IFRS 11 - Joint Arrangements
IFRS 11 requires a venture to classify its interest in a joint arrangement as a joint venture or joint operation. Joint ventures will be accounted for using the equity method of accounting, whereas joint operations will require the venture to recognize its share of the assets, liabilities, revenue and expenses. This standard became applicable on January 1, 2013. Superior adopted the amendments on January 1, 2013, with no impact to Superior.
IFRS 12 - Disclosure of Interests in Other Entities
IFRS 12 establishes disclosure requirements for interests in other entities, such as joint arrangements, associates, special purpose vehicles and off-balance-sheet vehicles. The standard carries forward existing disclosure and also introduces significant additional disclosure requirements that address the nature of, and risks associated with, an entity's interests in other entities. This standard became effective for Superior on January 1, 2013. Superior adopted the amendments on January 1, 2013, with no impact to Superior.
IFRS 13 - Fair Value Measurement
IFRS 13 defines fair value, sets out a single IFRS framework for measuring fair value and requires disclosure about fair value measurements. IFRS 13 applies to accounting standards that require or permit fair value measurements or disclosure about fair value measurements (and measurements, such as fair value less costs to sell, based on fair value or disclosure about those measurements), except in specified circumstances. IFRS 13 became applicable on January 1, 2013. Superior adopted the amendments on January 1, 2013, with no impact to Superior.
IAS 1 - Presentation of Other Comprehensive Income
The amendments to IAS 1, Presentation of Financial Statements, issued in June 2011, require entities to group items presented in other comprehensive income on the basis of whether they might be reclassified to the consolidated statement of income in subsequent periods and items that will not be reclassified to the consolidated statement of income. The amendments did not address which items are presented in other comprehensive income and did not change the option to present items net of tax. The amendments to IAS 1 became effective for annual periods beginning on or after July 1, 2012, which was January 1, 2013 for Superior, and are to be applied retrospectively. Superior adopted the amendments on January 1, 2013, with no financial impact to Superior.
IAS 19 - Employee Benefits, amendments
IAS 19 amendments were issued in June 2011, and changed the accounting and disclosure for defined benefit plans and termination benefits. The standard requires that the changes in defined benefit obligations are recognized as they occur, eliminating the corridor approach and accelerating the recognition of past service costs. The changes in defined benefit obligations and plan assets are to be disaggregated into three components: service costs, net interest on the net defined benefit liabilities (assets) and re-measurements of the net defined benefit liabilities (assets). This standard applies for accounting periods beginning on or after January 1, 2013. Superior adopted IAS 19 on January 1, 2013 and the financial impact is an increase of $3.1 million to pension expenses and a corresponding decrease to accumulated other comprehensive loss for the year ended December 31, 2012. The impact on Superior's balance sheet as at January 1, 2012 is a $4.0 million increase to retained deficit, a $0.1 million decrease in employee benefit obligations and a corresponding decrease to accumulated other comprehensive loss of $4.1 million. See below for the quarterly impact to AOCF in 2012.
Reconciliation of the retrospective impact of IAS 19---------------------------------------------------------------------------- (millions of dollars) (per share)----------------------------------------------------------------------------AOCF as reported under IFRS in 2012 193.5 $1.73IAS 19 Quarterly impact: Q1 decrease in AOCF (0.8) $(0.1) Q2 decrease in AOCF (0.8) $(0.1) Q3 decrease in AOCF (0.8) $(0.1) Q4 decrease in AOCF (0.7) -----------------------------------------------------------------------------AOCF as revised for 2012 190.4 $1.70--------------------------------------------------------------------------------------------------------------------------------------------------------Quarterly Financial and Operating Information----------------------------------------------------------------------------(millions of dollars except per 2013 share amounts) Quarter 2012 Quarters (2) -------------------------------------------- First Fourth Third Second First----------------------------------------------------------------------------Canadian propane sales volumes (millions of litres) 429 383 240 255 413U.S. refined fuels sales volumes (millions of litres) 512 428 335 363 473Natural gas sales volumes (millions of GJs) 5 5 5 5 5Electricity sales volumes (millions of KwH) 205 200 245 187 185Chemical sales volumes (thousands of metric tonnes) 203 200 193 190 188Revenues 1,049.9 934.0 790.1 834.3 1,065.9Gross profit 253.1 228.2 195.9 184.8 238.1Net earnings (loss) 31.4 13.5 35.9 12.7 27.9Per share, basic $0.28 $0.12 $0.32 $0.11 $0.25Per share, diluted $0.27 $0.12 $0.29 $0.11 $0.24Adjusted operating cash flow 82.0 61.9 33.7 28.2 66.6Per share, basic $0.72 $0.55 $0.30 $0.25 $0.60Per share, diluted $0.69 $0.55 $0.30 $0.25 $0.60Net working capital (1) 280.5 287.8 218.3 234.4 325.3----------------------------------------------------------------------------Quarterly Financial and Operating Information----------------------------------------------------------------------------(millions of dollars except per share amounts) 2011 Quarters -------------------------------------------- Fourth Third Second----------------------------------------------------------------------------Canadian propane sales volumes (millions of litres) 368 239 260U.S. refined fuels sales volumes (millions of litres) 440 344 405Natural gas sales volumes (millions of GJs) 5 5 6Electricity sales volumes (millions of KwH) 167 176 146Chemical sales volumes (thousands of metric tonnes) 187 197 192Revenues 1,043.4 845.0 898.4Gross profit 234.6 178.5 176.0Net earnings (loss) (231.4) (113.4) 1.1Per share, basic ($2.10) ($1.04) $0.01Per share, diluted ($2.10) ($1.04) $0.01Adjusted operating cash flow 63.8 23.5 19.8Per share, basic $0.58 $0.21 $0.18Per share, diluted $0.58 $0.21 $0.18Net working capital (1) 377.3 295.0 365.3----------------------------------------------------------------------------(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.(2) Superior's 2012 quarterly results have been restated for the adoption of IAS 19 Employee Benefits.
