The technical information about the Company's material mineral properties contained in this news release has been prepared under the supervision of and verified by Mr. James K. Fowler, an officer of the Company who is a "qualified person" within the meaning of National Instrument 43-101.
Reconciliation of non-GAAP financial measures
The Company has included certain non-GAAP financial measures in this document. These measures are not defined under IFRS and should not be considered in isolation. The Company believes that these measures, together with measures determined in accordance with IFRS, provide investors with an improved ability to evaluate the underlying performance of the Company. The inclusion of these measures is meant to provide additional information and should not be used as a substitute for performance measures prepared in accordance with IFRS. These measures are not necessarily standard and therefore may not be comparable to other issuers.
Adjusted net earnings attributable to common shareholders and adjusted net earnings per share are non-GAAP measures which determine the performance of the Company, excluding certain impacts which the Company believes are not reflective of the Company's underlying performance for the reporting period, such as the impact of foreign exchange gains and losses, reassessment of prior year taxes and/or taxes otherwise not related to the current period, impairment charges, gains and losses and other one-time costs related to acquisitions, dispositions and other transactions, and non-hedge derivative gains and losses. Although some of the items are recurring, the Company believes that they are not reflective of the underlying operating performance of its current business and are not necessarily indicative of future operating results. Management believes that these measures, which are used internally to assess performance and in planning and forecasting future operating results, provide investors with the ability to better evaluate underlying performance, particularly since the excluded items are typically not included in public guidance. However, adjusted net earnings and adjusted net earnings per share measures are not necessarily indicative of net earnings and earnings per share measures as determined under IFRS.
The following table provides a reconciliation of net earnings from continuing operations to adjusted net earnings from continuing operations for the periods presented:
---------------------------------------------------------------------------- GAAP to Adjusted Earnings from Continuing Operations Reconciliation ------------------------ Three months ended(in millions, except share and per share amounts) March 31, ------------------------ 2013 2012 ------------------------Net earnings from continuing operations attributable to common shareholders - as reported $ 160.5 $ 99.6 ------------------------Adjusting items: Foreign exchange losses (gains) 3.6 (7.5) Non-hedge derivatives gains - net of tax - (10.1) Gains on sale of other assets - net of tax (0.6) - Foreign exchange loss (gain) on translation of tax basis and foreign exchange on deferred income taxes within income tax expense (2.6) 2.5 Change in deferred income tax due to a change in statutory corporate income tax rate - 110.3 Taxes in respect of prior years 4.0 1.3 Impairment of investments 5.6 - ------------------------ 10.0 96.5 ------------------------Net earnings from continuing operations attributable to common shareholders - Adjusted $ 170.5 $ 196.1 ------------------------ ------------------------Weighted average number of common shares outstanding - Basic 1,140.6 1,138.1 ------------------------Net earnings from continuing operations per share - Adjusted $ 0.15 $ 0.17 ------------------------ ----------------------------------------------------------------------------------------------------
