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Annual General Meeting May 14, 2003. 100%. Newfoundland Power. 100%. FortisOntario. distribution. 100%. Maritime Electric. utilities. 67%. Belize Electricity. 38%. Caribbean Utilities. 100%. FortisUS Energy. hydroelectric. 95%. BECOL. generation. 51%. - PowerPoint PPT Presentation
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Annual General MeetingMay 14, 2003
non-utility
distribution
utilities
hydroelectric
generation
38%
100%
100%
100%
100%
100%
67%
95%
51%
Newfoundland Power
FortisOntario
Maritime Electric
Belize Electricity
Caribbean Utilities
FortisUS Energy
BECOL
Central Newfoundland Energy
Fortis Properties
Distribution of Assets (December 31, 2002)
Newfoundland PowerFortis Properties
FortisOntario
Maritime Electric
Belize Electricity
Caribbean Utilities
BECOL
FortisUS Energy
CNE
0
10
20
30
40
50
60
70
80
93 94 95 96 97 98 99 00 01 '02
BECOL
Caribbean Utilities
Belize Electricity
FortisOntario
Fortis Properties
Maritime Electric
Newfoundland Power
$M
Fortis Inc.
Earnings Applicable to Common Shares
-20 -15 -10 -5 0 5 10 15 20 25
FTS
Gas & Electrics
S&P/TSX Comp.
Gas & Electric Utilities Returns - 2002
Per cent
TRP
BCG
CU
ENB
EMA
ACO/X
TA
Gas & Electric Utilities Returns (2-year return)
-15 -10 -5 0 5 10 15 20 25 30
Per cent
FTS
Gas & Electrics
S&P/TSX Comp.
TRP
BCG
CU
ENB
EMA
ACO/X
TA
100
200
300
400
92 93 94 95 96 97 98 99 '00 '01 '02
Fortis
S&P/TSX Canadian Utilities Index
S&P/TSX Composite Index
$
Total Shareholder Return
2002 Performance Review
2002 2001
Energy sales (GWh) 7,271 6,701
Revenue ($M) 715.5 628.3
Cash flow from operations ($M) 128.9 120.7
Recurring earnings ($M) 63.3 50.1
Non-recurring items ($M) - 3.5
Earnings applicable to common shares ($M) 63.3 53.6
Recurring earnings per common share ($) 3.89 3.36
Earnings per common share ($) 3.89 3.60
Dividends paid per share ($) 1.94 1.87
Operating Revenue ($M) 2002 2001
Newfoundland Power 369.6 359.3
FortisOntario 74.5 20.3
Maritime Electric 96.0 97.5
Belize Electricity 77.8 72.4
BECOL 16.6 16.1
Caribbean Utilities 4.9 4.2
Fortis Properties 90.4 73.9
Corporate 6.3 0.9
Total (net of inter-segment eliminations) 715.5 628.3
Segmented Earnings ($M)
2002 2001
Newfoundland Power 28.8 28.9
FortisOntario 9.2 5.3
Maritime Electric 6.6 6.1
Belize Electricity 6.9 6.5
BECOL 4.6 6.7
Caribbean Utilities 4.9 4.2
Fortis Properties 9.3 6.1
Corporate (7.0) (13.7)
Recurring Earnings 63.3 50.1
Assets ($M) 2002 2001
Newfoundland Power 724.3 685.0
FortisOntario 164.1 34.4
Maritime Electric 256.8 250.0
Belize Electricity 230.9 216.8
BECOL 109.3 114.6
Fortis Properties 299.3 237.5
Corporate 185.0 89.4
Total (net of inter-segment eliminations) 1,927.3 1,591.9
1.00
1.10
1.20
1.30
1.40
1.50
1.60
1.70
1.80
1.90
2.00
94 95 96 97 98 99 00 01 '02
0
10
20
30
40
50
60
70
80
90
Dividends per Common Share Payout Ratio
$ %
Dividends Paid
Liquidity
0
200
400
600
800
1,000
0
1,000
2,000
3,000
4,000
5,000
6,000
1997 2002 1997 2002
Market Cap ($M) Annual Volume (000’s)
2003 First Quarter Results
First Quarter Results
2003 2002
Revenue ($M) 235.4 182.8
Earnings ($M) 20.0 15.0
Earnings per share ($) 1.16 1.00
Cash flow from operations ($M)
38.0 32.9
First Quarter Earnings ($M)
2003 2002
Newfoundland Power 9.8 10.3
FortisOntario 5.2 1.1
Maritime Electric 1.8 1.7
Belize Electricity 1.1 1.3
BECOL (0.8) 0.0
Caribbean Utilities 2.3 1.2
Fortis Properties 1.2 0.9
Corporate (0.6) (1.5)
Earnings applicable to common shares 20.0 15.0
Annual General MeetingMay 14, 2003
Delivering in a changing environment
Another year of record earnings