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Historcial Summary
  2009 2008(1) 2007
Statements of Earnings (in $ millions)
Revenue, including equity income 3,637 3,903 2,718
Energy supply costs and operating expenses 2,572 2,855 1,904
Amortization 364 348 273
Finance charges 360 363 299
Corporate taxes 49 65 36
Results of discontinued operations, gains on sales and other unusual items - - 8
Non-controlling interest 12 13 15
Preference share dividends 18 14 6
Net earnings applicable to common shares 262 245 193
Balance Sheets (in $ millions)
Current assets 1,126 1,150 1,038
Goodwill 1,560 1,575 1,544
Other long-term assets 949 487 424
Utility capital assets and income producing properties 8,525 7,954 7,276
Total assets 12,160 11,166 10,282
Current liabilities 1,594 1,697 1,804
Deferred credits, regulatory liabilities and future income taxes 1,307 727 697
Long-term debt and capital lease obligations (excluding current portion) 5,276 4,884 4,623
Non-controlling interest 123 145 115
Preference shares (classified as debt) 320 320 320
Shareholders’ equity 3,540 3,393 2,723
Cash Flows (in $ millions)
Operating activities 637 661 373
Investing activities 1,052 8,512 2,033
Financing activities 599 387 1,826
Dividends, excluding dividends on preference shares classified as debt 161 191 146
Financial Statistics
Return on average book common shareholders’ equity (%) 8.41 8.70 10.00
Capitalization Ratios (%) (year end)
Total debt and capital lease obligations (net of cash) 60.2 59.5 64.3
Preference shares (classified as debt and equity) 6.9 7.3 5.2
Common shareholders’ equity 32.9 33.2 30.5
Interest Coverage (x)
Debt 1.9 1.9 1.9
All fixed charges 1.8 1.8 1.7
Total gross capital expenditures (in $ millions) 1,024 935 803
Common Share Data
Book value per share (year end) ($) 18.61 17.97 16.69
Average common shares outstanding (in $ millions) 170.2 157.4 137.6
Basic earnings per common share ($) 1.54 1.56 1.40
Dividends declared per common share ($) 0.780 1.010 0.880
Dividends paid per common share ($) 1.040 1.000 0.820
Dividend payout ratio (%) 67.5 64.1 58.6
Price earnings ratio (x) 18.6 15.8 20.7
Share Trading Summary
High price ($) (TSX) 29.24 29.94 30.00
Low price ($) (TSX) 21.52 20.70 24.50
Close price ($) (TSX) 28.68 24.59 28.99
Volume (in thousands) 121,162 132,108 100,920

(1) Certain 2008 comparative figures have been reclassified to comply with current period classifications. Refer to Notes 2 and 30 of the 2009 Annual Consolidated Financial Statements for further details.

(2) As at December 31, 2006, the regulatory provision for future asset removal and site restoration costs was reallocated from accumulated amortization to long-term regulatory liabilities, with 2005 comparative figures restated, excluding an amount previously estimated for FortisBC due to a change in presentation adoped by FortisBC effective December 31, 2009.