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Abitibi-Consolidated
2006 Annual Report, Management's Discussion and Analysis
Scroll to pages 31-32 "Outlook".
The "Outlook" discussion indicates specific production targets by product category. These projections are supported by market expectations for the upcoming year. For example, page 32 offers the following: "The Company expects 2007 worldwide newsprint demand to be slightly positive with growth in most regions of the world, mostly offset by North American demand, which is anticipated to decrease by approximately 5-6%, compared to 2006." Such disclosure provides the reader with valuable contextual information.
Alcan
2006 Annual Report, Management's Discussion and Analysis Scroll to pages 60, 63, 66, and 70 “Business Group Target”. Alcan provides quantitative targets for 2009 for each of its four operating segments. Underlying assumptions are also conveyed, where necessary.
Bioscrypt Inc.
2006 Annual Report, Management's Discussion and Analysis Scroll to page 23 “Outlook”. In a sub-section titled “The Market”, the MD&A offers an insightful analysis of the factors affecting Bioscrypt’s industry. This disclosure establishes the foundation for the company’s financial objectives. In particular, in its “Financial Outlook” section, management offers specific targets for revenue growth from product sales, product margins, and annual operating expenses.
Canadian Hydro Developers, Inc.
2006 Annual Report, Management's Discussion and Analysis Scroll to page 27-30 “Results of Operations”. Management provides insightful explanations for the company’s prior year performance. A key strength of the MD&A is its comparison of actual and targeted performance. For example, page 27 offers the following: “The Company sold 89% of its generation under long-term sales contracts in 2006 (2005 - 85%), which exceeds CHD’s minimum stated target of 75% of generation under long-term contracts.” CHD maintains credibility by reporting instances in which the company has exceeded or missed its performance targets.
Potash Corporation of Saskatchewan Inc.
2006 Annual Report, Management's Discussion and Analysis Scroll to page 36 “Key Earnings Sensitivities” and pages 37-38 “2007 Outlook”. On page 36, the discussion indicates how PotashCorp’s 2007 earnings may be impacted by key variable changes. This disclosure is followed by a prospective commentary on the economy, crop inventories and prices, nitrogen demand, and other relevant external factors.
TELUS Corporation
2006 Business Review, Management's Discussion and Analysis Scroll to pages 44-47 “Looking Forward to 2007”. In its “General Outlook” section, Telus provides a comprehensive discussion of recent trends and future expectations. Page 46 provides performance target ranges for 2007. Underlying assumptions are clearly conveyed on page 47. |
