Black Hills Corporation (BKH) 2009年年度报告「NYSE」.pdf

1、fcused2009 AnnuAl RepoRtiDear Shareholders,This past year was one of tremendous change and challenge for the global economy,for the energy industry and for Black Hills Corporation.However,we remained focused and continued to make substantial progress on strategic projects that strengthened our balan

2、ce sheet,increased our asset base,improved operating efficiencies and unified our organization for the long-term benefit of our shareholders and customers.Because of our defined strategy,diversified assets and partnership approach,we have continued to achieve critical operational milestones and are

3、well positioned to complete our integration efforts in 2010 which will establish a stronger platform for future earnings growth.For the 40th consecutive year,we increased our quarterly dividend for shareholders,an indication of the strength of our company and the value we create even during turbulen

4、t times.In the midst of extremely challenging capital market conditions,we successfully completed several long-term financings during 2009 using a patient and disciplined approach that reduced our short-term debt on favorable terms and established a strong financial foundation to fund growth project

5、s during the next several years.We also consolidated systems,processes and programs including those pertaining to compensation,performance management,employee benefits,payroll,field resource,and customer information.During 2010,we expect to achieve additional operating efficiencies by integrating ou

6、r accounting,procurement,inventory,outage management,utility engineering,power marketing,and resource planning systems and processes throughout our organization.From a market perspective,during 2009 energy commodity prices dropped from historic highs in the summer of 2008,the global economy experien