EXHIBIT 99.3 - - RESTATEMENT OF QUARTERLY FINANCIAL DATA
(In millions of US$, except where indicated) (unaudited] | FIRST | SECOND | THIRD | FOURTH | YEAR |
2003 | |||||
Revenues | 3,249 | 3,505 | 3,529 | 3,567 | 13,850 |
Cost of sales and operating expenses | 2,614 | 2,838 | 2,842 | 2,877 | 11,171 |
Depreciation and amortization | 208 | 216 | 221 | 217 | 862 |
Income taxes | 141 | 144 | 65 | (90) | 260 |
Other items | 270 | 284 | 293 | 448 | 1,295 |
Income from continuing operations(1) | 16 | 23 | 108 | 115 | 262 |
Loss from discontinued operations | (4) | (115) | (21) | (19) | (159) |
Income (Loss) before cumulative | |||||
effect of accounting changes | 12 | (92) | 87 | 96 | 103 |
Cumulative effect of accounting changes | (39) | - | - | - | (39) |
Net income (Loss) | (27) | (92) | 87 | 96 | 64 |
Dividends on preference shares | 2 | 1 | 2 | 2 | 7 |
Net income (Loss) attributable to common | |||||
shareholders | (29) | (93) | 85 | 94 | 57 |
Net Income (Loss) per share common share - basic and diluted (in US$) | |||||
Income from continuing operations | 0.04 | 0.07 | 0.32 | 0.36 | 0.79 |
Loss from discontinued operations | (0.01) | (0.36) | (0.06) | (0.06) | (0.49) |
Cumulative effect of accounting changes | (0.12) | - | - | - | (0.12) |
Net income (loss) per common share - basic and diluted (in US$)(2) | (0.09) | (0.29) | 0.26 | 0.30 | 0.18 |
Net income (Loss) under Canadian GAAP(3) | - | (102) | 94 | 163 | 155 |
FIRST | SECOND | THIRD | FOURTH | YEAR | |
2002 | |||||
Revenues | 2,921 | 3,182 | 3,215 | 3,165 | 12,483 |
Cost of sales and operating expenses | 2,350 | 2,546 | 2,578 | 2,558 | 10,032 |
Depreciation and amortization | 184 | 195 | 191 | 202 | 772 |
Income taxes | 104 | 109 | 41 | 33 | 287 |
Other items | 132 | 276 | 239 | 324 | 971 |
Income from continuing operations(1) | 151 | 56 | 166 | 48 | 421 |
Loss from discontinued operations | (3) | (1) | (7) | (10) | (21) |
Income (Loss) before cumulative |
| ||||
effect of accounting changes | 148 | 55 | 159 | 38 | 400 |
Cumulative effect of accounting changes | (748) | - | - | - | (748) |
Net income (Loss) | (600) | 55 | 159 | 38 | (348) |
Dividends on preference shares | 1 | 1 | 1 | 2 | 5 |
Net income (Loss) attributable to common shareholders | (601) | 54 | 158 | 36 | (353) |
Net Income (Loss) per share common share - basic and diluted (in US$) | |||||
Income from continuing operations | 0.46 | 0.18 | 0.51 | 0.14 | 1.29 |
Loss from discontinued operations | (0.01) | (0.01) | (0.02) | (0.03) | (0.07) |
Cumulative effect of accounting changes | (2.32) | - | - | - | (2.32) |
Net income (Loss) per common share - basic and diluted (in US$)(2) | (1.87) | 0.17 | 0.49 | 0.11 | (1.10) |
Net income under Canadian GAAP(3) | 77 | 62 | 196 | 16 | 351 |
(unaudited) | FIRST | SECOND | THIRD | FOURTH | YEAR |
2001 | |||||
Revenues | 3,243 | 3,136 | 3,138 | 3,028 | 12,545 |
Cost of sales and operating expenses | 2,604 | 2,507 | 2,513 | 2,484 | 10,108 |
Depreciation and amortization | 192 | 201 | 202 | 214 | 809 |
Income taxes | 26 | 88 | 36 | (165) | (15) |
Other items | 349 | 256 | 280 | 818 | 1,703 |
Income (Loss) from continuing operations(1) | 72 | 84 | 107 | (323) | (60) |
Loss from discontinued operations | (3) | - | (2) | (1) | (6) |
Income (Loss) before cumulative | |||||
effect of accounting changes | 69 | 84 | 105 | (324) | (66) |
Cumulative effect of accounting changes | (12) | - | - | - | (12) |
Net income (Loss) | 57 | 84 | 105 | (324) | (78) |
Dividends on preference shares | 2 | 2 | 2 | 2 | 8 |
Net income (Loss) attributable to common shareholders | 55 | 82 | 103 | (326) | (86) |
Net Income (Loss) per common share - | |||||
basic (in US$) | |||||
Income from continuing operations | 0.22 | 0.26 | 0.34 | (1.03) | (0.21) |
Loss from discontinued operations | (0.01) | - | (0.01) | - | (0.02) |
Cumulative effect of accounting changes | (0.04) | - | - | - | (0.04) |
Net income (Loss) per common share - basic (in US$)(2) | 0.17 | 0.26 | 0.33 | (1.03) | (0.27) |
Net income (Loss) per common share - diluted (in US$) | |||||
Income from continuing operations | 0.22 | 0.26 | 0.33 | (1.03) | (0.21) |
Loss from discontinued operations | (0.01) | - | (0.01) | - | (0.02) |
Cumulative effect of accounting changes | (0.04) | - | - | - | (0.04) |
Net income (Loss) per common share - diluted (in US$)(2) | 0.17 | 0.26 | 0.32 | (1.03) | (0.27) |
Net income (Loss) under Canadian GAAP(3) | 120 | 67 | 148 | (357) | (22) |
(1) The first quarter of 2003 included a net after-tax charge of $12 relating mainly to prior years' tax adjustments.
The second quarter of 2003 included net after-tax gains of $27 relating mainly to gains of $42 on the sale of non-core assets in Italy and the remaining portfolio investment in Nippon Light Metal Company, Ltd., partially offset by charges of $8 for closure of the Charlotte packaging plant and Bay St. Louis plant in the United States.
The third quarter of 2003 included a non-cash, after-tax charge of $24 relating mainly to the realization of deferred translation losses of $11 on the sale of a subsidiary in Thailand and charges of $7 for environmental provisions related to certain operations in the United States and Switzerland.
The fourth quarter of 2003 included a net after-tax gain of $53 relating mainly to one time favourable tax benefits of $85 arising principally from changes in Australian tax legislation, currency-related net gains of $57 on the financing of the Pechiney acquisition, gains on sales of assets in the U.K. of $6, a gain on the sale of an extrusions business in Malaysia of $4, and a favourable adjustment of $7 to previously recorded environmental provisions. These items were partially offset by purchase accounting adjustments related to in-process research and development of $50, goodwill impairment in the extrusions operations of $28, an environmental provision in the United States of $16, and the restructuring of a packaging operation in Switzerland of $8.
The first quarter of 2002 included net after-tax charges of $7 relating mainly to the restructuring program announced in 2001. The charges included a fixed asset impairment charge of $9 relating to the recycling operations at the Borgofranco plant in Italy and a loss of $5 on the sale of extrusions operations in Thailand. The second quarter of 2002 included net after-tax charges of $8 relating mainly to the restructuring program announced in 2001. The charges included severance and pension costs of $7 relating to the closure of the Bracebridge cable plant in Ontario, Canada. The third quarter of 2002 included net after-tax charges of $6 relating mainly to increases of $9 to legal provisions and net recoveries of $2 relating to the 2001 restructuring program principally arising from severance costs of $4 for the extrusions operations in Malaysia, light gauge operations in Fairmont, West Virginia, and certain cable operations in North America, and income of $8, primarily for the write-back of excess contract loss provisions. The fourth quarter of 2002 included net after-tax charges of $84 relating mainly to a provision of $68 for the ruling on a contract dispute with Powerex (a subsidiary of BC Hydro) and charges of $20 for the closures of the specialty chemicals plant at Burntisland, U.K. and the Banbury, U.K. R&D facilities. These charges were partially offset by a gain of $24 on the sale of a portfolio investment.
The first quarter of 2001 included after-tax charges for the impairment in value of fixed assets of $70 for Jamaica. The second quarter of 2001 included an after-tax charge of $17 principally comprised of $20 for post-closing adjustments relating to the divestment of Jamaica, partly offset by a write-back of restructuring costs of $4 in the U.K. The results for the fourth quarter of 2001 included a net after-tax charge of $444. This included a $78 charge related to the restructuring program announced on October 17, 2001, and a $22 charge related to the synergy program announced in the fourth quarter of 2000 in relation to the merger with algroup. Also included are impairment provisions of $186 in relation to certain assets and capitalized project costs, a $167 charge related to environmental provisions, and a favourable prior year's tax adjustment of $12.
(2) Net income per common share calculations are based on the average number of common shares outstanding in each period. See note 6 - Earnings Per Share - Basic and Diluted.
(3) See note 32 - Differences between Canadian and United States Generally Accepted Accounting Principles (GAAP) for explanation of differences between U.S. and Canadian GAAP.