Exhibit 99.5
IPSCO INC.
Reconciliations from Canadian GAAP to U.S. GAAP for Selected Balance Sheet Financial Data
(in thousands of U.S. dollars)
| As at December 31, | As at September 30, | |||||||||||||||||||||||||||
| 1998 | 1999 | 2000 | 2001 | 2002 | 2002 | 2003 | ||||||||||||||||||||||
Working Capital | ||||||||||||||||||||||||||||
Canadian GAAP | $ | 328,445 | $ | 282,525 | $ | 265,353 | $ | 231,199 | $ | 304,812 | $ | 256,180 | $ | 379,973 | ||||||||||||||
Adjustments relating to subordinated notes | — | (198 | ) | (4,250 | ) | (4,250 | ) | (4,250 | ) | (2,125 | ) | (2,125 | ) | |||||||||||||||
Adjustments relating to sale-leaseback | — | — | 621 | (1,417 | ) | (51 | ) | (945 | ) | (6,795 | ) | |||||||||||||||||
Adjustments relating to natural gas contract | — | — | — | (1,892 | ) | (78 | ) | (544 | ) | (217 | ) | |||||||||||||||||
US GAAP | $ | 328,445 | $ | 282,327 | $ | 261,724 | $ | 223,640 | $ | 300,433 | $ | 252,566 | $ | 370,836 | ||||||||||||||
Total Assets | ||||||||||||||||||||||||||||
Canadian GAAP | $ | 1,262,791 | $ | 1,472,959 | $ | 1,619,908 | $ | 1,724,165 | $ | 1,744,312 | $ | 1,712,803 | $ | 1,882,983 | ||||||||||||||
Adjustments relating to the capitalization of interest | 1,793 | 1,746 | 282 | (13,902 | ) | (13,902 | ) | (13,902 | ) | (13,902 | ) | |||||||||||||||||
Adjustments relating to commissioning costs | (40,887 | ) | (49,920 | ) | (75,965 | ) | (112,233 | ) | (112,233 | ) | (112,233 | ) | (112,233 | ) | ||||||||||||||
Adjustments relating to amortization of capital assets | (2,058 | ) | (709 | ) | 880 | (5,690 | ) | (8,619 | ) | (6,273 | ) | (4,815 | ) | |||||||||||||||
Adjustments relating to sale-leaseback | — | — | 148,250 | 142,269 | 136,432 | 137,890 | 132,053 | |||||||||||||||||||||
Adjustments relating to minimum pension liability | 9,521 | 5,433 | — | — | (3,911 | ) | (1,877 | ) | (3,320 | ) | ||||||||||||||||||
Adjustments relating to future income taxes | — | (11,721 | ) | 29,312 | 23,941 | 53,444 | (35,556 | ) | (8,219 | ) | ||||||||||||||||||
US GAAP | $ | 1,231,160 | $ | 1,417,788 | $ | 1,722,667 | $ | 1,758,550 | $ | 1,795,523 | $ | 1,680,852 | $ | 1,872,547 | ||||||||||||||
Total Debt | ||||||||||||||||||||||||||||
Canadian GAAP | $ | 287,634 | $ | 327,701 | $ | 364,922 | $ | 442,909 | $ | 377,588 | $ | 342,023 | $ | 432,416 | ||||||||||||||
Adjustments relating to subordinated notes | — | 10,000 | 100,000 | 100,000 | 100,000 | 100,000 | 100,000 | |||||||||||||||||||||
Adjustments relating to sale-leaseback | — | — | 150,000 | 143,595 | 141,361 | 141,361 | 131,387 | |||||||||||||||||||||
US GAAP | $ | 287,634 | $ | 337,701 | $ | 614,922 | $ | 686,504 | $ | 618,949 | $ | 583,384 | $ | 663,803 | ||||||||||||||
Common Shares | ||||||||||||||||||||||||||||
Canadian GAAP | $ | 254,506 | $ | 255,657 | $ | 255,772 | $ | 256,163 | $ | 351,311 | $ | 348,775 | $ | 351,569 | ||||||||||||||
Adjustments relating to change in reporting currency | 40,733 | 40,733 | 40,733 | 40,733 | 40,733 | 40,733 | 40,733 | |||||||||||||||||||||
US GAAP | $ | 295,239 | $ | 296,390 | $ | 296,505 | $ | 296,896 | $ | 392,044 | $ | 389,508 | $ | 392,302 | ||||||||||||||
