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MTY Food Group Inc. is a Canadian franchisor and operator of numerous quick service restaurants operating under 7 5 brand names such as Thai Express,

MTY Food Group Inc. is a Canadian franchisor and operator of numerous quick service restaurants operating under 75 brand names such as Thai Express, Mucho Burrito, Sushi Go, Jugo Juice, Tutti Frutti, and Manchu Wok. Its annual report for 2021 included the following statements:
MTY FOOD GROUP INC.
Consolidated Statements of Income (loss)
Years Ended November 30,2021 and 2020
(in thousands of Canadian dollars, except per-share amounts)
20212020
Revenue $ 551,903 $ 511,117
Expenses
Operating expenses 382,572373,806
Depreciationproperty, plant and equipment, and right-of-use assets 16,17416,998
Amortizationintangible assets 28,44230,876
Interest on long-term debt 10,11116,756
Net interest expense on leases 2,2952,481
Impairment chargesright-of-use assets 1,5504,291
Net impairment chargeproperty, plant and equipment, intangible assets and goodwill 5,903122,826
447,047568,034
Share of net (loss) profit of a joint venture accounted for using the equity method (709)508
Other (expenses) income
Unrealized and realized foreign exchange (loss) gain (300)3,230
Interest income 198408
Gain on de-recognition/lease modification of lease liabilities 1,3192,890
Gain (loss) on disposal of property, plant and equipment, and assets held for sale 3,549(466)
Revaluation of financial liabilities recorded at fair value 3,159(1,602)
7,9254,460
Income (loss) before taxes 112,072(51,949)
Income tax expense (recovery)
Current 21,0368,360
Deferred 5,093(23,414)
26,129(15,054)
Net income (loss) $ 85,943 $ (36,895)
Income (loss) per share
Basie 3.47(1.50)
Diluted 3.49(1.50)
MTY FOOD GROUP INC.
Consolidated Statement of Financial Position
As at November 30,2021 and 2020
(in thousands of Canadian dollars)
20212020
Assets
Current assets
Cash $ 61,231 $ 44,302
Accounts receivable 57,45955,886
Inventories 10,7079,415
Current portion of loans and other receivables 1,1891,527
Current portion of finance lease receivables 89,04690,303
Income taxes receivable 3,712420
Other assets 2,4032,792
Prepaid expenses and deposits 7,7216,750
233,468211,395
Loans and other receivables 3,0493,233
Finance lease receivables 310,223377,824
Contract cost asset 5,6315,171
Deferred income taxes 185207
Investment in a joint venture 25,91126,612
Property, plant and equipment 17,52616,551
Right-of-use assets 59,93769,223
Intangible assets 820,274864,029
Goodwill 428,390439,452
$ 1,904,594 $ 2,013,697
Liabilities and shareholders equity
Liabilities
Current liabilities
Accounts payable and accrued liabilities $ 119,462 $ 111,372
Provisions 1,6923,065
Gift card and loyalty program liabilities 101,88995,233
Income taxes payable 4,25618,335
Current portion of deferred revenue and deposits 16,10013,747
Current portion of long-term debt 13,11612,888
Current portion of lease liabilities 101,973114,915
358,488369,555
Long-term debt 347,612447,654
Lease liabilities 371,575443,834
Deferred revenue and deposits 44,33941,367
Deferred income taxes 132,653128,773
Other liabilities 1,029
1,255,6961,431,183
Shareholders equity
Equity attributable to owners
Capital stock 305,961306,415
Reserves (18,315)(11,185)
Retained earnings 359,993286,525
647,639581,755
Equity attributable to non-controlling interests 1,259759
648,898582,514
$ 1,904,594 $ 2,013,697
Source: MTY Food Group Inc., Annual Report 2021.
Additional information related to 2019 at year-end is as follows:
Shareholders equity $ 665,480
Total assets 1,648,801
Property, plant and equipment 21,363
Accounts receivable 65,129
Inventories 7,531
Accounts payable and accrued liabilities 100

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