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Consolidated Statements of Operations and Retained Earnings

for the years ended December 31 in millions of US dollars
except per-share amounts
    2007    2006    2005 
Sales (Note 19) $ 5,234.2  $ 3,766.7  $ 3,847.2 
Less: Freight   346.1    255.8    249.7 
  Transportation and distribution   124.1    134.1    121.9 
  Cost of goods sold (Note 20)   2,882.8    2,374.8    2,350.6 
Gross Margin   1,881.2    1,002.0    1,125.0 
               
Selling and administrative (Note 21)   212.6    158.4    144.5 
Provincial mining and other taxes (Note 22)   135.4    66.5    137.2 
Foreign exchange loss (gain)   70.2    (4.4)   12.5 
Other income (Note 23)   (125.5)   (94.0)   (61.8)
    292.7    126.5    232.4 
             
Operating Income   1,588.5    875.5    892.6 
             
Interest Expense (Note 24)   68.7    85.6    82.3 
             
Income Before Income Taxes   1,519.8    789.9    810.3 
             
Income Taxes (Note 25)   416.2    158.1    267.4 
             
Net Income   1,103.6    631.8    542.9 
             
Retained Earnings, Beginning of Year   1,286.4    716.9    701.5 
             
Change in Accounting Policy (Note 3)   0.2    –   
             
Repurchase of Common Shares (Note 17)         (462.5)
             
Dividends   (110.6)   (62.3)   (65.0)
             
Retained Earnings, End of Year $ 2,279.6  $ 1,286.4  $ 716.9 
             
Net Income per Share – Basic (Note 26) $ 3.50   $ 2.03  $ 1.67 
             
Net Income per Share – Diluted (Note 26) $ 3.40  $ 1.98  $ 1.63 
             
Dividends per Share $ 0.35  $ 0.20  $ 0.20