EX-99.4 15 dex994.htm FINANCIAL STATEMENT SCHEDULE AND AUDITORS' REPORT Financial Statement Schedule and Auditors' Report

Exhibit 99.4

 

Auditors’ Report on Financial Statement Schedule

 

To the Shareholders of IPSCO Inc.

 

We have audited the consolidated financial statements of IPSCO Inc. as at December 31, 2002 and 2001 and for each of the years in the three year period ended December 31, 2002, and have issued our report thereon dated January 28, 2003, except with respect to Note 23 as to which the date is June 18, 2003, which is incorporated by reference in this Registration Statement. Our audits also included the financial statement schedule listed in Item 21(b) of this Registration Statement. This schedule is the responsibility of the Company’s management. Our responsibility is to express an opinion based on our audits.

 

In our opinion, the financial statement schedule referred to above, when considered in relation to the basic financial statements taken as a whole, presents fairly in all material respects the information set forth therein.

 

/s/    Ernst & Young LLP

 

Chicago, Illinois

January 28, 2003

IPSCO Inc.

Schedule II—Valuation and Qualifying Accounts

 

          Additions
            
Description    Balance at
Beginning
of Period
    Charged
to Costs
and
Expenses
     Charged
to Other
Accounts
     Deductions
     Balance at
End
of Period

Year ended December 31, 2002

                                      

Deducted from asset accounts:

                                      

Allowance for doubtful accounts

    $ 10,326    $ (706 )   $ 51 (1)   $ 501 (3)   $ 9,170

Allowance for customer claims

      3,209      4,289       71 (1)     4,098 (4)     3,471

Allowance for valuation of assets held for sale

      14,505              101 (1)             14,606
    
  
 
 
 

Total

    $ 28,040    $ 3,583     $ 223     $ 4,599     $ 27,247
    
  
 
 
 

Year ended December 31, 2001

                                      

Deducted from asset accounts:

                                      

Allowance for doubtful accounts

    $ 6,122    $ 4,435     $ (53 )(1)   $ 178 (3)   $ 10,326

Allowance for customer claims

      526      6,143       (177 )(1)     3,283 (4)     3,209

Allowance for valuation of assets held for sale

      4,870      10,000       (365 )(1)             14,505
    
  
 
 
 

Total

    $ 11,518    $ 20,578     $ (595 )   $ 3,461     $ 28,040
    
  
 
 
 

Year ended December 31, 2000

                                      

Deducted from asset accounts:

                                      

Allowance for doubtful accounts

    $ 1,294    $ 11     $ 4,977 (2)   $ 160 (3)   $ 6,122

Allowance for customer claims

      2,363      5,227       (5,058 )(2)     2,006 (4)     526

Allowance for valuation of assets held for sale

      5,058              (188 )(1)             4,870
    
  
 
 
 

Total

    $ 8,715    $ 5,238     $ (269 )   $ 2,166     $ 11,518
    
  
 
 
 

 

(1)   Exchange rate fluctuations
(2)   Transfer of allowance from claims to doubtful accounts, net of exchange rate fluctuations
(3)   Uncollectible accounts written off, net of recoveries
(4)   Claims settled with customers