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Consolidated Statement of IncomeThree months ended March 31, 2012 As Restatement Previously of Atlas to Stated Equity Method As Adjusted--------------------------------------------------------------------------------------------------------------------------------------------------------Revenue $ 665,867 $ (12,329) $ 653,538Cost of sales and operating expenses (568,557) 15,593 (552,964)Depreciation and amortization (37,967) 2,566 (35,401)----------------------------------------------------------------------------Operating income 59,343 5,830 65,173Earnings of associate - (7,328) (7,328)Finance costs (18,533) 2,500 (16,033)Finance income and other expenses 1,679 159 1,838----------------------------------------------------------------------------Profit before income tax expense 42,489 1,161 43,650Income tax expense: Current (4,568) (729) (5,297) Deferred (5,110) (432) (5,542)---------------------------------------------------------------------------- (9,678) (1,161) (10,839)----------------------------------------------------------------------------Net income $ 32,811 $ - $ 32,811--------------------------------------------------------------------------------------------------------------------------------------------------------Change in fair value of forward exchange contracts, net of tax (305) - (305)Change in fair value of interest rate swap contracts, net of tax (2,613) - (2,613)Realized loss on interest rate swap reclassified to interest expense, net of tax 2,936 - 2,936----------------------------------------------------------------------------Comprehensive income $ 32,829 $ - $ 32,829--------------------------------------------------------------------------------------------------------------------------------------------------------Attributable to: - - - Methanex Corporation shareholders 21,970 - 21,970 Non-controlling interests 10,859 - 10,859---------------------------------------------------------------------------- $ 32,829 $ - $ 32,829----------------------------------------------------------------------------
b) Effective January 1, 2013, the Company adopted IFRS 13, Fair Value Measurements. As a result of this new standard, incremental disclosures have been provided in note 10 to these condensed consolidated interim financial statements.
c) Effective January 1, 2013, the Company adopted the revised IFRS 19, Employee Benefits. The adoption of this standard has not had a significant impact on the Company.
d) Effective January 1, 2013, the Company adopted the revised IAS, Presentation of Financial Statements. The adoption of this standard has resulted is a change to the presentation of the Company's Consolidated Statements of Comprehensive Income.
