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Bombardier Annual Report 2003

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ANNUAL REPORT YEAR ENDED JANUARY 31, 2003 ANNUAL REPORT YEAR ENDED JANUARY 31, 2003 Facing the Challenge Facing the Challenge For the new Bombardier, facing the challenge means acting strategically, aggressively and rigorously to address shareholder concerns. Strong companies know when to get tough on themselves. By taking charge now, Bombardier will return to prosperity. How? With a rigorous action plan to create shareholder value, based on consolidation, value creation, financial initiat
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  ANNUAL REPORT YEAR ENDED JANUARY 31, 2003 Facing the Challenge  ANNUAL REPORT YEAR ENDED JANUARY 31, 2003  For the new Bombardier, facing the challenge means acting strategically, aggressively and rigorously to address shareholder concerns. Strong companies know when to get tough onthemselves. By taking charge now, Bombardier will returnto prosperity. How? With a rigorous action plan to create shareholder value, based on consolidation, value creation,financial initiatives, accountability and governance. Driven by innovation, Bombardier’s leadership and its people are facing the challenges of the business with renewed determination. All amounts mentioned in this report are in Canadian dollars, unless otherwise stated.Un exemplaire en français vous sera expédié sur demande adressée au Service des affaires publiquesBombardier Inc., 800, boul. René-Lévesque Ouest, Montréal (Québec)  Canada  H3B 1Y8Ou consultez notre site Internet au www.bombardier.comAll rights reserved. © 2003 Bombardier Inc. or its subsidiaries Table of contents  1. FINANCIAL HIGHLIGHTS 2. MESSAGES TO SHAREHOLDERS 6. ACTION PLAN 8. PRODUCTS AND INNOVATION 18. BOMBARDIER AEROSPACE 20. BOMBARDIER TRANSPORTATION 22. BOMBARDIER RECREATIONAL PRODUCTS 24. BOMBARDIER CAPITAL25. BOMBARDIER INTERNATIONAL26. SOCIAL RESPONSIBILITY 29. CORPORATE GOVERNANCE 32. SHAREHOLDER INFORMATION 33. FINANCIAL SECTION 120. MAIN BUSINESS LOCATIONS  Facing the Challenge   1. FINANCIAL HIGHLIGHTS FINANCIALHIGHLIGHTS  (millions of Canadian dollars,except per share amounts) FOR THE YEARS ENDED JANUARY 31 2003  2002  (restated) Revenues $ 23,664.9 $ 21,815.6Income before special items and income taxes $ 519.6 $ 1,143.6Income tax expense (recovery) $ (176.0) $ 14.1Net income (loss) $ (615.2) $ 36.0Earnings (loss) per share–basic $ (0.47) $ 0.01Dividend per common shareClass A $0.180000 $0.180000Class B $0.181563 $0.181563 AS AT JANUARY 31 2003  2002  (restated) Total assets $ 29,009.4 $ 27,242.7Shareholders’ equity $ 2,741.0 $ 3,336.1Additions to property, plant and equipment, net $ 683.1 $ 1,184.0Total backlog $ 44,447.0 $ 44,087.2Book value per common share $ 1.60 $ 2.21Number of common sharesClass A 342,020,138 342,367,204Class B 1,035,666,780 1,028,403,682 Stock market price range  (IN CANADIAN DOLLARS) 2003  2002  Class A High $ 15.67 $ 24.60Low $ 3.19 $ 9.25Close $ 5.34 $ 14.72 Class B High $ 15.67 $ 24.65Low $ 3.13 $ 9.19Close $ 5.12 $ 14.70 Market capitalization (AS AT JANUARY 31, 2003) $7,129.0 M  2. MESSAGES TO SHAREHOLDERS Facing the Challenge  In my last message to shareholders,I wrote about Bombardier hitting a “ patch of turbulence.”  Well, that patch became a much longer, more turbulent journey than anticipated, extending throughout 2002 and into 2003.During my 40-year career with Bombardier, I have learned that troubled times can often lead to solutions of long-term benefit. For example, last year’s difficulties remind me of the hard blow dealt the snowmobile industry by the energy crisis of 1973-74. We had no other choice but to reinvent the company. At that time, we didn’t have today’s diversified portfolio of manufacturing activities to counteract the downturn. It took great effort and tenacity for Bombardier to emerge from the crisis. In fact,in the period from 1974 to 1986, we invested resources and took risks to redefine our orien- tation and ensure product diversification.We looked to our entrepreneurial values to move ahead.Today, the tables are set to turn once again. Leading the way is our new President and Chief Executive Officer Paul M. Tellier,appointed by the Board of Directors in December 2002.Paul Tellier is one of Canada’s most respected business leaders. Our confidence in his qualifications, competence and vision comes from his outstanding track record as President and Chief Executive Officer of Canadian National Railway Company since 1992 and, previously, his years as Canada’s top public servant, in the role of Clerk of the Privy Council and Secretary to the Cabinet of the Government of Canada, in addition to his five-year tenure on our Board.Our shareholders expect decisive leadership and respectable returns. Still, we have little control over the current economy- driven slump in certain key markets. However,through tireless attention, we can focus on the areas we do control, such as costs and performance efficiencies. In his message, Paul Tellier has more to say about the actions he and his team are taking to restore and maintain profitability in a period of uncertain growth.Moreover, to strengthen the Corporation’s balance sheet, he presented an action plan to the Board in April 2003. The plan included the divestiture of Bombardier Recreational Products, the segment in which our activities began and developed. You will appreciate the difficulty facing the Board and the founder’s family as they agreed to this decision.Upon completion of the transaction,the Corporation will concentrate its leadership in two large industrial sectors: aerospace and rail transportation, each consisting of a wide variety of products and markets. In the aerospace segment, our offering includes a complete family of regional jets and a total 
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