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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
68,999,435
Cost of goods sold (Note 6)
38.891.110
38,107,265
Gross profit
31,690,260
30,892,170
Expenses
Amortization
889,337
971,092
Insurance and property taxes (Note 15)
202,020
177,452
Interest on long-term debt (Notes 9, 15)
70,633
78,074
Interest on finance leases (Note 12)
119,861
30,257
Operating leases (Note 12)
632,021
759,284
Other operating expenses (Note 16)
1,030,616
859,448
Repairs and maintenance
620,361
592,310
Salaries and benefits (Notes 14, 15)
9,180,002
9,261,089
Store and office expenses
571,421
507,411
Travel
133,239
117,363
Utilities
772,060
755,450
14,221.571
14,109,230
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.)