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Corporation’s balance sheet and shareholder’s equity from Canadian GAAP to IFRS at January 1, 2010 and December 31, 2010, its net income and comprehensive income and its statement of cash flows for the year ended December 31, 2010. Explanations of the individual impacts of adopting IFRS identified in the reconciliations are also provided, as are the Corporation’s elections under IFRS 1 “First-time Adoption of International Financial Reporting Standards”. 

A number of new standards, amendments to standards and interpretations are effective for annual periods beginning after January 1, 2011, and have not been applied in preparing these consolidated financial statements. None of these is expected to have a significant effect on the consolidated financial statements of the Corporation, except for IFRS 9, Financial Instruments, which becomes mandatory for the Corporation’s 2013 consolidated financial statements and could change the classification and measurement of financial assets. The Corporation does not plan to adopt this standard early and the extent of the impact has not been determined. 

## SUMMARY OF ANNUAL RESULTS 

Amounts are in thousands except for income (loss) per unit/share: 

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Revenue and earnings for the year ended December 31, 2011 were increased by the $27.7 million in gains on the reduction of the Corporation’s interest in LifeMark and the sale of its interest in MEDIchair. Before that adjustment, basic and fully-diluted income per share in 2011 was $0.67 and $0.65, respectively. The net income for the year ended December 31, 2009 was increased by a $6 million non-cash recovery of future income taxes as a result of the extension of expiry dates on investment tax credits. Before that adjustment, basic and fully-diluted income per share in 2009 was $1.20. The 2009 figures were prepared using Canadian GAAP. 

The Corporation has sufficient cash flow to pay out dividends but due to a number of non-cash items including depreciation and amortization, deferred income tax expense and stock based compensation expense, dividends paid can exceed earnings. Below is a table showing cash from operations from the audited statement of cash flows compared to dividends paid in the year. The 2009 figures were prepared using Canadian GAAP. In 2011, the gains from the reduction of interest in LifeMark allowed the Corporation to temporarily go above 100% but the current run rate of net cash from operating activities at December 31, 2011 is below 100%. 

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