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Department
Accounting & Financial Management
Course
AFM 504
Professor
R Ryan
Semester
Summer

Description
Sobeys Inc. Consolidated Financial Statements May 1, 2010 CONTENTS Auditors Report ........................................................................................................................ 1 Consolidated Balance Sheets..................................................................................................... 2 Consolidated Statements of Retained Earnings.........................................................................3 Consolidated Statements of Comprehensive Income ................................................................3 Consolidated Statements of Earnings........................................................................................4 Consolidated Statements of Cash Flows....................................................................................5 Notes to the Consolidated Financial Statements................................................................ 6 - 33 Grant Thornton LLP Auditors Report Suite 1100 Halifax, NSgton Street B3J 3K1 F (902) 420-1068 www.GrantThornton.ca To the Shareholders of Sobeys Inc. We have audited the consolidated balance sheets of Sobeys Inc. as at May 1, 2010 and May 2, 2009, and the consolidated statements of retained earnings, comprehensive income, earnings and cash flows for the 52 week fiscal years then ended. These consolidated financial statements are the responsibility of the Companys management. Our responsibility is to express an opinion on these consolidated financial statements based on our audit. We conducted our audit in accordance with Canadian generally accepted auditing standards. Those standards require that we plan and perform an audit to obtain reasonable assurance whether the consolidated financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the consolidated financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall consolidated financial statement presentation. In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of the Company as at May 1, 2010 and May 2, 2009 and the results of its operations and its cash flows for the fiscal years then ended in accordance with Canadian generally accepted accounting principles. HCalifad,a June 14, 2010 Chartered accountants Audit Tax Advisory Grant Thornton LLP. A Canadian Member of Grant Thornton International Ltd Sobeys Inc. Consolidated Balance Sheets As At May 1 (in millions) 2010 ASSETS Current Cash and cash equivalents 39$.4 Receivables 336.9 Inventories (Note 2) 780.4 Prepaid expenses 68.0 Loans and other receivables (Note 3) 64.0 Income taxes receivable - 1,640.7 Loans and other receivables (Note 3) 74.4 Investment in affiliates 48.0 Other assets (Note 4) 102.7 Property and equipment (Note 5) 2,157.2 Assets held for realization 36.5 Intangibles (Note 6) 175.3 Goodwill 875.7 5,110.5 $ LIABILITIES Current Accounts payable and accrued liabilities $ 1,550.2 Income taxes payable 10.9 Long-term debt due within one year (Note 8) 46.2 Future tax liabilities (Note 9) 50.9 1,658.2 Long-term debt (Note 8) 812.5 Future tax liabilities (Note 9) 66.4 Other long-term liabilities (Note 10) 107.1 Employee future benefits obligation (Note 17) 119.7 Minority interest 35.6 2,799.5 SHAREHOLDERS' EQUITY Capital stock (Note 11) 958.5 Contributed surplus (Note 11) 93.0 Retained earnings 1,273.0 Accumulated other comprehensive loss (Note 12) (13.5) 2,311.0 5,110.5 $ Guarantees, commitments and contingent liabilities (see Note 16) Subsequent events (see Note 23) See accompanying notes to the consolidated financial statements. On Behalf of the Board _(signed) Bill McEwan ______________ _(signed) Paul Sobey________________ Director Director 2
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