Winning Solutions Gaining New Ground

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Winning Solutions Gaining New Ground WINNING SOLUTIONS GAINING NEW GROUND 2011 ANNUAL REPORT 2011 HIGHLIGHTS TransForce generated record revenue and EBIT in spite of an economic environment characterized by sluggish growth. Through strategic expansion, steady adherence to its core business model, and rigorous concentration on operating efficiency, the Company continued to grow shareholder value. • During the year, TransForce completed three significant acquisi- tions in two highly strategic sectors for the Company. Another important acquisition was completed shortly after year end. • The Company’s margins were protected as TransForce OUR MISSION leveraged its network by optimizing asset utilization and To establish itself as a leader in the North American implementing state-of-the-art technology. transportation and logistics industry through strategic, profitable acquisitions and partnerships. TransForce will • The Company’s financial position and cash flow generation create shareholder value by fostering a positive work were both strong, providing the financial flexibility to environment to leverage the skills of its team of dedicated continue TransForce’s acquisition strategy. professionals and provide creative solutions tailored to specific customer needs. Dynamex: The acquisition of Texas-based Dynamex significantly strengthened TransForce’s continental footprint in the Package and Courier segment. The addition of this respected brand has significantly enhanced the Company’s offering for both existing and potential new clients. The integration of Dynamex’s services into the TransForce network promises to open substantial new CORPORATE PROFILE markets for the Company in the fragmented U.S. market. TransForce Inc. is a North American leader in the transporta- Loomis Express: TransForce’s acquisition of the domestic assets tion and logistics industry. Operating across Canada and the of DHL Express Canada, and subsequent rebranding of those United States, TransForce creates value for shareholders by assets into Loomis Express, added density to TransForce’s position identifying strategic acquisitions and managing a growing in the Package and Courier segment, and constituted another network of wholly-owned, operating subsidiaries. Under the major step in the Company’s consolidation of the industry. TransForce umbrella, companies benefit from corporate financial and operational resources to build their businesses IE Miller: TransForce’s acquisition of IE Miller, which operates and increase their efficiency. TransForce companies service one of the largest fleets of rig relocation equipment in the the following segments: United States, represents a highly strategic enhancement of the • Package and Courier; Company’s role in the energy services sector. This new subsi- • Less-Than-Truckload; diary’s national footprint in the U.S. creates a range of opportu- nities for TransForce to provide high value-added rig relocation • Truckload, specialized truckload and dedicated services; services to new and existing customers. • Specialized Services, which includes services to the energy sector, waste management, logistics and ancillary Quik X: In the less-than-truckload segment, TransForce transportation services. furthered its consolidation drive and competitive ability by acquiring Quik X and its seventeen centres mainly located across TransForce Inc. (TFI) is publicly traded on the Toronto Stock Canada. The transaction, completed early in 2012, has brought Exchange (TSX). For more information, visit niche experience and important IT capabilities that will raise www.transforcecompany.com TransForce’s profile in the expedited LTL market. FINANCIAL HIGHLIGHTS 2011 2010 2009 2008 2007 IFRS IFRS GAAP GAAP GAAP OPERATING RESULTS (in millions of dollars) $ $ $ $ $ Total revenue 2,690.5 2,002.3 1,846.5 2,261.9 1,940.1 EBIT (1,2) 186.4 144.2 106.8 159.7 140.6 Profit for the period (2) 102.2 102.7 55.9 79.7 100.8 Cash flow from operating activities 236.2 199.2 209.8 207.6 210.4 Free cash flow (3) 202.7 162.6 172.9 131.1 98.3 FINANCIAL POSITION (in millions of dollars) Total assets 2,100.4 1,650.5 1,527.3 1,621.9 1,442.5 Loans and borrowings (4) 863.2 633.9 707.9 808.0 686.6 Shareholders’ equity 684.6 618.5 533.4 509.9 492.5 PER SHARE DATA Earnings – Basic (2) 1.07 1.08 0.62 0.92 1.17 – Diluted (2) 1.06 1.07 0.62 0.92 1.17 Cash flow 2.48 2.09 2.33 2.40 2.45 Free cash flow 2.12 1.71 1.92 1.52 1.14 Book value 7.16 6.49 5.60 5.87 5.67 FINANCIAL RATIOS EBIT margin (2) 6.9% 7.2% 5.8% 7.1% 7.2% Operating ratio 93.1% 92.8% 94.2% 92.9% 92.8% Asset turnover 1.43 1.24 1.17 1.48 1.46 Return on equity (2) 15.7% 17.6% 10.7% 15.9% 18.8% Long-term debt to equity (4) 1.26 1.02 1.33 1.58 1.39 (1) Profit for the period before finance income and costs and income tax expense (2) Before goodwill impairment charges in 2009 and 2007 (3) Cash flow from operating activities, less net additions to property and equipment (4) Including current portion Total Revenue (millions of $) EBIT (1,2) (millions of $) Free Cash Flow (3) (millions of $) 1,940.1 2,261.9 1,846.5 2,002.3 2,690.5 140.6 159.7 106.8 144.2 186.4 98.3 131.1 172.9 162.6 202.7 07 08 09 10 11 07 08 09 10 11 07 08 09 10 11 2011 Annual Report 1 WINNING SOLUTIONS Winning solutions are necessarily innovative, powerful and cost-effective; they must surpass client expectations and drive business efficiency to a higher level. Such solutions represent the motivating force behind TransForce’s continental expansion, our means of gaining market ground – our key to sustained growth in shareholder value. Acquisitions in Canada Acquisitions in the United States 1 Loomis Express 3 Dynamex 2 Quik X 4 IE Miller CANADA 64% of revenue UNITED STATES 36% of revenue Creativity and consolidation go hand-in-hand at TransForce. As we expand through acquisition across North America, we are bringing together leading organizations to create more efficient offerings. While achieving increased critical mass, greater economies of scale, and a talent pool second to none in the industries we serve, our ability to generate winning solutions only multiplies. For example, in 2011, in the Package and Courier segment, TransForce acquired Dallas-based Dynamex, and we established Loomis Express from the purchased assets of DHL Express Canada. The result? We now offer networked services that provide better value to our customers and increased opportunity for TransForce to penetrate new markets. In Services to the energy sector, we acquired IE Miller, which provides rig relocation services for oil and gas producers in five U.S. states. The result? We solidified TransForce’s position as a leader, and leveraged our presence and know-how in the sector. All these strategic moves respond to TransForce’s continental vision and relentless drive to build value. 2 TransForce GAINING NEW GROUND A CONVERSATION WITH ALAIN BÉDARD 2011 was an excellent year for TransForce. We generated record revenues, record profit and completed three significant acquisitions. The Company also remained firmly committed to maximizing efficien- cy and optimizing asset utilization. We implemented several initiatives to reach our goals in the shortest possible time, and we continued to provide our skilled workforce with leading-edge technology to offer tailored, innovative and profitable out-of-the box solutions. As respon- sible managers, our principal objective is to serve our customers well and efficiently, and thereby build value for our shareholders. Provide an overview of the business Decision makers across the business landscape were extremely hesitant as the environment in which TransForce anticipated recovery remained sluggish. That persistent caution was itself an important operated in 2011. factor in the slow growth economy. At TransForce, we saw numerous instances where robust and thriving companies chose to wait before making expansionary investments. As a result, service companies such as ours experienced shallow volume growth. At the same time, price discounting increased as competition intensified, particularly in our traditional Truckload and Less-Than-Truckload segments where a certain degree of overcapacity still exists. Despite this challenging environment, We worked to protect and expand our margins through a relentless focus on opera- what have been the keys to ting efficiency. With many of our customers still in recovery mode, this has proved an TransForce’s success in 2011? important path for TransForce to continue creating value for our shareholders. Recogniz- ing that organic growth in a limping economy is often a function of further enhancing customer service, we applied the latest technological means to our communications and marketing efforts and maximized new platforms. With our active acquisition strategy and network expansion program, we concentrated on building growth through systems integration and more profitable asset utilization. Additionally, we exercised strict disci- pline in terms of equipment capacity and personnel numbers. How do you measure We are mainly concerned with operating profitability and therefore use EBIT (earnings operating efficiency? before interest and taxes) as our primary yardstick for measuring financial performance. This key metric, also referred to as profit from operating activities, helps our sharehold- ers focus on TransForce’s ability to generate profit and thus facilitates their investment comparisons. Free cash flow is another important metric, as it represents the amount that can be reinvested in the Company, paid out to shareholders or used to reduce debt. A clear indication of our ability to generate cash was that despite investing more than $370 million in business acquisitions in 2011, long-term debt increased by less than $230 million. We also monitor ROA (return on assets) to show our investors how effec- tively TransForce converts its resources into income.
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