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We review our financial results by analyzing changes in Adjusted EBITDA, mark-to-market impact of share-based compensation, depreciation and amortization, finance costs, finance income and other expenses and income taxes. A summary of our consolidated statements of income is as follows:
Three Months Ended -------------------------------- Mar 31 Dec 31 Mar 31($ millions) 2013 2012 2012--------------------------------------------------------------------------------------------------------------------------------------------------------Consolidated statements of income: Revenue $ 652 $ 668 $ 654 Cost of sales and operating expenses, excluding mark-to-market impact of share- based compensation (497) (546) (535) Adjusted EBITDA of associate (Atlas) (1) 9 10 (3)---------------------------------------------------------------------------- 164 132 116Comprised of: Adjusted EBITDA (attributable to Methanex shareholders) (2) 149 119 93 Attributable to non-controlling interests 15 13 23---------------------------------------------------------------------------- 164 132 116 Mark-to-market impact of share-based compensation (31) (8) (18) Depreciation and amortization (30) (35) (36) Asset impairment charge - (297) - Earnings of associate, excluding amount included in Adjusted EBITDA (1) (8) (10) (4) Finance costs (15) (13) (16) Finance income and other expenses (2) 3 2 Income tax recovery (expense) (12) 93 (11)---------------------------------------------------------------------------- Net income (loss) $ 66 $ (135) $ 33---------------------------------------------------------------------------- Net income (loss) attributable to Methanex shareholders $ 60 $ (140) $ 22----------------------------------------------------------------------------(1) Earnings of associate has been divided into an amount included inAdjusted EBITDA and an amount excluded from Adjusted EBITDA. The amountexcluded from Adjusted EBITDA represents depreciation and amortization,finance costs, finance income and other expenses and income tax expenserelating to earnings of associate.(2) This item is a non-GAAP measure that does not have any standardizedmeaning prescribed by GAAP and therefore is unlikely to be comparable tosimilar measures presented by other companies. Refer to the AdditionalInformation - Supplemental Non-GAAP Measures section for a description ofthe non-GAAP measure and reconciliations to the most comparable GAAPmeasure.
Adjusted EBITDA (Attributable to Methanex Shareholders)
Our operations consist of a single operating segment - the production and sale of methanol. We review the results of operations by analyzing changes in the components of Adjusted EBITDA. For a discussion of the definitions used in our Adjusted EBITDA analysis, refer to the How We Analyze Our Business section.
