Hydro-Québec continued to grow in 2003. Net income rose to $1,931 million, up $405 million over 2002. Dividends of $965 million were declared, bringing the total amount paid to the shareholder, the Québec government, in the last seven years to $3.9 billion. The increase in net income stems from the $324-million reduction in financial expenses compared with 2002, resulting from the net repayment of long-term debt, low interest rates and the rise in the Canadian dollar against its American counterpart. Download the complete document Annual Report 2003 [PDF—1.6 MB]

Contents

• Financial Highlights
• Message from the Chairman of the Board
  and the President and Chief Executive Officer
  Download pages 01 to 07 [PDF—229 KB]
  

Review of Operations

• Hydro-Québec Production
• Hydro-Québec TransÉnergie
• Hydro-Québec Distribution
• Hydro-Québec Équipement
• Hydro-Québec Technologie et développement industriel
• Corporate Services
  Download pages 08 to 60 [PDF—936 KB]

Financial Review

• Management's Discussion and Analysis
• Consolidated Financial Statements
  In Excel format [XLS—203 KB]
• Supplementary Information
  Download pages 61 to 109 [PDF—294 KB]
  

Corporate Administration

• Corporate Management
• Board of Directors
• Corporate Governance
• Report of Activities of the Board of Directors and Board Committees
• Code of Ethics and Rules of Professional Conduct for Directors, Executives and Controllers of Hydro-Québec
• Generating and Transmission Facilities
• Major Facilities
  Download pages 110 to 126 [PDF—199 KB]