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(1)The Chief Executive Officer uses operating income as the measure of profit to assess the performance of each segment. Operating income is referred as a non-IFRS measure and is defined as net income before amortization, financial expenses, gain on valuation and translation of financial instruments, restructuring of operations, impairment of assets and other special items, impairment of goodwill and intangible assets, loss on debt refinancing and income taxes.
QUEBECOR INC. AND ITS SUBSIDIARIES
CONSOLIDATED STATEMENTS OF EQUITY
(in millions of Canadian dollars) (unaudited)
Equity attributable to shareholders -------------------------------------------------------------- Equity component Accumulated of other com- Capital Contributed convertible Retained prehensive stock surplus debentures earnings income----------------------------------------------------------------------------Balance as of December 31, 2010 $ 346.6 $ 0.9 $ - $ 943.6 $ 13.7Net income - - - 201.0 -Other comprehensive loss - - - (31.5) (5.1)Issuance of shares of a subsidiary - - - - -Repurchase of Class B shares (7.1) - - (23.1) -Dividends - - - (12.8) -----------------------------------------------------------------------------Balance as of December 31, 2011 339.5 0.9 - 1,077.2 8.6Net income - - - 167.7 -Other comprehensive (loss) income - - - (17.8) 10.0Issuance of Class B shares 3.6 1.5 - - -Repurchase of Class B shares (8.0) - - (30.3) -Acquisition of non- controlling interests - (0.1) - (635.0) 8.3Issuance of convertible debentures - - 398.3 - -Dividends - - - (12.6) -----------------------------------------------------------------------------Balance as of December 31, 2012 $ 335.1 $ 2.3 $ 398.3 $ 549.2 $ 26.9-------------------------------------------------------------------------------------------------------------------------------------------------------- ------------------------------- Equity attributable to non- controlling Total interests equity---------------------------------------------Balance as of December 31, 2010 $ 1,346.9 $ 2,651.7Net income 182.0 383.0Other comprehensive loss (39.0) (75.6)Issuance of shares of a subsidiary 1.0 1.0Repurchase of Class B shares - (30.2)Dividends (46.5) (59.3)---------------------------------------------Balance as of December 31, 2011 1,444.4 2,870.6Net income 99.8 267.5Other comprehensive (loss) income 0.6 (7.2)Issuance of Class B shares - 5.1Repurchase of Class B shares - (38.3)Acquisition of non- controlling interests (873.2) (1,500.0)Issuance of convertible debentures - 398.3Dividends (40.6) (53.2)---------------------------------------------Balance as of December 31, 2012 $ 631.0 $ 1,942.8------------------------------------------------------------------------------------------
