Horizon North Logistics Inc. (HNL) 2013年年度报告「TSX」.pdf

1、 Annual Report 2013 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 April 30,2014 at 3:00 p.m.(local time)in the Strand/Tivoli Room,Metropolitan Conference Centre,333-4th Avenue SW.,Calga

3、ry,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|3 Presidents Letter to Shareholders At its onset,Horizons 2013 fiscal year was not expected to continue the trend of rapid expans

4、ion set in the previous three years.However,results were more muted than originally anticipated and the year ended with a particularly weak fourth quarter.Revenue for the year increased by 5%over the prior year while EBITDAS and Earnings per Share decreased by 13%and 42%,respectively,from the record

5、 results achieved in 2012.As a result,bottom line performance as measured by return on invested capital declined to 15.8%in 2013 from 20.4%in 2012.Commensurate with the reduced operating results,net capital spending was held to$63 million,a substantial reduction from the$130 million spent in 2012.In

6、itial capital spending plans were lower than the program undertaken in 2012 in recognition of the fact that as a service provider,the organizations service delivery capabilities imbedded in our workforce and related support systems must match,or ideally be slightly ahead of,the growth of our asset b