MESSAGES YEARIN REVIEW RESULTS
AND OUTLOOK RESOURCES FINANCIAL
REPORTING GOVERNANCE PERFORMANCE About
Total Comprehensive Income (Loss)
| (in thousands of Canadian dollars) | For the year ended March 31 | ||
| 2014 | 2013 (revised1) |
% change | |
| Net results for the year | (17,953) | (50,972) | (64.8) |
| Other comprehensive income | 203,812 | 40,342 | 405.2 |
| Total comprehensive income (loss) for the year | 185,859 | (10,630) | N/M |
N/M = not meaningful 1.The amounts for 2013 have been revised as a result of the adoption of the revised accounting standard on pensions. See Note 3A, New and Future Changes in Accounting Policies of the consolidated financial statements for more details. |
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Total comprehensive income recognized this year was $185.9 million, compared to a loss of $10.6 million in the prior year. These amounts are driven by significant non-cash fluctuations in our pension plan’s obligations and assets that occur when actual results or interest rates differ from our actuarial assumptions. We recognize these movements immediately in other comprehensive income each reporting period. During the year, we also recognized a non-cash adjustment related to changes in mortality assumptions.
This year’s $203.8 million in other comprehensive income was driven by a higher return on plan assets than that used in our assumptions, combined with a 0.25 percentage point increase in the discount rate used to value plan obligations. These increases to our net pension position were partially offset by a non-cash adjustment of $209.3 million recognized following the above-mentioned change in mortality assumptions.
Further information on our pension plan is provided in Note 17 to our consolidated financial statements.
