AKR Capital Research Releases Rankings of Top Canadian Wealth Creating Companies For 2003

Despite Strong Economic Growth, Fewer Canadian Firms Created Wealth in 2002

OTTAWA, July 3 - AKR Capital Research today released its annual list of Canadian wealth creating companies for 2002. Heading the top of the list was Encana Corporation, which created $4.407 billion in wealth, followed by Canadian Natural Resources Limited at $1.699 billion and Petro-Canada at $1.077 billion. Nortel Networks, ranked as the largest wealth destroyer at $4.301 billion. The companies were ranked by Economic Profit, an alternative performance measure that measures a firm's residual wealth created when its cost of capital is deducted from its operating profit (adjusted for taxes on a cash basis). EP (or Economic Valued Added as it is more prominently referred) has gained more prominence as a measurement of financial performance for its ability to filter out accounting items, which can distort Net Income. The rankings are based on analysis of TSX Composite non-financial companies. The 2003 Annual Survey of Canadian Financial Performance is now available for purchase on the company website: http://www.akrcapitalresearch.com/Ranking-2002.cfm. Media outlets may obtain an electronic copy of the report by sending an email request to: [email protected] and indicating their media credentials. AKR Capital Research is an independent investment research company that specializes in investment analysis of Canadian publicly traded companies.