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To view Annual and Quarterly Reports you will require Adobe Acrobat Version 5+   | 
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Quarterly Report
SaskEnergy's interim report is comprised of a Management Discussion and Analysis,
interim consolidated financial statements and notes to the interim consolidated
financial statements.
SaskEnergy posts the interim reports within 60 days of the end of the interim period.
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Third Quarter Interim Report - September 30, 2009
For the nine months ending September 30, 2009 consolidated net income was $42 million, which was
$33 million higher than the $9 million net income for the same period in 2008. The increase in
consolidated income for 2009 was principally due to favourable fair value adjustments of $22
million compared to unfavourable fair value adjustments of $16 million over the same period in 2008.
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Second Quarter Interim Report – June 30, 2009
For the first six months of 2009 consolidated net income was $29 million, which
was $45 million lower than the $74 million net income for the same period in 2008.
The decrease in consolidated income for 2009 was principally due to lower favourable
fair value adjustments which were $5 million compared to $34 million over the same
period in 2008. Also contributing to the decrease was a $21 million downward revaluation
of gas marketing natural gas in storage held for resale to its net realizable value
at June 30, 2009. With the decline in natural gas prices, net realizable value for
natural gas in storage held for resale has fallen below cost since the beginning
of the year.
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First Quarter Interim Report - March 31, 2009
For the first three months of 2009 consolidated net income was $32 million, which
was $28 million lower than the $60 million net income for the same period in 2008.
Unfavourable fair value adjustments of $23 million, compared to favourable $20 million
for the same period in 2008, partially offset by a higher gain on commodity sales
in 2009 contributed to the lower net income in 2009.
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Third Quarter Interim Report - September 30,
2008
For the first nine months of 2008 consolidated net income was $9 million, which
was $38 million lower than the $47 million net income for the same period in 2007.
Margins on gas marketing sales were lower in 2008 and there were unfavourable fair
value adjustments of $16 million, compared to favourable fair value adjustments
of $2 million for the same period in 2007.
Effective January 1, 2008, SaskEnergy adopted the new Canadian Institute of Chartered
Accountants (CICA) Handbook Section 1535 – Capital Disclosures, Section 3031 – Inventories,
Section 3862 – Financial Instruments – Disclosure, and Section 3863 – Financial
Instruments – Presentation. These changes in accounting policies are discussed in
Note 2 of the attached financial statements.
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