Superior adopted the following on January 1, 2012:
IFRS 7 - Financial Instruments: Disclosure, amendments regarding disclosures - Transfer of Financial Assets
The December 2011 changes by the IASB and the Financial Accounting Standards Board (FASB) to IFRS 7 require quantitative and qualitative disclosure regarding transfers of financial assets when the transferred assets are not derecognized in their entirety or the transferor retains continuing managerial involvement. The amendment also requires disclosure of supplementary information if a substantial portion of the total amount of the transfer activity occurs in the closing days of a reporting period. Superior adopted the amendments on January 1, 2012, with no impact to Superior.
IAS 12 - Income Taxes, amendments regarding Deferred Tax: Recovery of Underlying Assets
IAS 12 was amended in December 2010 to remove subjectivity in determining on which basis an entity measures the deferred tax relating to an asset. The amendment introduced a presumption that an entity will assess whether an asset's sale will recover its carrying amount. Superior's adoption of IAS 12 on January 1, 2012 did not impact Superior's financial results or financial position.
Quarterly Financial and Operating Information
----------------------------------------------------------------------------(millions of dollars except per share amounts) 2012 Quarters ------------------------------------------------ Fourth Third Second First----------------------------------------------------------------------------Canadian propane sales volumes (millions of litres) 383 240 255 413U.S. refined fuels sales volumes (millions of litres) 428 335 363 473Natural gas sales volumes (millions of GJs) 5 5 5 5Electricity sales volumes (millions of KwH) 200 245 187 185Chemical sales volumes (thousands of metric tonnes) 200 193 190 188Revenues (millions of dollars) 934.0 790.1 834.3 1,065.9Gross profit 228.2 195.9 184.8 238.1Net earnings (loss) 14.2 36.7 13.5 28.7Per share, basic $0.13 $0.33 $0.12 $0.26Per share, diluted $0.13 $0.31 $0.12 $0.24Adjusted operating cash flow (millions of dollars) 62.6 34.5 29.0 67.4Per share, basic and diluted $0.56 $0.31 $0.26 $0.61Net working capital (1) (millions of dollars) 287.8 218.3 234.4 325.3--------------------------------------------------------------------------------------------------------------------------------------------------------(millions of dollars except per share amounts) 2011 Quarters ------------------------------------------------ Fourth Third Second First----------------------------------------------------------------------------Canadian propane sales volumes (millions of litres) 368 239 260 439U.S. refined fuels sales volumes (millions of litres) 440 344 405 552Natural gas sales volumes (millions of GJs) 5 5 6 6Electricity sales volumes (millions of KwH) 167 176 146 117Chemical sales volumes (thousands of metric tonnes) 187 197 192 196Revenues (millions of dollars) 1,043.4 845.0 898.4 1,138.8Gross profit 234.6 178.5 176.0 238.4Net earnings (loss) (231.4) (113.4) 1.1 41.1Per share, basic ($2.10) ($1.04) $0.01 $0.38Per share, diluted ($2.10) ($1.04) $0.01 $0.34Adjusted operating cash flow (millions of dollars) 63.8 23.5 19.8 73.3Per share, basic and diluted $0.58 $0.21 $0.18 $0.68Net working capital (1) (millions of dollars) 377.3 295.0 365.3 416.1----------------------------------------------------------------------------(1) Net working capital reflects amounts as at the quarter-end and is comprised of accounts receivable and inventories, less trade and other payables and deferred revenue.
