A n n ua l R eport 2014-2015 c e n t r e p o rt c a na da c e nt r e p o r t c a n a d a . c a c e n t r e p o rt c a na da Vision & Mission Vision The pre-eminent inland port in the heart of North America and renowned champion of global trade, economic growth and job creation. Mission Master planner for a 20,000-acre inland port located at the hub of international trade corridors, featuring the CentrePort Canada Rail Park, tri-modal transportation, prime industrial land, single-window services for investors and a cost-competitive model for businesses engaged in global supply chain activities. A n n ua l 3 r e p o rt c e n t r e p o rt c a na da Our Board of Directors Back row: Cliff Kolson, Warren Thompson, David Barnard, Don Streuber (chair), David Filmon, Mike Pyle, Maureen Prendiville, Chris Lorenc (vice-chair) Front row: Monica Girouard, John Falcetta, Eugene Kostyra, Bob Silver, Carol Paradine, David Fung Missing: Wayne Anderson A n n ua l 4 r e p o rt c e n t r e p o rt c a na da Message from the Chair & President CentrePort Canada Inc. champions a “live, work, play, learn” approach to development and this is on full display in a number of initiatives now underway at our inland port. Live - a new 500-acre residential community is being planned on City of Winnipeg lands in the southwest corner of the footprint. The new community, adjacent to an existing residential neighborhood, will bring much-needed housing to St. James and will benefit CentrePort by providing housing options for employees who work at CentrePort-area companies. Work - more than 200 acres have been developed or are in development to date at CentrePort by 39 different companies that are setting up new operations. This strong rate of growth is expected to continue with the development of CentrePort’s new 700-acre rail park and several additional industrial parks, which will attract further private investment and create jobs in our community. Play - the protection of Little Mountain Park and the creation of active transport opportunities in the area are important priorities for CentrePort. The new RM of Rosser zoning bylaw will require development proposals to include green/ sustainability measures as well as active transport components (bike paths, bike storage spaces and walkable streets). Learn - education is essential in ensuring industry has access to a skilled workforce and Manitobans are trained for the jobs of tomorrow. To this end, CentrePort works with the universities of Manitoba and Winnipeg, and has formal partnerships with Red River College (which has two campuses at CentrePort) and the Manitoba Institute of Trades and Technology to help us prepare for the future. We look forward to continuing to work with our partners in the year ahead. Diane Gray, President & CEO, CentrePort Canada Inc. | Don Streuber, Chair, Board of Directors, CentrePort Canada Inc. A n n ua l 5 r e p o rt c e n t r e p o rt c a na da A n n ua l 6 r e p o rt Nort h A m er ica’s LARGEST tr i-mod al inl and por t & Fore ig n Tra d e Z one– 20,00 0 acr e s of pr i m e i n dustr i a l l a n d w ith a cce s s to thr ee cl ass I r a i l ca r r i er s, a n i n ter nationa l truck i ng h u b and gl oba l a ir ca rg o/ passenger oper ations. Over 200 acres in various stages of development by 39 different companies Construction underway for new $43-million water treatment plant and wastewater servicing Third customs-bonded warehouse opened (WETT Sales & Distribution) Provincial legislation introduced establishing a special planning area at CentrePort Business attraction outreach to the United States, Mexico, Europe and Asia; working with 45 companies evaluating new operations A n n ua l 8 r e p o rt c e n t r e p o rt c a na da Fu ll Stea m Ahead 2014-2015 Milestones Design completed for new 700-acre CentrePort Canada Rail Park Business Directory launched as part of the Marketing Partnership Program Planning underway for a new 500-acre residential community c e n t r e p o rt c a na da Churchill CentrePort Canada (Winnipeg) Vancouver Toronto Chicago Los Angeles Mexico City Your Suppy Chain A n n ua l 10 r e p o rt c e n t r e p o rt c a na da Better Faster Cheaper CentrePort Canada is your gateway to the world, located at the hub of international trading corridors leading to major markets all across the globe. Located in the heart of North America, just one hour north of the United States, CentrePort is ideal for any size of development including manufacturing and assembly; warehousing and distribution; agribusiness, food processing and packaging; and transportation-related logistics. In addition to providing unique access to tri-modal transportation (rail, truck and air cargo), CentrePort offers Foreign Trade Zone benefits and other savings including the lowest energy costs for high volume users in North America and the lowest business costs among major cities in midwestern Canada and the U.S. Other incentives for doing business at CentrePort include fast-tracked land development approvals and acess to affordable, abundant labour with competitive wages, government-funded employee health care costs, and training support. Winnipeg is the leader in business friendliness and FDI strategy among mid-sized cities in the North American Midwest.1 Canada’s combined corporate income taxes average 33% less than those in the U.S. Other benefits include no inventory tax, import duty exemption for manufacturing inputs, strong manufacturing, research & development, and data processing tax credits, easy access to university intellectual properties, and training incentives and immigration recruitment programs designed to match industry needs. 1 fDi magazine, American Cities of the Future, 2015/16 A n n ua l 11 r e p o rt Your Centr eport Tea m prov iding si ngl e-w i n dow serv ice s c e n t r e p o rt c a na da Development made easy CentrePort Canada Inc. is focused on helping business do business. Our single-window services include assistance with incentives and Foreign Trade Zone benefits; land-development approvals; land and space inventory; business, government and market connections; industry-related referrals; joint marketing; and landowners’ council. Grow your business with CentrePort. CentrePort Canada Inc. Board of Directors Chair: Don Streuber Vice-Chair: Chris Lorenc President and Chief Executive Officer Diane Gray Vice President, Marketing & Communications Vice President Planning & Development Riva Harrison John Spacek Chief Financial Officer 1 Office Manager/ Events Planner 2 Kelly de Groot Nicole Corley Manager, Investment Promotion & Marketing Partnerships Executive Director, Business Development & Sales Carly Edmundson Russ Hanson Corporate Secretary/ Policy Analyst Kate Hall Administrative Assistant Jane Walker project Manager, china Projects 1 Jingshun Yin 1 2 A n n ua l 13 r e p o rt Part time position In-kind position from Province of Manitoba c e n t r e p o rt c a na da T he Centr eport Commu n ity A n n ua l 14 r e p o rt c e n t r e p o rt c a na da Working together for business CentrePort Canada Inc. continues to flourish as a private-public partnership with a private-sectorled Board of Directors and well-established global community connections. CentrePort’s many partners in industry and in government work together to develop and enhance the infrastructure and incentives required to build a successful inland port. This has resulted in significant progress on several important initiatives: a dedicated CentrePort highway, expanded water and wastewater treatment operations, special planning area status for the inland port footprint, and the new CentrePort Rail Park. Many major corporations already call CentrePort home including MacDon, Winpak, Boeing, Magellan, StandardAero, Bison Transport, Fort Garry Fire Trucks, Paterson GlobalFoods, TransX, Conviron, Gardwine North, North West Company, GE Aviation, Manitoba Harvest Hemp Foods, Peak of the Market, Payne Transportation, Rosedale Transport and SMS Equipment. High-profile companies such as Canada Goose, Canadian Tire and IKEA have flagship operations in Winnipeg. Left: Announcement of new $43-million water treatment plant to serve CentrePort. Right: Another customs-bonded warehouse opens as part of CentrePort’s FTZ program. A n n ua l 15 r e p o rt c e n t r e p o rt c a na da “We are very excited about CentrePort. This is about having a location where we can consolidate our loads for shipment and use CentrePort as a gateway for distributing products up to customers and branches in the north. It’s a win-win for us.” Sean Post CEO, Arctic Beverages c e n t r e p o rt c a na da STR ATEGIC PR IOR ITIES for 2014-2015 Strategic Priority #1 Inland Port Management Prepare CentrePort Canada lands for development, investment and revenue generation Strategic Priority #2 Business Development & Sales Work with companies on investment plans for new and expanded operations Strategic Priority #3 New Rail Facility Underway Develop a new common-use rail facility and adjacent industrial park for rail-intensive business Strategic Priority #4 Marketing & Investment Promotion Promote investment through targeted marketing to companies, tenants and site selectors Strategic Priority #5 Revenue Generation Generate own-source revenues and achieve financial self-sufficiency in 2017 A n n ua l 17 r e p o rt A n n ua l 17 r e p o rt Bluepr int for Growth CentrePort Canada Rail Park, in development on 700 acres, will feature access to three class I rail carriers and adjacent industrial space that will provide unique co-location opportunities for rail-intensive businesses. PERIMETER HIGHWAY Future Development Lands RA INE Prairie Rail Solutions Recreation/ Open Space Brookside Business Park PERIMETER HIGHWAY IL LIN E AN OR TC EP Water/wastewater and utilities servicing is being extended in phases. The first phase of water/wastewater will be in service in 2016. Brookside Industrial Park West Strategic Development CEN TR CentrePort Canada Rail Park AD AW AY New Development Opportunity Manufacturing & Logistics Industrial Brookside Business Park & Brookside Industrial Park West are nearing completion with more than 200 acres in development by 39 different companies. New development opportunities will soon be available. IL L General Industrial Logistics Park CP RA Infill Industrial Chief Peguis Extension ROUTE 90 CN New Development Opportunity Recreation/ Open Space Manufacturing & Logistics Industrial Future General Industrial CentrePort Canada Way has been open for 18 months and plans are underway to double it in lengthto bypass Headingley and connect directly to the Trans-Canada Highway. New Development Opportunity Winnipeg James Armstrong Richardson International Airport Business Park CentrePort Canada Way Extension to Bypass Headingley Light Industrial A new residential community is in development on 500 acres and is expected to attract approximately 8,000 residents. Residential CP RAIL LINE ENUE SASKATCHEWAN AV A n n ua l 19 r e p o rt CentrePort Canada Inc. Fina ncia l Statements for 2014-2015 c e n t r e p o rt c a na da CentrePort Canada Inc. Financial Statements For th e y e a r en ded M a rch 31, 2015 Con ten ts Independent Auditor’s Report 2 Financial Statements Statement of Financial Position 3 Statement of Operations 4 Statement of Changes in Net Assets 5 Statement of Cash Flows 6 Notes to Financial Statements 7 A n n ua l 21 r e p o rt c e n t r e p o rt c a na da Management Report The accompanying financial statements are the responsibility of the management of CentrePort Canada Inc. Management is of the opinion that the statements were properly prepared and submitted to BDO Canada LLP chartered accountants for an audit of the year ending March 31, 2015, and that the information was properly presented and in accordance with Canadian generally accepted accounting principles. Management is responsible for the integrity of the corporation’s financial statements and it will continue to fulfill its responsibility for financial reporting and for implementing internal controls as established by the board of directors and its Finance and Audit Committee. Diane Gray, Kelly de Groot President, CentrePort Canada Chief Financial Officer, CentrePort Canada A n n ua l 22 r e p o rt c e n t r e p o rt c a na da Fiscal Highlights For t h e y e a r en ded M a rch 31 2015 Current Assets Capital Assets $2,919,551 $50,040 $469,676 $62,055 $2,969,591 $531,731 Current Liabilities Net Assets $63,185 $2,906,406 $406,980 $124,751 $2,969,591 $531,731 Contributions from government Revenue from operations & land sales $1,783,532 $3,008,567 $1,654,494 $42,174 $4,792,099$1,696,668 Operating expenses $2,010,444$1,606,392 $2,781,655 $90,276 Operating surplus A n n ua l 23 r e p o rt 2014 Tel: 204 956 7200 Fax: 204 926 7201 Toll-Free: 800 268 3337 www.bdo.ca BDO Canada LLP 700 - 200 Graham Avenue Winnipeg MB R3C 4L5 Canada Independent Auditor’s Report To the Board of Directors of CENTREPORT CANADA INC. We have audited the accompanying financial statements of CENTREPORT CANADA INC., which comprise the statement of financial position as at March 31, 2015, and the statement of operations, the statement of changes in net assets, and statement of cash flows for the year then ended, and a summary of significant accounting policies and other explanatory information. Management’s Responsibility for the Financial Statements Management is responsible for the preparation and fair presentation of these financial statements in accordance with Canadian accounting standards for not‑for‑profit organizations, and for such internal control as management determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. Auditor’s Responsibility Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with Canadian generally accepted auditing standards. Those standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement. An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor’s judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the entity’s preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity’s internal control. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion. Opinion In our opinion, the financial statements present fairly, in all material respects, the financial position of CENTREPORT CANADA INC. as at March 31, 2015, and the results of its operations and its cash flows for the year then ended in accordance with Canadian accounting standards for not‑for‑profit organizations. Chartered Accountants Winnipeg, Manitoba June 15, 2015 A n n ua l 24 r e p o rt c e n t r e p o rt c a na da Statement of Financial Position M a rch 31 2015 2014 Assets Current Assets Cash Accounts receivable GST receivable Prepaid expenses (Note 2) Due from Western Economic Diversification Canada Due from Province of Manitoba $1,206,767$68,875 $73,257$31,025 $10,012$4,629 $7,965$43,336 $121,550$321,811 $1,500,000- $2,919,551 $469,676 Capital assets (Note 3) $50,040$62,055 $2,969,591$531,731 Liabilities and Net Assets Current Liabilities Accounts payable Deferred revenue (Note 4) $46,518$72,941 $16,667$334,039 $63,185$406,980 Commitments (Note 6) Net Assets Unrestricted Invested in capital assets $2,856,366$62,696 $50,040$62,055 $2,906,406$124,751 $2,969,591$531,731 Approved by: Director Director The accompanying notes are an integral part of these financial statements. A n n ua l 25 r e p o rt c e n t r e p o rt c a na da Statement of Operations For t h e y e a r en ded M a rch 31 2015 2014 Revenue Contribution Agreement Province of Manitoba $1,402,239$474,161 Western Economic Diversification Canada $347,960$1,147,000 Economic Partnership Agreement Province of Manitoba $33,333$33,333 Foreign exchange gain $1,054 - Interest income $8,483 $724 Land sales $2,901,600 - Membership fees $3,000$7,950 $94,430$33,500 Sponsorship fees $4,792,099 Expenses Advertising and marketing Amortization Board member costs Business investment Office operating Professional services Salaries and benefits $97,648$70,136 $41,777$38,695 $108,340$96,584 $341,605$146,387 $134,685$124,486 $152,056$107,787 $1,134,333$1,022,317 $2,010,444$1,606,392 Excess of revenue over expenses $2,781,655$90,276 The accompanying notes are an integral part of these financial statements. A n n ua l 26 r e p o rt $1,696,668 c e n t r e p o rt c a na da Statement of Changes in Net Assets 2015 2014 For t h e y e a r en ded M a rch 31 Invested Unrestricted in Assets Net assets, beginning of year $62,696 $62,055$124,751$34,475 Excess of revenue over expenses $2,781,655 Purchase of capital assets ($29,762)$29,762 - - Amortization of capital assets $41,777($41,777) - - Net assets, end of year $2,856,366$50,040 $2,906,406$124,751 27 Total -$2,781,655$90,276 The accompanying notes are an integral part of these financial statements. A n n ua l Total r e p o rt c e n t r e p o rt c a na da Statement of Cash Flows For t h e y e a r en ded M a rch 31 2015 2014 Cash Flows from Operating Activities Excess of revenue over expenses $2,781,655 $90,276 Adjustment for amortization $41,777$38,695 Changes in non‑cash working capital Accounts receivable GST receivable Prepaid expenses Due from Western Economic Diversification Canada Due from Province of Manitoba Accounts payable and accrued liabilities Deferred revenue $2,823,432$128,971 1,167,654 Cash Flows from Investing Activities Purchase of capital assets ($29,762)- Net increase in cash $1,137,892$53,648 Cash, beginning of year $68,875$15,227 Cash, end of year $1,206,767$68,875 ($42,232)$18,199 ($5,383)$3,198 $35,371($20,720) $200,261($231,811) ($1,500,000)- ($26,423)($74,218) ($317,372)$230,029 The accompanying notes are an integral part of these financial statements. A n n ua l 28 r e p o rt $53,648 c e n t r e p o rt c a na da Notes to Financial Statements For t h e y e a r en ded M a rch 31, 2015 1. Nature of Operations and Summary of Significant Accounting Policies Nature and Purpose of Corporation CentrePort Canada Inc. (the “Corporation”) is a Manitoba corporation, without share capital and created by the CentrePort Canada Act (assented October 2008), which is committed to the development of a Manitoba inland port to serve as a transportation, trade, manufacturing, distribution warehousing and logistics centre. Basis of Accounting These financial statements have been prepared in accordance with Canadian accounting standards for not‑for‑profit organizations. Revenue Recognition The Corporation follows the deferral method of accounting for revenues from accountable grant funding where funds are recognized as revenue in the year in which the related expenditures are incurred. Other revenues are recognized in the year in which the related services are rendered. Membership and sponsorship fees are recognized when collection is reasonably assured. Capital Assets Purchased capital assets are recorded at historical cost less accumulated amortization. Capital assets are amortized using the following rates and methods: Furniture and furnishings Computer equipment Leasehold improvements Telephone equipment Website development 20% declining balance 33% straight‑line (3 years) 33% straight‑line (3 years) 20% straight‑line (5 years) 33% straight‑line (3 years) Financial Instruments Financial instruments are recorded at fair value when acquired or issued. In subsequent periods, financial assets in actively traded markets are reported at fair value, with any unrealized gains and losses reported in income. All other financial instruments are reported at cost or amortized cost less impairment, if applicable. Financial assets are tested for impairment when changes in circumstances indicate the asset could be impaired. Transaction costs on the acquisition, sale or issue of financial instruments are expensed for those items remeasured at fair value at each statement of financial position date and charged to the financial instrument for those measured at amortized cost. A n n ua l 29 r e p o rt c e n t r e p o rt c a na da Notes to Financial Statements For t h e y e a r en ded M a rch 31, 2015 1. Nature of Operations and Summary of Significant Accounting Policies (continued) Foreign Currency Translation Foreign currency accounts are translated into Canadian dollars as follows: At the transaction date, each asset, liability, revenue and expense is translated into Canadian dollars by the use of the exchange rate in effect at that date. At the year end date, monetary assets and liabilities are translated into Canadian dollars by using the exchange rate in effect at that date. The resulting foreign exchange gains and losses are included in income in the current period except for the foreign currency gains and losses on long‑term monetary items which are deferred and amortized over the remaining terms of the related items. Use of Estimates Financial statements prepared in conformity with Canadian accounting standards for not‑for‑profit organizations require management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from these estimates. Contributed Materials and Services Contributed materials and services which are used in the normal course of the Corporation’s operations and would otherwise have been purchased are recorded at their fair value at the date of contribution if fair value can be reasonably estimated. Included in revenue and expenses are $31,450 of in‑kind contributions. 2. Prepaid Expenses Prepaid expenses are comprised of: 20152014 Insurance$7,633$7,505 Conferences -$35,499 Security deposit on office copier$332$332 $7,965 $43,336 A n n ua l 30 r e p o rt c e n t r e p o rt c a na da Notes to Financial Statements For t h e y e a r en ded M a rch 31, 2015 3. Capital Assets 2015 2014 Accumulated Accumulated CostAmortization CostAmortization Furniture and furnishings Computer equipment Leasehold improvements Telephone equipment Website development $29,064$20,493 $58,614$33,812 $155,808$139,141 $4,370$4,370 $12,559$12,559 $29,064$18,350 $28,852$28,852 $155,808$105,808 $4,370$3,933 $12,559$11,655 $260,415$210,375 $230,653$168,598 $50,040 $62,055 Net book value 4. Deferred Revenue Deferred revenue relates to accountable grant funding received for expenses not incurred during the current year. This funding is carried forward to the next reporting period and will be recognized in revenue as the related expenditures are incurred. Changes in the deferred revenue balance are as follows: 20152014 Balance, beginning of year$334,039 $104,010 Less amounts recognized as revenue in the year ($317,372) ($104,010) Add amounts received and deferred during the year -$334,039 Balance, end of year$16,667$334,039 A n n ua l 31 r e p o rt c e n t r e p o rt c a na da Notes to Financial Statements For t h e y e a r en ded M a rch 31, 2015 5. Credit Facility A line of credit is available from The Bank of Nova Scotia to a maximum of $40,000. This facility is due on demand and bears interest at the bank’s prime rate plus 3.00% (effective rate 5.85%). Scotiabank VISA Business Card is also available to a maximum of $50,000. It is secured by a general security agreement creating, in favour of the bank, a security interest in all present and future undertaking and personal property of with appropriate insurance coverage, loss if any, payable to the bank. 6. Commitments CentrePort Canada Inc. has an operating lease for its premises at $2,225 per month, plus common area maintenance and taxes, under a lease expiring January 2016. The Corporation has also entered into an operating lease for equipment. The equipment is leased at $332 per month under a lease expiring December 2015. Payments over the next year are $30,301. 7. Financial Instrument Risk In the normal course of operations the Corporation is exposed to various financial risks. Management’s close involvement in the operations allows for the identification of risks and variances from expectations. The Corporation does not meaningfully participate in the use of financial instruments to control these risks. The Corporation has no designated hedging transactions. The financial risks and management’s risk management objectives and policies are as follows: Credit Risk Credit risk arises from the possibility that entities that owe funds to the Corporation may experience financial difficulty and not be able to fulfill their commitment. The maximum exposure to credit risk is equal to the carrying value of the receivables. The risk has not changed in the year. Interest Rate Risk Interest rate risk is the risk that changes in market interest rates may have an effect on the cash flows associated with some financial instruments, known as cash flow risk, or on the fair value of other financial instruments known as interest rate price risk. The Corporation is not exposed to interest rate cash flow risk as the Corporation does not have any short‑term or long‑term debt. The risk has not changed in the year. The Corporation does not trade in financial instruments and is not exposed to interest rate price risk. The risk has not changed in the year. A n n ua l 32 r e p o rt c e n t r e p o rt c a na da Notes to Financial Statements For t h e y e a r en ded M a rch 31, 2015 7. Financial Instrument Risk (continued) Liquidity Risk Liquidity risk is the risk that the Corporation cannot meet its financial obligations associated with financial liabilities in full. The main source of the Corporation’s liquidity is government funding and various grants used to finance the Corporation’s operations and is adequate to meet the Corporation’s financial obligations associated with financial liabilities. Contractual cash outflows consist of accounts payable that are due within one year. Liquidity risk may arise from unanticipated expenditures in excess of the financial capability of the Corporation. It is management’s opinion that the Corporation is not exposed to significant liquidity risk from their financial instruments. The risk has not changed in the year. 8. Economic Dependence The Corporation is economically dependent on funding from the federal and provincial governments. The Corporation is moving to be self‑sustaining through increased alternative sources of revenue. A n n ua l 33 r e p o rt c e n t r e p o rt c a na da CentrePort Canada Inc. Diane Gray, President & CEO DGray@CentrePort.ca (204) 784-1303 Riva Harrison, Vice President, Marketing & Communications RHarrison@CentrePort.ca (204) 784-1304 Kelly de Groot CPA, CMA, Chief Financial Officer KdeGroot@CentrePort.ca (204) 784-1307 Russ Hanson, Executive Director, Business Development & Sales RHanson@CentrePort.ca (204) 784-1305 Carly Edmundson, Manager, Investment Promotion & Marketing Partnerships CEdmundson@CentrePort.ca (204) 784-1311 General Office Inquiries (204) 784-1300 Feedback on this report, the corporation’s priorities, or other CentrePort-related issues is always welcome. Please forward your comments or suggestions to busdev@centreport.ca Supported By: A n n ua l 34 r e p o rt c e n t r e p o rt c a na da 2014-15 Marketing Partners STRATEGIC PARTNERS Succeeding By Helping Others Succeed PREFERRED PARTNERS Bel Acres Golf & Country Club DTZ Winnipeg Manitoba Heavy Construction Association Manitoba Insititute of Trades & Technology MHPM Project Leaders MTS Pegasus Publications Inc. Prairie Rail Solutions Thompson Dorfman Sweatman LLP ASSOCIATE PARTNERS Bison Fire Protection MacDon CanDo Rail Services Ltd. Manitoba Trucking Association Downtown Winnipeg BIZ NASCO GHY International OPUS Project HUB International Stantec MOSKAL electric ltd. Winnipeg Construction Association A n n ua l 35 r e p o rt Printed by students in the Graphic & Print Technician program at Manitoba Institute of Trades & Technology, a proud partner of CentrePort Canada. c e n t r e p o rt c a na da c e nt r e p o r t c a n a d a . c a