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2014 Annual Report 2014 Growing Agriculture ANNUAL Keeyask Answered REPORT 2014 Proven Steady Growth The Winning Edge Revenues $ millions 2014 1,660 2013 1,593 2012 1,507 TOROMONT 2011 1,382 Letter to Keeyask 02 Shareholders 06 Answered TABLE OF Deep resources and unifying strength of Equipping Manitoba’s massive CONTENTS purpose served Toromont well in 2014. hydro project takes a steady stream of resources. Growing More Lives Data 10 Agriculture 12 to Live 14 Driven Through acquisitions, we have fortified Toromont Reman keeps customers Smart machine technology fuels next our place in Manitoba’s largest industry. on the move with remanufactured generation of product support. components. Flower The Winning Sustainability 18 Power 20 Edge 24 Report Cogeneration feeds flourishing The NHL scores with assists from Toromont Cat celebrates a year relationship with North America’s CIMCO Refrigeration in the United without lost-time injury. largest gerbera farm. States and Canada. 28 Corporate Governance 29 Board of Directors 30 Executive Operating Team 31 Management’s Discussion and Analysis 56 Management’s and Independent Auditors’ Reports 58 Financial Statements 94 Corporate Information Net Earnings – Continuing Operations $ millions 2014 133 2013 123 2012 119 2011 103 Toromont Industries Ltd. and our dedicated team of more than 3,350 deliver specialized equipment and much more from over 100 locations in Canada and the United States. Our common shares are listed on the Toronto Stock Exchange (symbol tih). Equipment Group CIMCO We are a market leader in the supply of specialized mobile We are a market leader in the design, engineering, fabrication equipment and industrial engines. We provide sales and rental and installation of industrial and recreational refrigeration systems solutions as well as comprehensive product support through with operations in Canada and the United States. We also offer Toromont Cat, Battlefield – The Cat Rental Store and SITECH comprehensive product support capabilities. Mid-Canada Ltd. in Ontario, Newfoundland, Manitoba and most of Labrador and Nunavut, and Ag West Equipment Ltd. in Manitoba. Proven Steady Growth in thousands, except per share amounts and ratios 2014 2013 2012 Revenues $1,660,390 $1,593,431 $1,507,173 Net earnings 133,196 123,031 119,473 Earnings per share – 1.73basic 1.61 1.56 Dividends per share 0.60 0.52 0.48 Closing share price (TSX) 28.51 26.65 21.10 Total debt, net of 6% cash,10% 25%to total capitalization TOROMONT FELLOW SHAREHOL DERS, Toromont’s deep resources and unifying strength of purpose served us well in 2014 as we met customer demand across many industries, delivered record financial performance and identified opportunities for future advancement. While 2013 proved to be a tough comparator, of cash, to total capitalization was 6% 2014 revenues stood at a record level of at year end, giving us the means to seize $1.7 billion with product support and rental opportunities for accretive growth and leading the way. Operating income was defend the leadership positions we have up 6%. Net earnings were also a record, achieved in chosen markets. up 8% to $1.73 per share. In many respects, 2014 was a typical For the 25th consecutive year, strong year. Activity levels across the industries we earnings funded a dividend increase in serve varied. Competition was tough. While 2014 and our Board extended that track maintaining financial strength, we employed record to 26 years at their meeting in our standard “expand markets, strengthen February 2015. Even though Toromont paid product support, broaden product offerings Scott J. Medhurst Robert M. Ogilvie $45 million in aggregate to shareholders and invest in resources” strategies in new President and Chairman of the Board and invested $116 million to bolster and rewarding ways. We allocated capital Chief Executive Officer our capabilities organically and through with the same investment goal of 18% acquisition, we maintained a strong return on equity over a business cycle and financial foundation. Total debt, net delivered return on opening shareholders’ 2 % 10-year average return on 21.5 shareholders’ equity ANNUAL REPORT 2014 FELLOW SHAREHOL DERS, equity of 23% for a 10-year average deliverables – overseeing, in particular, to increasing same-store sales, Battlefield of 21.5%. Most important, we remained ongoing safety improvements – although also expanded its footprint with a new store resolute in our desire to use our considerable it is the collective efforts of Toromont in Happy Valley–Goose Bay, Labrador, where resources – financial and human – to employees that once again made the Muskrat Falls hydroelectric project is create customer value. This is our unifying the difference. driving considerable economic output. purpose and the foundation for rewarding Toromont Cat’s Power Systems shareholders, employees and business Using Our Resources division engaged in a variety of projects partners. We are proud to say that these In 2014, we used our resources in many on the way to improved performance, resources are deeper than at any time in different ways. including re-equipping Rosa Flora, a our history. Toromont Cat and Battlefield – The long-time cogeneration customer; renting As a market leader, Toromont commands Cat Rental Store met the construction 16 megawatts of generation equipment one of the largest product support networks equipment needs of the Keeyask to Newfoundland and Labrador Hydro’s in our territories with over 1,300 technicians hydroelectric project in northern Manitoba. Holyrood Power Plant to bridge the power and 100 locations, including those that we This was the year’s largest order, valued supply needs of the City of St. John’s; share with customers at their remote sites. at over $55 million, and it made good use and serving data centres that rely on high Our front-line efforts are backstopped by of various skill sets, including logistics, quality, uninterrupted power for banking another 2,000 Toromont skilled employees equipment customization and preparation, and telecommunications. who give us an edge in everything from both in-branch and onsite, some 725 km To better serve the billion-dollar mobile technology development and analytics – northeast of Winnipeg. equipment needs of Manitoba’s agriculture areas of growing importance across our We set a new record for product support industry, we acquired two AGCO equipment businesses – to product and parts sales. revenues, including a new record for mining dealers for a combined purchase price As a whole, our employees are experienced parts sales and equipment remanufacturing. of $13 million including assumed debt. (62% have served Toromont for more than While 2014 was a down year for new The additions of Ag West Equipment in five years), engaged and motivated (54% mining equipment purchases due to the September and Canpro Gator Centre in are shareholders). commodities’ cycle, the steady expansion December broadened our product offering, Deploying resources for maximum benefit of our installed base of under- and above- expanded our branch network and is the responsibility of our empowered ground units over the past decade proved deepened our product support resources, business unit leaders who operate with to be instrumental – and illustrative of the thereby creating new sales synergies we defined deliverables for customer satisfaction, value of servicing everything we sell. can use to grow. On an annualized basis, safety and financial performance, including Battlefield’s growing market presence agriculture is now nearly a $100 million return on capital employed. These individuals and rigorous management of its rental fleet market for Toromont including the revenue did an excellent job in 2014 against their produced great results in 2014. In addition contributions of these businesses. 3 Total Return 2014 143.75 / 203.17 of $100 Invested 2013 130.03 / 185.77 in 2009 2012 115.08 / 143.84 2011 107.36 / 142.26 TOROMONT TSX TIH 2010 117.61 / 113.19 Sometimes we use our resources to Canada Inc., Walmart Canada and Unilever improve how we do business. Such was USA on their construction projects. the case in 2014 within our Heavy Rent CIMCO’s status as the long-time operations, where we focused on operational preferred ice rink equipment supplier “Our history of and process efficiencies as a prerequisite to the NHL and its deep engineering performance over to continued growth. With these changes resources helped it secure several new in place, we look to increase investment projects, including work at Rogers Place, business cycles in 2015. the future home of the Edmonton Oilers. Rounding out our Equipment Group, Recent innovations in the use of CO2 for demonstrates SITECH Mid-Canada Ltd. enhanced recreational applications also led to coverage of Cat AccuGrade® control the award of more ECO2 CHILL® and the advantages systems and Trimble Connected Site ECO CHILL® package sales in a relatively of delivering Solutions by adding field-service staff quiet year for municipal investment in and creating a mining and special projects community ice rinks. highly specified group. It too recorded new customer wins. CIMCO ended 2014 with higher backlog CIMCO partly offset the impact of softer than a year ago. equipment with project activity with record product support revenue in both Canadian and U.S. markets. Promoting from Within follow-on product This follows investments in field-service and At year end, we noted a planned changing support into further development of capabilities such as of the guard at CIMCO. After serving CIMCO vibration analysis, water treatment, plant since 1971, including the past 29 years diverse markets.” audits and risk assessments. as President, Steve McLeod retired. With In industrial markets, our resources were Steve’s expert guidance, CIMCO became used by leaders such as Maple Leaf Foods, the market leader in Canada and a growing Cameco, Dr. Oetker, Cadbury, Parmalat force in the United States. We sincerely 4 143.75 / 203.17 The value today of a 130.03 / 185.77 $ 115.08 / 143.84 $100 investment in 107.36 / 142.26 Toromont in 2009 117.61 / 113.19 203 ANNUAL REPORT 2014 product support into diverse markets.
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