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KANSAS CITY SOUTHERN 2011 ANNUAL REPORT Kansas City Southern Is a Transportation Holding Company with Two Primary Subsidiaries

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KANSAS CITY SOUTHERN 2011 ANNUAL REPORT Kansas City Southern Is a Transportation Holding Company with Two Primary Subsidiaries KANSAS CITY SOUTHERN 2011 ANNUAL REPORT Kansas City Southern is a transportation holding company with two primary subsidiaries. The Kansas City Southern Railway Company is one of seven Class I railroads operating in the United States. Kansas City Southern de México, SA. de C.V. is one of three large regional railroads in Mexico. KCS also owns 50% of the Panama Canal Railway Company in Panama. The combined North American rail network comprises approximately 6,200 route miles that link commercial and industrial markets in the United States and Mexico. 20112011 FINANCIALF INN ANCIC ALA HIGHLIGHTSH IGG HLIGG HTS Dollars in millions, except share and per share amounts. Years ended December 31. 2011 2010 2009 2008 OPERATIONS Revenues $ 2,098.3 $ 1,814.8 $ 1,480.2 $ 1,852.1 Operating income 611.6 486.5 266.8 387.4 Net income attributable to Kansas City Southern and subsidiaries 330.3 180.2 67.1 181.8 PER COMMON SHARE Earnings per diluted share $ 3.00 $ 1.67 $ 0.60 $ 1.84 CLOSING STOCK PRICE RANGES Common - High $ 69.17 $ 49.98 $ 34.13 $ 55.00 Common - Low 46.00 29.70 12.62 16.59 4% Non-Cumulative Preferred - High 26.25 23.75 22.40 24.26 4% Non-Cumulative Preferred - Low 22.03 19.88 17.24 18.04 FINANCIAL CONDITION Total assets $ 6,173.0 $ 5,640.9 $ 5,454.3 $ 5,415.9 Total debt 1,639.1 1,639.7 1,980.0 2,086.1 Total stockholders’ equity 2,764.5 2,431.1 2,043.0 1,896.6 Total equity 3,058.7 2,713.7 2,325.8 2,170.3 COMMON STOCKHOLDER INFORMATION AT YEAR END Stockholders of record 3,537 3,994 4,390 4,321 Shares outstanding (in thousands) 109,911 102,649 96,213 91,464 Diluted shares (in thousands) 109,830 107,534 93,649 98,602 L ETTER TO OUR STOCKHOLDERS Building on its Kansas City base, Stilwell envisioned a north-south railroad running from the heartland of the U.S. to the Gulf of Mexico, and later envisioned a railroad operating between Kansas City and Mexico. While that vision may not seem radical today, it ran totally contrary to prevailing 19th century, and even 20th century, conventional wisdom. One hundred and twenty-fi ve years ago, U.S. economic and population growth was moving westward. The early railroads were both catalysts and This year marks the 125th anniversary benefi ciaries of the migration from east to west. of Kansas City Southern’s (KCS or But Stilwell felt that America, the land of opportunity, the Company) railroad operations, had room for more than one avenue of growth. His vision, which commenced as the however, was not widely shared. From the very beginning, Kansas City Suburban Belt in 1887. prodigious obstacles stood in the way of getting his venture fi nanced. The earlier railroads, especially those It has long been a source of pride for opening up the Western territories, were the recipients of all of us associated with the Company generous government land grants and other subsidies. that the very same vision that There was little interest in government circles for a railroad drove our founder, Arthur E. Stilwell, from Kansas City to the Gulf. If KCS was to be built, it was going to be as a result of its own fi nancial creativity and not to build this railroad remains alive with the help of the U.S. government. Ironically, it was that today and vital to our future. stark reality which actually gave birth to our “can do” spirit at KCS, and over the years the Company has never shied away from a challenge. Funding was sought and received by Stilwell from a number of private sources, not the least of which were European fi nanciers, especially those in Holland. In so doing, Stilwell created a unique mindset within his fl edgling enterprise, known at the time as The Kansas City, Pittsburg and Gulf April 1, 1900 September 9, January, 1901 The Kansas City, Pittsburg and Gulf went into The fi rst gusher oil well in 1900 the Spindle Top Oil Field was receivership and was reorganized becoming A hurricane struck the Houston discovered in Beaumont, The Kansas City Southern Railway Company. Gulf Coast region killing 5,000 Texas. The resulting oil and destroying the port and boom provided a new railroad network. The devastation and continuing source of confi rmed KCS founder Arthur petrochemical revenue. Stilwell’s earlier “hunch” to abandon the purchase of a rail line into Galveston. Instead, in 1897, the railroad built a rail April 14, 1907 Passenger service was network and city called Port inaugurated between Arthur on the shores of Sheveport and New Orleans. Lake Sabine. Railway. Despite being headquartered in Kansas City However, his legacy is not one of failure, but of success near the geographic center of the country, KCS and – ultimately, great success. Today, the vision Stilwell its subsidiaries have throughout their existence been pursued over 100 years ago is a reality. So in 2012, closely connected to the international community. One the employees of KCS celebrate their company’s 125th can easily trace KCS’ early involvement in Europe to anniversary and Arthur Stilwell’s vision, which is the the Company’s international presence today. KCS bedrock upon which our corporate culture – one of has major railroad operations in Mexico and Panama, innovation and fearless independence – is built. conducts business with Asian companies — both In the Company’s 2010 Letter to Stockholders, we as customers and transportation partners — and our mentioned the appreciation in the value of KCS stock management team frequently travels to Europe to meet during the year. Like nearly every U.S. company, KCS was with a host of loyal stockholders. Born in the American hit hard by the recession of 2008 – 2009. Our stock price heartland, KCS from its earliest days saw itself as an had fallen from $55.00 on July 31, 2008 to a low of $12.62 international company. on April 1, 2009. Our market capitalization fell from $5.0 Unfortunately, Arthur Stilwell suffered a fate shared by billion to $1.2 billion. It is to the credit of KCS management many important entrepreneurs whose visions were and the strength of the franchise that the Company ahead of their time. He envisioned a transportation recovered so quickly from the depths of the recession. infrastructure that would take more than 100 years to By the second quarter of 2010, KCS volumes had fully realize. He did complete his north-south line, completely recovered to pre-recession levels and have terminating his railroad at Port Arthur, Texas, the Gulf city continued to grow. Investors have taken note and as that bears his name. Soon thereafter, his original railroad a result the Company’s stock price has risen steadily, venture encountered severe fi nancial problems and was ending 2010 at $47.86 and 2011 at $68.01. Nearly eventually forced into bankruptcy, reorganizing as The three years removed from the recession, KCS’ market Kansas City Southern Railway Company (KCSR). Later, capitalization has risen above $7 billion. Stilwell founded the Kansas City, Mexico and Orient railroad, and built segments of the railroad in the U.S. As gratifying as this performance might be for KCS and and Mexico with the dream of taking it to the port of its stockholders, what is particularly encouraging is that Topolabampo in Mexico for water access to the Orient. the Company’s stock price performance has not been But he never made it to his intended destination of the result of any kind of market bubble or event-driven Topolabampo. His own personal fi nances exhausted, he speculation. We believe the rise in the stock price has had to give up his railroad and his dream. been the direct result of dramatic business growth, 1929 – Construction July 31, 1939 October 20, 1939 September 2, was completed on a new KCS acquired its fi rst KCS acquired the Louisiana & Arkansas Railway line called the Kansas diesel-electric Co., adding two additional port cities – New 1940 KCS inaugurated it’s City and Grandview locomotives: KCS Orleans and Baton Rouge – to the network. “Southern Belle” passenger Railway Co. linking the #1 and #2. KCS This line also provided access to Dallas via the train service between Kansas City suburb was among the L&A’s “Texas Line.” Kansas City and New Leeds with Grandview. fi rst railroads to Orleans. The Belle was The addition gave KCS use diesel-electric considered the ultimate in complete ownership of a locomotives with its passenger rail travel. line from Kansas City to “Flying Crow” passengerer the Gulf of Mexico. During trains between construction the distinctive Kansas City and Blue Parkway concrete Port Arthur. bridges were erected. continual improvement of operational effi ciencies, a solid Asian manufacturers are engaged in fi nal site selection. strategic plan clearly defi ned and executed and a wealth Automotive industry analysts estimate that fi nished of new business opportunities in the pipeline. vehicle production in Mexico will climb 41% by 2015, reaching 3.5 million vehicles per year. KCS ended 2011 with volumes up 8% and revenues 16% higher than 2010. For the fi rst time in Company The Company’s intermodal growth continued at an history, annual carloads exceeded two million and accelerated pace and is giving no hint of slowing down revenues surpassed the $2 billion level. Operating anytime in the near future. There are four primary drivers income for 2011 was $611.6 million, an increase of 26% of KCS’ intermodal volumes.
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