Financial Report - Veresen Inc.

Consolidated Statement of Income
Year ended December 31,
(Canadian $ Millions, except per Common Share amounts (note 16)) 2012 2011
Equity income (note 6) 135.8 155.1
Operating revenues 264.2 174.2
Operations and maintenance (112.4) (85.1)
General, administrative and project development (69.5) (51.9)
Depreciation and amortization (83.1) (48.4)
Interest and other finance (58.6) (45.9)
Foreign exchange and other (0.9) (1.6)
Net income before taxes and non-controlling interest 75.5 96.4
Current taxes (note 14) (18.2) (28.1)
Deferred taxes (note 14) (10.6) (15.1)
Net income before non-controlling interest 46.7 53.2
Non-controlling interest (note 15) (0.1) (0.1)
Net income 46.6 53.1
Preferred Share dividends (7.7) –
Net income attributable to Common Shares 38.9 53.1
Net income per Common Share
Basic and diluted 0.20 0.33
Consolidated Statement of Comprehensive Income
Year ended December 31,
(Canadian $ Millions) 2012 2011
Net income before non-controlling interest 46.7 53.2
Other comprehensive income (loss)
Cumulative translation adjustment
Unrealized foreign exchange gain (loss) on translation (5.6) 13.5
Cumulative translation adjustment reclassified to net income – 0.8
Other – 1.8
Other comprehensive income (loss) (5.6) 16.1
Comprehensive income before non-controlling interest 41.1 69.3
Comprehensive income attributable to non-controlling interest (0.1) (0.1)
Comprehensive income 41.0 69.2
Preferred Share dividends (7.7) –
Comprehensive income attributable to Common Shares 33.3 69.2
See accompanying Notes to the Consolidated Financial Statements
41