AT CANADIAN PACIFIC, OUR STORY BOILS DOWN to ONE WORD: CHANGE. Deep, Fundamental, Rapid Change
CHANGE CANADIAN PACIFIC 2012 ANNUAL REPORT AT CANADIAN PACIFIC, OUR STORY BOILS DOWN TO ONE WORD: CHANGE. Deep, fundamental, rapid change. Positive change. We’re changing how we look at things. We’re changing how we do things. Most important, we now see change as an ongoing process. Change as something that drives continuous improvement. Change as something that creates opportunity. We’re already making progress, driving change where our customers and shareholders want to see it most: In our service and our results. 2012 ANNUAL REPORT 1 FINANCIAL HIGHLIGHTS Financial summary $ in millions, except per share data, or unless otherwise indicated 2012 2011 2010 Financial results Revenues $÷5,695 $÷5,177 $÷4,981 Operating income, excluding significant items (1)(2) 1,309 967 1,116 Operating income 949 967 1,116 Income, excluding significant items (1)(2) 753 538 651 Net income 484 570 651 Diluted earnings per share, excluding significant items (1)(2) 4.34 3.15 3.85 Diluted earnings per share 2.79 3.34 3.85 Dividend declared per share 1.3500 1.1700 1.0575 Additions to properties 1,148 1,104 726 Financial position Total assets 14,727 14,110 13,676 Long-term debt, including current portion 4,690 4,745 4,315 Shareholders’ equity 5,097 4,649 4,824 Financial ratios (%) Operating ratio 83.3 81.3 77.6 Operating ratio, excluding significant items (1)(2) 77.0 81.3 77.6 Debt-to-total capitalization 47.9 50.7 47.2 (1) These earnings measures have no standardized meanings prescribed by U.S.
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