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TRANSCRIPT
TABLE OMessage f
Accoun
Message f
Organizat
Manda
Corpor
Our Vis
Our Va
Core Bu
Key Ben
Partner
Service
Transpo
Corporate
Year in Re
Signific
Signific
Commu
Environ
Report on
Goals, S
Risks ...
Progress A
Action
Financial
Manag
The Au
Statem
Audited
Contact In
OF CONTENfrom the Cha
ntability State
from the CEO
tional Overvie
te and Enabli
ate Profile ....
sion ...............
lues ..............
usiness Areas
nefits ...........
rs, Clients and
e Delivery ......
ortation Inves
e Governance
eview ............
ant Construc
ant Tolling M
unity Relation
nmental Miles
n Performanc
Strategies, Pe
.....................
Against Share
Taken on Clim
Report .........
ement Discus
ditor’s Repor
ent of Manag
d Financial St
nformation ...
Transportat
NTS ir ..................
ement ...........
O ...................
ew .................
ing Legislatio
.....................
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s ....................
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d Stakeholder
.....................
stment Corpo
e ....................
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tion Mileston
Milestones .....
ns Milestones
stones ..........
e ..................
erformance M
.....................
eholder’s Lett
mate Change
.....................
ssion and Ana
rt ...................
gement Respo
atements and
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ion Investment C
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n ...................
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rs ..................
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oration locati
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nes ................
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s ....................
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Measures and
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ter of Expecta
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alysis .............
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onsibility ......
d Notes .........
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Corporation Ann
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ons ...............
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1/2012
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..... 65
2 2
MESSAG
On behalf
Annual Re
This last y
Highway 1
Consisten
remains D
During 20
service pl
O
Si
O
Se
Ef
B
Budget m
the 2011/
As in past
construct
Corporati
impacts o
I want to
Corporati
will includ
continuin
achieving
Grant Ma
Chair, Boa
GE FROM T
f of the Board
eport for 201
year was a sig
1 Improveme
nt with our ob
December 201
011/2012, Tra
an targets. So
Opening of all
ignificant com
Ongoing public
election of th
ffectively ma
ritish Columb
anagement c
/2012 year. T
t years, the m
ion schedule
on has develo
of delays to th
thank the Bo
on prepares f
de the openin
g constructio
this progress
in
ard of Directo
Transportat
THE CHAIR
d of Directors
1/2012.
gnificant one f
ent Project. M
bjectives, con
12.
ansportation I
ome notable
overpasses e
mpletion of en
c consultation
he toll operato
naging the co
bia
continued to b
he Port Mann
most significan
and projecte
oped a robus
he constructio
ard of Directo
for the busies
ng of the Port
on work. Tran
s while furthe
ors
ion Investment C
R
, I am pleased
for Transport
Major progress
struction is w
Investment C
outcomes fro
east of the Po
nvironmental
n process
or
omplexities of
be a key obje
n / Highway 1
nt risks faced
ed bridge ope
t schedule m
on schedule a
ors for their c
st year for the
Mann Bridge
sportation In
er reinforcing
Corporation Ann
d to present T
tation Investm
s was made a
well advanced
Corporation ac
om this past y
rt Mann Brid
l enhancemen
f the largest t
ective for Tran
1 Project rem
during 2011/
ning in Decem
anagement f
and the transi
continued ove
e Port Mann /
e, commence
vestment Co
its role as a c
nual Report 201
Transportatio
ment Corpora
and numerou
d and the sche
chieved all its
year include:
ge
nt projects
transportatio
nsportation In
ains within it
/2012 were fa
mber 2012. T
ramework to
ition to opera
ersight as Tra
/ Highway 1 I
ement of tollin
rporation rem
customer serv
1/2012
on Investmen
ation and the
s milestones
eduled bridge
s performanc
n infrastructu
nvestment Co
s $3.319 billio
actors that co
Transportation
o anticipate an
ations.
ansportation I
Improvement
ng, launch of
mains strongl
vice driven o
nt Corporation
Port Mann /
met in all sec
e opening dat
ce measures a
ure project in
orporation du
on budget.
ould affect the
n Investment
nd mitigate a
Investment
t Project, whi
registration a
y committed
rganization.
n’s
ctors.
te
and
n
uring
e
t
ny
ich
and
to
3 3
Account
Transport
accordanc
informatio
12 month
performa
The board
measures
Transport
organizat
All signific
considere
represent
in place to
Any chang
in the reli
Grant Ma
Chair, Boa
tability Stat
tation Investm
ce with the B
on presented
hs ended Mar
nce is also co
d is accountab
s and how res
tation Investm
ion’s perform
cant assumpt
ed in preparin
t the best jud
o ensure info
ges in manda
ability of data
in
ard of Directo
Transportat
tement
ment Corpora
udget Transp
d reflects the
ch 31, 2012. T
ompared to m
ble for the co
sults have bee
ment Corpora
mance.
ions, policy d
ng the report.
gment of ma
rmation is me
te direction,
a are identifie
ors
ion Investment C
ation’s Annua
parency and A
actual perfor
To present an
measures inclu
ontents of the
en reported.
ation’s goals,
decisions, eve
The report c
nagement. Th
easured and
goals, strateg
ed in the repo
Corporation Ann
l Report for 2
Accountability
rmance of Tra
n even more
uded in the 20
e report, inclu
The measure
objectives, an
nts and ident
ontains estim
he board is re
reported accu
gies, measure
ort.
nual Report 201
2011/2012 ha
y Act and the
ansportation
comprehensi
012/13 – 201
uding the sele
es presented
nd focus on a
tified risks, as
mates and inte
esponsible fo
urately and in
es of targets a
1/2012
as been prepa
BC Reporting
Investment C
ive and up‐to
14/15 Service
ection of perf
are consisten
aspects critica
s of March 31
erpretive info
r ensuring int
n a timely fas
and any signif
ared in
g Principles. T
Corporation fo
o‐date review,
Plan.
formance
nt with
al to the
1, 2012, have
ormation that
ternal contro
hion.
ficant limitati
The
or the
,
been
t
ls are
ions
4 4
MESSAG
2011/201
Highway 1
opening f
The year w
shift in fo
The Port M
Columbia
more than
goods, im
for comm
This past y
developm
Projects /
providing
demonstr
Substanti
house cus
between
methods
efficient.
This past y
outreach
during co
relevant,
is proud o
As we ent
Investmen
in the yea
Mike Prou
CEO, Tran
GE FROM T
12 was a succe
1 Improveme
or the new Po
was notable f
cus towards b
Mann / Highw
’s history, bu
n asphalt, ste
mproved green
muters and the
year saw a su
ment of a tollin
/ sanef was th
tolling soluti
rating best‐in
al constructio
stomer call ce
customers an
and ways to c
year also saw
program’s ef
nstruction. Fe
informative a
of and has wo
ter our fourth
nt Corporatio
ar ahead.
udfoot
nsportation In
Transportat
THE CEO
essful year fo
ent Project. C
ort Mann Brid
for the milest
building an ef
way 1 Project
t Transportat
eel and concre
n transportat
eir families.
uccessful bid p
ng framewor
he successful
ons in marke
‐class custom
on is underwa
entres, data a
nd agents. By
contact us, to
w the complet
ffectiveness a
eedback show
and useful. Th
orked hard to
h full year of c
on’s team and
nvestment Co
ion Investment C
or Transportat
Consistent wit
dge is on targ
tones met in a
fficient, elect
is the largest
tion Investme
ete. This is a p
ion options, c
process throu
k that puts cu
proponent. T
ts similar to B
mer service.
ay on custom
and server op
providing co
olling on the P
tion of our cu
t maximizing
wed more tha
hat’s a measu
achieve.
construction,
d all our stake
orporation
Corporation Ann
tion Investme
th our objecti
get for Decem
a strict constr
ronic tolling s
t transportati
ent Corporatio
project about
customer serv
ugh which we
ustomers and
They were sel
British Colum
er service cen
erations and
mmuters wit
Port Mann Br
ustomer satisf
predictability
an 85% of res
ure everyone
I’m particula
eholders as a
nual Report 201
ent Corporati
ives, construc
mber 2012.
ruction sched
system that p
ion infrastruc
on has not lo
t faster comm
vice, and at t
e secured a to
d commuters
ected not on
mbia’s lower m
ntres on both
a place for fa
h a wide vari
ridge is going
faction survey
y and minimi
spondents fou
at Transporta
arly excited to
new, faster P
1/2012
ion and the P
ction is well a
dule, but also
puts drivers, a
cture project
ost sight that w
mutes, the im
he end of the
olling operato
first. The con
ly for their ex
mainland, but
h sides of the
ace‐to‐face in
ety of conven
to be easy, e
y, a measure
zing disruptio
und our comm
ation Investm
o work with T
Port Mann Br
ort Mann /
advanced. The
for an increa
as customer,
in British
we’re buildin
proved flow o
e day, time sa
or and continu
nsortium of Eg
xperience
for also
river. These
nteraction
nient paymen
electronic and
of our comm
on to the pub
munication ti
ment Corporat
Transportation
idge is introd
e
asing
first.
g
of
avings
ued
gis
will
nt
d
munity
blic
mely,
tion
n
uced
5 5
ORGAN
Mandat
Transport
corporatio
successfu
Transport
well as op
Corpora
Transport
implemen
for the tra
The Port M
Bridge, w
improving
from the
The Port M
commutin
communit
Provincial
movemen
planned o
Vancouve
Our Visi
To develo
Our Valu
The corpo
is respect
and efficie
Core Bu
Transport
Mann / H
and a key
manages
financing
NIZATIONA
e and Enab
tation Investm
on’s primary
l delivery and
tation Investm
perating and m
ate Profile
tation Investm
nting and ope
avelling publi
Mann / Highw
idening the h
g access and s
McGill Street
Mann Bridge
ng corridor, tr
ties. The Port
l Gateway Pro
nt of people, g
or underway,
er.
on
op and implem
ues
oration values
ful to residen
ent movemen
siness Area
tation Investm
ighway 1 Imp
component o
all componen
and operatio
Transportat
AL OVERVIE
bling Legisla
ment Corpora
mandate as p
d implementa
ment Corpora
maintenance
ment Corpora
erating the to
c and the mo
way 1 Improv
highway, upgr
safety on Hig
Interchange
and Highway
raversing six
t Mann / High
ogram to add
goods and tra
this project w
ment self‐sust
s the diversity
nts, businesse
nt of people a
as
ment Corpora
provement Pr
of the Provin
nts of Port Ma
ons as well as
ion Investment C
EW
ation
ation is establ
part of the Pr
ation of the P
ation is also m
costs of the b
ation’s manda
lling system a
ovement of go
ement Projec
rading interch
hway 1. The p
in Vancouve
y 1 comprise M
municipalitie
hway 1 Impro
ress the prob
ansit. Combin
will help creat
taining infras
y of its emplo
es, all levels o
and goods.
ation is a Crow
roject, British
ce’s Gateway
ann Highway
oversight of
Corporation Ann
lished under t
ovince’s Gate
ort Mann / H
mandated to r
bridge and hi
ate includes m
and ensuring
oods and serv
ct includes co
hanges, exten
project spans
r to 216 Stree
Metro Vanco
s with key co
ovement Proje
blem of growi
ned with othe
te an effectiv
tructure proj
oyees and wil
f governmen
wn corporatio
Columbia’s la
y Program. Tr
1 project del
the project co
nual Report 201
the Transpor
eway Program
Highway1 Imp
recover the ca
ighway throu
managing con
the delivery
vices.
onstruction of
nding high occ
s a distance o
et in Langley.
uver’s primar
nnections to
ect was estab
ing regional c
er road, bridg
ve transportat
ects for the b
l strive to del
t and the env
on tasked wit
argest transp
ansportation
livery, includi
ontractor.
1/2012
rtation Investm
m is to manag
provement Pr
apital costs o
gh tolling.
nstruction of t
of travel time
f a new 10‐lan
cupancy vehi
f approximat
ry goods mov
the region’s
blished in 200
congestion an
ge and transit
tion network
benefit of Brit
liver projects
vironment wh
th the deliver
portation infra
Investment C
ing design, co
ment Act. The
ge and ensure
oject.
of the project
the project,
e and fuel sav
ne Port Mann
cle lanes and
tely 37 kilome
vement and
14 other
03 as part of t
nd to improve
improvemen
within Metro
tish Columbia
in a manner
hile ensuring
y of the Port
astructure pr
Corporation
onstruction,
e
e
as
vings
n
eters
the
e the
nts
o
ans.
that
safe
oject
6 6
The Port M
Coquitlam
network,
corridor b
years.
The goals
R
Im
Fa
Ex
cy
The Gatew
to reduce
key highw
transit im
The Port M
widening
project sp
Vancouve
comprehe
movemen
improved
The Port M
flowing, s
tolling sys
users do n
and video
users may
payments
The toll sy
convenien
debt, tolls
discounts
traffic gro
The Port M
Vancouve
as the mo
point whe
Mann Bridge
m and Surrey.
transit priorit
by up to 30 pe
of the Port M
educe conges
mprove safety
acilitate expa
xpand the tra
yclists and pe
way Program
e congestion,
way corridors.
provements
Mann / Highw
the highway,
pans a distanc
er to 216 Stre
ensive and eff
nt of people a
connectivity
Mann / Highw
afer and mor
stem means t
not need to w
o capture tech
y choose to p
s, by phone, b
ystem and fra
nce and fairne
s will help enc
will be used
owth and exte
Mann / Highw
er. Built in the
ost important
ere the bridge
Transportat
is a major cro
The new 10‐
ty facilities, a
er cent, and w
Mann / Highw
stion and trav
y and accessib
nded public t
ansportation
edestrians
was establish
improve the
. The Gatewa
currently plan
way 1 Improv
, upgrading in
ce of approxim
et in Langley.
fective transp
and goods, fac
to areas des
way 1 Improv
re efficient m
that exhaust e
worry about h
hnology will b
ay before or
by mail or in p
amework are
ess. In additio
courage the u
to promote c
end the life of
way 1 corrido
e early 1960s
east‐west co
e is congested
ion Investment C
ossing over th
lane Port Ma
nd widened H
will allow pub
way 1 Improve
vel times
bility
transit service
network to b
hed as part o
movement of
y Program im
nned or unde
ement Projec
nterchanges a
mately 37 kilo
. Taken toget
portation net
cilitating econ
ignated for p
ement Projec
ethod of tolli
emissions fro
having exact c
be used to ide
after travel u
person at self
based on the
on to providin
use of conges
carpooling an
f the new brid
r is the busie
when the po
orridor to the
d in both dire
Corporation Ann
he Fraser Rive
nn Bridge, ex
Highway 1 wi
blic transit ove
ement Projec
e
etter accomm
f a broader re
f people and
mprovements
er constructio
ct includes co
and improving
ometres from
her, these im
work for Gre
nomic growth
opulation gro
ct will use an
ng than tradi
m idling cars
change or fac
entify vehicles
sing a variety
f‐serve kiosks
e principles of
ng the revenu
stion‐reductio
d off‐peak co
dge.
st and most e
pulation of M
region’s 2.2 m
ections for mo
nual Report 201
er forming pa
xpanded high
ll help cut ro
er the crossin
ct are to:
modate high o
esponse by th
goods, and im
will complem
on.
onstruction of
g access and
m the McGill S
mprovements
ater Vancouv
h, increased t
owth.
open road to
itional toll bo
at toll booth
ing delays. In
s as they pass
y of payment
s or tolling cus
f ease of use,
ue necessary
on measures,
ommercial tra
economically
Metro Vancou
million peopl
ore than 13 h
1/2012
art of Highway
occupancy v
und‐trip trave
ng for the first
occupancy ve
he Province o
mprove safet
ment other re
f a new Port M
safety on Hig
Street Interch
will help crea
ver, which wi
transportatio
olling system,
ooths. This ful
s are eliminat
nstead, mode
s under the to
methods, inc
stomer servic
, superior cus
for repaymen
such as publ
avel, helping t
critical route
uver was 800,
le. Traffic has
hours per day
y 1 between
vehicle (HOV)
el times in th
t time in over
ehicles (HOV),
of British Colu
y and reliabil
egional road a
Mann Bridge,
ghway 1. The
hange in
ate a
ll improve the
n choices and
which is a fre
ly electronic
ted and bridg
rn electronic
oll point. Brid
cluding web‐b
ce centres.
stomer servic
nt of the proj
ic transit, and
to moderate
e in Greater
,000, it now s
s increased to
.
is
r 20
,
umbia
ity on
and
,
e
d
ee‐
ge
tags
dge
based
e,
ect
d
serves
o the
7 7
Key Ben
The new P
efficient c
A faster, m
The new P
new and i
economy
or custom
In additio
highway w
nine highw
Dedicated
proportio
Newly des
Highway 1
The new i
efficiency
cross‐high
Superior c
Tolling on
superior c
scheduled
The Port M
traditiona
booths ar
electronic
toll point.
In keeping
after trav
serve kios
nefits
Port Mann Br
commute, and
more efficien
Port Mann Br
improved com
will be enhan
mers.
n to a new br
widening from
way intercha
d HOV lanes a
nally from fu
signed interc
1, preventing
interchanges
y of regional c
hway connect
customer ser
n the new Por
customer serv
d to be releas
Mann Bridge
al toll booths.
re eliminated
c decals and v
.
g with our pri
el using a var
sks or tolling c
Transportat
ridge and all a
d will provide
nt commute
ridge and its a
mmute. Safer
nced and com
ridge, the Por
m Vancouver
nges.
are being exte
el and time s
hanges and o
g congestion a
will also mak
corridors will
tivity within c
rvice
rt Mann Bridg
vice, ease of u
sed in summe
will use open
This fully ele
and bridge u
video capture
inciples of su
riety of payme
customer ser
ion Investment C
associated Hig
e many associ
associated Hig
r, faster and m
mmuters will s
rt Mann / Hig
to Langley an
ended to Lang
avings.
overpasses wi
at exits and o
ke travel with
reduce highw
communities
ge will be easy
use and fairn
er 2012.
n road tolling,
ectronic tollin
sers don’t ne
e technology w
perior custom
ent methods,
vice centres.
Corporation Ann
ghway 1 impr
iated econom
ghway 1 impr
more fuel effi
spend less tim
ghway 1 Impro
nd includes re
gley, ensuring
ill allow for sa
ff ramps.
in municipali
way queuing t
and maintain
y, electronic a
ess. The final
, a safer and m
g means that
eed to worry a
will be used t
mer service, b
, including on
nual Report 201
rovements w
mic, environm
rovements ar
cient, the flow
me on the roa
ovement Proj
ebuilding seve
g car pools an
afe, fast and e
ties safer and
that spills into
n local streets
and efficient
toll framewo
more efficien
t exhaust emi
about exact c
to identify veh
bridge users m
nline, by phon
1/2012
will make for a
mental and soc
re going to cr
w of goods im
ad and more t
ject includes
en highway o
nd transit use
efficient merg
d faster. Impr
o municipal st
s for local use
and based on
ork is being fi
nt method of
issions from i
change or del
hicles as they
may choose to
ne, by mail or
a faster and m
cial benefits.
eate an entir
mportant to o
time with fam
37 kilometre
overpasses an
ers benefit
ging onto
roving the
treets, impro
e.
n principles o
nalized and
tolling than
dling cars at t
ays. Modern,
y pass under t
o pay before
r in person at
more
ely
our
milies
es of
nd
ove
of
toll
,
the
or
self‐
8 8
Improved
The new P
and pedes
Dedicated
accommo
Lougheed
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18 18
REPORT Transportprogress o At inceptito the propredictab As projectthe plannsuperior c As Transpcontinue bridges an Providing customersystem ancustomer As it did instay withiHighway 1 Since prevperformaappropriaPort Manimplemenworking w
T ON PERF
tation Investmof the Port M
on, Transporoject construcility for reside
t progress ading and implecustomer serv
portation Inveand organizatnd roadways.
a tolling systs will need is nd all associatservice is of
n 2011/2012,n budget and1 Improveme
vious service nce measureate measure on / Highway 1ntation of an with a refined
Transportat
ORMANCE
ment CorporaMann / Highwa
tation Investmction schedulents and high
vances, Transementation ovice.
estment Corptional objecti.
tem that is eqof utmost imted infrastrucequal import
, Transportatid on scheduleent Project.
plans, Transps more reflecof performan1 Improvemeopen road tod set of goals w
ion Investment C
E
ation continueay 1 Improve
ment Corporae and budgethway users du
sportation Invof a tolling sys
oration moveives will be de
quitable, delivmportance to Tcture upgradeance.
ion Investmee for its goals
portation Invective of the orce of organizaent Project; tholling system. with more ac
Corporation Ann
es to assess ament Project
ation’s goals t while minimuring constru
vestment Corstem that is c
es from consteveloped bas
vers convenieTransportatioes on time an
nt Corporatioand targets f
estment Corprganization’sational goals;he provision oTransportatioccurate perfor
nual Report 201
and refine its t.
were predommizing disruptction.
rporation hasonvenient, fa
truction to opsed on best pr
ence, value foon Investmennd on budget
on continues for the implem
poration has amandate and; the on‐time of superior cuon Investmenrmance meas
1/2012
corporate go
minantly focusion and maxi
s broadened iair, easy to us
perations, thisractices used
or money andnt Corporationwhile providi
to have adeqmentation of
added specifid that provide and on‐budgustomer servint Corporatiosures for the
oals to reflect
sed on adhermizing
its focus to inse, and provid
s process will by similar to
the featuresn. Delivering ing superior
quate capacitythe Port Man
c strategies ae a more get delivery oce; and the on has been 2011/2012 ye
the
ring
nclude des
l lled
s that
y to nn /
and
of the
ear.
19 19
2011/12 –
Goal: Effeby ensurinagreementimetable Performacompletio
Goal: Effeoperatingeffectiven Performaapproved Performaoverhead
Goal: Minsafety riskproject. Performa
Goal: Impbased on customerensures arevenue r Performa
– 2013/14 Se
ectively manang strict adhent to ensure te are met.
nce Measureon targets for
ectively manag budgets to eness and econ
nce Measure net loss proj
nce Measure expenses to
nimize traffic ks during the
nce Measure
plement an opthe principleservice, convccuracy and creceipt.
nce Measure
Transportat
rvice Plan Go
ge the Designerence to all tthat project c
e: Achieve per bridge comp
ge both the censure the effnomy of oper
e: Remain witections.
e: Restrict ann1% of constr
disruptions aconstruction
e: Not defined
pen road tollis of ease of uvenience andcompleteness
e: Not defined
ion Investment C
oals
n/Build Contrterms of the osts and
rcentage of pletion.
capital and ficiency, ations.
thin the
nual corporatuction costs.
nd mitigate phases of th
d.
ng system use, superior fairness thats of tolling
d.
Corporation Ann
2012/1
ract Goal: Dtime. PerformTranspspecificmeasu
te
Goal: Dbudget Perform1. Re
2. Re
ovepro
e Goal: Pmaxim Perform
effectiv
Project
minimi
Investm
conduc
satisfac
the pro
t
Goal: Dsystem PerformsystemDecemCorpormanagdates finfrastr
nual Report 201
13 – 2014/15
Deliver the Po
mance Measportation Invec completion res progress
Deliver the Pot.
mance Measmain within t
strict percenterhead expenoject expendi
Provide superize predictab
mance Meas
veness of the
t’s efforts to m
ize disruption
ment Corpora
cted in the fa
ction with co
oject.
Develop a comm.
mance Measm is ready for mber 2012, Traration has estgement procefor implemenructure.
1/2012
Service Plan
ort Mann / Hi
ure: To achieestment Corp targets by fisagainst these
ort Mann / Hi
ures: the approved
tage of annuanses to 1% ofitures.
rior customerbility and mini
ure: To meas
e Port Mann /
maximize pre
n, the annual
ation custome
ll, measured
nstruction up
mprehensive
ure: To ensurtoll commencansportation tablished a scess, identifyinntation of key
n Goals
ighway 1 Proj
eve this goal, oration has sscal year and e targets.
ighway 1 Proj
d Capital Budg
al corporate f total annual
r service (andimize disrupt
sure the
/ Highway 1
edictability an
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er service sur
resident and
pdates issued
open road to
re the tolling cement in Investment
chedule g specific targy tolling
ject on
et
ject on
get.
d ion).
nd
on
rvey,
driver
d by
olling
get
20 20
Goals, S
Goal 1: De Strategy
Aovac
Athsp
Performa
Tota
PerformaMeasures
Achieve percentagcompletiotarget fordesign &
construct
PerformaThe desigprogress asegments Goal 2: De
Strategy
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ToIn
1 Denotes t
trategies, P
eliver the Po
key functionversight of thccording to sc
design‐buildhe Kiewit/Flatpecific dates f
nce measure
o achieve theargets by fisca
nce s
2009Actu
ge of on r total build
tion1
33.7%
nce managemn‐build contrand the perces of the projec
eliver the Po
he design‐buverruns with
o limit costs fnvestment Co
targets from 2
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rt Mann / Hig
of Transporthe design‐builchedule.
agreement htiron Generalfor the delive
e
ese goals, Traal year and m
9/10 ual
2010Actu
% 56.6%
ment ractor reportsentage of comct using verifi
rt Mann / Hig
ild agreementhe contracto
for non‐constorporation lim
012/2013 – 20
ion Investment C
ce Measure
ghway 1 Proj
tation Investmld contractor
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nsportation Imeasures prog
0/11 al
2011Actu
% 76.9%
s regularly to mpletion is deed progress b
ghway 1 Proj
t structure plor for those a
truction relatemits overhead
014/2015 Servi
Corporation Ann
es and Targ
ect on time
ment Corporaand their act
ed between T Under this stc elements of
nvestment Cogress against t
1/12 al
2011Targe
% 77%
Transportatioerived from abillings.
ect on budge
laces responsactivities unde
ed items (adm expenses to
ice Plan.
nual Report 201
gets
ation is the ontivities, ensur
Transportatiotructure, the the project.
orporation hathese targets
1/12 et
2012Targ
95%
on Investmenn estimate of
et
sibility for coner its direct c
ministration a1% of total a
1/2012
ngoing managring construct
on Investmencontractor is
as set specifics.
2/13 et
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99%
nt Corporatiof the progress
nstruction‐reontrol.
and overheadannual projec
gement and tion proceeds
nt Corporations required to
c completion
3/14 et
2014Targ
100%
n on project s of the partic
lated cost
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s
n and meet
4/15 et
%
cular
tion es.
21 21
Tracco
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Remain wthe approCapital Budget
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expenditu
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operation
2 Restated 3 Restated 4 Corporat5 The perforeduced. A
ransportationctivity – constonsistency be
nce es ns)
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ge of
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ures5
0
nce managemused to meas
on’s annual f
tation Investm
n.
to adjust for tto adjust for te overhead exormance measA new perform
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n Investment truction, opeetween actua
/10 al
2010/Actual
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ment sure financial
financial state
ment Corpora
he accounting he accounting penses consisture will be adjance measure
ion Investment C
Corporation’rations and ml costs and bu
11 l
2011/Actua
7293 2
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performance
ements, which
ation has rece
treatment of ttreatment of tt of salaries andusted in 2013/as a percentag
Corporation Ann
’s project manmaintenance udget allocati
/12 l
2011/Targe
2,457 2
0.4%
e is contained
h are subject
eived an unqu
the debt placethe debt placed administratio/14 to reflect dge of revenue
nual Report 201
nagement prand tolling opions.
/12 t
2012/Targe
2,473 3
1%
d in Transport
to an annual
ualified audit
ement costs. Prement costs. Pron costs includdeclining expenwill be develop
1/2012
ocesses monperations ‐ to
/13 et
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3,063
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tation Investm
l independen
each year it h
revious actualsrevious actualsding office ovenditures as conped.
itor all streamo ensure
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ment
t audit.
has been in
s were $992. s were $1,730.rhead. nstruction is
ms of
4/15 et
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TBD
22 22
Goal 3: Pr Strategy
Incoco
Dtoin
Trp
Performa
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Residentsfeel they updates o
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6 Transportto reflect tsurvey will
rovide superi
n order to minontinues to coommunicatio
uring the cono respond to nformation or
ransportationractices with
nce measure
o measure thredictability austomer servonstruction u
lanning purpo
s and highwayreceive projeoften enough
s and highwaynformation inpdates is releul
s and highwayroject updatenough detail plan travel
s and highwayed with the oproject upda
tation Investmthe commence be developed
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ior customer
nimize disrupommunicate n tools which
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n Investment an emphasis
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ion Investment C
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ase of the proquiries within requested.
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on’s customer g operations a012/13 fiscal ye
Corporation Ann
ximize predictkeholders andetins, e‐mails
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will develop nce, fairness,
t Mann / Highthe annual Trahe fall, measuect.
Result (Fall 2011)
90%
89%
87%
88%
satisfaction sund reduced coear and will be
nual Report 201
tability the Pod audiences ims, social medi
rt Mann / Higich includes p
a tolling fram, ease of use a
hway 1 Projeansportation ured resident
Target (2012/13)
85‐90
85‐90
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85‐90
urvey will be adnstruction actpublished in t
1/2012
ort Mann / Hmpacted throa, website an
ghway 1 Projeproviding a re
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djusted in the ivity. New basehe 2013/14 se
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m of s.
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year or the
23 23
Performa
The perfo
Transport
invited to
of +/‐ 4%,
Goal 4: De Strategy
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Deliverab
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New Port
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schedulin
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ormance mea
tation Investm
participate a
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ransportationystems BC. Inhe electronic
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he developmuccessful imp
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o ensure the nvestment Coarget dates fo
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Mann Bridge
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mprehensive o
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n Investment or that can dee for money.
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ted
vice centre re
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ment
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at tracks key i
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rived from an
ation. All ema
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open road to
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ady for occup
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annual custo
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roject website
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completed a venience andum of Egis Pr
ghway 1 tollinof similar toll
r toll commen a schedule mtolling infrast
T
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ancy S
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l system are t
as interdepe
nual Report 201
omer satisfact
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e. The survey
ed with C‐S IntCS Systemes Dt.
competitive d features cusrojects / sane
ng system is iling systems a
ncement in Demanagement ructure.
Target Date
February 2012
une 2012
August 2012
September 20
December 20
tracked using
ndencies. Thi
1/2012
tion survey co
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results have
telligent TranD’Information
selection prostomers will nef was the suc
nformed by baround the w
ecember 201process, iden
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atus
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n schedule
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nsive interna
management
s are
error
ce, as
re a
s and
ation fic
l
24 24
process is
meeting r
Internal a
Fiscal 201
construct
bridge an
year are t
1 Improve
fairness, e
Bridge.
The key st
impact th
M
T
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Risks
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formally r
risk mana
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P
C
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s complement
required time
and External B
13 is a critical
ion focus to b
d highway ac
the continued
ement Projec
ease of use an
trategic issue
e above prior
Meeting the c
Toll commen
Operational r
Reliability of
tation Investm
requires the id
agement proc
dentification o
ro‐active risk
entralized tra
egular manag
imely commu
dentified issue
egic Issue
ost escalation
ong‐term deb
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ted by rigoro
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year for Tran
becoming a to
ccess. The prio
d safe and eff
t, the implem
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es and related
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dentification,
cesses that ha
of risks at bot
mitigation an
acking and up
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unication of ri
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n:
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ion Investment C
us contract m
em integratio
ironment
nsportation In
olling busines
orities for Tra
icient deliver
mentation of a
ustomer serv
d risks for Tra
lude:
schedule and
ons
ation has intro
, monitoring a
ave been adop
th a project a
nd clear acco
pdating
Board review
isks througho
plans to addr
Status and Po
Long‐term intncreases havthrough a hed
Corporation Ann
management t
on.
nvestment Co
ss with signifi
ansportation
ry of the cons
a tolling syste
vice, and the o
nsportation I
d budget
oduced a risk
and mitigatio
pted include:
nd corporate
untability
out the organ
ess those risk
otential Impa
terest rate e been mitigadging strategy
nual Report 201
to ensure thi
orporation giv
cant commitm
Investment C
truction phas
em based on t
opening of ei
nvestment Co
k managemen
on of risks thr
:
e level
ization
ks are as follo
acts Risk M
ated y.
Risks afluctuprojecare mlong‐t
1/2012
rd party cont
ven the transi
ments to the
Corporation o
se of the Port
the principles
ght lanes of t
orporation ar
nt program w
oughout the
ows:
Mitigation
associated wiations over thct, including ditigated throuterm hedging
tractors are
ition from its
public for re
over the next
t Mann / High
s of convenie
the Port Man
re those that
hich more
Corporation.
ith interest rahe course of tduring 2011/2ugh the use ostrategy.
liable
fiscal
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nce,
n
could
Key
ate the 2012, of a
25 25
Sc
Delays on
Toco
Co
Tob
Public sup
Npqco
Autoan
The risk m
Transport
2011/201
chedule and
n tolling start
oll mechanismomplete
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olling operatuilding availa
pport:
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12.
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cost
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ms
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ions able
Ascp Cb2 Sur2
ty and
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ps outlined a
ment Corpora
ion Investment C
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A tolling operselected throucompetitive bprocess.
Construction bridge openin2012
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Project web sstaffed informbeen in effect
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bove minimiz
ation. The ide
Corporation Ann
currently on n schedule.
ator has beenugh a bid selection
on schedule fng in Decemb
onstruction uilding will besession in Jun
ite and 24/7 mation line hat since July 20
tor secured aolling framewnearing
zed the poten
ntified risks h
nual Report 201
TranspCorpobuild acontrarisk asand scbuild c
n
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DetailTollingdelivemilest Ongoiprogrecertai Constspecifcontra
as 009
nd work
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ntial impacts
had no signifi
1/2012
portation Invoration entereagreement wactor, allocatissociated withchedule delaycontractor.
ed tolling schg system conterables linkedtones.
ing monitoriness to achieventy.
ructor requirfic milestone act.
nued commitmunication regties. All enquin 48 hours.
ment an effemer service aam in advancmencement.
of these risks
cant impact o
estment ed into a desiwith the ing the majorh cost escalatys to the desi
hedule develotract includes to payment
ng of construce schedule
ed to meet dates include
tment to proagarding projeiries respond
ctive toll and informatice of tolling
s to
on results for
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on
r
26 26
PROGR The Share
between t
Corporati
of agreem
performa
GLE Dire
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Establishmcollectionthe provisConcessiosigned beFinancingCorporatiagreemen
ESS AGAIN
eholder’s Lett
the sharehold
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nce expectat
ction
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ment of a tollns at the Port sions of the Pon Agreementtween the Pr Authority anon, and any mnt.
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NST SHARE
ter of Expecta
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n the shareho
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he delivery ane Design‐Builduction of the cance with thent dated as ofportation Invet/Flatiron Geactor.
ing system anMann Bridge
Port Mann / Ht dated as of rovince, BC Trnd Transportamodifications
ion Investment C
EHOLDER’S
ations (now k
ernment of Br
e respective
older and the
policy issues, a
nd d work includconcession terms of thef March 17, 20estment neral
nd toll e, consistent wHighway 1 BridMarch 10, 20ransportationation Investms to this
Corporation Ann
S LETTER O
nown as the
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nual Report 201
OF EXPECTA
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on corporate
priorities.
portation Inment
portation Invenage and enssign build con
g the 2011/20ated 2 millionlace on the Pn during 2010
date for starmber 2012.
ice provider tm for the Port 2010.
curement to eer concludedrtium of Egis
rget date for m and associat
1/2012
ATIONS
t’s Letter of E
sportation Inv
of each, and s
e mandate inc
nvestment C
estment Corpure the qualitntractor.
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rt of bridge op
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poration contity of work do
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tion of the tons is Decemb
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basis
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ling ed in
rvice
ted.
lling er
27 27
Fulfill anyprovisions
Action T
TransportThe Port McongestioBridge po
The const
give comm
greenhou
Cycling an
where the
include a
On a corp
its carbon
was estab
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Taken on Cl
tation InvestmMann / Highwon‐induced idssible for the
truction of co
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porate level, T
n footprint an
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The team he
, conservation
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imate Chan
ment Corporaway 1 Improvling and traffe first time in
nvenient Par
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k & Ride area
s to take adv
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arbon emissio
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Corporation Ann
Transpin alignagreem Key obmanaghave Tpositiv
g an active roct will reducewell as by mawenty years.
as at 202 Stre
antage of HO
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vince’s Climat
established by
ons on an offi
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nual Report 201
portation Invenment with thment.
bligations inclgement of capTransportatiove net income
ole in the Proe greenhouse king public tr
eet in Langley
OV lanes, thei
l new interch
ce complete,
n understands
te Action targ
y the Climate
ce level by en
agement syst
1/2012
estment Corphe provisions
ude ensuringpital and open Investmente position by
ovince’s climagases associaransit across t
and 160 Stre
r associated t
ange and ove
, the Port Ma
s the importa
gets. A Climat
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ncouraging gr
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poration remas of the conce
g prudent rating plans at Corporation2017/2018.
te change goated with the Port Man
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toll discounts
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ance of mitiga
te Action Tea
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reen purchas
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28 28
FINANC
Manage
Managem
the year e
accompan
The finan
Reporting
by the Int
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under IFR
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$150 milli
Corporati
CIAL REPOR
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cial statemen
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ternational Ac
annual report
RS. In prior ye
ng principles g
ment has inclu
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RT
ussion and
sion and analy
31, 2012 sho
nts and result
FRS), as requ
ccounting Sta
t are Transpo
ears, the Corp
generally acce
uded some fo
g statements a
ard‐looking s
ended March
uction of the
he procurem
ontractor.
ort Mann/High
design‐build
ment Corpora
with the optio
l year, Transp
s in a deficit p
osses during t
detail in the f
n of Internatio
provided by t
ion Investment C
Analysis
ysis of the fin
ould be read i
s presented h
ired by the In
andards Board
ortation Inves
poration’s fina
epted in Cana
rward‐lookin
are subject to
tatements.
31, 2012, Tra
Port Mann /
ent of the to
hway 1 infras
agreement w
ation signed a
on for two tw
portation Inve
position of $1
he start‐up ye
financial state
onal Financial
the sharehold
Corporation Ann
nancial results
n conjunction
have been pre
nternational A
d. The audite
tment Corpo
ancial statem
ada (Canadian
g statements
o risks and un
ansportation
Highway 1 inf
lling operator
structure is pr
was 77% at th
an agreement
wo‐year exten
estment Corp
54.36 million
ears, the accu
ements) and a
l Reporting St
der at the ince
nual Report 201
s from operat
n with the au
epared accor
Accounting St
ed annual fina
ration’s first
ments were pr
n GAAP).
s based on inf
ncertainties th
Investment C
frastructure,
r and the ong
roceeding to
e end of Mar
t with the sele
nsions.
poration’s sha
n. The deficit w
umulation of
adjustments t
tandards. The
eption of Tra
1/2012
tions and fina
udited financia
rding to Intern
tandards Boa
ancial statem
financial stat
repared in acc
formation cu
hat may caus
Corporation’s
the acquisitio
going activitie
schedule. Es
rch 2012.
ected tolling
areholder's eq
was primarily
other compr
to the openin
ese were part
nsportation I
ancial position
al statements
national Fina
ard. IFRS are is
ents included
ements issue
cordance wit
rrently availa
e actual resu
s activities we
on and instal
es of the road
timated
operator in fi
quity (includin
y due to the
ehensive loss
ng balance re
tially offset by
nvestment
n for
s and
ncial
ssued
d
ed
h
ble.
lts to
ere
lation
d and
iscal
ng
ses
lated
y
29 29
Summary
Construct
The appro
($ million
Capital Expenditu
The Minis
funding, e
Total deb
of $1,644
Operation
The Corpo
during the
time the C
commenc
The net o
primarily
comprised
y of Financial
tion
oved budget f
ns)
CumulActual2010/1
ures
ster of Financ
enabling the c
t at year‐end
million.
ns
oration is rep
e constructio
Corporation w
cement once
perating loss
from road op
d of administ
Transportat
Results
for the Port M
ative to 11
2011Actu
1,729
e is the Corpo
construction o
of $1.98 billi
orting losses
n phase. Toll
will begin to e
tolling revenu
from operati
perations, toll
rative costs.
ion Investment C
Mann / Highw
1/2012 ual
201Bud
728
oration’s fisca
of infrastruct
on consisted
for the year e
ling operation
earn tolling re
ues exceed o
ions of $17 m
ling procurem
Corporation Ann
way 1 Improve
11/2012 dget
V
717
al agent and p
ture as well as
of short‐term
ended March
ns are anticip
evenue. Prof
ngoing opera
million (2011 ‐
ment and adm
nual Report 201
ement Projec
Variance
2B
11
provides both
s payments fo
m debt of $33
h 31, 2012 an
pated to comm
fitability is ex
ating expense
‐ $7 million) f
ministrative sa
1/2012
ct is $3.319 bi
2012/13 Budget
20Fo
606
h short‐term
or ongoing op
34 million and
d will continu
mence in fisca
xpected within
es.
or fiscal year
alaries. The b
illion.
013/14 orecast
201For
94
and long‐term
perations.
d long‐term d
ue to report lo
al 2013, at wh
n five years o
2012 arises
balance is
14/15 recast
162
m
debt
osses
hich
of toll
30 30
($ millions
Revenue
OperatingExpenses
Interest
OperationMaintena
Administr(includingsalaries an
Amortizat
Net Loss FOperation
Other Compreh(Loss)
In Decem
interest ra
created p
volatility o
Transport
Corporati
Transport
and assoc
each repo
associated
extent tha
gains and
accumula
Approxim
hedged ov
be below
accountin
31, 2012,
s) 20Ac
g
ns & nce
ration g nd fees)
tion
From ns
ensive
ber 2009, Tra
ate hedging t
redictable an
over time. Th
tation Investm
on would bec
tation Investm
ciated hedges
orting period,
d hedges utili
at these “fair
losses are re
ted over time
mately 67% or
ver the perio
the hedged r
ng losses whic
Transportatio
Transportat
09/10 tual
2010Actu
0
3
1
(4)
(26)
ansportation
o lock in borr
nd affordable
e financing a
ment Corpora
come profitab
ment Corpora
s. Hedge acco
Transportati
izing current
market value
ecorded in Oth
e and subseq
$2 billion of
d 2010 to 203
rates. The fair
ch have been
on Investmen
ion Investment C
0/11 ual
2011/Actual
0
5
2
(7) (1
(74) (13
Investment C
rowing costs t
debt interest
nd hedging st
ation’s future
ble.
ation utilizes h
ounting minim
on Investmen
market rates
es” differ from
her Compreh
uently amort
Transportatio
33. Market in
r market valu
recorded as
nt Corporatio
Corporation Ann
12 l
2011/12Budget
0 0
1
13 13
3 2
17) (15
35)
Corporation a
that were att
t costs by min
trategy was d
debt costs an
hedge accoun
mizes variabili
nt Corporatio
of interest. A
m their record
ensive Incom
ized over the
on Investmen
nterest rates
ation of the C
Other Compr
n recognized
nual Report 201
2 Variance
0 ‐
(1)
3
2 (1)
5) (2)
‐ (135)
dopted a fina
tractive by his
nimizing the i
designed to p
nd more pred
nting under IF
ity of net ope
on must value
Accounting ga
ded or histori
me in the audi
e life of the de
nt Corporatio
have fallen s
Corporation’s
rehensive Los
$135 million
1/2012
2012/13 Budget
50
29
62
4
3
(48)
‐
ancial strateg
storical stand
mpact of glob
rovide more
dictability as t
FRS in order t
erating incom
e its outstand
ains and losse
ical values. T
ited financial
ebt.
n’s future lon
ince that time
s hedges has
sses. For the
n in Other Com
2013/14 Forecast
20Fo
185
130
66
5
33
(49)
‐
gy that include
dards. The str
bal interest ra
certainty to
to when the
to account its
e. At the end
ding debt and
es arise to the
These account
statements,
ng‐term debt
e and continu
resulted in
year ended M
mprehensive
014/15 orecast
209
155
38
5
39
(28)
‐
es
ategy
ate
s debt
of
e
ting
are
was
ue to
March
31 31
Losses ($7
does not c
As of Mar
$229 milli
accumula
result in a
which wa
The opera
2011/12 t
variance o
land right
The actua
year 2010
consulting
74 million for
contribute to
rch 31, 2012,
ion ($101 mil
ted losses wi
achievement
s the objectiv
ating expense
totalled $14.6
of $2.05 millio
ts, systems su
al spend of op
0/11 was $7.2
g, legal, syste
Transportat
the year end
o Net Loss fro
Transportatio
lion as at Ma
ll be offset by
of the averag
ve of the finan
e (operations,
67 million; wh
on is primaril
upport, compu
perating expe
25 million. Th
ms support, a
ion Investment C
ded March 31
m Operations
on Investmen
rch 31, 2011)
y equivalent s
ge effective lo
ncing and hed
, administrati
hereas, the ac
y due to tollin
uter and offic
nses for fisca
he increase of
and corporat
Corporation Ann
1, 2011). The u
s and have no
nt Corporatio
). As settleme
savings from
ong‐term inte
dging strateg
ion, amortiza
ctual expense
ng advisory se
ce equipment
al year 2011/1
f $9.47 millio
e salaries.
nual Report 201
unrealized po
o cash impact
n’s accumula
ent of the hed
borrowings a
erest rate of a
y.
tion & depre
es were $16.7
ervices, legal
t and rent.
12 totaled $1
n is primarily
1/2012
ortion of the
t.
ted hedging l
dging instrum
at lower inter
approximately
ciation) budg
72 million. Th
costs, intere
6.72 million;
y due to tollin
hedging losse
losses totaled
ments occurs,
rest rates. Thi
y 5% per ann
get for fiscal y
e unfavourab
st expense on
whereas, fisc
g developme
es
d
the
s will
um,
year
ble
n
cal
ent,
32 32
C F TTSVVOW
CONTACT I
For further inf
The CorporateTransportatioSuite 1420 – 1Vancouver, B.V6E 4M3 Office 778‐78Website ww
Transp
INFORMAT
formation ple
e Secretary on Investment1111 W. Geor.C.
3‐1200 w.pmh1proje
portation Invest
TION
ease contact:
t Corporationrgia Street
ect.com
ment Corporatio
n
on Annual Reporrt 2011/2012
65 65