|
 |
| |
|
|
|
|
|
|
|
|
|
|
|
|
| For the year ended March 31 |
|
|
|
|
|
|
|
|
2006/2005 |
| (C$ thousands, except per share, employee and %
amounts) |
2006 |
|
|
2005 |
|
2004 |
|
Increase
(decrease) |
|
|
|
|
|
|
|
|
|
|
|
|
 |
|
|
| Revenue |
|
|
|
|
|
|
|
|
|
|
| |
Commission |
$ |
239,461 |
|
$ |
168,978 |
$ |
162,242 |
$ |
70,483 |
|
41.7% |
|
Investment banking |
|
266,206 |
|
|
214,450 |
|
188,001 |
|
51,756 |
|
24.1% |
|
Principal trading |
|
27,388 |
|
|
13,584 |
|
27,513 |
|
13,804 |
|
101.6% |
|
Interest |
|
36,914 |
|
|
26,488 |
|
15,853 |
|
10,426 |
|
39.4% |
| |
Other |
|
13,446 |
|
|
9,278 |
|
8,548 |
|
4,168 |
|
44.9% |
|
|
|
| Total
Revenue |
$ |
583,415 |
|
$ |
432,778 |
$ |
402,157 |
$ |
150,637 |
|
34.8% |
| Expenses |
|
|
|
|
|
|
|
|
|
|
|
Incentive
compensation |
|
299,188 |
|
|
220,454 |
|
218,802 |
|
78,734 |
|
35.7% |
|
Salaries and benefits |
|
42,019 |
|
|
45,715 |
|
37,193 |
|
(3,696) |
|
(8.1)% |
| |
Other overhead expenses |
|
123,178 |
|
|
93,853 |
|
83,605 |
|
29,325 |
|
31.2% |
|
|
|
| Total
Expenses |
$ |
464,385 |
|
$ |
360,022 |
$ |
339,600 |
$ |
104,363 |
|
29.0% |
| Income before income taxes |
|
119,030 |
|
|
72,756 |
|
62,557 |
|
46,274 |
|
63.6% |
| Net income |
|
81,150 |
|
|
48,579 |
|
40,429 |
|
32,571 |
|
67.0% |
| Earnings per share (EPS) – basic |
$ |
1.82 |
|
$ |
1.17 |
$ |
1.43 |
$ |
0.65 |
|
55.6% |
| Earnings per share (EPS) – diluted |
$ |
1.74 |
|
$ |
1.11 |
$ |
1.12 |
$ |
0.63 |
|
56.8% |
| Return on average common equity (ROE) / |
|
|
|
|
|
|
|
|
|
| return on average capital employed
(ROCE) |
33.6% |
|
|
23.9% |
|
43.5% |
|
9.7p.p. |
|
|
| Dividends |
|
|
|
|
|
|
|
|
|
|
|
Cash dividend |
$ |
0.28 |
|
$ |
0.26 |
$ |
– |
$ |
0.02 |
|
7.7% |
|
Special cash distribution |
|
– |
|
|
0.15 |
|
– |
|
(0.15) |
|
(100)%. |
|
Stock dividend |
|
– |
|
|
– |
|
0.01 |
|
n.a. |
|
n.a. |
| Book value per diluted common share – period end |
6.02 |
|
|
4.82 |
|
2.59 |
|
1.20 |
|
24.9% |
|
|
|
| Balance
sheet data (as at March 31, 2006): |
|
|
|
|
|
|
|
|
|
| Total assets |
|
2,177,973 |
|
|
1,638,165 |
|
1,508,366 |
|
539,808 |
|
33.0% |
| Long term liabilities |
|
– |
|
|
41,618 |
|
59,142 |
|
(41,618) |
|
(100)% |
| Total liabilities |
|
1,890,143 |
|
|
1,415,954 |
|
1,409,679 |
|
474,189 |
|
33.5% |
| Total common equity |
|
287,830 |
|
|
222,211 |
|
98,687 |
|
65,619 |
|
29.5% |
| Number of employees |
|
1,488 |
|
|
1,260 |
|
1,156 |
|
228 |
|
18.1% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| n.m.: not meaningful |
|
|
|
|
|
|
|
|
|
|
| n.a.: not applicable |
|
|
|
|
|
|
|
|
|
|
| p.p.: percentage points |
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) CAGR: Compound Annual Growth Rate.
|
|
|
