Dominion Power 2001 Annual Report Download - page 4

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2
Thos. E. Capps
Chairman, President and Chief Executive Officer
But if you stayed the course
and held your Dominion shares,
you’d have endured far less pain
than most investors. And—
taking a slightly longer view
—you’d still have a total return
in excess of 58 percent since
our transforming merger with
Consolidated Natural Gas
closed in early 2000.
We ended a tough 2001,
however, with our shares at
$60.10, down from $67 a year
earlier, a total negative return
of about 6.5 percent, including
the company’s $2.58 per share
annual dividend. By contrast,
the S&P 500 sank at nearly
twice that rate with a total
negative return just shy of
12 percent. Our industry peer
groups did even worse. The
Dow Jones and S&P Utilities
indexes produced negative total
returns of more than 26 and
30 percent, respectively.
Last year, I told you we’d
target a 15 percent or better
annual total return in 2001.
We missed it. Assuming the
economy, like the weather,
returns to more normal
conditions, we’re targeting
a 15 percent annual return
on average going forward.
Dear Dominion Shareholders,
Customers and Employees,
IF YOU’D BURIED YOUR MONEY
IN A MASON JAR IN 2001, I’D OFFER
TO BUY YOUR CRYSTAL BALL.