Quarterly Trends

Highlights ($ millions except per share amounts)	2012				2011
	Q4	Q3	Q2	Q1	Q4	Q3	Q2	Q1
Revenue	958	408	391	564	971	527	425	461
Net earnings attributable to equity holders	45	82	8	131	265	39	55	91
$ per common share (basic)	0.11	0.21	0.02	0.33	0.67	0.10	0.14	0.23
$ per common share (diluted)	0.11	0.21	0.02	0.33	0.67	0.10	0.14	0.23
Adjusted net earnings (non-IFRS)	237	52	34	124	249	104	72	84
$ per common share (adjusted and diluted)	0.60	0.13	0.09	0.31	0.63	0.26	0.18	0.22
Cash provided by operations (after working capital changes)	283	44	(94)	411	258	192	23	272

Key things to note:

• Our financial results are strongly influenced by the performance of our uranium segment, which accounted for 74% of consolidated revenues in the fourth quarter of 2012.
• The timing of customer requirements, which tend to vary from quarter to quarter, drives revenue in the uranium and fuel services segments. More than 40% of our uranium deliveries for 2012 occurred in the fourth quarter.
• Net earnings do not trend directly with revenue due to unusual items and transactions that occur from time to time. We use adjusted net earnings, a non-IFRS measure, as a more meaningful way to compare our results from period to period (see non-IFRS for more information).
• Cash from operations tends to fluctuate as a result of the timing of deliveries and product purchases in our uranium and fuel services segments.
• Quarterly results are not necessarily a good indication of annual results due to the variability in customer requirements noted above.