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View Annual Report ANNUALREPORT Algoma Central Corporation Domestic Product Ocean Real Dry-Bulk Tankers Shipping Estate Seaway Marine Fraser Marine Algoma Algoma Tankers Algoma Shipping Marbulk Canada Inc. Algoma Central Transport & Industrial Tankers International Inc. Inc. Marbulk Shipping Properties Inc. Dry-bulk pool of Ship repair Owns 7 Owns 1 Owns 2 Owns 5 Sault Ste. Marie 34 vessels domestic tankers foreign-flag tanker self-unloaders & self-unloaders St. Catharines 1 under 5 under 3 geared bulkers Waterloo construction construction 59% 100% 100% 100% 100% 50% 100% CONTENTS About the Corporation ....................................................................................................................................................1 Financial Highlights..........................................................................................................................................................2 Message to Shareholders ................................................................................................................................................3 Management’s Discussion and Analysis Financial Review........................................................................................................................................................8 Domestic Dry-Bulk ..................................................................................................................................................30 Product Tankers ......................................................................................................................................................34 Ocean Shipping ......................................................................................................................................................37 Real Estate ..............................................................................................................................................................39 Responsibility for Financial Statements ........................................................................................................................42 Auditors’ Report ............................................................................................................................................................42 Financial Statements and Notes....................................................................................................................................43 Five-Year Summary........................................................................................................................................................72 Directors and Officers ....................................................................................................................................................73 Shareholder and Contact Information............................................................................................................................73 Fleet ..............................................................................................................................................................................74 About the Corporation Algoma Central Corporation owns Canada’s largest domestic fleet of vessels operating on the Great Lakes - St. Lawrence Waterway. This fleet consists of thirteen self-unloading and five gearless bulk carriers and seven product tankers. The Corporation has interests in ocean dry-bulk and product tanker vessels operating in international markets. The Corporation owns a diversified ship and diesel engine repair and fabricating facility active in the Great Lakes and St. Lawrence regions of Canada. In addition, the Corporation owns Algoma Central Properties Inc. and Algoma Central Hotels Ltd. which own and manage commercial real estate properties in Sault Ste. Marie, St. Catharines and Waterloo, Ontario, and has a 50% interest in 75 Corporate Park Drive Ltd. with Meridian Credit Union which owns an office building in St. Catharine’s, Ontario. The Corporation reached the milestone of 110 years of age in 2009. Its origins trace back to its creation as a railway in Sault Ste. Marie, Ontario in 1899. The Corporation’s executive offices are located in St. Catharines, Ontario. The Corporation employs approximately 1,500 people world-wide. The Corporation has assets of $694 million and revenues of $520 million. The Domestic Dry-Bulk segment includes thirteen self-unloading and five bulk carriers and Fraser Marine and Industrial, a division that provides ship and diesel engine repair and steel fabricating services. The Corporation’s vessels are commercially and operationally managed by Seaway Marine Transport (SMT) a partnership with Upper Lakes Shipping Inc., an unrelated company. SMT holds a 25% interest in Laken Shipping Corporation (Laken), a U.S. company that owns a U.S. flag tug and barge. A wholly owned subsidiary of SMT, called SMT (USA), time charters the tug and barge from Laken and commercially manages them. The Product Tanker segment serves both domestic and international markets. The domestic fleet of seven product tankers is owned and operated through a wholly owned subsidiary, Algoma Tankers Limited (ATL). The Corporation’s wholly owned subsidiary, Algoma Tankers International Inc. (ATI) owns one product tanker currently active in international markets. ATI’s existing product tanker and the five new product tankers under construction will become part of the new international product tanker venture called Hanseatic Tankers. Other participants in Hanseatic Tankers include Bernhard Schulte of Hamburg, Germany, Sloman Neptun of Bremen, Germany, Intrepid Shipping LLC of Stamford, Connecticut and IMS Holdings LLC of Houston, Texas. The Corporation’s international Ocean Shipping segment consists of two entities. Marbulk Canada Inc. (MCI) is jointly owned by the Corporation and CSL Group Inc. It owns four ocean self-unloaders and a fifth self-unloader that is jointly owned with Bernhard Schulte. Algoma Shipping Inc. (ASI), a wholly owned subsidiary of the Corporation, owns two ocean self-unloading vessels and three ocean handy-sized geared bulk carriers. The seven MCI and ASI ocean self-unloaders are combined with twenty other ocean self-unloaders owned by CSL International Inc., of Beverly, Massachusetts, Oldendorff Carriers, based in Lübeck, Germany and T. Klaveness Shipping AS, based in Oslo, Norway to form the CSL International (CSLI) commercial arrangement. 1111 ALGOMA CENTRAL CORPORATION Financial Highlights In thousands except per share figures 2009 2008 For the year Revenue $ 520,147 $ 688,914 Net earnings $ 38,845 $ 41,280 Operating ratio (Note 1) 88% 86% Cash flow from operations $ 60,336 $ 89,975 Capital asset additions $ 91,318 $ 169,905 Dividends paid per common share $ 1.80 $ 1.70 Earnings per common share $ 9.98 $ 10.61 At December 31 Total assets $ 694,306 $ 706,092 Shareholders' equity $ 438,733 $ 440,070 Long-term debt (including current) $ 112,953 $ 95,184 Common shares outstanding 3,891 3,891 Equity per common share $ 112.76 $ 113.10 Note 1- Operating ratio is defined as operating expenses plus amortization on capital assets as a percent of revenue. 2 Message to Shareholders It was anticipated when our 2008 Annual Report was published early last year that 2009 would be a very difficult and challenging year for the Corporation. This has certainly come to pass but more fundamentally, it has been a very difficult and challenging year for the majority of the customers that we serve. Tonnage levels for many of our major customers dropped significantly from the levels we enjoyed in 2008 and earlier. These reductions in demand were virtually all due to the impact that the global economic crisis and North American recession had on our customers’ businesses. Overall, the tonnage carried by our vessels in the three fleets we are part of was down by 26%. In addition to the overall difficult economic conditions in North America, the main customer segments contributing to this significant reduction were our iron and steel customers influenced mainly by the poor performance of the auto sector, our aggregate customers influenced by the difficult performance of the road construction and building sectors, our gypsum customers influenced by the significant drop in housing starts and our power generation customers influenced by both economic and weather conditions. The foregoing customer demand fluctuations have had a significant impact on our 2009 results. We are reporting net earnings of $38.8 million or $9.98 per share in 2009, a decrease of 6% compared to 2008 earnings of $41.3 million or $10.61 per share. In addition to the impact resulting from our customers reduced requirements, the following have also affected our net earnings: • Improvement in earnings due to the gain recorded on the insurance proceeds on the loss of the Algoport. • Improvement in earnings due to the net gains on translation of foreign-denominated assets and liabilities due to the significant strengthening of the Canadian dollar relative to the U.S. dollar. • Improvement in earnings due to one-time tax adjustments relating to the announced lowering of the Ontario corporate income tax rate and the recognition of the income tax benefit of a deduction relating to costs involved in purchasing new pollution control equipment. • Decrease in earnings due to an increase in interest expense due to additional borrowings and costs associated with securing a new credit facility. Despite net earnings of $38.8 million, the Corporation’s
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