PEILCC 2023 Annual Report

PRINCE EDWARD ISLAND LIQUOR CONTROL COMMISSION Statement of Profit or Loss Year Ended March 31, 2023

2023

2022

Income

$ 97,174,614

Sales (Note 12)

$ 90,659,682

56,682,256

Cost of sales (Note 6)

51,655,081

40,492,358

Gross margin

39,004,601

Expenses Amortization of property and equipment (Schedules 1 and 2) Amortization of right-of-use assets (Schedules 1 and 2)

825,121 642,628 885,784 315,165 2,880 233,962 179,127 419,281 1,051,287 12,489,784 650,083

841,924 635,747 762,663 253,851

Credit and debit card charges Insurance and property taxes (Note 13) Interest on debentures (Notes 9, 13)

5,151

Interest on obligations under capital lease (Note 10)

222,276 165,506 498,420 1,111,792 11,433,677 565,108

Operating leases

Other operating expenses (Note 14) Repairs and maintenance Salaries and benefits (Notes 13, 15) Store and office expenses

96,914 913,619

Travel Utilities

88,749 749,937

18,705,635

17,334,801

Income from operations Other income (Note 16)

21,786,723 3,384,584

21,669,800 3,243,741

Net income

$ 25,171,307

$ 24,913,541

Notes 1 - 20 are an integral part of these financial statements 5

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PEILCC 2022-2023 Annual Report