|
|
|
·
|
Net income for the final quarter of 2010 was C$503 million, or C$1.08 per diluted share, versus fourth-quarter 2009 net income of C$582 million or C$1.23 per diluted share.
|
·
|
Q4-2010 net income increased by 19 per cent over comparable adjusted 2009 net income of C$424 million, with Q4-2010 diluted earnings per share (EPS) up 20 per cent over adjusted diluted EPS of C$0.90 for the final quarter of 2009. (1)
|
·
|
Operating income for the fourth quarter of 2010 increased 19 per cent to C$774 million.
|
·
|
Fourth-quarter revenues increased 12 per cent to C$2,117 million on strong volume growth.
|
·
|
Fourth-quarter operating ratio improved to 63.4 per cent from 65.3 per cent for the 2009 final quarter, based on solid operating efficiencies.
|
·
|
Full-year 2010 free cash flow increased to C$1,122 million from C$790 million for 2009. (1)
|
|
|
|
|
(1)
|
Please see discussion and reconciliation of non-GAAP adjusted performance measures in the attached supplementary schedule, Non-GAAP Measures.
|
(2)
|
See Forward-Looking Statements for a summary of the key assumptions and risks regarding CN’s 2011 outlook.
|
|
|
Media
|
Investment Community
|
Mark Hallman
|
Robert Noorigian
|
Director
|
Vice-President
|
Communications and Public Affairs
|
Investor Relations
|
(905) 669-3384
|
(514) 399-0052
|
CANADIAN NATIONAL RAILWAY COMPANY
|
CONSOLIDATED STATEMENT OF INCOME (U.S. GAAP)
|
(In millions, except per share data)
|
Three months ended
|
Year ended
|
|||||||||||
December 31
|
December 31
|
|||||||||||
2010
|
2009
|
2010
|
2009
|
|||||||||
(Unaudited)
|
||||||||||||
Revenues
|
$
|
2,117
|
$
|
1,882
|
$
|
8,297
|
$
|
7,367
|
||||
Operating expenses
|
||||||||||||
Labor and fringe benefits
|
423
|
413
|
1,744
|
1,696
|
||||||||
Purchased services and material
|
282
|
256
|
1,036
|
1,027
|
||||||||
Fuel
|
291
|
234
|
1,048
|
820
|
||||||||
Depreciation and amortization
|
220
|
197
|
834
|
790
|
||||||||
Equipment rents
|
62
|
66
|
243
|
284
|
||||||||
Casualty and other
|
65
|
63
|
368
|
344
|
||||||||
Total operating expenses
|
1,343
|
1,229
|
5,273
|
4,961
|
||||||||
Operating income
|
774
|
653
|
3,024
|
2,406
|
||||||||
Interest expense
|
(87)
|
(95)
|
(360)
|
(412)
|
||||||||
Other income
|
12
|
76
|
212
|
267
|
||||||||
Income before income taxes
|
699
|
634
|
2,876
|
2,261
|
||||||||
Income tax expense
|
(196)
|
(52)
|
(772)
|
(407)
|
||||||||
Net income
|
$
|
503
|
$
|
582
|
$
|
2,104
|
$
|
1,854
|
||||
Earnings per share
|
||||||||||||
Basic
|
$
|
1.09
|
$
|
1.24
|
$
|
4.51
|
$
|
3.95
|
||||
Diluted
|
$
|
1.08
|
$
|
1.23
|
$
|
4.48
|
$
|
3.92
|
||||
Weighted-average number of shares
|
||||||||||||
Basic
|
461.1
|
470.5
|
466.3
|
469.2
|
||||||||
Diluted
|
464.8
|
474.8
|
470.1
|
473.5
|
||||||||
Certain of the 2009 comparative figures have been restated in order to be consistent with the 2010 presentation.
These unaudited interim consolidated financial statements, expressed in Canadian dollars, and prepared in accordance with U.S. generally accepted accounting principles (U.S. GAAP), contain all adjustments (consisting of normal recurring accruals) necessary to present fairly Canadian National Railway Company's (the Company) financial position as at December 31, 2010 and December 31, 2009, and its results of operations, changes in shareholders' equity and cash flows for the three months and years ended December 31, 2010 and 2009. These consolidated financial statements have been prepared using accounting policies consistent with those used in preparing the Company's 2010 Annual Consolidated Financial Statements and should be read in conjunction with such statements, notes thereto and Management's Discussion and Analysis (MD&A).
|
CANADIAN NATIONAL RAILWAY COMPANY
|
CONSOLIDATED BALANCE SHEET (U.S. GAAP)
|
(In millions)
|
December 31
|
December 31
|
||||||
2010
|
2009
|
||||||
(Unaudited)
|
|||||||
Assets
|
|||||||
Current assets:
|
|||||||
Cash and cash equivalents
|
$
|
490
|
$
|
352
|
|||
Accounts receivable
|
775
|
797
|
|||||
Material and supplies
|
210
|
170
|
|||||
Deferred income taxes
|
53
|
105
|
|||||
Other
|
62
|
66
|
|||||
Total current assets
|
1,590
|
1,490
|
|||||
Properties
|
22,917
|
22,630
|
|||||
Intangible and other assets
|
699
|
1,056
|
|||||
Total assets
|
$
|
25,206
|
$
|
25,176
|
|||
Liabilities and shareholders' equity
|
|||||||
Current liabilities:
|
|||||||
Accounts payable and other
|
$
|
1,366
|
$
|
1,167
|
|||
Current portion of long-term debt
|
540
|
70
|
|||||
Total current liabilities
|
1,906
|
1,237
|
|||||
Deferred income taxes
|
5,152
|
5,119
|
|||||
Other liabilities and deferred credits
|
1,333
|
1,196
|
|||||
Long-term debt
|
5,531
|
6,391
|
|||||
Shareholders' equity:
|
|||||||
Common shares
|
4,252
|
4,266
|
|||||
Accumulated other comprehensive loss
|
(1,709)
|
(948)
|
|||||
Retained earnings
|
8,741
|
7,915
|
|||||
Total shareholder's equity
|
11,284
|
11,233
|
|||||
Total liabilities and shareholders' equity
|
$
|
25,206
|
$
|
25,176
|
|||
These unaudited interim consolidated financial statements, expressed in Canadian dollars, and prepared in accordance with U.S. GAAP, contain all adjustments (consisting of normal recurring accruals) necessary to present fairly the Company’s financial position as at December 31, 2010 and December 31, 2009, and its results of operations, changes in shareholders' equity and cash flows for the three months and years ended December 31, 2010 and 2009. These consolidated financial statements have been prepared using accounting policies consistent with those used in preparing the Company's 2010 Annual Consolidated Financial Statements and should be read in conjunction with such statements, notes thereto and MD&A.
Subsequent event
On January 24, 2011, the Board of Directors of the Company approved a new share repurchase program which allows for the repurchase of up to 16.5 million common shares between January 28, 2011 and December 31, 2011 pursuant to a normal course issuer bid, at prevailing market prices or such other prices as may be permitted by the Toronto Stock Exchange.
|
CANADIAN NATIONAL RAILWAY COMPANY
|
CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDERS’ EQUITY (U.S. GAAP)
|
(In millions)
|
CANADIAN NATIONAL RAILWAY COMPANY
|
CONSOLIDATED STATEMENT OF CASH FLOWS (U.S. GAAP)
|
(In millions)
|
Three months ended
|
Year ended
|
|||||||||||
December 31
|
December 31
|
|||||||||||
2010
|
2009
|
2010
|
2009
|
|||||||||
|
(Unaudited)
|
|||||||||||
Operating activities
|
||||||||||||
Net income
|
$
|
503
|
$
|
582
|
$
|
2,104
|
$
|
1,854
|
||||
Adjustments to reconcile net income to net cash
|
||||||||||||
provided by operating activities:
|
||||||||||||
Depreciation and amortization
|
220
|
197
|
834
|
790
|
||||||||
Deferred income taxes
|
74
|
(8)
|
418
|
138
|
||||||||
Gain on disposal of property
|
-
|
(69)
|
(152)
|
(226)
|
||||||||
Changes in operating assets and liabilities:
|
||||||||||||
Accounts receivable
|
19
|
41
|
(3)
|
39
|
||||||||
Material and supplies
|
59
|
65
|
(43)
|
32
|
||||||||
Accounts payable and other
|
273
|
(12)
|
285
|
(204)
|
||||||||
Other current assets
|
(12)
|
(9)
|
13
|
77
|
||||||||
Other, net
|
(81)
|
(108)
|
(457)
|
(221)
|
||||||||
Net cash provided by operating activities
|
1,055
|
679
|
2,999
|
2,279
|
||||||||
Investing activities
|
||||||||||||
Property additions
|
(762)
|
(564)
|
(1,586)
|
(1,402)
|
||||||||
Acquisitions, net of cash acquired
|
-
|
-
|
-
|
(373)
|
||||||||
Disposal of property
|
1
|
74
|
168
|
231
|
||||||||
Other, net
|
14
|
57
|
35
|
107
|
||||||||
Net cash used in investing activities
|
(747)
|
(433)
|
(1,383)
|
(1,437)
|
||||||||
Financing activities
|
||||||||||||
Issuance of long-term debt
|
-
|
1
|
-
|
1,626
|
||||||||
Repayment of long-term debt
|
(26)
|
(39)
|
(184)
|
(2,109)
|
||||||||
Issuance of common shares due to exercise of stock
|
||||||||||||
options and related excess tax benefits realized
|
14
|
24
|
115
|
73
|
||||||||
Repurchase of common shares
|
(230)
|
-
|
(913)
|
-
|
||||||||
Dividends paid
|
(125)
|
(119)
|
(503)
|
(474)
|
||||||||
Net cash used in financing activities
|
(367)
|
(133)
|
(1,485)
|
(884)
|
||||||||
Effect of foreign exchange fluctuations on US
|
||||||||||||
dollar-denominated cash and cash equivalents
|
1
|
6
|
7
|
(19)
|
||||||||
Net increase (decrease) in cash and cash equivalents
|
(58)
|
119
|
138
|
(61)
|
||||||||
Cash and cash equivalents, beginning of period
|
548
|
233
|
352
|
413
|
||||||||
Cash and cash equivalents, end of period
|
$
|
490
|
$
|
352
|
$
|
490
|
$
|
352
|
||||
Supplemental cash flow information
|
||||||||||||
Net cash receipts from customers and other
|
$
|
2,201
|
$
|
1,965
|
$
|
8,404
|
$
|
7,505
|
||||
Net cash payments for:
|
||||||||||||
Employee services, suppliers and other expenses
|
(985)
|
(1,059)
|
(4,334)
|
(4,323)
|
||||||||
Interest
|
(102)
|
(101)
|
(366)
|
(407)
|
||||||||
Personal injury and other claims
|
(17)
|
(26)
|
(64)
|
(112)
|
||||||||
Pensions
|
(14)
|
(48)
|
(427)
|
(139)
|
||||||||
Income taxes
|
(28)
|
(52)
|
(214)
|
(245)
|
||||||||
Net cash provided by operating activities
|
$
|
1,055
|
$
|
679
|
$
|
2,999
|
$
|
2,279
|
CANADIAN NATIONAL RAILWAY COMPANY
|
SELECTED RAILROAD STATISTICS (1) (U.S. GAAP)
|
Three months ended
|
Year ended
|
||||
December 31
|
December 31
|
||||
2010
|
2009
|
2010
|
2009
|
||
(Unaudited)
|
|||||
Statistical operating data
|
|||||
Rail freight revenues ($ millions)
|
1,896
|
1,679
|
7,417
|
6,632
|
|
Gross ton miles (GTM) (millions)
|
87,813
|
78,760
|
341,219
|
304,690
|
|
Revenue ton miles (RTM) (millions)
|
46,586
|
41,819
|
179,232
|
159,862
|
|
Carloads (thousands)
|
1,190
|
1,077
|
4,696
|
3,991
|
|
Route miles (includes Canada and the U.S.)
|
20,560
|
21,094
|
20,560
|
21,094
|
|
Employees (end of period)
|
22,279
|
21,501
|
22,279
|
21,501
|
|
Employees (average for the period)
|
22,229
|
21,478
|
21,967
|
21,793
|
|
Productivity
|
|||||
Operating ratio (%)
|
63.4
|
65.3
|
63.6
|
67.3
|
|
Rail freight revenue per RTM (cents)
|
4.07
|
4.01
|
4.14
|
4.15
|
|
Rail freight revenue per carload ($)
|
1,593
|
1,559
|
1,579
|
1,662
|
|
Operating expenses per GTM (cents)
|
1.53
|
1.56
|
1.55
|
1.63
|
|
Labor and fringe benefits expense per GTM (cents)
|
0.48
|
0.52
|
0.51
|
0.56
|
|
GTMs per average number of employees (thousands)
|
3,950
|
3,667
|
15,533
|
13,981
|
|
Diesel fuel consumed (US gallons in millions)
|
91.2
|
83.5
|
355.7
|
327.3
|
|
Average fuel price ($/US gallon)
|
2.83
|
2.49
|
2.64
|
2.28
|
|
GTMs per US gallon of fuel consumed
|
963
|
943
|
959
|
931
|
|
Safety indicators
|
|||||
Injury frequency rate per 200,000 person hours (2)
|
1.74
|
2.09
|
1.71
|
1.78
|
|
Accident rate per million train miles (2)
|
2.29
|
3.30
|
2.03
|
2.27
|
|
Financial ratio
|
|||||
Debt-to-total capitalization ratio (% at end of period)
|
35.0
|
36.5
|
35.0
|
36.5
|
|
(1) Includes data relating to companies acquired as of the date of acquisition.
|
|||||
(2) Based on Federal Railroad Administration (FRA) reporting criteria.
|
CANADIAN NATIONAL RAILWAY COMPANY
|
SUPPLEMENTARY INFORMATION (U.S. GAAP)
|
Three months ended December 31
|
Year ended December 31
|
|||||||||||||
2010
|
2009
|
% Change Fav (Unfav)
|
% Change at constant currency
Fav (Unfav) (1)
|
2010
|
2009
|
% Change Fav (Unfav)
|
% Change at constant currency
Fav (Unfav) (1)
|
|||||||
(Unaudited)
|
||||||||||||||
Revenues (millions of dollars)
|
||||||||||||||
Petroleum and chemicals
|
331
|
302
|
10%
|
13%
|
1,322
|
1,260
|
5%
|
12%
|
||||||
Metals and minerals
|
214
|
189
|
13%
|
16%
|
861
|
728
|
18%
|
27%
|
||||||
Forest products
|
293
|
271
|
8%
|
11%
|
1,183
|
1,147
|
3%
|
11%
|
||||||
Coal
|
149
|
122
|
22%
|
25%
|
600
|
464
|
29%
|
35%
|
||||||
Grain and fertilizers
|
401
|
356
|
13%
|
15%
|
1,418
|
1,341
|
6%
|
11%
|
||||||
Intermodal
|
400
|
341
|
17%
|
18%
|
1,576
|
1,337
|
18%
|
20%
|
||||||
Automotive
|
108
|
98
|
10%
|
13%
|
457
|
355
|
29%
|
39%
|
||||||
Total rail freight revenues
|
1,896
|
1,679
|
13%
|
15%
|
7,417
|
6,632
|
12%
|
18%
|
||||||
Other revenues
|
221
|
203
|
9%
|
11%
|
880
|
735
|
20%
|
26%
|
||||||
Total revenues
|
2,117
|
1,882
|
12%
|
15%
|
8,297
|
7,367
|
13%
|
19%
|
||||||
Revenue ton miles (millions)
|
||||||||||||||
Petroleum and chemicals
|
7,950
|
7,270
|
9%
|
9%
|
31,190
|
29,381
|
6%
|
6%
|
||||||
Metals and minerals
|
4,154
|
3,507
|
18%
|
18%
|
16,443
|
12,994
|
27%
|
27%
|
||||||
Forest products
|
7,055
|
6,910
|
2%
|
2%
|
28,936
|
27,594
|
5%
|
5%
|
||||||
Coal
|
5,118
|
4,176
|
23%
|
23%
|
19,766
|
14,805
|
34%
|
34%
|
||||||
Grain and fertilizers
|
12,700
|
11,281
|
13%
|
13%
|
44,549
|
40,859
|
9%
|
9%
|
||||||
Intermodal
|
9,011
|
8,095
|
11%
|
11%
|
35,803
|
32,159
|
11%
|
11%
|
||||||
Automotive
|
598
|
580
|
3%
|
3%
|
2,545
|
2,070
|
23%
|
23%
|
||||||
46,586
|
41,819
|
11%
|
11%
|
179,232
|
159,862
|
12%
|
12%
|
|||||||
Rail freight revenue / RTM (cents)
|
||||||||||||||
Total rail freight revenue per RTM
|
4.07
|
4.01
|
1%
|
4%
|
4.14
|
4.15
|
-
|
5%
|
||||||
Commodity groups:
|
||||||||||||||
Petroleum and chemicals
|
4.16
|
4.15
|
-
|
3%
|
4.24
|
4.29
|
(1%)
|
6%
|
||||||
Metals and minerals
|
5.15
|
5.39
|
(4%)
|
(2%)
|
5.24
|
5.60
|
(6%)
|
1%
|
||||||
Forest products
|
4.15
|
3.92
|
6%
|
9%
|
4.09
|
4.16
|
(2%)
|
6%
|
||||||
Coal
|
2.91
|
2.92
|
-
|
2%
|
3.04
|
3.13
|
(3%)
|
1%
|
||||||
Grain and fertilizers
|
3.16
|
3.16
|
-
|
2%
|
3.18
|
3.28
|
(3%)
|
2%
|
||||||
Intermodal
|
4.44
|
4.21
|
5%
|
6%
|
4.40
|
4.16
|
6%
|
8%
|
||||||
Automotive
|
18.06
|
16.90
|
7%
|
10%
|
17.96
|
17.15
|
5%
|
13%
|
||||||
Carloads (thousands)
|
||||||||||||||
Petroleum and chemicals
|
136
|
126
|
8%
|
8%
|
549
|
511
|
7%
|
7%
|
||||||
Metals and minerals
|
244
|
224
|
9%
|
9%
|
990
|
721
|
37%
|
37%
|
||||||
Forest products
|
106
|
100
|
6%
|
6%
|
423
|
403
|
5%
|
5%
|
||||||
Coal
|
123
|
113
|
9%
|
9%
|
499
|
426
|
17%
|
17%
|
||||||
Grain and fertilizers
|
164
|
147
|
12%
|
12%
|
579
|
530
|
9%
|
9%
|
||||||
Intermodal
|
369
|
321
|
15%
|
15%
|
1,455
|
1,246
|
17%
|
17%
|
||||||
Automotive
|
48
|
46
|
4%
|
4%
|
201
|
154
|
31%
|
31%
|
||||||
1,190
|
1,077
|
10%
|
10%
|
4,696
|
3,991
|
18%
|
18%
|
|||||||
Rail freight revenue / carload (dollars)
|
||||||||||||||
Total rail freight revenue per carload
|
1,593
|
1,559
|
2%
|
4%
|
1,579
|
1,662
|
(5%)
|
-
|
||||||
Commodity groups:
|
||||||||||||||
Petroleum and chemicals
|
2,434
|
2,397
|
2%
|
4%
|
2,408
|
2,466
|
(2%)
|
4%
|
||||||
Metals and minerals
|
877
|
844
|
4%
|
7%
|
870
|
1,010
|
(14%)
|
(7%)
|
||||||
Forest products
|
2,764
|
2,710
|
2%
|
5%
|
2,797
|
2,846
|
(2%)
|
6%
|
||||||
Coal
|
1,211
|
1,080
|
12%
|
14%
|
1,202
|
1,089
|
10%
|
15%
|
||||||
Grain and fertilizers
|
2,445
|
2,422
|
1%
|
3%
|
2,449
|
2,530
|
(3%)
|
2%
|
||||||
Intermodal
|
1,084
|
1,062
|
2%
|
3%
|
1,083
|
1,073
|
1%
|
3%
|
||||||
Automotive
|
2,250
|
2,130
|
6%
|
9%
|
2,274
|
2,305
|
(1%)
|
6%
|
||||||
(1) See supplementary schedule entitled Non-GAAP Measures for an explanation of this non-GAAP measure.
Such statistical data and related productivity measures are based on estimated data available at such time and are subject to change as more complete information becomes available.
|
CANADIAN NATIONAL RAILWAY COMPANY
|
NON-GAAP MEASURES - unaudited
|
Three months ended
|
Year ended
|
||||||||||||
December 31, 2010
|
December 31, 2010
|
||||||||||||
In millions, except per share data
|
Reported
|
Adjustments
|
Adjusted
|
Reported
|
Adjustments
|
Adjusted
|
|||||||
Revenues
|
$
|
2,117
|
$
|
-
|
$
|
2,117
|
$
|
8,297
|
$
|
-
|
$
|
8,297
|
|
Operating expenses
|
1,343
|
-
|
1,343
|
5,273
|
-
|
5,273
|
|||||||
Operating income
|
774
|
-
|
774
|
3,024
|
-
|
3,024
|
|||||||
Interest expense
|
(87)
|
-
|
(87)
|
(360)
|
-
|
(360)
|
|||||||
Other income
|
12
|
-
|
12
|
212
|
(152)
|
60
|
|||||||
Income before income taxes
|
699
|
-
|
699
|
2,876
|
(152)
|
2,724
|
|||||||
Income tax expense
|
(196)
|
-
|
(196)
|
(772)
|
21
|
(751)
|
|||||||
Net income
|
$
|
503
|
$
|
-
|
$
|
503
|
$
|
2,104
|
$
|
(131)
|
$
|
1,973
|
|
Operating ratio
|
63.4%
|
63.4%
|
63.6%
|
63.6%
|
|||||||||
Basic earnings per share
|
$
|
1.09
|
$
|
-
|
$
|
1.09
|
$
|
4.51
|
$
|
(0.28)
|
$
|
4.23
|
|
Diluted earnings per share
|
$
|
1.08
|
$
|
-
|
$
|
1.08
|
$
|
4.48
|
$
|
(0.28)
|
$
|
4.20
|
|
CANADIAN NATIONAL RAILWAY COMPANY
|
NON-GAAP MEASURES - unaudited
|
Three months ended
|
Year ended
|
||||||||||||
December 31, 2009
|
December 31, 2009
|
||||||||||||
In millions, except per share data
|
Reported
|
Adjustments
|
Adjusted
|
Reported
|
Adjustments
|
Adjusted
|
|||||||
Revenues
|
$
|
1,882
|
$
|
-
|
$
|
1,882
|
$
|
7,367
|
$
|
-
|
$
|
7,367
|
|
Operating expenses
|
1,229
|
-
|
1,229
|
4,961
|
(49)
|
4,912
|
|||||||
Operating income
|
653
|
-
|
653
|
2,406
|
49
|
2,455
|
|||||||
Interest expense
|
(95)
|
-
|
(95)
|
(412)
|
-
|
(412)
|
|||||||
Other income
|
76
|
(69)
|
7
|
267
|
(226)
|
41
|
|||||||
Income before income taxes
|
634
|
(69)
|
565
|
2,261
|
(177)
|
2,084
|
|||||||
Income tax expense
|
(52)
|
(89)
|
(141)
|
(407)
|
(144)
|
(551)
|
|||||||
Net income
|
$
|
582
|
$
|
(158)
|
$
|
424
|
$
|
1,854
|
$
|
(321)
|
$
|
1,533
|
|
Operating ratio
|
65.3%
|
65.3%
|
67.3%
|
66.7%
|
|||||||||
Basic earnings per share
|
$
|
1.24
|
$
|
(0.33)
|
$
|
0.91
|
$
|
3.95
|
$
|
(0.68)
|
$
|
3.27
|
|
Diluted earnings per share
|
$
|
1.23
|
$
|
(0.33)
|
$
|
0.90
|
$
|
3.92
|
$
|
(0.68)
|
$
|
3.24
|
Three months ended
|
Year ended
|
||||
In millions
|
December 31, 2010
|
December 31, 2010
|
|||
Net income, as reported
|
$
|
503
|
$
|
2,104
|
|
Add back:
|
|||||
Negative impact due to the strengthening Canadian dollar included in net income
|
9
|
70
|
|||
Add:
|
|||||
Increase due to the strengthening Canadian dollar on additional year-over-year US$ net income
|
3
|
33
|
|||
Impact of foreign exchange using constant currency rates
|
12
|
103
|
|||
Net income, on a constant currency basis
|
$
|
515
|
$
|
2,207
|
|
CANADIAN NATIONAL RAILWAY COMPANY
|
NON-GAAP MEASURES - unaudited
|
Three months ended
|
Year ended
|
||||||||||
December 31
|
December 31
|
||||||||||
In millions
|
2010
|
2009
|
2010
|
2009
|
|||||||
Net cash provided by operating activities
|
$
|
1,055
|
$
|
679
|
$
|
2,999
|
$
|
2,279
|
|||
Net cash used in investing activities
|
(747)
|
(433)
|
(1,383)
|
(1,437)
|
|||||||
Net cash provided before financing activities
|
308
|
246
|
1,616
|
842
|
|||||||
Adjustments:
|
|||||||||||
Change in accounts receivable securitization
|
-
|
-
|
2
|
68
|
|||||||
Dividends paid
|
(125)
|
(119)
|
(503)
|
(474)
|
|||||||
Acquisition of EJ&E
|
-
|
-
|
-
|
373
|
|||||||
Effect of foreign exchange fluctuations on US dollar-denominated
|
|||||||||||
cash and cash equivalents
|
1
|
6
|
7
|
(19)
|
|||||||
Free cash flow
|
$
|
184
|
$
|
133
|
$
|
1,122
|
$
|
790
|
Canadian National Railway Company
|
|||||
Date: January 25, 2011
|
By:
|
/s/ Cristina Circelli
|
|||
Name:
|
Cristina Circelli
|
||||
Title:
|
Deputy Corporate Secretary and
General Counsel
|