For more than 65 years we’ve delivered on our commitment to meet the ever-increasing demand for energy in a safe and sustainable manner. We’ve provided significant value to our shareholders with a 14% average annual return since 2000 and increased our dividend in each year since.
Led by President & CEO, Russell K. Girling, our highly regarded executive leadership team and thousands of inspired employees, we’re well positioned to navigate an ever-evolving energy and business environment to achieve our goals.
Since 2000, we have grown our asset base from $26 billion to $86 billion. Simultaneously, we've raised the annual dividend from $0.80 per share to $2.50 per share in 2017 (based on most recent declared quarterly dividend). Our portfolio of complementary infrastructure assets and $24 billion of near-term growth projects are expected to support annual dividend growth at the upper end of eight to 10 per cent through 2020.
With continued expected growth in each of our business lines, we expect to continue to grow our business for decades to come, delivering growing returns to our investors.
|Year Ended December 31 (Millions Of Dollars)||2012||2013||2014||2015||2016|
|Net income/(loss) attributable to common shares||1,299||1,712||1,743||(1,240)||124|
|Comparable earnings (1)||1,330||1,584||1,715||1,755||2,108|
|Funds generated from operation (1)||3,344||4,120||4,415||4,730||4,821|
|(Increase)/decrease in operating working capital||287||(326)||(189)||(346)||248|
|Net cash provided by operations||3,631||3,794||4,226||4,384||5,069|
|Capital spending, equity investments and acquisitions||3,461||5,131||4,834||5,158||19,675|
|Junior subordinated notes||994||1,063||1,160||2,409||3,931|
|Common shareholders' equity||15,687||16,712||16,815||13,939||20,277|
|Year Ended December 31||2012||2013||2014||2015||2016|
|Net income/(loss) per share - basic||$1.84||$2.42||$2.46||($1.75)||$0.16|
|Net income/(loss) per share - diluted||$1.84||$2.42||$2.46||($1.75)||$0.16|
|Comparable earnings per share (1)||$1.89||$2.24||$2.42||$2.48||$2.78|
|Dividends declared per share||$1.76||$1.84||$1.92||$2.08||$2.26|
|Common Shares Outstanding (Millions)|
|Average for the year||705||707||708||709||759|
|End of year||706||707||709||703||864|
|Market Price – Close|
|Toronto Stock Exchange (Canadian dollars)||$47.02||$48.54||$57.10||$45.19||$60.54|
|New York Stock Exchange (US dollars)||$47.32||$45.66||$49.10||$32.59||$45.15|
1Non-GAAP measure that does not have any standardized meaning prescribed by generally accepted accounting principles. For more information see Non-GAAP Measures in the Management's Discussion and Analysis of the 2016 Annual Report.
Credit ratings are intended to provide investors with an independent measure of credit quality of an issue of securities. Credit ratings are not recommendations to purchase, hold or sell securities and do not address the market quality or suitability of a specific security for a particular investor. These are assigned by credit rating agencies such as Moody's, Standard & Poor's, and DBRS. While TransCanada Corporation has a credit rating it is not an issuer of debt securities. Debt securities are held at TransCanada PipeLines Limited or subsidiary companies, all of which hold an A grade credit rating (see table).