Urbana : Interim Financial Statements June 30, 2021

Condensed Interim Financial Statements of

Urbana Corporation

June 30, 2021 and June 30, 2020

(Unaudited)

NOTICE: This interim financial report has not been reviewed by an auditor.

Urbana Corporation

Unaudited Condensed Interim Financial Statements

June 30, 2021 and June 30, 2020

Table of contents

Condensed interim statements of financial position ..………………………………….…………………………….. 1
Condensed interim statements of comprehensive income (loss)	......................................................................... 2
Condensed interim statements of changes in equity............................................................................................	3
Condensed interim statements of cash flows.......................................................................................................	4
Condensed interim schedule of investment portfolio............................................................................................	5
Notes to the condensed interim financial statements ......................................................................................	7-23

Urbana Corporation

Condensed interim statements of financial position as at June 30, 2021 and December 31, 2020 (Unaudited)

(In Canadian dollars)

	June 30,	December 31,
	2021	2020
	$	$
Assets
Cash	1,864,373	732,456
Investments, at fair value (Notes 2 and 3)	328,254,178	287,215,004
Accounts and other receivables (Notes 4 and 9)	376,724	387,180
	330,495,275	288,334,640
Liabilities
Loan payable (Note 6)	19,400,000	22,800,000
Accounts payable and accrued liabilities (Note 5)	703,872	1,724,354
Deferred income tax liability (Note 10)	20,980,000	14,641,000
	41,083,872	39,165,354
Shareholders'equity
Share capital (Note 8)	106,622,097	106,902,807
Contributed surplus	68,679,956	68,706,177
Retained earnings	114,109,350	73,560,302
Shareholders' equity representing net assets	289,411,403	249,169,286
Total liabilities and shareholders' equity	330,495,275	288,334,640
Number of shares outstanding (Note 8)	44,114,627	44,211,727
See accompanying notes

Approved by the Board

Director

Director

Page 1

Urbana Corporation

Condensed interim statements of comprehensive income (loss)

for the three and six month periods ended June 30, 2021 and June 30, 2020 (Unaudited)

(In Canadian dollars)

	Three month period	Six month period
	ended June 30	ended June 30
	2021	2020	2021	2020
	$	$	$	$
Revenue
Net realized gain on sale and disposal of
investments	6,132,354	13,991,997	3,340,483	21,853,265
Net change in unrealized gain (loss) on investments	24,323,963	23,142,602	50,576,665	(36,218,437)
Dividends	643,355	648,107	1,306,821	1,527,400
Interest	78,076	184,050	147,944	221,036
	31,177,748	37,966,756	55,371,913	(12,616,736)
Expenses
Investment management fees (Note 9)	1,671,249	1,255,787	3,222,121	2,786,994
Interest	176,444	1,096	373,611	287,309
Administrative (Note 9)	298,319	347,750	642,478	632,308
Transaction costs (Note 9)	3,000	10,886	3,663	20,454
Professional fees	75,423	81,170	126,968	114,250
	2,224,435	1,696,689	4,368,841	3,841,315
Net income (loss) before income taxes	28,953,313	36,270,067	51,003,072	(16,458,051)
Foreign withholding tax expense (Note 10)	67,740	9,006	135,949	133,318
Current income tax expense (Note 10)	-	1,087,000	-	1,087,000
Provision for (recovery of) deferred income taxes
(Note 10)	3,573,000	3,540,000	6,339,000	(3,736,000)
Income tax expense (recovery)	3,640,740	4,636,006	6,474,949	(2,515,682)
Total profit (loss) and comprehensive income
(loss) for the period	25,312,573	31,634,061	44,528,123	(13,942,369)
Basic and diluted earnings (loss) per share	0.57	0.63	1.01	(0.28)
Weighted average number of shares outstanding	44,161,552	49,953,150	44,179,598	49,073,137

See accompanying notes

Page 2

Urbana Corporation

Condensed interim statements of changes in equity

for the six month periods ended June 30, 2021 and June 30, 2020 (Unaudited)

(In Canadian dollars)

	Share	Contributed	Retained
	capital	surplus	earnings	Total
	$	$	$	$
Balance at January 1, 2020	122,374,730	66,715,564	64,435,199	253,525,493
Total loss and comprehensive loss for the
period	-	-	(13,942,369)	(13,942,369)
Dividends paid	-	-	(3,958,579)	(3,958,579)
Normal course issuer bid purchases	(2,874,958)	512,432	-	(2,362,526)
Balance at June 30, 2020	119,499,772	67,227,996	46,534,251	233,262,019
Balance at January 1, 2021	106,902,807	68,706,177	73,560,302	249,169,286
Total profit and comprehensive income
for the period	-	-	44,528,123	44,528,123
Dividends paid	-	-	(3,979,075)	(3,979,075)
Normal course issuer bid repurchases	(280,710)	(26,221)	-	(306,931)
Balance at June 30, 2021	106,622,097	68,679,956	114,109,350	289,411,403

See accompanying notes

Page 3