Horizon North Logistics Inc. (HNL) 2011年年度报告「TSX」.pdf

1、 Annual Report 2011 Table of Contents Page Information on Annual Meeting ifc Presidents Letter to Shareholders 3 Managements Discussion and Analysis 4 Managements Report to Shareholders 32 Independent Auditors Report to Shareholders 33 Consolidated Financial Statements 34 Notes to the Consolidated F

2、inancial Statements 38 Corporate Information obc Information on Annual General Meeting The Annual General Meeting of the Shareholders of Horizon North Logistics Inc.will be held on May 3,2012 at 3:00 p.m.(local time)in the Strand/Tivoli Room,Metropolitan Conference Centre,333-4th Avenue SW.,Calgary,

3、Alberta.Shareholders are encouraged to attend and those unable to do so are requested to complete and submit the Instrument of Proxy at their earliest convenience.Page|4 Managements Discussion and Analysis Years ended December 31,2011 and 2010 This Managements Discussion and Analysis(“MD&A”),prepare

4、d as at February 22,2012,focuses on key statistics from the Consolidated Financial Statements and pertains to known risks and uncertainties relating to the business carried on by Horizon North Logistics Inc.(the“Corporation”or“Horizon”).This discussion should not be considered all-inclusive,as it do

5、es not attempt to include changes that may occur in general economic,political and environmental conditions.Annual Financial Summary Years ended December 31(000s except per share amounts)2011%change 2010%change 2009(4)Revenue$402,993 68%$239,258 60%$149,839 EBITDAS(1)102,636 96%52,483 52%34,527 EBIT

6、DAS as a%of revenue 25%14%22%(4%)23%Operating earnings before impairment loss 70,794 174%25,855 172%9,496 Impairment loss 8,071-Operating earnings 62,723 143%25,855 365%5,563 Total profit before impairment loss$52,893 222%$16,430 195%$5,563 Total profit after impairment loss 44,822 173%16,430 195%5,