Management Statement
Auditors’ Report to Shareholders
Consolidated Balance Sheets
Consolidated Statements
of Income
Consolidated Statements of Changes in Shareholders’ Equity
Consolidated Statements
of Cash Flows
Notes to Consolidated
Financial Statements
Three-Year Review
>
1 2 

THREE-YEAR REVIEW – FINANCIAL INFORMATION*

(in thousands of dollars)



2005
20041
2003
Revenue:



     Listing 
$      87,724
$     75,022
$   61,072
     Trading and related 
125,532
99,629
71,882
     Market data 
67,430
58,793
52,589
     Business services
7,910
             8,367
9,148
     Other 
1,368
1,619
1,812

$   289,964
$   243,430
$ 196,503



Expenses
139,192
144,531
134,998



Income from operations 
$   150,772
$     98,899
$   61,505
Loss from investment in affiliate
          (693)
           (1,210)
       (1,182)
Investment income
6,876
4,772
10,151
Income taxes
    (53,602)
         (33,971)
     (10,594)
Net Income
 $   103,353
     $    68,490 
$  59,880 



Operating cash flow
$   167,126
$   127,021
$   81,962
Working capital
242,178
145,511
104,427
Total Assets
1,557,225
1,036,294
321,219
Shareholders' Equity
177,795
129,516
95,903

* Certain comparative figures have been reclassified to conform with the financial presentation adopted in the current year and reflect the adoption of the Canadian Institute of Chartered Accountants’ Emerging Issues Committee Abstract–141 – Revenue Recognition (“EIC-141”).
1 The financial results of Natural Gas Exchange have been consolidated into these results from and after March 1, 2004.

1 2