Chapter 3 Intrawest Annual Report

Chapter 3 Intrawest Annual Report - I n t r a w e s t 2 0 0...

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Unformatted text preview: I n t r a w e s t 2 0 0 3 A n n u a l R e p o r t f u n d a m e n t a l s 02 Letter to Shareholders 09 Fundamentals 19 Playgrounds 64 Directors and Management 65 Corporate Information and Principal Offices 24 Managements Discussion and Analysis 40 Consolidated Financial Statements C o n t e n t s F i v e - Y e a r H i s t o r i c a l R e v i e w YEARS ENDED JUNE 30 (IN MILLIONS OF UNITED STATES DOLLARS, EXCEPT PER SHARE AMOUNTS) 2003 2002 2001 2000 1999 C O N S O L I D AT E D O P E R AT I O N S R E V E N U E Resort operations 571.5 485.1 492.2 447.4 382.5 Real estate 512.7 495.8 424.3 348.4 221.2 Other 2.4 5.1 6.3 14.7 5.9 Total revenue 1,086.6 986.0 922.8 810.5 609.6 E X P E N S E S Resort operations 454.8 377.8 383.9 353.7 300.9 Real estate costs 437.7 407.7 343.3 285.5 177.4 Interest 47.1 43.1 44.5 35.2 24.8 Depreciation and amortization 67.5 65.4 57.9 51.4 40.2 General, administrative and other 32.4 33.4 29.7 32.6 27.7 Write-down of technology assets 12.3 Total expenses 1,051.8 927.4 859.3 758.4 571.0 Income from continuing operations 34.8 58.6 63.5 52.1 38.6 I N C O M E F R O M C O N T I N U I N G O P E R AT I O N S P E R C O M M O N S H A R E Basic 0.73 1.33 1.45 1.20 0.96 Diluted 0.73 1.31 1.43 1.18 0.94 W E I G H T E D AV E R A G E N U M B E R O F S H A R E S ( I N T H O U S A N D S ) Basic 47,364 44,206 43,665 43,362 40,237 Diluted 47,590 44,695 44,504 44,252 40,986 Total Company EBITDA* 209.2 211.2 200.3 165.4 128.8 C O N S O L I D AT E D B A L A N C E S H E E T S A S S E T S Resort operations 918.7 841.8 813.7 784.7 699.0 Properties resort 1,067.3 861.5 700.6 569.3 460.9 discontinued operations 6.3 7.1 9.6 20.6 Other 529.7 457.3 434.9 353.8 311.7 Total assets 2,515.7 2,166.9 1,956.3 1,717.4 1,492.2 L I A B I L I T I E S A N D S H A R E H O L D E R S E Q U I T Y Bank and other indebtedness 1,260.9 1,055.9 1,010.0 833.2 727.1 Other liabilities 543.7 433.7 377.9 372.9 226.6 Shareholders equity 711.1 677.3 568.4 511.3 538.5 Total liabilities and shareholders equity 2,515.7 2,166.9 1,956.3 1,717.4 1,492.2 *EBITDA = Net income before interest, income taxes, non-controlling interest, depreciation and amortization. Statements contained in this annual report that are not historical facts are forward-looking statements that involve risks and uncertainties. Intrawests actual results could differ materially from those expressed or implied by such forward-looking statements. Factors that could cause or contribute to such differences include, but are not limited to, Intrawests ability to implement its business strategies, seasonality, weather conditions, competition, general economic conditions, currency fluctuations and other risks detailed in the companys filings with the Canadian securities regulatory authorities and the U.S. Securities and Exchange Commission. 1 INTRAWEST Intrawest Corporation is the worlds leading developer and operator of village-centered resorts. It is redefining the resort world with its 10 mountain resorts, one...
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This note was uploaded on 10/21/2010 for the course AFM 101 taught by Professor Kennedy during the Winter '08 term at Waterloo.

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Chapter 3 Intrawest Annual Report - I n t r a w e s t 2 0 0...

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