-Term Debt |
34,954,409 |
24,840,521 |
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Redeemable Preference Shares |
17,015,100 |
20,015,100 |
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Total Liabilities |
64,913,621 |
56,742,163 |
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Shareholders' Equity
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Share Capital |
1,557,503 |
1,530,121 |
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Share Premium |
38,908,237 |
37,486,493 |
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Redetermination Surplus |
2,098,651 |
2,451,595 |
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Retained Earnings |
32,310,492 |
26,885,680 |
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Total Shareholders' Equity |
74,874,883 |
68,353,889 |
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Total Liabilities and
Shareholders' Equity
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139,788,504 |
125,096,052 |
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NOTES:
1. These unaudited financial statements include all adjustments which, in management's
opinion, are necessary for a fair presentation.
2. The closing rate of exchange on July 31, 1998 as reported by the Bank of Canada for the
conversion of U.S. dollars into Canadian dollars was Cdn. $1.5119 per US$1.00. The
official exchange rate for the conversion of Cayman Islands dollars into U.S. dollars as
determined by the Cayman Islands Currency Board is fixed at CI$1.00 per US$1.20. Thus, the
rate of exchange as of July 31, 1998 for conversion of Cayman Islands dollars into
Canadian dollars was Cdn. $1.8143 per CI$1.00. |
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