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Labrador Iron Ore Royalty Corporation - 2011 Results of Operations
TORONTO, March 7, 2012 /CNW/ - Labrador Iron Ore Royalty Corporation (TSX: LIF.UN) announce...
About this update from Labrador Iron Ore Royalty Corporation
[{"type":"text","content":"\n\n\n\n\n\nTORONTO, March 7, 2012 /CNW/ - Labrador Iron Ore Royalty Corporation\n (TSX: LIF.UN) announced the results of its operations for the year\n ended December 31, 2011.\n\n\nTo the Holders of Stapled Units of Labrador Iron Ore Royalty\n Corporation  \n\n\nOn July 1, 2011 the 2-for-1 subdivision of the stapled units approved by\n the holders of stapled units (the \"Unitholders\") on May 30, 2011,\n became effective. The stapled units started trading on a split basis on\n the Toronto Stock Exchange on June 28, 2011. Accordingly, all per unit\n figures in this report are based on 64 million units outstanding, with\n all prior per unit figures being restated.\n\n\nPrior to the July 1, 2010 conversion of Labrador Iron Ore Royalty\n Corporation (\"LIORC\" or the \"Corporation\") from an income trust, the\n net income of the Unitholders was the same as the trust's net income.\n Since the Unitholders now own the $248 million LIORC subordinated notes\n directly, the net income of the Unitholders consists of the net income\n of LIORC plus the interest paid on the LIORC subordinated notes. Thus\n all net income, adjusted cash flow and per unit figures referred to in\n this report use the totals according to the financial statements plus\n (where applicable) the $7,488,000 ($0.117 per stapled unit) and\n $29,952,000 ($0.468 per stapled unit) interest on the subordinated\n notes for each quarter and the year ended December 31, 2011,\n respectively.\n\n\nTransition to International financial reporting standards \n\n\nThe 2011 consolidated financial statements of the Corporation are\n prepared in accordance with International Financial Reporting Standards\n (\"IFRS\") as issued by the International Accounting Standards Board\n (\"IASB\") and are the Corporation's first annual financial statements\n prepared in accordance with IFRS. Prior to the adoption of IFRS, the\n financial statements were prepared in accordance with Canadian\n Generally Accepted Accounting Principles (\"Canadian GAAP\").\n\n\nIFRS are premised on a conceptual framework similar to Canadian GAAP.\n However, significant differences exist in certain matters of\n recognition, measurement and disclosure. The adoption had a small\n impact on the consolidated balance sheets and statements of\n comprehensive income. The overall ...