Corporate Policy & Financial Information

Financial Statements

The Company is a party to an Early Implementation Agreement (EIA) with the Province of Ontario dated May 23, 2024. Pursuant to the EIA, the Company entered into an amended and restated shareholders’ agreement also dated May 23, 2024. Under the terms of the Shareholders Agreement, the Company operates on a self-sustaining basis. Due to differences in the timing of accounting revenue and expenses compared to net cash flows, the Company may report an operating loss for accounting purposes despite full funding of operating requirements.

• 2024 Annual Financial Statements

Financial Statements: Archive of 2023 and Earlier Years

The Company is party to a Master Framework Agreement (MFA) with the Province of Ontario dated September 22, 2015. Pursuant to the MFA, the Company entered into a shareholders’ agreement dated January 1, 2016. Under the terms of the Shareholders Agreement, from 2016 to 2023 the Company operated on a self-sustaining, break-even cash flow basis. Due to differences in the timing of accounting revenue and expenses compared to net cash flows, the Company could report an operating loss for accounting purposes despite full funding of operating cash requirements. Any excess or shortfall of the Company’s cash revenue versus cash costs was refunded or charged on a pro rata basis to all brewers that sold product through the Company. The Board of Directors of the Company determined the amount and timing of payments brewers were entitled to receive from or refund to the Company to maintain cash flow neutrality.