Growth International

2022 ANNUAL REPORT
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ANNUAL REPORT

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2022 ANNUAL REPORT
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ANNUAL REPORT

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2022 ANNUAL REPORT
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MESSAGE

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It’s an incredibly exciting time across AGI. With 2022 continuing to show excellent momentum, we are optimistic and enthusiastic about 2023 as well as the future. We are well-positioned 
with the right people, products, and market positions to drive sustained growth. We are at an exciting inflection point in our history. Our recent success has demonstrated the organic 
growth opportunity ahead, and we are confident that we have just scratched the surface of AGI’s potential.
AGI plays an important role in supporting the global food supply chain. Around the world, we see significant demand for equipment and solutions required to feed a growing population. 
Success in meeting these needs is not only an important priority for AGI but also critical to the global community that relies on the smooth transport of critical agricultural outputs and 
food. This is reflected in our Corporate Mission Statement: advancing storage, handling, and processing solutions that strengthen the global food supply chain. At first glance this is 
a simple statement, but it’s one that comes with significant responsibility. Everyday, we embrace the challenges and opportunities associated with helping the world feed itself.
Assuming the role of President & CEO of AGI is a humbling opportunity. My time at AGI has been energizing, having taken on several roles which have provided me with a deep 
understanding of all areas of our business, operations, and geographies. In 2019, I joined AGI with the mandate to lead all aspects of AGI's businesses outside of North America. In 2020, my 
duties were expanded to include coverage of our North American-based businesses. In 2021, I took on the newly created role of Chief Operating Officer to provide strategic, organizational, 
and administrative leadership of day-to-day operations across all of AGI. In each role, I was able to enact important strategic initiatives to revolutionize how we conduct ourselves, serve 
customers, and reward shareholders. Under the mantra of One AGI, we began several initiatives to increase centralization and coordination across the Company, while simultaneously 
decreasing costs and increasing product quality. As I have now taken over full President & CEO duties, these important initiatives will not only continue but, in many cases, accelerate. A 
fresh focus on operational excellence will be a hallmark of the One AGI vision going forward. 
To understand the future direction of AGI, it’s important to first re-visit our history and where we come from. I view AGI as having three major phases over the last decade or so – Formation, 
Transformation, and Maturation. 
From 2010-2018, AGI went through the Formation stage with a stated goal to consolidate grain handling and storage equipment markets across North America, typically through 
acquisition. Over this time, the strategy shifted to include additional platforms outside of grain but still connected to the global supply chain including feed, food, fertilizer, and seed 
equipment. In addition, AGI’s operations moved into new international regions including South America, Europe, Asia-Pacific, among others. This set the foundation of AGI’s diversified 
and resilient business model. Our mix of businesses and geographies enables AGI to withstand variability within a specific region while maintaining an overall consistent growth trajectory. 
Growth through this period was largely achieved through acquisition as AGI rapidly aggregated valuable assets, brands, teams, products, and customer relationships worldwide.
Over 2019 to 2022, AGI moved into a Transformation phase. While acquisitions were still a part of AGI’s growth story, the pace slowed. Efforts and priorities subsequently shifted to bringing 
together our facilities and teams, uniting to create integrated solutions for our customers involving engineering, product supply, and project management capabilities. 
Through both the Formation and Transformation phases, we must pause to thank our prior leadership teams for their effort, contributions, and vision. In particular, our former CEO, Tim 
Close, was instrumental in helping to setup the favourable position AGI sits in today. Through his leadership, AGI moved from a regional equipment supplier to a global operation with 
integrated solutions across several different platforms. As excited as we are about the future direction of AGI, without Tim and his contributions, we would not be in the position we are 
today where AGI can capitalize on the numerous growth opportunities that are in front of us.
Going forward, we see AGI embarking on a new phase from 2023 and going forward – Maturation. This will involve many activities and initiatives, but at its core we envision AGI evolving to 
become a true customer partner. We will need to develop new ways of working and organizing ourselves to best support our customers and their operations. We have started this process, 
making notable progress within our North America Commercial business through recent years. Over the coming years, this maturation process will continue, to the benefit of our global 
customers as we find new, better, and more efficient ways to serve them.
Another critical element to uniting our organization as One AGI is our shared culture and values. A cornerstone to this is our collective focus and prioritization of employee safety. Over 
recent years, we have made significant progress in our ability to accurately and consistently track safety-related metrics across the organization. Together with training, awareness, and 
education we have seen a dramatic drop in these key safety metrics across AGI globally. To continue building our One AGI culture, we initiated an annual safety week, held each year in 
late April that includes the entire AGI workforce from across the globe. The opportunity to collaborate with peers from other AGI facilities on specific safety-related issues is an excellent 
chance for our global team to rally around an important topic. Employee safety is an area I’m personally quite passionate about, and I’m highly encouraged by the results so far and the 
enthusiasm from our employees. Our goal at AGI is that everyone returns home in the exact same safe condition as they arrived. 
Looking ahead to 2023 and beyond, we have identified three strategic priorities that will enable us to sustain our growth path and deliver strong returns for our valued shareholders. These 

2022 ANNUAL REPORT
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2022 ANNUAL REPORT
PAUL HOUSEHOLDER
President & CEO
include profitable organic growth, operational excellence, and balance sheet discipline. A few additional details on each will help illuminate the vision for AGI and highlight why we 
are so excited about our future. 
While AGI has enjoyed incredible results over recent years, with most of it being attributable to organic growth, we have several initiatives worth highlighting to further accelerate profitable 
organic growth. For example, we have implemented structured processes to enable growth including a disciplined three-year strategic planning process across all business units. These 
strategic plans are re-visited and re-calibrated at regular intervals, in addition to our monthly review meetings where we analyze results and monitor progress against key objectives. As 
the organization settles into this operating cadence, it will help us capture growth opportunities and course correct our tactics. An emphasis on nurturing and supporting our operations in 
high growth international regions will also help realize our overall growth ambitions. This includes our current operations in international geographies such as Brazil, Europe, and India as 
well as setting up in newer regions, such as Africa and Southeast Asia, for more meaningful contributions in the future.
Closely linked to our ability to generate profitable organic growth and expand our margin profile is our focus on enhancing operational excellence across AGI. We have many exciting and 
impactful initiatives underway across the organization to support our objectives in this area. Two of the more prominent workstreams include the centralization of key functions as well as 
investing in new tools and technology that can more tightly connect our people, information, and systems. 
Traditionally, through the Formation stage of AGI’s history, we operated in a decentralized manner. As AGI has since grown into a substantially larger organization, there is significant 
opportunity to reduce costs and increase quality by creating greater coordination and collaboration across our facility network. Eliminating redundant costs, narrowing the overall product 
catalogue, coordinating supplier purchasing, and collaborating on projects that involve equipment from multiple AGI facilities – these are just a handful of the benefits of our efforts around 
centralization. To enable this process, we have created several new roles and functions, primarily in our newly opened Chicago office, with an elevated focus across our facilities. We are 
investing in new tools and technologies that will enable AGI to capture and collate key operational information more quickly and in a common system, alleviating the administrative burden 
of multiple and disparate systems. This will be a multi-year journey, and we have hired experienced leaders to ensure we are proceeding in a practical, logical, and efficient manner. Success 
in completing this transformation will create an additional competitive advantage for AGI in the future.
Finally, our third strategic priority is around prudent financial management and overall balance sheet discipline. During our Formation and Transformation stages, AGI went through a 
heavy phase of investment and capital deployment. Going forward, we are fully committed to deleveraging our balance sheet and continuing the outstanding progress from 2022 into 2023 
and beyond. We expect growing adjusted EBITDA along with debt repayments to accelerate the improvement of key balance sheet metrics and ratios. 
Critical to our role as a global leader in supporting the global food supply chain is contributing to sustainability and ESG-related initiatives. Given AGI’s equipment solutions and technologies 
reduce post-harvest losses and increase food security, we are naturally aligned with solving several of the key challenges faced by the global food supply chain. This is reflected in our 
Corporate Mission Statement. We have steadily increased our efforts and resourcing in this area over the last two years, focusing on four areas: sustainable manufacturing, people well-
being, responsible conduct, and compelling solutions. In early 2023, we published a comprehensive Sustainability Progress Update highlighting initiatives from 2021 and 2022. We’ve made 
significant progress in collecting and baselining key resource consumption and emission data, measuring our safety KPIs, and cataloging a wide range of policies which guide our actions. 
I encourage all AGI shareholders to review this material which is available on our corporate website.
This is an incredibly exciting time for everyone across AGI – our customers, shareholders, and employees. We expect another record year in 2023 and have many attractive growth 
opportunities and initiatives underway. As we unite as One AGI, I’m incredibly humbled to take on the responsibility to lead the Company through this next phase. We appreciate your 
continued support.

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2022 ANNUAL REPORT
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MANAGEMENT'S DISCUSSION & ANALYSIS

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This Management’s Discussion and Analysis (“MD&A”) should be read in conjunction with 
the audited consolidated comparative financial statements and accompanying notes of 
Ag Growth International Inc. (“AGI”, the "Company", "we", "our" or "us") for the year ended 
December 31, 2022. Results are reported in Canadian dollars unless otherwise stated.
This MD&A is based on the Company’s audited consolidated comparative financial 
statements for the year ended December 31, 2022 (“consolidated financial statements”) 
based on International Financial Reporting Standards (“IFRS”) as issued by the 
International Accounting Standards Board (“IASB”), unless otherwise noted.
This MD&A makes reference to certain specified financial measures, including non-
IFRS financial measures, non-IFRS ratios and supplementary financial measures. These 
specified financial measures are not recognized measures under IFRS, do not have a 
standardized meaning prescribed by IFRS and are therefore unlikely to be comparable 
to similar measures presented by other companies. Rather, these measures are provided 
as additional information to complement our financial information reported under IFRS 
by providing further understanding of our results of operations from management's 
perspective. Accordingly, they should not be considered in isolation nor as a substitute for 
analysis of our financial information reported under IFRS. Please refer to the “NON-IFRS 
AND OTHER FINANCIAL MEASURES” section of this MD&A for more information on each 
specified financial measure.
This MD&A contains forward-looking information. Please refer to the cautionary language 
under the heading "Risks and Uncertainties", "Forward-Looking Information" and "Financial 
Outlook" in this MD&A and in our most recently filed Annual Information Form, all of which 
are available under the Company's profile on SEDAR [www.sedar.com].
DATED: MARCH 7, 2023

2022 ANNUAL REPORT
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SUMMARY 
OF RESULTS
[thousands of dollars except per share amounts and percentages]
Three-months ended December 31
2022
$
2021
$
Change
$
Change
%
Sales
374,034
327,095
46,939
14%
Adjusted EBITDA [1][2]
50,997
44,651
6,346
14%
Adjusted EBITDA Margin % [3]
13.6%
13.7%
0.0%
(0%)
Loss before income taxes
(76,526)
(21,701)
(54,825)
253%
Loss  
(67,811)
(16,350)
(51,461)
315%
Diluted loss per share
(3.59)
(0.87)
(2.72)
313%
Adjusted profit [1][4]
18,581
19,127
(546)
(3%)
Diluted adjusted profit per share [3][4]
0.92
0.89
0.03
3%
[thousands of dollars except per share amounts and percentages]
Year ended December 31
2022
$
2021
$
Change
$
Change
%
Sales
1,458,082
1,198,523
259,559
22%
Adjusted EBITDA [1][2]
234,683
176,266
58,417
33%
Adjusted EBITDA Margin % [3]
16.1%
14.7%
1.4%
9%
(Loss) profit before income taxes
(45,313)
9,383
(54,696)
N/A
(Loss) profit
(50,583)
10,558
(61,141)
N/A
Diluted (loss) profit per share
(2.68)
0.50
(3.18)
N/A
Adjusted profit [1][4]
75,781
63,242
12,539
20%
Diluted adjusted profit per share [3][4]
3.74
2.90
0.84
29%
[1]	
This is a non-IFRS measure and is used throughout this MD&A. See “NON-IFRS and OTHER FINANCIAL MEASURES” 
for more information on each non-IFRS measure.
[2]	
See “DETAILED OPERATING RESULTS – Profit (loss) before income taxes and Adjusted EBITDA”.
[3]	
This is a non-IFRS ratio and is used throughout this MD&A. See “NON-IFRS and OTHER FINANCIAL MEASURES” for 
more information on each non-IFRS ratio.
[4]	
See “DETAILED OPERATING RESULTS – Diluted (loss) profit per share and diluted adjusted profit per share”.
[thousands of dollars]
Three-months ended December 31
2022
$
2021
$
Change
$
Change
%
Sales [1]
Farm
180,985
145,577
35,408
24%
Commercial
193,049
181,518
11,531
6%
Total
374,034
327,095
46,939
14%
[thousands of dollars]
Year ended December 31
2022
$
2021
$
Change
$
Change
%
Sales [1]
Farm
778,088
647,869
130,219
20%
Commercial
679,994
550,654
129,340
23%
Total
1,458,082
1,198,523
259,559
22%
[1]	
The sales information in this table are supplementary financial measures and are used throughout this MD&A. See 
“NONIFRS and OTHER FINANCIAL MEASURES” for more information on these supplementary financial measures.
[thousands of dollars]
Three-months ended December 31
2022
$
2021
$
Change
$
Change
%
Adjusted EBITDA [1][2][3]
Farm
32,482
31,159
1,323
4%
Commercial
30,658
24,336
6,322
26%
Other [4]
(12,143)
(10,844)
(1,299)
12%
Total
50,997
44,651
6,346
14%
Consolidated Operating Segment Results Summary

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[thousands of dollars]
Year ended December 31
2022
$
2021
$
Change
$
Change
%
Adjusted EBITDA [1][2][3]
Farm
163,118
140,961
22,157
16%
Commercial
106,760
66,771
39,989
60%
Other [4]
(35,195)
(31,466)
(3,729)
12%
Total
234,683
176,266
58,417
33%
[1]   See “BASIS OF PRESENTATION”
[2]    This is a non-IFRS measure and is used throughout this MD&A. See “NON-IFRS and OTHER FINANCIAL MEASURES” 
  for more information on each non-IFRS measure.
[3]  See “DETAILED OPERATING RESULTS – Profit (loss) before income taxes and Adjusted EBITDA” and “DETAILED 
  OPERATING RESULTS – Profit (loss) before income taxes and Adjusted EBITDA by Segment”.
[4]    Included in Other is the corporate office, which is not a reportable segment, and which provides finance, treasury, legal, 
  human resources and other administrative support to the segments.
[thousands of dollars]
Three-months ended December 31
2022
$
2021
$
Change
$
Change
%
Adjusted EBITDA Margin % [1][2]
Farm
18%
21%
(3%)
(16%)
Commercial
16%
13%
2%
18%
Other [3]
(3%)
(3%)
0%
(2%)
Total
14%
14%
(0%)
(0%)
[thousands of dollars]
Year ended December 31
2022
$
2021
$
Change
$
Change
%
Adjusted EBITDA Margin % [1][2]
Farm
21%
22%
(1%)
(4%)
Commercial
16%
12%
4%
29%
Other [3]
(2%)
(3%)
0%
(8%)
Total
16%
15%
1%
9%
[1]	
See “BASIS OF PRESENTATION”
[2]	
This is a non-IFRS ratio and is used throughout this MD&A. See “NON-IFRS and OTHER FINANCIAL MEASURES” for 
more information on each non-IFRS ratio.
[3]	
Included in Other is the corporate office, which is not a reportable segment, and which provides finance, treasury, legal, 
human resources and other administrative support to the segments. The Adjusted EBITDA Margin % for Other is 
calculated based on total sales since it does not generate sales without the segments.
Our strong fourth quarter results were a record for both sales and Adjusted EBITDA1, both 
up 14% year-over-year (‘YOY’), and capped-off another year of record results that featured 
annual sales and Adjusted EBITDA growing by 22% and 33%, respectively. With only one 
relatively small acquisition made early in the year, these results highlight the strong pace 
of organic growth and the initial impact of a wide array of operational excellence initiatives 
aimed at creating a more efficient organization.
1      This is a non-IFRS measure and is used throughout this MD&A. See “NON-IFRS and OTHER FINANCIAL MEASURES” 
for more information on each non-IFRS measure.
The Farm segment delivered strong results in the fourth quarter, with sales and adjusted 
EBITDA growing by 24% and 4% YOY, respectively. In addition, full year sales and adjusted 
EBITDA growth of 20% and 16%, respectively, continue the trend of strong momentum 
over an already historic performance in 2021. This growth was fueled by the continued 
demand for portable grain handling equipment in Canada, the U.S., and Asia Pacific, as 
well as permanent grain handling and storage solutions in South America. As consumption 
continues to increase globally, we are seeing sustained demand for our Farm segment 
products as growers around the world increase production. The fourth quarter Adjusted 
EBTIDA margin decreased as compared to the fourth quarter of 2021 as that quarter 
benefited from the price increases we implemented ahead of rising input costs which 
peaked in 2022.
The Commercial segment delivered a solid fourth quarter with sales and adjusted EBITDA 
increasing 6% and 26% YOY, respectively. For the full year, sales and adjusted EBITDA 
grew 23% and 60%, respectively, driven by significant growth in Canada, the U.S., South 
America, and Asia Pacific markets. The Canadian region was a standout performer, with 
sales growth of 83%, or 35% net of acquisitions, indicating a strong recovery in this 
region that was initially hard hit by the pandemic. The improvement in this region has also 
been accelerated by a more unified structure and approach to our overall North America 
Commercial business.
Internationally, the growth in the Brazil and India regions continues to be extraordinary. 
Annual sales growth of 36% and 44%, respectively, and adjusted EBITDA growth of 28% 
and 68%, respectively, underscores the importance of our regional diversification strategy 
and the benefits of our investments in developing market positions within these critical 
agricultural regions.
On a consolidated basis, our annual Adjusted EBITDA increased by $58.4 million, driven 
by higher sales across all segments, including significant contributions from U.S. Farm, 
Canada Farm, North America Commercial, Brazil, and India. This was further boosted by 
an improvement in gross margin resulting from operational efficiencies, a sales mix that 
favored portable grain handling equipment in the Farm segment, increased volume in 
the Commercial segment, and the positive impact of lower steel prices compared to the 
previous year.

2022 ANNUAL REPORT
10
Sustained demand for agriculture equipment and infrastructure enabled AGI to cap off another record year in sales and adjusted EBITDA with excellent momentum heading into 2023. Our 
quoting pipelines are highly active and we continue to see strong interest from customers across all segments and regions as they continue to invest in critical infrastructure equipment 
and solutions. The consolidated backlog was up 10% YOY at record-levels for year-end and near record levels all-time. Of note, at year-end the backlog was up by 60% from 2020 year-end, 
further highlighting the step-change in the mix of our business, demand for AGI products, and our ability to expand market share.
As a result, full year 2023 adjusted EBITDA is expected to be at least $260 million2, representing continued growth and momentum over our record 2022 results.
BASIS OF 
PRESENTATION
On December 29, 2022, the Company announced that it will be reorganizing its digital business to better reflect changes in its operations and management structure. As a result of this 
change, the Company has identified its reportable segments as Farm and Commercial, each of which are supported by the corporate office. The previously identified Digital segment has 
now been included within the Farm segment, and the Food platform which was a sub-segment of the Commercial segment has been amalgamated into the Commercial segment. These 
segments are strategic business units that offer different products and services. Certain corporate overheads are allocated to the segments based on revenue as well as applicable cost 
drivers. Taxes and certain other expenses are managed at a consolidated level and are not allocated to the reportable operating segments. Financial information for the comparative period 
has been restated to reflect the new presentation.
For the year ended December 31, 2021, the effect of foreign currency translations arising from the settlement of accounts receivables and payables recorded in a currency other than the 
Company’s functional currency have been presented within finance income (expenses); historically, the foreign exchange impact was presented in sales and a reconciliation was made to 
trade sales as presented in prior MD&As.
The Company’s change in presentation in its consolidated financial statements was made in accordance with IAS 1 and IFRS 8. Under IFRS 8, a change in accounting policy is permitted if 
the change results in the financial statements providing more reliable and relevant information about the effects of transactions on the entity’s financial position. In addition, IAS 1 requires 
an entity to reclassify its comparative information when making such changes in presentation and therefore comparative figures have been restated accordingly.
Description of Business Segments
Farm Segment
AGI’s Farm segment focuses on the needs of on-farm customers and its products offering includes grain, seed, and fertilizer handling equipment, aeration products, grain and fuel storage 
solutions, and grain management technologies (See “BASIS OF PRESENTATION”).
Commercial Segment
AGI’s Commercial segment focuses on commercial entities such as port facility operators, food processors and elevators. Its products offering includes larger diameter grain storage bins, 
high capacity grain handling equipment, seed and fertilizer storage and handling systems, feed handling and storage equipment, aeration products, automated blending systems, control 
systems, project management services and food processing solutions.
2      See “BASIS OF PRESENTATION”, “RISKS AND UNCERTAINTIES”, “FORWARD-LOOKING INFORMATION” and "FINANCIAL OUTLOOK".

11
OPERATING 
RESULTS AND OUTLOOK 
3
Sales by Geography 4
[thousands of dollars]
Three-months ended December 31
2022
$
2021
$
Change
$
Change
%
Canada
87,725
46,730
40,995
88%
U.S.
141,676
128,050
13,626
11%
International
EMEA
39,278
51,965
(12,687)
(24%)
Asia Pacific
50,339
42,420
7,919
19%
South America
55,016
57,930
(2,914)
(5%)
Total International
144,633
152,315
(7,682)
(5%)
Total Sales
374,034
327,095
46,939
14%
[thousands of dollars]
Year ended December 31
2022
$
2021
$
Change
$
Change
%
Canada
333,353
267,755
65,598
24%
U.S.
649,905
532,443
117,462
22%
International
EMEA
126,046
127,899
(1,853)
(1%)
Asia Pacific
158,212
128,758
29,454
23%
South America
190,566
141,668
48,898
35%
Total International
474,824
398,325
76,499
19%
Total Sales
1,458,082
1,198,523
259,559
22%
Sales by Segment and Geography 5
Farm Segment
[thousands of dollars]
Three-months ended December 31
2022
$
2021
$
Change
$
Change
%
Canada
64,098
36,106
27,992
78%
U.S.
85,739
74,876
10,863
15%
International
EMEA
6,279
6,014
265
4%
Asia Pacific
9,168
11,053
(1,885)
(17%)
South America
15,701
17,528
(1,827)
(10%)
Total International
31,148
34,595
(3,447)
(10%)
Total Sales
180,985
145,577
35,408
24%
3	 See “BASIS OF PRESENTATION”, “RISKS AND UNCERTAINTIES”, “FORWARD-LOOKING INFORMATION” and 
“FINANCIAL OUTLOOK”.
4	 The sales information in this section are supplementary financial measures and are used throughout this MD&A. See 
 “NON-IFRS and OTHER FINANCIAL MEASURES” for more information on these supplementary financial measures.
5	 The sales information in this section are supplementary financial measures and are used throughout this MD&A. See 
 “NON-IFRS and OTHER FINANCIAL MEASURES” for more information on these supplementary financial measures.
[thousands of dollars]
Year ended December 31
2022
$
2021
$
Change
$
Change
%
Canada
240,850
217,269
23,581
11%
U.S.
413,450
341,795
71,655
21%
International
EMEA
12,631
15,375
(2,744)
(18%)
Asia Pacific
29,947
27,589
2,358
9%
South America
81,210
45,841
35,369
77%
Total International
123,788
88,805
34,983
39%
Total Sales
778,088
647,869
130,219
20%

2022 ANNUAL REPORT
12
[thousands of dollars]
Three-months ended December 31
2022
$
2021
$
Change
$
Change
%
Canada
23,627
10,624
13,003
122%
U.S.
55,937
53,174
2,763
5%
International
EMEA
32,999
45,951
(12,952)
(28%)
Asia Pacific
41,171
31,367
9,804
31%
South America
39,315
40,402
(1,087)
(3%)
Total International
113,485
117,720
(4,235)
(4%)
Total Sales
193,049
181,518
11,531
6%
[thousands of dollars]
Year ended December 31
2022
$
2021
$
Change
$
Change
%
Canada
92,503
50,486
42,017
83%
U.S.
236,455
190,648
45,807
24%
International
EMEA
113,415
112,524
891
1%
Asia Pacific
128,265
101,169
27,096
27%
South America
109,356
95,827
13,529
14%
Total International
351,036
309,520
41,516
13%
Total Sales
679,994
550,654
129,340
23%
Commercial Segment
[thousands of dollars]
Year ended December 31
REGION
SEGMENTS
Canada
%
United States
%
International
%
Overall
%
Farm
131%
(1%)
(18%)
25%
Commercial
(11%)
(15%)
6%
(3%)
Overall
79%
(6%)
3%
10%
FARM AND COMMERCIAL SEGMENTS
EMEA[2]
%
Asia Pacific[3]
%
South America[4]
%
International by region
(45%)
31%
109%
[1]	
This is a supplementary financial measure and is used throughout this MD&A. See “NON-IFRS and OTHER FINANCIAL 
MEASURES” for more information on this supplementary financial measure.
[2]	
“EMEA” is composed of Europe, Middle East and Africa.
[3]	
“Asia Pacific” is composed of Southeast Asia, Australia, India and the rest of the world (other than Canada, the United 
States, EMEA and South America). 
[4]	
“South America” is composed of Brazil and the rest of Latin America.
Farm Segment
The Farm Segment closed-out a successful 2022 with fourth quarter sales and Adjusted 
EBITDA increasing 24% and 4% YOY, respectively. On an annual basis, Farm segment 
sales and Adjusted EBITDA posted 20% and 16% increases due to the robust demand 
for portable grain handling equipment, particularly in Canada and the United States. The 
trend of elevated crop prices and growers monetizing crops shortly after harvest resulted 
in a shift in demand from permanent storage to portable handling equipment. Adjusted 
EBTIDA margin decreased 300 basis points and 100 basis points to 18% and 21%, for the 
three-months and year ended December 31,2022 respectively, as input costs continued to 
rise throughout 2022 peaking late in 2022.
Canada
Sales and backlogs increased by 78% and 131% YOY in the fourth quarter (“Q4”) 
respectively, as improved crop yield in 2022 as compared to the drought impacted 2021 
drove up the demand for grain handling equipment. The Canada region is expected to 
continue its recovery in 2023 as dealers move their inventory in the upcoming months.
United States
Sales and backlogs increased by 15% and decreased by 1% YOY in Q4 respectively, as 
the continued demand for portable grain handling equipment and low inventory levels in 
the dealer network contributed to the growth. There was a decrease in demand for grain 
storage equipment as growers were motivated by favourable grain prices to monetize 
crops. Nonetheless, the trend of larger crop sizes and increasing farmer sophistication 
support a positive outlook for demand for permanent grain handling equipment and 
storage in this large and important agricultural market.
The following table presents YOY changes in the Company’s backlogs[1]:
The following table presents YOY changes in the Company’s international backlogs[1] 
further segmented by region:
[1]	
This is a supplementary financial measure and is used throughout this MD&A. See “NON-IFRS and OTHER 
FINANCIAL MEASURES” for more information on this supplementary financial measure.

13
International
Sales and backlogs decreased 10% and 18% YOY in Q4 respectively, as order intake across 
Asia Pacific and South America shifted more towards Commercial versus Farm during the 
second half of 2022, impacting the timing of shipments and sales relative to 2021. Full year 
sales to Asia Pacific and South America increased 9% and 77% YOY for the year ended 
December 31, 2022, respectively.
Sales to the Europe, Middle East, and Africa [‘EMEA’] region decreased 18% YOY for 
the year ended December 31, 2022 as the Russia-Ukraine conflict (See “RISKS AND 
UNCERTAINTIES – Russia- Ukraine Conflict”) impacted demand for grain handling 
equipment throughout 2022 and disrupted projects throughout the region. However, we 
are seeing early signs of a more stable environment in EMEA with sales increasing 4% 
YOY in Q4.
As agricultural production becomes more efficient globally, we expect rising crop volumes, 
which will drive demand for our portable handling equipment and permanent storage 
solutions. We see ample growth prospects across these international markets in the near 
future and over the long run.
Commercial Segment
The Commercial segment grew sales and Adjusted EBITDA by 6% and 26% YOY, 
respectively, in the fourth quarter. For the full year, the Commercial segment saw a 
significant boost in sales and Adjusted EBITDA in 2022 with increases of 23% and 60%, 
respectively. The rebound in Canadian sales, continued growth in the U.S., and strong 
results in international markets contributed to the 2022 performance. Our food processing 
equipment and solutions continue to be a key contributor to this growth, which saw full 
year sales increase 66% and 34% net of acquisitions (See “2022 ACQUISITION”). The 
increase in Adjusted EBITDA was primarily the result of scaling on a higher revenue base, 
capturing incremental gross margins on higher volume, and favorable steel pricing in 2022.
As we head into 2023, we expect the momentum in the Commercial segment to continue 
and our focus remains on bringing full solutions to our customers around the world. The 
outlook for the Commercial segment is particularly strong in Brazil, EMEA, and India with 
ongoing investments in larger scale food storage, conditioning, and processing. EMEA 
activity continues to be aimed at Middle East and Africa. The North America Commercial 
business remains strong, with the Food business expected to be soft in the first half of 
2023 and strengthening across the second half of 2023.
Canada
Commercial segment sales increased 122% YOY in the fourth quarter and 83% for the full 
year. Specific market drivers included:
	
• The grain terminal and grain processing markets resumed capital spending following a 
temporary decrease in spending after significant build out from 2015 through 2020. We 
are also seeing demand return in the fertilizer equipment market.
	
• The increased quoting activities in the first six months of 2022 for grain terminal projects 
drove a recovery of this region in Q4. We continue to expect this region to perform well 
in 2023.
	
• The addition of Eastern Fabricators (“Eastern”) (See “2022 ACQUISITION”) provided the 
additional production capacity and resources that enabled the Canadian Commercial 
segment to capitalize on increasing demand.
	
• We are also seeing demand return in the fertilizer equipment market.
With a robust quoting pipeline, we expect the momentum to continue in this region in 
2023.
United States
Commercial segment sales increased 5% YOY in the fourth quarter and up 24% for the full 
year. Specific market drivers included:
	
• The continued demand in the petfood market supported by our efforts on developing 
strategic relationships with key partners.
	
• The demand for commercial infrastructure which was supported by a positive export 
outlook.
With a significant quoting pipeline, we anticipate this region will continue to be a strong 
contributor to the overall Commercial segment performance in 2023.
International
Commercial segment sales decreased 4% YOY in the fourth quarter but were up 13% for 
the full year. Specific market drivers included:
	
• Sales in the Asia Pacific region increased 31% YOY in Q4 capping off an exceptional 
year with a full year sales growth of 27%. We continue to see demand in commercial 
infrastructure in this region and expect growth to continue in 2023.
	
• Sales in the EMEA region decreased 28% YOY in Q4 against a historic performance in 
2021. In addition, the region continued to be impacted by the Russia-Ukraine conflict 
(See “RISKS AND UNCERTAINTIES – Russia-Ukraine Conflict”). Despite the regional 
conflict, sales in the EMEA region still managed to increase 1% for the full year as AGI 
was quickly able to pivot and concentrate on the Africa and Middle East regions, as well 
as accelerate product transfers including fertilizer equipment. With a robust quoting 
pipeline, we anticipate a rebound in this region in the near term.

2022 ANNUAL REPORT
14
	
• Sales in the South America region experienced a small decrease of 3% YOY in Q4 as a result of timing on a number of commercial projects, though sales increased 14% YOY for the full 
year. The backlog for this region is up 177% YOY in the fourth quarter.
	
• The Brazil and India regions continued their momentum in Q4 with YOY sales increases of 3% and 41%, respectively. Specific market drivers included:
	
• Brazil continuing to see a strong demand for AGI products and systems in the Commercial segment, supported by a favorable macroeconomic environment. Brazil’s Commercial 
backlog is up 231% YOY in the fourth quarter.
	
• India continues to deliver record quarterly results driven by the demand for rice milling equipment, expansion of our product portfolio in the region, and export activities. The 
Commercial backlog for India also increased 27% YOY.
	
• We anticipate continued growth in both regions in 2023 based on their strong backlogs in a favorable macroeconomic environment.
Overall, we anticipate substantial growth prospects for our Commercial segment across various international regions in 2023, with Brazil and India being particularly promising due to 
favorable macroeconomic conditions and an ongoing effort to reduce the food infrastructure gap relative to more established and mature markets. We have limited visibility and expectations 
for sales across Russia and Ukraine due to the ongoing conflict and, as referenced above, our focus and activity will continue to shift more to other areas within the EMEA region.
Summary
The record sales and Adjusted EBITDA results we achieved in 2022 demonstrate the strength of our balanced and diversified strategy, encompassing a variety of products, regions, 
and customers. Our commitment to operational excellence and customer value has led to impressive efficiency improvements, particularly in the North American Commercial segment, 
resulting in both sales growth and margin expansion. We are confident that these efforts will continue to extend across all regions and help to drive further success and growth in the future.
Our quoting pipelines remain robust as customers across all regions continue to show strong interest in investing in essential infrastructure and equipment to meet the demands of 
increased crop production, promote efficiency across the supply chain, and to address food security concerns. As a result, we anticipate continued robust growth and project that our full 
year 2023 Adjusted EBITDA will be at least $260 million6.
6        See “BASIS OF PRESENTATION”, “RISKS AND UNCERTAINTIES”, “FORWARD-LOOKING INFORMATION” and "FINANCIAL OUTLOOK".

15
DETAILED OPERATING 
RESULTS
[thousands of dollars]
Three-months ended
December 31
Year ended 
December 31
2022
$
2021
$
2022
$
2021
$
Sales
374,034
327,095
1,458,082
1,198,523
Cost of goods sold
Cost of inventories
255,560
232,998
985,073
834,402
Equipment rework
6,100
10,000
6,100
10,000
Remediation
—
8,600
—
16,100
Depreciation and amortization
11,383
9,602
46,310
34,006
273,043
261,200
1,037,483
894,508
Selling, general and administrative expenses
Selling, general & administrative expenses [1]
74,399
64,752
263,604
213,208
Mergers and acquisitions (recovery) expense [2]
(25)
962
(144)
3,035
Transaction, transitional and other costs [3]
15,395
4,763
44,301
12,058
Depreciation and amortization
7,641
6,772
30,635
28,043
97,410
77,249
338,396
256,344
Other operating expense (income)
Net loss (gain) on disposal of property, 
plant and equipment
(13)
(60)
339
23
Net loss (gain) on settlement of leases
1
(28)
1
(17)
Net gain on financial instruments
(8,211)
(1,929)
(9,629)
(1,382)
Foreign exchange reclassification on disposal 
of foreign operation
—
—
—
(898)
Other
(1,914)
(1,287)
(8,722)
(5,025)
(10,137)
(3,304)
(18,011)
(7,299)
Finance costs
17,197
11,948
61,067
43,599
Finance (income) expense
(2,309)
145
8,614
2,615
Impairment charge [4]
75,356
1,558
75,846
5,074
Share of associate’s net loss [5]
—
—
—
1,077
Revaluation gains [5]
—
—
—
(6,778)
(Loss) profit before income taxes
(76,526)
(21,701)
(45,313)
9,383
Income tax expense (recovery)
(8,715)
(5,351)
5,270
(1,175)
(Loss) profit
(67,811)
(16,350)
(50,583)
10,558
(Loss) profit per share
Basic
(3.59)
(0.87)
(2.68)
0.56
Diluted
(3.59)
(0.87)
(2.68)
0.50
[1]	
Includes minimum lease payments recognized as lease expense. See “Note 26 [b] – Selling, general and administrative 
expenses” in our consolidated financial statements.
[2]	
Transaction (recoveries) costs associated with completed and ongoing mergers and acquisitions activities.
[3]	
Includes legal expense, legal provision the net impact of sales reversal as a result of the Russia-Ukraine conflict (See 
“RISKS AND UNCERTAINTIES – Russia-Ukraine Conflict”), transitional costs related to the Digital segment 
reorganization (See BASIS OF PRESENTATION), restructuring and other acquisition related transition costs, as well as 
the accretion and other movement in contingent consideration and amounts due to vendors.
[4]	
Impairment charge is a result of impairment charges related to the reorganization of the Company’s Digital segment 
and write-down in property, plant and equipment. See “Note 12 - Property, plant and equipment, Note 13 - Right-of-use 
assets, Note 14 – Goodwill, Note 15 – Intangible assets and Note 16 – Impairment testing in our consolidated financial 
statements.
[5]	 See “Share of associate’s net loss and revaluation gains”.
Gross Profit and Adjusted Gross Margin
[thousands of dollars]
Three-months ended
December 31
Year ended 
December 31
2022
$
2021
$
2022
$
2021
$
Sales
374,034
327,095
1,458,082
1,198,523
Cost of goods sold
273,043
261,200
1,037,483
894,508
Gross Profit
100,991
65,895
420,599
304,015
Gross Profit as a % of sales [1]
27.0%
20.1%
28.8%
25.4%
Equipment rework
6,100
10,000
6,100
10,000
Remediation
—
8,600
—
16,100
Fair value of inventory from acquisition [2]
—
—
609
—
Depreciation and amortization
11,383
9,602
46,310
34,006
Adjusted Gross Margin [3]
118,474
94,097
473,618
364,121
Adjusted Gross Margin as a % of sales [4]
31.7%
28.8%
32.5%
30.4%
[1]	
This is a supplementary financial measure and is used throughout this MD&A. See “NON-IFRS and OTHER FINANCIAL 
MEASURES” for more information on each supplementary financial measure.
[2]	
Non-cash expenses related to the sale of inventory that acquisition accounting required be recorded at a value higher 
 than manufacturing cost.
[3]	
This is a non-IFRS measure and is used throughout this MD&A. See “NON-IFRS and OTHER FINANCIAL MEASURES” 
for more information on each non-IFRS measure.
[4]	
This is a non-IFRS ratio and is used throughout this MD&A. See “NON-IFRS and OTHER FINANCIAL MEASURES” for 
more information on each non-IFRS ratio.

2022 ANNUAL REPORT
16
AGI’s gross profit as a percentage of sales for the year ended December 31, 2022, increased 
over the prior year as a result of the reduction in cost of equipment rework and remediation. 
The adjusted gross margin as a percentage of sales for the year ended December 31, 
2022 also increased over the prior year, which is attributable to the performance of the 
Commercial segment. Specifically, the increase in sales volume, improved operational 
efficiencies and the improvement of steel pricing in 2022.
Impact of Foreign Exchange
Gains and Losses on Foreign Exchange
The gain and loss on foreign exchange for the three-months and year ended December 31, 
2022 was a gain of $2.2 million [2021 – loss of $0.2 million] and a loss of $8.9 million [2021 – 
loss of $3.0 million], respectively. The gain and losses are primarily comprised of non-cash 
items related to the translation of the Company’s U.S. dollar denominated long-term debt 
at the rate of exchange in effect as at December 31, 2022. See also “Financial Instruments 
– Foreign exchange contracts”.
Sales and Adjusted EBITDA
AGI’s average rate of exchange for the three-months and year ended December 31, 2022 
was $1.36 [2021 - $1.27] and $1.30 [2021 - $1.25]. A weaker Canadian dollar relative to 
the U.S. dollar results in higher reported sales for AGI, as U.S. dollar denominated sales 
are translated into Canadian dollars at a higher rate. Similarly, a weaker Canadian dollar 
results in higher costs for U.S. dollar denominated inputs and SG&A expenses. In addition, 
a weaker Canadian dollar may result in higher input costs of certain Canadian dollar 
denominated inputs, including steel. On balance, Adjusted EBITDA increases when the 
Canadian dollar weakens relative to the U.S. dollar.
Remediation costs and equipment rework
Remediation costs
Over the period of 2019–2020, AGI entered into agreements to supply 35 large hopper 
bins for installation by third parties on two grain storage projects. In 2020, a bin at one 
of the customer facilities collapsed during commissioning, and legal claims related to the 
incident have been initiated against AGI.
AGI, in consultation with its advisors, has estimated various probability weighted scenarios, 
including investigation and remediation costs, at the incident site. Key assumptions 
included the degree of liability, if any, estimated volume of materials and materials costs, 
estimated internal and external labour hours, equipment costs and third-party construction 
costs along with the risk-adjusted weight of other liabilities as a result of the customer 
claim. In addition, management has considered the merits of related legal claims and has 
taken them into consideration in assessing its exposure. The provision may be subject 
to revision in the future as information becomes available, the impact of which could be 
material.
AGI continues to believe that any financial impact will be, at least, partially offset by 
insurance coverage. AGI is working with insurance providers and external advisors to 
determine the extent of this cost offset. Insurance recoveries, if any, will be recorded when 
received.
As at December 31, 2022, the warranty provision for remediation costs is $41.5 million 
[December 31, 2021 – $42.4 million], with $0.9 million of the provision having been utilized 
during the year.
Equipment rework
The provision for equipment rework relates to previously identified issues with equipment 
designed and supplied to one commercial facility. During the three-months ended 
December 31, 2022, $6.1 million was added to the provision based on revised estimated 
costs of completion. As at December 31, 2022, the warranty provision for the equipment 
rework is $12.9 million [2021 – $11.8 million], with $5.0 million of the provision having been 
utilized during the year.
Selling, General and Administrative Expenses [“SG&A”]
SG&A expenses for the year ended December 31, 2022 excluding merger and acquisition 
(recovery) expenses [“M&A”], transaction, transitional and other costs and depreciation 
and amortization, were $263.6 million [18.1% of sales], versus $213.2 million [17.8% of sales] 
in 2021. Year-to-date variances from the prior year include the following:
	
• $16.8 million increase in sales and marketing expenses as a result of sales and marketing 
activities continuing to return to pre-pandemic levels in 2022.
	
• $12.8 million increase in salaries, wages and share-based compensation related to 
performance-based awards and accelerated vesting. For the year ended December 31, 
2022, SG&A excluding share-based compensation was 17.0% of sales [2021 – 17.1%].
	
• $4.0 million increase in IT expense to enhance support of a complex IT infrastructure.
	
• $3.8 million increase in insurance expense.
	
• $3.6 million decrease in consulting expense.
	
• No other individual variance was greater than $3.0 million.

17
Transaction, transitional and other expense is comprised of 1) legal costs related to our defense of our Farmobile PUC patent; 2) legal provision costs related to customer claims; 3) contingent 
consideration expected to be paid for past acquisitions; 4) one-time transitional contractual employment expenses; 5) transitional costs related to the Digital segment reorganization (see 
“BASIS OF PRESENTATION”); and 6) the net impact of sales reversal as a result of the Russia-Ukraine conflict (See “RISKS AND UNCERTAINTIES – Russia-Ukraine Conflict”).
Finance costs
Finance costs which represent interest incurred on all debt for the year ended December 31, 2022 were $61.1 million versus $43.6 million in 2021. Finance costs have increased in 2022 as a 
result of a higher effective interest rate as compared to 2021.
Finance expense (income)
Finance expense (income) which represents interest income earned and foreign exchange on long term debt for the year ended December 31, 2022, was an expense of $8.6 million versus 
an expense of $2.6 million in 2021. The expense in 2022 relates primarily to the effect of non-cash translation of the Company’s U.S. dollar denominated long-term debt as the exchange rate 
rose from 1.2678 as at December 31, 2021 to 1.3544 at December 31, 2022.
Impairment charge
On December 29, 2022, the Company announced a strategic plan to reorganize AGI’s Digital business segment to focus on core markets and products, reduce operating costs, and improve 
financial performance. The reorganization plan was prompted by lower-than-expected results from the Digital segment. In addition to the reorganization, the Digital segment and its CGUs 
is subject to an annual impairment test. As at December 31, 2022, the recoverable amount of the Digital segment’s CGUs of $21.6 million was less than their carrying value. The recoverable 
amount of the underlying segments was determined as follows: Farmobile using fair value less cost to sell, SureTrack and Compass using value-in-use. The overall recoverable amount 
calculation for value-in-use used a discount rate of 17%. Farmobile used fair value less cost to sell in calculating the recoverable amount as it exceeded its value-in-use. Farmobile’s fair value 
less cost to sell was calculated from revenue using a multiple based on an average enterprise value over revenue of comparable companies, less transaction costs based on management 
estimates from past experience. The impairment amount calculated was applied on a pro rata basis over each CGUs identifiable assets and, consequently, an impairment charge related 
to the Digital reorganization was recorded for $34.0 million against goodwill7, $25.8 million against intangible assets7, $9.0 million against property, plant and equipment7 and $3.1 million 
against right-of-use assets7.
Share of associate's net loss and revaluation gains
Share of associate’s net loss for the year ended December 31, 2022 was nil versus a loss of $1.1 million in 2021. The Company acquired a controlling interest in Farmobile in Q2 2021 [See 2021 
Acquisition - Farmobile] and recognized a gain on remeasurement of equity investment of $6.8 million in Q2 2021 as a result of the remeasurement of its previously held equity investment 
at its acquisition date fair value.
Other operating expense (income)
Other operating expense (income) for the year ended December 31, 2022, was income of $18.0 million versus income of $7.3 million in 2021. Other operating expense (income) includes non-
cash gains and losses on financial instruments, including AGI’s equity compensation hedge [see “Equity swap”], and interest income from customer financing arrangements. A significant 
portion of the increase relates to the unrealized change in fair value of the equity swap.
7       Impairment charge is a result of impairment charges related to the reorganization of the Company’s Digital segment and writedown in property, plant and equipment. See “Note 12 - Property, plant and equipment, 
Note 13 - Right-of-use assets, Note  14– Goodwill, Note 15 – Intangible assets and Note 16 – Impairment testing in our consolidated financial statements.

2022 ANNUAL REPORT
18
Profit (loss) before income taxes and Adjusted EBITDA
The following table reconciles profit (loss) before income taxes to Adjusted EBITDA.
[thousands of dollars]
Three-months ended
December 31
Year ended 
December 31
2022
$
2021
$
2022
$
2021
$
Profit (loss) before income taxes
(76,526)
(21,701)
(45,313)
9,383
Finance costs
17,197
11,948
61,067
43,599
Depreciation and amortization
19,024
16,374
76,945
62,049
Share of associate’s net loss [1]
—
—
—
1,077
Revaluation gains [1]
—
—
—
(6,778)
Loss (gain) on foreign exchange [2]
(2,211)
211
8,941
2,992
Share-based compensation [3]
4,910
2,553
15,620
8,551
Gain on financial instruments [4]
(8,211)
(1,929)
(9,629)
(1,382)
M&A (recovery) expense [5]
(25)
962
(144)
3,035
Change in estimate on variable considerations [6]
—
11,400
—
11,400
Transaction, transitional and other costs [7]
15,395
4,763
44,301
12,058
Net loss (gain) on disposal of property, plant
and equipment
(13)
(60)
339
23
Loss (gain) on settlement of lease liability
1
(28)
1
(17)
Equipment rework [8]
6,100
10,000
6,100
10,000
Remediation [8]
—
8,600
—
16,100
Foreign exchange reclassification on disposal 
of foreign operation
—
—
—
(898)
Fair value of inventory from acquisition [9]
—
—
609
—
Impairment charge [10]
75,356
1,558
75,846
5,074
Adjusted EBITDA [11]
50,997
44,651
234,683
176,266
[1]	
See “Share of associate’s net loss and revaluation gains”.
[2]	
See “Note 26 [e] - Other expenses (income)” in our consolidated financial statements.
[3]	
The Company’s share-based compensation expense pertains to our equity incentive award plan (“EIAP”) and directors’ 
deferred compensation plan (“DDCP”). See “Note 25 – Share-based compensation plans” in our consolidated financial 
statements.
[4]	
See “Equity swap”.
[5]	 Transaction (recoveries) costs associated with completed and ongoing mergers and acquisitions activities.
[6]	
The result of a change in management estimate on variable considerations for a one-time sales concessions related 
to previous sales contracts.
[7]	 Includes legal expense, legal provision the net impact of sales reversal as a result of the Russia-Ukraine conflict 
(See “RISKS AND UNCERTAINTIES – Russia-Ukraine Conflict”), transitional costs related to the Digital segment 
reorganization (See BASIS OF PRESENTATION), restructuring and other acquisition related transition costs, as well as 
the accretion and other movement in contingent consideration and amounts due to vendors.
[8]	 See “Remediation costs and equipment rework”.
[9]	
Non-cash expenses related to the sale of inventory that acquisition accounting required be recorded at a value higher 
than manufacturing cost.
[10]	 Impairment charge is a result of impairment charges related to the reorganization of the Company’s Digital segment 
and write-down in property, plant and equipment. See “Note 12 - Property, plant and equipment”, “Note 13 - Right-of-
use assets”, “Note 14 – Goodwill”, “Note 15 – Intangible assets” and “Note 16 – Impairment testing” in our consolidated 
financial statements.
[11]	 This is a non-IFRS measure and is used throughout this MD&A. See “NON-IFRS and OTHER FINANCIAL MEASURES” 
 for more information on each non-IFRS measure.

Profit (loss) before income taxes and Adjusted EBITDA by 
Segment
[thousands of dollars]
Three-months ended December 31, 2022
Farm
$
Commercial
$
Other [13]
$
Total
$
Profit (loss) before income taxes
(64,116)
21,194
(33,604)
(76,526)
Finance costs
—
—
17,197
17,197
Depreciation and amortization [1]
10,580
6,469
1,975
19,024
Gain on foreign exchange [3]
—
—
(2,211)
(2,211)
Share-based compensation [4]
—
—
4,910
4,910
Gain on financial instruments [5]
—
—
(8,211)
(8,211)
M&A recovery [6]
—
—
(25)
(25)
Transaction, transitional and other costs [8]
13,669
—
1,726
15,395
Net gain on disposal of property, 
plant and equipment [1]
(13)
—
—
(13)
Loss on settlement of lease liability
—
1
—
1
Equipment rework [9]
—
—
6,100
6,100
Impairment charge [11]
72,362
2,994
—
75,356
Adjusted EBITDA [12]
32,482
30,658
(12,143)
50,997

19
[thousands of dollars]
Three-months ended December 31, 2021
Farm
$
Commercial
$
Other [13]
$
Total
$
Profit (loss) before income taxes
10,898
16,917
(49,516)
(21,701)
Finance costs
—
—
11,948
11,948
Depreciation and amortization [1]
9,119
5,663
1,592
16,374
Loss on foreign exchange [3]
—
—
211
211
Share-based compensation [4]
—
—
2,553
2,553
Gain on financial instruments [5]
—
—
(1,929)
(1,929)
M&A expense [6]
—
—
962
962
Change in estimate on variable 
considerations [7]
11,400
—
—
11,400
Transaction, transitional and other costs [8]
—
—
4,763
4,763
Net (gain) loss on disposal of property, 
plant and equipment [1]
(258)
198
—
(60)
Gain on settlement of lease liability
—
—
(28)
(28)
Equipment rework [9]
—
—
10,000
10,000
Remediation [9]
—
—
8,600
8,600
Impairment charge [11]
—
1,558
—
1,558
Adjusted EBITDA [12]
31,159
24,336
(10,844)
44,651
[thousands of dollars]
Year ended December 31, 2022
Farm
$
Commercial
$
Other [13]
$
Total
$
Profit (loss) before income taxes
36,676
72,716
(154,705)
(45,313)
Finance costs
—
—
61,067
61,067
Depreciation and amortization [1]
40,548
29,494
6,903
76,945
Loss on foreign exchange [3]
—
—
8,941
8,941
Share-based compensation [4]
—
—
15,620
15,620
Gain on financial instruments [5]
—
—
(9,629)
(9,629)
M&A recovery [6]
—
—
(144)
(144)
Transaction, transitional and other costs [8]
13,669
—
30,632
44,301
Net (gain) loss on disposal of property, 
plant and equipment [1]
(160)
479
20
339
Loss on settlement of lease liability
—
1
—
1
Equipment rework [9]
—
—
6,100
6,100
Fair value of inventory from acquisition [10]
—
609
—
609
Impairment charge [11]
72,385
3,461
—
75,846
Adjusted EBITDA [12]
163,118
106,760
(35,195)
234,683
[thousands of dollars]
Year Ended December 31, 2021
Farm
$
Commercial
$
Other [13]
$
Total
$
Profit (loss) before income taxes
97,137
38,192
(125,946)
9,383
Finance costs
—
—
43,599
43,599
Depreciation and amortization [1]
32,604
23,292
6,153
62,049
Share of associate’s net loss [2]
—
—
1,077
1,077
Revaluation gains [2]
—
—
(6,778)
(6,778)
Loss on foreign exchange [3]
—
—
2,992
2,992
Share-based compensation [4]
—
—
8,551
8,551
Gain on financial instruments [5]
—
—
(1,382)
(1,382)
M&A expense [6]
—
—
3,035
3,035
Change in estimate on variable 
considerations [7]
11,400
—
—
11,400
Transaction, transitional and other costs [8]
—
—
12,058
12,058
Net loss (gain) on disposal of property, 
plant and equipment [1]
(191)
213
1
23
Loss (gain) on settlement of lease liability
11
—
(28)
(17)
Equipment rework [9]
—
—
10,000
10,000
Remediation [9]
—
—
16,100
16,100
Foreign exchange reclassification on 
disposal of foreign operation
—
—
(898)
(898)
Impairment charge [11]
—
5,074
—
5,074
Adjusted EBITDA [12]
140,961
66,771
(31,466)
176,266
[1]	
Allocated based on the segment of the underlying asset’s cash generating unit (“CGU”).
[2]	
See “Share of associate’s net loss (gain) and revaluation gains”.
[3]	
See “Note 26 [e] - Other expenses (income)” in our consolidated financial statements.
[4]	
The Company’s share-based compensation expense pertains to our EIAP and DDCP. See “Note 25 – Share-based 
compensation plans” in our consolidated financial statements.
[5]	 See “Equity swap”.
[6]	
Transaction (recoveries) costs associated with completed and ongoing mergers and acquisitions activities.
[7]	 The result of a change in management estimate on variable considerations for a one-time sales concessions related 
to previous sales contracts.
[8]	 Includes legal expense, legal provision the net impact of sales reversal as a result of the Russia-Ukraine conflict 
(See “RISKS AND UNCERTAINTIES – Russia-Ukraine Conflict”), transitional costs related to the Digital segment 
reorganization (See BASIS OF PRESENTATION), restructuring and other acquisition related transition costs, as well as 
the accretion and other movement in contingent consideration and amounts due to vendors.
[9]	
See “Remediation costs and equipment rework”
[10]	 Non-cash expenses related to the sale of inventory that acquisition accounting required be recorded at a value higher 
than manufacturing cost.
[11]	 Impairment charge is a result of impairment charges related to the reorganization of the Company’s Digital segment 
and write-down in property, plant and equipment. See “Note 12 - Property, plant and equipment”, “Note 13 - Right-of-
use assets”, “Note 14 – Goodwill”, “Note 15 – Intangible assets” and “Note 16 – Impairment testing” in our consolidated 
financial statements.
[12]	 This is a non-IFRS measure and is used throughout this MD&A. See “NON-IFRS and OTHER FINANCIAL MEASURES” 
for more information on each non-IFRS measure.
[13]	 Included in Other is the corporate office, which is not a reportable segment, and which provides finance, treasury, 
legal,  human resources and other administrative support to the segments.

2022 ANNUAL REPORT
20
2022 ANNUAL REPORT

21
Profit (loss) before income taxes and Adjusted EBITDA by 
Geography
[thousands of dollars]
Three-months ended December 31, 2022
Canada
$
US
$
International
$
Other [12]
$
Total
$
Profit (loss) before income taxes
(292)
(63,167)
20,526
(33,593)
(76,526)
Finance costs
—
—
—
17,197
17,197
Depreciation and amortization [1]
4,193
8,878
3,987
1,966
19,024
Gain on foreign exchange [3]
—
—
—
(2,211)
(2,211)
Share-based compensation [4]
—
—
—
4,910
4,910
Gain on financial instruments [5]
—
—
—
(8,211)
(8,211)
M&A recovery [6]
—
—
—
(25)
(25)
Transaction, transitional and other costs [8]
1,041
12,628
—
1,726
15,395
Net loss (gain) on disposal of
property, plant and equipment [1]
(2)
16
(25)
(25)
(13)
Loss on settlement of lease liability
—
—
1
—
1
Equipment rework [9]
—
—
—
6,100
6,100
Impairment charge [10]
10,934
64,422
—
—
75,356
Adjusted EBITDA [11]
15,874
22,777
24,489
(12,143)
50,997
[thousands of dollars]
Three-Months Ended December 31, 2021
Canada
$
US
$
International
$
Other [12]
$
Total
$
Profit (loss) before income taxes
(1,995)
7,980
21,830
(49,516)
(21,701)
Finance costs
—
—
—
11,948
11,948
Depreciation and amortization [1]
2,112
5,787
6,883
1,592
16,374
Loss on foreign exchange [3]
—
—
—
211
211
Share-based compensation [4]
—
—
—
2,553
2,553
Gain on financial instruments [5]
—
—
—
(1,929)
(1,929)
M&A recovery [6]
—
—
—
962
962
Change in estimate on variable
considerations [7]
11,400
—
—
—
11,400
Transaction, transitional and other costs [8]
—
—
—
4,763
4,763
Net gain on disposal of property, plant
and equipment [1]
(9)
(23)
(28)
—
(60)
Gain on settlement of lease liability [1]
—
—
—
(28)
(28)
Equipment rework [9]
—
—
—
10,000
10,000
Remediation [9]
—
—
—
8,600
8,600
Impairment charge [10]
—
1,558
—
—
1,558
Adjusted EBITDA [11]
11,508
15,302
28,685
(10,844)
44,651
[thousands of dollars]
Year ended December 31, 2022
Canada
$
US
$
International
$
Other [12]
$
Total
$
Profit (loss) before income taxes
31,799
11,347
66,225
(154,684)
(45,313)
Finance costs
—
—
—
61,067
61,067
Depreciation and amortization [1]
22,106
33,637
14,320
6,882
76,945
Loss on foreign exchange [3]
—
—
—
8,941
8,941
Share-based compensation [4]
—
—
—
15,620
15,620
Gain on financial instruments [5]
—
—
—
(9,629)
(9,629)
M&A recovery [6]
—
—
—
(144)
(144)
Transaction, transitional and other costs [8]
1,041
12,628
—
30,632
44,301
Net (gain) loss on disposal of
property, plant and equipment [1]
(129)
459
(11)
20
339
Loss on settlement of lease liability
—
—
1
—
1
Equipment rework [9]
—
—
—
6,100
6,100
Fair value of inventory from acquisition [13]
609
—
—
—
609
Impairment charge [10]
10,957
64,889
—
—
75,846
Adjusted EBITDA [11]
66,383
122,960
80,535
(35,195)
234,683

2022 ANNUAL REPORT
22
[thousands of dollars]
Year Ended December 31, 2021
Canada
$
US
$
International
$
Other [12]
$
Total
$
Profit (loss) before income taxes
29,757
60,701
44,871
(125,946)
9,383
Finance costs
—
—
—
43,599
43,599
Depreciation and amortization [1]
12,487
24,832
18,577
6,153
62,049
Share of associate’s net loss [2]
—
—
—
1,077
1,077
Gain on remeasurement of equity
investment [2]
—
—
—
(6,778)
(6,778)
Loss on foreign exchange [3]
—
—
—
2,992
2,992
Share-based compensation [4]
—
—
—
8,551
8,551
Gain on financial instruments [5]
—
—
—
(1,382)
(1,382)
M&A expense [6]
—
—
—
3,035
3,035
Change in estimate on variable
considerations [7]
11,400
—
—
—
11,400
Transaction, transitional and other costs [8]
—
—
—
12,058
12,058
Net loss on disposal of property, plant and
equipment [1]
5
10
7
1
23
Loss (gain) on settlement of lease liability [1]
2
5
4
(28)
(17)
Foreign exchange reclassification on
disposal of foreign operation
—
—
—
(898)
(898)
Equipment rework [9]
—
—
—
10,000
10,000
Remediation [9]
—
—
—
16,100
16,100
Impairment charge [10]
—
5,074
—
—
5,074
Adjusted EBITDA [11]
53,651
90,622
63,459
(31,466)
176,266
[1]	
Allocated based on the geographical region of sales with the exception of expenses noted in Other.
[2]	
See “Share of associate’s net loss (gain) and revaluation gains”.
[3]	
See “Note 26 [e] - Other expenses (income)” in our consolidated financial statements.
[4]	
The Company’s share-based compensation expense pertains to our EIAP and DDCP. See “Note 25 – Share-based 
compensation plans” in our consolidated financial statements.
[5]	 See “Equity swap”.
[6]	
Transaction (recoveries) costs associated with completed and ongoing mergers and acquisitions activities.
[7]	 The result of a change in management estimate on variable considerations for a one-time sales concessions related 
to previous sales contracts.
[8]	 Includes legal expense, legal provision the net impact of sales reversal as a result of the Russia-Ukraine conflict 
(See “RISKS AND UNCERTAINTIES – Russia-Ukraine Conflict”), transitional costs related to the Digital segment 
reorganization (See BASIS OF PRESENTATION), restructuring and other acquisition related transition costs, as well as 
the accretion and other movement in contingent consideration and amounts due to vendors.
[9]	
See “Remediation costs and equipment rework”
[10]	 Impairment charge is a result of impairment charges related to the reorganization of the Company’s Digital segment 
and write-down in property, plant and equipment. See “Note 12 - Property, plant and equipment”, “Note 13 - Right-of-
use assets”, “Note 14 – Goodwill”, “Note 15 – Intangible assets” and “Note 16 – Impairment testing” in our consolidated 
financial statements.
[11]	 This is a non-IFRS measure and is used throughout this MD&A. See “NON-IFRS and OTHER FINANCIAL MEASURES” 
for more information on each non-IFRS measure.
[12]	 Included in Other is the corporate office which provides finance, treasury, legal, human resources and other 
administrative support to the geographical regions.
[13]	 Non-cash expenses related to the sale of inventory that acquisition accounting required be recorded at a value higher 
than manufacturing cost.
AGI’s Adjusted EBITDA for the year ended December 31, 2022, increased 33% over 2021. 
The Farm segment’s Adjusted EBITDA for the year ended December 31, 2022 increased 
16% over 2021, largely due to the impact of increased sales from continued demand across 
most regions. The Commercial segment’s 60% Adjusted EBITDA increase in 2022 over 
2021 was primarily the result of scaling on a higher revenue base, capturing incremental 
gross margins on higher volume, and favorable steel pricing in 2022 as updated procedures 
and countermeasures enacted by AGI have mitigated the impact of input cost inflation 
going forward.
Depreciation and amortization
Depreciation of property, plant and equipment, depreciation of right-of-use assets and 
amortization of intangible assets are categorized in the income statement in accordance 
with the function to which the underlying asset is related. Depreciation and amortization 
are consistent with the prior year.

23
Income tax (recovery) expense
Current income tax expense
Current tax expense for the three-months and year ended December 31, 2022, was $4.5 
million and $13.3 million, respectively, versus $4.3 million and $9.4 million, respectively, in 
2021.
Deferred income tax recovery
Deferred tax recovery for the three-months and year ended December 31, 2022 was a 
recovery of $13.2 million and $8.0 million, respectively, versus a recovery $9.6 million 
and $10.6 million, respectively, in 2021. The deferred tax recovery in 2022 related to 
the recognition of temporary differences between the accounting and tax treatment of 
property, plant and equipment, intangible assets, accruals and long-term provisions, and 
tax loss carryforwards.
[thousands of dollars]
Three-months ended
December 31
Year ended
December 31
2022
$
2021
$
2022
$
2021
$
Current tax expense
4,515
4,280
13,291
9,445
Deferred tax recovery
(13,230)
(9,631)
(8,021)
(10,620)
Total tax
(8,715)
(5,351)
5,270
(1,175)
Profit (loss) before income taxes
(76,526)
(21,701)
(45,313)
9,383
Effective income tax rate
11.4%
24.7%
(11.6%)
(12.5%)
The effective tax rate in 2022 was impacted by items that were included in the calculation 
of profit (loss) before income taxes for accounting purposes but were not included or 
deducted for tax purposes. The decreased effective tax rate for the year ended December 
31, 2022 was specifically attributable to unrealized foreign exchange gains and (losses) as 
well as goodwill impairment and foreign tax rate differentials. The effective tax rate for the 
year ended December 31, 2021 was reduced as a result of the recognition of previously 
unrecognized deferred tax assets for Brazil.
Diluted (loss) profit per share and diluted adjusted profit per 
share
The Company’s diluted (loss) profit per share for the three-months and year ended 
December 31, 2022, were a loss of $3.59 and $2.68 compared to a loss of $0.87 and a profit 
of $0.50 in 2021, respectively. (Loss) profit per share in 2022 and 2021 has been impacted 
by the items enumerated in the table below, which reconciles profit (loss) to adjusted profit.
[thousands of dollars except per share amounts]
Three-months ended
December 31
Year ended
December 31
2022
$
2021
$
2022
$
2021
$
Profit (loss)
(67,811)
(16,350)
(50,583)
10,558
Diluted profit (loss) per share
(3.59)
(0.87)
(2.68)
0.50
Share of associate’s net loss [1]
—
—
—
1,077
Revaluation gains [1]
—
—
—
(6,778)
Loss (gain) on foreign exchange [2]
(2,211)
211
8,941
2,992
Gain on financial instruments [3]
(8,211)
(1,929)
(9,629)
(1,382)
M&A (recovery) expense [4]
(25)
962
(144)
3,035
Transaction, transitional and other costs [5]
15,395
4,763
44,301
12,058
Change in estimate of variable consideration [6]
—
11,400
—
11,400
Net loss (gain) on disposal of property, plant
and equipment
(13)
(60)
339
23
Loss (gain) on settlement of lease liability
1
(28)
1
(17)
Equipment rework [7]
6,100
10,000
6,100
10,000
Remediation [7]
—
8,600
—
16,100
Foreign exchange reclassification on disposal
of foreign operation
—
—
—
(898)
Fair value of inventory from acquisition [8]
—
—
609
—
Impairment charge [9]
75,356
1,558
75,846
5,074
Adjusted profit [10]
18,581
19,127
75,781
63,242
Diluted adjusted profit per share [11]
0.92
0.89
3.74
2.90
[1]	
See “Share of associate’s net loss (gain) and revaluation gains”.
[2]	
See “Note 26 [e] - Other expenses (income)” in our consolidated financial statements.
[3]	
See “Equity swap”.
[4]	
Transaction (recoveries) costs associated with completed and ongoing mergers and acquisitions activities.
[5]	 Includes legal expense, legal provision the net impact of sales reversal as a result of the Russia-Ukraine conflict 
(See “RISKS AND UNCERTAINTIES – Russia-Ukraine Conflict”), transitional costs related to the Digital segment 
reorganization (See BASIS OF PRESENTATION), restructuring and other acquisition related transition costs, as well as 
the accretion and other movement in contingent consideration and amounts due to vendors.
[6]	
The result of a change in management estimate on variable considerations for a one-time sales concessions related 
to previous sales contracts.
[7]	 See “Remediation costs and equipment rework”
[8]	 Non-cash expenses related to the sale of inventory that acquisition accounting required be recorded at a value higher 
than manufacturing cost.
[9]	
Impairment charge is a result of impairment charges related to the reorganization of the Company’s Digital segment 
and write-down in property, plant and equipment. See “Note 12 - Property, plant and equipment", "Note 13 - Right-of-
use assets", "Note 14 – Goodwill", "Note 15 – Intangible assets" and "Note 16 – Impairment testing" in our consolidated 
financial statements.
[10]	 This is a non-IFRS measure and is used throughout this MD&A. See “NON-IFRS and OTHER FINANCIAL MEASURES” 
for more information on each non-IFRS measure.
[11]	 This is a non-IFRS ratio and is used throughout this MD&A. See “NON-IFRS and OTHER FINANCIAL MEASURES” for 
more information on each non-IFRS ratio.

2022 ANNUAL REPORT
24
QUARTERLY FINANCIAL 
INFORMATION
[thousands of dollars other than per share amounts and exchange rate]:
2022
Average USD/CAD
Exchange 
Rate
Sales [1]
$
Profit (Loss)
$
Basic Profit
(Loss) per Share
$
Diluted Profit
(Loss) per Share
$
Q1
1.27
292,031
15,171
0.81
0.72
Q2
1.27
389,943
(4,915)
(0.26)
(0.26)
Q3
1.29
402,074
6,972
0.37
0.36
Q4
1.36
374,034
(67,811)
(3.59)
(3.59)
YTD
1.30
1,458,082
(50,583)
(2.68)
(2.68)
2021
Average USD/CAD
Exchange 
Rate
Sales [1]
$
Profit (Loss)
$
Basic Profit
(Loss) per Share
$
Diluted Profit
(Loss) per Share
$
Q1
1.27
255,977
12,704
0.68
0.66
Q2
1.23
301,592
14,276
0.76
0.74
Q3
1.25
313,859
(73)
—
—
Q4
1.27
327,095
(16,350)
(0.87)
(0.87)
YTD
1.25
1,198,523
10,558
0.56
0.50
[1]	
See “BASIS OF PRESENTATION”
The following factors impact the comparison between periods in the table above:
	
• AGI’s acquisitions of a controlling interest in Farmobile [Q2 2021] and Eastern [Q1 2022] 
impact comparisons between periods of assets, liabilities and operating results.
	
• Sales, gain (loss) on foreign exchange, profit (loss), and diluted profit (loss) per share in 
all periods are impacted by the rate of exchange between the Canadian and U.S. dollars.
	
• Profit (loss), basic profit (loss) per share and diluted profit (loss) per share in 2022 and 
2021 were negatively impacted by the Company’s estimated remediation costs [see – 
“Remediation costs and equipment rework”] and transitional costs related to the Digital 
segment reorganization (See BASIS OF PRESENTATION).
Interim period sales and profit historically reflect seasonality. The second and third quarters 
are typically the strongest primarily due to the timing of construction of commercial grain 
and fertilizer projects and higher in-season demand at the farm level. The seasonality of 
AGI’s business may be impacted by several factors including weather and the timing and 
quality of harvest in North America. In the longer-term, AGI’s continued expansion into the 
seed, fertilizer, feed and food verticals should lessen the seasonality related to annual grain 
volumes and harvest conditions.
LIQUIDITY AND 
CAPITAL RESOURCES
AGI’s financing requirements are subject to variations due to the seasonal and cyclical 
nature of its business. Sales historically have been higher in the second and third calendar 
quarters compared with the first and fourth quarters and cash flow has been lower in 
the first half of each calendar year. Internally generated funds are supplemented, when 
necessary, from external sources, primarily the Company’s credit facility, to fund the 
Company’s working capital requirements, capital expenditures, acquisitions and dividends. 
The Company believes that the debt facilities and debentures described under “Capital 
Resources”, together with available cash and internally generated funds, are sufficient to 
support its working capital, capital expenditure, dividend and debt service requirements.

25

2022 ANNUAL REPORT
26
CASH FLOW 
AND LIQUIDITY
[thousands of dollars]
Three-months ended
December 31
Year ended
December 31
2022
$
2021
$
2022
$
2021
$
Profit (loss) before tax
(76,526)
(21,701)
(45,313)
9,383
Items not involving current cash flows
101,717
19,056
218,942
73,379
Cash provided by (used in) operations
25,191
(2,645)
173,629
82,762
Net change in non-cash working capital
84,635
36,209
(38,560)
(20,951)
Transfer from (to) restricted cash
(788)
—
(858)
7,068
Non-current accounts receivable and other
(2,174)
(5,337)
(11,374)
(15,559)
Long-term payables
(252)
24
(85)
(8)
Settlement of EIAP
(157)
(48)
(2,736)
(817)
Post-combination payments
—
—
(5,462)
(4,154)
Income tax paid
(2,877)
(3,817)
(12,384)
(9,226)
Cash flows provided by operating activities
103,578
24,386
102,170
39,115
Cash used in investing activities
(15,166)
(13,306)
(85,768)
(75,318)
Cash provided by (used in) financing activities
(71,152)
1,617
(18,065)
35,054
Net increase (decrease) in cash during the period
17,260
12,697
(1,663)
(1,149)
Cash, beginning of period
42,384
48,610
61,307
62,456
Cash, end of period
59,644
61,307
59,644
61,307
The increase in cash flows provided by operating activities for the three-months ended 
December 31, 2022, as compared to 2021 is due to cash provided by operations and net 
change in non-cash working capital. The change in non-cash working capital for the three-
months ended December 31, 2022 as compared to 2021 is largely due to the decrease in 
accounts receivables from collections as well as the decrease in inventory on-hand. The 
Company has taken steps to reduce its inventory level since the built up towards the end 
of 2021 and first half of 2022 when the Company made a decision to increase its level 
of inventory in order to minimize the impact of supply chain disruptions and inflationary 
increases.
The increase in cash flows provided by operating activities for the year ended December 
31, 2022, as compared to 2021 is mainly due to cash provided by operations offset by 
the net change in working capital and income tax paid. The change in non-cash working 
capital in 2022 as compared to 2021 is largely due to the increase in accounts receivables 
as a result of increased sales as well as the increase in inventory on-hand. Specifically, the 
Company made a decision to increase the level of inventory during the first half of 2022 
in order to minimize the impact of supply chain disruptions and inflationary increases. 
In addition, the Company is also carrying excess inventory as a result of committed 
purchases from delayed or cancelled projects in the Russia-Ukraine region (See “RISKS 
AND UNCERTAINTIES – Russia-Ukraine Conflict”). We have made significant progress in 
reallocating these excess inventories in other upcoming projects.
Cash used in investing activities for the three-months and year ended December 31, 
2022 relates primarily to capital expenditures, internally generated intangibles and the 
acquisition of Eastern Fabricators.
Cash used in financing activities for the three-months and year ended December 31, 
2022 was primarily related to the $60.0 million repayment of our senior credit facilities as 
management continues its efforts to actively manage the company’s working capital and 
overall debt level.
Working Capital Requirements
Interim period working capital requirements typically reflect the seasonality of the 
business. AGI’s collections of accounts receivable in North America are weighted towards 
the third and fourth quarters. This collection pattern, combined with historically high sales 
in the second and third quarters that result from seasonality, typically lead to accounts 
receivable levels in North America increasing throughout the year and peaking in the third 
quarter. Inventory levels in North America typically increase in the first and second quarters 
and then begin to decline in the third or fourth quarter as sales levels exceed production 
offset by the seasonality of our operations in India that is opposite of that described above. 
In addition, AGI’s growing business in Brazil is less seasonal due to the existence of two 
growing seasons in the country and the increasing importance of Commercial business 
in the region. Growth in overall international business which typically has longer payment 
terms than North America may result in an increase in the number of days accounts 
receivable remain outstanding and may result in increased usage of working capital in 
certain quarters.
Capital Expenditures
[thousands of dollars]
Three-months ended
December 31
Year ended
December 31
2022
$
2021
$
2022
$
2021
$
Maintenance capital expenditures [1]
5,768
2,488
13,386
10,374
Non-maintenance capital expenditures [1]
8,996
7,691
19,897
18,302
Acquisition of property plant and equipment
14,764
10,179
33,283
28,676
[1]	
This is a supplementary financial measure and is used throughout this MD&A. See “NON-IFRS and OTHER 
FINANCIAL MEASURES” for more information on each non-IFRS measure.

27
The acquisition of property, plant and equipment in the three-months and year ended 
December 31, 2022 was $14.8 million and $33.3 million respectively as compared to $10.2 
million and $28.7 million, respectively, in 2021.
Maintenance capital expenditures in the three-months and year ended December 31, 2022, 
were $5.8 million [1.5% of sales] and $13.4 million [0.9% of sales], respectively versus $2.5 
million [0.8% of sales] and $10.4 million [0.9% of sales], respectively, in 2021. Maintenance 
capital expenditures in 2022 relate primarily to purchases of manufacturing equipment and 
building repairs and historically have approximated 1.0% - 1.5% of sales.
AGI had non-maintenance capital expenditures in the three-months and year ended 
December 31, 2022, of $9.0 million and $19.9 million, respectively versus $7.7 million and 
$18.3 million, respectively in 2021. The 2022 expenditures were related to manufacturing 
capacity expansions in EMEA, Brazil and at certain plants in North America and leasehold 
improvements in various locations in North America.
The acquisition of property, plant and equipment and its components of maintenance and 
non-maintenance capital expenditures in 2022 were financed through bank indebtedness, 
cash on hand or through the Company’s credit facility [see “Capital Resources”].
CONTRACTUAL OBLIGATIONS
The following table shows, as at December 31, 2022 the Company’s contractual obligations 
for the periods indicated:
[thousands of dollars]
TOTAL
$
2023
$
2024
$
2025
$
2026
$
2027+
$
2019 Debentures – 1
86,250
—
86,250
—
—
—
2019 Debentures – 2
86,250
—
86,250
—
—
—
2020 Debentures
85,000
—
—
—
85,000
—
2021 Convertible Debentures
115,000
—
—
—
—
115,000
2022 Convertible Debentures
103,900
—
—
—
—
103,900
Long-term Debt [1]
445,207
28,338
428
287
211
415,943
Lease liability [1]
51,205
6,915
6,853
6,748
5,842
24,847
Short term and low value leases
12
5
3
2
1
1
Due to vendor
10,968
5,214
779
3,225
1,750
—
Purchase obligations [2]
8,883
8,883
—
—
—
—
Total obligations
992,675
49,355
180,563
10,262
92,804
659,691
[1]	
Undiscounted
[2]	
Net of deposit.
The debentures relate to the aggregate principal amount of the debentures [see “Capital 
Resources - Debentures”] and long-term debt is comprised of the Company’s credit facility 
and non-amortizing notes [see “Capital Resources – Debt Facilities”].
CAPITAL 
RESOURCES
Assets and Liabilities
[thousands of dollars]
December 31
2022
$
December 31
2021
$
Total assets
1,646,051
1,593,654
Total liabilities
1,380,381
1,324,903
Cash
The Company’s cash balance at December 31, 2022 was $59.6 million [2021 - $61.3 million].
Debt Facilities
As at December 31, 2022:
[thousands of dollars]
Currency
Maturity
Total Facility
[CAD] [1][2]
$
Amount 
Drawn [1]
$
Effective
Interest Rate
$
Senior Credit Facilities
CAD / USD
2026
722,460
443,420
3.99%
Equipment Financing
various
various
1,788
1,788
NIL
Total
724,248
445,208
[1]	
USD denominated amounts translated to CAD at the rate of exchange in effect on December 31, 2022 of $1.3544.
[2]	
Excludes the $150 million accordion available under AGI’s credit facility.

2022 ANNUAL REPORT
28
On May 9, 2022, AGI amended its senior credit facilities to increase availabilities from 
$275.0 million to $350.0 million Canadian and $215.0 million to $275.0 million USD. AGI’s 
senior credit facilities are inclusive of amounts that may be allocated to the Company’s 
swing line facilities. Subsequent to the amendment, AGI has swing line facilities of $50.0 
million and U.S. $10.0 million. The senior credit facilities bear interest at BA/SOFR plus 
1.2% - 2.75% and prime plus 0.2% - 1.75% per annum based on performance calculations. 
As at December 31, 2022 there was $164.7 million and U.S. $205.8 million outstanding 
under the credit facilities. Concurrent with the amendment to the senior credit facilities 
on May 9, 2022, the series B and series C secured notes, with principal amounts owing of 
$25.0 million and U.S. $25.0 million, respectively, were retired through the expanded credit 
facilities.
Debentures
Convertible Unsecured Subordinated Debentures
The following table summarizes the key terms of the convertible unsecured subordinated 
debentures [the “Convertible Debentures”] of the Company that were outstanding as at 
December 31, 2022:
Year Issued /
TSX Symbol
Aggregate
Principal Amount
$
Coupon
Conversion
Price
$
Maturity
Date
Redeemable
at Par [1]
2021 [AFN.DB.I]
115,000,000
5.00%
45.14
Jun 30, 2027
Jun 30, 2025
2022 [AFN.DB.J]
103,900,000
5.20%
70.50
Dec 31, 2027
Dec 31, 2025
[1]	
In the twelve-month period prior to the date on which the Company may, at its option, redeem any series of Convertible 
Debentures at par plus accrued and unpaid interest, such Convertible Debentures may be redeemed, in whole or in 
part, at the option of the Company at a redemption price equal to the principal amount plus accrued and unpaid 
interest, provided that the volume weighted average trading price of the common shares of the Company during the 
20 consecutive trading days ending on the fifth trading day preceding the date on which the notice of redemption is 
given is not less than 125% of the conversion price.
On redemption or at maturity, the Company may, at its option, elect to satisfy its obligation 
to pay the principal amount of the Convertible Debentures by issuing and delivering 
common shares of the Company (“Common Shares”). The Company may also elect to 
satisfy its obligation to pay interest on the Convertible Debentures by delivering sufficient 
Common Shares to the trustee of the Convertible Debentures to be sold, with the proceeds 
used to satisfy the obligation to pay interest. The Company does not expect to exercise 
the option to satisfy its obligations to pay the principal amount or interest by delivering 
Common Shares. The number of Common Shares issued would be determined based on 
market prices at the time of issuance.
Issuance of 2022 Convertible Debentures
On April 19, 2022, AGI closed the offering of $100 million aggregate principal amount of 
convertible unsecured subordinated debentures [the “2022 Convertible Debentures”] at a 
price of $1,000 per 2022 Convertible Debenture. On May 6, 2022, pursuant to the exercise 
of the underwriter’s over-allotment option, AGI issued an additional $3.9 million of 2022 
Convertible Debentures for total gross proceeds from the offering to AGI of $103.9 million.
Redemption of 2018 Convertible Debentures
Concurrent with the announcement of the offering of the 2022 Convertible Debentures, 
AGI gave notice of its intention to redeem its 4.50% convertible unsecured subordinated 
debentures due December 31, 2022 [the “2018 Convertible Debentures”]. Upon 
redemption on May 22, 2022, AGI paid to the holders of the 2018 Convertible Debentures 
the redemption price equal to the outstanding principal amount, together with all accrued 
and unpaid interest thereon.
Senior Unsecured Subordinated Debentures
The following table summarizes the key terms of the Senior Unsecured Subordinated 
Debentures [the “Senior Debentures”] that were outstanding as at December 31, 2022:
Year Issued /
TSX Symbol
Aggregate
Principal Amount
$
Coupon
Maturity
Date
2019 March [AFN.DB.F]
86,250,000
5.40%
Jun 30, 2024
2019 November [AFN.DB.G]
86,250,000
5.25%
Dec 31, 2024
2020 March [AFN.DB.H]
85,000,000
5.25%
Dec 31, 2026
On redemption or at maturity, the Company may, at its option, elect to satisfy its obligation 
to pay the principal amount of the Senior Debentures by issuing and delivering Common 
Shares. The Company may also elect to satisfy its obligation to pay interest on the 
Senior Debentures by delivering sufficient Common Shares to the trustee of the Senior 
Debentures to be sold, with the proceeds used to satisfy the obligation to pay interest. The 
number of Common Shares issued would be determined based on market prices at the 
time of issuance.

29
COMMON 
SHARES
The following number of Common Shares were issued and outstanding at the dates 
indicated:
# Common Shares
December 31, 2021
18,793,570
Settlement of EIAP obligations
107,388
December 31, 2022
18,900,958
Settlement of EIAP obligations
38,349
March 7, 2023
18,939,307
At March 7, 2023:
	
• 18,939,307 Common Shares are outstanding;
	
• 1,565,000 Common Shares are available for issuance under the Company's equity-
settled Equity Incentive Award Plan [the “EIAP”], of which 1,039,941 Common Shares 
have been issued under the EIAP and , 617,496 Common Shares are issuable pursuant 
to outstanding awards (92,437 of which are conditionally issuable subject to receipt of 
applicable regulatory and shareholder approvals);
	
• 500,000 Common Shares are available for issuance under the Company’s Stock Option 
Plan, all of which, 500,000 remain unallocated;
	
• 120,000 deferred grants of Common Shares have been granted under the Company’s 
Directors’ Deferred Compensation Plan, of which 19,788 Common Shares have been 
issued; and
	
• 4,021,389 Common Shares are issuable on conversion of the outstanding Convertible 
Debentures, of which there are an aggregate principal amount of $218.9 million 
outstanding.
AGI’s Common Shares trade on the TSX under the symbol AFN.
DIVIDENDS
AGI declared dividends of $2.8 million or $0.15 per common share [2021 – $2.8 million 
or $0.15 per common share] in the three-month period ended December 31, 2022. The 
dividend declared in Q4 2022 was paid on January 13, 2023 to common shareholders of 
record at the close of business on December 31 2022. Dividends paid to shareholders of 
$2.8 million [2021 – $2.8 million] during the three-month period ended December 31, 2022 
were financed from cash on hand.
The Company's Board of Directors reviews financial performance and other factors when 
assessing dividend levels. An adjustment to dividend levels may be made at such time 
as the Board determines an adjustment to be appropriate. Dividends in a fiscal year 
are typically funded entirely through cash from operations, although due to seasonality 
dividends may be funded on a short-term basis by the Company's credit facilities.
CASH PROVIDED BY OPERATIONS, FUNDS FROM 
OPERATIONS AND PAYOUT RATIOS
[thousands of dollars]
Year ended December 31
2022
$
2021
$
Cash provided by operations
173,629
82,762
Items not involving current cashflows
(218,942)
(73,379)
Profit (loss) before income taxes
(45,313)
9,383
Combined adjustments to Adjusted EBITDA [1]
279,996
166,883
Adjusted EBITDA [2]
234,683
176,266
Interest expense
(61,067)
(43,599)
Non-cash interest
9,720
6,034
Cash taxes
(12,384)
(9,226)
Maintenance capital expenditures [3]
(13,836)
(10,374)
Funds from operations [2]
157,116
119,101
Dividends
11,315
11,261
Payout Ratio [3] from cash provided by operations
7%
14%
Payout Ratio [4] from funds from operations
7%
9%
[1]	
See “Profit (loss) before income taxes and Adjusted EBITDA”.
[2]	
This is a non-IFRS measure and is used throughout this MD&A. See “NON-IFRS and OTHER FINANCIAL MEASURES” 
for more information on each non-IFRS measure.
[3]	
This is a supplementary financial measure and is used throughout this MD&A. See “NON-IFRS and OTHER 
FINANCIAL MEASURES” for more information on each supplementary financial measure.
[4]	
This is a non-IFRS ratio and is used throughout this MD&A. See “NON-IFRS and OTHER FINANCIAL MEASURES” for 
more information on each non-IFRS ratio.

2022 ANNUAL REPORT
30
FINANCIAL 
INSTRUMENTS
Foreign exchange contracts
Risk from foreign exchange arises as a result of variations in exchange rates between 
the Canadian and the U.S. dollars and to a lesser extent to variations in exchange rates 
between the Euro and the Canadian dollar. AGI may enter into foreign exchange contracts 
to partially mitigate its foreign exchange risk. AGI has no foreign exchange contracts 
outstanding as at December 31, 2022.
Interest Rate Swaps
The Company has entered into interest rate swap contracts to manage its exposure to 
fluctuations in interest rates.
Currency
Effective
Maturity
Amount of
Swap [000’s]
$
Fixed Rate [1]
Canadian dollar contracts
CAD
June 11, 2023
2026
75,000
3.972 %
[1]	
Excludes performance adjustment.
On June 16, 2022, the Company entered into a forward interest rate swap contract starting 
June 11, 2023 and expiring on May 11, 2026. The Company will receive interest based on 
the variable rates from the counterparty and pay interest based on a fixed rate of 3.972%. 
The notional amounts are $75 million in aggregate, resetting the last business day of each 
month. As at December 31, 2022, the fair value of the interest rate swap was a loss of 
$0.4 million. The Company has elected to apply hedge accounting for this contract and, 
therefore, unrealized gains (losses) are recognized in other comprehensive income (loss) 
to the extent that it has been assessed to be effective. During the three-months and year 
ended December 31, 2022, an unrealized gain of $0.2 million and loss of $0.4 million was 
recorded in other comprehensive income (loss).
Equity swap
The Company has an equity swap agreement with a financial institution to manage 
the cash flow exposure due to fluctuations in its share price related to the EIAP. As at 
December 31, 2022, the equity swap agreement covered 722,000 common shares of the 
Company at a price of $38.76, and the agreement matures on May 7, 2024. During the 
three-months and year ended December 31, 2022, unrealized gains of $8.0 million and 
$8.4 million [2021 – gains of $2.4 million and $1.4 million] were recorded in gain on financial 
instruments in other operating expense (income). As at December 31, 2022, the fair value 
of the equity swap was a gain of $3.3 million [2021 – loss of $5.0 million].
Debenture redemption options
In March 2020, the Company issued $85 million of senior unsecured subordinated 
debentures with an option of early redemption beginning December 31, 2023. At time of 
issuance, the Company’s redemption option resulted in an embedded derivative with fair 
value of $0.8 million. During the three-months and year ended December 31, 2022, the 
Company recorded unrealized gains of $0.1 million and $0.3 million respectively [2021 – 
gains of $0.1 million and $0.3 million], on financial instruments in other operating income. 
As at December 31, 2022, the fair value of the embedded derivative was $0.6 million [2021 
– $0.3 million].
2021
ACQUISITION
Farmobile
On April 16, 2021, AGI acquired additional outstanding shares of Farmobile pursuant to 
stock purchase agreements. The terms of the agreements facilitated the acquisition of 
all remaining outstanding shares of Farmobile, building on AGI’s initial minority equity 
investment made in Farmobile in 2019. The acquisition was fully completed on February 
1, 2022.
2022 
ACQUISITION
Eastern Fabricators
On January 4, 2022, AGI acquired Eastern Fabricators (“Eastern”). Eastern specializes 
in the engineering, design, fabrication, and installation of high-quality stainless-steel 
equipment and systems for food processors. Eastern operates three facilities in Canada 
with two in Prince Edward Island and one in Ontario. Eastern serves a range of customers 
across North America and has developed strong relationships with some of the world’s 

31
largest multinational food processors. Consideration for the acquisition included an 
upfront purchase price of $29.3 million paid on closing plus working capital adjustments 
of $2.9 million and the potential for an additional $7.4 million in post-closing payments 
based on the achievement of financial targets in future years. The acquisition was funded 
primarily through AGI’s senior debt facilities.
OTHER 
RELATIONSHIPS
Burnet, Duckworth & Palmer LLP provides legal services to the Company, and a Director 
of AGI is a partner of Burnet, Duckworth & Palmer LLP. During the three-month period and 
year ended December 31, 2022, the total cost of these legal services related to the issuance 
of convertible unsecured debentures, the amendment of the senior credit facilities and 
general matters was $0.6 million and $2.5 million [2021 – $0.3 million and $1.0 million], 
and $0.7 million is included in accounts payable and accrued liabilities as at December 
31, 2022.
These transactions are measured at the exchange amount and were incurred during the 
normal course of business.
CRITICAL ACCOUNTING 
ESTIMATES
Described in the notes to the Company’s 2022 consolidated financial statements are the 
accounting policies and estimates that AGI believes are critical to its business. Please 
refer to note 4 to the 2022 consolidated financial statements for a discussion of the 
significant accounting judgments, estimates and assumptions. In addition, the provision 
for remediation [see – “Remediation Costs and equipment rework”] required significant 
estimates and judgments about the scope, timing and cost of work that will be required. It 
is based on management’s assumptions and estimates at the current date and is subject to 
revision in the future as further information becomes available to the Company.
RISKS AND 
UNCERTAINTIES
The Company and its business are subject to numerous risks and uncertainties which are 
described in this MD&A and the Company’s most recent Annual Information Form, which 
is available under the Company's profile on SEDAR [www.sedar.com]. These risks and 
uncertainties include but are not limited to the following: general economic and business 
conditions and changes in international, national and local macroeconomic and business 
conditions, as well as sociopolitical conditions in certain local or regional markets, including 
as a result of the conflict between Russia and Ukraine and the response thereto from other 
countries and institutions (including trade sanctions and financial controls), which has 
created volatility in the global economy and could continue to adversely impact economic 
and trade activity; the effects of global outbreaks of pandemics or contagious diseases or 
the fear of such outbreaks, such as the coronavirus (COVID-19) pandemic, including on our 
operations, our personnel, our supply chain, the demand for our products and services, our 
ability to expand and produce in new geographic markets or the timing of such expansion 
efforts, and on overall economic conditions and customer confidence and spending 
levels; the ability of management to execute the Company’s business plan; fluctuations 
in agricultural and other commodity prices, interest rates, inflation rates and currency 
exchange rates; crop planting, crop conditions and crop yields; weather patterns, the timing 
of harvest and conditions during harvest; volatility of production costs, including the risk 
of production cost increases that may arise as a result of ongoing high inflation rates and/
or supply chain disruptions, and the risk that we may not be able to pass along all or any 
portion of increased costs to customers; governmental regulation of the agriculture and 
manufacturing industries, including environmental and climate change regulation; actions 
taken by governmental authorities, including increases in taxes, changes in government 
regulations and incentive programs, and actions taken in connection with local or global 
outbreaks of pandemics or contagious diseases or the fear of such outbreaks, such as the 
COVID-19 pandemic; risks inherent in marketing operations; credit risk; the availability of 
credit for customers; seasonality and industry cyclicality; potential delays or changes in 
plans with respect to capital expenditures; the cost and availability of sufficient financial 
resources to fund the Company’s capital expenditures; failure of the Company to realize 
the benefits of its operational excellence initiatives; incorrect assessments of the value 
of acquisitions, failure of the Company to realize the anticipated benefits of acquisitions, 
including to realize anticipated synergies and margin improvements, and the assumption 
of liabilities associated with acquisitions and/or the provision of indemnities to vendors 
in respect of any such assumed liabilities or otherwise; volatility in the stock markets 
including the market price of the Common Shares and in market valuations; competition 
for, among other things, customers, supplies, acquisitions, capital and skilled personnel; 
the availability of capital on acceptable terms; dependence on suppliers; changes in labour 
costs and the labour market, including the risk of labour cost increases that may arise as 

2022 ANNUAL REPORT
32
a result of ongoing high inflation rates and/or a scarcity of labour; the impact of climate 
change and related laws and regulations; changes in trade relations between the countries 
in which the Company does business, including between Canada and the United States; 
cyber security risks; adjustments to and delays or cancellation of backlogs; the requirement 
to re-supply equipment or re-complete work previously supplied or completed at AGI’s 
cost, and the risk that AGI’s assumptions and estimates made in respect of such costs 
and underlying the provision for warranty accrual and remediation in our consolidated 
financial statements related thereto and insurance coverage therefor (including for the 
matters disclosed herein under "Remediation costs and equipment rework") will prove to 
be incorrect as further information becomes available to AGI; and the risk of litigation or 
unsuccessful defense of litigation in respect of equipment or work previously supplied or 
completed or in respect of other matters and the risk that AGI incurs material liabilities 
in connection with such litigation that are not covered by insurance in whole or in part. 
These risks and uncertainties are not the only risks and uncertainties we face. Additional 
risks and uncertainties not currently known to us or that we currently consider immaterial 
also may impair operations. If any of these risks actually occur, our business, results of 
operations and financial condition, and the amount of cash available for dividends could 
be materially adversely affected.
COVID-19
The emergence of COVID-19 has had limited adverse impact on AGI’s business, including 
the disruption of production, our supply chain, and product delivery. While AGI experienced 
temporary production suspensions early in the pandemic in 2020, there were no significant 
production suspensions or interruptions during 2022 as a result of COVID-19. 
AGI operations were considered “essential services” in many regions throughout North 
America, highlighting the important role the Company plays in the global food supply chain. 
Management continues to believe post pandemic demand will be positively impacted as 
the world builds additional redundancy into the global food infrastructure to account for 
similar events in the future.
AGI is currently fully operational across all manufacturing locations globally, with no loss of 
productive capacity owing to COVID-19 during 2022. However, potential disruptions to the 
supply chain including steel supply, components, labour and logistics can cause significant 
delays in sales and on projects which can impact the timing of revenue recognition. Our 
future results remain subject to any residual effect of COVID-19 on our manufacturing 
facilities, markets, and customers as management continues to monitor for any remaining 
risks associated with COVID-19.
Russia-Ukraine Conflict
AGI’s exposure to Russia and Ukraine varies year-to-year. Prior to 2022, the region generally 
contributed about 3% of AGI’s consolidated sales annually. AGI has no production facilities 
in either country. Given the contributions of Brazil, India, and the rest of the EMEA region, 
AGI is more diversified from the region than we were in years past. While the region is 
important to AGI, any negative impacts have not been material to AGI overall.
CHANGES IN ACCOUNTING STANDARDS AND 
FUTURE  ACCOUNTING CHANGES
Standards issued but not yet effective
Amendments to IAS 1 – Presentation of Financial Statements [“IAS 1”]
In January 2020, amendments were issued to IAS 1, which provide requirements for 
classifying liabilities as current or non-current. Specifically, the amendments clarify:
	
• What is meant by a right to defer settlement;
	
• That a right to defer must exist at the end of the reporting period;
	
• That classification is unaffected by the likelihood that an entity will exercise its deferral 
right; and
	
• That only if an embedded derivative in a convertible liability is itself an equity instrument 
would the terms of a liability not impact its classification.
The amendments must be applied retrospectively for annual periods beginning after 
January 1, 2024. The Company will assess the impact, if any, of adoption of the amendment.
Amendments to IAS 1 and IFRS Practice Statement [“PS”] 2 Making 
Materiality Judgements
In February 2021, amendments were issued to IAS 1 and IFRS PS 2, which provide guidance 
and examples to help entities apply materiality judgment to accounting policy disclosures. 
Specifically, the amendments aim to:
	
• Replace the requirement for entities to disclose their “significant” accounting policies 
with a requirement to disclose their “material” accounting policies; and
	
• Add guidance on how to apply the concept of materiality in making decisions about 
accounting policy disclosures.
The amendments are effective for annual periods beginning after January 1, 2023. The 
Company will assess the impact, if any, of adoption of the amendment.

33
DISCLOSURE CONTROLS 
AND PROCEDURES AND INTERNAL 
CONTROLS OVER FINANCIAL REPORTING
Disclosure controls and procedures are designed to provide reasonable assurance that 
all relevant information is gathered and reported to senior management, including AGI’s 
Chief Executive Officer and Chief Financial Officer, on a timely basis so that appropriate 
decisions can be made regarding public disclosure. Management has concluded that 
disclosure controls and procedures were effective as at December 31, 2022.
Management of AGI is responsible for designing internal controls over financial reporting 
for the Company as defined under National Instrument 52-109 issued by the Canadian 
Securities Administrators. Management has designed such internal controls over 
financial reporting, or caused them to be designed under their supervision, to provide 
reasonable assurance regarding the reliability of financial reporting and the preparation 
of the consolidated financial statements for external purposes in accordance with IFRS. 
Management has evaluated the design and operating effectiveness of the Company’s 
internal controls over financial reporting as at December 31, 2022 and has concluded that 
they are effective.
AGI acquired Eastern in Q1 2022. Since the acquisition occurred not more than 365 days 
before the end of the reporting period, management has limited the scope of design, and 
subsequent evaluation, of disclosure controls and procedures and internal controls over 
financial reporting of this acquisition. For the period covered by this MD&A, management 
has undertaken specific procedures to satisfy itself with respect to the accuracy and 
completeness of the financial information of Eastern. The following is the summary 
financial information pertaining to Eastern that was included in AGI’s consolidated financial 
statements as at and for the year ended December 31, 2022:
[thousands of dollars]
Eastern
$
Revenue [1]
24,408
Loss [1]
(6,738)
Current assets [1]
11,262
Non-current assets [1]
29,097
Current liabilities [1]
3,419
Non-current liabilities [1]
8,786
[1]	
Net of intercompany
There have been no changes in AGI’s internal controls over financial reporting that 
occurred in the three-month and twelve-month period ended December 31, 2022, that 
have materially affected, or are reasonably likely to materially affect, the Company’s 
internal controls over financial reporting.
NON-IFRS AND 
OTHER FINANCIAL MEASURES
This MD&A makes reference to certain specified financial measures, including non-
IFRS financial measures, non-IFRS ratios and supplementary financial measures. 
Management uses these financial measures for purposes of comparison to prior periods 
and development of future projections and earnings growth prospects. This information 
is also used by management to measure the profitability of ongoing operations and in 
analyzing our business performance and trends. These specified financial measures are 
not recognized measures under IFRS, do not have a standardized meaning prescribed by 
IFRS and are therefore unlikely to be comparable to similar measures presented by other 
companies. Rather, these measures are provided as additional information to complement 
our financial information reported under IFRS by providing further understanding of our 
results of operations from management's perspective. Accordingly, they should not be 
considered in isolation nor as a substitute for analysis of our financial information reported 
under IFRS.
We use the following (i) non-IFRS financial measures: “adjusted earnings before interest, 
taxes, depreciation, and amortization (“Adjusted EBITDA”)”, “adjusted gross margin”, “funds 
from operations”, and “adjusted profit”; (ii) non-IFRS ratios: “Adjusted EBITDA margin %”, 
“adjusted gross margin as a % of sales”, “gross profit as a % of sales”, “diluted adjusted profit 
per share” and “payout ratio”; and (iii) supplementary financial measures: “backlog”, “sales 
by geography”, "sales by segment and geography", “maintenance capital expenditures” 
and “non-maintenance capital expenditures”; to provide supplemental measures of 
our operating performance and thus highlight trends in our core business that may not 
otherwise be apparent when relying solely on IFRS financial measures. Management 
also uses non-IFRS financial measures, non-IFRS ratios and supplementary financial 
measures in order to prepare annual operating budgets and to determine components of 
management compensation. We strongly encourage investors to review our consolidated 
financial statements and publicly filed reports in their entirety and not to rely on any single 
financial measure or ratio.
We use these specified financial measures in addition to, and in conjunction with, 
results presented in accordance with IFRS. These specified financial measures reflect 
an additional way of viewing aspects of our operations that, when viewed with our IFRS 
results and, in the case of non-IFRS financial measures, the accompanying reconciliations 

2022 ANNUAL REPORT
34
2022 ANNUAL REPORT

35
to the most directly comparable IFRS financial measures may provide a more complete 
understanding of factors and trends affecting our business.
In this MD&A, we discuss the specified financial measures, including the reasons that we 
believe that these measures provide useful information regarding our financial condition, 
results of operations, cash flows and financial position, as applicable, and, to the extent 
material, the additional purposes, if any, for which these measures are used. Reconciliations 
of non-IFRS financial measures to the most directly comparable IFRS financial measures 
are contained in this MD&A.
The following is a list of non-IFRS financial measures, non-IFRS ratios and supplementary 
financial measures that are referenced throughout this MD&A:
“Adjusted EBITDA” is defined as profit (loss) before income taxes before finance costs, 
depreciation and amortization, share of associate’s net loss, gain on remeasurement of 
equity investment or revaluation gains, gain or loss on foreign exchange, non-cash share-
based compensation expenses, gain on financial instruments, M&A recovery or expenses, 
change in estimate on variable considerations, transaction, transitional and other costs, 
net gain or loss on the sale of property, plant & equipment, gain or loss on settlement 
of right-of-use assets, gain or loss on settlement of lease liability, gain on disposal of 
(foreign) operation, equipment rework, remediation, non-cash expenses related to the 
sale of inventory that acquisition accounting required be recorded at a value higher than 
manufacturing cost and impairment. Adjusted EBITDA is a non-IFRS financial measure 
and its most directly comparable financial measure that is disclosed in our consolidated 
financial statements is profit (loss) before income taxes. Management believes Adjusted 
EBITDA is a useful measure to assess the performance and cash flow of the Company 
as it excludes the effects of interest, taxes, depreciation, amortization and expenses that 
management believes are not reflective of the Company’s underlying business performance. 
Management cautions investors that Adjusted EBITDA should not replace profit or loss 
as indicators of performance, or cash flows from operating, investing, and financing 
activities as a measure of the Company’s liquidity and cash flows. See “Detailed Operating 
Results – Profit (loss) before income taxes and Adjusted EBITDA” for the reconciliation 
of Adjusted EBITDA to profit (loss) before income taxes for the current and comparative 
periods. Adjusted EBITDA guidance is a forward-looking non-IFRS financial measure. 
We do not provide a reconciliation of such forward-looking measure to the most directly 
comparable financial measure calculated and presented in accordance with IFRS due to 
unknown variables and the uncertainty related to future results. These unknown variables 
may include unpredictable transactions of significant value that may be inherently difficult 
to determine without unreasonable efforts. Guidance for Adjusted EBITDA is calculated in 
the same manner as described above for historical Adjusted EBITDA, as applicable.
“Adjusted EBITDA margin %” is defined as Adjusted EBITDA divided by sales. Adjusted 
EBITDA margin % is a non-IFRS ratio because one of its components, Adjusted EBITDA, 
is a non-IFRS financial measure. Management believes Adjusted EBITDA margin % is a 
useful measure to assess the performance and cash flow of the Company.
“Adjusted gross margin” is defined as gross profit less equipment rework and remediation, 
non-cash expenses related to the sale of inventory that acquisition accounting required 
be recorded at a value higher than manufacturing cost and depreciation and amortization. 
Adjusted gross margin is a non-IFRS financial measure and its most directly comparable 
financial measure that is disclosed in our consolidated financial statements is gross 
profit. Management believes that adjusted gross margin is a useful measure to assess 
the performance of the Company as it excludes the effects of equipment rework and 
remediation, non-cash expenses related to the sale of inventory that acquisition accounting 
required be recorded at a value higher than manufacturing cost and depreciation and 
amortization. See "Detailed Operating Results – Gross Profit and Adjusted Gross 
Margin" for the reconciliation of adjusted gross margin to gross profit for the current and 
comparative periods.
"Adjusted Gross Margin as a % of sales" is defined as adjusted gross margin divided 
by sales. Adjusted gross margin as a % of sales is a non-IFRS ratio because one of its 
components, adjusted gross margin, is a non-IFRS financial measure. Management believe 
adjusted gross margin as a % of sales is a useful measure to assess the performance of 
the Company.
“Adjusted profit” is defined as profit or loss adjusted for the share of associate’s net loss, 
revaluation gains, gain or loss on foreign exchange, gain on financial instruments, M&A 
recovery or expenses, change in estimate of variable consideration, transaction, transitional 
and other costs, net gain or loss on the sale of property, plant & equipment, gain or loss on 
settlement of lease liability, gain on disposal of operation, equipment rework, remediation, 
non-cash expenses related to the sale of inventory that acquisition accounting required 
be recorded at a value higher than manufacturing cost and impairment. Adjusted profit 
is a non-IFRS financial measure and its most directly comparable financial measure 
that is disclosed in our consolidated financial statements is profit or loss. Management 
believes adjusted profit is a useful measure to assess the performance of the Company as 
it provides more meaningful operating results by excluding the effects of expenses that are 
not reflective of our underlying business performances. See "Detailed Operating Results – 
Diluted (loss) profit per share and diluted adjusted profit per share” for the reconciliation 
of adjusted profit to profit (loss) for the current and comparative periods.
“Backlogs” are defined as the total value of committed sales orders that have not yet been 
fulfilled that: (a) have a high certainty of being performed as a result of the existence of a 
purchase order, an executed contract or work order specifying job scope, value and timing; 
or (b) has been awarded to the Company or its divisions, as evidenced by an executed 
binding letter of intent or agreement, describing the general job scope, value and timing 
of such work, and where the finalization of a formal contract in respect of such work is 
reasonably assured. Backlog is a supplementary financial measure.

2022 ANNUAL REPORT
36
“Diluted adjusted profit per share” is defined as adjusted profit divided by the total 
weighted average number of outstanding diluted shares of AGI at the end of the most 
recently completed quarter for the relevant period. Diluted adjusted profit per share is 
a non-IFRS ratio because one of its components, adjusted profit, is a non-IFRS financial 
measure. Management believes diluted adjusted profit per share is a useful measure to 
assess the performance of the Company.
“Funds from operations” is defined as cash provided by operations adjusted for items 
not involving current cashflows, combined adjustments to Adjusted EBITDA, interest 
expense, non-cash interest, cash taxes and maintenance capital expenditures. Funds from 
operations is a non-IFRS financial measure and its most directly comparable financial 
measure that is disclosed in our consolidated financial statements is cash provided by 
operations. Management believes that, in addition to cash provided by operations, funds 
from operations provide a useful supplemental measure in evaluating the Company's 
performance and liquidity. The definition excludes changes in working capital as they are 
necessary to drive organic growth and have historically been financed by the Company’s 
operating facility [See “Capital Resources”]. Funds from operations should not be 
construed as an alternative to cash flows from operating, investing, and financing activities 
as a measure of the Company’s liquidity and cash flows. See “CASH PROVIDED BY 
OPERATIONS, FUNDS FROM OPERATIONS AND PAYOUT RATIOS” for the reconciliation 
of funds from operations to cash provided by operations for the current and comparative 
periods and see also “Adjusted EBITDA” above and “Detailed Operating results – Profit 
(loss) before income taxes and Adjusted EBITDA” for the "combined adjustments to 
Adjusted EBITDA" for the current and comparative periods.
"Gross Profit as a % of sales" is defined as gross profit divided by sales. Gross profit as a 
% of sales is a supplementary financial measure.
“Maintenance capital expenditures” and “non-maintenance capital expenditures” are 
both components of the Company’s "Acquisition of property, plant and equipment". 
Management defines maintenance capital expenditures as cash outlays required to 
maintain plant and equipment at current operating capacity and efficiency levels and non-
maintenance capital expenditures as other investments, including cash outlays required 
to increase operating capacity or improve operating efficiency. Both “maintenance capital 
expenditures” and “non-maintenance capital expenditures” are supplementary financial 
measures. Management believes that in addition to acquisition of property, plant and 
equipment, maintenance capital expenditures and non-maintenance capital expenditures 
provide a useful supplemental measure in evaluating the Company's performance. See 
“Cash Flow and Liquidity - Capital Expenditures” for the reconciliation of maintenance 
capital expenditures and non-maintenance capital expenditures to acquisition of property 
plant and equipment for the current and comparative periods.
“Payout ratio” is defined as either cash provided by operations or funds from operations 
for the relevant year divided into the dividends declared during such financial year. "Payout 
ratio from cash provided by operations" is a supplementary financial measure. "Payout ratio 
from funds from operations" is a non-IFRS ratio because one of its components, funds from 
operations, is a non-IFRS financial measure. Management believes payout ratio is a useful 
measure to assess the performance and liquidity of the Company and as an indicator of 
the sustainability of AGI's dividend.
"Sales by Geography" and "Sales by Segment and Geography": The sales information 
presented under "Sales by Geography" and "Sales by Segment and Geography" are 
supplementary financial measures used to present the Company's sales by geography 
and by segment and geography.
FORWARD-LOOKING
INFORMATION
This MD&A contains forward-looking statements and information [collectively, "forward-
looking information"] within the meaning of applicable securities laws that reflect our 
expectations regarding the future growth, results of operations, performance, business 
prospects, and opportunities of the Company. All information and statements contained 
herein that are not clearly historical in nature constitute forward-looking information, and 
the words “anticipate”, “estimate”, “believe”, “continue”, “could”, “expects”, “intend”, "trend", 
“plans”, “will”, “may” or similar expressions suggesting future conditions or events or the 
negative of these terms are generally intended to identify forward-looking information. 
Forward-looking information involves known or unknown risks, uncertainties and other 
factors that may cause actual results or events to differ materially from those anticipated 
in such forward-looking information. In addition, this MD&A may contain forward-looking 
information attributed to third party industry sources. Undue reliance should not be placed 
on forward-looking information, as there can be no assurance that the plans, intentions 
or expectations upon which it is based will occur. In particular, the forward-looking 
information in this MD&A includes information relating to: our business and strategy; our 
outlook for our financial and operating performance in fiscal 2023 and beyond, including 
by segment, product type and geographic region, and including our expectations for our 
future financial results (including our forecast for full year 2023 Adjusted EBITDA), industry 
demand and market conditions, our robust organic growth prospects, and the anticipated 
ongoing impacts of the COVID-19 pandemic on our business, operations and financial 
results; the ability of our operational excellence initiatives to create a more efficient 
organization that will extend across all regions and help drive further success and growth; 
the estimated costs to the Company that may result from the remediation work associated 
with the bin collapse incident described herein, including the costs of remediation, and the 
availability of insurance coverage to at least partially offset such costs; matters relating to 
litigation, including litigation arising as a result of the bin collapse incident; the estimated 
costs to the Company from ongoing equipment rework; our ability to mitigate the impact 

37
of inflation; our ability to lessen the seasonality of our business; the factors that may impact our working capital requirements; the sufficiency of our liquidity and capital resources; long-
term fundamentals and growth drivers of our business; and the future payment of dividends and the amount thereof. Such forward-looking information reflects our current beliefs and is 
based on information currently available to us, including certain key expectations and assumptions concerning: anticipated crop yields and production in our market areas; the financial 
and operating attributes of acquired businesses and the anticipated future performance thereof; the value of acquired businesses and assets and the liabilities assumed (and indemnities 
provided) by AGI in connection therewith; anticipated financial performance; future debt levels; business prospects and strategies, including the success of our operational excellence 
initiatives; product and input pricing; the scope, nature, timing and cost of re-supplying certain equipment and re-completing certain work that has previously been supplied or completed 
pursuant to warranty obligations or otherwise; regulatory developments; tax laws; the sufficiency of budgeted capital expenditures in carrying out planned activities; currency exchange 
rates, inflation rates and interest rates; the cost of materials, labour and services and the impact of inflation rates and/or supply chain disruptions thereon; the impact of competition; the 
general stability of the economic and regulatory environment in which the Company operates; the timely receipt of any required regulatory and third party approvals; the ability of the 
Company to obtain and retain qualified staff and services in a timely and cost efficient manner; the amount and timing of the dividends that we expect to pay; the ability of the Company 
to obtain financing on acceptable terms; the regulatory framework in the jurisdictions in which the Company operates; the ability of the Company to successfully market its products and 
services; and that the COVID-19 pandemic will not have a material impact on our business, operations, and financial results going forward. Forward-looking information involves significant 
risks and uncertainties. A number of factors could cause actual results to differ materially from results discussed in the forward-looking information. These risks and uncertainties are 
described under “Risks and Uncertainties” in this MD&A and in our most recently filed Annual Information Form, all of which are available under the Company's profile on SEDAR [www.
sedar.com]. These factors should be considered carefully, and readers should not place undue reliance on the Company’s forward-looking information. We cannot assure readers that 
actual results will be consistent with this forward-looking information. Further, AGI cannot guarantee that the anticipated revenue from its backlogs will be realized or, if realized, will result 
in profits or Adjusted EBITDA. Delays, cancellations and scope adjustments occur from time-to-time with respect to contracts reflected in AGI's backlogs, which can adversely affect the 
revenue and profit that AGI actually receives from its backlogs. Readers are further cautioned that the preparation of financial statements in accordance with IFRS requires management 
to make certain judgments and estimates that affect the reported amounts of assets, liabilities, revenues and expenses and the disclosure of contingent liabilities. These estimates may 
change, having either a negative or positive effect on profit, as further information becomes available and as the economic environment changes. Without limitation of the foregoing, the 
provision for remediation related to the bin collapse incident disclosed herein required significant estimates and judgments about the scope, nature, timing and cost of work that will be 
required. It is based on management’s assumptions and estimates at the current date and is subject to revision in the future as further information becomes available to the Company. The 
forward-looking information contained herein is expressly qualified in its entirety by this cautionary statement. The forward-looking information included in this MD&A is made as of the 
date of this MD&A and AGI undertakes no obligation to publicly update such forward-looking information to reflect new information, subsequent events or otherwise unless so required 
by applicable securities laws.

2022 ANNUAL REPORT
38
FINANCIAL OUTLOOK
Also included in this MD&A is an estimate of AGI's 2023 Adjusted EBITDA, which is based on, among other things, the various assumptions disclosed in this MD&A including under 
"Forward-Looking Information" and including our assumptions regarding the Adjusted EBITDA contribution that AGI anticipates receiving from revenue growth in 2023 in part as a result 
of the 10% YOY increase in AGI's backlogs at December 31, 2022. To the extent such estimate constitutes a financial outlook, it was approved by management on March 7, 2023 and is 
included to provide readers with an understanding of AGI's anticipated 2023 Adjusted EBITDA based on the assumptions described herein and readers are cautioned that the information 
may not be appropriate for other purposes.
ADDITIONAL INFORMATION
Additional information relating to AGI, including AGI’s most recent Annual Information Form, is available under the Company's profile on SEDAR [www.sedar.com].

39

2022 ANNUAL REPORT
40
FINANCIAL STATEMENTS

41
INDEPENDENT
AUDITOR’S REPORT
To the Shareholders of
Ag Growth International Inc.
Opinion
We have audited the consolidated financial statements of Ag Growth International Inc. and its subsidiaries [the “Group”], which comprise the consolidated statements of financial position 
as at December 31, 2022 and 2021, and the consolidated statements of income (loss), consolidated statements of comprehensive loss, consolidated statements of changes in shareholders’ 
equity and consolidated statements of cash flows for the years then ended, and notes to the consolidated financial statements, including a summary of significant accounting policies.
In our opinion, the accompanying consolidated financial statements present fairly, in all material respects, the consolidated financial position of the Group as at December 31, 2022 and 2021, 
and its consolidated financial performance and its consolidated cash flows for the years then ended in accordance with International Financial Reporting Standards [“IFRS”].
Basis for opinion
We conducted our audit in accordance with Canadian generally accepted auditing standards. Our responsibilities under those standards are further described in the Auditor’s responsibilities 
for the audit of the consolidated financial statements section of our report. We are independent of the Group in accordance with the ethical requirements that are relevant to our audit of 
the consolidated financial statements in Canada, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have 
obtained is sufficient and appropriate to provide a basis for our opinion.
Key audit matters
Key audit matters are those matters that, in our professional judgement, were of most significance in the audit of the consolidated financial statements of the current period. These matters 
were addressed in the context of the audit of the consolidated financial statements as a whole, and in forming the auditor’s opinion thereon, and we do not provide a separate opinion on 
these matters. For each matter below, our description of how our audit addressed the matter is provided in that context.
We have fulfilled the responsibilities described in the Auditor’s responsibilities for the audit of the consolidated financial statements section of our report, including in relation to these matters. 
Accordingly, our audit included the performance of procedures designed to respond to our assessment of the risks of material misstatement of the consolidated financial statements. The 
results of our audit procedures, including the procedures performed to address the matters below, provide the basis for our audit opinion on the accompanying consolidated financial 
statements.

2022 ANNUAL REPORT
42
2022 ANNUAL REPORT
KEY AUDIT MATTER
HOW OUR AUDIT ADDRESSED THE KEY AUDIT MATTER
Provision for remediation costs and related claim
The Group entered into an agreement with a customer to supply 15 large 
hopper bins for installation by third parties with respect to a grain storage 
project. On September 11, 2020, a bin at the customer facility collapsed during 
commissioning. 
A legal claim was initiated by the customer against the Group alleging damages 
and losses arising from the Group's contractual agreement to supply equipment 
to the customer.
The Group accrues a warranty provision at the time of product sale and records 
an additional provision for unexpected events when they are probable and 
estimable.
The Group’s provision as at December 31, 2022 is $41.5 million on the basis 
of the estimated costs of investigation and remediation for the equipment 
relating to the customer under the terms of the product warranty obligation and 
consideration of the customer’s legal claim and related risk-adjusted weighting 
of liabilities.
The provision required significant estimates and judgments about the scope, 
nature, cost of work required, and risk-adjusted assessment of other amounts 
claimed by the customer.
Management’s probability weighted estimate of the provision considered 
estimates and assumptions with respect to the degree of liability, if any, estimated 
volume of materials and material costs, estimated labor hours, equipment costs 
and third-party construction costs and the risk-adjusted weighting of other 
liabilities as a result of the customer claim.
The matter has been deemed a key audit matter due to the estimation uncertainty 
and significant judgment and subjectivity involved in evaluating management’s 
assumptions. 
Refer to notes 3, 4 and 19 in the consolidated financial statements for the Group’s 
disclosures related to this provision.
Our approach to testing the provision included performing the following 
procedures, among others:
	
• We obtained an understanding of the estimation methodology and significant 
judgments included in the provision through interviews with the Group’s 
internal engineers, internal and external legal counsel, finance personnel and 
others directly involved in the project.
	
• We reviewed relevant documents relating to the legal claim made by the 
customer and related legal correspondence together with the customer 
supply agreement.
	
• We obtained legal confirmations and other relevant legal updates from the 
Group’s external legal counsel to evaluate management’s assessment of the 
legal claim and its impact on the provision amount.
	
• We performed inquiries with various members of management and internal 
and external legal counsel regarding relevant updates during the year that 
may impact the measurement of the provision and assessed management’s 
and external legal counsel’s assigned risk-adjusted weighting of the amounts 
claimed by the customer in evaluating the provision.
	
• We corroborated the key estimates and assumptions made by management, 
including the degree of liability, estimated volume of materials and materials 
costs, estimated labour hours, equipment costs and third-party construction 
costs, with similar remediation work performed for another customer.
	
• We assessed the adequacy of the disclosure in the consolidated financial 
statements.

43
KEY AUDIT MATTER
HOW OUR AUDIT ADDRESSED THE KEY AUDIT MATTER
Impairment test for indefinite life intangible assets
The Group has brand names that are classified as indefinite life intangible 
assets, with a carrying value of $124.5 million at December 31, 2022. These 
indefinite life intangible assets do not generate largely independent cash flows 
and are therefore tested as part of the cash generating units [“CGUs”] to which 
they belong. CGUs that contain indefinite life intangible assets are tested for 
impairment annually and whenever there is an indication of impairment.
A value in use model was used by management to calculate the recoverable 
amount of each CGU. The value in use model requires the use of significant 
judgment and estimation in respect of management’s assumptions in 
determining future cash flow forecasts, especially revenue growth rates, 
terminal growth rates, gross margins and discount rates. 
This matter has been considered a key audit matter due to the significant 
judgment and subjectivity involved in evaluating management’s estimates and 
assumptions, specifically revenue growth rates, terminal growth rates, gross 
margins and discount rates, in determining the recoverable amount of each 
CGU.
Refer to notes 3, 4, 15 and 16 in the consolidated financial statements for the 
Group’s disclosures related to its indefinite life intangible assets impairment 
testing.
Our approach to testing the recoverable amount of the CGUs included the 
assistance of our valuation specialists to perform the following procedures, 
among others:
	
• We evaluated the appropriateness of the value in use model methodology 
and recalculated its mathematical accuracy.
	
• We performed a retrospective analysis and compared the 2022 actual results 
to the 2022 Board approved budget to assess management’s ability to 
forecast and agreed the 2023 forecast to the Board approved budget for 2023.
	
• We evaluated the reasonableness of the CGUs’ revenue growth rates, terminal 
growth rates and gross margins by comparing the significant assumptions to 
externally available industry and economic trends data and historical results, 
which considered geographic location, weather conditions, crop sizes, crop 
prices, changing food preferences, farming trends and trade agreements.
	
• We evaluated the discount rate by comparing it against a discount rate range 
that was independently developed using publicly available market data for 
comparable entities.
	
• We performed sensitivity analysis on the revenue growth rates, terminal 
growth rates, gross margins and discount rates to evaluate changes in the 
recoverable amount of the CGU that would result from changes in these 
assumptions.
	
• We assessed the adequacy of the disclosures included in the consolidated 
financial statements.

2022 ANNUAL REPORT
44
2022 ANNUAL REPORT
KEY AUDIT MATTER
HOW OUR AUDIT ADDRESSED THE KEY AUDIT MATTER
Impairment assessment of Digital segment
As discussed in note 16, the Group announced a strategic plan to reorganize 
its digital segment on December 29, 2022 prompted by lower than expected 
results which triggered an impairment assessment for the digital segment and 
related CGUs.
The digital segment and its CGUs, include goodwill, intangible assets, right-of-
use assets, property, plant and equipment and other assets.
The Group used a value in use [“VIU”] discounted cash flow model to determine 
the recoverable amount for the SureTrack CGU and a fair value less cost to sell 
[“FVLCS”] model to determine the recoverable amount for the Farmobile CGU.
The VIU model requires the use of significant judgement and estimation in 
determining future cash flow forecasts, especially revenue growth rates, 
terminal growth rates and discount rates. The FVLCS model used requires the 
use of significant judgement and estimation in determining revenue multiples. 
Significant judgement was also required in assessing the obsolescence factors 
applied to determine fair values of intangible assets.
Our approach to testing the recoverable amount of the digital segment and 
related CGUs included the following procedures, among others:
	
• We involved our valuation specialists to assist in evaluating the appropriateness 
of the valuation models used and recalculated the mathematical accuracy of 
the models in addition to assessing compliance with IFRS requirements.
	
• For the Suretrack CGU we evaluated the reasonableness of the revenue 
growth rates and terminal growth rates by comparing the significant 
assumptions to externally available industry and economic trends data and 
historical results and performed sensitivity analysis.
	
• We performed a retrospective analysis and compared the 2022 actual results 
to the 2022 Board approved budget to assess management’s ability to 
forecast and agreed the 2023 forecast to the Board approved budget for 2023.
	
• We evaluated the Suretrack CGU discount rate applied by management with 
the assistance of our valuations specialists by comparing it against a discount 
rate range that was independently developed using publicly available market 
data for comparable entities.
	
• For the Farmobile CGU we evaluated the reasonableness of the revenue 
multiple applied by management to determine the recoverable value with 
the assistance of our valuation specialists by comparing it against a range of 
multiples that was independently developed using publicly available market 
data for comparable entities.
	
• We also involved our valuation specialists in assessing the obsolescence 
factors applied by management in determining intangible asset fair values for 
Suretrack and Farmobile.
	
• We assessed the adequacy of the disclosures included in the consolidated 
financial statements.

45
Other information
Management is responsible for the other information. The other information comprises:
	
• Management’s Discussion and Analysis
	
• The information other than the consolidated financial statements and our auditor’s report thereon, in the Annual Report
Our opinion on the consolidated financial statements does not cover the other information and we do not express any form of assurance conclusion thereon.
In connection with our audit of the consolidated financial statements, our responsibility is to read the other information, and in doing so, consider whether the other information is materially 
inconsistent with the consolidated financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated.
We obtained Management’s Discussion and Analysis prior to the date of this auditor’s report. If, based on the work we have performed, we conclude that there is a material misstatement 
of this other information, we are required to report that fact in this auditor’s report. We have nothing to report in this regard.
The Annual Report is expected to be made available to us after the date of the auditor’s report. If based on the work we will perform on this other information, we conclude there is a material 
misstatement of other information, we are required to report that fact to those charged with governance.
Responsibilities of management and those charged with governance for the consolidated financial statements
Management is responsible for the preparation and fair presentation of the consolidated financial statements in accordance with IFRS, and for such internal control as management 
determines is necessary to enable the preparation of consolidated financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the consolidated financial statements, management is responsible for assessing the Group’s ability to continue as a going concern, disclosing, as applicable, matters related to 
going concern and using the going concern basis of accounting unless management either intends to liquidate the Group or to cease operations, or has no realistic alternative but to do so.
Those charged with governance are responsible for overseeing the Group’s financial reporting process.
Auditor’s responsibilities for the audit of the consolidated financial statements
Our objectives are to obtain reasonable assurance about whether the consolidated financial statements as a whole are free from material misstatement, whether due to fraud or error, 
and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with Canadian 
generally accepted auditing standards will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or 
in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these consolidated financial statements.

2022 ANNUAL REPORT
46
2022 ANNUAL REPORT
As part of an audit in accordance with Canadian generally accepted auditing standards, we exercise professional judgment and maintain professional skepticism throughout the audit. We 
also:
	
• Identify and assess the risks of material misstatement of the consolidated financial statements, whether due to fraud or error, design and perform audit procedures responsive to those 
risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than 
for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
	
• Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an 
opinion on the effectiveness of the Group’s internal control.
	
• Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by management.
	
• Conclude on the appropriateness of management’s use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related 
to events or conditions that may cast significant doubt on the Group’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw 
attention in our auditor’s report to the related disclosures in the consolidated financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based 
on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the Group to cease to continue as a going concern.
	
• Evaluate the overall presentation, structure, and content of the consolidated financial statements, including the disclosures, and whether the consolidated financial statements represent 
the underlying transactions and events in a manner that achieves fair presentation.
	
• Obtain sufficient appropriate audit evidence regarding the financial information of the entities or business activities within the Group to express an opinion on the consolidated financial 
statements. We are responsible for the direction, supervision and performance of the Group audit. We remain solely responsible for our audit opinion.
We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant 
deficiencies in internal control that we identify during our audit.
We also provide those charged with governance with a statement that we have complied with relevant ethical requirements regarding independence, and to communicate with them all 
relationships and other matters that may reasonably be thought to bear on our independence, and where applicable, related safeguards.
From the matters communicated with those charged with governance, we determine those matters that were of most significance in the audit of the consolidated financial statements of 
the current period and are therefore the key audit matters. We describe these matters in our auditor’s report unless law or regulation precludes public disclosure about the matter or when, 
in extremely rare circumstances, we determine that a matter should not be communicated in our report because the adverse consequences of doing so would reasonably be expected to 
outweigh the public interest benefits of such communication.
The engagement partner on the audit resulting in this independent auditor’s report is Ashraf El-Bakri.
Winnipeg, Canada
March 7, 2023
CHARTED PROFESSIONAL ACCOUNTANTS

47
CONSOLIDATED STATEMENTS 
OF FINANCIAL POSITION
[in thousands of Canadian dollars]
As at December 31
2022
$
2021
$
Assets
Current assets
Cash and cash equivalents
59,644
61,307
Restricted cash [note 8]
3,110
2,424
Accounts receivable [note 9]
220,861
206,271
Inventory [note 10]
279,318
243,250
Prepaid expenses and other assets [note 27]
60,171
44,788
Current portion of notes receivable [note 11]
5,791
5,428
Income taxes recoverable
13,951
9,351
642,846
572,819
Non-current assets
Property, plant and equipment, net [note 12]
336,385
349,310
Right-of-use assets, net [note 13]
31,360
19,211
Goodwill [note 14]
342,983
358,610
Intangible assets, net [note 15]
225,879
253,042
Non-current accounts receivable [note 9]
46,116
34,742
Notes receivable [note 11]
264
364
Derivative instruments [note 31]
3,901
—
Deferred tax asset [note 28]
4,112
5,556
991,000
1,020,835
Assets held for sale [note 17]
12,205
—
Total assets
1,646,051
1,593,654
Liabilities and shareholders’ equity
Current liabilities
Accounts payable and accrued liabilities [note 18]
236,111
195,646
Customer deposits
80,013
86,457
Dividends payable
2,835
2,819
Derivative instruments [note 31]
—
337
Income taxes payable
6,667
6,350
Current portion of due to vendor
5,214
5,269
Current portion of lease liability [note 20]
5,665
5,016
Current portion of long-term debt [note 21]
479
532
Current portion of convertible unsecured subordinated debentures [note 22]
—
84,913
Current portion of optionally convertible redeemable preferred shares [note 31[b]]
—
11,690
Provisions [note 19]
75,233
65,618
412,217
464,647
Non-current liabilities
Other financial liabilities
590
704
Derivative instruments [note 31]
352
5,036
EIAP liability [note 25[a]]
1,371
—
Due to vendor
5,754
1,567
Lease liability [note 20]
33,482
17,263
Other non-current liabilities
—
5,400
Long-term debt [note 21]
440,459
434,009
Convertible unsecured subordinated debentures [note 22]
183,481
94,620
Senior unsecured subordinated debentures [note 23]
252,750
250,872
Deferred tax liability [note 28]
49,925
50,785
968,164
860,256
Total liabilities
1,380,381
1,324,903
Shareholders’ equity [note 24]
Common shares
9,644
5,233
Accumulated other comprehensive income (loss)
15,116
(22,799)
Equity component of convertible debentures
22,851
12,905
Contributed surplus
501,741
494,684
Deficit
(283,682)
(221,272)
Total shareholders’ equity
265,670
268,751
Total liabilities and shareholders’ equity
1,646,051
1,593,654
See accompanying notes
BILL LAMBERT
Director
DAVID A. WHITE, CA, ICD.D
Director
On behalf of the Board of Directors:

2022 ANNUAL REPORT
48
CONSOLIDATED STATEMENTS 
OF INCOME (LOSS)
[in thousands of Canadian dollars, except per share amounts]
Years ended December 31
2022
$
2021
$
Sales [notes 3 and 7]
1,458,082
1,198,523
Cost of goods sold [note 26[a]]
1,037,483
894,508
Gross profit
420,599
304,015
Expenses
Selling, general and administrative [note 26[b]]
338,396
256,344
Other operating income [note 26[c]]
(18,011)
(7,299)
Impairment charge [notes 12, 14, 15 and 17]
75,846
5,074
Finance costs [note 26[d]]
61,067
43,599
Finance expense [note 26[e]]
8,614
2,615
Share of associate’s net loss [note 6[a]]
—
1,077
Gain on remeasurement of equity investment [note 6[a]]
—
(6,778)
465,912
294,632
Profit (loss) before income taxes
(45,313)
9,383
Income tax expense (recovery) [note 28]
Current
13,291
9,445
Deferred
(8,021)
(10,620)
5,270
(1,175)
Profit (loss) for the year
(50,583)
10,558
Profit (loss) per share [note 29]
Basic
(2.68)
0.56
Diluted
(2.68)
0.50
See accompanying notes
[in thousands of Canadian dollars]
Years ended December 31
2022
$
2021
$
Profit (loss) for the year
(50,583)
10,558
Other comprehensive income (loss)
Items that may be reclassified subsequently to profit or loss
Change in fair value of derivatives designated as cash flow hedges 
[loss] [note 31]
(352)
—
Income tax effect on cash flow hedges
93
—
Exchange differences on translation of foreign operations
37,038
(14,333)
36,779
(14,333)
Items that will not be reclassified to profit or loss
Actuarial gain on defined benefit plans
1,545
2,444
Income tax effect on defined benefit plans
(409)
(648)
1,136
1,796
Other comprehensive income (loss) for the year
37,915
(12,537)
Total comprehensive loss for the year
(12,668)
(1,979)
CONSOLIDATED STATEMENTS 
OF COMPREHENSIVE LOSS
See accompanying notes

49
CONSOLIDATED STATEMENTS
OF CHANGES IN SHAREHOLDERS’ EQUITY
[in thousands of Canadian dollars]
Year ended December 31, 2022
Common
shares
$
Equity
component of
convertible
debentures
$
Contributed
surplus
$
Deficit
$
Foreign
currency
translation
reserve
$
Cash flow
hedge
reserve
$
Defined
benefit plan
reserve
$
Equity
investment
$
Total
shareholders’
equity
$
As at January 1, 2022
5,233
12,905
494,684
(221,272)
(23,271)
—
1,372
(900)
268,751
Loss for the year
—
—
—
(50,583)
—
—
—
—
(50,583)
Other comprehensive income (loss)
—
—
—
—
37,038
(259)
1,136
—
37,915
Share-based payment transactions [note 24[a][b]]
4,411
—
6,550
—
—
—
—
—
10,961
Dividends paid and payable to shareholders [note 24[d]]
—
—
—
(11,332)
—
—
—
—
(11,332)
Dividends on share-based compensation awards [note 24[d]]
—
—
—
(495)
—
—
—
—
(495)
Issuance of convertible debentures [note 22]
—
11,379
—
—
—
—
—
—
11,379
Redemption of convertible unsecured subordinated debentures [note 22]
—
(1,433)
507
—
—
—
—
—
(926)
As at December 31, 2022
9,644
22,851
501,741
(283,682)
13,767
(259)
2,508
(900)
265,670
See accompanying notes
[in thousands of Canadian dollars]
Year ended December 31, 2021
Common
shares
$
Equity
component of
convertible
debentures
$
Contributed
surplus
$
Deficit
$
Foreign
currency
translation
reserve
$
Defined
benefit plan
reserve
$
Equity
investment
$
Total
shareholders’
equity
$
As at January 1, 2021
1,730
4,427
487,540
(220,298)
(8,938)
(424)
(900)
263,137
Profit for the year
—
—
—
10,558
—
—
—
10,558
Other comprehensive income (loss)
—
—
—
—
(14,333)
1,796
—
(12,537)
Share-based payment transactions [note 24[a][b]]
3,461
—
4,175
—
—
—
—
7,636
Dividends paid and payable to shareholders [note 24[d]]
—
—
—
(11,271)
—
—
—
(11,271)
Dividends on share-based compensation awards [note 24[d]]
—
—
—
(261)
—
—
—
(261)
Issuance of convertible debentures [note 22]
42
11,472
—
—
—
—
—
11,514
Redemption of convertible unsecured subordinated debentures [note 22]
—
(2,994)
2,969
—
—
—
—
(25)
As at December 31, 2021
5,233
12,905
494,684
(221,272)
(23,271)
1,372
(900)
268,751
See accompanying notes

2022 ANNUAL REPORT
50
[in thousands of Canadian dollars]
Years ended December 31
2022
$
2021
$
Operating activities
Profit (loss) before income taxes
(45,313)
9,383
Add (deduct) items not affecting cash
Depreciation of property, plant and equipment
28,004
24,912
Depreciation of right-of-use assets
7,192
4,619
Amortization of intangible assets
40,233
32,518
Loss on sale of property, plant and equipment
339
23
Loss (gain) on settlement of lease liability
1
(17)
Loss (gain) on redemption of convertible debentures [note 22]
(584)
676
Impairment charge
75,846
5,074
Share of associate’s net loss
—
1,077
Gain on remeasurement of equity investment [note 6[a]]
—
(6,778)
Foreign exchange reclassification on disposal of foreign operation
—
(898)
Non-cash component of interest expense
9,720
6,034
Non-cash movement in derivative instruments
(9,045)
(2,058)
Non-cash investment tax credits
(1,381)
(484)
Share-based compensation expense
15,620
8,551
Defined benefit plan expense
81
144
Employer contribution to defined benefit plans
—
(9)
Due to vendor, OCRPS, transaction cost payable
23,581
4,097
Translation loss (gain) on foreign exchange
29,335
(4,102)
173,629
82,762
Changes in non-cash working capital balances related to operations [note 30[a]]
(38,560)
(20,951)
Transfer from (to) restricted cash
(858)
7,068
Non-current accounts receivable
(11,374)
(15,559)
Long-term payables
(85)
(8)
Settlement of EIAP obligation
(2,736)
(817)
Post-combination payments
(5,462)
(4,154)
Income taxes paid
(12,384)
(9,226)
Cash provided by operating activities
102,170
39,115
Investing activities
Acquisitions, net of cash acquired [note 6]
(28,162)
(12,865)
Acquisition of property, plant and equipment
(33,283)
(28,676)
Proceeds from sale of property, plant and equipment
1,587
511
Proceeds from sale of assets held for sale
4,318
—
Development and purchase of intangible assets
(19,017)
(16,890)
Transaction costs paid
(11,211)
(17,398)
Cash used in investing activities
(85,768)
(75,318)
Financing activities
Draw from senior credit facilities, net of costs
128,362
41,144
Repayment of long-term debt
(168,497)
(15,545)
Change in swing line
27,884
(43)
Repayment of obligation under lease liabilities
(6,143)
(3,877)
Change in interest accrued
(1,268)
956
Issuance of senior unsecured subordinated debentures, net of issuance 
costs [note 22]
—
(153)
Issuance of convertible unsecured subordinated debentures, net of costs
99,162
110,016
Redemption of convertible unsecured subordinated debentures
(86,250)
(86,183)
Dividends paid in cash [note 24[d]]
(11,315)
(11,261)
Cash provided by (used in) financing activities
(18,065)
35,054
Net decrease in cash during the year
(1,663)
(1,149)
Cash and cash equivalents, beginning of year
61,307
62,456
Cash and cash equivalents, end of year
59,644
61,307
Supplemental cash flow information
Interest paid
52,323
36,941
See accompanying notes
CONSOLIDATED STATEMENTS 
OF CASH FLOWS

51
NOTES TO CONSOLIDATED
FINANCIAL STATEMENTS
[in thousands of Canadian dollars, except where otherwise noted and per share data]
1. Organization
The consolidated financial statements of Ag Growth International Inc. [“AGI” or the 
“Company”] for the year ended December 31, 2022 were authorized for issuance in 
accordance with a resolution of the directors on March 7, 2023. AGI is a listed company 
incorporated and domiciled in Canada, whose shares are publicly traded on the Toronto 
Stock Exchange. The registered office is located at 198 Commerce Drive, Winnipeg, 
Manitoba, Canada.
2. Operations
AGI is a provider of equipment solutions for agriculture bulk commodities, including seed, 
fertilizer, grain, rice, feed, and food processing systems. AGI has manufacturing facilities 
in Canada, the United States, the United Kingdom, Brazil, Italy, France, and India and 
distributes its product globally.
Included in these consolidated financial statements are the accounts of AGI and all its 
subsidiaries and incorporated companies [together, Ag Growth International Inc. and its 
subsidiaries are referred to as “AGI” or the “Company”].
3. Summary of significant accounting policies
Statement of compliance
These consolidated financial statements have been prepared in accordance with 
International Financial Reporting Standards [“IFRS”] as issued by the International 
Accounting Standards Board [“IASB”].
Basis of preparation
The consolidated financial statements are presented in Canadian dollars, which is also 
the functional currency of the parent company, Ag Growth International Inc. All values are 
rounded to the nearest thousand. They are prepared on the historical cost basis, except for 
derivative financial instruments, assets held for sale, and optionally convertible redeemable 
preferred shares resulting from business combinations, which are measured at fair value.
The accounting policies set out below have been applied consistently to all periods 
presented in these consolidated financial statements.
Principles of consolidation
The consolidated financial statements include the accounts of Ag Growth International 
Inc. and its subsidiaries, Ag Growth Holdings Corp.; AGI Alpha Holdings Corp.; AGI Bravo 
Holdings Corp.; AGI Charlie Holdings Corp.; AGI Solutions Inc.; AGI Agricultural Equipment 
Pty Limited; AGI Agricultural Equipment (Nigeria) Limited; Ag Growth International 
Australia Pty Ltd.; Westfield Distributing (North Dakota) Inc.; Hansen Manufacturing 
Corp.; Improtech Ltd.; Union Iron Inc.; Airlanco Inc.; Tramco, Inc.; Tramco Europe Limited; 
Euro-Tramco B.V.; AGI Netherlands B.V.; AGI EMEA S.R.L.; AGI Brasil Industria e Comercio 
S.A.; Mitchell Mill Systems USA Inc.; Yargus Manufacturing, Inc.; Global Industries Inc.; 
CMC Industrial Electronics Ltd.; CMC Industrial Electronics USA, Inc.; Junge Control 
Inc.; Danmare Group Inc.; Danmare Inc.; Eastern Fabricators Inc.; Sabe S.A.S.; Milltec 
Machinery Private Limited; AGI SureTrack LLC; AGI SureTrack Ltd.; and Ag Growth 
International (Thailand) Ltd. as at December 31, 2022. Subsidiaries are fully consolidated 
from the date of acquisition, it being the date on which AGI obtains control, and continue 
to be consolidated until the date that such control ceases. The financial statements of the 
subsidiaries are prepared for the same reporting period as the Company, using consistent 
accounting policies. All intercompany balances, income and expenses and unrealized 
gains and losses resulting from intercompany transactions are eliminated in full.
Business combinations and goodwill
Business combinations are accounted for using the acquisition method. The cost of an 
acquisition is measured as the fair value of the assets given, equity instruments and 
liabilities incurred or assumed at the date of exchange. Acquisition costs for business 
combinations are expensed and included in selling, general and administrative expenses. 
Identifiable assets acquired and liabilities and contingent liabilities assumed in a business 
combination are measured initially at fair values at the date of acquisition.
Goodwill is initially measured at cost, being the excess of the cost of the business 
combination over AGI’s share in the net fair value of the acquiree’s identifiable assets, 
liabilities and contingent liabilities. Any negative difference is recognized directly in 
the consolidated statements of income (loss). If the fair values of the assets, liabilities 
and contingent liabilities can only be calculated on a provisional basis, the business 
combination is recognized using provisional values. Any adjustments resulting from the 
completion of the measurement process are recognized within 12 months of the date of 
acquisition [“measurement period”].
After initial recognition, goodwill is measured at cost less any accumulated impairment 
losses. For the purpose of impairment testing, goodwill acquired in a business combination 
is, from the acquisition date, allocated to each of AGI’s cash-generating units [“CGUs”] 

2022 ANNUAL REPORT
52
or groups of CGUs that are expected to benefit from the synergies of the combination, 
irrespective of whether other assets and liabilities of the acquiree are assigned to those 
CGUs. Where goodwill forms part of a CGU or group of CGUs and part of the operating 
unit is disposed of, the goodwill associated with the operation disposed of is included in 
the carrying amount of the operation when determining the gain or loss on disposal of 
operation. If the Company reorganizes its reporting structure in a way that changes the 
composition of one or more CGUs or groups of CGUs to which goodwill has been allocated, 
the goodwill is reallocated to the units affected. Goodwill disposed of or reallocated in 
these cases is measured based on the relative values of the operation disposed of and the 
portion of the CGU retained, or the relative fair value of the part of a CGU allocated to a 
new CGU compared to the part remaining in the old organizational structure.
In a business combination achieved in stages, previously held equity interest in the 
acquiree is remeasured at its acquisition-date fair value and the resulting gain or loss, if 
any, is recognized in profit or loss or other comprehensive income [“OCI’], as appropriate. 
Any previously recognized changes in the value of the equity interest recorded in OCI is 
recognized in the consolidated statement of income (loss) on the same basis as would be 
required had the Company disposed directly of the previously held equity interest.
Foreign currency translation
Each entity in AGI determines its own functional currency, and items included in the 
financial statements of each entity are measured using that functional currency.
Transactions in foreign currencies are initially recorded by AGI entities at their respective 
functional currency rates prevailing at the date of the transaction.
Monetary items are translated at the functional currency spot rate as of the reporting date. 
Exchange differences from monetary items are recognized in the consolidated statements 
of income (loss). Nonmonetary items that are not carried at fair value are translated using 
the exchange rates as at the dates of the initial transaction. Non-monetary items measured 
at fair value in a foreign currency are translated using the exchange rates at the date when 
the fair value is determined.
The assets and liabilities of foreign operations are translated into Canadian dollars at the 
rate of exchange prevailing at the reporting date and their consolidated statements of 
income (loss) are translated at the monthly rates of exchange. The exchange differences 
arising on the translation are recognized in OCI. On disposal of a foreign operation, 
the component of OCI relating to that particular foreign operation is reclassified to the 
consolidated statements of income (loss) when the gain or loss on disposal is recognized.
Any goodwill arising on the acquisition of a foreign operation and any fair value adjustments 
to the carrying amounts of assets and liabilities arising on the acquisition are treated 
as assets and liabilities of the foreign operation and translated at the rate of exchange 
prevailing at the reporting date.
2022 ANNUAL REPORT

53
Cash and cash equivalents
All highly liquid temporary cash investments with an original maturity of three months 
or less when purchased are considered to be cash equivalents. For the purpose of the 
consolidated statements of cash flows, cash and cash equivalents consist of cash, net of 
outstanding bank overdrafts.
Inventory
Inventory comprises raw materials and finished goods. Inventory is valued at the lower 
of cost and net realizable value, at average cost. For finished goods, costs include all 
direct costs incurred in production, including direct labour and materials, freight, directly 
attributable manufacturing overhead costs based on normal operating capacity and 
property, plant and equipment depreciation.
Inventories are written down to net realizable value when the cost of inventories is 
estimated to be unrecoverable due to obsolescence, damage or declining selling prices. 
Net realizable value is the estimated selling price in the ordinary course of business, less 
estimated costs of completion and the estimated costs necessary to make the sale. When 
the circumstances that previously caused inventories to be written down below cost no 
longer exist, or when there is clear evidence of an increase in selling prices, the amount of 
the write-down previously recorded is reversed.
Property, plant and equipment
Property, plant and equipment are stated at cost, net of any accumulated depreciation 
and any impairment losses determined. Cost includes the purchase price, any costs 
directly attributable to bringing the asset to the location and condition necessary and, 
where relevant, the present value of all dismantling and removal costs. Where major 
components of property, plant and equipment have different useful lives, the components 
are recognized and depreciated separately. AGI recognizes in the carrying amount of an 
item of property, plant and equipment the cost of replacing part of such an item when the 
cost is incurred, and if it is probable that the future economic benefits embodied with the 
item can be reliably measured. All other repair and maintenance costs are recognized in 
the consolidated statements of income (loss) as an expense when incurred.
Depreciation is calculated on a straight-line basis over the estimated useful lives of the 
assets as follows:
Buildings	 	
	
	
5–60 years
Manufacturing equipment	
	
1–20 years
Computer hardware		
	
3–5 years
Leasehold improvements	
	
Over the lease period
Furniture and fixtures	
	
3–15 years
Vehicles	 	
	
	
2–16 years
An item of property, plant and equipment, and any significant part initially recognized, is 
derecognized upon disposal or when no future economic benefits are expected from its 
use or disposal. Any gain or loss arising on derecognition of the asset is included in the 
consolidated statements of income (loss) when the asset is derecognized.
The assets’ useful lives and methods of depreciation are reviewed at each financial year-
end and adjusted prospectively, if appropriate. No depreciation is taken on construction 
in progress until the asset is placed in use. Amounts representing direct costs incurred 
for major overhauls are capitalized and depreciated over the estimated useful lives of the 
different components replaced.
Assets held for sale
Non-current assets are classified as assets held for sale if their carrying amount will be 
recovered principally through a sale transaction rather than through continuing use. To 
qualify as assets held for sale, the sale must be highly probable, assets must be available 
for immediate sale in their present condition and management must be committed to 
a plan to sell assets that should be expected to close within one year from the date of 
classification. Assets classified as held for sale are measured at the lower of the carrying 
amount or fair value less cost to sell and are not depreciated. The fair value measurement 
of assets held for sale is categorized within Level 2 of fair value hierarchy.
Leases
At inception of a contract, AGI assesses whether a contract is, or contains, a lease. A 
contract is, or contains, a lease if the contract conveys the right to control the use of an 
identified asset for a period of time in exchange for consideration. To assess whether a 
contract conveys the right to control the use of an identified asset, the Company assesses 
whether:
	
• The contract involves the use of an identified asset, which may be specified explicitly or 
implicitly, and should be physically distinct or represent substantially all of the capacity 
of a physically distinct asset. If the supplier has a substantive substitution right, then the 
asset is not identified;
	
• The Company has the right to obtain substantially all of the economic benefits from use 
of the asset throughout the period of use; and
	
• The Company has the right to direct the use of the asset. The Company has this right 
when it has the decision-making rights that are most relevant to changing how and for 
what purpose the asset is used.
At inception or on reassessment of a contract that contains a lease component, the 
consideration in the contract is allocated to each lease component on the basis of their 
relative stand-alone prices. For leases of land and buildings, the lease and non-lease 

2022 ANNUAL REPORT
54
components are accounted for as a single lease component as permitted within IFRS 16.
The Company recognizes a right-of-use asset and a lease liability at the lease 
commencement date. The right-of-use asset is initially measured at cost, which comprises 
the initial amount of the lease liability adjusted for any lease payments made at or before 
the commencement date, plus any initial direct costs incurred and an estimate of costs to 
dismantle and remove the underlying asset or to restore the underlying asset or the site on 
which it is located, less any lease incentives received.
The right-of-use asset is subsequently depreciated using the straight-line method from 
the commencement date to the earlier of the useful life of the right-of-use asset or the end 
of the lease term. The estimated useful lives of right-of-use assets are determined on the 
same basis as those of property, plant and equipment.
The lease liability is initially measured at the present value of the lease payments that are 
not paid at the commencement date, discounted using the interest rate implicit in the lease 
or, if that rate cannot be readily determined, the Company’s incremental borrowing rate.
After the commencement date, the amount of lease liabilities is increased to reflect the 
accretion of interest and reduced for the lease payments made. It is remeasured when 
there is a change in future lease payments arising from a change in rates, the amount 
expected to be payable under a residual value guarantee, or the Company’s assessment of 
whether it will exercise a purchase, extension or termination option. Upon remeasurement 
of a lease liability, a corresponding adjustment is made to the carrying amount of the right-
of-use asset or is recorded the consolidated statements of income (loss) if the carrying 
amount of the right-of-use asset has been reduced to zero.
For short-term leases [12 months or less] and leases of low-value assets, the Company 
recognizes the lease payments associated with these leases as an expense on a straight-
line basis over the lease term.
Borrowing costs
Borrowing costs directly attributable to the acquisition, construction or production of an 
asset that necessarily takes a substantial period of time, which AGI considers to be 12 
months or more, to get ready for its intended use or sale are capitalized as part of the cost 
of the respective assets. All other borrowing costs are expensed in the period they occur.
Intangible assets
Intangible assets acquired separately are measured on initial recognition at cost. The 
cost of intangible assets acquired in a business combination is their fair value at the 
date of acquisition. Following initial recognition, intangible assets are carried at cost 
less any accumulated amortization and any accumulated impairment losses. The useful 
lives of intangible assets are assessed as either finite or indefinite. Intangible assets 
with finite useful lives are amortized over the useful economic life and assessed for 
impairment whenever there is an indication that the intangible asset may be impaired. The 
amortization method and amortization period of an intangible asset with a finite useful life 
are reviewed at least annually. Changes in the expected useful life or the expected pattern 
of consumption of future economic benefits embodied in the asset are accounted for by 
changing the amortization period or method, as appropriate, and are treated as changes 
in accounting estimates. The amortization expense on intangible assets with finite lives 
is recognized in the consolidated statements of income (loss) in the expense category 
consistent with the function of the intangible assets.
Intangible assets with indefinite useful lives, which include brand names, are not 
amortized, but are tested for impairment annually, either individually or at the CGU level. 
The assessment of indefinite life is reviewed annually to determine whether the indefinite 
life continues to be supportable. If not, the change in useful life from indefinite to finite is 
made on a prospective basis.
Internally generated intangible assets are capitalized when the product or process is 
technically and commercially feasible and AGI has sufficient resources to complete 
development. The cost of an internally generated intangible asset comprises all directly 
attributable costs necessary to create, produce and prepare the asset to be capable of 
operating in the manner intended by management. Expenditures incurred to develop new 
demos and prototypes are recorded at cost as internally generated intangible assets. 
Amortization of the internally generated intangible assets begins when the development is 
complete and the asset is available for use and it is amortized over the period of expected 
future benefit. Amortization is recorded in cost of goods sold.
Finite-life intangible assets are amortized on a straight-line basis over the estimated useful 
lives of the related assets as follows:
Patents	
	
	
	
	
	
4–20 years
Distribution networks and customer relationships	 	
8–25 years
Development projects	
	
	
	
2–15 years
Order backlog	
	
	
	
	
3–6 months
Non-compete agreement	
	
	
	
7 years
Software	 	
	
	
	
	
1–10 years
Brand names (finite lives)	
	
	
	
3 years
Technology	
	
	
	
	
3 years
Gains or losses arising from derecognition of an intangible asset are measured as the 
difference between the net disposal proceeds and the carrying amount of the asset 
and are recognized in the consolidated statements of income (loss) when the asset is 
derecognized.	
	
	
	

55
Investments in associates
An associate is an entity over which the Company has significant influence. Significant 
influence is the power to participate in the financial and operating policy decisions of the 
investee but is not control or joint control over those policies. The considerations made in 
determining significant influence are similar to those necessary to determine control over 
subsidiaries.
AGI’s investment in its associate is accounted for using the equity method. Under the 
equity method, the investment in an associate is initially recognized at cost. The carrying 
amount of the investment is adjusted to recognize changes in the Company’s share of 
net assets of the associate since the acquisition date. Goodwill relating to the associate 
is included in the carrying amount of the investment and is not tested for impairment 
separately.
The consolidated statements of income (loss) reflect the Company’s share of the results 
of operations of the associate. Any change in OCI of the associate is presented as part of 
AGI’s OCI. In addition, when there has been a change recognized directly in the equity of 
the associate, the Company recognizes its share of any changes, when applicable, in the 
consolidated statements of changes in shareholders’ equity. Unrealized gains and losses 
resulting from transactions between AGI and the associate are eliminated to the extent 
of the interest in the associate. The aggregate of the Company’s share of profit or loss of 
an associate is shown on the face of the consolidated statements of income (loss) and 
represents profit or loss after tax and non-controlling interests in the subsidiaries of the 
associate.
The financial statements of the associate are prepared for the same reporting period as 
the Company. When necessary, adjustments are made to bring the accounting policies in 
line with those of AGI.
After application of the equity method, the Company determines whether it is necessary 
to recognize an impairment loss on its investment in its associate. At each reporting date, 
the Company determines whether there is objective evidence that the investment in the 
associate is impaired. If there is such evidence, the Company calculates the amount of 
impairment as the difference between the recoverable amount of the associate and its 
carrying value, and then recognizes the loss within share of associate’s net income (loss) 
in the consolidated statements of income (loss).
Upon loss of significant influence over the associate, the Company measures and 
recognizes any retained investment at its fair value. Any difference between the carrying 
amount of the associate upon loss of significant influence and the fair value of the retained 
investment and proceeds from disposal is recognized in the consolidated statements of 
income (loss).
Impairment of non-financial assets
AGI assesses at each reporting date whether there is an indication that an asset may be 
impaired. If such an indication exists, or when annual testing for an asset is required, AGI 
estimates the asset’s recoverable amount. The recoverable amount of goodwill as well as 
intangible assets is estimated at least annually on December 31. The recoverable amount 
is the higher of an asset’s or CGU group’s fair value less costs to sell and its value in use.
Value in use is determined by discounting estimated future cash flows using a pre-tax 
discount rate that reflects the current market assessment of the time value of money and 
the specific risks of the asset. In determining fair value less costs to sell, recent market 
transactions are taken into account, if available. If no such transactions can be identified, 
an appropriate valuation model is used. The recoverable amount of assets that do not 
generate independent cash flows is determined based on the CGU group to which the 
asset belongs.
AGI bases its impairment calculation on detailed budgets and forecast calculations that 
are prepared separately for each of AGI’s CGU groups to which the individual assets are 
allocated. These budgets and forecast calculations generally cover a period of five years. 
For periods after five years, a terminal value approach is used.
An impairment loss is recognized in the consolidated statements of income (loss) if an 
asset’s carrying amount or that of the CGU group to which it is allocated is higher than 
its recoverable amount. Impairment losses of a CGU group are first charged against the 
carrying value of the goodwill balance included in the CGU group and then against the 
value of the other assets, in proportion to their carrying amount. In the consolidated 
statements of income (loss), the impairment losses are recognized in those expense 
categories consistent with the function of the impaired asset.
For assets other than goodwill, an assessment is made at each reporting date as to whether 
there is any indication that previously recognized impairment losses may no longer exist 
or may have decreased. If such indication exists, AGI estimates the asset’s or CGU group’s 
recoverable amount. A previously recognized impairment loss is reversed only if there 
has been a change in the assumptions used to determine the asset’s recoverable amount 
since the last impairment loss was recognized. The reversal is limited so that the carrying 
amount of the asset does not exceed its recoverable amount, nor exceed the carrying 
amount that would have been determined, net of depreciation, had no impairment loss 
been recognized for the asset or CGU group in prior years. Such a reversal is recognized 
in the consolidated statements of income (loss).
Goodwill is tested for impairment annually as at December 31 and when circumstances 
indicate that the carrying value may be impaired. Impairment is determined for goodwill 
by assessing the recoverable amount of each CGU group to which the goodwill relates. 
Where the recoverable amount of the CGU group is less than its carrying amount, an 
impairment loss is recognized. Impairment losses relating to goodwill cannot be reversed 
in future periods.

2022 ANNUAL REPORT
56
2022 ANNUAL REPORT

57
Intangible assets with indefinite useful lives are tested for impairment annually as at 
December 31, either individually or at the CGU group level, as appropriate, and when 
circumstances indicate that the carrying value may be impaired.
Financial instruments
Financial assets
AGI classifies its financial assets as [i] amortized cost, [ii] financial assets at fair value 
through profit or loss [“FVTPL”] or [iii] fair value through other comprehensive income 
[“FVTOCI”]. Appropriate classification of financial assets is based on the Company’s 
business model for managing the financial assets and the contractual cash flow 
characteristics of the financial assets. Certain derivatives are designated as hedging 
instruments and hedge accounting is applied, as appropriate.
All financial instruments are recognized initially at fair value plus, in the case of instruments 
not at FVTPL, directly attributable transaction costs. Financial instruments are recognized 
on the trade date, which is the date on which AGI commits to purchase or sell the asset. 
Accounts receivable that do not contain a significant financing component or for which 
the Company has applied the practical expedient are measured at the transaction price 
determined under IFRS 15.
Amortized cost
Financial assets are measured at amortized cost if [i] the financial asset is held within a 
business model whose objective is to hold financial assets in order to collect contractual 
cash flows, and [ii] the contractual terms of the financial asset give rise on specified dates 
to cash flows that are solely payments of principal and interest on the principal amount 
outstanding. Assets in this category include cash and cash equivalents, restricted cash, 
accounts receivable and note receivable and are measured at amortized cost using 
the effective interest method less any impairment. The effective interest amortization 
is included in finance costs in the consolidated statements of income (loss). The losses 
arising from impairment are recognized in the consolidated statements of income (loss) 
in finance costs.
Fair value through other comprehensive income [debt securities]
Debt securities are measured at FVTOCI if [i] the financial asset is held within a business 
model whose object is achieved by both collecting contractual cash flows and selling 
financial assets and [ii] the contractual terms of the financial assets give rise on specified 
dates to cash flows that are solely payments of principal and interest on the principal 
amount outstanding. The Company does not hold any debt securities measured at FVTOCI.
Fair value through other comprehensive income [equity investments]
Upon initial recognition, the Company can elect to classify irrevocably its equity 
investments as equity instruments designated at FVTOCI when they meet the definition of 
equity under IAS 32, Financial Instruments: Presentation and are not held for trading. The 
classification is determined on an instrument-by-instrument basis.
Gains and losses on these financial assets are never recycled to profit or loss. Dividends 
are recognized as other income in the consolidated statements of income (loss) when 
the right of payment has been established, except when the Company benefits from 
such proceeds as a recovery of part of the cost of the financial asset, in which case such 
gains are recorded in OCI. Equity instruments designated at FVTOCI are not subject to 
impairment assessment. The Company elected to classify irrevocably its equity investment 
under this category.
Financial assets at fair value through profit or loss
Financial assets are measured at FVTPL unless they are measured at amortized cost 
or at FVTOCI. Assets in this category include financial assets designated upon initial 
recognition at FVTPL and derivative instruments entered into that are not designated 
as hedging instruments in hedge relationships as defined by IFRS 9. Financial assets at 
FVTPL are carried in the consolidated statements of financial position at fair value, with 
changes in the fair value recognized in finance income or finance costs in the consolidated 
statements of income (loss).
An embedded derivative is a component of a hybrid contract that also includes a non-
derivative host, with the effect that some of the cash of the combined instrument varies in 
a way similar to a stand-alone derivative. Derivatives embedded in a financial asset within 
the scope of IFRS 9 are assessed in their entirety, and the asset as whole is measured at 
FVTPL. Derivatives embedded in host contracts are accounted for as separate derivatives 
and recorded at fair value if the host asset is not within the scope of IFRS 9 [e.g., lease 
contracts]. These embedded derivatives are measured at fair value with changes in fair 
value recognized in the consolidated statements of income (loss). Reassessment only 
occurs if there is a change in the terms of the contract that significantly modifies the cash 
flows that would otherwise be required.
Impairment
The Company recognizes an allowance for expected credit losses [“ECLs”] for debt 
instruments not held at FVTPL. ECLs are based on the difference between the contractual 
cash flows due in accordance with the contract and all the cash flows that the Company 
expects to receive, discounted at an approximation of the original effective interest rate.
Under the general approach, ECLs are recognized in two stages: [i] for credit exposures 
for which there has not been a significant increase in credit risk since initial recognition, 
ECLs are provided for credit losses that result from default events that are possible within 
the next 12 months; [ii] for those credit exposures for which there has been a significant 
increase in credit risk since initial recognition, a loss allowance is required for credit losses 

2022 ANNUAL REPORT
58
expected over the remaining life of the exposure, irrespective of the timing of the default 
[a lifetime ECL].
For accounts receivable, AGI applies a simplified approach in calculating ECLs. Therefore, 
the Company does not track changes in credit risk, but instead recognizes a loss allowance 
based on lifetime ECLs at each reporting date. The Company has established a provision 
matrix that is based on its historical credit loss experience, adjusted for forward-looking 
factors specific to the debtors and the economic environment.
The Company considers a financial asset in default when internal or external information 
indicates that the Company is unlikely to receive the outstanding contractual amounts in 
full before taking into account any credit enhancements held by the Company. A financial 
asset is written off when there is no reasonable expectation of recovering the contractual 
cash flows.
Financial liabilities
Financial liabilities are measured at amortized cost, using the effective interest rate 
method, except for financial liabilities designated at initial recognition at FVTPL and those 
required to be FVTPL. Liabilities measured at amortized cost include accounts payable and 
accrued liabilities, dividends payable, due to vendor, long-term debt, convertible unsecured 
subordinated debentures, and senior unsecured subordinated debentures. Long-term 
debt, convertible unsecured subordinated debentures, and senior unsecured subordinated 
debentures are initially measured at fair value, which is the consideration received, net of 
transaction costs incurred, net of the equity component, if any. Transaction costs related 
to those instruments are included in the value of the instruments and amortized using the 
effective interest rate method. The effective interest expense is included in finance costs 
in the consolidated statements of income (loss). Financial liabilities measured at FVTPL 
include contingent consideration resulting from business combinations and derivative 
financial instruments entered into by the Company that are not designated as hedging 
instruments in hedge relationships as defined by IFRS 9.
AGI has not designated any financial liabilities upon initial recognition as FVTPL.
Derecognition
A financial asset is derecognized when the contractual rights to receive cash flows from 
the asset have expired or when AGI has transferred its rights to receive cash flows from 
the asset.
A financial liability is derecognized when the obligation under the liability is discharged or 
cancelled or expires.
When an existing financial liability is replaced by another from the same lender on 
substantially different terms, or the terms of an existing liability are substantially modified, 
such an exchange or modification is treated as a derecognition of the original liability and 
the recognition of a new liability, and the difference in the respective carrying amounts is 
recognized in the consolidated statements of income (loss).
Derivative financial instruments and hedge accounting
AGI uses derivative financial instruments such as forward currency contracts, interest rate 
swaps and equity swaps to hedge its foreign currency risk, interest rate risk and market 
risk. Such derivative financial instruments are initially recognized at fair value on the date 
on which a derivative contract is entered into and are subsequently remeasured at fair 
value. Derivatives are carried as financial assets when the fair value is positive and as 
financial liabilities when the fair value is negative.
AGI analyzes all its contracts, of both a financial and non-financial nature, to identify the 
existence of any “embedded” derivatives. Any gains or losses arising from changes in the 
fair value of derivatives are recorded directly in the consolidated statements of income 
(loss), except for the effective portion of cash flow hedges, which is recognized in OCI.
For the purpose of hedge accounting, hedges are classified as cash flow hedges when 
hedging exposure to variability in cash flows that is either attributable to a particular risk 
associated with a recognized asset or liability or a highly probable forecast transaction or 
the foreign currency risk in an unrecognized firm commitment.
The Company applies IFRS 9 for hedge accounting, whereby at the inception of a hedge 
relationship, AGI formally designates and documents the hedge relationship to which 
AGI wishes to apply hedge accounting and the risk management objective and strategy 
for undertaking the hedge. The documentation includes identification of the hedging 
instrument, the hedged item, the nature of the risk being hedged and how the Company 
will assess whether the hedging relationship meets the hedge effectiveness requirements 
[including the analysis of sources of hedge ineffectiveness and how the hedge ratio is 
determined].
A hedging relationship qualifies for hedge accounting if it meets all of the following 
effectiveness requirements:
	
• There is “an economic relationship” between the hedged item and the hedging 
instrument.
	
• The effect of credit risk does not “dominate the value changes” that result from that 
economic relationship.
	
• The hedge ratio of the hedging relationship is the same as that resulting from the 
quantity of the hedged item that the Company actually hedges and the quantity of the 
hedging instrument that Company actually uses to hedge that quantity of hedged item.
Hedges that meet the strict criteria for hedge accounting are accounted for as follows:

59
Cash flow hedges
The effective portion of the gain or loss on the hedging instrument is recognized directly 
as OCI in the cash flow hedge reserve, while any ineffective portion is recognized 
immediately in the consolidated statements of income (loss) in other operating income or 
expenses. Amounts recognized as OCI are transferred to the consolidated statements of 
income (loss) when the hedged transaction affects profit or loss, such as when the hedged 
financial income or financial expense is recognized or when a forecast sale occurs.
If the forecast transaction or firm commitment is no longer expected to occur, the 
cumulative gain or loss previously recognized in equity is transferred to the consolidated 
statements of income (loss). If the hedging instrument expires or is sold, terminated or 
exercised without replacement or rollover, or if its designation as a hedge is revoked, any 
cumulative gain or loss previously recognized in OCI remains in OCI until the forecast 
transaction or firm commitment affects profit or loss.
Offsetting of financial instruments
Financial assets and financial liabilities are offset and the net amount reported in the 
consolidated statements of financial position if, and only if, there is a currently enforceable 
legal right to offset the recognized amounts and there is an intention to settle on a net 
basis, or to realize the assets and settle the liabilities simultaneously.
Fair value of financial instruments
Fair value is the estimated amount that AGI would pay or receive to dispose of these 
contracts in an arm’s length transaction between knowledgeable, willing parties who 
are under no compulsion to act. The fair value of financial instruments that are traded in 
active markets at each reporting date is determined by reference to quoted market prices, 
without any deduction for transaction costs.
For financial instruments not traded in an active market, the fair value is determined 
using appropriate valuation techniques that are recognized by market participants. Such 
techniques may include using recent arm’s length market transactions, reference to the 
current fair value of another instrument that is substantially the same, discounted cash 
flow analysis or other valuation models.
Provisions
Provisions are recognized when AGI has a present obligation, legal or constructive, as a 
result of a past event, it is probable that an outflow of resources embodying economic 
benefits will be required to settle the obligation and a reliable estimate can be made 
of the amount of the obligation. Where AGI expects some or all of a provision to be 
reimbursed, for example under an insurance contract, the reimbursement is recognized 
as a separate asset but only when the reimbursement is virtually certain. The expense 
relating to any provision is presented in the consolidated statements of income (loss), net 
of any reimbursement. If the effect of the time value of money is material, provisions are 
discounted using a current pre-tax rate that reflects, where appropriate, the risks specific 
to the liability. Where discounting is used, the increase in the provision due to the passage 
of time is recognized as a finance cost.
Warranty provisions
Provisions for warranty-related costs relate to assurance-type warranties and are 
recognized when the product is sold or service provided. Initial recognition is based on 
historical experience. Additional provisions for unexpected warranty events are recorded 
when probable and can be estimated. The initial estimate of warranty-related costs is 
revised at each reporting period.
Profit (loss) per share
The computation of profit (loss) per share is based on the weighted average number 
of shares outstanding during the period. Diluted profit (loss) per share is computed in 
a similar way to basic profit (loss) per share except that the weighted average shares 
outstanding are increased to include additional shares assuming the exercise of share 
options, share appreciation rights and convertible debt options, if dilutive.
Revenue recognition
Sale of goods
Revenue from the sale of goods is primarily recognized at a point in time when the Company 
satisfies a performance obligation and control of the goods is transferred from seller to 
buyer. A performance obligation is a good or a series of goods that are distinct. A contract 
with various distinct goods is considered to have multiple performance obligations for 
which revenue is recognized as each performance obligation is satisfied. If a promised 
good is not distinct, the good is combined with other promised goods until a bundle of 
goods is distinct, resulting in accounting for all the goods promised in a contract as a 
single performance obligation. In determining satisfaction of the performance obligation 
and point of revenue recognition, the Company considers the terms of the underlying 
contracts including, but not limited to, shipping terms, transfer of title and risk of loss, and 
acceptance/performance testing. All costs incurred or to be incurred in connection with 
the sale, including assurance-type warranty costs and sales incentives, are charged to 
cost of sales or as a deduction from revenue at the time revenue is recognized. 
Revenue from contracts with customers is recognized at an amount that reflects the 
consideration to which the Company is entitled to in exchange for those goods. The 
Company considers whether there are other promises in the contract that are separate 
performance obligations to which a portion of the transaction price needs to be allocated.

2022 ANNUAL REPORT
60
If the consideration in a contract includes a variable amount, the Company estimates 
the amount of consideration to which it will be entitled in exchange for transferring the 
goods to the customer. The variable consideration is estimated at contract inception and 
constrained until it is highly probable that a significant revenue reversal in the amount of 
cumulative revenue recognized will not occur when the associated uncertainty with the 
variable consideration is subsequently resolved.
The Company applies the practical expedient for advances received from customers. That 
is, the promised amount of consideration is not adjusted for the effects of a significant 
financing component if the period between the transfer of the promised good or service 
and the payment is one year or less.
AGI applies bill and hold sales accounting in specific situations provided all the following 
conditions are met as of the reporting date: [i] there is a substantive reason for the 
arrangement; [ii] the goods are separately identified as belonging to the customer; [iii] AGI 
is no longer able to use the goods or direct the goods to another customer; and [iv] the 
goods are currently ready for physical transfer to the customer.
The sale of certain turn-key projects under the customer’s control can span over three 
to six months but collectively represents an insignificant portion of AGI’s total revenues. 
Revenue on these projects is recognized over time progressively based on the percentage 
of completion method by reference to costs incurred as a percentage of the total estimated 
costs. Payment terms are usually based on set milestones as outlined in the contract. 
Typically amounts are received in advance of work performed and are recorded as customer 
deposits. Contract assets representing revenue recognized prior to being invoiced are not 
material. Any foreseeable losses on such projects are recognized immediately in profit or 
loss as identified.
Contract liabilities include customer deposits, which represent cash received from the 
customer in advance of the delivery of goods or work being performed. Contract liabilities 
are subsequently recognized in revenue when AGI performs under contracts, which 
typically occurs within 12 months or less. AGI has elected to use the practical expedient to 
not disclose the Company’s remaining performance obligations as those obligations are 
part of contracts that have an original expected duration of less than one year.
The Company has also elected to apply the practical expedient of expensing the 
incremental costs of obtaining a contract when incurred as the amortization period of the 
asset that would be recognized is one year or less.
Income taxes
AGI and its subsidiaries are generally taxable under the statutes of their country of 
incorporation.
Current income tax assets and liabilities for the current and prior period are measured at 
the amount expected to be recovered from or paid to the taxation authorities. The tax rates 
and tax laws used to compute the amount are those that are enacted or substantively 
enacted at the reporting date in the countries where AGI operates and generates taxable 
income. Current income tax relating to items recognized directly in equity is recognized in 
equity and not in the consolidated statements of income (loss). Management periodically 
evaluates positions taken in the tax returns with respect to situations in which applicable 
tax regulations are subject to interpretation and establishes provisions where appropriate.
AGI follows the liability method of accounting for deferred taxes. Under this method, income 
tax liabilities and assets are recognized for the estimated tax consequences attributable to 
the temporary differences between the carrying value of the assets and liabilities on the 
consolidated statements of financial position and their respective tax bases.
Deferred tax liabilities are recognized for all taxable temporary differences, except:
	
• Where the deferred tax liability arises from the initial recognition of goodwill or of an 
asset or liability in a transaction that is not a business combination and, at the time of 
the transaction, affects neither the accounting profit nor the taxable profit or loss.
	
• In respect of taxable temporary differences associated with investments in subsidiaries 
and associates, where the timing of the reversal of the temporary differences can be 
controlled and it is probable that the temporary differences will not reverse in the 
foreseeable future.
Deferred tax assets are recognized for all deductible temporary differences and 
carryforward of unused tax losses, to the extent that it is probable that taxable profit will 
be available against which the deductible temporary differences and the carryforward of 
unused tax losses can be utilized, except:
	
• When the deferred tax asset relating to the deductible temporary difference arises 
from the initial recognition of an asset or liability in a transaction that is not a business 
combination and, at the time of the transaction, affects neither the accounting profit nor 
taxable profit or loss.
	
• In respect of deductible temporary differences associated with investments in 
subsidiaries and associates, deferred tax assets are recognized only to the extent that 
it is probable that the temporary differences will reverse in the foreseeable future and 
taxable profit will be available against which the temporary differences can be utilized.
The carrying amounts of deferred tax assets are reviewed at each reporting date and 
reduced to the extent that it is no longer probable that sufficient taxable profit will be 
available to allow all or part of the deferred tax asset to be utilized. Unrecognized deferred 
tax assets are reassessed at each reporting date and are recognized to the extent that 
it has become probable that future taxable profits will allow the deferred tax asset to 
be recovered. Deferred tax assets and liabilities are measured at the tax rates that are 

61

2022 ANNUAL REPORT
62

63
expected to apply in the year when the asset is realized or the liability is settled, based on 
tax rates [and tax laws] that have been enacted or substantively enacted at the reporting 
date.
Deferred tax items are recognized in correlation to the underlying transaction either in the 
consolidated statements of income (loss), OCI or directly in equity.
Deferred tax assets and deferred tax liabilities are offset if a legally enforceable right exists 
to offset current tax assets against current income tax liabilities and the deferred taxes 
relate to the same taxable entity and the same taxation authority.
Tax benefits acquired as part of a business combination, but not satisfying the criteria for 
separate recognition at that date, would be recognized subsequently if information about 
facts and circumstances changed. The adjustment would either be treated as a reduction 
to goodwill if it occurred during the measurement period or in profit or loss, when it occurs 
subsequent to the measurement period.
Sales tax
Revenue, expenses and assets are recognized net of the amount of sales tax, except 
where the sales tax incurred on a purchase of assets or services is not recoverable from 
the taxation authority, in which case the sales tax is recognized as part of the cost of 
acquisition of the asset or as part of the expense item as applicable and where receivables 
and payables are stated with the amount of sales tax included.
The net amount of sales tax recoverable from, or payable to, the taxation authority is 
included as part of receivables or payables in the consolidated statements of financial 
position.
Share-based compensation plans
Employees of AGI may receive remuneration in the form of share-based payment 
transactions, whereby employees render services and receive consideration in the form 
of equity instruments [equity-settled transactions or share award incentive plan and 
directors’ deferred compensation plan]. In situations where equity instruments are issued 
and some or all of the goods or services received by the entity as consideration cannot 
be specifically identified, the unidentified goods or services received are measured as 
the difference between the fair value of the share-based payment transaction and the fair 
value of any identifiable goods or services received at the grant date and are capitalized or 
expensed as appropriate.
Equity-settled transactions
The cost of equity-settled transactions is determined using the grant date fair value and 
is recognized, together with a corresponding increase in other capital reserves, in equity, 
over the period in which the performance and/or service conditions are fulfilled.
The cumulative expense recognized for equity-settled transactions at each reporting date 
until the vesting period reflects the extent to which the vesting period has expired and 
AGI’s best estimate of the number of the shares that will ultimately vest. The expense or 
credit recognized for a period represents the movement in cumulative expense recognized 
as at the beginning and end of that period and is recognized in the consolidated statements 
of income (loss) in the respective function line. When options and other share-based 
compensation awards are exercised or exchanged, the amounts previously credited to 
contributed surplus are reversed and credited to shareholders’ equity. The amount of cash, 
if any, received from participants is also credited to shareholders’ equity.
Where the terms of an equity-settled transaction award are modified, the minimum expense 
recognized is the expense as if the terms had not been modified, if the original terms of the 
award are met. An additional expense is recognized for any modification that increases the 
total fair value of the share-based payment transaction, or is otherwise beneficial to the 
employee as measured at the date of modification.
Where an equity-settled award is cancelled, it is treated as if it vested on the date of 
cancellation and any expense not yet recognized for the award [being the total expense 
as calculated at the grant date] is recognized immediately. This includes any award where 
vesting conditions within the control of either the Company or the employee are not met. 
However, if a new award is substituted for the cancelled award, and designated as a 
replacement award on the date that it is granted, the cancelled and new awards are treated 
as if they were a modification of the original award.
The dilutive effect of outstanding options is reflected as additional share dilution in the 
computation of diluted earnings per share.
Cash-settled transactions
A liability is recognized for the fair value of cash-settled transactions. The fair value is 
measured initially and at each reporting date up to and including the settlement date, with 
changes in fair value recognized in employee benefits expense. The fair value is expensed 
over the period until the vesting date with recognition of a corresponding liability. The 
cost of cash-settled transactions is determined using the grant date fair value and is 
recognized, together with a corresponding increase in liabilities, over the period in which 
the performance and/or service conditions are fulfilled. The approach used to account 
for vesting conditions when measuring equity-settled transactions also applies to cash-
settled transactions.
Employee benefits
Certain employees are covered by defined benefit pension plans, and certain former 
employees are also entitled to other post-employment benefits such as life insurance. The 

2022 ANNUAL REPORT
64
Company’s defined benefit plan asset (obligation) is actuarially calculated by a qualified 
actuary at the end of each annual reporting period using the projected unit credit method 
and management’s best estimates of the discount rate, the rate of compensation increase, 
retirement rates, termination rates and mortality rates. The discount rate used to value 
the defined benefit obligation for accounting purposes is based on the yield on a portfolio 
of high-quality corporate bonds denominated in the same currency with cash flows that 
match the terms of the defined benefit plan obligations. Past service costs (credits) arising 
from plan amendments are recognized in operating income in the year that they arise. The 
actuarially determined net interest costs on the net defined benefit plan obligation are 
recognized in interest cost for the defined benefit plan. Actual post-employment benefit 
costs incurred may differ materially from management estimates.
The fair values of plan assets are deducted from the defined benefit plan obligations to 
arrive at the net defined benefit plan asset (obligation). When the plan has a net defined 
benefit asset, the recognized asset is limited to the present value of economic benefits 
available in the form of future refunds from the plan or reductions in future contributions 
to the plan [the “asset ceiling”]. If it is anticipated that the Company will not be able to 
recover the value of the net defined benefit asset, after considering minimum funding 
requirements for future service, the net defined benefit asset is reduced to the amount 
of the asset ceiling. When the payment in the future of minimum funding requirements 
related to past service would result in a net defined benefit surplus or an increase in a 
surplus, the minimum funding requirements are recognized as a liability to the extent that 
the surplus would not be fully available as a refund or a reduction in future contributions.
Re-measurements including actuarial gains and losses and the impact of any minimum 
funding requirements are recognized through OCI.
Current employee wages and benefits are expensed as incurred.
Post-retirement benefit plans
AGI contributes to retirement savings plans subject to maximum limits per employee. 
AGI accounts for such defined contributions as an expense in the period in which the 
contributions are required to be made.
Research and development expenses
Research expenses, net of related tax credits, are charged to the consolidated statements 
of income (loss) in the period they are incurred. Development costs are charged to 
operations in the period of the expenditure unless they satisfy the condition for recognition 
as an internally generated intangible asset.
Government grants
Government grants are recognized at fair value where there is reasonable assurance 
that the grant will be received and all attaching conditions will be complied with. Where 
the grants relate to an asset, the fair value is credited to the cost of the asset and is 
released to the consolidated statements of income (loss) over the expected useful life in a 
consistent manner with the depreciation method for the relevant assets. Income-related 
government grants received are recorded against cost of goods sold and selling, general 
and administrative expenses.
Investment tax credits
Federal and provincial investment tax credits are accounted for as a reduction of the cost 
of the related assets or expenditures in the year in which the credits are earned and when 
there is reasonable assurance that the credits can be used to recover taxes.
4. Significant accounting judgments, estimates and 
    assumptions
The preparation of the consolidated financial statements requires management to make 
judgments, estimates and assumptions that affect the reported amounts of assets, 
liabilities, income, expenses and the disclosure of contingent liabilities. The estimates 
and related assumptions are based on previous experience and other factors considered 
reasonable under the circumstances, the results of which form the basis of making the 
assumptions about carrying values of assets and liabilities that are not readily apparent 
from other sources. However, uncertainty about these assumptions and estimates could 
result in outcomes that require a material adjustment to the carrying amount of the asset 
or liability affected in future periods.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions 
to accounting estimates are recognized in the period in which the estimate is revised if 
the revision affects only that period, or in the period of the revision and future periods if 
the revision affects both current and future periods. The key assumptions concerning the 
future and other key sources of estimation uncertainty at the reporting date that have a 
significant risk of causing a material adjustment to the carrying amounts of assets and 
liabilities within the next financial year are described below.
Provisions for equipment rework and remediation costs
As a component of its warranty provisions, the Company has recognized a provision 
for equipment rework and remediation costs in relation to events that occurred in 2019 
and 2020 [note 19]. In determining the provision, assumptions and estimates are made in 
relation to expected costs and expected timing of those costs. Assumptions and judgments 
are used in various probability weighted scenarios based on information known as at the 
reporting date. The provision considered estimates and assumptions with respect to the 
degree of liability, if any, estimated volume of materials and material costs, estimated labor 

65
hours, equipment costs and third-party construction costs and the risk-adjusted weighting 
of other liabilities as a result of the customer claim. The nature and scope of work and 
costs estimated are determined in consultation with internal and external advisors and are 
management’s best estimate of the expenditures required to settle the present obligation 
at the end of the reporting period. As additional information becomes available, estimates 
and assumptions made by management could differ materially in future reporting periods.
Impairment of non-financial assets
AGI’s impairment test is based on the higher of value in use calculations that use a 
discounted cash flow model or fair value less cost to sell. The cash flows are derived from 
the forecast for the next five years and do not include restructuring activities to which 
AGI has not yet committed or significant future investments that will enhance the asset’s 
performance of the CGU being tested. These calculations require the use of estimates and 
forecasts of future cash flows. Qualitative factors, including market presence and trends, 
obsolescence factors, strength of customer relationships, strength of local management, 
strength of debt and capital markets, and degree of variability in cash flows, as well as other 
factors, are considered when making assumptions with regard to future cash flows and the 
appropriate discount rate. Obsolescence factors includes both economic and functional 
obsolescence including development costs, maintenance costs and amortization rate. 
The recoverable amount is most sensitive to the discount rate, as well as the forecasted 
adjusted gross margins and revenue growth rate used for extrapolation purposes. A 
change in any of the significant assumptions or estimates used to evaluate goodwill and 
other non-financial assets could result in a material change to the results of operations. 
The key assumptions used to determine the recoverable amount for the different CGUs are 
further explained in note 16.
CGUs are defined as the lowest grouping of integrated assets that generate identifiable 
cash inflows that are largely independent of the cash inflows of other assets or groups 
of assets. The classification of assets into CGUs requires significant judgment and 
interpretations with respect to the integration between assets, the nature of products, the 
way in which management allocates resources and other relevant factors.
Impairment of financial assets
Assessments about the recoverability of financial assets, including accounts receivable, 
require significant judgment in determining whether there is objective evidence that a 
loss event has occurred and estimates of the amount and timing of future cash flows. 
The Company maintains an allowance for doubtful accounts for estimated losses resulting 
from the inability to collect on its trade receivables. A portion of the Company’s sales 
are generated in overseas markets, including in emerging markets such as countries in 
Eastern Europe, South America, Africa, and Asia. Emerging markets are subject to various 
additional risks, including currency exchange rate fluctuations, economic conditions and 
foreign business practices. One or more of these factors could have a material effect on the 
future collectability of such receivables.
In assessing whether objective evidence of impairment exists at each reporting date, 
the Company uses a provision matrix to measure expected credit losses. The provision 
rates are based on days past due for groupings of various customer segments with similar 
loss patterns [i.e., by geographical region, product type, customer type and rating, and 
coverage by letters of credit or other forms of credit insurance]. The calculation reflects the 
probability-weighted outcome, the time value of money and reasonable and supportable 
information that is available at the reporting date about past events, current conditions 
and forecasts of future economic conditions. The maximum exposure to credit risk at the 
reporting date is the carrying value of each class of financial assets disclosed in note 31[b]. 
The letters of credit and other forms of credit insurance are considered an integral part of 
trade receivables and considered in the calculation of impairment. The Company evaluates 
the concentration of risk with respect to trade receivables and contract assets as low, as its 
customers are located in several jurisdictions and operate in largely independent markets.
Future collections of accounts receivable that differ from the Company’s current estimates 
would affect the results of the Company’s operations in future periods as well as the 
Company’s trade receivables and general and administrative expenses, and amounts may 
be material.
Development costs
Development costs are capitalized in accordance with the accounting policy described in 
note 3. Initial capitalization of costs is based on management’s judgment that technical 
and economic feasibility is confirmed, usually when a project has reached a defined 
milestone according to an established project management model.
Useful lives of key property, plant and equipment and intangible assets
The depreciation method and useful lives reflect the pattern in which management 
expects the asset’s future economic benefits to be consumed by AGI. Refer to note 3 for 
the estimated useful lives.
Fair value of financial instruments
Where the fair value of financial assets and financial liabilities recorded in the consolidated 
statements of financial position cannot be derived from active markets, it is determined 
using valuation techniques including discounted cash flow models. The inputs to 
these models are taken from observable markets where possible, but where this is not 
feasible, a degree of judgment is required in establishing fair values. The judgments 
include considerations of inputs such as liquidity risk, credit risk and volatility. Changes 
in assumptions about these factors could affect the reported fair value of financial 
instruments. Contingent considerations resulting from business combinations are valued 
at fair value at the acquisition date as part of the business combination and subsequently 
fair valued as described in business combinations below.

2022 ANNUAL REPORT
66
Share-based payments
AGI measures the cost of equity-settled share-based payment transactions with employees 
by reference to the fair value of equity instruments at the grant date, whereas the fair value 
of cash-settled share-based payments is remeasured at every reporting date. Estimating 
fair value for share-based payments requires determining the most appropriate valuation 
model for a grant of these instruments, which is dependent on the terms and conditions 
of the grant.
Income taxes
Uncertainties exist with respect to the interpretation of complex tax regulations, changes 
in tax laws and the amount and timing of future taxable income. Given the wide range 
of international business relationships and the long-term nature and complexity of 
existing contractual agreements, differences arising between the actual results and the 
assumptions made, or future changes to such assumptions, could necessitate future 
adjustments to taxable income and expenses already recorded. AGI establishes provisions, 
based on reasonable estimates, for possible consequences of audits by the tax authorities 
of the respective countries in which it operates. The amount of such provisions is based on 
various factors, such as experience of previous tax audits and differing interpretations of 
tax regulations by the taxable entity and the responsible tax authority.
Such differences of interpretation may arise on a wide variety of issues, depending on 
the conditions prevailing in the respective company’s domicile. As AGI assesses the 
probability for litigation and subsequent cash outflow with respect to taxes as remote, no 
contingent liability has been recognized. Deferred tax assets are recognized for all unused 
tax losses to the extent that it is probable that taxable profit will be available against which 
the losses can be utilized. Significant management judgment is required to determine the 
amount of deferred tax assets that can be recognized, based upon the likely timing and the 
level of future taxable profits together with future tax planning strategies.
Leases – Estimating the incremental borrowing rate
The Company cannot readily determine the interest rate implicit in leases; therefore, it 
uses its incremental borrowing rate [“IBR”] to measure lease liabilities. The IBR is the rate 
of interest that the Company would have to pay to borrow over a similar term, and with a 
similar security, the funds necessary to obtain an asset of a similar value to the right-of-use 
asset in a similar economic environment. The IBR therefore reflects what the Company 
“would have to pay”, which requires estimation when no observable rates are available 
[such as subsidiaries that do not enter into financing transactions] or when they need to 
be adjusted to reflect the terms and conditions of the lease. The Company estimates the 
IBR using observable inputs, such as market interest rates, when available and is required 
to make certain entity-specific estimates [such as a subsidiary’s stand-alone credit rating].
Business combinations
For acquisition accounting purposes, all identifiable assets, liabilities and contingent 
liabilities acquired in a business combination are recognized at fair value at the date of 
acquisition. Estimates are used to calculate the fair value of these assets and liabilities as 
at the date of acquisition. Contingent consideration resulting from business combinations 
is valued at fair value at the acquisition date as part of the business combination. Where 
the contingent consideration is recognized, it is subsequently remeasured to fair value at 
each reporting date. The determination of the fair value is based on discounted cash flows. 
The key assumptions take into consideration the probability of meeting each performance 
target and the discount factor.
5. Standards issued but not yet effective
Amendments to IAS 1, Presentation of Financial Statements [“IAS 1”]
In January 2020, amendments were issued to IAS 1, which provide requirements for 
classifying liabilities as current or non-current. Specifically, the amendments clarify:
	
• What is meant by a right to defer settlement;
	
• That a right to defer must exist at the end of the reporting period;
	
• That classification is unaffected by the likelihood that an entity will exercise its deferral 
right; and
	
• That only if an embedded derivative in a convertible liability is itself an equity instrument 
would the terms of a liability not impact its classification.
The amendments must be applied retrospectively for annual periods beginning after 
January 1, 2024. The Company will assess the impact, if any, of adoption of the amendment.
Amendments to IAS 1 and IFRS Practice Statement [“PS”] 2, Making 
Materiality Judgments
In February 2021, amendments were issued to IAS 1 and IFRS PS 2, which provide guidance 
and examples to help entities apply materiality judgment to accounting policy disclosures. 
Specifically, the amendments aim to:
	
• Replace the requirement for entities to disclose their “significant” accounting policies 
with a requirement to disclose their “material” accounting policies; and 
	
• Add guidance on how to apply the concept of materiality in making decisions about 
accounting policy disclosures.
The amendments are effective for annual periods beginning after January 1, 2023. The 

67

2022 ANNUAL REPORT
68
Company will assess the impact, if any, of adoption of the amendment.
6. Business combinations
[a] Farmobile, Inc.
Effective April 16, 2021, AGI acquired additional outstanding shares of Farmobile, Inc. 
[“Farmobile”] for approximately U.S. $11 million pursuant to the preferred share and common 
share stock purchase agreements. The terms of the agreements facilitate the acquisition 
of all outstanding shares of Farmobile, building on AGI’s initial equity investment made in 
Farmobile in 2019. The investment was financed by cash on hand.
Farmobile, headquartered in Leawood, Kansas, is an agriculture technology company. The 
Farmobile PUCTM is a two-way, field data management device with a platform for data 
standardization and management; it enables the real-time automation and standardization 
of critical data collection from equipment used in the field. This acquisition builds on AGI’s 
Internet of Things [“IoT”] product portfolio as an addition to the AGI SureTrack platform.
$
Fair value of consideration transferred, net of cash acquired
12,865
Cash acquired
884
Fair value of consideration transferred
13,749
Fair value of equity investment prior to control
18,755
Purchase price
32,504
AGI’s investment in its associate was accounted for using the equity method. For the 
year ended December 31, 2021, the Company share of associate’s net loss was $1,077. The 
additional purchase of shares resulted in control being obtained and has been accounted 
for by the acquisition method, with the results of Farmobile included in the Company’s 
net earnings subsequent to control being obtained. Immediately before obtaining control, 
the Company remeasured its previously held equity investment at its acquisition-date fair 
value and recognized a gain of $6,778 in profit and loss in 2021.
The fair value of the assets acquired and the liabilities assumed has been determined 
on a provisional basis utilizing information available at the time the audited consolidated 
financial statements were prepared. Additional information is being gathered to finalize 
these provisional measurements, particularly with respect to intangible assets, inventory 
and deferred taxes. Accordingly, the measurement of assets acquired and liabilities 
assumed may change upon finalization of the Company’s valuation and completion of the 
purchase price allocation, both of which are expected to occur no later than one year from 
the acquisition date.
The following table summarizes the fair values of the identifiable assets and liabilities as 
at the date of acquisition:
$
Cash
884
Accounts receivable
178
Inventory
412
Prepaid expenses and other assets
642
Property, plant and equipment
45
Right-of-use assets
1,671
Intangible assets
Technology
24,078
Patents
274
Goodwill
11,795
Accounts payable and accrued liabilities
(1,245)
Customer deposits
(977)
Lease liability
(1,671)
Deferred tax liability
(3,582)
Purchase consideration
32,504
The goodwill of $11,795 comprises the value of the assembled workforce and other expected 
synergies arising from the acquisition. During the measurement period, further information 
regarding tax balances was obtained, resulting in a $2.1 million adjustment to deferred tax 
liability with an offsetting increase to goodwill.
The fair value of the accounts receivable acquired is $178. This consists of the gross 
contractual value of $241 less the estimated amount not expected to be collected of $63. 
In 2022, the allocation of the purchase price to acquired assets and liabilities was finalized.
The components of the purchase consideration are as follows:
$
Cash paid
13,749
Fair value of equity investment prior to control
18,755
Purchase price
32,504

69
Additional contingent consideration, dependent on the outcome of future events, may 
be payable to certain selling shareholders of Farmobile and AGI. No amount has been 
accrued as the outcome of the future events is not yet determinable and any payments will 
be limited to proceeds received from the future events.
Transaction costs related to the Farmobile acquisition in the year ended December 31, 
2022 were nil [2021 – $1,389] are included in selling, general and administrative expenses.
[b] Eastern Fabricators Inc.
On January 4, 2022, AGI completed the acquisition of 100% of Eastern Fabricators Inc. 
[“Eastern”]. Eastern specializes in the engineering, design, fabrication and installation of 
high-quality stainless-steel equipment and systems for food processors. Eastern operates 
three facilities in Canada, with two in Prince Edward Island and one in Ontario. Eastern’s 
market-leading products, services, manufacturing capacity and customer relationships will 
provide strong revenue synergies as Eastern is integrated into AGI’s commercial segment.
Consideration for the transaction includes an upfront purchase price of $29.25 million paid 
upon closing plus the potential for additional earn-out payments based on the achievement 
of financial targets in future years.
The transaction was funded primarily through AGI’s senior debt facilities.
$
Purchase price
36,640
Cash acquired
1,088
Working capital adjustment
1,951
Due from vendor
(133)
Total purchase price
39,546
Post-combination expense
(7,390)
Purchase consideration
32,156
The post-combination expense of $7.4 million is payable based on meeting earnings target 
in 2022, 2023 and 2024.
The purchase has been accounted for by the acquisition method, with the results of 
Eastern included in the Company’s net profit (loss) from the date of acquisition. In 2022, 
the allocation of the purchase price to acquired assets and liabilities was finalized.
$
Cash
1,088
Accounts receivable
5,083
Inventory
3,186
Prepaid expenses and other assets
25
Property, plant and equipment
1,094
Right-of-use assets
908
Intangible assets
Trade name
1,000
Customer backlog
1,200
Customer relationships
14,300
Goodwill
14,421
Accounts payable and accrued liabilities
(1,933)
Customer deposits
(2,229)
Income taxes payable
(137)
Lease liability
(908)
Deferred income tax liability
(4,942)
Purchase consideration
32,156
Goodwill of $14,421 comprises the value of the assembled workforce and other expected 
synergies arising from the acquisition.
The fair value of the accounts receivable acquired is $5,083. This consists of the gross 
contractual value of $6,149 less the estimated amount not expected to be collected of 
$1,066.
During the measurement period, inventory was decreased by $230 and deferred tax liability 
was decreased by $69 to account for the expected loss on an onerous contract identified. 
The change in inventory and deferred tax liability, in addition to other smaller adjustments, 
resulted in a net increase to goodwill of $168. Additionally, the measurement of the present 
value of future cash flows was finalized, which decreased the values of intangible assets 
identified. Intangible assets decreased by $3.7 million and deferred tax liability increased 
by $1.1 million, resulting in a net increase to goodwill of $2.6 million.
From the date of acquisition, Eastern contributed to the results $24,408 of revenue and 
$6,738 of net loss. If the acquisition had taken place as at January 1, 2022, revenue and net 
loss in 2022 would not have materially changed.
The following table summarizes the fair values of the identifiable assets and liabilities as 
at the date of acquisition:

2022 ANNUAL REPORT
70
$
Cash paid
29,250
Due to vendor
2,906
Purchase consideration
32,156
During the year ended December 31, 2022, the due to vendor amount of $2,906 was paid.
Transaction costs related to the Eastern acquisition in the year ended December 31, 2022 
were $55 [2021 – nil] and are included in selling, general and administrative expenses.
7. Reportable business segment
During the three-month period ended December 31, 2022, the Company reorganized its 
business segments as a result of the change in the Chief Executive Officer, who has been 
identified as the Chief Operating Decision Maker [“CODM”], and the way in which the 
CODM monitors the Company’s operations. As a result of this change, the Company has 
identified its reportable segments as Farm and Commercial, each of which are supported 
by the corporate office. The previously identified Digital segment has now been included 
within the Farm segment. These segments are strategic business units that offer different 
products and services, and each is managed separately. The operating segments are 
being reported based on the financial information provided to the CODM in monitoring 
segment performance and allocating resources between segments. In 2022, discrete 
financial information, which includes revenue, operating expenses, and assets, is only 
available at the segments level to the CODM for the purpose of reviewing performance 
and in determining how resources should be allocated; management reports in 2022 have 
been modified to present only the Farm and Commercial segments. Certain corporate 
overheads are included in the segments based on revenue. Taxes and certain other 
expenses are managed at a consolidated level and are not allocated to the reportable 
operating segments. The CODM assesses segment performance based on adjusted 
earnings before income tax, depreciation, and amortization [“Adjusted EBITDA”], which 
is measured differently than profit (loss) from operations in the consolidated financial 
statements. Financial information for the comparative period has been restated to reflect 
the new presentation.
The Company’s reportable segments are as follows:
	
• Farm: AGI’s Farm business includes the sale of grain and fertilizer handling equipment, 
aeration products and storage bins, primarily to farmers where on-farm storage 
practices are conducive to the sale of portable handling equipment and smaller diameter 
storage bins for grain and fertilizer. Included in Farm are products that offer monitoring, 
operation, measurement and blending controls, automation, hazard monitoring, 
embedded electronics, farm management, grain marketing and tools for agronomy, and 
Enterprise Resource Planning for agriculture retailers and grain buyers.
	
• Commercial: AGI’s Commercial business includes the sale of larger diameter storage 
bins, highcapacity stationary grain handling equipment, fertilizer storage and handling 
systems, feed handling and storage equipment, aeration products, hazard monitoring 
systems, automated blending systems, control systems and food processing solutions. 
AGI’s Commercial customers include large multinational agri-businesses, grain 
handlers, regional cooperatives, contractors, food and animal feed manufacturers, and 
fertilizer blenders and distributors. Commercial equipment is used at port facilities for 
both the import and export of grains, inland grain terminals, corporate farms, fertilizer 
distribution sites, ethanol production, oilseed crushing, commercial feed mills, rice mills 
and flour mills.
The following tables set forth information by segment:
2022
$
2021
$
Farm
778,088
647,869
Commercial
679,994
550,654
Sales
1,458,082
1,198,523
2022
Farm
$
Commercial
$
Other [1]
$
Total
$
Profit (loss) before income taxes
36,676
72,716
(154,705)
(45,313)
Finance costs
—
—
61,067
61,067
Depreciation and amortization
40,548
29,494
6,903
76,945
Loss on foreign exchange
—
—
8,941
8,941
Share-based compensation
—
—
15,620
15,620
Gain on financial instruments
—
—
(9,629)
(9,629)
Mergers and acquisitions recovery
—
—
(144)
(144)
Transaction, transitional and other
costs [3]
13,669
—
30,632
44,301
Loss (gain) on sale of property, plant
and equipment
(160)
479
20
339
Loss on settlement of lease liability
—
1
—
1
Fair value of inventory from acquisition
—
609
—
609
Equipment rework
—
—
6,100
6,100
Impairment [notes 12 to 17]
72,385
3,461
—
75,846
Adjusted EBITDA [2]
163,118
106,760
(35,195)
234,683
The components of the purchase consideration are as follows:

71
[1]	
Included in Other is the corporate office, which is not a reportable segment, and which provides finance, treasury, 
legal, human resources and other administrative support to the segments.
[2]	
The CODM uses Adjusted EBITDA as a measure of financial performance for assessing the performance of each of 
the Company’s segments. Adjusted EBITDA is defined as net income before depreciation and amortization, financial 
expenses, operational restructuring costs and other, income taxes and share of income (loss) of associates. Adjusted 
EBITDA as defined above is not a measure of results that is consistent with IFRS.
[3]	
Includes legal expense, legal provisions, movement in due to vendor, transitional contractual employment expenses, 
costs related to the Digital segment reorganization [note 10 and 16].
2021 [4]
Farm
$
Commercial
$
Other [1]
$
Total
$
Profit (loss) before income taxes
97,137
38,192
(125,946)
9,383
Finance costs
—
—
43,599
43,599
Depreciation and amortization
32,604
23,292
6,153
62,049
Share of associate’s net loss
—
—
1,077
1,077
Gain on remeasurement of equity 
investment [note 6]
—
—
(6,778)
(6,778)
Loss on foreign exchange
—
—
2,992
2,992
Share-based compensation
—
—
8,551
8,551
Gain on financial instruments
—
—
(1,382)
(1,382)
Mergers and acquisitions expense
—
—
3,035
3,035
Change in estimate on variable 
consideration [3]
11,400
—
—
11,400
Transaction, transitional and other costs
—
—
12,058
12,058
Loss (gain) on sale of property, plant
and equipment
(191)
213
1
23
Loss (gain) on settlement of lease
liability
11
—
(28)
(17)
Foreign exchange reclassification on
disposal of foreign operation
—
—
(898)
(898)
Equipment rework and remediation
[note 19]
—
—
26,100
26,100
Impairment [notes 12 and 15]
—
5,074
—
5,074
Adjusted EBITDA [2]
140,961
66,771
(31,466)
176,266
[1]	
Included in Other is the corporate office, which is not a reportable segment, and which provides finance, treasury, 
legal, human resources and other administrative support to the segments.
[2]	
The CODM uses Adjusted EBITDA as a measure of financial performance for assessing the performance of each of 
the Company’s segments. Adjusted EBITDA is defined as net income before depreciation and amortization, financial 
expenses, operational restructuring costs and other, income taxes and share of income (loss) of associates. Adjusted 
EBITDA as defined above is not a measure of results that is consistent with IFRS.
[3]	
The result of a change in management estimate on variable considerations for a one-time sales concession related to 
previous sales contracts.
[4]	
Financial information for the comparative year has been restated to reflect the new presentation.
The Company operates primarily within three geographical areas: Canada, United States 
and International. The following details the sales, property, plant and equipment, right-
of-use assets, goodwill, and intangible assets by geographical area, reconciled to the 
Company’s consolidated financial statements:
Sales
Property, plant and
equipment, right-of-use
assets, goodwill, intangible 
assets
2022
$
2021
$
2022
$
2021
$
Canada
333,353
267,755
435,131
407,357
United States
649,905
532,444
258,311
329,435
International
474,824
398,324
243,165
243,381
1,458,082
1,198,523
936,607
980,173
The sales information above is based on the location of the customer. The Company has no 
single customer that represents 10% or more of the Company’s sales.
8. Restricted cash
Restricted cash relates to a division of AGI’s arrangement with a supplier under which the 
terms of the arrangement require the division to secure letters of credit to cover a certain 
percentage of the amounts payable. The restricted cash balance changes in proportion to 
the division’s purchases from the supplier to meet sales demand. As at December 31, 2022, 
restricted cash is $3,110 [2021 – $2,424].
9. Accounts receivable
As is typical in the agriculture sector, AGI may offer extended terms on its accounts 
receivable to match the cash flow cycle of its customer. The following table sets forth 
details of the age of trade accounts receivable that are not overdue, as well as an analysis 
of overdue amounts and the related allowance for doubtful accounts:

2022 ANNUAL REPORT
72
2022
$
2021
$
Total current accounts receivable
226,413
211,509
Less expected credit loss
(5,552)
(5,238)
220,861
206,271
Non-current accounts receivable
46,116
34,742
Total accounts receivable, net
266,977
241,013
Of which
Neither impaired nor past due
227,569
213,787
Not impaired and past the due date as follows
Within 30 days
16,303
12,870
31 to 60 days
7,406
2,485
61 to 90 days
3,764
1,928
Over 90 days
17,487
15,181
Expected credit loss
(5,552)
(5,238)
Total accounts receivable, net
266,977
241,013
Non-current accounts receivable consist of the present value of asset-backed receivables. 
These receivables are backed by customers’ crop pledge and/or property, plant and 
equipment.
Trade receivables assessed to be impaired are included as an allowance in selling, general 
and administrative expenses in the period of the assessment. The movement in the 
Company’s allowance for doubtful accounts for the years ended December 31, 2022 and 
December 31, 2021 was as follows:
2022
$
2021
$
Balance, beginning of year
5,238
4,068
Additional provision recognized
2,286
2,390
Amounts written off during the year as uncollectible
(2,073)
(347)
Exchange differences
101
(873)
Balance, end of year
5,552
5,238
10. Inventory
2022
$
2021
$
Raw materials
147,825
130,995
Finished goods
131,493
112,255
279,318
243,250
In relation to the Digital reorganization [note 16], inventory was written down by $3,223 to 
net realizable value.
11. Notes receivable
Included in notes receivable is a promissory note in the amount of $5.7 million due from a 
third party. The note receivable bears interest at 5% per annum payable quarterly.

73
12. Property, plant and equipment
Land
$
Grounds
$
Buildings
$
Leasehold
improvements
$
Furniture
and fixtures
$
Vehicles
$
Computer
hardware
$
Manufacturing
equipment
$
Construction 
in progress
$
Total
$
Cost
Balance, January 1, 2022
34,354
7,012
167,627
16,081
6,520
19,457
14,298
219,008
7,178
491,535
Additions
520
258
4,804
3,463
2,770
369
3,759
10,538
6,802
33,283
Acquisitions
—
—
—
—
—
272
116
706
—
1,094
Transfer to assets held for sale
(2,502)
(271)
(15,788)
—
(38)
—
(9)
(1,123)
—
(19,731)
Transfer to other assets
—
164
1,199
—
46
33
15
3,390
(5,860)
(1,013)
Disposals
—
(98)
(348)
(273)
(119)
(1,551)
(358)
(4,111)
(6)
(6,864)
Impairment
(473)
(1,646)
(2,583)
(6,515)
(989)
—
(1,560)
(6,739)
—
(20,505)
Exchange differences
197
236
7,603
589
202
502
413
7,644
544
17,930
Balance, December 31, 2022
32,096
5,655
162,514
13,345
8,392
19,082
16,674
229,313
8,658
495,729
Depreciation
Balance, January 1, 2022
—
2,807
28,682
4,754
2,972
10,217
8,480
84,313
—
142,225
Depreciation
—
570
4,820
1,885
727
1,866
2,300
15,836
—
28,004
Transfer to assets held for sale
—
(185)
(1,589)
—
(29)
—
(6)
(754)
—
(2,563)
Transfer from (to) other asset
—
—
(1)
—
—
—
5
1
—
5
Disposals
—
(61)
(22)
(266)
(75)
(1,109)
(301)
(3,104)
—
(4,938)
Impairment
—
(840)
(1,819)
(1,567)
(279)
—
(894)
(3,114)
—
(8,513)
Exchange differences
—
96
1,070
138
79
299
243
3,194
5
5,124
Balance, December 31, 2022
—
2,387
31,141
4,944
3,395
11,273
9,827
96,372
5
159,344
Net book value, January 1, 2022
34,354
4,205
138,945
11,327
3,548
9,240
5,818
134,695
7,178
349,310
Net book value, December 31, 2022
32,096
3,268
131,373
8,401
4,997
7,809
6,847
132,941
8,653
336,385

2022 ANNUAL REPORT
74
Land
$
Grounds
$
Buildings
$
Leasehold
improvements
$
Furniture
and fixtures
$
Vehicles
$
Computer
hardware
$
Manufacturing
equipment
$
Construction 
in progress
$
Total
$
Cost
Balance, January 1, 2021
34,050
6,942
170,952
15,441
5,427
20,074
12,002
203,730
7,273
475,891
Additions
904
133
1,491
739
1,226
358
2,420
21,371
34
28,676
Acquisitions
—
—
—
—
26
—
19
—
—
45
Transfer from assets held for sale
121
20
386
—
—
—
—
—
—
527
Disposals
—
—
—
—
(25)
(878)
(192)
(1,284)
—
(2,379)
Impairment
—
—
(2,310)
—
—
—
—
—
—
(2,310)
Exchange differences
(721)
(83)
(2,892)
(99)
(134)
(97)
49
(4,809)
(129)
(8,915)
Balance, December 31, 2021
34,354
7,012
167,627
16,081
6,520
19,457
14,298
219,008
7,178
491,535
Depreciation
Balance, January 1, 2021
—
2,255
25,096
3,201
2,328
8,742
6,890
72,846
—
121,358
Depreciation
—
579
4,566
1,557
687
2,030
1,752
13,741
—
24,912
Disposals
—
—
—
—
(15)
(510)
(187)
(1,133)
—
(1,845)
Impairment
—
—
(752)
—
—
—
—
—
—
(752)
Exchange differences
—
(27)
(228)
(4)
(28)
(45)
25
(1,141)
—
(1,448)
Balance, December 31, 2021
—
2,807
28,682
4,754
2,972
10,217
8,480
84,313
—
142,225
Net book value, January 1, 2021
34,050
4,687
145,856
12,240
3,099
11,332
5,112
130,884
7,273
354,533
Net book value, December 31, 2021
34,354
4,205
138,945
11,327
3,548
9,240
5,818
134,695
7,178
349,310
During the year ended December 31, 2022, a building in Illinois met the definition of assets held for sale [note 17]. As a result, an impairment loss of $2,994 was recorded to adjust the 
carrying amount of the division’s assets to the lower of cost and fair value less cost to sell.
In relation to the Digital reorganization [note 16], an impairment charge of $8,998 against property, plant and equipment was recognized.
Capitalized borrowing costs
No borrowing costs were capitalized in 2022 or 2021.

75

2022 ANNUAL REPORT
76
Buildings
$
Furniture and
fixtures
$
Vehicles
$
Manufacturing
equipment
$
Total
$
Balance, January 1, 2021
12,730
377
681
554
14,342
Additions
4,656
173
2,372
1,103
8,304
Acquisitions
1,671
—
—
—
1,671
Termination
(151)
—
—
—
(151)
Depreciation
(3,386)
(182)
(526)
(525)
(4,619)
Exchange differences
(177)
(8)
(32)
(119)
(336)
Balance, December 31, 2021
15,343
360
2,495
1,013
19,211
Additions
13,481
305
6,132
696
20,614
Acquisitions
756
—
152
—
908
Termination
(48)
—
—
(56)
(104)
Impairment [note 16]
(3,108)
(29)
—
—
(3,137)
Depreciation
(4,629)
(375)
(1,532)
(656)
(7,192)
Exchange differences
734
9
225
92
1,060
Balance, December 31, 2022
22,529
270
7,472
1,089
31,360
In relation to the Digital reorganization [note 16], an impairment charge of $3,136 against 
right-of-use asset was recognized.
2022
$
2021
$
Balance, beginning of year
358,610
350,669
Acquisitions [note 6]
14,421
11,795
Impairment [note 16]
(33,983)
—
Exchange differences
3,935
(3,854)
Balance, end of year
342,983
358,610
14. Goodwill
13. Right-of-use assets

77
15. Intangible assets
Distribution networks and
customer relationships
$
Brand names
$
Patents
$
Software
$
Order backlog
$
Non-compete
agreement
$
Development
projects
$
Technology
$
CIP intangibles
$
Total
$
Cost
Balance, January 1, 2022
166,117
127,478
6,246
17,438
13,056
114
49,468
24,418
84
404,419
Internal development
(98)
—
902
2,245
—
—
16,052
—
(84)
19,017
Acquisitions [note 6]
14,300
1,000
—
—
1,200
—
—
—
—
16,500
Reclassification
—
—
(2,649)
457
—
—
2,146
—
46
—
Impairment [note 16]
(3,328)
(2,242)
(979)
(7,027)
(385)
—
(16,123)
(26,016)
—
(56,100)
Disposals
—
—
—
(1,652)
—
—
(32)
—
—
(1,684)
Exchange differences
2,385
1,920
108
614
199
—
813
1,599
—
7,638
Balance, December 31, 2022
179,376
128,156
3,628
12,075
14,070
114
52,324
1
46
389,790
Amortization
Balance, January 1, 2022
96,335
898
2,519
12,701
13,056
114
19,989
5,765
—
151,377
Amortization
14,392
2,603
176
4,048
1,200
—
9,483
8,331
—
40,233
Reclassification
—
—
—
28
—
—
(28)
—
—
—
Impairment [note 16]
(1,838)
—
(20)
(6,676)
(385)
—
(6,587)
(14,815)
—
(30,321)
Disposals
—
—
—
(1,616)
—
—
(29)
—
—
(1,645)
Exchange differences
2,877
143
80
(207)
199
—
456
719
—
4,267
Balance, December 31, 2022
111,766
3,644
2,755
8,278
14,070
114
23,284
—
—
163,911
Net book value, January 1, 2022
69,782
126,580
3,727
4,737
—
—
29,479
18,653
84
253,042
Net book value, December 31, 2022
67,610
124,512
873
3,797
—
—
29,040
1
46
225,879

2022 ANNUAL REPORT
78
Distribution networks and
customer relationships
$
Brand names
$
Patents
$
Software
$
Order backlog
$
Non-compete
agreement
$
Development
projects
$
Technology
$
CIP intangibles
$
Total
$
Cost
Balance, January 1, 2021
173,797
132,126
3,103
17,139
13,287
114
36,122
—
—
375,688
Internal development
91
—
2,870
418
—
—
13,427
—
84
16,890
Acquisitions [note 6]
—
—
274
—
—
—
—
24,078
—
24,352
Impairment
(6,407)
(3,627)
—
—
—
—
—
—
—
(10,034)
Discontinued operations
—
—
—
—
—
—
(77)
—
—
(77)
Exchange differences
(1,364)
(1,021)
(1)
(119)
(231)
—
(4)
340
—
(2,400)
Balance, December 31, 2021
166,117
127,478
6,246
17,438
13,056
114
49,468
24,418
84
404,419
Amortization
Balance, January 1, 2021
88,563
1,427
2,358
8,276
13,287
112
12,206
—
—
126,229
Amortization
13,321
1,608
166
3,850
—
2
7,897
5,674
—
32,518
Impairment
(4,402)
(2,116)
—
—
—
—
—
—
—
(6,518)
Discontinued operations
—
—
—
—
—
—
(77)
—
—
(77)
Exchange differences
(1,147)
(21)
(5)
575
(231)
—
(37)
91
—
(775)
Balance, December 31, 2021
96,335
898
2,519
12,701
13,056
114
19,989
5,765
—
151,377
Net book value, January 1, 2021
85,234
130,699
745
8,863
—
2
23,916
—
—
249,459
Net book value, December 31, 2021
69,782
126,580
3,727
4,737
—
—
29,479
18,653
84
253,042

79
The Company is continuously working on research and development projects. Development 
costs capitalized include the development of new products and the development of new 
applications of existing products and prototypes. Research costs and development costs 
that are not eligible for capitalization have been expensed and are recognized in selling, 
general and administrative expenses. 
Intangible assets include patents acquired through business combinations, which have 
a remaining life between 2 and 8 years. Included within intangible assets are brand 
names with a carrying amount of $122,362 [2021 – $124,400] that have been classified as 
indefinite-life intangible assets, as the Company expects to maintain these brand names 
and currently no end point of the useful lives of these brand names can be determined. 
Additionally, during the years ended December 31, 2022 and December 31, 2021, the 
Company identified brand names in which an end point of useful life could be determined. 
As at December 31, 2022, definite-life intangible assets with a carrying amount of $2,150 
[2021 – $2,180] and remaining life of 3 years are included within intangible assets. The 
Company assesses the assumption of an indefinite useful life at least annually.
For intangible assets, the Company assesses whether there are indicators of impairment at 
each reporting date as a triggering event for performing an impairment test. On December 
29, 2022, the Company announced a revised strategic plan to reorganize AGI’s Digital 
business segment, which, consequently, triggered an impairment test to be performed 
for the Digital segment, including its CGUs [note 16]. The impairment amount calculated 
was applied on a pro rata basis over each CGU’s identifiable assets and, consequently, an 
impairment charge of $25,756 against intangible assets was recognized.
Intangible assets and research and development expenses for the year ended December 
31, 2022, are net of combined federal and provincial scientific research and experimental 
development [“SR&ED”] tax credits in the amounts of $336 and $1,338, respectively. A 
number of specific criteria must be met in order to qualify for federal and provincial SR&ED 
investment tax credits. As at December 31, 2022, the Company had federal investment tax 
credit carryforwards in the amount of $309 [2021 – $309], federal SR&ED investment tax 
credit carryforwards in the amount of $2,813 [2021 – $2,088], provincial SR&ED investment 
tax credit carryforwards in the amount of $1,139 [2021 – $768] and provincial manufacturing 
or processing tax credits in the amount of $157 [2021 – $96]; these begin expiring in 2026.
Other significant intangible assets are the distribution network and customer relationships 
of the Company. The distribution network and customer relationships were acquired in 
past business combinations and reflect the Company’s dealer network in North America 
and its international customer base. The remaining amortization period for the distribution 
network and customer relationships ranges from 1 to 12 years. During the year ended 
December 31, 2021, the Company reclassified $3,322 of intangible assets from development 
to software.
The Company had no contractual commitments for the acquisition of intangible assets as 
of the reporting date.
16. Impairment testing
On December 29, 2022, the Company announced a strategic plan to reorganize AGI’s 
Digital business segment to focus on core markets and products, reduce operating costs, 
and improve financial performance. The reorganization plan was prompted by lower-than-
expected results from the Digital segment. In addition to the reorganization, the Digital 
segment and its CGUs are subject to an annual impairment test. As at December 31, 2022, 
the recoverable amount of the Digital segment’s CGUs was less than their carrying value. 
The recoverable amount of the underlying segments was determined as follows: Farmobile 
using fair value less cost to sell, SureTrack and Compass using value in use. The impairment 
amount calculated was applied on a pro rata basis over each CGU’s identifiable assets and, 
consequently, the following impairment charge was taken:
CGUs
SureTrack
$
Farmobile
$
Compass
$
Digital
$
Recoverable amount
16,036
7,000
—
23,036
Impairment:
Property, plant and equipment [note 12]
8,960
32
6
8,998
Right-of-use assets [note 13]
1,771
445
920
3,136
Intangible assets [note 15]
12,046
12,498
1,212
25,756
Goodwill [note 14]
—
—
—
33,983
Notwithstanding the aforementioned, the Company performs its annual goodwill 
impairment test as at December 31. The recoverable amount of the Company’s group 
of CGUs has been determined based on value in use for the year ended December 31, 
2022, using cash flow projections covering a five-year period. The Company performs 
its indefinite-life intangible assets impairment test as at December 31; the indefinite-life 
intangible assets are tested at the individual CGU level.
The pre-tax discount rates applied to the cash flow projections for Farm, Commercial and 
Digital are 13.3%, 13.2% and $24.3%, respectively [2021 – 10.2%,10.3% and 18.9%], and 
cash flows beyond the five-year period are extrapolated using a 3% growth rate [2021 – 
2%], which is management’s estimate of long-term inflation and productivity growth in the 
industry and geographies in which it operates.

2022 ANNUAL REPORT
80
2022
$
2021
$
Farm
Goodwill
132,456
132,335
Intangible assets with indefinite lives
78,142
77,577
Commercial
Goodwill
210,527
193,937
Intangible assets with indefinite lives
44,220
44,691
Digital
Goodwill
—
32,338
Intangible assets with indefinite lives
—
2,132
Total
Goodwill
342,983
358,610
Intangible assets with indefinite lives
122,362
124,400
The values of significant indefinite-life intangible assets are held by the Westfield and 
Westeel CGUs, the values of which are $19,000 and $43,300, respectively.
Key assumptions used in valuation calculations
The calculation of fair value less cost to sell for Farmobile requires the use of significant 
judgement and estimation in determining revenue multiples and is based on an average 
enterprise value over revenue of comparable companies, less transaction costs based 
on management estimates from past experience. These fair value measurements were 
categorized as a Level 3 fair value [notes 3 and 4] based on the inputs in the valuation 
techniques used.
The calculation of value in use for all the CGUs, except Farmobile noted above, or groups 
of CGUs is most sensitive to the following assumptions:
	
• Gross margins;
	
• Discount rates; and
	
• Revenue growth rate used to extrapolate cash flows beyond the budget period.
Gross margins
Forecasted gross margins are based on actual gross margins achieved in the years 
preceding the forecast period. Margins are kept constant over the forecast period and the 
terminal period unless management has started an efficiency improvement process.
Discount rates
Discount rates reflect the current market assessment of the risks specific to each CGU or 
group of CGUs. The discount rate was estimated based on the weighted average cost of 
capital for the industry. This rate was further adjusted to reflect the market assessment 
of any risk specific to the CGU or group of CGUs for which future estimates of cash flows 
have not been adjusted.
Revenue and terminal growth rate estimates
Revenue and terminal growth rates are based on approved budgets, published research 
and the terminal growth rate primarily derived from the long-term Consumer Price Index 
expectations for the markets in which AGI operates. Management considers the Consumer 
Price Index to be a conservative indicator of the long-term growth expectations for the 
agricultural industry.
17. Assets held for sale
During the year ended December 31, 2022, in the Commercial segment, a building, land, 
grounds and equipment in Kansas met the definition of assets held for sale. These assets 
were recorded at the lower of cost and fair value less cost to sell of $4,518. An impairment 
loss of $467 was recorded and the carrying amount of the assets held for sale decreased to 
$4,318. In 2022, the assets held for sale were sold at their carrying amounts.
During the year ended December 31, 2022, in the Farm segment, buildings, land, grounds, 
and equipment in Saskatchewan relating to a facility that closed in 2022 met the definition 
of assets held for sale and were recorded at the lower of cost and fair value less cost to 
sell. An impairment charge of $488 was recorded and the carrying amount of $3,401 was 
recorded as assets held for sale. As at December 31, 2022, the carrying amount of the 
assets held for sale is $3,401.
During the year ended December 31, 2022, in the Commercial segment, a building in 
Illinois relating to a facility closed in 2020 met the definition of assets held for sale and 
was recorded at the lower of cost and fair value less cost to sell. An impairment charge of 
$2,994 was recorded and the carrying amount of $8,804 was recorded as assets held for 
sale. As at December 31, 2022, the carrying amount of the assets held for sale is $8,804.
The Company’s group of CGUs, goodwill and indefinite-life intangible assets allocated 
thereto are as follows, which represents how goodwill is monitored by management. In 
2022, the previously identified Digital segment has been included within the Farm segment 
[note 7].

81
18. Accounts payable and accrued liabilities
2022
$
2021
$
Trade payables
112,504
100,700
Other payables
63,657
42,068
Personnel-related accrued liabilities
57,867
50,562
Accrued outstanding service invoices
2,083
2,316
236,111
195,646
Trade payables and other payables are non-interest bearing and are normally settled 
on 30- or 60-day terms. Personnel-related accrued liabilities include primarily vacation 
accruals, bonus accruals, payroll accruals and overtime benefits. For explanations on 
the Company’s liquidity risk management processes, refer to note 31. Included in other 
payables is $8.5 million for severance related to the Digital reorganization [note 16].
19. Provisions
Provisions consist of the Company’s warranty and other provisions. A provision is 
recognized for expected claims on products sold based on past experience of the level 
of repairs and returns. It is expected that most of these costs will be incurred in the next 
financial year. Assumptions used to calculate the provision for warranties were based on 
current sales levels and current information available about returns, with the exception of 
the equipment rework and remediation costs.
2022
$
2021
$
Balance, beginning of year
65,618
83,361
Additional provisions recognized
26,465
37,225
Amounts utilized
(16,850)
(54,968)
Balance, end of year
75,233
65,618
Remediation costs
Over the period of 2019–2020, AGI entered into agreements to supply 35 large hopper 
bins for installation by third parties on two grain storage projects. In 2020, a bin at one 
of the customer facilities collapsed during commissioning. Remediation work has been 
completed at one of the two customer sites which is now fully commissioned and 
operational. At the second customer site (“Customer A”), the site of the grain bin collapse, 

2022 ANNUAL REPORT
82
the customer has decided to remediate themselves and with other suppliers.
In 2021, two legal claims related to the Incident were initiated against AGI for a cumulative 
amount in excess of $190 million. The claim by Customer A is in excess of $80 million. In 
addition, claims have been made by other claimants, including a customer of Customer A, 
seeking damages of $110 million against AGI. AGI had no contractual relationship with the 
second claimant and is defending the claims as being remote, not proximate and without 
merit. AGI has legal and contractual defenses to these legal claims, has filed defenses and 
is fully and vigorously defending itself.
Customer A has also made a separate legal claim against its own insurance broker over 
coverage they allege the broker failed to put in place, causing the customer to suffer 
damages and uninsured losses. Customer A was required to maintain this insurance 
coverage under their contract with AGI and was required to name AGI as an additional 
insured.
AGI, in consultation with its advisors, has estimated various probability weighted scenarios, 
including investigation and remediation costs, at the incident site. Key assumptions 
included the degree of liability, if any, estimated volume of materials and materials costs, 
estimated internal and external labour hours, equipment costs and third-party construction 
costs along with the risk-adjusted weight of other liabilities as a result of the customer 
claim. In addition, management has considered the merits of related legal claims and has 
taken them into consideration in assessing its exposure. The provision may be subject 
to revision in the future as information becomes available, the impact of which could be 
material.
AGI continues to believe that any financial impact will be, at least, partially offset by 
insurance coverage. AGI is working with insurance providers and external advisors to 
determine the extent of this cost offset. Insurance recoveries, if any, will be recorded when 
received.
As at December 31, 2022, the warranty provision for remediation costs is $41.5 million 
[December 31, 2021 – $42.4 million], with $0.9 million of the provision having been utilized 
during the year.
Equipment rework
The provision for equipment rework relates to previously identified issues with equipment 
designed and supplied to the one commercial facility. During the year ended December 
31, 2022, $6.1 million was added to the provision based on revised estimated costs of 
completion. As at December 31, 2022, the warranty provision for the equipment rework is 
$12.9 million [December 31, 2021 – $11.8 million], with $5.0 million of the provision having 
been utilized during the year.
20. Lease liability
Incremental
borrowing rate
%
Maturity
2022
$
2021
$
Current
2.2 – 34.8
2023
5,665
5,016
Non-current
2.2 – 34.8
2024 – 2038
33,482
17,263
Lease liability
39,147
22,279
Interest rate
%
Maturity
2022
$
2021
$
Current portion of long-term debt
Equipment financing
Nil
various
479
532
479
532
Non-current portion of long-term debt
Equipment financing
Nil
various
1,309
1,774
Series B secured notes
4.4–5.2
2025
—
25,000
Series C secured notes [U.S. dollar
denominated]
3.7–4.5
2026
—
31,695
Senior credit facilities
3.0–4.3
2026
443,420
378,251
444,729
436,720
Less deferred financing costs
(4,270)
(2,711)
440,459
434,009
Long-term debt
440,938
434,541
The Company has various lease contracts that have not yet commenced as at December 
31, 2022. The future lease payments for the non-cancellable lease contracts are $160 within 
one year and $496 within five years.
21. Long-term debt

83
[a] Long-term debt
On May 9, 2022, AGI amended its senior credit facilities to increase availabilities from $275 
million to $350 million and U.S. $215 million to U.S. $275 million. AGI’s senior credit facilities 
are inclusive of amounts that may be allocated to the Company’s swing-line facilities. 
Subsequent to the amendment, AGI has swing-line facilities of $50 million and U.S. $10 
million. The senior credit facilities bear interest at BA/SOFR plus 1.2% – 2.75% and prime 
plus 0.2% – 1.75% per annum based on performance calculations. As at December 31, 
2022, there was $164.7 million [2021 – $150.3 million] and U.S. $205.8 million [2021 – $179.8 
million] outstanding under the facilities.
The Series B secured notes were issued on May 22, 2015. The non-amortizing notes bear 
interest at 4.4% payable quarterly and mature on May 22, 2025. Collateral for the Series B 
secured notes and term loans ranks pari passu and includes a general security agreement 
over all assets, first position collateral mortgages on land and buildings, assignments of 
rents and leases and security agreements for patents and trademarks.
The Series C secured notes were issued on October 31, 2016. The non-amortizing notes 
bear interest at 3.7% payable quarterly and mature on October 31, 2026. The Series C 
secured notes are denominated in U.S. dollars. Collateral for the Series C secured notes 
and term loans ranks pari passu and includes a general security agreement over all assets, 
first position collateral mortgages on land and buildings, assignments of rents and leases 
and security agreements for patents and trademarks.
Concurrent with the amendment to the senior credit facilities on May 9, 2022, the Series 
B and Series C secured notes, with principal amounts owing of $25 million and U.S. $25 
million, respectively, were retired through the expanded senior credit facilities.
[b] Covenants
AGI is subject to certain financial covenants in its senior credit facilities that must 
be maintained to avoid acceleration of the termination of the agreement. The financial 
covenants require AGI to maintain a debt to Consolidated EBITDA ratio, as defined in the 
senior credit facilities, of less than 3.75, the calculation of which excludes the convertible 
unsecured subordinated debentures and the senior unsecured subordinated debentures 
from debt, and to provide debt service coverage of a minimum of 1.0. In the event of an 
acquisition in respect of which the aggregate consideration is $75,000 or greater, the debt 
to Consolidated EBITDA ratio requirement increases to 4.25 or less for the financial quarter 
in which the acquisition occurred and the immediately succeeding three financial quarters, 
and to 4.0 for the immediately succeeding financial quarter.
As at December 31, 2022 and December 31, 2021, AGI was in compliance with all financial 
covenants.
22. Convertible unsecured subordinated debentures
2022
$
2021
$
Current portion of convertible unsecured subordinated debentures
—
84,913
Non-current portion of convertible unsecured subordinated debentures
Principal amount
218,900
115,000
Equity component
(32,537)
(16,318)
Accretion
4,450
377
Financing fees, net of amortization
(7,332)
(4,439)
183,481
94,620
Convertible unsecured subordinated debentures
183,481
179,533
Year
issued
Aggregate
principal
amount
$
Coupon
Conversion
price
$
Conversion
rate
Number of
common
shares
reserved for
issuance 
upon
conversion
Maturity
date
Redeemable
at par [1][2]
2021
115,000
5.00%
45.14
22.1533
2,547,630
30-Jun-27
30-Jun-25
2022
103,900
5.20%
70.50
14.1844
1,473,759
31-Dec-27
31-Dec-25
[1]	
At the option of the Company, at par plus accrued and unpaid interest.
[2]	
In the twelve-month period prior to the date on which the Company may, at its option, redeem any series of convertible 
debentures at par plus accrued and unpaid interest, such convertible debentures may be redeemed, in whole or 
in part, at the option of the Company at a price equal to their principal amount plus accrued and unpaid interest, 
provided that the volume weighted average trading price of the common shares [“Common Shares”] of the Company 
during the 20 consecutive trading days ending on the fifth trading day preceding the date on which the notice of 
redemption is given is not less than 125% of the conversion price.
On redemption or at maturity, the Company may, at its option, elect to satisfy its obligation 
to pay the principal amount of the debentures by issuing and delivering common shares. 
The Company may also elect to satisfy its obligation to pay interest on the debentures by 
delivering sufficient common shares. The Company does not expect to exercise the option 
to satisfy its obligations to pay the principal amount or interest by delivering common 
shares. The number of shares issued will be determined based on market prices at the 
time of issuance.

2022 ANNUAL REPORT
84
Issuance of 2021 convertible unsecured subordinated debentures
On October 14, 2021, AGI entered into an agreement with a syndicate of underwriters 
pursuant to which AGI issued on November 3, 2021 on a “bought deal” basis $100 million 
aggregate principal amount of convertible unsecured subordinated debentures [the 
“Debentures”] at a price of $1,000 per Debenture [the “Offering”]. On November 9, 2021, 
AGI issued an additional $15 million aggregate principal amount of Debentures at the 
same price pursuant to the exercise of the over-allotment option granted by AGI to the 
underwriters. With the full exercise of the over-allotment option, the total gross proceeds 
from the Offering to AGI were $115 million.
The Debentures bear interest from the date of issue at 5.00% per annum, payable semi-
annually in arrears on June 30 and December 31 each year, commencing June 30, 2022. 
The Debentures will have a maturity date of June 30, 2027 [the “Maturity Date”].
The Debentures are convertible at the holder’s option at any time prior to the close of 
business on the earlier of the business day immediately preceding the Maturity Date 
and the date specified by AGI for redemption of the Debentures into fully paid and non-
assessable common shares of the Company at a conversion price of $45.14 per Common 
Share [the “Conversion Price”], being a conversion rate of approximately 22.1533 Common 
Shares for each $1,000 principal amount of Debentures.
The Debentures are not redeemable by the Company before June 30, 2025. On and after 
June 30, 2025 and prior to June 30, 2026, the Debentures may be redeemed in whole or 
in part from time to time at AGI’s option at a price equal to their principal amount plus 
accrued and unpaid interest, provided that the volume weighted average trading price of 
the Common Shares on the Toronto Stock Exchange for the 20 consecutive trading days 
ending on the fifth trading day preceding the date on which the notice of the redemption 
is given is not less than 125% of the Conversion Price. On and after June 30, 2026, the 
Debentures may be redeemed in whole or in part from time to time at AGI’s option at a 
price equal to their principal amount, plus accrued and unpaid interest, regardless of the 
trading price of the Common Shares.
The net proceeds of the Offering were used to partially repay outstanding indebtedness 
under the Company’s revolving credit facilities, a portion of which will then be redrawn 
to fund the redemption of the Company's 4.85% convertible unsecured subordinated 
debentures due June 30, 2022 and for general corporate purposes.
Redemption of 2017 Debentures
On November 16, 2021, the Company redeemed its 4.85% convertible unsecured 
subordinated debentures due June 30, 2022 [“2017 Debentures”] in accordance with the 
terms of the supplemental trust indenture. Upon redemption, AGI paid to the holders of 
the 2017 Debentures the redemption price of $87,775 equal to the outstanding principal 
amount of the 2017 Debentures redeemed including accrued and unpaid interest up 
to but excluding the redemption date, less taxes deducted or withheld. A loss of $676 
was recorded to loss on financial instruments, and the equity component of the 2017 
Debentures was reclassified to contributed surplus.
The Company expensed the remaining unamortized balance of $602 of deferred fees 
related to the 2017 Debentures. The expense was recorded to finance costs in the 
consolidated statements of income (loss) in 2021.
Issuance of 2022 convertible unsecured subordinated debentures
On April 19, 2022, AGI closed the offering of $100 million aggregate principal amount of 
convertible unsecured subordinated debentures [the “Debentures”] at a price of $1,000 per 
Debenture [the “Offering”]. In addition, AGI granted to the underwriters an over-allotment 
option, exercisable in whole or in part for a period expiring 30 days following closing, to 
purchase up to an additional $15 million aggregate principal amount of Debentures at the 
same price. On May 6, 2022, the underwriters exercised the overallotment option in part 
for additional proceeds of $3.9 million for total gross proceeds from the Offering to AGI of 
$103.9 million.
The Debentures bear interest from the date of issue at 5.20% per annum and are payable 
semi-annually in arrears on June 30 and December 31 each year commencing June 30, 
2022. The Debentures have a maturity date of December 31, 2027 [the “Maturity Date”].
The Debentures are convertible at the holder’s option at any time prior to the close of 
business on the earlier of the business day immediately preceding the Maturity Date and the 
date specified by AGI for redemption of the Debentures into fully paid and non-assessable 
common shares [“Common Shares”] of the Company at a conversion price of $70.50 per 
Common Share [the “Conversion Price”], being a conversion rate of approximately 14.1844 
Common Shares for each $1,000 principal amount of Debentures.
The Debentures are not redeemable by the Company before December 31, 2025. On 
and after December 31, 2025 and prior to December 31, 2026, the Debentures may be 
redeemed in whole or in part from time to time at AGI’s option at a price equal to their 
principal amount plus accrued and unpaid interest, provided that the volume weighted 
average trading price of the Common Shares on the Toronto Stock Exchange for the 20 
consecutive trading days ending on the fifth trading day preceding the date on which the 
notice of the redemption is given is not less than 125% of the Conversion Price. On and 
after December 31, 2026, the Debentures may be redeemed in whole or in part from time 
to time at AGI’s option at a price equal to their principal amount plus accrued and unpaid 
interest regardless of the trading price of the Common Shares.
The net proceeds of the Offering were used to redeem AGI’s outstanding 4.50% convertible 
unsecured subordinated debentures due December 31, 2022 [the “2018 Debentures”] and 
for general corporate purposes.

85
Redemption of 2018 Debentures
On May 2, 2022, the Company redeemed the 2018 Debentures in accordance with the 
terms of the supplemental trust indenture. Upon redemption, AGI paid to the holders of 
the 2018 Debentures the redemption price of $87,547 equal to the outstanding principal 
amount of the 2018 Debentures redeemed including accrued and unpaid interest up 
to but excluding the redemption date, less taxes deducted or withheld. A gain of $584 
was recorded to gain on financial instruments, and the equity component of the 2018 
Debentures was reclassified to contributed surplus.
The Company expensed the remaining unamortized balance of $666 of deferred fees 
related to the 2018 Debentures. The expense was recorded to finance costs in the 
consolidated statements of income (loss).
The Company presents and discloses its financial instruments in accordance with the 
substance of its contractual arrangement. Accordingly, upon issuance of the Debentures, 
the Company recorded the liability, which is the aggregate principal amount less related 
offering costs, and the estimated fair value of the holder’s conversion option as follows:
Year
issued
Aggregate principal amount
$
Offering costs
$
Equity component
$
2021
115,000
4,548
16,318
2022
103,900
4,098
16,220
The liability component is accreted using the effective interest rate method. The equity 
component of $22,851 [2021 – $12,905] on the consolidated statements of financial position 
is net of income taxes of $8,191 [2021 – $4,624] and its pro rata share of financing costs of 
$1,495 [2021 – $852].
During the year ended December 31, 2022, the Company recorded accretion, non-cash 
interest expense relating to financing costs, and interest expense on the coupon of:
2022
Year
issued
Accretion
$
Non-cash interest expense
$
Interest expense
$
2018
112
883
1,297
2021
2,443
688
6,672
2022
1,631
429
3,767
During the year ended December 31, 2021, the Company recorded accretion, non-cash 
interest expense relating to financing costs, and interest expense on the coupon of:
2021
Year
issued
Accretion
$
Non-cash interest expense
$
Interest expense
$
2017
672
576
3,682
2018
433
834
3,881
2021
377
109
958
23. Senior unsecured subordinated debentures
2022
$
2021
$
Principal amount
257,500
257,500
Debenture put options, net of amortization
437
550
Financing fees, net of amortization
(5,187)
(7,178)
Senior unsecured subordinated debentures
252,750
250,872
Year
issued
Aggregate principal amount
$
Coupon
%
Maturity date
Redeemable
2019 March
86,250
5.40%
30-Jun-24
30-Jun-22[1][4]
2019 November
86,250
5.25%
31-Dec-24
31-Dec-22[2][4]
2020 March
85,000
5.25%
31-Dec 26
31-Dec-22[3][4]
[1]	
On and after June 30, 2022 and prior to June 30, 2023, the 2019 March Debentures may be redeemed at the Company’s 
option at a price equal to 102.70% of their principal amount plus accrued and unpaid interest. On or after June 30, 2023, 
the 2019 March Debentures will be redeemable at the Company’s option at a price equal to their principal amount plus 
accrued and unpaid interest.
[2]	
On and after December 31, 2022 and prior to December 31, 2023, the 2019 November Debentures may be redeemed at 
the Company’s option at a price equal to 102.625% of their principal amount plus accrued and unpaid interest. On or 
after December 31, 2023, the 2019 November Debentures will be redeemable at the Company’s option at a price equal 
to their principal amount plus accrued and unpaid interest.
[3]	
On and after December 31, 2022 and prior to December 31, 2023, the 2020 Debentures may be redeemed at the 
Company’s option at a price equal to 103.9375% of their principal amount plus accrued and unpaid interest. On and 
after December 31, 2023 and prior to December 31, 2024, the 2020 Debentures may be redeemed at the Company’s 
option at a price equal to 102.625% of their principal amount plus accrued and unpaid interest. On and after December 
31, 2024 and prior to December 31, 2025, the 2020 Debentures may be redeemed at the Company’s option at a price 
equal to 101.3125% of their principal amount plus accrued and unpaid interest. On and after December 31, 2025 and 
prior to maturity, the 2020 Debentures will be redeemable at the Company’s option at a price equal to their principal 
amount plus accrued and unpaid interest. The 2020 Debentures will not be convertible into common shares of the 
Company at the option of the holders at any time.
[4]	
The Company will have the option to satisfy its obligation to repay the principal amount of the Debentures due at 
redemption or maturity by issuing and delivering that number of freely tradeable common shares in accordance with 
the terms of the Indenture.

2022 ANNUAL REPORT
86
The Company’s redemption option for the 2020 Debentures resulted in recognition of an 
embedded derivative with a fair value of $754 at time of issuance [note 31[a]]. An offsetting 
and equal amount was recorded to senior unsecured subordinated debentures and will be 
amortized over the term of the 2020 Debentures.
During the year ended December 31, 2022, the Company recorded non-cash interest 
expense of $1,990 [2021 – $1,867] relating to financing costs and interest expense on the 
coupon of $13,648 [2021 – $13,648], offset by amortization of the embedded derivative of 
$112 [2021 – $112].
24. Shareholders’ equity
[a] Common shares
Authorized
Unlimited number of voting common shares without par value
Issued
18,900,958 common shares
Shares
#
Amount
$
Balance, January 1, 2021
18,718,415
1,730
Settlement of EIAP obligation
74,653
3,461
Reduction in stated capital
502
42
Balance, December 31, 2021
18,793,570
5,233
Settlement of EIAP obligation
107,388
4,411
Balance, December 31, 2022
18,900,958
9,644
[b] Contributed surplus
2022
$
2021
$
Balance, beginning of year
494,684
487,540
Equity-settled director compensation [note 25[a]]
—
287
Dividends on EIAP
495
261
Obligation under EIAP [note 25[a]]
13,132
7,820
Settlement of EIAP obligation
(7,077)
(4,193)
Redemption of convertible unsecured subordinated debentures
507
2,969
Balance, end of year
501,741
494,684

87
[c] Accumulated other comprehensive income (loss)
Accumulated other comprehensive income (loss) comprises of the following:
Foreign currency translation reserve
The foreign currency translation reserve is used to record exchange differences arising 
from the translation of the financial statements of foreign subsidiaries.
Cash flow hedge reserve
The cash flow hedge reserve contains the effective portion of the cash flow hedge 
relationship incurred as at the reporting date.
Defined benefit plan reserve
The defined benefit plan reserve is used to record changes in the pension liability including 
actuarial gains and losses and the impact of any minimum funding requirements.
[d] Dividends paid and proposed
In the year ended December 31, 2022, the Company declared dividends of $11,332 or 
$0.60 per common share [2021 – $11,271 or $0.60 per common share] and dividends on 
share compensation awards of $495 [2021 – $261]. In the year ended December 31, 2022, 
dividends paid to shareholders were financed $11,315 [2021 – $11,261] from cash on hand.
AGI’s dividend policy is to pay cash dividends on or about the 15th of the month following 
each quarter end to shareholders of record on the last business day of the quarter-end 
month. The Company’s current quarterly dividend rate is $0.15 per common share and 
accordingly the dividend of $0.15 per share relates to the months of October, November, 
and December 2022. The dividend is payable on January 13, 2023 to common shareholders 
of record at the close of business on December 31, 2022.
[e] Shareholder protection rights plan
On December 20, 2010, the Company’s Board of Directors adopted a Shareholders’ 
Protection Rights Plan [the “Rights Plan”]. Specifically, the Board of Directors has 
implemented the Rights Plan by authorizing the issuance of one right [a “Right”] in respect 
of each common share [the “Common Shares”] of the Company. If a person or a company, 
acting jointly or in concert, acquires [other than pursuant to an exemption available under 
the Rights Plan] beneficial ownership of 20% or more of the Common Shares, Rights [other 
than those held by such acquiring person, which will become void] will separate from 
the Common Shares and permit the holder thereof to purchase that number of Common 
Shares having an aggregate market price [as determined in accordance with the Rights 
Plan] on the date of consummation or occurrence of such acquisition of Common Shares 
equal to four times the exercise price of the Rights for an amount in cash equal to the 
exercise price. The exercise price of the Rights pursuant to the Rights Plan is $150 per 
Right.
[f] Preferred shares
On May 14, 2014, the shareholders of AGI approved the creation of two new classes of 
preferred shares, each issuable in one or more series without par value and each with 
such rights, restrictions, designations and provisions as the Company’s Board of Directors 
may, at any time from time to time, determine, subject to an aggregate maximum number 
of authorized preferred shares. In particular, no preferred shares of either class may be 
issued if:
[i]	
The aggregate number of preferred shares that would then be outstanding would 
exceed 50% of the aggregate number of common shares then outstanding; or
[ii]	
The maximum aggregate number of common shares into which all of the preferred 
shares then outstanding could be converted in accordance with their terms would 
exceed 20% of the aggregate number of common shares then outstanding; or
[iii]	 The aggregate number of votes, which the holders of all preferred shares then 
outstanding would be entitled to cast at any meeting of the shareholders of the 
Company [other than meetings at which only holders of preferred shares are entitled 
to vote], would exceed 20% of the aggregate number of votes, which the holders of 
all common shares then outstanding would be entitled to cast at any such meeting.
As at December 31, 2022 and December 31, 2021, no preferred shares were issued or 
outstanding.
25. Share-based compensation plans
[a] Equity incentive award plan [“EIAP”]
On May 11, 2012, the shareholders of AGI approved an EIAP, which authorizes the Board 
to grant Restricted Awards [“RSUs”] and Performance Awards [“PSUs”] [collectively, the 
“Awards”] to persons who are officers, employees or consultants of the Company and its 
affiliates. Awards may not be granted to non-management Directors.
As at December 31, 2022, 1,565,000 shares are reserved for issuance under the EIAP 
[December 31, 2021 – 1,565,000 shares]. At the discretion of the Board, the EIAP provides 
for cumulative adjustments to the number of common shares to be issued pursuant to, or 
the value of, Awards on each date that dividends are paid on the common shares. The EIAP 
provides for accelerated vesting in the event of a change in control, retirement, death or 
termination without cause.

2022 ANNUAL REPORT
88
Each equity-settled RSU will entitle the holder to be issued the number of common shares 
designated in the RSU. The Company has an obligation to settle any amount payable in 
respect of a RSU by common shares issued from treasury of the Company.
Each cash-settled RSU will entitle the holder to receive cash payment equal to the amount 
of the share price on the date of the settlement. The Company has accounted for the cash-
settled RSU as a cash-settled plan. The fair values on grant date of the cash-settled RSUs 
were based on the share price as at the grant date and the assumption that there will be 
no forfeitures. The Company remeasures the fair value of the liability at the end of each 
reporting period and at the date of settlement, with any changes in fair value recognized 
in profit or loss for the period.
Each PSU requires the Company to deliver to the holder at the Company’s discretion 
either the number of common shares designated in the PSU multiplied by a Payout 
Multiplier or the equivalent amount in cash. The Payout Multiplier is determined based on 
an assessment of the achievement of pre-defined measures in respect of the applicable 
period. The Payout Multiplier may not exceed 200%.
As at December 31, 2022, 1,017,258 [2021 – 880,064] RSUs and 1,183,485 [2021 – 886,280] 
PSUs have been granted. The Company has accounted for the equity-settled RSUs and 
PSUs as an equity-settled plan. The fair values on grant date of the RSUs and the PSUs 
were based on the share price as at the grant date and the assumption that there will be 
no forfeitures. During the year ended December 31, 2022, 41,609 equity-settled RSUs were 
modified to cash-settled RSUs, resulting in a liability of $1,371 as at December 31, 2022.
During the year ended December 31, 2022, AGI expensed $13,840 for the EIAP [2021 – 
$7,820].
A summary of the status of the options under the equity-settled EIAP is presented below:
EIAP
Restricted Awards
#
Performance Awards
#
Balance, January 1, 2021
308,728
103,174
Granted
153,590
162,695
Vested
(65,284)
(81,163)
Forfeited
(11,600)
(114,267)
Balance, December 31, 2021
385,434
70,439
Granted
137,194
297,205
Vested
(86,472)
(22,847)
Modified
(41,609)
—
Forfeited
(33,809)
(7,906)
Balance, December 31, 2022
360,738
336,891
There is no exercise price on the EIAP awards.
[b] Directors’ deferred compensation plan [“DDCP”]
Under the DDCP, every Director receives a fixed base retainer fee, a committee chair 
fee and a board member fee, if applicable. Each non-management Director has the right 
to elect to receive any portion of his or her cash compensation in the form of DSUs. A 
Director will not be entitled to receive the common shares he or she has been granted 
until the Director ceases to be a Director. The Directors’ common shares are fixed based 
on the fees eligible to him or her for the respective period and his or her decision to elect 
for cash payments for dividends related to the common shares; therefore, the Director’s 
remuneration under the DDCP vests directly in the respective service period. The period 
until a Director ceases to be a Director qualifies only as a waiting period to receive the 
vested common shares.
During the year ended December 31, 2022, the Company adopted a cash-settled DDCP 
for non-employee directors; as a result, for the year ended December 31, 2022, $1,780 was 
recorded for the share grants in selling, general, and administrative expense and accounts 
payable and accrued liabilities. The share grants were measured with the contractual 
agreed amount of service fees for the respective period.
For the year ended December 31, 2021, an expense of $731 was recorded for the share 
grants, of which $444 is recorded in accounts payable and accrued liabilities for cash-
settled and $287 is recorded in contributed surplus for equity-settled. The share grants 
were measured with the contractual agreed amount of service fees for the respective 
period.
The total number of common shares issuable pursuant to the DDCP shall not exceed 
120,000, subject to adjustment in lieu of dividends, if applicable. For the year ended 
December 31, 2022, nil [2021 – 6,987] common shares were granted under the DDCP, and 
as at December 31, 2022, a total of 120,000 [2021 – 120,000] common shares had been 
granted under the DDCP and 19,788 [2021 – 19,788] common shares had been issued.
[c] Share Option Plan
On March 23, 2021, the Board approved the adoption of a new fixed number share option 
plan for AGI, which was ratified and approved by the Company’s shareholders at the 
annual meeting on May 12, 2021 [the “Option Plan”] under which 500,000 common shares 
have been authorized for issuance. The Option Plan authorizes the Board to grant options 
to eligible officers and employees of the Company.
[d] Summary of expenses recognized under share-based payment plans
For the year ended December 31, 2022, an expense of $15,620 [2021 – $8,551] was 
recognized for employee and Director services rendered.

89
26. Other expenses (income)
2022
$
2021
$
[a] Cost of goods sold
Depreciation of property, plant, and equipment
24,159
21,711
Depreciation of right-of-use assets
2,242
1,305
Amortization of intangible assets
18,393
10,990
Warranty expense
22,565
37,225
Cost of inventory recognized as an expense
970,124
823,277
1,037,483
894,508
[b] Selling, general and administrative expenses
Depreciation of property, plant and equipment
3,845
3,201
Depreciation of right-of-use assets
4,950
3,314
Amortization of intangible assets
21,840
21,528
Minimum lease payments recognized as lease expense
9
45
Transaction costs and post-combination expense
40,257
15,093
Selling, general and administrative
267,495
213,163
338,396
256,344
[c] Other operating expense (income)
Net loss on sale of property, plant and equipment
339
23
Net loss (gain) on settlement of lease liability
1
(17)
Gain on financial instruments
(9,629)
(1,382)
Foreign exchange reclassification on disposal of foreign operation
—
(898)
Other
(8,722)
(5,025)
(18,011)
(7,299)
[d] Finance costs
Interest on overdrafts and other finance costs
2,256
1,239
Interest, including non-cash interest, on leases
2,228
1,084
Interest, including non-cash interest, on debts and borrowings
24,083
13,747
Interest, including non-cash interest, on senior and convertible unsecured
subordinated debentures [notes 22 and 23]
32,500
27,529
61,067
43,599
[e] Finance expense (income)
Interest income
(327)
(377)
Loss on foreign exchange
8,941
2,992
8,614
2,615
[f]
Employee benefits expense
Wages and salaries
331,160
288,460
Share-based compensation expense [note 25]
15,620
8,551
Pension costs
8,605
6,904
355,385
303,915
Included in cost of goods sold
199,724
182,977
Included in selling, general and administrative expense
155,661
120,938
355,385
303,915
In response to COVID-19, the Government of Canada implemented the Canadian Emergency 
Wage Subsidy [“CEWS”] and the Canada Emergency Rent Subsidy [“CERS”] programs. 
Similarly, in the United Kingdom, the Coronavirus Job Retention Scheme [“CJRS”] was 
implemented in response to COVID-19. The CEWS and CJRS programs offer qualifying 
organizations government assistance in the form of a payroll subsidy to offset the cost 
of employees. The CERS program offers qualifying organizations government assistance 
in the form of reimbursements for rent paid during a period. There are no unfulfilled 
conditions attached to this government assistance. For the year ended December 31, 2022, 
nil [2021 – $558] has been recorded as an offset to cost of goods sold and selling, general, 
and administrative expenses and all amounts claimed were received in full.
27. Retirement benefit plans
AGI contributes to group retirement savings plans subject to maximum limits per 
employee. The expense recorded during the year ended December 31, 2022 was $8,605 
[2021 – $6,904]. AGI expects to contribute $8,371 for the year ending December 31, 2023.
The Company has a defined benefit plan providing pension benefits to certain of its union 
employees and former employees. The Company operates the defined benefit pension 
plan in Canada. The plan is a flat-dollar defined benefit pension plan, which provides clearly 
defined benefits to members based on negotiated benefit rates and years of credited 
service. Responsibility for the governance of the plan and overseeing the plan including 
investment policy and performance lies with the Pension and Investment Committee. 
Effective May 16, 2017, new enrolments in the defined benefit pension plan were closed. 
All benefits earned by employees up to that date remain in place. As such, the Company 
continues to manage any residual obligation for past service consistent with the plan text 
and applicable legislation and will continue to account for the residual obligations based 
on IAS 19. In addition, effective May 17, 2017, the group of affected employees receives 
retirement contributions from the Company on a defined contribution basis when they 
qualify as enrollees in the new plan. 

2022 ANNUAL REPORT
90
The Company’s pension committee and appointed and experienced, independent 
professional experts such as investment managers and actuaries assist in the management 
of the plan.
The Company’s defined benefit pension plan measures the respective accrued benefit 
obligation and the fair value of plan assets at December 31 of each year. Actuarial valuations 
are performed annually or triennially as required. The Company’s registered defined benefit 
plan was last valued on December 31, 2021. The present value of the defined obligation, 
and the related current service cost and past service cost, was measured using the Unit 
Credit Method.
The liabilities were revalued at December 31, 2022. The Company has used the same 
methodology used at December 31, 2021 for the purpose of estimating the liabilities at 
December 31, 2022. The following assumptions were used to determine the periodic 
pension expense and the net present value of the accrued pension obligations:
2022
%
2021
%
Expected long-term rate of return on plan assets
3.00
3.00
Discount rate on benefit costs
3.00
3.00
Discount rate on accrued pension and post-employment obligations
5.10
3.00
Rate of compensation increases
n/a
n/a
The weighted average duration of the defined benefit obligation as of December 31, 2022 is 
11.6 years [2021 – 14.8 years]. Compensation increases were not included in the valuation of 
the accrued pension obligation because the accrued benefit is not a function of salary. All 
members receive a fixed benefit rate monthly for each year of credited service. This same 
benefit rate is received by all plan members regardless of salary level.
The following table outlines the key assumptions for 2022 and the sensitivity of changes 
in each of these assumptions on the defined benefit plan obligation. The sensitivity 
analysis is hypothetical and should be used with caution. The sensitivities of each key 
assumption have been calculated independently of any changes in other key assumptions. 
Actual experience may result in changes in a number of key assumptions simultaneously. 
Changes in one factor may result in changes in another, which could amplify or reduce the 
impact of such assumptions.
Increase in
assumption
$
Decrease in
assumption
$
Impact of 0.5% increase/decrease in discount rate assumption
(546,396)
601,294
Impact of one-year increase/decrease in life expectancy assumption
267,060
(273,754)
The net expense of $81 [2021 – $144] for the year is included in cost of goods sold.
Information about the Company’s defined benefit pension plan, in aggregate, is as follows:
2022
$
2021
$
Plan assets
Fair value of plan assets, beginning of year
15,608
14,600
Interest income on plan assets
458
357
Actual return on plan assets
(2,081)
1,413
Employer contributions
—
9
Benefits paid
(882)
(771)
Fair value of plan assets, end of year
13,103
15,608
Accrued benefit obligation
Accrued benefit obligation, beginning of year
14,072
15,371
Current service cost
125
125
Interest cost
414
378
Actuarial gains from changes in demographic assumptions
(629)
—
Actuarial gains from changes in financial assumptions
(2,990)
(1,031)
Actuarial gains from experience adjustments
(7)
—
Benefits paid
(882)
(771)
Accrued benefit obligation, end of year
10,103
14,072
Net accrued benefit asset
3,000
1,536
The net accrued benefit asset of $3,000 [2021 – $1,536] is included in other assets.
The major categories of plan assets for each category are as follows:
$
%
$
%
Canadian equity securities
3,931
30.0
4,682
30.0
U.S. equity securities
2,293
17.5
2,716
17.4
International equity securities
2,280
17.4
2,716
17.4
Fixed-income securities
4,599
35.1
5,494
35.2
13,103
100.0
15,608
100.0
2022
2021

91
Management’s assessment of the expected returns is based on historical return trends and 
analysts’ predictions of the market for the asset over the life of the related obligation. The 
actual return on plan assets was a loss of $2,081 [2021 – gain of $1,413].
All equity and debt securities are valued based on quoted prices in active markets for 
identical assets or liabilities or based on inputs other than quoted prices in active markets 
that are observable for the asset or liability, either directly [i.e., as prices] or indirectly [i.e., 
derived from prices].
The Company’s asset allocation reflects a balance of fixed-income investments, which are 
sensitive to interest rates, and equities, which are expected to provide higher returns and 
inflation-sensitive returns over the long term. The Company’s targeted asset allocations 
are actively monitored and adjusted to align the asset mix with the liability profile of the 
plan.
The Company expects to make contributions of nil [2022 – nil] to the defined benefit plan 
in 2023. The actual amount paid may vary from the estimate based on actuarial valuations 
being completed, investment performance, volatility in discount rates, regulatory 
requirements and other factors.
Through its defined benefit plan, the Company is exposed to a number of risks, the most 
significant of which are detailed below:
Asset volatility
The plan liability is calculated using a discount rate set with reference to corporate bond 
yields; if plan assets under-perform this yield, this will create a deficit. The plan holds a 
significant proportion of equities, which are expected to outperform corporate bonds in the 
long term while contributing volatility and risk in the short term.
However, the Company believes that due to the long-term nature of the plan liabilities 
and the strength of the supporting group, a level of continuing equity investment is an 
appropriate element of the Company’s long-term strategy to manage the plan efficiently.
Change in fixed-income security yields
A decrease in corporate fixed-income security yields will increase plan liabilities, although 
this will be partially offset by an increase in the value of the plan’s fixed-income security 
holdings.
Life expectancy
The plan’s obligation is to provide benefits for the life of the member, so increases in life 
expectancy will result in an increase in the plan’s liability.
28. Income taxes
The major components of income tax expense for the years ended December 31, 2022 and 
2021 are as follows:
2022
$
2021
$
Current income tax expense
Current income tax expense
13,291
9,445
Deferred tax recovery
Origination and reversal of temporary differences
(8,021)
(10,620)
Income tax expense (recovery) reported in the consolidated statements 
of income (loss)
5,270
(1,175)
Consolidated statements of comprehensive loss
2022
$
2021
$
Deferred tax related to items charged or credited directly 
to other comprehensive income during the year
Unrealized gain on derivatives
(93)
—
Defined benefit plan reserve
409
648
Exchange differences on translation of foreign operations
(16)
(456)
Income tax charged directly to other comprehensive income
300
192
Consolidated statements of income (loss)

2022 ANNUAL REPORT
92

93
2022
$
2021
$
Profit (loss) before income taxes
(45,313)
9,383
At the Company’s statutory income tax rate of 26.5% [2021 – 26.5%]
(12,008)
2,486
Tax rate changes
(3,421)
(260)
Tax losses (recognized) not recognized as a deferred tax asset
1,005
(2,950)
Foreign rate differential
5,330
(191)
Non-deductible EIAP expense
—
53
State income tax, net of federal tax benefit
139
126
Deferred payout
1,737
407
Goodwill impairment
6,962
—
Unrealized foreign exchange loss
5,389
128
Permanent differences and others
137
(974)
At the effective income tax rate of (11.63%) [2021 – 12.52%]
5,270
(1,175)
The reconciliation between tax expense and the product of accounting profit multiplied 
by the Company’s domestic tax rate for the years ended December 31, 2022 and 2021 is 
as follows:
Consolidated statements 
of financial position
Consolidated statements 
of income (loss)
2022
$
2021
$
2022
$
2021
$
Property, plant and equipment
(36,255)
(40,991)
(4,965)
1,703
Intangible assets
(43,100)
(46,328)
(8,166)
(1,820)
Deferred financing costs
(1,032)
(467)
565
576
Accruals and long-term provisions
25,644
27,849
2,022
801
Tax loss carryforwards starting to expire in 2039
16,465
18,847
2,382
(11,692)
Capitalized development expenditures
(4,499)
(4,677)
(178)
399
Convertible debentures
(7,327)
(4,199)
(969)
(322)
Derivative instruments
—
89
89
114
EIAP liability
5,826
2,565
(2,528)
(452)
Right-of-use assets
(8,308)
(5,069)
3,239
5,069
Lease liability
10,348
5,869
(4,479)
(5,869)
Other comprehensive income
93
—
—
—
Equity swap
(3,668)
1,283
4,951
417
Exchange difference on translation of foreign 
operations
—
—
16
456
Deferred tax recovery
(8,021)
(10,620)
Deferred tax liabilities, net
(45,813)
(45,229)
Reflected in the consolidated statements of financial position as follows
Deferred tax asset
4,112
5,556
Deferred tax liability
(49,925)
(50,785)
Deferred tax liabilities, net
(45,813)
(45,229)
The tax effects of temporary differences that give rise to significant portions of the deferred 
tax assets and deferred tax liabilities are presented below:

2022 ANNUAL REPORT
94
Reconciliation of deferred tax liabilities, net
2022
$
2021
$
Balance, beginning of year
(45,229)
(48,067)
Deferred tax recovery during the year recognized in profit or loss
8,021
10,620
Deferred tax liability set up on business acquisition
(4,942)
(3,582)
Deferred tax expense during the year recognized in equity component
of convertible debentures
(4,097)
(4,094)
Deferred tax recovery during the year recognized in contributed surplus
734
86
Deferred tax recovery (expense) during the year recognized in other
comprehensive income
(300)
(192)
Balance, end of year
(45,813)
(45,229)
The ultimate realization of deferred tax assets is dependent upon the generation of 
future taxable income during the periods in which these temporary differences and loss 
carryforwards become deductible. Based on the analysis of taxable temporary differences 
and future taxable income, management of the Company is of the opinion that there is 
convincing evidence available for the probable realization of all deductible temporary 
differences of the Company’s tax entities incurred, other than the following temporary 
differences:
	
• Canadian operations of $11,850 in non-capital loss carryforwards [2021 – $7,589], which 
would start to expire in 2040, and $17,524 in capital loss carryforwards [2021 – $16,767], 
no expiry;
	
• US operations of U.S. $35,905 [2021 – U.S. $35,905], no expiry;
	
• UK operations of £917 GBP [2021 – £695 GBP], no expiry; and
	
• Brazilian operations of nil BRL [2021 – 16,225 BRL], no expiry.
Accordingly, the Company has recorded a deferred tax asset for all other deductible 
temporary differences as at December 31, 2022 and as at December 31, 2021.
The temporary differences associated with investments in subsidiaries and associate, for 
which a deferred tax asset has not been recognized, aggregate to nil [2021 – nil].
Income tax provisions, including current and deferred income tax assets and liabilities, and 
income tax filing positions require estimates and interpretations of federal and provincial 
income tax rules and regulations, and judgments as to their interpretation and application 
to AGI’s specific situation. The amount and timing of reversals of temporary differences 
will also depend on AGI’s future operating results, acquisitions and dispositions of assets 
and liabilities. The business and operations of AGI are complex, and AGI has executed a 
number of significant financings, acquisitions, reorganizations and business combinations 
over the course of its history. The computation of income taxes payable as a result of 
these transactions involves many complex factors, as well as AGI’s interpretation of and 
compliance with relevant tax legislation and regulations. While AGI believes that its tax 
filing positions are probable to be sustained, there are a number of tax filing positions that 
may be the subject of review by taxation authorities. Therefore, it is possible that additional 
taxes could be payable by AGI, and the ultimate value of AGI’s income tax assets and 
liabilities could change in the future, and that changes to these amounts could have a 
material effect on these consolidated financial statements.
There are no income tax consequences to the Company attached to the payment of 
dividends in either 2022 or 2021 by the Company to its shareholders.
29. Profit (loss) per share
Profit (loss) per share is based on the consolidated profit (loss) for the year divided by 
the weighted average number of shares outstanding during the year. Diluted profit (loss) 
per share is computed in accordance with the treasury stock method and based on the 
weighted average number of shares and dilutive share equivalents.
The following reflects the income and share data used in the basic and diluted profit (loss) 
per share computations:
2022
$
2021
$
Profit (loss) attributable to shareholders for basic profit (loss) per share
(50,583)
10,558
Convertible debentures
—
358
Profit (loss) attributable to shareholders for diluted profit (loss) per share
(50,583)
10,916
Basic weighted average number of shares
18,870,453
18,778,726
Dilutive effect of DDCP
—
108,713
Dilutive effect of RSU
—
441,680
Dilutive effect of 2021 Debentures
—
2,547,630
Diluted weighted average number of shares
18,870,453
21,876,749
Profit (loss) per share
Basic
(2.68)
0.56
Diluted
(2.68)
0.50

95
The DDCP, RSU, and Debentures were excluded from the calculation of diluted profit (loss) 
per share in the year ended December 31, 2022, because their effect is anti-dilutive.
30. Statements of cash flows
[a] Net change in non-cash working capital
Cash and cash equivalents as at the date of the consolidated statements of financial 
position and for the purpose of the consolidated statements of cash flows relate to cash 
at banks and cash on hand. Cash at banks earns interest at floating rates based on daily 
bank deposit rates.
The net change in the non-cash working capital balances related to continuing operations 
is calculated as follows:
2022
$
2021
$
Accounts receivable
(9,507)
(29,883)
Inventory
(40,411)
(63,923)
Prepaid expenses and other assets
(9,443)
(5,758)
Accounts payable and accrued liabilities
20,170
56,891
Customer deposits
(8,673)
39,468
Provisions
9,304
(17,746)
(38,560)
(20,951)

2022 ANNUAL REPORT
96
[b] Reconciliation of liabilities arising from financing activities
Non-cash changes
December 31, 2021
$
Cash flows
$
Acquisitions
$
Additions
$
Foreign exchange
$
Accretion
$
Amortization
$
Equity component
$
Other
$
December 31, 2022
$
Long-term debt
434,541
(12,251)
—
—
17,810
—
1,104
—
(266)
440,938
Convertible unsecured ubordinated debentures
179,533
12,912
—
—
—
4,185
1,999
(16,220)
1,072
183,481
Senior unsecured subordinated debentures
250,872
—
—
—
—
(112)
1,990
—
—
252,750
Lease liability
22,279
(6,143)
908
20,614
983
—
—
—
506
39,147
Total liabilities from financing activities
887,225
(5,482)
908
20,614
18,793
4,073
5,093
(16,220)
1,312
916,316
Non-cash changes
December 31, 2020
$
Cash flows
$
Acquisitions
$
Additions
$
Foreign exchange
$
Accretion
$
Amortization
$
Conversion
$
Equity component
$
Other
$
December 31, 2021
$
Long-term debt
409,373
25,556
—
—
(1,062)
—
674
—
—
—
434,541
Convertible unsecured subordinated debentures
167,319
23,833
—
—
—
1,481
2,123
(42)
(16,318)
1,137
179,533
Senior unsecured subordinated debentures
249,079
(153)
—
—
—
—
1,755
—
—
191
250,872
Lease liability
16,842
(4,045)
1,671
8,304
(493)
—
—
—
—
—
22,279
Total liabilities from financing activities
842,613
45,191
1,671
8,304
(1,555)
1,481
4,552
(42)
(16,318)
1,328
887,225

97
31. Financial instruments and financial risk management
[a] Management of risks arising from financial instruments
AGI’s principal financial liabilities, other than derivatives, comprise loans and borrowings 
and trade and other payables. The main purpose of these financial liabilities is to finance 
the Company’s operations and to provide guarantees to support its operations. The 
Company has deposits, trade and other receivables and cash and short-term deposits that 
are derived directly from its operations. The Company also holds investments and enters 
into derivative transactions.
The Company’s activities expose it to a variety of financial risks: market risk [including 
foreign exchange risk and interest rate risk], credit risk and liquidity risk. The Company’s 
overall risk management program focuses on the unpredictability of financial markets 
and seeks to minimize potential adverse effects on the Company’s financial performance. 
The Company uses derivative financial instruments to mitigate certain risk exposures. 
The Company does not purchase any derivative financial instruments for speculative 
purposes. Risk management is the responsibility of the corporate finance function, 
which has the appropriate skills, experience and supervision. The Company’s domestic 
and foreign operations, along with the corporate finance function, identify, evaluate and, 
where appropriate, mitigate financial risks. Material risks are monitored and are regularly 
discussed with the Audit Committee of the Board of Directors. The Audit Committee 
reviews and monitors the Company’s financial risk-taking activities and the policies and 
procedures that were implemented to ensure that financial risks are identified, measured 
and managed in accordance with Company policies.
The risks associated with the Company’s financial instruments are as follows:
Market risk
Market risk is the risk that the fair value or future cash flows of a financial instrument 
will fluctuate because of changes in market prices. Components of market risk to which 
AGI is exposed are discussed below. Financial instruments affected by market risk include 
investments and derivative financial instruments.
Foreign currency risk
The objective of the Company’s foreign exchange risk management activities is to 
minimize transaction exposures and the resulting volatility of the Company’s earnings. 
Foreign currency risk is created by fluctuations in the fair value or cash flows of financial 
instruments due to changes in foreign exchange rates and exposure.
In 2021, the Company entered into a short-term forward contract, which matured on 
January 5, 2022, resulting in a gain of $138 recorded in gain on financial instruments during 
the year ended December 31, 2022. The Company had no outstanding forward contracts 
as at December 31, 2022.
A significant part of the Company’s sales is transacted in U.S. dollars and euros and, as a 
result, fluctuations in the rate of exchange between the U.S. dollar, the euro and Canadian 
dollar can have a significant effect on the Company’s cash flows and reported results. To 
mitigate exposure to the fluctuating rate of exchange, AGI denominates a portion of its 
debt in U.S. dollars. As at December 31, 2022, AGI’s U.S. dollar denominated debt totalled 
$206 million [2021 – $205 million].
AGI’s sales denominated in U.S. dollars for the year ended December 31, 2022 were $565 
million [2021 – U.S. $498 million], and the total of its cost of goods sold and its selling, 
general and administrative expenses denominated in that currency was U.S. $404 million 
[2021 – U.S. $383 million]. Accordingly, a 10% increase or decrease in the value of the 
U.S. dollar relative to its Canadian counterpart would result in a $56.5 million increase or 
decrease in sales and a total increase or decrease of $40.4 million in its cost of goods sold 
and its selling, general and administrative expenses.
Interest rate risk
Interest rate risk is the risk that the fair value or future cash flows of a financial instrument 
will fluctuate because of changes in market interest rates. Furthermore, as AGI regularly 
reviews the denomination of its borrowings, the Company is subject to changes in interest 
rates that are linked to the currency of denomination of the debt. AGI’s convertible 
unsecured subordinated debentures and senior unsecured subordinated debentures 
outstanding at December 31, 2022 and December 31, 2021 are at a fixed rate of interest. 
AGI’s Series B secured notes and Series C secured notes outstanding at December 31, 
2021 were at a fixed rate of interest.
Interest rate swap contracts
The Company enters into interest rate swap contracts to manage its exposure to fluctuations 
in interest rates on its core borrowings. Through these contracts, the Company agreed to 
receive interest based on the variable rates from the counterparty and pay interest based 
on a fixed rate of 4.1%. The notional amounts were $40,000 in aggregate, resetting the last 
business day of each month. The contract matured in May 2022. During the year ended 
December 31, 2022, a realized gain of $199 [2021 – $572] was recorded in gain on financial 
instruments in other operating expense (income). As at December 31 2022, the fair value of 
the interest rate swap was nil [December 31, 2021 – $(199)].
On June 16, 2022, the Company entered into a forward interest rate swap contract starting 
June 11, 2023 and expiring on May 11, 2026. The Company will receive interest based on 
the variable rates from the counterparty and pay interest based on a fixed rate of 3.97%. 
The notional amounts are $75,000 in aggregate, resetting the last business day of each 

2022 ANNUAL REPORT
98
month. As at December 31, 2022, the fair value of the interest rate swap was a loss of 
$352. The Company has elected to apply hedge accounting for this contract and, therefore, 
unrealized gains (losses) are recognized in other comprehensive income (loss) to the 
extent that it has been assessed to be effective. During the year ended December 31, 2022, 
an unrealized loss of $352 [2021 – nil] was recorded in other comprehensive income (loss).
The open interest rate swap contracts as at December 31, 2022 are as follows, for which 
hedge accounting is applied:
Maturity date
Contract rate
%
Notional amount
$
Fair value
$
Canadian dollar contracts
May 2026
3.972%
75,000
(352)
The open interest rate swap contracts as at December 31, 2021 are as follows, for which no 
hedge accounting was applied:
Maturity date
Contract rate
%
Notional amount
$
Fair value
$
Canadian dollar contracts
May 2022
4.1%
40,000
(199)
Equity swap
The Company has an equity swap agreement with a financial institution to manage the 
cash flow exposure due to fluctuations in its share price related to the EIAP. Pursuant 
to this agreement, the counterparty has agreed to pay the Company the total return of 
the defined underlying common shares, which includes both the dividend income they 
may generate and any capital appreciation. In return, the Company has agreed to pay 
the counterparty a funding cost calculated daily based on floating rate option [CAD-BA-
COOR] plus a spread of 2.0% and any administrative fees or expenses that are incurred by 
the counterparty directly.
As at December 31, 2022, the equity swap agreement covered 722,000 common shares of 
the Company at a price of $38.76, and the agreement matures on May 7, 2024.
During the year ended December 31, 2022, an unrealized gain of $8,425 [2021 – $1,350] 
was recorded in gain on financial instruments in other operating expense (income). As 
at December 31, 2022, the fair value of the equity swap was $3,344 [December 31, 2021 – 
$(5,036)].
Debenture put options
On March 5, 2020, the Company issued the 2020 Debentures. Beginning on and after 
December 31, 2022, the Company has the option of early redemption. At time of issuance, 
the Company’s redemption option resulted in an embedded derivative with a fair value of 
$754. During the year ended December 31, 2022, a gain of $283 [2021 – $274] was recorded 
in gain on financial instruments in other operating expense (income). As at December 31, 
2022, the fair value of the embedded derivative was $557 [2021 – $274].
Credit risk
Credit risk is the risk that a customer will fail to perform an obligation or fail to pay amounts 
due, causing a financial loss. A substantial portion of AGI’s accounts receivable is with 
customers in the agriculture industry and is subject to normal industry credit risks. A 
portion of the Company’s sales and related accounts receivable are also generated 
from transactions with customers in overseas markets, several of which are in emerging 
markets such as countries in Eastern Europe and Asia. It is often common business 
practice for international customers to pay invoices over an extended period of time. 
Accounts receivable are subject to credit risk exposure and the carrying values reflect 
management’s assessment of the associated maximum exposure to such credit risk. The 
Company regularly monitors customers for changes in credit risk. The Company’s credit 
exposure is mitigated through the use of credit practices that limit transactions according 
to the customer’s credit quality and due to the accounts receivable being spread over 
a large number of customers. Trade receivables from international customers are often 
insured for events of nonpayment through third-party export insurance or the Company 
secures asset-backed receivables to mitigate against credit risk. In cases where the credit 
quality of a customer does not meet the Company’s requirements, a cash deposit or letter 
of credit is received before goods are shipped.
Assessments about the recoverability of financial assets, including accounts receivable, 
require significant judgment in determining whether there is objective evidence that a 
loss event has occurred and estimates of the amount and timing of future cash flows. 
The Company maintains an allowance for doubtful accounts for estimated losses resulting 
from the inability to collect on its trade receivables, which is netted against the accounts 
receivable on the consolidated statements of financial position. Emerging markets are 
subject to various additional risks including currency exchange rate fluctuations, foreign 
economic conditions and foreign business practices. One or more of these factors could 
have a material effect on the future collectability of such receivables. In assessing whether 
objective evidence of impairment exists at each reporting period, the Company considers 
its past experience of collecting payments, historical loss experience, customer credit 
ratings and financial data as available, collateral on amounts owing including insurance 
coverage from export credit agencies, as well as observable changes in national or local 
economic conditions.
The requirement for an impairment provision is analyzed at each reporting date based on 
the expected credit loss model. The calculation reflects the probability-weighted outcome, 
the time value of money and reasonable and supportable information that is available at 

99
the reporting date about past events, current conditions and forecasts of future economic 
conditions.
The Company does not believe that any single customer group represents a significant 
concentration of credit risk.
The Company’s interest rate swap and equity swap agreements are also exposed to the 
credit risk of its counterparties. The Company only enters into agreements with major 
financial institutions that meet or exceed its minimal credit rating requirements, and the 
Company regularly monitors for changes in the credit risk of our counter parties.
In addition, with regard to the conflict between Russia and Ukraine, AGI’s exposure 
to Russia and Ukraine varies year-to-year. For the year ended December 31, 2022, 
management assessed that any negative impacts would not be material.
Liquidity risk
Liquidity risk is the risk that AGI will encounter difficulties in meeting its financial liability 
obligations. AGI manages its liquidity risk through cash and debt management. In 
managing liquidity risk, AGI has access to committed short- and long-term debt facilities 
as well as to equity markets, the availability of which is dependent on market conditions. 
AGI believes it has sufficient funding through the use of these facilities to meet foreseeable 
borrowing requirements.
The tables below summarize the undiscounted contractual payments of the Company’s 
financial liabilities as at December 31, 2022 and 2021:
December 31, 2022
Total
$
2023
$
2024
$
2025
$
2026
$
2027+
$
Accounts payable and accrued liabilities
236,111
236,111
—
—
—
—
Dividends payable
2,835
2,835
—
—
—
—
Due to vendor
10,968
5,214
779
3,225
1,750
—
Lease liability
51,205
6,915
6,853
6,748
5,842
24,847
Term debt
445,207
28,338
428
287
211
415,943
Convertible unsecured subordinated 
debentures [includes interest]
274,665
11,153
11,153
11,153
11,153
230,053
Senior unsecured subordinated debentures
[includes interest]
302,907
13,648
186,148
13,648
89,463
—
Total financial liability payments
1,323,898
304,214
205,361
35,061
108,419
670,843
December 31, 2021
Total
$
2022
$
2023
$
2024
$
2025
$
2026+
$
Accounts payable and accrued liabilities
195,646
195,646
—
—
—
—
Dividends payable
2,819
2,819
—
—
—
—
Due to vendor
6,836
5,269
667
500
400
—
Optionally convertible redeemable 
preferred shares
11,690
11,690
—
—
—
—
Lease liability
27,098
6,155
4,412
3,537
3,273
9,721
Term debt
437,294
552
461
430
403,536
32,315
Convertible unsecured subordinated 
debentures [includes interest]
205,131
90,131
—
—
—
115,000
Senior unsecured subordinated debentures
[includes interest]
316,555
13,648
13,648
186,148
13,648
89,463
Total financial liability payments
1,203,069
325,910
19,188
190,615
420,857
246,499

2022 ANNUAL REPORT
100
Level
Carrying
amount
$
Fair 
value
$
Carrying
amount
$
Fair 
value
$
Financial assets
Amortized cost:
Cash and cash equivalents
1
59,644
59,644
61,307
61,307
Restricted cash
1
3,110
3,110
2,424
2,424
Accounts receivable
2
220,861
220,861
206,271
206,271
Notes receivable
2
6,055
6,055
5,792
5,792
Fair value through profit or loss:
2
3,901
3,901
—
—
Derivative instruments
Financial liabilities
Amortized cost:
Interest-bearing loans and borrowings
2
440,938
440,938
434,541
431,299
Accounts payable and accrued liabilities
2
236,111
236,111
195,646
195,646
Dividends payable
2
2,835
2,835
2,819
2,819
Due to vendor
2
10,968
10,968
6,836
6,836
Convertible unsecured subordinated
debentures
2
183,481
157,930
179,533
188,967
Senior unsecured subordinated
debentures
2
252,750
235,934
250,872
252,075
Fair value through profit or loss:
Derivative instruments
2
—
—
5,373
5,373
Optionally convertible redeemable preferred 
shares
3
—
—
11,690
11,690
Fair value through other comprehensive income:
Derivative instruments
2
352
352
—
—
[b] Fair value
Set out below is a comparison, by class, of the carrying amounts and fair value of the 
Company’s financial instruments that are carried in the consolidated financial statements, 
as well as their level on the fair value hierarchy:
During the reporting years ended December 31, 2022 and December 31, 2021, there were 
no transfers between Level 1, Level 2 and Level 3 fair value measurements.
The fair values of the financial assets and liabilities are included at the amount at which 
the instrument could be exchanged in a current transaction between willing parties, other 
than in a forced or liquidation sale.
The fair values of the financial assets and liabilities are included at the amount at which 
the instrument could be exchanged in a current transaction between willing parties, other 
than in a forced or liquidation sale.
The following methods and assumptions were used to estimate the fair values:
	
• Cash and cash equivalents, restricted cash, accounts receivable, dividends payable, 
accounts payable and accrued liabilities, due to vendor, and other financial liabilities 
approximate their carrying amounts largely due to the short-term maturities of these 
instruments.
	
• The fair value of unquoted instruments and loans from banks is estimated by discounting 
future cash flows using rates currently available for debt on similar terms, credit risk and 
remaining maturities.
	
• The Company enters into derivative financial instruments with financial institutions 
with investment-grade credit ratings. Derivatives include interest rate swaps and equity 
swaps that are marked-to-market at each reporting period. The fair values of derivatives 
are determined by the derivative counterparty using a discounted cash flow technique, 
which incorporates various inputs including the related interest rate swap curves and/
or the Company's stock price for the equity swaps.
	
• The fair value of the optionally convertible redeemable preferred shares [“OCRPS”] 
arising from business combinations is estimated by discounting future cash flows based 
on the probability of meeting set performance targets.
Reconciliation of recurring fair value measurements categorized within Level 3 of the fair 
value hierarchy:
2022
$
2021
$
OCRPS:
Balance, beginning of year
11,690
28,971
Fair value change
229
1,289
Payments
(11,312)
(17,505)
Exchange differences
(607)
(1,065)
Balance, end of year
—
11,690
December 31, 2022
December 31, 2021

101
Fair value [“FV”] hierarchy
AGI uses the following hierarchy for determining and disclosing the fair value of financial 
instruments by valuation technique:
Level 1
The fair value measurements are classified as Level 1 in the FV hierarchy if the fair value is 
determined using quoted, unadjusted market prices for identical assets or liabilities.
Level 2
Fair value measurements that require inputs other than quoted prices in Level 1, and for 
which all inputs that have a significant effect on the recorded fair value are observable, 
either directly or indirectly, are classified as Level 2 in the FV hierarchy.
Level 3
Fair value measurements that require unobservable market data or use statistical 
techniques to derive forward curves from observable market data and unobservable 
inputs are classified as Level 3 in the FV hierarchy.
32. Capital disclosure and management
The Company’s capital structure comprises of shareholders’ equity and long-term debt. 
AGI’s objectives when managing its capital structure are to maintain and preserve its 
access to capital markets, continue its ability to meet its financial obligations, including 
the payment of dividends, and finance future organic growth and acquisitions.
AGI manages its capital structure and makes adjustments to it in light of changes in 
economic conditions and the risk characteristics of the underlying assets. The Company is 
not subject to any externally imposed capital requirements other than financial covenants 
in its credit facilities, and as at December 31, 2022 and December 31, 2021, all of these 
covenants were complied with [note 21[b]].
The Board of Directors does not establish quantitative capital structure targets for 
management, but rather promotes sustainable and profitable growth. Management 
monitors capital using non-GAAP financial metrics, primarily total debt to the trailing 12 
months EBITDA and net debt to total shareholders’ equity. There may be instances where 
it would be acceptable for total debt to trailing EBITDA to temporarily fall outside of the 
normal targets set by management, such as in financing an acquisition to take advantage 
of growth opportunities or industry cyclicality. This would be a strategic decision 
recommended by management and approved by the Board of Directors with steps taken 
in the subsequent period to restore the Company’s capital structure based on its capital 
management objectives.
33. Related party disclosures
Relationship between parent and subsidiaries
The main transactions between the corporate entity of the Company and its subsidiaries 
are providing cash funding based on the equity and convertible debt funds of AGI. 
Furthermore, the corporate entity of the Company is responsible for the billing and 
management of international contracts with external customers and the allocation of sub-
projects to the different subsidiaries of the Company. Finally, the parent company provides 
management services to the Company entities. Between the subsidiaries, there are limited 
intercompany sales of inventories and services. Because all subsidiaries are currently 100% 
owned by AGI, these intercompany transactions are 100% eliminated on consolidation.
Other relationships
Burnet, Duckworth & Palmer LLP provides legal services to the Company, and a Director 
of AGI is a partner of Burnet, Duckworth & Palmer LLP. During the year ended December 
31, 2022, the total cost of these legal services related to general matters was $2,451 [2021 – 
$1,029], and $686 [2021 – $451]is included in accounts payable and accrued liabilities and 
provisions as at December 31, 2022.
These transactions are measured at the exchange amount and were incurred during the 
normal course of business.
Compensation of key management personnel of AGI
AGI’s key management consists of 25 individuals including its CEO, CFO, its Officers and 
other senior management, divisional general managers and its Directors.
2022
$
2021
$
Salaries
13,776
10,146
Short-term employee benefits
174
140
Contributions to defined contribution plans
255
213
Share-based payments
5,058
2,087
Termination benefits
4,212
—
Total compensation paid to key management personnel
23,475
12,586

2022 ANNUAL REPORT
102
34. Commitments and 
       contingencies
[a] Contractual commitment for the 
purchase of property, plant and  equipment
As of the reporting date, the Company has 
commitments to purchase property, plant and 
equipment of $8,883 [2021 – $3,204].
[b] Letters of credit
As at December 31, 2022, the Company has 
outstanding letters of credit in the amount of $30,591 
[2021 – $21,066].
[c] Legal actions
The Company is involved in various legal matters 
arising in the ordinary course of business. Except as 
otherwise disclosed in these consolidated financial 
statements, the resolution of these matters is not 
expected to have a material adverse effect on the 
Company’s financial position, results of operations 
or cash flows.
2022 ANNUAL REPORT

103

2022 ANNUAL REPORT
104
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ALWAYS.

105AGGROWTH.COM