Page 53 - 2008_2009_Annual_Report

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Saskatchewan Indian Gaming Authority Inc.
Notes to the Financial Statements
Year ended March 31, 2009
17. Financial Risk Management (continued)
Liquidity risk (continued)
The following summarizes the contractual maturities of SIGA’s financial liabilities as at March 31, 2009:
Contractual Cash Flows
Carrying
0 – 12
1 – 2
3 – 5
More than
Financial Liabilities
Amount
months
years
years
5 years
Total
Payable to SLGA
$ 33,353,951 $ 33,353,951 $
– $
– $
– $ 33,353,951
Accounts payable
and accrued
liabilities
22,683,501 22,683,501
– 22,683,501
Debt
65,614,784 28,587,226
5,131,638
5,224,216 26,671,704 65,614,784
Capital lease
41,645,980 5,842,226
5,872,885 17,618,655 77,506,395 106,840,161
Derivative liability 10,359,791
– 10,359,791 10,359,791
$173,658,007 $ 90,466,904 $ 11,004,523 $ 22,842,871 $114,537,890 $238,852,188
Management believes its ability to generate funds will be adequate to support these financial liabilities.
18. Comparative Figures
The comparative figures were audited by the Provincial Auditor of Saskatchewan. Certain of the prior year’s balances
have been reclassified to conform with the current year’s presentation.
During the preparation of the March 31, 2009 financial statements, it was determined that the fair value of SIGA’s
interest rate swaps at March 31, 2008 were understated by $2,178,198. As a result, the 2008 comparative figures
have been restated to reflect a $2,178,198 increase to the unrealized loss on interest rate swaps and the interest rate
swap liability, a $2,178,198 reduction of net income before distribution to SLGA and a deficit of $2,178,198.