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2009 SaskEnergy Annual Report
Management’s Discussion & Analysis
The Management's Discussion and Analysis (MD&A) highlights the primary factors that
affected the operations and financial results of SaskEnergy and its wholly owned
subsidiaries for the year ended December 31, 2009. Using financial and operating
results as its basis, the MD&A describes the Corporation's past performance and
future prospects. This style of reporting enables readers to view SaskEnergy from
the perspective of management.
This MD&A, together with the Corporation's 2009 audited consolidated financial statements
and related notes, form the basis for financial reporting. It contains an in-depth
discussion about SaskEnergy's consolidated financial results as well as its liquidity
and capital resources. It also includes a brief discussion on the current business
environment and how it affected the Corporation's financial results.
The following discussion contains certain forward-looking statements that are subject
to inherent uncertainties and risks. Risks are outlined in the Risk Management section
of this MD&A. Consequently, actual results and events may vary significantly from
those included in, contemplated by or implied by such statements.
