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

Despite Economic Shocks, Canadian Firms Create Greater Wealth in 2003

OTTAWA, July 5 - AKR Capital Research today released its annual list of Canadian wealth creating companies for 2003. Heading the top of the list for the second consecutive year was Encana Corporation, which created $2.772 billion in wealth, followed by BCE Inc. at $2.105 billion and Suncor Energy Inc. at $1.831 billion. Bombardier Inc, was ranked as the largest destroyer of capital at $1.808 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 (tm) 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 2004 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.