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F INA NCIAL H IG H L IG H TS

Year ended December 31 ($ thousands, except per unit and volume amounts)

2003

2002

731,233

444,835

I N C O M E S TAT E M E N T Revenue before royalties Per unit

(1)

$

Cash flow (7) Per unit (1) Net income

$

(4)

Per unit

$

2.56

$

Cash distributions (2)

$

Weighted average trust units and exchangeable shares

(3)

1.85

3.72 223,969

$

290,201 (1)

Payout ratio (per cent) (6)

Per unit

4.73 396,180

1.87 71,047

$

0.59

71

82

279,328

183,617

1.80

$

1.56

154,695

119,613

182,777

126,444

2,015,539

1,424,291

262,071

347,795

1,551,736

880,751

0.7

1.6

MARKET CAPITALIZATION AS AT DECEMBER 31

2,694,133

1,504,684

(5)

2,956,204

1,852,479

Trust units outstanding and units issuable for exchangeable shares at end of period (3) BALANCE SHEET Property, plant and equipment Net debt outstanding Unitholders' equity NET DEBT AS A RATIO OF CASH FLOW

TOTAL CAPITALIZATION AS AT DECEMBER 31 TRUST UNIT TRADING Unit Prices ($) High

$

14.87

$

13.44

Low

$

10.89

$

11.04

Close

$

14.74

$

11.90

Daily average trading volume (thousands)

430

305

(1) Based on weighted average trust units and exchangeable shares. (2) Based on number of trust units outstanding at each cash distribution date. (3) Includes trust units issuable for outstanding exchangeable shares based on the period end exchange ratio. (4) 2002 net income and net income per unit have been restated for the retroactive change in accounting policy for asset retirement obligations. (5) Equity market capitalization plus net debt. (6) Payout ratio is calculated as cash distributions divided by cash flow. (7) Cash flow as presented throughout this report represents cash flow before changes in non-cash working capital. Cash flow does not have any standardized meaning under Canadian Generally Accepted Accounting Principles (“GAAP�) and therefore may not be comparable with the calculation of similar measures or other entities.

2003  

Annual Report

2003  

Annual Report

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