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<br />. IBIINCOME FUND <br /> Consolidated Balance Sheets <br />~ (In thousands of dollars) <br /> As at December 31,2006 and December 31,2005 <br /> 2006 2005 <br /> Assets <br /> Current assets: <br /> Accounts receivable $ 49,593 $ 34,910 <br /> Work in process 22,783 14,629 <br /> Prepaid expenses and other assets 2,435 924 <br /> Income taxes recoverable 374 <br /> 75,185 50,463 <br /> Future income tax asset 870 540 <br /> Deferred charges 543 356 <br /> Property and equipment (note 5) 5,145 2,781 <br /> Intangible assets (note 6) 11,118 4,505 <br /> Goodwill (note 7) 95,206 75,227 <br /> $ 188,067 $ 133,872 <br /> Liabilities and Unitholders' Equity <br /> Current liabilities: <br /> Bank indebtedness - net (note 8) $ 4,641 $ 14,025 <br /> Accounts payable and accrued liabilities 17,695 17,950 <br /> Distributions payable 1,917 1,319 <br /> Due to related parties (notes 1 and 14) 850 6,530 <br /> Notes payable (note 4) 4,706 2,055 <br /> Deferred revenue 7,887 3,910 <br /> Income taxes payable 102 <br /> Class C Unit (notes 4 and 14) 14,508 <br /> 52,204 45,891 <br /> Deferred credit - leases 703 1,063 <br /> Long-term debt (note 8) 10,000 <br /> Non-controlling interest (note 11) 46,818 46,258 <br /> Unitholders' equity (note 11): <br /> Unit capital 89,220 50,258 <br /> Deficit (10,659) (9,580) <br /> Cumulative translation account (note 10) (219) (18) <br /> 78.342 40,660 <br /> $ 188,067 $ 133,872 <br /> Commitments, contingencies and guarantees (note 12) <br /> See accompanying notes to consolidated financial statements. <br /> On behalf of the Trustees: <br /> (Siqned) Allen Karp (Siqned) Philip H. Beinhaker <br /> <br /> <br />