TRANSCANADA PIPELINES LTD financial statements

Income statement, balance sheet and cash flow statement for the last 8 fiscal years, taken from the XBRL data TRANSCANADA PIPELINES LTD files with the SEC in its annual reports.

In CAD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2010	FY2012	FY2012	FY2013	FY2014	FY2015	FY2016	FY2017
Revenue	6,852	7,839	8,007	8,797	10,185	11,353	12,547	13,449
Operating income	2,387	3,167	2,829	3,473	3,931	101	2,313	4,684
Interest expense	754	1,078	1,037	1,046	1,235	1,398	1,927	2,137
Interest income	19	35	41	38
Pre-tax income	1,727	2,178	1,917	2,499	2,824	-1,105	922	3,237
Income tax	372	546	461	605	830	35	349	-107
Net income to minority interests	93	107	96	105	151	6	252	238
Net income	1,262	1,525	1,360	1,789	1,843	-1,146	321	3,106
EBITDA		4,495	4,204	4,958	5,542	1,866	4,252	6,739

Balance sheet

	FY2010	FY2012	FY2012	FY2013	FY2014	FY2015	FY2016	FY2017
Cash and equivalents	648	629	537	895	484	813	967	1,044
Receivables		1,113	1,089	1,165	1,372	1,400	2,093	2,537
Inventory		248	224	251	292	323	368	378
Other current assets		1,104	992	845	1,018	1,338	908	691
Total current assets		3,844	5,731	5,877	6,008	6,370	8,053	4,650
Property, plant and equipment		32,467	33,713	37,606	41,774	44,817	54,475	57,277
Goodwill	3,457	3,534	3,458	3,696	4,034	4,812	13,958	13,084
Intangible assets		428	1,405	1,953	2,641	3,096	2,947	1,423
Other non-current assets		480	434	524	628	478	218	306
Total assets		48,066	49,335	56,626	61,415	66,844	87,941	86,010
Accounts payable		696	923	866	1,624	1,506	2,443	2,847
Short-term debt		935	894	973	1,797	2,547	1,838	2,866
Total current liabilities		5,501	7,783	6,784	8,446	7,666	10,018	12,408
Long-term debt		17,724	18,019	21,892	22,960	28,909	38,312	31,875
Other non-current liabilities				56	79	120	215	152
Total liabilities		29,058	31,962	35,188	38,737	46,547	63,227	61,741
Total debt		18,659	18,913	22,865	24,757	31,456	40,150	34,741
Paid-in capital		394	400	431	404	210	211	0
Retained earnings		4,561	4,657	5,125	5,606	2,989	1,577	2,387
Other comprehensive income	-1,243	-1,449	-1,448	-934	-1,235	-939	-960	-1,731
Shareholders' equity		17,932	18,304	20,021	21,095	18,580	21,809	22,417
Minority interests		1,076	1,036	1,417	1,583	1,717	1,726	1,852
Total equity	16,145	19,008	19,340	21,438	22,678	20,297	23,535	24,269
Total liabilities and equity		48,066	51,302	56,626	61,415	66,844	87,941	86,010
Shares outstanding		732	738	757	779	779	859	872

Cash flow statement

	FY2010	FY2012	FY2012	FY2013	FY2014	FY2015	FY2016	FY2017
Net income	1,355	1,632	1,456	1,894	1,994	-1,140	573	3,344
Depreciation and amortization		1,328	1,375	1,485	1,611	1,765	1,939	2,055
Stock-based compensation			5	6	7	13	15	12
Deferred income tax	512	352	276	562	684	-102	192	548
Change in receivables	-277	-34	50	-60	-205	-19	-487	-573
Change in inventory	25	3	27	-30	-27	-3	-87	-38
Cash from operations	2,817	3,567	3,546	3,643	4,225	4,423	5,156	5,162
Capital expenditures	-4,376	-2,513	-2,595	-4,264	-3,489	-3,918	-5,007	-7,383
Acquisitions		0	-214	-216	-241	-236	-13,608	0
Cash from investing	-5,296	-3,054	-3,256	-5,120	-4,291	-4,877	-18,783	-3,699
Debt issued	2,371	1,622	1,491	4,253	1,403	5,045	12,333	3,643
Debt repaid	-494	-1,272	-980	-1,286	-1,069	-2,105	-7,153	-7,085
Stock issued	987	2,401	269	899	1,115	0	4,661	780
Dividends paid	-1,100	-1,163	-1,226	-1,286	-1,345	-1,446	-1,612	-2,121
Cash from financing	2,253	-536	-367	1,807	-345	671	13,908	-1,347
Net change in cash		-19	-92	358	-411	329	154	77
Free cash flow	-1,559	1,054	951	-621	736	505	149	-2,221
Interest paid	718	1,069	1,027	1,047	1,160	1,295	1,757	2,055
Income taxes paid	57	-85	-175	206	109	164	105	247

Key metrics

Worked out from the statements above. Latest values use fiscal 2017. No valuation: the share price is quoted in a different currency than the statements.

Profitability

Metric	Value	How it is calculated
Operating margin	34.8%	Operating income / revenue.
EBITDA margin	50.1%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	24.1%	Pre-tax income / revenue.
Net margin	23.1%	Net income / revenue.
FCF margin	-16.5%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	38.4%	Cash from operations / revenue.
Effective tax rate	-3.3%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	14.0%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	3.6%	Net income / average total assets.
Return on invested capital (ROIC)	6.3%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
Stock-based pay / revenue	0.1%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	54.9%	Capital expenditures / revenue.
D&A / revenue	15.3%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	7.2%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	9.7%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	10.9%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	102.5%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	6.0%	Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating income CAGR, 5y	10.6%	Compound annual growth of operating income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EBITDA growth, 1y	58.5%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	6.7%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA CAGR, 5y	9.9%	Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	867.6%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	19.0%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income CAGR, 5y	18.0%	Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y	0.1%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	6.9%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	7.8%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Free cash flow growth, 1y	-1,591.0%	Free cash flow vs the same period a year earlier. Only from a positive base.
Book value growth, 1y	2.8%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	2.0%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	4.1%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	-2.2%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	11.9%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	11.8%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	0.37x	Current assets / current liabilities.
Quick ratio	0.29x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.08x	(Cash + short-term investments) / current liabilities.
Debt / equity	1.55x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	40.4%	Total debt / total assets.
Liabilities / assets	71.8%	Total liabilities / total assets.
Net debt	CA$33.70B	Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA	5.00x	Net debt / EBITDA (twelve months), when EBITDA is positive.
Interest coverage	2.19x	Operating income / interest expense.
Working capital	-CA$7.76B	Current assets - current liabilities.
Goodwill and intangibles / assets	16.9%	(Goodwill + intangible assets) / total assets.
Tangible book value	CA$7.91B	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.15x	Revenue / average total assets.
Fixed asset turnover	0.24x	Revenue / average property, plant and equipment.
Receivables turnover	5.81x	Revenue / average receivables.
Days sales outstanding	63 days	365 x average receivables / revenue.
FCF conversion	-71.5%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	143.0%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
Book value per share	CA$25.71	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	CA$9.07	Tangible book value / shares outstanding.
Cash per share	CA$1.20	(Cash + short-term investments) / shares outstanding.
Payout ratio	68.3%	Dividends paid / net income, when net income is positive.

What was TRANSCANADA PIPELINES LTD's revenue in fiscal 2017?

TRANSCANADA PIPELINES LTD reported revenue of CA$13.45B for fiscal 2017, 7.2% higher than the year before.

Was TRANSCANADA PIPELINES LTD profitable in fiscal 2017?

Yes. Net income was CA$3.11B, a net margin of 23.1%.

How much free cash flow did TRANSCANADA PIPELINES LTD generate in fiscal 2017?

Cash from operations of CA$5.16B minus capital expenditures of CA$7.38B left free cash flow of -CA$2.22B.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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