Earnings Statement

Consolidated Statements of Earnings
(Unaudited)
(In Thousands)

		Three Months Ended		Year Ended
		Dec 31/02	Dec 31/01	Dec 31/02	Dec 31/01

Revenue from
	Products and services	$271,087	$321,646	$748,334	$700,839

Expenses
	Products and services sold	178,971	192,555	486,155	422,067
	Depreciation, depletion and reclamation	28,036	54,039	112,755	129,387
	Administration	13,329	9,930	41,693	36,644
	Exploration	6,593	6,212	21,532	18,203
	Research and development	502	532	2,257	2,097
	Interest and other [note 6]	(662)	(626)	(1,957)	(2,366)
	Gain on property interests [note 2]	-	-	(2,670)	-

		226,769	262,642	659,765	606,032

Earnings from operations		44,318	59,004	88,569	94,807
	Earnings from Bruce Power	8,156	(459)	15,769	12,167
	Other income (exepenses)	(1,083)	-	(878)	590

Earnings before income taxes and minority interest		51,391	58,545	103,460	107,564
	Income tax expense [note 7]	27,715	28,384	48,871	42,343
	Minority interest	(748)	-	(871)	-

Net earnings		24,424	30,161	55,460	65,221
Preferred securities charges, net of tax		2,301	2,360	9,340	9,325

Net earnings attributable to common shares		$22,123	$27,801	$46,120	$55,896

Basic earnings per common share		$0.40	$0.50	$0.83	$1.01

Diluted earnings per common share		$0.40	$0.50	$0.83	$1.01

Consolidated Statements of Retained Earnings
(Unaudited)
(In Thousands)

	Three Months Ended		Year Ended
	Dec 31/02	Dec 31/01	Dec 31/02	Dec 31/01

Retained earnings at beginning of period	$468,532	$444,571	$465,420	$437,328
Net earnings	24,424	30,161	55,460	65,221
Dividends on common shares	(6,997)	(6,952)	(27,882)	(27,804)
Preferred securities charges, net of tax	(2,301)	(2,360)	(9,340)	(9,325)

Retained earnings at end of period	$483,658	$465,420	$483,658	$465,420

See accompanying notes to consolidated financial statements