TransCanada Online Annual Report 2002

THREE-YEAR FINANCIAL HIGHLIGHTS

	2002	2001	2000

(millions of dollars except where indicated)
Income Statement
Revenues	5,214	5,275	4,384
Net income from continuing operations	805	753	707
Net income	805	686	768
Results by segment
Transmission	653	585	623
Power	146	168	85
Corporate	(52)	(67)	(80)
Continuing operations	747	686	628
Discontinued operations	–	(67)	61
Net income applicable to common shares	747	619	689

Cash Flow Statement
Funds generated from continuing operations	1,827	1,624	1,495
Capital expenditures and acquisitions
Continuing operations	814	1,025	773
Discontinued operations	13	52	362
Dividends and preferred securities charges	546	517	536

Balance Sheet

Assets
Plant, property and equipment
Transmission	16,098	16,509	16,894
Power	1,334	1,110	771
Corporate	64	66	111
Total assets
Continuing operations	19,728	19,629	19,761
Discontinued operations	188	325	5,056

Capitalization
Long-term debt	8,815	9,347	9,928
Non-recourse debt of joint ventures	1,222	1,295	1,296
Junior subordinated debentures	238	237	243
Preferred securities	674	675	969
Preferred shares	389	389	389
Common shareholders’ equity	5,747	5,426	5,211

U.S. GAAP Information
Net income/(loss)
Continuing operations before extraordinary items	774	715	642
Discontinued operations	–	(67)	61
Extraordinary item	–	–	13
Net income	774	648	716
Net income/(loss) per share
Continuing operations before extraordinary items	$ 1.57	$ 1.46	$ 1.27
Discontinued operations	$ –	$ (0.14)	$ 0.13
Extraordinary item	$ –	$ –	$ 0.03
Net income applicable to common shares – Basic	$ 1.57	$ 1.32	$ 1.43
Net income applicable to common shares – Diluted	$ 1.56	$ 1.32	$ 1.43
Common shareholders’ equity	5,642	5,360	5,163


Per Common Share Data
Net income – Basic
Continuing operations	$ 1.56	$ 1.44	$ 1.32
Discontinued operations	–	(0.14)	0.13

	$ 1.56	$ 1.30	$ 1.45

Net income – Diluted	$ 1.55	$ 1.30	$ 1.45

Dividends declared	$ 1.00	$ 0.90	$ 0.80
Book Value ⁽¹⁾	$ 11.99	$ 11.38	$ 10.97
Market Price
Toronto Stock Exchange (Cdn dollars)
High	23.91	21.13	17.25
Low	19.05	14.85	9.80
Close	22.92	19.87	17.20
Volume (millions of shares)	280.5	288.2	400.7
New York Stock Exchange (U.S. dollars)
High	15.56	13.41	11.50
Low	11.89	9.88	6.75
Close	14.51	12.51	11.50
Volume (millions of shares)	18.5	21.1	28.1
Shares outstanding (millions)
Average for the year	478.3	475.8	474.6
End of year	479.5	476.6	474.9
Registered common shareholders ⁽¹⁾	34,902	36,350	30,758

Financial Ratios
Return on average common shareholders’ equity	13.4%	11.6%	13.6%
Dividend yield ⁽¹⁾	4.4%	4.5%	4.7%
Price/earnings multiple ⁽¹⁾	14.7	15.3	11.9
Price/book multiple ⁽¹⁾	1.9	1.7	1.6
Debt to debt plus shareholders’ equity ⁽²⁾	58%	61%	62%
Cash flow from continuing operations to total debt ⁽²⁾	0.19	0.18	0.10
Earnings to fixed charges ⁽³⁾	2.4	2.2	2.0
Earnings to fixed charges (per U.S. GAAP)*	2.2	2.0	2.0

(1)	As at December 31.
(2)	Debt does not include non-recourse debt of joint ventures.
(3)	The ratio of earnings to fixed charges is determined by dividing the financial charges incurred by the company (including capitalized interest) into its income from continuing operations before financial charges and income taxes, excluding undistributed income from equity investees.
*	The ratio is determined in the manner described in ⁽³⁾ above, but utilizing similar information determined in accordance with U.S. GAAP. Differences are described in Note 20 "Significant Differences Between Canadian and U.S. GAAP", to the Consolidated Financial Statements.