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Quarterly Trends

Highlights
($ millions except per share amounts)		       2013       2012
Q4 Q3 Q2  Q1 Q41 Q31 Q21  Q11
  1. 1 Our quarterly results have been revised in accordance with IFRS 11 – Joint Arrangements and IAS 19 – Employee Benefits.
Revenue 977 597 421  444 846 296 282  467
Net earnings attributable to equity holders 64 211 34  9 41 79 5  128
$ per common share (basic) 0.16 0.53 0.09  0.03 0.10 0.20 0.01  0.33
$ per common share (diluted) 0.16 0.53 0.09  0.03 0.10 0.20 0.01  0.33
Adjusted net earnings (non-IFRS) 150 208 61  26 233 49 31  121
$ per common share (adjusted and diluted) 0.38 0.53 0.14  0.07 0.59 0.12 0.08  0.31
Cash provided by operations (after working capital changes) 162 136 (37) 269 286 36 (117) 374

Key things to note:

  • Our financial results are strongly influenced by the performance of our uranium segment, which accounted for 65% of consolidated revenues in the fourth quarter of 2013 and 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.
  • 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.