EXHIBIT 99.4
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RECENT DEVELOPMENTS
On May 6, 2004, the Trust completed the sale of its interest in its subsidiary,
Aventura Energy Inc. ("Aventura"). This sale was reported in the Trust's
unaudited interim consolidated financial statements for the three months ended
March 31, 2004. As a result, the Trust has presented Aventura as a discontinued
operation in the unaudited interim consolidated financial statements for the
three months ended March 31, 2004, which included the recast consolidated
balance sheet as at December 31, 2003 reflecting the discontinued operation. The
Trust's comparative financial statements in fiscal 2004 will be recast to
reflect this discontinued operation.
The impact of reflecting Aventura's results as a discontinued operation on the
consolidated statement of earnings and accumulated earnings for the years ended
December 31, 2003 and 2002 is to include net earnings from discontinued
operations as a separate line item on the consolidated statements of earnings
and accumulated earnings. The impact on net earnings from continuing operations
is also reflected below.
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For the year ended December 31,
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2003 2002
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(in thousands of Canadian dollars)
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Revenue 315,572 287,540
Earnings before income taxes and other item 39,311 73,558
Income taxes (recovery) (17,672) 32,098
Other item 241 138
Net earnings from continued operations 55,777 40,981
Net earnings from discontinued operations 965 341
Net earnings 56,742 41,322
Net earnings from continuing operations per
trust unit
Basic 0.95 0.73
Diluted 0.94 0.72
Net earnings per trust unit
Basic 0.97 0.74
Diluted 0.96 0.73
Weighted average trust units outstanding
Basic 58,600 55,791
Diluted 59,093 56,847