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48
Research฀In฀Motion฀Limited฀฀|฀฀Incorporated฀Under฀the฀Laws฀of฀Ontario฀(United฀States฀dollars,฀in฀thousands฀except฀per฀share฀data฀or฀as฀otherwise฀indicated)
49
For฀the฀years฀ended฀March฀1,฀2003,฀March฀2,฀2002฀and฀February฀28,฀2001
20.฀Comparative฀Figures฀
Certain฀of฀the฀prior฀years’฀gures฀have฀been฀reclassied฀for฀consistency฀with฀the฀current฀presentation.฀
21.฀Summary฀of฀Material฀Differences฀Between฀Generally฀Accepted฀Accounting฀Principles฀
(GAAP)฀in฀Canada฀and฀the฀United฀States฀
The฀consolidated฀nancial฀statements฀of฀the฀Company฀have฀been฀prepared฀in฀accordance฀with฀
accounting฀principles฀generally฀accepted฀in฀Canada฀(“Canadian฀GAAP”)฀which฀conform฀in฀all฀material฀
respects฀with฀accounting฀principles฀generally฀accepted฀in฀the฀United฀States฀(“U.S.฀GAAP”)฀except฀as฀set฀
forth฀below:
Consolidated฀Balance฀Sheets฀
฀ ฀ ฀฀ ฀ ฀ March฀1,฀2003฀฀ ฀March฀2,฀2002฀
Total฀assets฀under฀Canadian฀GAAP฀ ฀ ฀฀ $฀ 859,609฀฀ ฀$฀ 948,157฀
Adjustment฀–฀Start-up฀costs฀(a)฀ ฀ ฀ ฀ ฀(1,393)฀ ฀ ฀(1,199)
Adjustment฀–฀Derivative฀nancial฀instruments฀(b)฀ ฀ ฀฀ ฀ 3,439฀฀ ฀ –฀
Total฀assets฀under฀U.S.฀GAAP฀ ฀ ฀฀ $฀ 861,655฀฀ ฀$฀ 946,958฀
฀ ฀ ฀
Total฀liabilities฀under฀Canadian฀GAAP฀ ฀ ฀฀ $฀ 154,875฀฀ ฀$฀ 71,412฀
Adjustment฀–฀Derivative฀nancial฀instruments฀(b)฀ ฀ ฀ ฀ ฀–฀฀ ฀ ฀1,478฀
Total฀liabilities฀under฀U.S.฀GAAP฀ ฀ ฀ ฀$฀ 154,875฀฀ ฀$฀ 72,890฀
฀ ฀ ฀
Total฀shareholders’฀equity฀under฀Canadian฀GAAP฀ ฀ ฀฀ $฀ 704,734฀฀ ฀$฀ 876,745฀
Adjustment฀–฀Start-up฀costs฀(a)฀ ฀ ฀ ฀ ฀(1,393)฀ ฀ ฀(1,199)
Adjustment฀–฀Derivative฀nancial฀instruments฀(b)฀ ฀ ฀฀ ฀ 3,439฀฀ ฀฀ (1,478)
Total฀shareholders’฀equity฀under฀U.S.฀GAAP฀ ฀ ฀฀ $฀ 706,780฀฀ ฀$฀ 874,068฀
฀
Consolidated฀Statements฀of฀Operations
฀ ฀฀ ฀ March฀1,฀2003฀฀ ฀March฀2,฀2002฀฀ ฀February฀28,฀2001฀
Net฀loss฀under฀Canadian฀GAAP฀฀ $฀(148,664)฀ $฀ (28,479)฀ $฀ (6,211)
Adjustments฀–฀U.S.฀GAAP฀ ฀ ฀
฀ Start-up฀costs฀(a)฀ ฀฀ ฀ 452฀฀ ฀฀ 243฀฀ ฀฀ (2,088)
฀ Future฀income฀taxes฀(a)฀฀ ฀ ฀(646)฀ ฀ ฀(85)฀ ฀ ฀731฀
Net฀loss฀under฀U.S.฀GAAP฀฀$฀(148,858)฀ $฀ (28,321)฀ $฀ (7,568)
Statement฀of฀comprehensive฀loss฀(c)฀ ฀ ฀
Net฀loss฀under฀U.S.฀GAAP฀฀ $฀(148,858)฀ $฀ (28,321)฀ $฀ (7,568)
Adjustments฀–฀other฀comprehensive฀loss฀ ฀ ฀
฀ Derivative฀nancial฀instruments฀(b)฀ ฀฀ 3,439฀฀ ฀฀ (1,478)฀ ฀ ฀–฀
Comprehensive฀loss฀under฀U.S.฀GAAP฀฀ $฀(145,419)฀ $฀ (29,799)฀ $฀ (7,568)
฀
(a)฀Start-up฀costs฀–฀The฀Company฀had฀capitalized฀as฀at฀February฀28,฀2001฀the฀expenses฀incurred฀
during฀the฀start-up฀of฀the฀Company’s฀United฀Kingdom฀operations.฀U.S.฀GAAP,฀Statement฀of฀Position฀
98-5,฀Reporting฀on฀the฀Cost฀of฀Start-up฀Activities,฀prescribes฀that฀start-up฀costs฀should฀be฀expensed฀as฀
incurred.฀The฀tax฀affect฀of฀this฀adjustment฀is฀also฀reected฀above.฀As฀a฀result฀of฀our฀change฀in฀valuation฀
allowance฀(note฀8),฀the฀remaining฀future฀tax฀asset฀relating฀to฀the฀start-up฀costs฀has฀been฀expensed฀
under฀U.S.฀GAAP฀for฀2003.
(b)฀Derivative฀Financial฀Instruments฀–฀The฀Company฀engages฀in฀foreign฀currency฀hedging฀activities,฀
utilizing฀derivative฀nancial฀instruments฀(forward฀contracts),฀to฀mitigate฀the฀risks฀relating฀to฀foreign฀
exchange฀uctuations฀on฀foreign฀currency฀balances฀and฀cash฀ows.
Where฀appropriate,฀the฀Company฀utilizes฀derivative฀nancial฀instruments฀to฀reduce฀exposure฀to฀
uctuations฀in฀foreign฀currency฀exchange฀rates.฀Under฀Canadian฀GAAP,฀gains฀and฀losses฀related฀to฀
derivatives฀that฀are฀eligible฀for฀hedge฀accounting฀are฀deferred฀and฀recognized฀in฀the฀same฀period฀
as฀the฀corresponding฀hedged฀positions.