Canada | ||
(State or other jurisdiction | None | |
of incorporation or organization) | (I.R.S. Employer Identification No.) |
| Press Release dated January 31, 2007. |
ENBRIDGE INC. (Registrant) |
||||
Date: January 31, 2007 | By: | /s/ Alison T. Love | ||
Alison T. Love | ||||
Vice President & Corporate Secretary | ||||
| 2006 reported earnings increased 11% to $615.4 million for the full year | ||
| Adjusted operating earnings increased 10% for the full year | ||
| Adjusted operating earnings increased for the fourth quarter to $172.4 million | ||
| Industry support obtained for Southern Lights Project, Alberta Clipper Project and Line 4 Extension |
2
3
Three months ended | Year ended | |||||||||||||||
(millions of Canadian dollars) | December 31, | December 31, | ||||||||||||||
2006 | 2005 | 2006 | 2005 | |||||||||||||
Liquids Pipelines |
71.2 | 60.9 | 274.2 | 229.1 | ||||||||||||
Gas Pipelines |
14.2 | 12.9 | 61.2 | 59.8 | ||||||||||||
Sponsored Investments |
21.5 | 20.5 | 86.8 | 64.8 | ||||||||||||
Gas Distribution and Services |
69.6 | 68.9 | 178.2 | 178.8 | ||||||||||||
International |
19.0 | 27.8 | 83.2 | 87.4 | ||||||||||||
Corporate |
(24.4 | ) | (17.0 | ) | (68.2 | ) | (63.9 | ) | ||||||||
171.1 | 174.0 | 615.4 | 556.0 | |||||||||||||
| Liquids Pipelines earnings increased primarily due to improved results from the Enbridge crude oil mainline system reflecting higher earnings from the Incentive Tolling Settlement (ITS), Terrace expansion and lower oil loss costs. |
| Gas Pipelines earnings improved due to increased results from Enbridge Offshore Pipelines which was affected by two severe hurricanes in 2005. |
| Sponsored Investments earnings increased due to strong results from EEP, which experienced significantly higher crude oil throughput, strong margins and increased volumes in the natural gas gathering and processing businesses. |
| Gas Distribution and Services results reflected a significant contribution from Aux Sable through its upside sharing agreement, offset by the impact of warmer than normal weather and a lower allowed return on equity at EGD. |
| International earnings continue to be strong but were lower in 2006 due to a one time gain in CLH in 2005. |
| Corporate costs were higher in 2006 and reflected higher interest expense, increased business development activity and the impact of a strong labour market. |
Three months ended | Year ended | |||||||||||||||
(millions of Canadian dollars, except per share amounts) | December 31, | December 31, | ||||||||||||||
2006 | 2005 | 2006 | 2005 | |||||||||||||
GAAP earnings as reported |
171.1 | 174.0 | 615.4 | 556.0 | ||||||||||||
Significant after-tax non-operating factors and variances: |
||||||||||||||||
Sponsored Investments |
||||||||||||||||
EEP non-cash derivative fair value losses/(gains) |
(1.4 | ) | (0.9 | ) | (6.5 | ) | 5.0 | |||||||||
Dilution gains on EEP unit issuance |
| (4.3 | ) | | (8.9 | ) | ||||||||||
Revalue future income taxes due to tax rate changes |
| | (6.0 | ) | | |||||||||||
Gas Distribution and Services |
||||||||||||||||
Warmer than normal weather affecting EGD |
6.7 | 1.5 | 36.9 | | ||||||||||||
Dilution gains in Noverco (Gaz Metro unit issuance) |
(4.0 | ) | | (4.0 | ) | (7.3 | ) | |||||||||
Revalue future income taxes due to tax rate changes |
| | (28.9 | ) | | |||||||||||
International |
||||||||||||||||
Gain on land sale in CLH |
| (7.6 | ) | | (7.6 | ) | ||||||||||
Corporate |
||||||||||||||||
Revalue future income taxes due to tax rate changes |
| (14.0 | ) | | ||||||||||||
Adjusted Operating Earnings |
172.4 | 162.7 | 592.9 | 537.2 | ||||||||||||
Adjusted Operating Earnings per Common Share |
$ | 0.50 | $ | 0.48 | $ | 1.74 | $ | 1.59 | ||||||||
4
Three months ended | Year ended | |||||||||||||||
(millions of Canadian dollars) | December 31, | December 31, | ||||||||||||||
2006 | 2005 | 2006 | 2005 | |||||||||||||
Enbridge System |
52.4 | 46.3 | 202.3 | 170.1 | ||||||||||||
Athabasca System |
12.7 | 11.8 | 52.8 | 48.6 | ||||||||||||
Spearhead Pipeline |
3.2 | (0.3 | ) | 6.3 | (1.1 | ) | ||||||||||
Olympic Pipeline |
1.7 | | 6.5 | | ||||||||||||
Feeder Pipelines and Other |
1.2 | 3.1 | 6.3 | 11.5 | ||||||||||||
71.2 | 60.9 | 274.2 | 229.1 | |||||||||||||
| The Enbridge System reflected higher earnings from a number of factors including lower oil loss costs, favourable ITS performance and, within Terrace, lower taxes, higher toll revenues and the impact of higher volumes generating surcharge revenue. In the fourth quarter of 2006, earnings from service metrics under the ITS and higher toll revenues within Terrace were partially offset by higher operating costs. |
| Athabasca System earnings continued to grow as infrastructure additions contributed positively, but were partially offset by higher operating expenses. |
| Spearhead Pipeline began commercial operations in early March 2006. Volumes have remained strong and continue to surpass the Companys expectations with fourth quarter nominations exceeding capacity. |
| Olympic Pipeline was acquired effective February 1, 2006 and has performed reliably as expected. |
| Decreased earnings in Feeder Pipelines and Other were primarily due to increased business development costs related to the Companys organic growth projects. The NW System is now included in Feeder Pipelines and Other |
Three months ended | Year ended | |||||||||||||||
(millions of Canadian dollars) | December 31, | December 31, | ||||||||||||||
2006 | 2005 | 2006 | 2005 | |||||||||||||
Alliance Pipeline US |
7.4 | 7.7 | 29.7 | 32.1 | ||||||||||||
Vector Pipeline |
4.1 | 4.3 | 13.4 | 15.9 | ||||||||||||
Enbridge Offshore Pipelines |
2.7 | 0.9 | 18.1 | 11.8 | ||||||||||||
14.2 | 12.9 | 61.2 | 59.8 | |||||||||||||
5
| Alliance Pipeline US earnings were lower in 2006 primarily due to the stronger Canadian dollar, which had less of an impact in the fourth quarter as the exchange rate was more consistent with the prior year. |
| Vector Pipeline earnings were also impacted by the stronger Canadian dollar and higher operating costs in the second and third quarters of 2006 due to scheduled integrity inspections required by the regulator within the first six years of operation. |
| Enbridge Offshore Pipelines volumes returned to 2005 pre-hurricane levels during the second quarter of 2006, resulting in increased earnings compared with 2005. The 2006 improvement was partially offset by the impact of the stronger Canadian dollar and, in the fourth quarter, by reduced throughput. |
Three months ended | Year ended | |||||||||||||||
(millions of Canadian dollars) | December 31, | December 31, | ||||||||||||||
2006 | 2005 | 2006 | 2005 | |||||||||||||
Enbridge Income Fund (EIF) |
10.0 | 8.4 | 37.8 | 34.2 | ||||||||||||
Enbridge Energy Partners (EEP) |
11.5 | 7.8 | 43.0 | 21.7 | ||||||||||||
Dilution gains in EEP |
| 4.3 | | 8.9 | ||||||||||||
Revalue future income taxes due to tax rate
changes |
| | 6.0 | | ||||||||||||
21.5 | 20.5 | 86.8 | 64.8 | |||||||||||||
| EIFs contribution was comparable with the prior year and reflected modest earnings growth at EIF. The increase in earnings reflected lower tax on distributions received from EIF. |
| EEPs 2006 results improved significantly, despite the stronger Canadian dollar, and reflected considerably higher liquids throughput on the Lakehead System, higher margins and increased volumes in the natural gas gathering and processing businesses in addition to a higher Enbridge ownership interest. The 2006 results also included $6.5 million (net to Enbridge) of unrealized mark-to-market gains (2005 $5.0 million of losses) on derivative financial instruments that do not qualify for hedge accounting treatment (gain of $1.4 million in the fourth quarter of 2006 and a loss of $0.9 million in the fourth quarter of 2005). |
| EEP issued partnership units in the first and fourth quarters of 2005 and because Enbridge did not fully participate in these offerings, dilution gains resulted. While new units were issued by EEP in the third quarter of 2006, no dilution gains resulted as Enbridge participated in the offering, increasing Enbridges ownership interest in EEP from 10.9% to 16.6%. |
Three months ended | Year ended | |||||||||||||||
(millions of Canadian dollars) | December 31, | December 31, | ||||||||||||||
2006 | 2005 | 2006 | 2005 | |||||||||||||
Enbridge Gas Distribution (EGD) |
36.4 | 56.5 | 61.8 | 111.9 | ||||||||||||
Noverco |
11.5 | 6.6 | 22.7 | 28.3 | ||||||||||||
CustomerWorks/ECS |
2.8 | 4.3 | 18.8 | 23.2 | ||||||||||||
Other Gas Distribution |
2.4 | 1.8 | 6.5 | 6.7 | ||||||||||||
Enbridge Gas New Brunswick |
2.7 | 2.3 | 9.8 | 6.1 | ||||||||||||
Gas Services |
(0.3 | ) | 1.1 | (1.5 | ) | 0.2 | ||||||||||
Aux Sable |
9.7 | (0.9 | ) | 25.8 | 5.3 | |||||||||||
Other |
4.4 | (2.8 | ) | 5.4 | (2.9 | ) | ||||||||||
Revalue future income taxes due to tax rate
changes |
| | 28.9 | | ||||||||||||
69.6 | 68.9 | 178.2 | 178.8 | |||||||||||||
| EGDs distribution volumes and earnings in 2006 were impacted by warmer than normal weather in Ontario which reduced earnings by $36.9 million, whereas weather in 2005 approximated normal |
6
weather and did not impact earnings. Weather in the fourth quarter of both years was also warmer than normal, reducing earnings by $6.7 million in 2006 and by $1.5 million in 2005. | ||
| EGD earnings were also reduced by a lower allowed rate of return on common equity, partially offset by a higher rate base. These factors had a more pronounced effect in the first and fourth quarters as those are high volume distribution periods. | |
| EGDs earnings are also affected by variances from the forecast cost of service, including operating and maintenance costs. EGDs costs can vary from quarter to quarter due to many factors including weather, project timelines and the timing of operating and capital expenditures. This provided a negative earnings effect in the fourth quarter of 2006 in contrast with a positive effect in 2005. | |
| Noverco earnings were higher in the fourth quarter compared with the prior year due to a $4.0 million dilution gain from a Gaz Metro LP unit issuance in which Noverco did not participate. In addition, the first quarter of the prior year included a $7.3 million dilution gain. Excluding dilution gains, earnings from Noverco were lower in 2006 as the prior year included a future income tax recovery stemming from the receipt of a significant cash dividend. | |
| Enbridge Gas New Brunswick earnings increased as debt was settled through the issuance of equity, during the third and fourth quarters of 2005, resulting in a higher equity base throughout 2006. | |
| Aux Sable entered into an output arrangement effective January 1, 2006, that substantially eliminated all negative earnings variability. Aux Sable now receives a fixed annual fee and a variable upside sharing fee above a certain margin level measured on an annual basis. Fractionation margins were very positive throughout 2006 and as a result, earnings from the upside sharing mechanism account for the majority of earnings from Aux Sable both in the fourth quarter and year to date. | |
| Other earnings included an increased contribution from Tidal Energy, which resulted from the expansion of the business into the U.S. at the end of 2005 and increased earnings from its physical storage program. |
Three months ended | Year ended | |||||||||||||||
(millions of Canadian dollars) | December 31, | December 31, | ||||||||||||||
2006 | 2005 | 2006 | 2005 | |||||||||||||
CLH |
12.0 | 21.8 | 54.5 | 61.6 | ||||||||||||
OCENSA/CITCol |
9.2 | 8.4 | 33.9 | 32.8 | ||||||||||||
Other |
(2.2 | ) | (2.4 | ) | (5.2 | ) | (7.0 | ) | ||||||||
19.0 | 27.8 | 83.2 | 87.4 | |||||||||||||
| Earnings from CLH for 2005 included a $7.6 million gain on the sale of land, recorded in the fourth quarter. |
Three months ended | Year ended | |||||||||||||||
(millions of Canadian dollars) | December 31, | December 31, | ||||||||||||||
2006 | 2005 | 2006 | 2005 | |||||||||||||
Corporate |
(24.4 | ) | (17.0 | ) | (82.2 | ) | (63.9 | ) | ||||||||
Revalue future income taxes due to tax rate
changes |
| | 14.0 | | ||||||||||||
(24.4 | ) | (17.0 | ) | (68.2 | ) | (63.9 | ) | |||||||||
| The increase in Corporate costs was due to a number of factors including higher interest expense as a portion of the Companys floating rate debt was repaid through the issuance of long-term fixed rate debt as well as higher business development activity and the impact of a strong labour market on compensation expense. |
7
Enbridge Contacts: |
||
Media
|
Investment Community | |
Glenn Herchak
|
Bob Rahn | |
(403) 266-7906
|
(403) 231-7398 | |
E-mail: glenn.herchak@enbridge.com
|
E-mail: bob.rahn@enbridge.com |
8
Three months ended | Year ended | |||||||||||||||
(unaudited; millions of Canadian dollars, except per share amounts) | December 31, | December 31, | ||||||||||||||
2006 | 2005 | 2006 | 2005 | |||||||||||||
Earnings Applicable to Common Shareholders |
||||||||||||||||
Liquids Pipelines |
71.2 | 60.9 | 274.2 | 229.1 | ||||||||||||
Gas Pipelines |
14.2 | 12.9 | 61.2 | 59.8 | ||||||||||||
Sponsored Investments |
21.5 | 20.5 | 86.8 | 64.8 | ||||||||||||
Gas Distribution and Services |
69.6 | 68.9 | 178.2 | 178.8 | ||||||||||||
International |
19.0 | 27.8 | 83.2 | 87.4 | ||||||||||||
Corporate |
(24.4 | ) | (17.0 | ) | (68.2 | ) | (63.9 | ) | ||||||||
171.1 | 174.0 | 615.4 | 556.0 | |||||||||||||
Cash Flow Data |
||||||||||||||||
Cash provided by operating activities |
145.4 | 10.3 | 1,297.7 | 947.0 | ||||||||||||
Expenditures on property, plant and equipment |
522.9 | 368.7 | 1,185.3 | 724.1 | ||||||||||||
Acquisitions and long-term investments |
15.5 | 30.0 | 463.7 | 178.5 | ||||||||||||
Common share dividends |
101.1 | 100.4 | 403.1 | 361.1 | ||||||||||||
Per Share Information |
||||||||||||||||
Earnings per Common Share |
0.50 | 0.52 | 1.81 | 1.65 | ||||||||||||
Diluted Earnings per Common Share |
0.49 | 0.51 | 1.79 | 1.63 | ||||||||||||
Dividends per Common Share |
0.29 | 0.29 | 1.15 | 1.04 | ||||||||||||
Shares Outstanding (millions) |
||||||||||||||||
Weighted Average Common Shares Outstanding |
340.0 | 337.4 | ||||||||||||||
Diluted Weighted Average Common Shares Outstanding |
343.3 | 341.2 | ||||||||||||||
Operating |
||||||||||||||||
Liquids Pipelines1 |
||||||||||||||||
Deliveries (thousands of barrels per day) |
2,303 | 2,093 | 2,166 | 2,008 | ||||||||||||
Barrel miles (billions) |
215 | 182 | 794 | 695 | ||||||||||||
Average haul (miles) |
1,014 | 947 | 1,004 | 949 | ||||||||||||
Gas Pipelines Average Daily Throughput Volume |
||||||||||||||||
(millions of cubic feet per day) |
||||||||||||||||
Alliance Pipeline US |
1,583 | 1,568 | 1,592 | 1,597 | ||||||||||||
Vector Pipeline |
1,018 | 1,078 | 1,015 | 1,033 | ||||||||||||
Enbridge Offshore Pipelines |
2,048 | 1,551 | 2,153 | 2,102 | ||||||||||||
Gas Distribution and Services2 |
||||||||||||||||
Volumes (billion cubic feet) |
123 | 129 | 408 | 438 | ||||||||||||
Number of active customers (thousands) |
1,852 | 1,805 | 1,852 | 1,805 | ||||||||||||
Degree day deficiency3 |
||||||||||||||||
Actual |
1,165 | 1,274 | 3,355 | 3,750 | ||||||||||||
Forecast based on normal weather |
1,247 | 1,247 | 3,745 | 3,747 |
1. | Liquids Pipelines operating highlights include the statistics of the 16.6% owned Lakehead System and other wholly-owned Liquid Pipeline operations, excluding Spearhead Pipeline and Athabasca Pipeline. | |
2. | Gas Distribution and Services volumes and the number of active customers are derived from the aggregate system supply and direct purchase gas supply arrangements. | |
3. | Degree-day deficiency is a measure of coldness which is indicative of volumetric requirements of natural gas utilized for heating purposes. It is calculated by accumulating for each day in the period the total number of degrees each day by which the daily mean temperature falls below 18 degrees Celsius. The figures given are those accumulated in the Greater Toronto Area. |
9
Three months ended | Year ended | |||||||||||||||
December 31, | December 31, | |||||||||||||||
(unaudited; millions of Canadian dollars, except per share amounts ) | 2006 | 2005 | 2006 | 2005 | ||||||||||||
Revenues |
||||||||||||||||
Commodity sales |
2,123.0 | 2,085.5 | 8,264.5 | 6,193.5 | ||||||||||||
Transportation |
579.4 | 498.8 | 2,095.1 | 1,938.1 | ||||||||||||
Energy services |
83.3 | 83.5 | 284.9 | 321.5 | ||||||||||||
2,785.7 | 2,667.8 | 10,644.5 | 8,453.1 | |||||||||||||
Expenses |
||||||||||||||||
Commodity costs |
1,974.6 | 1,938.5 | 7,824.6 | 5,728.4 | ||||||||||||
Operating and administrative |
324.3 | 275.6 | 1,084.2 | 1,057.6 | ||||||||||||
Depreciation and amortization |
149.8 | 147.8 | 587.4 | 575.3 | ||||||||||||
2,448.7 | 2,361.9 | 9,496.2 | 7,361.3 | |||||||||||||
337.0 | 305.9 | 1,148.3 | 1,091.8 | |||||||||||||
Income from Equity Investments |
46.3 | 44.2 | 180.3 | 116.8 | ||||||||||||
Other Investment Income |
24.4 | 54.6 | 107.8 | 142.4 | ||||||||||||
Interest Expense |
(149.8 | ) | (136.8 | ) | (567.1 | ) | (539.2 | ) | ||||||||
257.9 | 267.4 | 869.3 | 811.8 | |||||||||||||
Non-Controlling Interests |
(8.1 | ) | (11.1 | ) | (54.7 | ) | (27.6 | ) | ||||||||
249.8 | 256.8 | 814.6 | 784.2 | |||||||||||||
Income Taxes |
(76.9 | ) | (81.0 | ) | (192.3 | ) | (221.3 | ) | ||||||||
Earnings |
172.9 | 175.8 | 622.3 | 562.9 | ||||||||||||
Preferred Share Dividends |
(1.8 | ) | (1.8 | ) | (6.9 | ) | (6.9 | ) | ||||||||
Earnings Applicable to Common Shareholders |
171.1 | 174.0 | 615.4 | 556.0 | ||||||||||||
Earnings Per Common Share |
0.50 | 0.52 | 1.81 | 1.65 | ||||||||||||
Diluted Earnings Per Common Share |
0.49 | 0.51 | 1.79 | 1.63 | ||||||||||||
(unaudited; millions of Canadian dollars) | ||||||||
Year ended December 31, | 2006 | 2005 | ||||||
Retained Earnings at Beginning of Year |
2,098.2 | 1,840.9 | ||||||
Earnings Applicable to Common Shareholders |
615.4 | 556.0 | ||||||
Common Share Dividends |
(403.1 | ) | (361.1 | ) | ||||
Dividends Paid to Reciprocal Shareholder |
12.2 | 11.2 | ||||||
Dividend Reclassification Adjustment |
| 51.2 | ||||||
Retained Earnings at End of Year |
2,322.7 | 2,098.2 | ||||||
10
Three months ended | Year ended | |||||||||||||||
December 31, | December 31, | |||||||||||||||
(unaudited; millions of Canadian dollars) | 2006 | 2005 | 2006 | 2005 | ||||||||||||
Cash Provided By Operating Activities |
||||||||||||||||
Earnings |
172.8 | 175.8 | 622.3 | 562.9 | ||||||||||||
Depreciation and amortization |
149.8 | 147.8 | 587.4 | 575.3 | ||||||||||||
Equity earnings less than/(in excess of) cash distributions |
8.8 | 2.0 | (54.2 | ) | 63.3 | |||||||||||
Gain on reduction of ownership interest |
| (13.4 | ) | | (29.0 | ) | ||||||||||
Future income taxes |
31.7 | 67.6 | (21.0 | ) | 108.1 | |||||||||||
Other |
5.5 | 5.0 | 36.5 | 20.3 | ||||||||||||
Changes in operating assets and liabilities |
(223.3 | ) | (374.5 | ) | 126.7 | (353.9 | ) | |||||||||
145.4 | 10.3 | 1,297.7 | 947.0 | |||||||||||||
Investing Activities |
||||||||||||||||
Acquisitions |
| (2.2 | ) | (101.4 | ) | (88.6 | ) | |||||||||
Long-term investments |
(15.5 | ) | (27.8 | ) | (362.3 | ) | (89.9 | ) | ||||||||
Additions to property, plant and equipment |
(522.9 | ) | (368.7 | ) | (1,185.3 | ) | (724.1 | ) | ||||||||
Affiliate loans |
| 0.8 | 28.0 | 0.7 | ||||||||||||
Change in construction payable |
54.5 | 27.8 | 41.0 | 25.4 | ||||||||||||
(483.9 | ) | (370.1 | ) | (1,580.0 | ) | (876.5 | ) | |||||||||
Financing Activities |
||||||||||||||||
Net change in short-term borrowings and short-term debt |
17.8 | 207.5 | (78.7 | ) | (125.1 | ) | ||||||||||
Net change in non-recourse credit facilities |
62.9 | 5.6 | 57.7 | 11.0 | ||||||||||||
Long-term debt issues |
325.0 | 400.0 | 1,125.0 | 1,020.1 | ||||||||||||
Long-term debt repayments |
| (140.0 | ) | (400.0 | ) | (536.9 | ) | |||||||||
Non-recourse long-term debt issues |
| | 2.8 | 6.8 | ||||||||||||
Non-recourse long-term debt repayments |
(30.8 | ) | (30.3 | ) | (60.5 | ) | (85.1 | ) | ||||||||
Changes in non-controlling interests |
(5.9 | ) | 5.9 | (31.3 | ) | 1.4 | ||||||||||
Common shares issues |
14.1 | 6.8 | 63.1 | 53.7 | ||||||||||||
Preferred share dividends |
(1.8 | ) | (1.8 | ) | (6.9 | ) | (6.9 | ) | ||||||||
Common share dividends |
(101.1 | ) | (100.4 | ) | (403.1 | ) | (361.1 | ) | ||||||||
280.2 | 353.3 | 268.1 | (22.1 | ) | ||||||||||||
(Decrease)/Increase in Cash and Cash Equivalents |
(58.3 | ) | (6.5 | ) | (14.2 | ) | 48.4 | |||||||||
Cash and Cash Equivalents at Beginning of Period |
198.0 | 160.4 | 153.9 | 105.5 | ||||||||||||
Cash and Cash Equivalents at End of Period |
139.7 | 153.9 | 139.7 | 153.9 | ||||||||||||
11
(unaudited; millions of Canadian dollars) | ||||||||
December 31, | 2006 | 2005 | ||||||
Assets |
||||||||
Current Assets |
||||||||
Cash and cash equivalents |
139.7 | 153.9 | ||||||
Accounts receivable and other |
2,045.6 | 1,900.3 | ||||||
Inventory |
868.9 | 1,021.4 | ||||||
3,054.2 | 3,075.6 | |||||||
Property, Plant and Equipment, net |
11,264.7 | 10,510.1 | ||||||
Long-Term Investments |
2,299.4 | 1,842.8 | ||||||
Receivable from Affiliate |
| 177.0 | ||||||
Deferred Amounts and Other Assets |
924.5 | 850.7 | ||||||
Intangible Assets |
241.5 | 252.6 | ||||||
Goodwill |
394.9 | 367.2 | ||||||
Future Income Taxes |
200.1 | 134.9 | ||||||
18,379.3 | 17,210.9 | |||||||
Liabilities and Shareholders Equity |
||||||||
Current Liabilities |
||||||||
Short-term borrowings |
807.9 | 1,074.8 | ||||||
Accounts payable and other |
1,723.8 | 1,624.8 | ||||||
Interest payable |
95.1 | 81.7 | ||||||
Current maturities and short-term debt |
537.0 | 401.2 | ||||||
Current portion of non-recourse debt |
60.1 | 68.2 | ||||||
3,223.9 | 3,250.7 | |||||||
Long-Term Debt |
7,054.0 | 6,279.1 | ||||||
Non-Recourse Long-Term Debt |
1,622.0 | 1,619.9 | ||||||
Other Long-Term Liabilities |
91.1 | 91.7 | ||||||
Future Income Taxes |
1,062.5 | 1,009.0 | ||||||
Non-Controlling Interests |
715.2 | 691.0 | ||||||
13,768.7 | 12,941.4 | |||||||
Shareholders Equity |
||||||||
Share capital |
||||||||
Preferred shares |
125.0 | 125.0 | ||||||
Common shares |
2,416.1 | 2,343.8 | ||||||
Contributed surplus |
18.3 | 10.0 | ||||||
Retained earnings |
2,322.7 | 2,098.2 | ||||||
Foreign currency translation adjustment |
(135.8 | ) | (171.8 | ) | ||||
Reciprocal shareholding |
(135.7 | ) | (135.7 | ) | ||||
4,610.6 | 4,269.5 | |||||||
18,379.3 | 17,210.9 | |||||||
12
Gas | ||||||||||||||||||||||||||||
(unaudited; | Liquids | Gas | Sponsored | Distribution | ||||||||||||||||||||||||
millions of Canadian dollars) | Pipelines | Pipelines | Investments | and Services | International | Corporate | Consolidated | |||||||||||||||||||||
Revenues |
299.5 | 85.6 | 68.5 | 2,327.0 | 5.1 | | 2,785.7 | |||||||||||||||||||||
Commodity costs |
| | | (1,974.6 | ) | | | (1,974.6 | ) | |||||||||||||||||||
Operating and administrative |
(127.5 | ) | (24.3 | ) | (21.4 | ) | (133.4 | ) | (5.7 | ) | (12.0 | ) | (324.3 | ) | ||||||||||||||
Depreciation and amortization |
(38.9 | ) | (21.6 | ) | (18.4 | ) | (70.3 | ) | (0.2 | ) | (0.4 | ) | (149.8 | ) | ||||||||||||||
133.1 | 39.7 | 28.7 | 148.7 | (0.8 | ) | (12.4 | ) | 337.0 | ||||||||||||||||||||
Income from equity investments |
(0.3 | ) | | 26.2 | 8.7 | 11.9 | (0.2 | ) | 46.3 | |||||||||||||||||||
Other investment income |
0.3 | 0.9 | 0.8 | 2.5 | 9.6 | 10.3 | 24.4 | |||||||||||||||||||||
Interest and preferred share
dividends |
(26.8 | ) | (18.0 | ) | (15.3 | ) | (54.1 | ) | | (37.4 | ) | (151.6 | ) | |||||||||||||||
Non-controlling interest |
(0.2 | ) | | (6.7 | ) | (1.2 | ) | | | (8.1 | ) | |||||||||||||||||
Income taxes |
(34.9 | ) | (8.4 | ) | (12.2 | ) | (35.0 | ) | (1.7 | ) | 15.3 | (76.9 | ) | |||||||||||||||
Earnings applicable to common
shareholders |
71.2 | 14.2 | 21.5 | 69.6 | 19.0 | (24.4 | ) | 171.1 | ||||||||||||||||||||
Gas | ||||||||||||||||||||||||||||
(unaudited; | Liquids | Gas | Sponsored | Distribution | ||||||||||||||||||||||||
millions of Canadian dollars) | Pipelines | Pipelines | Investments | and Services | International | Corporate | Consolidated | |||||||||||||||||||||
Revenues |
232.3 | 85.6 | 63.7 | 2,282.8 | 3.4 | | 2,667.8 | |||||||||||||||||||||
Commodity costs |
| | | (1,938.5 | ) | | | (1,938.5 | ) | |||||||||||||||||||
Operating and administrative |
(83.4 | ) | (25.5 | ) | (16.6 | ) | (135.8 | ) | (5.8 | ) | (8.5 | ) | (275.6 | ) | ||||||||||||||
Depreciation and amortization |
(34.9 | ) | (24.3 | ) | (18.3 | ) | (69.0 | ) | (0.4 | ) | (0.9 | ) | (147.8 | ) | ||||||||||||||
114.0 | 35.8 | 28.8 | 139.5 | (2.8 | ) | (9.4 | ) | 305.9 | ||||||||||||||||||||
Income from equity investments |
0.2 | | 20.5 | 3.6 | 19.9 | | 44.2 | |||||||||||||||||||||
Other investment income |
(0.2 | ) | 4.3 | 12.1 | 12.8 | 11.6 | 14.0 | 54.6 | ||||||||||||||||||||
Interest and preferred share
dividends |
(23.5 | ) | (19.3 | ) | (15.3 | ) | (46.9 | ) | | (33.6 | ) | (138.6 | ) | |||||||||||||||
Non-controlling interest |
(0.5 | ) | | (9.1 | ) | (1.5 | ) | | | (11.1 | ) | |||||||||||||||||
Income taxes |
(29.1 | ) | (7.9 | ) | (16.5 | ) | (38.6 | ) | (0.9 | ) | 12.0 | (81.0 | ) | |||||||||||||||
Earnings applicable to common
shareholders |
60.9 | 12.9 | 20.5 | 68.9 | 27.8 | (17.0 | ) | 174.0 | ||||||||||||||||||||
13
Gas | ||||||||||||||||||||||||||||
(unaudited; | Liquids | Gas | Sponsored | Distribution | ||||||||||||||||||||||||
millions of Canadian dollars) | Pipelines | Pipelines | Investments | and Services | International | Corporate | Consolidated | |||||||||||||||||||||
Revenues |
1,048.1 | 345.9 | 254.7 | 8,981.6 | 14.2 | | 10,644.5 | |||||||||||||||||||||
Commodity costs |
| | | (7,824.6 | ) | | | (7,824.6 | ) | |||||||||||||||||||
Operating and administrative |
(391.2 | ) | (96.0 | ) | (67.7 | ) | (485.8 | ) | (18.2 | ) | (25.3 | ) | (1,084.2 | ) | ||||||||||||||
Depreciation and amortization |
(153.4 | ) | (87.5 | ) | (71.9 | ) | (269.1 | ) | (0.9 | ) | (4.6 | ) | (587.4 | ) | ||||||||||||||
503.5 | 162.4 | 115.1 | 402.1 | (4.9 | ) | (29.9 | ) | 1,148.3 | ||||||||||||||||||||
Income from equity investments |
(0.2 | ) | | 111.5 | 17.0 | 52.2 | (0.2 | ) | 180.3 | |||||||||||||||||||
Other investment income |
3.2 | 9.2 | 2.9 | 17.8 | 45.2 | 29.5 | 107.8 | |||||||||||||||||||||
Interest and preferred share
dividends |
(102.4 | ) | (73.3 | ) | (60.0 | ) | (197.8 | ) | | (140.5 | ) | (574.0 | ) | |||||||||||||||
Non-controlling interest |
(1.6 | ) | | (48.0 | ) | (5.1 | ) | | | (54.7 | ) | |||||||||||||||||
Income taxes |
(128.3 | ) | (37.1 | ) | (34.7 | ) | (55.8 | ) | (9.3 | ) | 72.9 | (192.3 | ) | |||||||||||||||
Earnings applicable to common
shareholders |
274.2 | 61.2 | 86.8 | 178.2 | 83.2 | (68.2 | ) | 615.4 | ||||||||||||||||||||
Gas | ||||||||||||||||||||||||||||
(unaudited; | Liquids | Gas | Sponsored | Distribution | ||||||||||||||||||||||||
millions of Canadian dollars) | Pipelines | Pipelines | Investments | and Services | International | Corporate | Consolidated | |||||||||||||||||||||
Revenues |
881.0 | 364.3 | 249.0 | 6,947.1 | 11.7 | | 8,453.1 | |||||||||||||||||||||
Commodity costs |
| | | (5,728.4 | ) | | | (5,728.4 | ) | |||||||||||||||||||
Operating and administrative |
(311.4 | ) | (95.5 | ) | (60.1 | ) | (549.3 | ) | (17.5 | ) | (23.8 | ) | (1,057.6 | ) | ||||||||||||||
Depreciation and amortization |
(145.6 | ) | (94.3 | ) | (71.5 | ) | (257.3 | ) | (1.2 | ) | (5.4 | ) | (575.3 | ) | ||||||||||||||
424.0 | 174.5 | 117.4 | 412.1 | (7.0 | ) | (29.2 | ) | 1,091.8 | ||||||||||||||||||||
Income from equity investments |
0.8 | | 48.6 | 8.9 | 58.5 | | 116.8 | |||||||||||||||||||||
Other investment income |
0.4 | 5.9 | 27.3 | 30.6 | 39.7 | 38.5 | 142.4 | |||||||||||||||||||||
Interest and preferred share
dividends |
(96.5 | ) | (81.9 | ) | (61.8 | ) | (178.8 | ) | | (127.1 | ) | (546.1 | ) | |||||||||||||||
Non-controlling interest |
(2.1 | ) | | (21.2 | ) | (3.8 | ) | (0.5 | ) | | (27.6 | ) | ||||||||||||||||
Income taxes |
(97.5 | ) | (38.7 | ) | (45.5 | ) | (90.2 | ) | (3.3 | ) | 53.9 | (221.3 | ) | |||||||||||||||
Earnings applicable to common
shareholders |
229.1 | 59.8 | 64.8 | 178.8 | 87.4 | (63.9 | ) | 556.0 | ||||||||||||||||||||
14