| For the Year ended December 31 | ||||||||||
| (millions of U.S. dollars except per share data and ratios) | 1996 | 1997 | 1998 | 1999 | 2000 | 2001 | 2002 | 2003 | 2004 | 2005 |
|---|---|---|---|---|---|---|---|---|---|---|
| INCOME STATEMENT | ||||||||||
| Net sales | 1,904 | 1,938 | 1,805 | 1,716 | 1,873 | 2,063 | 2,083 | 2,499 | 2,838 | 3,294 |
| Gross profit | 708 | 689 | 581 | 489 | 547 | 547 | 519 | 739 | 910 | 1,047 |
| EBIT (a) (c) (d) | 295 | 354 | 228 | 131 | 163 | 31 | 64 | 21 | 467 | 500 |
| EBITDA (b) (c) | 376 | 439 | 320 | 224 | 270 | 172 | 212 | 396 | 623 | 646 |
| Net earnings (loss) (d) (h) | 150 | 182 | 113 | 52 | 73 | (57) | (11) | (37) | 266 | 283 |
| Diluted earnings (loss) per common share (h) | 1.07 | 1.40 | 0.87 | 0.46 | 0.62 | (0.49) | (0.08) | (0.29) | 1.91 | 2.12 |
| Interest (h) | 58 | 46 | 50 | 51 | 52 | 91 | 85 | 80 | 69 | 49 |
| Dividends per common share | 0.45 | 0.08 | 0.11 | 0.11 | 0.11 | 0.11 | 0.11 | 0.11 | 0.11 | 0.11 |
| CASH FLOW | ||||||||||
| Cash provided by (used in) operating activities (h) | 206 | 284 | 279 | 152 | 247 | 76 | 213 | 175 | 440 | 450 |
| Capital expenditures | 153 | 144 | 174 | 234 | 179 | 164 | 52 | 99 | 82 | 175 |
| BALANCE SHEET | ||||||||||
| Non-cash working capital | 289 | 398 | 277 | 249 | 299 | 283 | 210 | 217 | 359 | 461 |
| Total assets (e) (h) | 1,611 | 1,678 | 1,804 | 1,980 | 2,391 | 2,404 | 2,197 | 2,278 | 2,661 | 2,785 |
| Total debt (h) | 486 | 553 | 685 | 852 | 1,023 | 1,187 | 969 | 942 | 775 | 477 |
| Shareholders' equity (h) | 697 | 624 | 545 | 583 | 666 | 540 | 561 | 612 | 948 | 1,180 |
| COMMON SHARE STATISTICS | ||||||||||
| Average shares outstanding (millions) (f) | 138 | 129 | 120 | 113 | 112 | 115 | 123 | 126 | 131 | 132 |
| Closing share price (U.S.$) | 13.75 | 12.19 | 8.69 | 7.88 | 14.63 | 10.60 | 11.31 | 16.46 | 16.85 | 21.99 |
| Market capitalization (g) | 1,925 | 1,536 | 999 | 883 | 1,682 | 1,219 | 1,425 | 2,090 | 2,224 | 2,881 |
| PROFITABILITY RATIOS | ||||||||||
| Return on average invested capital (%) (c) | 14 | 18 | 12 | 7 | 7 | – | 3 | 1 | 20 | 19 |
| Return on average common shareholders' equity (%) (c) | 28 | 28 | 19 | 9 | 12 | (10) | (2) | (7) | 35 | 27 |
| DEBT RATIOS | ||||||||||
| Debt-to-capital (%) (c) | 41 | 47 | 56 | 59 | 61 | 69 | 63 | 61 | 45 | 29 |
| EBITDA interest coverage (c) | 6.5 | 9.5 | 6.4 | 4.4 | 5.2 | 1.9 | 2.5 | 5.0 | 9.0 | 13.2 |
| Data for 2000 and thereafter reflect the acquisition of the Kenai, Alaska nitrogen facility and related U.S. West Coast assets in September 2000. | ||||||||||
| (a) Earnings (loss) before interest expense and income taxes. | ||||||||||
| (b) Earnings (loss) before interest expense and income taxes, depreciation, amortization and asset impairment. | ||||||||||
| (c) These items are not measures of financial performance under either Canadian or U.S. GAAP. | ||||||||||
| (d) Data for 2003 includes a writedown of our Kenai, Alaska, nitrogen facility of $235-million ($140-million after tax). | ||||||||||
| (e) Data for the years 1996 through 2002 have been restated to record the effect of adoption of the accounting standard for asset retirement obligations. | ||||||||||
| (f) Share price and shares outstanding reflect a 3:1 stock split of January 1996. | ||||||||||
| (g) Market capitalization is calculated as period end common shares outstanding multiplied by period end share price. | ||||||||||
| (h) Data for the years 1998 through 2004 have been restated to record the effect of adoption of the accounting standard for preferred share treatment as debt. | ||||||||||
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