Comprehensive Income

Annual

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(in millions of Canadian dollars except per share amounts)

For the year ended Dec. 31
	2011	2010

Net earnings	343	280
Other comprehensive (loss) income
Gains (losses) on translating net assets of foreign operations	32	(57)
(Losses) gains on financial instruments designated as hedges of self-sustaining foreign operations, net of tax ⁽¹⁾	(33)	33
Reclassification of gains on translation of foreign operations to net earnings, net of tax ⁽²⁾	-	(3)
(Losses) gains on derivatives designated as cash flow hedges, net of tax ⁽³⁾	(103)	147
Reclassification of losses on derivatives designated as cash flow hedges to non-financial assets, net of tax ⁽⁴⁾	-	8
Reclassification of gains on derivatives designated as cash flow hedges to net earnings, net of tax ⁽⁵⁾	(177)	(129)
Net acturial losses on defined benefits plans, net of tax ⁽⁶⁾	(26)	(20)
Other comprehensive (loss)	(307)	(21)
Comprehensive income	36	259

Total comprehensive income attributable to:
Common shareholders	18	252
Non-controlling interests	18	7
	36	259

(1) Net of income tax recovery of 5 for the year ended Dec. 31, 2011 (2010 - 6 expense)
(2) Net of income tax of nil for the year ended Dec. 31, 2011 (2010 - nil)
(3) Net of income tax recovery of 7 for the year ended Dec. 21, 2011 (2010 -87 expense)
(4) Net of income tax of nil for the year ended Dec. 31, 2011 (2010 - 3 recovery)
(5) Net of income tax expense of 94 for the year ended Dec. 31, 2011 (2010 - 65 expense)
(6) Net of income tax recovery of 9 for the year ended Dec. 31, 2011 (201 - 7 recovery)

Notes to financial statements

Quarterly

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)

(in millions of Canadian dollars)

	3 months ended March 31
Unaudited	2012	2011

Net earnings	109	221
Other comprehensive income (loss)
Losses on translating net assets of foreign operations	(32)	(49)
Gains on financial instruments designated as hedges of foreign operations, net of tax ⁽¹⁾	21	33
Losses on derivatives designated as cash flow hedges, net of tax ⁽²⁾	(9)	(58)
Reclassification of losses on derivatives designated as cash flow hedges to non-financial assets, net of tax ⁽³⁾	1	-
Reclassification of gains on derivatives designated as cash flow hedges to net earnings, net of tax ⁽⁴⁾	(9)	(132)
Net actuarial gains (losses) on defined benefit plans, net of tax ⁽⁵⁾	(10)	1
Other comprehensive loss	(38)	(205)
Comprehensive income	71	16

Total comprehensive income (loss) attributable to:
Common shareholders	65	(1)
Non-controlling interests	6	17
	71	16

(1) Net of income tax expense of 3 for the three months ended March 31, 2012 (2011- 4 expense)
(2) Net of income tax expense of 1 for the three months ended March 31, 2012 (2011- 13 recovery)
(3) Net of income taxes of nil for the three months ended March 31, 2012 (2011- nil)
(4) Net of income tax expense of 17 for the three months ended March 31, 2012 (2011- 77 expense)
(5) Net of income tax recovery of 3 for the three months ended March 31, 2012 (2011- 1 expense)

Notes to financial statements

Last updated: April 26, 2012

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