Business Context and Reporting Period
This Form 6-K filing by Canadian Pacific Railway Limited and Canadian Pacific Railway Company was submitted on March 16, 2004. The report serves to furnish the Securities and Exchange Commission with the company's 2003 Annual Report, the Notice of Annual Meeting of Shareholders, the Management Proxy Circular, and letters from the Chairman and President regarding the 2003 fiscal year.
Key Financial Metrics
The filing text itself does not provide specific numerical values for revenue, profit, cash flow, margins, debt, or liquidity. These figures are contained within the attached 2003 Annual Report (Document 6) and the letter regarding earnings coverage ratios (Document 7), which are incorporated by reference but not detailed in the cover text of this Form 6-K.
Material Changes
The filing text does not explicitly detail material changes in financial position or operations compared to prior periods. Such analysis is located within the incorporated 2003 Annual Report and the Chairman's and President's letters.
Guidance, Outlook, and Risks
Management commentary, outlook, and risk factors are included in the attached Chairman's 2003 Letter to Shareholders and the President's 2003 Letter to Shareholders. The filing notes that the Management Proxy Circular is incorporated by reference into Registration Statement Form F-9, excluding specific sections on executive compensation and corporate governance practices.
Important Facts for Investor Verification
- Verify the specific financial results for the year ended December 31, 2003, by reviewing the attached 2003 Annual Report (pages 1-74 filed with Form 40-F).
- Review the earnings coverage ratios for the twelve-month period ended December 31, 2003, as detailed in the letter to Canadian Securities Commissions (Document 7).
- Confirm the details of the Annual Meeting of Shareholders and proxy voting matters in the attached Management Proxy Circular.
- Note that the audit report by PricewaterhouseCoopers LLP dated February 6, 2004, is incorporated by reference.