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2008 Financial Highlights

2008 Financial Highlights

Building on our track record of success

Net Income
$1.4 billion or $2.53 per common share, a 10% increase(2)

Comparable Earnings(1)
$1.3 billion or $2.25 per common share, an 8% increase(2)

Dividends Declared
$1.44 per common share, a 6% increase(2)

Funds Generated from Operations(1)
$3.0 billion, a 15% increase(2)

Capital Expenditures and Acquisitions
$6.4 billion invested in core businesses

 
Net Income per Common Share — Basic
Comparable Earnings per Common Share — Basic footnote link
Dividends Declared per Common Share
 
Funds Generated from Operations footnote link
Capital Expenditures and Acquisitions
Market Price — Close Toronto Stock Exchange
(1) Non-GAAP measure that does not have any standardized meaning prescribed by generally accepted accounting principles. For more information, see the "Non-GAAP Measures" section in the Management's Discussion and Analysis of the 2008 Annual Report.
(2) Compared to 2007.
 
Year ended December 31
(millions of dollars)
2004 2005  2006  2007 2008  
Income          
Comparable earnings(1) 786 839  925  1,100 1,279  
Net income 1,032 1,209  1,079  1,223 1,440  
Cash Flow          
Funds generated from operations 1,703 1,951  2,378  2,621 3,021  
(Increase)/decrease in operating working capital 29 (49) (303) 215 (181)
Net cash provided by operations 1,732 1,902  2,075  2,836 2,840  
Capital expenditures and acquisitions 2,046 2,071  2,042  5,874 6,363  
Balance Sheet          
Total assets 22,422 24,113  25,909  30,330 39,414  
Long-term debt 9,749 9,640  10,887  12,377 15,368  
Junior subordinated notes –  –  975 1,213  
Common shareholders' equity 6,565 7,206  7,701  9,785 12,898  
           
Common Share Statistics
Year ended December 31
2004 2005  2006  2007 2008  
Comparable earnings(1) — Basic $1.62 $1.72  $1.90  $2.08 $2.25  
Net income per share — Basic $2.13 $2.49  $2.21  $2.31 $2.53  
Net income per share — Diluted $2.12 $2.47  $2.20  $2.30 $2.52  
Dividends declared per share $1.16 $1.22  $1.28  $1.36 $1.44  
Common shares outstanding (millions)              
Average for the year 484.1 486.2  488.0  529.9 569.6  
End of year 484.9 487.2  489.0  539.8 616.5  
Market Price — Close          
Toronto Stock Exchange (Canadian dollars) 29.80 36.65  40.61  40.54 33.17  
New York Stock Exchange (U.S. dollars) 24.87 31.48  34.95  40.93 27.14  
(1) Non-GAAP measure that does not have any standardized meaning prescribed by generally accepted accounting principles. For more information see the "Non-GAAP Measures" section in the Management's Discussion and Analysis of the 2008 Annual Report.