Horizon North Logistics Inc. (HNL) 2009年年度报告「TSX」.pdf

1、 ANNUAL REPORT 2009 TABLE OF CONTENTS Page Information on Annual General Meeting ifc Managements Discussion and Analysis 1 Managements Report to the Shareholders 25 Auditors Report to the Shareholders 26 Consolidated Financial Statements 27 Notes to the Consolidated Financial Statements 30 Corporate

2、 Information 47 INFORMATION ON ANNUAL GENERAL MEETING The Annual General Meeting of the Shareholders of Horizon North Logistics Inc.will be held on Thursday,May 6,2010 at 3:00 p.m.(local time)in the Royal Room,Metropolitan Conference Centre,333-4th Avenue S.W.,Calgary,Alberta.Shareholders are encour

3、aged to attend and those unable to do so are requested to complete and submit the Instrument of Proxy at their earliest convenience.1 MANAGEMENTS DISCUSSION AND ANALYSIS(“MD&A”)YEAR ENDED DECEMBER 31,2009 This Managements Discussion and Analysis,prepared as at February 25,2010,focuses on key statist

4、ics 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 excludes changes that may occur in general econom

5、ic,political and environmental conditions.Highlights(000s except per share amounts)Year ended December 31,2009 Year ended December 31,2008 Year ended December 31,2007 Revenue$143,892$180,779$95,846 EBITDAS(1)33,517 45,143 23,054 Operating earnings (1)8,486 20,086 7,764 Earnings before goodwill impai

6、rment loss(2)5,456 12,588 6,080 Goodwill impairment loss-110,537-Net(loss)earnings 5,456(97,949)6,080 Net(loss)earnings per share-diluted$0.05$(0.89)$0.07 Total assets 239,507 247,181 321,413 Total long-term financial liabilities(3)44,702 47,946 23,387 Funds from operations(4)29,381 36,356 14,872 Ca