Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F:
Form 20-F | Form 40-F X |
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1):
Yes | No X |
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7):
Yes | No X |
Indicate by check mark whether by furnishing the information contained in this Form, the Registrant is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934:
Yes | No X |
If “Yes” is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b): N/A
1. |
2008 Update
– CN
Investor Fact Book
|
Ticker symbols
CNR
Toronto Stock
Exchange
CNI
New York
Stock Exchange
|
2006
|
2007
|
2008
|
||||||||||
Financial
results
|
||||||||||||
Revenues
|
$ | 7,929 | $ | 7,897 | $ | 8,482 | ||||||
Operating
income
|
$ | 3,030 | $ | 2,876 | $ | 2,894 | ||||||
Adjusted net
income (1)
|
$ | 1,810 | $ | 1,725 | $ | 1,778 | ||||||
Adjusted
diluted earnings per share (1)
|
$
|
3.40
|
$
|
3.40
|
$
|
3.71
|
||||||
Weighted-average
number of
|
||||||||||||
shares diluted (millions)
|
534.3 | 508.0 | 480.0 | |||||||||
Financial
ratios
|
||||||||||||
Operating
ratio
|
61.8% | 63.6% | 65.9% | |||||||||
Debt-to-total
capitalization
|
36.3% | 35.6% | 42.8% | |||||||||
Adjusted
debt-to-total capitalization (2,4)
|
40.4% | 40.4% | 45.2% | |||||||||
Adjusted
debt-to-adjusted EBITDA (2,3,4)
|
1.8
times
|
1.9
times
|
2.4
times
|
|||||||||
Other
information
|
||||||||||||
Dividend per
share
|
$ | 0.65 |
$
|
0.84
|
$
|
0.92
|
||||||
Net capital
expenditures
|
$ | 1,298 | $ | 1,387 | $ | 1,424 | ||||||
Free cash
flow (4)
|
$ | 1,343 | $ | 828 | $ | 794 | ||||||
(1)
|
Adjusted
to exclude items affecting the comparability of results. See Appendix A
for a reconciliation of Non-GAAP
measures.
|
(2)
|
Debt
adjusted to include the present value of operating lease commitments plus
securitization financing.
|
(3)
|
Earnings
before interest, income taxes, depreciation and amoritization (EBITDA),
and adjusted to exclude other income and the deemed interest on operating
leases.
|
(4)
|
See
Appendix A for a reconciliation of Non-GAAP
measures.
|
2006
|
2007
|
2008
|
||||||||||
Route miles
(includes Canada and the
U.S.)
|
20,264 | 20,421 | 20,961 | |||||||||
Carloads
(thousands)
|
4,824 | 4,744 | 4,615 | |||||||||
Gross ton
miles (millions)
|
352,972 | 347,898 | 339,854 | |||||||||
Revenue ton
miles (millions)
|
185,610 | 184,148 | 177,951 | |||||||||
Employees
(average for the
year)
|
22,092 | 22,389 | 22,695 | |||||||||
Employees
(end of
year)
|
22,250 | 22,696 | 22,227 | |||||||||
Diesel fuel
consumed (U.S. gallons
in millions)
|
401 | 392 | 380 | |||||||||
Average fuel price ($ per U.S.
gallon) (1)
|
2.13 | 2.40 | 3.39 | |||||||||
(1) 2006
includes the impact of the Company’s fuel hedging
program.
|
Canadian
National Railway Company
|
Quarterly
consolidated statement of income 2007
- 2008
|
unaudited
|
||||||||||||||||||||||||||||||||||||||||
$
in millions, unless otherwise indicated
|
||||||||||||||||||||||||||||||||||||||||
2007
|
2008
|
|||||||||||||||||||||||||||||||||||||||
Q1 | Q2 | Q3 | Q4 |
Year
|
Q1 | Q2 | Q3 | Q4 |
Year
|
|||||||||||||||||||||||||||||||
Revenues
|
$ | 1,906 | $ | 2,027 | $ | 2,023 | $ | 1,941 | $ | 7,897 | $ | 1,927 | $ | 2,098 | $ | 2,257 | $ | 2,200 | $ | 8,482 | ||||||||||||||||||||
Operating
expenses
|
||||||||||||||||||||||||||||||||||||||||
Labor and
fringe benefits
|
485 | 430 | 446 | 340 | 1,701 | 461 | 392 | 424 | 397 | 1,674 | ||||||||||||||||||||||||||||||
Purchased
services and material
|
276 | 263 | 247 | 259 | 1,045 | 285 | 283 | 268 | 301 | 1,137 | ||||||||||||||||||||||||||||||
Fuel
|
219 | 249 | 251 | 307 | 1,026 | 310 | 399 | 390 | 304 | 1,403 | ||||||||||||||||||||||||||||||
Depreciation
and amortization
|
171 | 168 | 165 | 173 | 677 | 175 | 176 | 177 | 197 | 725 | ||||||||||||||||||||||||||||||
Equipment
rents
|
66 | 62 | 59 | 60 | 247 | 64 | 60 | 59 | 79 | 262 | ||||||||||||||||||||||||||||||
Casualty and
other
|
128 | 44 | 87 | 66 | 325 | 109 | 81 | 95 | 102 | 387 | ||||||||||||||||||||||||||||||
Total
operating expenses
|
1,345 | 1,216 | 1,255 | 1,205 | 5,021 | 1,404 | 1,391 | 1,413 | 1,380 | 5,588 | ||||||||||||||||||||||||||||||
Operating
income
|
561 | 811 | 768 | 736 | 2,876 | 523 | 707 | 844 | 820 | 2,894 | ||||||||||||||||||||||||||||||
Interest
expense
|
(88 | ) | (85 | ) | (78 | ) | (85 | ) | (336 | ) | (86 | ) | (87 | ) | (92 | ) | (110 | ) | (375 | ) | ||||||||||||||||||||
Other income
(loss)
|
4 | 1 | 2 | 159 | 166 | (6 | ) | 9 | 4 | 19 | 26 | |||||||||||||||||||||||||||||
Income before
income taxes
|
477 | 727 | 692 | 810 | 2,706 | 431 | 629 | 756 | 729 | 2,545 | ||||||||||||||||||||||||||||||
Income tax
(expense) recovery
|
(153 | ) | (211 | ) | (207 | ) | 23 | (548 | ) | (120 | ) | (170 | ) | (204 | ) | (156 | ) | (650 | ) | |||||||||||||||||||||
Net
income
|
$ | 324 | $ | 516 | $ | 485 | $ | 833 | $ | 2,158 | $ | 311 | $ | 459 | $ | 552 | $ | 573 | $ | 1,895 | ||||||||||||||||||||
Earnings
per share
|
||||||||||||||||||||||||||||||||||||||||
Basic
|
0.64 | 1.02 | 0.97 | 1.70 | 4.31 | 0.64 | 0.96 | 1.17 | 1.22 | 3.99 | ||||||||||||||||||||||||||||||
Diluted
|
0.63 | 1.01 | 0.96 | 1.68 | 4.25 | 0.64 | 0.95 | 1.16 | 1.21 | 3.95 | ||||||||||||||||||||||||||||||
Weighted-average
number of shares
|
||||||||||||||||||||||||||||||||||||||||
Basic
|
510.2 | 505.2 | 499.7 | 489.8 | 501.2 | 482.8 | 476.4 | 471.7 | 468.1 | 474.7 | ||||||||||||||||||||||||||||||
Diluted
|
517.8 | 512.3 | 506.4 | 495.9 | 508.0 | 488.6 | 482.0 | 477.1 | 472.5 | 480.0 |
Canadian
National Railway Company
|
Quarterly
consolidated balance sheet 2007
- 2008
|
2007
|
2008
|
|||||||||||||||||||||||||||||||
Q1 | Q2 | Q3 | Q4 | Q1 | Q2 | Q3 | Q4 | |||||||||||||||||||||||||
Assets
|
||||||||||||||||||||||||||||||||
Current
assets:
|
||||||||||||||||||||||||||||||||
Cash and cash
equivalents
|
$ | 106 | $ | 241 | $ | 214 | $ | 310 | $ | 334 | $ | 161 | $ | 288 | $ | 413 | ||||||||||||||||
Accounts
receivable
|
508 | 425 | 641 | 370 | 621 | 843 | 657 | 913 | ||||||||||||||||||||||||
Material and
supplies
|
208 | 204 | 206 | 162 | 212 | 217 | 213 | 200 | ||||||||||||||||||||||||
Deferred
income taxes
|
83 | 73 | 69 | 68 | 67 | 67 | 69 | 98 | ||||||||||||||||||||||||
Other
|
184 | 159 | 316 | 138 | 111 | 88 | 131 | 132 | ||||||||||||||||||||||||
1,089 | 1,102 | 1,446 | 1,048 | 1,345 | 1,376 | 1,358 | 1,756 | |||||||||||||||||||||||||
Properties
|
20,988 | 20,401 | 19,883 | 20,413 | 20,754 | 20,864 | 21,472 | 23,203 | ||||||||||||||||||||||||
Intangible and
other assets
|
1,646 | 1,664 | 1,576 | 1,999 | 2,065 | 2,113 | 2,134 | 1,761 | ||||||||||||||||||||||||
Total
assets
|
$ | 23,723 | $ | 23,167 | $ | 22,905 | $ | 23,460 | $ | 24,164 | $ | 24,353 | $ | 24,964 |
$
|
26,720
|
||||||||||||||||
Liabilities
and shareholders’ equity
|
||||||||||||||||||||||||||||||||
Current
liabilities:
|
||||||||||||||||||||||||||||||||
Accounts
payable and other
|
$ | 1,510 | $ | 1,489 | $ | 1,261 | $ | 1,336 | $ | 1,333 | $ | 1,289 | $ | 1,329 | $ | 1,386 | ||||||||||||||||
Current
portion of long-term debt
|
244 | 366 | 293 | 254 | 269 | 85 | 449 | 506 | ||||||||||||||||||||||||
1,754 | 1,855 | 1,554 | 1,590 | 1,602 | 1,374 | 1,778 | 1,892 | |||||||||||||||||||||||||
Deferred
income taxes
|
5,025 | 4,885 | 4,940 | 4,908 | 5,021 | 5,100 | 5,246 | 5,511 | ||||||||||||||||||||||||
Other
liabilities and deferred credits
|
1,532 | 1,443 | 1,410 | 1,422 | 1,404 | 1,381 | 1,378 | 1,353 | ||||||||||||||||||||||||
Long-term
debt
|
5,602 | 5,193 | 5,342 | 5,363 | 6,064 | 6,389 | 6,264 | 7,405 | ||||||||||||||||||||||||
Shareholders’
equity:
|
||||||||||||||||||||||||||||||||
Common
shares
|
4,426 | 4,417 | 4,359 | 4,283 | 4,241 | 4,208 | 4,171 | 4,179 | ||||||||||||||||||||||||
Accumulated
other comprehensive income (loss)
|
(50 | ) | (180 | ) | (257 | ) | (31 | ) | 9 | (1 | ) | 54 | (155 | ) | ||||||||||||||||||
Retained
earnings
|
5,434 | 5,554 | 5,557 | 5,925 | 5,823 | 5,902 | 6,073 | 6,535 | ||||||||||||||||||||||||
9,810 | 9,791 | 9,659 | 10,177 | 10,073 | 10,109 | 10,298 | 10,559 | |||||||||||||||||||||||||
Total
liabilities and shareholders’ equity
|
$ | 23,723 | $ | 23,167 | $ | 22,905 | $ | 23,460 | $ | 24,164 | $ | 24,353 | $ | 24,964 | $ | 26,720 |
Canadian
National Railway Company
|
Quarterly
consolidated statement of cash flows 2007
- 2008
|
2007
|
2008
|
|||||||||||||||||||||||||||||||||||||||
Q1 | Q2 | Q3 | Q4 |
Year
|
Q1 | Q2 | Q3 | Q4 |
Year
|
|||||||||||||||||||||||||||||||
Operating
Activities
|
||||||||||||||||||||||||||||||||||||||||
Net
income
|
$ | 324 | $ | 516 | $ | 485 | $ | 833 | $ | 2,158 | $ | 311 | $ | 459 | $ | 552 | $ | 573 | $ | 1,895 | ||||||||||||||||||||
Adjustments to
reconcile net income to net cash provided from operating
activities:
|
||||||||||||||||||||||||||||||||||||||||
Depreciation
and amortization
|
172 | 169 | 165 | 172 | 678 | 175 | 176 | 177 | 197 | 725 | ||||||||||||||||||||||||||||||
Deferred
income taxes
|
7 | 43 | 75 | (207 | ) | (82 | ) | 25 | 89 | 73 | 43 | 230 | ||||||||||||||||||||||||||||
Gain on sale
of Central Station Complex
|
- | - | - | (92 | ) | (92 | ) | - | - | - | - | - | ||||||||||||||||||||||||||||
Gain on
sale of investment in English Welsh and Scottish
Railway
|
- | - | - | (61 | ) | (61 | ) | - | - | - | - | - | ||||||||||||||||||||||||||||
Other changes
in:
|
||||||||||||||||||||||||||||||||||||||||
Accounts
receivable
|
176 | 38 | (252 | ) | 267 | 229 | (235 | ) | (233 | ) | 209 | (173 | ) | (432 | ) | |||||||||||||||||||||||||
Material and
supplies
|
(19 | ) | (1 | ) | (6 | ) | 44 | 18 | (48 | ) | (6 | ) | 6 | 25 | (23 | ) | ||||||||||||||||||||||||
Accounts
payable and other
|
(428 | ) | 2 | (69 | ) | 99 | (396 | ) | (59 | ) | (39 | ) | (1 | ) | (28 | ) | (127 | ) | ||||||||||||||||||||||
Other current
assets
|
8 | 21 | 46 | (9 | ) | 84 | 29 | 22 | (16 | ) | 2 | 37 | ||||||||||||||||||||||||||||
Other
|
23 | (22 | ) | 2 | (122 | ) | (119 | ) | (33 | ) | (59 | ) | (43 | ) | (139 | ) | (274 | ) | ||||||||||||||||||||||
Cash provided
from operating activities
|
263 | 766 | 446 | 942 | 2,417 | 165 | 409 | 957 | 500 | 2,031 | ||||||||||||||||||||||||||||||
Investing
Activities
|
||||||||||||||||||||||||||||||||||||||||
Properties
additions
|
(203 | ) | (344 | ) | (350 | ) | (490 | ) | (1,387 | ) | (177 | ) | (352 | ) | (415 | ) | (480 | ) | (1,424 | ) | ||||||||||||||||||||
Acquisitions,
net of cash acquired
|
- | - | - | (25 | ) | (25 | ) | - | - | - | (50 | ) | (50 | ) | ||||||||||||||||||||||||||
Sale of
Central Station Complex
|
- | - | - | 351 | 351 | - | - | - | - | - | ||||||||||||||||||||||||||||||
Sale of
investment in English Welsh and Scottish
Railway
|
- | - | - | 114 | 114 | - | - | - | - | - | ||||||||||||||||||||||||||||||
Other,
net
|
10 | 2 | 14 | 26 | 52 | 11 | 9 | 22 | 32 | 74 | ||||||||||||||||||||||||||||||
Cash used by
investing activities
|
(193 | ) | (342 | ) | (336 | ) | (24 | ) | (895 | ) | (166 | ) | (343 | ) | (393 | ) | (498 | ) | (1,400 | ) | ||||||||||||||||||||
Financing
Activities
|
||||||||||||||||||||||||||||||||||||||||
Issuance of
long-term debt
|
434 | 1,050 | 1,841 | 846 | 4,171 | 1,055 | 1,597 | 778 | 1,003 | 4,433 | ||||||||||||||||||||||||||||||
Reduction of
long-term debt
|
(145 | ) | (904 | ) | (1,420 | ) | (1,120 | ) | (3,589 | ) | (580 | ) | (1,418 | ) | (798 | ) | (793 | ) | (3,589 | ) | ||||||||||||||||||||
Issuance of
common shares due to exercise of stock options and related
excess tax benefits realized
|
18 | 41 | 14 | 4 | 77 | 18 | 16 | 14 | 6 | 54 | ||||||||||||||||||||||||||||||
Repurchase of
common shares
|
(343 | ) | (344 | ) | (452 | ) | (445 | ) | (1,584 | ) | (367 | ) | (323 | ) | (327 | ) | (4 | ) | (1,021 | ) | ||||||||||||||||||||
Dividends
paid
|
(107 | ) | (105 | ) | (104 | ) | (102 | ) | (418 | ) | (111 | ) | (109 | ) | (108 | ) | (108 | ) | (436 | ) | ||||||||||||||||||||
Cash provided
from (used by) financing activities
|
(143 | ) | (262 | ) | (121 | ) | (817 | ) | (1,343 | ) | 15 | (237 | ) | (441 | ) | 104 | (559 | ) | ||||||||||||||||||||||
Effect of
foreign exchange fluctuations on U.S. dollar-denominated cash and
cash equivalents
|
- | (27 | ) | (16 | ) | (5 | ) | (48 | ) | 10 | (2 | ) | 4 | 19 | 31 | |||||||||||||||||||||||||
Net
increase (decrease) in cash and cash equivalents
|
(73 | ) | 135 | (27 | ) | 96 | (131 | ) | 24 | (173 | ) | 127 | 125 | 103 | ||||||||||||||||||||||||||
Cash and cash
equivalents, beginning of period
|
179 | 106 | 241 | 214 | 179 | 310 | 334 | 161 | 288 | 310 | ||||||||||||||||||||||||||||||
Cash
and cash equivalents, end of period
|
$ | 106 | $ | 241 | $ | 214 | $ | 310 | $ | 310 | $ | 334 | $ | 161 | $ | 288 | $ | 413 | $ | 413 | ||||||||||||||||||||
Supplemental
cash flow information
|
||||||||||||||||||||||||||||||||||||||||
Net cash
receipts from customers and other
|
$ | 2,074 | $ | 2,086 | $ | 1,770 | $ | 2,209 | $ | 8,139 | $ | 1,748 | $ | 1,886 | $ | 2,391 | $ | 1,987 | $ | 8,012 | ||||||||||||||||||||
Net cash
payments for:
|
||||||||||||||||||||||||||||||||||||||||
Employee
services, suppliers and other expenses
|
(1,237 | ) | (1,017 | ) | (1,090 | ) | (979 | ) | (4,323 | ) | (1,339 | ) | (1,215 | ) | (1,195 | ) | (1,171 | ) | (4,920 | ) | ||||||||||||||||||||
Interest
|
(114 | ) | (73 | ) | (86 | ) | (67 | ) | (340 | ) | (100 | ) | (90 | ) | (82 | ) | (124 | ) | (396 | ) | ||||||||||||||||||||
Workforce
reductions
|
(9 | ) | (7 | ) | (8 | ) | (7 | ) | (31 | ) | (6 | ) | (6 | ) | (5 | ) | (5 | ) | (22 | ) | ||||||||||||||||||||
Personal
injury and other claims
|
(20 | ) | (26 | ) | (12 | ) | (28 | ) | (86 | ) | (26 | ) | (18 | ) | (18 | ) | (29 | ) | (91 | ) | ||||||||||||||||||||
Pensions
|
(1 | ) | (22 | ) | (27 | ) | (25 | ) | (75 | ) | (22 | ) | (31 | ) | (24 | ) | (50 | ) | (127 | ) | ||||||||||||||||||||
Income
taxes
|
(430 | ) | (175 | ) | (101 | ) | (161 | ) | (867 | ) | (90 | ) | (117 | ) | (110 | ) | (108 | ) | (425 | ) | ||||||||||||||||||||
Cash
provided from operating activities
|
$ | 263 | $ | 766 | $ | 446 | $ | 942 | $ | 2,417 | $ | 165 | $ | 409 | $ | 957 | $ | 500 | $ | 2,031 |
Canadian
National Railway Company
|
Quarterly
financial aand statistical data 2007
- 2008
|
2007
|
2008
|
|||||||||||||||||||||||||||||||||||||||
Q1 | Q2 | Q3 | Q4 |
Year
|
Q1 | Q2 | Q3 | Q4 |
Year
|
|||||||||||||||||||||||||||||||
Revenues
(millions
of dollars)
|
||||||||||||||||||||||||||||||||||||||||
Petroleum and
chemicals
|
303 | 300 | 317 | 306 | 1,226 | 319 | 322 | 346 | 359 | 1,346 | ||||||||||||||||||||||||||||||
Metals and
minerals
|
198 | 225 | 208 | 195 | 826 | 205 | 239 | 269 | 237 | 950 | ||||||||||||||||||||||||||||||
Forest
products
|
410 | 414 | 392 | 336 | 1,552 | 330 | 357 | 383 | 366 | 1,436 | ||||||||||||||||||||||||||||||
Coal
|
89 | 99 | 99 | 98 | 385 | 99 | 107 | 140 | 132 | 478 | ||||||||||||||||||||||||||||||
Grain and
fertilizers
|
309 | 322 | 330 | 350 | 1,311 | 340 | 334 | 327 | 381 | 1,382 | ||||||||||||||||||||||||||||||
Intermodal
|
313 | 346 | 361 | 362 | 1,382 | 351 | 393 | 446 | 390 | 1,580 | ||||||||||||||||||||||||||||||
Automotive
|
132 | 142 | 114 | 116 | 504 | 116 | 124 | 117 | 112 | 469 | ||||||||||||||||||||||||||||||
Total rail
freight revenues
|
1,754 | 1,848 | 1,821 | 1,763 | 7,186 | 1,760 | 1,876 | 2,028 | 1,977 | 7,641 | ||||||||||||||||||||||||||||||
Other
revenues
|
152 | 179 | 202 | 178 | 711 | 167 | 222 | 229 | 223 | 841 | ||||||||||||||||||||||||||||||
Total
revenues
|
1,906 | 2,027 | 2,023 | 1,941 | 7,897 | 1,927 | 2,098 | 2,257 | 2,200 | 8,482 | ||||||||||||||||||||||||||||||
Statistical
operating data
|
||||||||||||||||||||||||||||||||||||||||
Gross ton miles (GTM) (millions)
|
81,741 | 88,344 | 88,498 | 89,315 | 347,898 | 84,327 | 87,287 | 86,369 | 81,871 | 339,854 | ||||||||||||||||||||||||||||||
Revenue ton miles (RTM) (millions)
|
44,093 | 46,423 | 46,481 | 47,151 | 184,148 | 44,959 | 45,264 | 45,346 | 42,382 | 177,951 | ||||||||||||||||||||||||||||||
Carloads (thousands)
|
1,131 | 1,204 | 1,204 | 1,205 | 4,744 | 1,132 | 1,188 | 1,217 | 1,078 | 4,615 | ||||||||||||||||||||||||||||||
Route miles (includes
Canada and the U.S.)
|
20,263 | 20,219 | 20,219 | 20,421 | 20,421 | 20,421 | 20,421 | 20,421 | 20,961 | 20,961 | ||||||||||||||||||||||||||||||
Employees (end
of period)
|
22,139 | 22,757 | 22,834 | 22,696 | 22,696 | 22,703 | 23,147 | 22,569 | 22,227 | 22,227 | ||||||||||||||||||||||||||||||
Employees (average
for the period)
|
21,478 | 22,494 | 22,789 | 22,796 | 22,389 | 22,636 | 22,953 | 22,730 | 22,461 | 22,695 | ||||||||||||||||||||||||||||||
Productivity
|
||||||||||||||||||||||||||||||||||||||||
Operating
ratio
|
70.6 | 60.0 | 62.0 | 62.1 | 63.6 | 72.9 | 66.3 | 62.6 | 62.7 | 65.9 | ||||||||||||||||||||||||||||||
Rail freight revenue per RTM
(cents)
|
3.98 | 3.98 | 3.92 | 3.74 | 3.90 | 3.91 | 4.14 | 4.47 | 4.66 | 4.29 | ||||||||||||||||||||||||||||||
Rail freight revenue per
carload ($)
|
1,551 | 1,535 | 1,512 | 1,463 | 1,515 | 1,555 | 1,579 | 1,666 | 1,834 | 1,656 | ||||||||||||||||||||||||||||||
Operating expenses per GTM
(cents)
|
1.65 | 1.38 | 1.42 | 1.35 | 1.44 | 1.66 | 1.59 | 1.64 | 1.69 | 1.64 | ||||||||||||||||||||||||||||||
Labor and fringe benefits
expense per GTM (cents)
|
0.59 | 0.49 | 0.50 | 0.38 | 0.49 | 0.55 | 0.45 | 0.49 | 0.48 | 0.49 | ||||||||||||||||||||||||||||||
GTMs per average number of
employees (thousands)
|
3,806 | 3,927 | 3,883 | 3,918 | 15,539 | 3,725 | 3,803 | 3,800 | 3,645 | 14,975 | ||||||||||||||||||||||||||||||
Diesel fuel consumed (U.S.
gallons in millions)
|
96 | 98 | 96 | 102 | 392 | 99 | 96 | 92 | 93 | 380 | ||||||||||||||||||||||||||||||
Average fuel price ($/U.S.
gallon)
|
2.18 | 2.30 | 2.39 | 2.70 | 2.40 | 3.02 | 3.82 | 3.84 | 2.88 | 3.39 | ||||||||||||||||||||||||||||||
GTMs per U.S.
gallon of fuel consumed
|
851 | 901 | 922 | 876 | 887 | 852 | 909 | 939 | 880 | 894 | ||||||||||||||||||||||||||||||
Safety
indicators
|
||||||||||||||||||||||||||||||||||||||||
Injury frequency rate per
200,000 person hours (1)
|
1.6 | 1.6 | 2.2 | 2.1 | 1.9 | 2.1 | 1.2 | 2.1 | 1.7 | 1.8 | ||||||||||||||||||||||||||||||
Accident rate per million train
miles (1)
|
2.7 | 1.7 | 3.0 | 3.6 | 2.7 | 2.7 | 2.7 | 2.2 | 2.8 | 2.6 |
Canadian
National Railway Company
|
Reconciliation
of non-gaap measures
|
Adjusted performance
measures
|
||||||||||||||||||||||||||||||||||||
2006
|
2007
|
2008
|
||||||||||||||||||||||||||||||||||
Reported
|
Adjustments(1)
|
Adjusted
|
Reported
|
Adjustments(2)
|
Adjusted
|
Reported
|
Adjustments(3)
|
Adjusted
|
||||||||||||||||||||||||||||
Revenues
|
$ | 7,929 | $ | – | $ | 7,929 | $ | 7,897 | $ | – | $ | 7,897 | $ | 8,482 | $ | – | $ | 8,482 | ||||||||||||||||||
Operating
expenses
|
4,899 | – | 4,899 | 5,021 | – | 5,021 | 5,588 | – | 5,588 | |||||||||||||||||||||||||||
Operating
income
|
3,030 | – | 3,030 | 2,876 | – | 2,876 | 2,894 | – | 2,894 | |||||||||||||||||||||||||||
Interest
expense
|
(312 | ) | – | (312 | ) | (336 | ) | – | (336 | ) | (375 | ) | – | (375 | ) | |||||||||||||||||||||
Other
income
|
11 | – | 11 | 166 | (153 | ) | 13 | 26 | – | 26 | ||||||||||||||||||||||||||
Income
before
|
2,729 | – | 2,729 | 2,706 | (153 | ) | 2,553 | 2,545 | – | 2,545 | ||||||||||||||||||||||||||
income
taxes
|
||||||||||||||||||||||||||||||||||||
Income tax
expense
|
(642 | ) | (277 | ) | (919 | ) | (548 | ) | (280 | ) | (828 | ) | (650 | ) | (117 | ) | (767 | ) | ||||||||||||||||||
Net
income
|
$ | 2,087 | $ | (277 | ) | $ | 1,810 | $ | 2,158 | $ | (433 | ) | $ | 1,725 | $ | 1,895 | $ | (117 | ) | $ | 1,778 | |||||||||||||||
Operating
ratio
|
61.8% | 61.8% | 63.6% | 63.6% | 65.9% | 65.9% | ||||||||||||||||||||||||||||||
Diluted
earnings
|
$ | 3.91 | $ | (0.51 | ) | $ | 3.40 | $ | 4.25 | $ | (0.85 | ) | $ | 3.40 | $ | 3.95 | $ | (0.24 | ) | $ | 3.71 |
(1)
|
Adjusted
to exclude a deferred income tax recovery of $277 million ($0.51 per
diluted share) that resulted primarily from the enactment of lower
corporate income tax rates in Canada and the resolution of matters
pertaining to prior years’ income
taxes.
|
(2)
|
Adjusted
to exclude a deferred income tax recovery of $328 million ($0.64 per
diluted share) that resulted mainly from the enactment of corporate income
tax rate changes in Canada, as well as the gains on sale of the Central
Station Complex of $92 million, or $64 million after-tax ($0.13 per
diluted share) and the Company’s investment in English Welsh and Scottish
Railway of $61 million, or $41 million after-tax ($0.08 per diluted
share).
|
(3)
|
Adjusted
to exclude a deferred income tax recovery of $117 million ($0.24 per
diluted share), of which $83 million was due to the resolution of various
income tax matters and adjustments related to tax filings of prior years,
$23 million resulted from the enactment of corporate income tax rate
changes in Canada and $11 million was due to net capital losses arising
from the reorganization of a
subsidiary.
|
Canadian
National Railway Company
|
Reconciliation
of non-gaap measures 2006 - 2008
|
Free
cash flow
|
|||||||||||||
Year
ended December 31,
|
2006
|
2007
|
2008
|
||||||||||
Cash provided
from operating activities
|
$ | 2,951 | $ | 2,417 | $ | 2,031 | |||||||
Cash used by
investing activities
|
(1,349 | ) | (895 | ) | (1,400 | ) | |||||||
Cash
provided before financing activities
|
1,602 | 1,522 | 631 | ||||||||||
Adjustments:
|
|||||||||||||
Change in
accounts receivable securitization
|
82 | (228 | ) | 568 | |||||||||
Dividends
paid
|
(340 | ) | (418 | ) | (436 | ) | |||||||
Effect of
foreign exchange fluctuations on U.S. dollar-denominated cash and cash
equivalents
|
(1 | ) | (48 | ) | 31 | ||||||||
Free
cash flow
|
$ | 1,343 |
$
|
828
|
$ | 794 | |||||||
Adjusted
debt-to-total capitalization ratio
|
|||||||||||||
December
31,
|
2006
|
2007
|
2008
|
||||||||||
Debt-to-total capitalization
ratio (a)
|
36.3% | 35.6% | 42.8% | ||||||||||
Add:
Present value of operating lease commitments plus securitization
financing (b)
|
4.1% | 4.8% | 2.4% | ||||||||||
Adjusted
debt-to-total capitalization ratio
|
40.4% | 40.4% | 45.2% | ||||||||||
Adjusted
debt-to-adjusted EBITDA
|
|||||||||||||
Year
ended December 31,
|
2006
|
2007
|
2008
|
||||||||||
Debt
|
$ | 5,604 | $ | 5,617 | $ | 7,911 | |||||||
Add:
Present value of operating lease commitments plus securitization
financing (b)
|
1,044 | 1,287 | 787 | ||||||||||
Adjusted
debt
|
$
|
6,648
|
$ | 6,904 | $ | 8,698 | |||||||
EBITDA
|
3,680 | 3,553 | 3,619 | ||||||||||
Add:
Deemed interest on operating leases
|
38 | 41 | 39 | ||||||||||
Adjusted
EBITDA
|
$ | 3,718 | $ | 3,594 | $ | 3,658 | |||||||
Adjusted
debt-to-adjusted EBITDA
|
1.8
times
|
1.9
times
|
2.4
times
|
(a)
|
Debt-to-total
capitalization is calculated as total long-term debt plus current portion
of long-term debt divided by the sum of total debt plus total
shareholders’ equity.
|
(b)
|
The
operating lease commitments have been discounted using the Company’s
implicit interest rate for each of the periods
presented.
|
Canadian National Railway Company | |||||
Date: May 29, 2009 | By: | /s/ Cristina Circelli | |||
Name: |
Cristina
Circelli
|
||||
Title: |
Deputy
Corporate Secretary and
General
Counsel
|