Financial Statements and Notes - Canadian Oil Sands

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MANAGEMENT’S REPORT Management is responsible for the information contained in this annual report. The consolidated financial statements have been prepared in accordance with Canadian generally accepted accounting principles, and include amounts based on management’s informed judgments and estimates. The financial and operating information included in this annual report is consistent with that contained in the consolidated financial statements in all material respects. To assist management in fulfilling its responsibilities, systems of accounting and internal controls are maintained to provide reasonable, but not absolute, assurance that financial information is reliable and accurate, and that assets are adequately safeguarded. External auditors, appointed by the Unitholders, have independently examined the consolidated financial statements and conducted a review of accounting and internal controls to the extent required under Canadian generally accepted auditing standards. They have performed such tests as they deemed necessary to enable them to express an opinion on these financial statements. The Board of Directors has appointed a four-person Audit Committee, consisting of directors who are neither employees nor officers of the Trust and all of whom are independent. It meets regularly with management and external auditors to discuss controls over the financial reporting process, auditing and other financial reporting matters. In addition, the Audit Committee recommends the appointment of the Trust’s external auditors, who are elected annually by the Trust’s Unitholders. The Audit Committee has reviewed the financial statements and the contents of the annual report with management and the external auditors. The Board of Directors has approved the consolidated financial statements and the management’s discussion and analysis on the recommendation of the Audit Committee. Marcel R. Coutu Allen R. Hagerman, FCA President & Chief Executive Officer Chief Financial Officer February 16, 2004 February 16, 2004 Canadian Oil Sands Trust Annual Report 2003
AUDITORS’ REPORT To the Unitholders of Canadian Oil Sands Trust We have audited the consolidated balance sheets of Canadian Oil Sands Trust as at December 31, 2003 and 2002 and the consolidated statements of income and Unitholders’ equity and cash flows for the years then ended. These consolidated financial statements are the responsibility of the Trust’s management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits in accordance with Canadian generally accepted auditing standards. Those standards require that we plan and perform an audit to obtain reasonable assurance whether the consolidated financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. In our opinion, these consolidated financial statements present fairly, in all material respects, the financial position of the Trust as at December 31, 2003 and 2002 and the results of its operations and its cash flows for the years then ended in accordance with Canadian generally accepted accounting principles. Chartered Accountants Calgary, Alberta January 22, 2004, except as to Note 20(c) which is as of March 4, 2004 51 Auditor’s Report
Page 1: Consolidated Financial Statements a
Page 5 and 6: CONSOLIDATED BALANCE SHEETS As at D
Page 7 and 8: NOTES TO CONSOLIDATED FINANCIAL STA
Page 9 and 10: Stock-based compensation Canadian O
Page 11 and 12: Currently, Canadian Oil Sands has a
Page 13 and 14: Canadian Oil Sands’ share of Sync
Page 15 and 16: c) 5.8% Senior Notes On August 6, 2
Page 17 and 18: Canadian Oil Sands’ income taxes
Page 19 and 20: a takeover bid to acquire 20 per ce
Page 21 and 22: ) Syncrude Incentive Phantom Share
Page 23 and 24: In 2003, Canadian Oil Sands settled
Page 25 and 26: Canadian Oil Sands also has posted
Page 27: 21. GUARANTEES Canadian Oil Sands h

Financial Statements and Notes - Canadian Oil Sands

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