Enbridge Reports Another Excellent Year; Robust Outlook for Growth.CALGARY Calgary (kăl`gərē), city (1991 pop. 710,677), S Alta., Canada, at the confluence of the Bow and Elbow rivers. The largest city in Alberta and the fastest-growing major city in Canada, Calgary is a corporate, transportation, and financial , Alberta Alberta (ălbûr`tə), province (2001 pop. 2,974,807), 255,285 sq mi (661,188 sq km), including 6,485 sq mi (16,796 sq km) of water surface, W Canada. -- Enbridge Enbridge TSX: ENB NYSE: ENB is a Calgary, Alberta based company which is focused on three core businesses: crude oil and liquids pipelines, natural gas pipelines, and natural gas distribution. The company has over 4,000 employees, mostly in Canada, the U.S. Inc. (TSX TSX Toronto Stock Exchange (TSE before April, 2002) TSX Transfer from Stack Pointer to Index TSX True Space Extension :ENB) (NYSE NYSE See: New York Stock Exchange :ENB) : Highlights - 2005 reported earnings of $556 million - Adjusted operating earnings Operating Earnings Profits after subtracting expenses such as marketing, cost of goods sold, administration and general operating costs from revenue. Notes: Tax and interest expenses are not subtracted - operating earnings are synonymous with EBIT (earnings before increase 10% for the year ended December December: see month. 31, 2005 - Adjusted operating earnings for the fourth quarter increase 6% to $162.7 million - Continued progress on numerous strategic projects - During 2005, dividends per common share increased 25.7% to an annual rate of $1.15 "2005 was yet another good year as adjusted earnings per common share increased 8% to $1.59", said Patrick D. Daniel Daniel, book of the Bible Daniel, book of the Bible. It combines "court" tales, perhaps originating from the 6th cent. B.C., and a series of apocalyptic visions arising from the time of the Maccabean emergency (167–164 B.C. , President & Chief Executive Officer. "This result is excellent, particularly in light of the two severe hurricanes that affected our offshore Gulf assets." "Our existing business is strong and diverse. For the future, we are advancing a significant number of new pipeline projects. These opportunities are underpinned by robust supply and demand fundamentals, increasing production from the oil sands and strong relationships with our shippers. The combination of Enbridge's long term growth, low risk profile and dividend payout pay·out n. 1. The act or an instance of paying out. 2. A percentage of corporate earnings that is paid as dividends to shareholders. provides our investors with an attractive value proposition." Mr. Daniel concluded, "Based on our outlook for 2006, it is our expectation that adjusted operating earnings will be in the range of $1.65 to $1.75 per common share." Strategic Growth Projects Enbridge will continue to supplement organic growth with selective strategic acquisitions such as the Enbridge Offshore Pipelines natural gas system acquired for $754 million at the end of 2004, and the 65% interest in the Olympic O·lym·pic adj. Of or relating to the Olympic Games. Olympic Adjective of the Olympic Games Adj. 1. Olympic - of or relating to the Olympic Games; "Olympic winners" 2. Pipeline refined products system for US$100 million, which closed February February: see month. 1, 2006. However, the Company's primary engine of growth is its substantial portfolio of organic projects spanning liquids pipelines, gas pipelines and new growth platforms This article or section needs sources or references that appear in reliable, third-party publications. Alone, primary sources and sources affiliated with the subject of this article are not sufficient for an accurate encyclopedia article. . Mr. Daniel commented, "Looking beyond 2006 we have a very substantial number of organic projects, both secured and under development, which will drive growth in earnings per share. In our Liquids Pipelines business alone we have in excess of $8 billion of investment opportunities between Enbridge and Enbridge Energy Partners. We achieved substantial progress in advancing these opportunities in 2005, including finalization Writing the table of contents (TOC) on a recordable CD or DVD disc. The finalization process ensures that the disc can be played back on most CD and DVD players. See disc-at-once. of shipper SHIPPER. One who ships or puts goods on board of a vessel, to be carried to another place during her voyage. In general, the shipper is bound to pay for the hire of the vessel, or the freight of the goods. 1 Bouv. Inst. n. 1030. agreements on the $400 million Waupisoo Pipeline; and confirmation of shipper support for both the Gateway Petroleum Export Pipeline and Condensate condensate, matter in the form of a gas of atoms, molecules, or elementary particles that have been so chilled that their motion is virtually halted and as a consequence they lose their separate identities and merge into a single entity. Import Pipeline, with plans to increase the diameter diameter - The diameter of a graph is the maximum value of the minimum distance between any two nodes. of both. Our major initiative on expanding capacity to markets in the U.S. Midwest Midwest or Middle West, region of the United States centered on the western Great Lakes and the upper-middle Mississippi valley. It is a somewhat imprecise term that has been applied to the northern section of the land between the Appalachians is gaining considerable momentum. The US$190 million Spearhead project from Chicago Chicago, city, United States Chicago (shĭkä`gō, shĭkô`gō), city (1990 pop. 2,783,726), seat of Cook co., NE Ill., on Lake Michigan; inc. 1837. to Cushing, Oklahoma Cushing is a city in Payne County, Oklahoma, United States. The population was 8,371 at the 2000 census. Geography Cushing is located at (35.982628, -96.764171)GR1. , will come into service March 1 of this year providing, for the first time, an economic path for substantial volumes of Canadian Canadian (kənā`dēən), river, 906 mi (1,458 km) long, rising in NE New Mexico. and flowing E across N Texas and central Oklahoma into the Arkansas River in E Oklahoma. crude oil to penetrate the most significant trading hub in the U.S. Based on initial nominations, we expect this line to rapidly achieve throughput The speed with which a computer processes data. It is a combination of internal processing speed, peripheral speeds (I/O) and the efficiency of the operating system and other system software all working together. 1. levels approaching initial capacity of 125,000 bpd. We are in active discussions with shippers seeking a near term expansion of the line. The Southern Access Expansion project being undertaken by Enbridge and EEP EEP Export Enhancement Program EEP Ecosystem Enhancement Program EEP Early Entrance Program (University of Washington) EEP Equal Error Protection EEP Einstein Equivalence Principle EEP Emergency Evacuation Plan is well underway with full producer support for all three phases, aggregating an increase in capacity of 400,000 bpd from Hardisty to Chicago by 2009, at a total cost of US$950 million. Discussions with the Canadian Association of Petroleum Producers on increasing the diameter of the new line from Superior, Wisconsin Wisconsin, state, United States Wisconsin (wĭskŏn`sən, –sĭn), upper midwestern state of the United States. It is bounded by Lake Superior and the Upper Peninsula of Michigan, from which it is divided by the Menominee to Chicago will conclude shortly. Discussions will then focus on the US$250-$320 million Southern Access extension from Chicago to Patoka Patoka may mean:
Wood River is located at (38.863047, -90.088527). . We are continuing to respond to strong shipper interest in this path. We anticipate that additional capacity to the U.S. Midwest, over and above Southern Access, will be required. We have been actively developing the next tranche Tranche One of several related securities offered at the same time. Tranches from the same offering usually have different risk, reward, and/or maturity characteristics. tranche A class of bonds. of mainline mainline Drug slang verb To inject a drug expansion capacity, the Alberta Clipper An Alberta clipper, also known as a Canadian Clipper, is a fast moving low pressure area which generally affects the central provinces of Canada and parts of the Upper Midwest and Great Lakes regions of the United States[1]. Pipeline, with selected shippers. The Alberta Clipper project involves a new 36" line from Hardisty, Alberta Hardisty, Alberta is a town in Flagstaff County in Alberta, Canada. It is located in east-central Alberta, km ( mi) from the Saskatchewan border, near the crossroads of Highway 13 and Highway 881, in the Battle River Valley. to Superior, Wisconsin where it will interconnect (1) To attach one device to another. (2) A physical port (plug, socket) or wireless port (transmitter, receiver) used to attach one device to another. with the existing mainline system to provide access to our full range of delivery points and storage options, including Chicago, Toledo Toledo, city, Spain Toledo, city (1990 pop. 60,671), capital of Toledo province, central Spain, in Castile–La Mancha, on a granite hill surrounded on three sides by a gorge of the Tagus River. , Sarnia Sarnia, city (1991 pop. 74,376), S Ont., Canada, on the St. Clair River, at the south end of Lake Huron and opposite Port Huron, Mich. The two cities are connected by a railroad tunnel, and there is a bridge between Port Huron and Point Edward, just N of Sarnia. , Patoka, Wood River and Cushing Cush·ing , Harvey Williams 1869-1939. American surgeon known for his innovations in the field of neurosurgery and for his studies of the pituitary gland. . The line would involve an investment of US$1.6 billion ($2005) for an initial capacity of 400,000 bpd. We believe that this will provide the lowest toll and greatest delivery and storage flexibility for shippers seeking additional capacity to the Midwest. It is a project with no unusual regulatory reg·u·late tr.v. reg·u·lat·ed, reg·u·lat·ing, reg·u·lates 1. To control or direct according to rule, principle, or law. 2. or execution risks and can be timed accurately to provide capacity when required. Shipper interest to date has been strong, and we will expand these discussions during the first quarter of 2006 to seek broad industry support for the Alberta Clipper Pipeline project. Enbridge and EEP have also secured US$655 million of natural gas pipeline investment opportunities, including EEP's recently announced US$530 million East Texas project. We have a further $680 million of new growth platform opportunities under development including the $400 million Ontario Ontario, city, United States Ontario, city (1990 pop. 133,179), San Bernardino co., S Calif., near Los Angeles, in a region of vineyards; inc. 1891. Wind Power project." Mr. Daniel concluded, "In combination these opportunities would easily support our 6% average annual organic growth target over the next five years, with upside Upside The potential dollar amount by which the market or a stock could rise. Notes: This is basically an educated guess on how high a stock could go in the near future. See also: Bull, Downside toward the end of the period." Dividend Declaration On February 1, 2006, the Board of Directors declared de·clare v. de·clared, de·clar·ing, de·clares v.tr. 1. To make known formally or officially. See Synonyms at announce. 2. To state emphatically or authoritatively; affirm. 3. quarterly dividends of $0.2875 per common share on a post-split basis, reflecting the 15% dividend increase announced November November: see month. 3, 2005, as well as $0.34375 per Series A Preferred Share. Both dividends are payable on March 1, 2006 to shareholders of record on February 15, 2006. Organizational Changes The Board of Directors also announced changes to the Board and to the senior management team. Louis Louis, titular duke of Burgundy Louis, 1682–1712, titular duke of Burgundy; grandson of King Louis XIV of France. He became heir to the throne on the death (1711) of his father, Louis the Great Dauphin. D. Hyndman Hyndman is a surname and may refer to:
tr.v. nom·i·nat·ed, nom·i·nat·ing, nom·i·nates 1. To propose by name as a candidate, especially for election. 2. To designate or appoint to an office, responsibility, or honor. for election to the Board at that meeting. Mr. Tutcher, currently Group Vice President, Transportation South, and Mel F. Belich, Group Vice President, Corporate Law, will both retire as officers of Enbridge Inc. effective May 1, 2006. The following three senior management changes will also be effective May 1, 2006: - Stephen Stephen, 1097?–1154, king of England (1135–54). The son of Stephen, count of Blois and Chartres, and Adela, daughter of William I of England, he was brought up by his uncle, Henry I of England, who presented him with estates in England and France and J.J. Letwin will be appointed ap·point tr.v. ap·point·ed, ap·point·ing, ap·points 1. To select or designate to fill an office or a position: appointed her the chief operating officer of the company. 2. Executive Vice President, Gas Transportation and International, responsible for all aspects of Enbridge's natural gas business, and will relocate re·lo·cate v. re·lo·cat·ed, re·lo·cat·ing, re·lo·cates v.tr. To move to or establish in a new place: relocated the business. v.intr. to Houston, Texas “Houston” redirects here. For other uses, see Houston (disambiguation). Houston (pronounced /'hjuːstən/) is the largest city in the state of Texas and the . He will also have overall responsibility for Enbridge Energy Partners, L.P. - Stephen J. Wuori will be appointed Executive Vice President, Chief Financial Officer and Corporate Development. He will also continue to have responsibility for the Enbridge Income Fund. - J. Richard Bird The name Richard Bird may refer to:
Earnings applicable to common shareholders are $556.0 million for the year ended December 31, 2005, or $1.65 per share, compared with $645.3 million, or $1.93 per share, in 2004. The $89.3 million decrease in earnings is primarily the result of the sale of the investment in AltaGas in 2004, which had resulted in an after-tax af·ter-tax also af·ter·tax adj. Relating to or being that which remains after payment, especially of income taxes: after-tax profits. gain of $97.8 million, as well as the absence of its earnings in 2005. Earnings for 2004 also included 15 months of earnings for gas distribution utilities, reflecting the change in year end for those entities. Positive factors in 2005 include the earnings contribution from the recently acquired Enbridge Offshore Pipelines, higher contribution from the gas distribution utility and lower interest expense. Fourth quarter earnings for 2005 are $174.0 million, or $0.52 per share, compared with $104.8 million, or $0.31 per share, in 2004. Although the prior year quarter includes six months of earnings for the gas distribution utilities, the additional quarter (July July: see month. - September September: see month. ) is seasonally a summer loss quarter, and reduced earnings in the fourth quarter of 2004. In addition, a higher rate base and other positive variances at the gas distribution utility increased earnings.
Consolidated Earnings
Three months ended Year ended
(millions of Canadian dollars) December 31, December 31,
---------------------------------------------------------------------
2005 2004 2005 2004
--------------------------------------
Liquids Pipelines 60.9 52.0 229.1 219.9
Gas Pipelines 12.9 14.6 59.8 53.8
Sponsored Investments 20.5 16.7 64.8 66.2
Gas Distribution and Services(1) 68.9 16.6 178.8 313.1
International 27.8 20.0 87.4 73.6
Corporate (17.0) (15.1) (63.9) (81.3)
--------------------------------------
174.0 104.8 556.0 645.3
--------------------------------------
--------------------------------------
(1) The three months ended December 31, 2004 include earnings for the
six months ended December 31, 2004 for Enbridge Gas Distribution
(EGD), Noverco and other gas distribution entities. The year
ended December 31, 2004 includes earnings for the 15 months ended
December 31, 2004 for the same entities. This results from the
elimination of the quarter lag basis of consolidation described
below.
Non-GAAP Measures This news release contains references to adjusted operating earnings, which represent earnings applicable to common shareholders adjusted for non-operating factors. This is not a measure that has a standardized standardized pertaining to data that have been submitted to standardization procedures. standardized morbidity rate see morbidity rate. standardized mortality rate see mortality rate. meaning prescribed pre·scribe v. pre·scribed, pre·scrib·ing, pre·scribes v.tr. 1. To set down as a rule or guide; enjoin. See Synonyms at dictate. 2. To order the use of (a medicine or other treatment). by Canadian generally accepted accounting principles The standard accounting rules, regulations, and procedures used by companies in maintaining their financial records. Generally accepted accounting principles (GAAP) provide companies and accountants with a consistent set of guidelines that cover both broad accounting (GAAP GAAP See: Generally Accepted Accounting Principles GAAP See generally accepted accounting principles (GAAP). ) and is not considered a GAAP measure. Therefore, this measure may not be comparable with a similar measure presented by other issuers. Management believes that the presentation of adjusted operating earnings provides useful information to investors and shareholders as it provides increased predictive value pre·dic·tive value n. The likelihood that a positive test result indicates disease or that a negative test result excludes disease. predictive value a measure used by clinicians to interpret diagnostic test results. and performance trends.
(millions of Canadian dollars Three months ended Year ended
except where otherwise noted) December 31, December 31,
---------------------------------------------------------------------
2005 2004 2005 2004
--------------------------------------
GAAP earnings as reported 174.0 104.8 556.0 645.3
Non-operating factors and
variances as per table below (11.3) 49.3 (18.8) (154.2)
--------------------------------------
Adjusted Operating Earnings 162.7 154.1 537.2 491.1
--------------------------------------
--------------------------------------
Adjusted Earnings per Common
Share (dollars per share) $ 0.48 $ 0.46 $ 1.59 $ 1.47
--------------------------------------
--------------------------------------
The Company has foreign currency denominated earnings, primarily from U.S. based operations and investments, as well as its Euro investment in CLH CLH Hard Clam (FAO species code) CLH Compañía Logística de Hidrocarburos CLH, SA CLH California Lutheran Homes CLH Cleft-Limb-Heart Malformation Syndrome CLH Lufthansa Cityline Airlines (ICAO code) . The Company uses long-term Long-term Three or more years. In the context of accounting, more than 1 year. long-term 1. Of or relating to a gain or loss in the value of a security that has been held over a specific length of time. Compare short-term. derivative derivative: see calculus. derivative In mathematics, a fundamental concept of differential calculus representing the instantaneous rate of change of a function. contracts to economically ec·o·nom·i·cal adj. 1. Prudent and thrifty in management; not wasteful or extravagant. See Synonyms at sparing. 2. Intended to save money, as by efficient operation or elimination of unnecessary features; economic: hedge a significant portion of the cash distributions from these long-term investments. However, this does not eliminate the earnings volatility Volatility 1. A statistical measure of the tendency of a market or security to rise or fall sharply within a period of time. 2. A variable in option pricing formulas that denotes the extent to which the return of the underlying asset will fluctuate between now and the caused by exchange rate differences. During 2005, the Company received foreign currency denominated cash distributions and settled associated hedge transactions resulting in $13.0 million (2004 - $7.5 million) of incremental cash flows Incremental cash flows Difference between the firm's cash flows with and without a project. , which is not included in reported earnings. Significant non-operating factors and variances affecting consolidated con·sol·i·date v. con·sol·i·dat·ed, con·sol·i·dat·ing, con·sol·i·dates v.tr. 1. To unite into one system or whole; combine: earnings are as follows:
Three months ended Year ended
(millions of Canadian dollars) December 31, December 31,
---------------------------------------------------------------------
2005 2004 2005 2004
--------------------------------------
Sponsored Investments
EEP non-cash derivative fair
value gain (loss) 0.9 - (5.0) -
Dilution gains on the issue
of EEP units 4.3 - 8.9 7.6
Gas Distribution and Services
Gain on sale of investment
in AltaGas Income Trust - - - 97.8
Elimination of the quarter
ended December 31, 2003(1) - - - 27.1
Elimination of the quarter
ended September 30, 2004(2) - (41.1) - -
Colder/(warmer) than normal
weather (1.5) - - 21.3
Impairment loss on Calmar
gas plant - (8.2) - (8.2)
Dilution gain in Noverco
(Gaz Metro unit issuance) - - 7.3 -
Dilution gain - AltaGas
Income Trust - - - 8.0
Revalue future income taxes
due to tax rate changes - - - 0.6
International
Gain on land sale in CLH 7.6 - 7.6 -
---------------------------------------------------------------------
Total significant
non-operating factors
and variances
increasing/(decreasing)
earnings 11.3 (49.3) 18.8 154.2
---------------------------------------------------------------------
---------------------------------------------------------------------
(1) Effective December 31, 2004, EGD changed its fiscal year-end from
September 30 to December 31. Consequently, the reported
consolidated results for the year ended December 31, 2004
included EGD's results for the fifteen months ended December 31,
2004. The adjustment above deducts EGD's results for the three
months ended December 31, 2003 to reflect EGD's 2004 earnings on
the calendar basis, consistent with 2005. As a result, this
adjustment differs from the adjustment reported in 2004.
(2) This adjustment reflects EGD's fourth quarter 2004 earnings on
the calendar basis, consistent with 2005. The change in EGD's
fiscal year-end in the prior year, described above, resulted in
the inclusion of six months of EGD's earnings in the fourth
quarter of 2004. This adjustment differs from the adjustment
reported in 2004.
Other significant non-operating factors and variances that affected EGD Esophagogastroduodenoscopy (EGD) An imaging test that involves visually examining the lining of the esophagus, stomach, and upper duodenum with a flexible fiberoptic endoscope. Mentioned in: Bleeding Varices EGD esophagogastroduodenoscopy. , for both the quarter ended and year ended December 31, 2004, have also been adjusted to reflect the calendar year basis. Significant operating factors affecting earnings in 2005 include the following: - Enbridge Offshore Pipelines, acquired December 31, 2004, contributes positive earnings. - EGD earnings are higher due to higher rate base and a number of smaller favourable variances across the utility. - There are no earnings from AltaGas in 2005 as the investment was sold in 2004. - Corporate costs are lower primarily as a result of lower interest expense. Liquids Pipelines
Three months ended Year ended
(millions of Canadian dollars) December 31, December 31,
---------------------------------------------------------------------
2005 2004 2005 2004
--------------------------------------
Enbridge System 46.3 41.0 170.1 171.6
Athabasca System 11.8 10.2 48.6 42.8
NW System 1.6 2.1 7.3 7.8
Feeder Pipelines and Other 1.2 (1.3) 3.1 (2.3)
--------------------------------------
60.9 52.0 229.1 219.9
--------------------------------------
--------------------------------------
- Enbridge System earnings include a lower earnings base from the Incentive Tolling Settlement (ITS) component of the Enbridge System recently negotiated with the Canadian Association of Petroleum Producers and approved by the National Energy Board. As well, earnings were negatively impacted by higher taxes within the Terrace terrace, a level field built on top of a hillslope into the floor of a deep valley to improve cultivation of crops. Terracing uses the runoff from the hill to increase soil retentiveness and arability and is often part of a larger irrigation system that includes component. The decrease has been partially offset, primarily in the fourth quarter, with earnings from service and reliability incentives under the ITS as well as lower oil loss costs and savings from cost management programs. - Increased earnings from the Athabasca Athabasca (ăthəbăs`kə), river, 765 mi (1,231 km) long, rising in the Columbia snowfield of the Canadian Rockies near the Alta.–British Columbia line and flowing N through Jasper National Park, then NE and N across central Alta. System are consistent with the overall return underpinning un·der·pin·ning n. 1. Material or masonry used to support a structure, such as a wall. 2. A support or foundation. Often used in the plural. 3. Informal The human legs. Often used in the plural. the long-term take or pay contract with its major shipper as well as lower operating costs operating costs npl → gastos mpl operacionales due to leak (programming) leak - With a qualifier, one of a class of resource-management bugs that occur when resources are not freed properly after operations on them are finished, so they effectively disappear (leak out). This leads to eventual exhaustion as new allocation requests come in. remediation in the prior year. - The earnings variance The discrepancy between what a party to a lawsuit alleges will be proved in pleadings and what the party actually proves at trial. In Zoning law, an official permit to use property in a manner that departs from the way in which other property in the same locality in Feeder feeder abbreviation for self-feeders. Used in feeding groups of animals at intervals of several days. Feed has to be dry and comminuted so that it will run down the spouts from the hopper into the troughs. Pipelines and Other is primarily the result of higher Frontier frontier, in U.S. history, the border area of settlement of Europeans and their descendants; it was vital in the conquest of the land between the Atlantic and the Pacific. Pipeline earnings due to lower operating costs and the prior year included Federal Energy Regulatory Commission The Federal Energy Regulatory Commission (FERC) is the United States federal agency with jurisdiction over electricity sales, wholesale electric rates, hydroelectric licensing, natural gas pricing, and oil pipeline rates. ordered reparations reparations, payments or other compensation offered as an indemnity for loss or damage. Although the term is used to cover payments made to Holocaust survivors and to Japanese Americans interned during World War II in so-called relocation camps (and used as well to . In addition, Gateway condensate pipeline costs are being deferred in 2005 whereas in 2004 they were expensed.
Gas Pipelines
Three months ended Year ended
(millions of Canadian dollars) December 31, December 31,
---------------------------------------------------------------------
2005 2004 2005 2004
--------------------------------------
Alliance Pipeline US 7.7 9.9 32.1 37.4
Enbridge Offshore Pipelines 0.9 - 11.8 -
Vector Pipeline 4.3 4.7 15.9 16.4
--------------------------------------
12.9 14.6 59.8 53.8
--------------------------------------
--------------------------------------
- Alliance Pipeline US earnings reflect the impact of the stronger Canadian dollar Noun 1. Canadian dollar - the basic unit of money in Canada; "the Canadian dollar has the image of loon on one side of the coin" loonie dollar - the basic monetary unit in many countries; equal to 100 cents . - Enbridge Offshore Pipelines was acquired on December 31, 2004. Hurricanes Katrina KATRINA Keeping All the Resources in New Orleans Alive KATRINA Krewe Aiding Trash Removal In the New Orleans Area and Rita have negatively affected transmission volumes and the results of this business. The results include property insurance deductibles as well as lost revenue on various systems prior to the commencement of contingent Fortuitous; dependent upon the possible occurrence of a future event, the existence of which is not assured. The word contingent denotes that there is no present interest or right but only a conditional one which will become effective upon the happening of the business interruption insurance Noun 1. business interruption insurance - insurance that provides protection for the loss of profits and continuing fixed expenses resulting from a break in commercial activities due to the occurrence of a peril coverage. The combined effect of the property damage deductibles and the estimated lost revenue reduced expected earnings by approximately ap·prox·i·mate adj. 1. Almost exact or correct: the approximate time of the accident. 2. $15 million. - Vector earnings have also been negatively impacted by the stronger Canadian dollar.
Sponsored Investments
Three months ended Year ended
(millions of Canadian dollars) December 31, December 31,
---------------------------------------------------------------------
2005 2004 2005 2004
--------------------------------------
Enbridge Energy Partners (EEP) 7.8 8.6 21.7 28.6
Enbridge Income Fund (EIF) 8.4 8.1 34.2 30.0
Dilution Gains 4.3 - 8.9 7.6
--------------------------------------
20.5 16.7 64.8 66.2
--------------------------------------
--------------------------------------
- EEP's 2005 results include $5.0 million (net to Enbridge) of unrealized mark-to-market Mark-to-market Adjustment of the book value or collateral value of a security to reflect current market value. losses (gain of $0.9 million in the fourth quarter) on derivative financial instruments which do not qualify for hedge accounting Why is hedge accounting necessary? Many financial institutions and corporate businesses (entities) use derivative financial instruments to hedge their exposure to different risks (eg interest rate risk, foreign exchange risk, commodity risk, etc). treatment. While Enbridge believes the hedging hedging, in commerce, method by which traders use two counterbalancing investment strategies so as to minimize any losses caused by price fluctuations. It is generally used by traders on the commodities market. strategies used are sound economic hedging techniques, they do not qualify for hedge accounting and must be accounted for on a mark-to-market basis through earnings. In addition, EEP earnings have been negatively affected by lower Lakehead The term Lakehead can refer to several different things: Geographic
- EIF's 2005 results include higher preferred unit distributions as well as higher incentive income consistent with EIF's cash distribution increases in 2004. EIF's operating results benefited from strong performance at both Alliance Canada Canada (kăn`ədə), independent nation (2001 pop. 30,007,094), 3,851,787 sq mi (9,976,128 sq km), N North America. Canada occupies all of North America N of the United States (and E of Alaska) except for Greenland and the French islands of and the Saskatchewan Saskatchewan, province, Canada Saskatchewan (səskăch`əwən, –wän', săs'–), province (2001 pop. 978,933), 251,700 sq mi (651,903 sq km), W Canada. System. - EEP issued partnership units in 2005 and 2004. Because Enbridge did not fully participate in these offerings, dilution Dilution A reduction in earnings per share of common stock that occurs through the issuance of additional shares or the conversion of convertible securities. Notes: Adding to the number of shares outstanding reduces the value of holdings of existing shareholders. gains resulted.
Gas Distribution and Services
Three months ended Year ended
(millions of Canadian dollars) December 31, December 31,
---------------------------------------------------------------------
2005 2004 2005 2004
--------------------------------------
Enbridge Gas Distribution(1) 56.5 11.9 111.9 133.1
CustomerWorks/ECS 4.3 7.9 23.2 20.5
Noverco(1) 6.6 3.8 28.3 32.3
Other Gas Distribution
Operations(1) 1.8 0.5 6.7 8.5
Enbridge Gas New Brunswick 2.3 0.9 6.1 3.7
Gas Services 1.1 (2.6) 0.2 (2.8)
Aux Sable (0.9) 3.9 5.3 7.3
AltaGas Income Trust (AltaGas) - - - 21.1
Gain on sale of investment
in AltaGas - - - 97.8
Impairment loss on Calmar
gas plant - (8.2) - (8.2)
Other (2.8) (1.5) (2.9) (0.2)
--------------------------------------
68.9 16.6 178.8 313.1
--------------------------------------
--------------------------------------
(1) The three months ended December 31, 2004 include earnings for the
six months ended December 31, 2004 and the year ended December
31, 2004 includes earnings for the 15 months ended December 31,
2004.
Three months ended Year ended
(millions of Canadian dollars) December 31, December 31,
---------------------------------------------------------------------
2005 2004 2005 2004
--------------------------------------
Enbridge Gas Distribution
- as reported 56.5 11.9 111.9 133.1
Significant non-operating
factors and variances:
adjust to calendar basis - 36.1 - (11.5)
warmer/(colder) than
normal weather 1.5 - - (21.3)
--------------------------------------
58.0 48.0 111.9 100.3
--------------------------------------
--------------------------------------
- The remaining EGD variance, after considering the items listed above, is due to a higher rate base and a number of smaller favourable variances across the utility.
Three months ended Year ended
(millions of Canadian dollars) December 31, December 31,
---------------------------------------------------------------------
2005 2004 2005 2004
--------------------------------------
Noverco - as reported 6.6 3.8 28.3 32.3
Significant non-operating
factors and variances:
adjust to calendar basis - 3.7 - (13.6)
dilution gains on Gaz Metro
issuances - - (7.3) -
--------------------------------------
6.6 7.5 21.0 18.7
--------------------------------------
--------------------------------------
- Noverco earnings, after considering the items listed above, reflect a future income tax recovery related to the receipt of cash dividends net of a similar adjustment for reciprocal Bilateral; two-sided; mutual; interchanged. Reciprocal obligations are duties owed by one individual to another and vice versa. A reciprocal contract is one in which the parties enter into mutual agreements. dividends paid to Noverco.
Three months ended Year ended
(millions of Canadian dollars) December 31, December 31,
---------------------------------------------------------------------
2005 2004 2005 2004
--------------------------------------
Other Gas Distribution
Operations - as reported 1.8 0.5 6.7 8.5
Significant non-operating
factors and variances:
adjust to calendar basis - 1.3 - (2.1)
--------------------------------------
1.8 1.8 6.7 6.4
--------------------------------------
--------------------------------------
- Other Gas Distribution Operations, after considering the variances listed above, is comparable to the prior year. - Enbridge Gas New Brunswick New Brunswick, province, Canada New Brunswick, province (2001 pop. 729,498), 28,345 sq mi (73,433 sq km), including 519 sq mi (1,345 sq km) of water surface, E Canada. earnings have increased consistent with the settlement of debt through the issue of equity, during the third and fourth quarters, resulting in a higher equity base. - Gas Services includes several natural gas related businesses, including U.S. Oil acquired in January January: see month. 2005, which has a cyclical cyclical Of or relating to a variable, such as housing starts, car sales, or the price of a certain stock, that is subject to regular or irregular up-and-down movements. sales volume pattern and generates higher revenues during the winter months. This is the reason for the higher earnings occurring primarily in the fourth quarter. - Aux Sable sable, species of marten, Martes zibellina, found in Siberia, N European Russia, and N Finland. This carnivorous mammal is highly valued for its thick, soft fur, which is dark brown or black, sometimes with white underparts and sometimes flecked with silver. earnings have decreased, primarily in the fourth quarter, as high natural gas costs in this period were not offset with improved product sales prices resulting in weaker margins and therefore decreased production levels. - Other includes higher costs related to the development of the Rabaska LNG LNG (liquefied natural gas): see under natural gas. facility.
International
Three months ended Year ended
(millions of Canadian dollars) December 31, December 31,
---------------------------------------------------------------------
2005 2004 2005 2004
--------------------------------------
CLH 21.8 13.2 61.6 48.6
OCENSA/CITCol 8.4 9.2 32.8 33.0
Other (2.4) (2.4) (7.0) (8.0)
--------------------------------------
27.8 20.0 87.4 73.6
--------------------------------------
--------------------------------------
- Earnings from CLH include a $7.6 million gain on the sale of land recorded in the fourth quarter. Operating results at CLH are also improved due to higher volumes and an increase in average tariffs This is a list of tariffs and trade legislation:
Corporate
Three months ended Year ended
(millions of Canadian dollars) December 31, December 31,
---------------------------------------------------------------------
2005 2004 2005 2004
--------------------------------------
Corporate (17.0) (15.1) (63.9) (81.3)
--------------------------------------
--------------------------------------
- For the full year, corporate costs are lower reflecting lower interest expense from lower rates, primarily in the first half of the year. Also, business development costs were higher in the prior year. Other Disclosures Enbridge will hold a conference call on February 2, 2006 at 7:30 a.m. Mountain time (9:30 a.m. Eastern time) to discuss the 2005 results. The call can be accessed at 1-866-831-6270 using the access code 51557448, and will be audio webcast live at www.enbridge.com/investor. An audio replay will be available shortly thereafter at 1-888-286-8010 using the access code 40117663; in addition, the webcast replay and transcript A generic term for any kind of copy, particularly an official or certified representation of the record of what took place in a court during a trial or other legal proceeding. A transcript of record will be available on the website, late in the day. The audited consolidated financial statements Consolidated Financial Statements The combined financial statements of a parent company and its subsidiaries. Notes: Because consolidated financial statements present an aggregated look at the financial position of a parent and its subsidiaries, they enable you to gauge and MD&A, which contain additional notes and disclosures, will be available on the Enbridge website on February 2, 2006 and filed on SEDAR SEDAR System for Electronic Document Analysis and Retrieval SEDAR Southeast Data, Assessment, and Review shortly thereafter. Enbridge Inc., a Canadian company, is a leader in energy transportation and distribution in North America North America, third largest continent (1990 est. pop. 365,000,000), c.9,400,000 sq mi (24,346,000 sq km), the northern of the two continents of the Western Hemisphere. and internationally. As a transporter of energy, Enbridge operates, in Canada and the United States The United States and Canada share a unique legal relationship. U.S. law looks northward with a mixture of optimism and cooperation, viewing Canada as an integral part of U.S. economic and environmental policy. , the world's longest crude oil and liquids pipeline system. The Company also has international operations Internal Operations (I.O., IO or I/O) is a fictional American Intelligence Agency in Wildstorm comics. It was originally called International Operations. I.O. first appeared in WildC.A.T.S. volume 1 #1 (August, 1992) and was created by Brandon Choi and Jim Lee. and a growing involvement in the natural gas transmission and midstream mid·stream n. 1. The middle part of a stream. 2. The part of a course that is neither at the beginning nor at the end: the midstream of life. Noun 1. businesses. As a distributor of energy, Enbridge owns and operates Canada's largest natural gas distribution company, and provides distribution services in Ontario, Quebec Quebec, city, Canada Quebec, Fr. Québec, city (1991 pop. 167,517), provincial capital, S Que., Canada, at the confluence of the St. Lawrence and St. Charles rivers. , New Brunswick and New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of State; and is developing a gas distribution system for the Province of New Brunswick. Enbridge employs approximately 4,400 people, primarily in Canada, the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. and South America South America, fourth largest continent (1991 est. pop. 299,150,000), c.6,880,000 sq mi (17,819,000 sq km), the southern of the two continents of the Western Hemisphere. . Enbridge's common shares trade on the Toronto Stock Exchange Toronto Stock Exchange (TSE) Canada's largest stock exchange, trading approximately 1,200 company stocks and 33 options. in Canada and on the New York Stock Exchange New York Stock Exchange (NYSE) World's largest marketplace for securities. The exchange began as an informal meeting of 24 men in 1792 on what is now Wall Street in New York City. in the United States under the symbol ENB. Information about Enbridge is available on the Company's website at www.enbridge.com. Certain information provided in this news release constitutes forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. . The words "anticipate", "expect", "project", "estimate", "forecast" and similar expressions are intended to identify such forward-looking statements. Although Enbridge believes that these statements are based on information and assumptions which are current, reasonable and complete, these statements are necessarily subject to a variety of risks and uncertainties pertaining per·tain intr.v. per·tained, per·tain·ing, per·tains 1. To have reference; relate: evidence that pertains to the accident. 2. to operating performance, regulatory parameters, weather, economic conditions and commodity prices. You can find a discussion of those risks and uncertainties in our Canadian securities filings and American American, river, 30 mi (48 km) long, rising in N central Calif. in the Sierra Nevada and flowing SW into the Sacramento River at Sacramento. The discovery of gold at Sutter's Mill (see Sutter, John Augustus) along the river in 1848 led to the California gold rush of SEC filings. While Enbridge makes these forward-looking statements in good faith, should one or more of these risks or uncertainties materialize ma·te·ri·al·ize v. ma·te·ri·al·ized, ma·te·ri·al·iz·ing, ma·te·ri·al·iz·es v.tr. 1. To cause to become real or actual: By building the house, we materialized a dream. , or should underlying assumptions prove incorrect Incorrect means to not be correct and may also refer to:
ENBRIDGE INC.
HIGHLIGHTS
(unaudited; millions of
Canadian dollars Three months ended Year ended
except per share amounts) December 31, December 31,
---------------------------------------------------------------------
2005 2004 2005 2004
--------------------------------------
FINANCIAL
Earnings Applicable to
Common Shareholders
Liquids Pipelines 60.9 52.0 229.1 219.9
Gas Pipelines 12.9 14.6 59.8 53.8
Sponsored Investments 20.5 16.7 64.8 66.2
Gas Distribution and Services(1) 68.9 16.6 178.8 313.1
International 27.8 20.0 87.4 73.6
Corporate (17.0) (15.1) (63.9) (81.3)
---------------------------------------------------------------------
174.0 104.8 556.0 645.3
---------------------------------------------------------------------
---------------------------------------------------------------------
Cash Provided By Operating
Activities
Earnings plus charges not
affecting cash 384.8 231.5 1,300.9 1,027.8
Changes in operating assets
and liabilities (403.6) (655.0) (397.4) (141.1)
---------------------------------------------------------------------
(18.8) (423.5) 903.5 886.7
---------------------------------------------------------------------
---------------------------------------------------------------------
Common Share Dividends 100.4 79.2 361.1 315.8
---------------------------------------------------------------------
---------------------------------------------------------------------
Earnings per Common Share 0.52 0.31 1.65 1.93
---------------------------------------------------------------------
---------------------------------------------------------------------
Diluted Earnings per Common Share 0.51 0.30 1.63 1.91
---------------------------------------------------------------------
---------------------------------------------------------------------
Dividends per Common Share 0.2875 0.2287 1.0375 0.9150
---------------------------------------------------------------------
---------------------------------------------------------------------
Weighted Average Common Shares
Outstanding (millions) 337.4 334.4
---------------------------------------------------------------------
---------------------------------------------------------------------
Diluted Weighted Average Common
Shares Outstanding (millions) 341.2 337.2
---------------------------------------------------------------------
---------------------------------------------------------------------
OPERATING
Liquids Pipelines(2)
Deliveries (thousands of
barrels per day) 2,093 2,183 2,008 2,138
Barrel miles (billions) 182 192 695 757
Average haul (miles) 947 954 949 970
Gas Distribution and Services(3)
Volumes (billion cubic feet) 129 177 438 575
Number of active customers
(thousands) 1,805 1,756 1,805 1,756
Degree day deficiency(4)
Actual 1,274 1,319 3,750 5,052
Forecast based on normal
weather 1,247 1,328 3,747 4,849
---------------------------------------------------------------------
---------------------------------------------------------------------
(1) In 2004, EGD changed its fiscal year end from September 30 to
December 31 to be consistent with Enbridge. Consequently,
highlights of Gas Distribution and Services for 2004 include the
six and fifteen month periods ended December 31 for EGD and other
gas distribution operations.
(2) Liquids Pipelines operating highlights include the statistics of
the 10.9% owned Lakehead System and other wholly-owned liquid
pipeline operations.
(3) Gas Distribution and Services volumes and the number of active
customers are derived from the aggregate system supply and direct
purchase gas supply arrangements.
(4) Degree-day deficiency is a measure of coldness. 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 Toronto area.
ENBRIDGE INC.
CONSOLIDATED STATEMENTS OF EARNINGS
(unaudited; millions of
Canadian dollars Three months ended Year ended
except per share amounts) December 31, December 31,
---------------------------------------------------------------------
2005 2004 2005 2004
--------------------------------------
Revenues
Commodity sales 2,085.5 1,755.6 6,193.5 5,826.3
Transportation 498.8 437.8 1,938.1 1,695.8
Energy services 83.5 130.2 321.5 285.7
---------------------------------------------------------------------
2,667.8 2,323.6 8,453.1 7,807.8
---------------------------------------------------------------------
Expenses
Commodity costs 1,938.5 1,550.1 5,728.4 5,184.3
Operating and administrative 275.6 357.6 1,057.6 1,015.0
Depreciation and amortization 147.8 184.4 575.3 525.0
---------------------------------------------------------------------
2,361.9 2,092.1 7,361.3 6,724.3
---------------------------------------------------------------------
305.9 231.5 1,091.8 1,083.5
Income from Equity Investments 44.2 31.7 116.8 160.3
Other Investment Income 43.5 6.9 114.8 101.4
Gain on Sale of Investment
in AltaGas Income Trust - - - 121.5
Interest Expense (136.8) (158.4) (539.2) (525.3)
---------------------------------------------------------------------
256.8 111.7 784.2 941.4
Income Taxes (81.0) (5.2) (221.3) (289.2)
---------------------------------------------------------------------
Earnings 175.8 106.5 562.9 652.2
Preferred Share Dividends (1.8) (1.7) (6.9) (6.9)
---------------------------------------------------------------------
Earnings Applicable to
Common Shareholders 174.0 104.8 556.0 645.3
---------------------------------------------------------------------
---------------------------------------------------------------------
Earnings Per Common Share 0.52 0.31 1.65 1.93
---------------------------------------------------------------------
---------------------------------------------------------------------
Diluted Earnings Per Common Share 0.51 0.30 1.63 1.91
---------------------------------------------------------------------
---------------------------------------------------------------------
ENBRIDGE INC.
CONSOLIDATED STATEMENTS OF RETAINED EARNINGS
---------------------------------------------------------------------
(unaudited; millions of Canadian dollars,
except per share amounts)
Year ended December 31, 2005 2004
---------------------------------------------------------------------
---------------------------------------------------------------------
Retained Earnings at Beginning of Year 1,840.9 1,511.4
Earnings Applicable to Common Shareholders 556.0 645.3
Common Share Dividends (361.1) (315.8)
Dividends Paid to Reciprocal Shareholders 11.2 -
Dividend Reclassification Adjustment 51.2 -
---------------------------------------------------------------------
Retained Earnings at End of Year 2,098.2 1,840.9
---------------------------------------------------------------------
---------------------------------------------------------------------
Dividends Paid Per Common Share 1.04 0.92
---------------------------------------------------------------------
---------------------------------------------------------------------
ENBRIDGE INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
---------------------------------------------------------------------
Three months ended Year ended
December 31, December 31,
(unaudited; millions of ---------------------------------------
Canadian dollars) 2005 2004 2005 2004
---------------------------------------------------------------------
Cash Provided By/(Used In)
Operating Activities
Earnings 175.8 106.5 562.9 652.2
Depreciation and amortization 147.8 184.4 575.3 525.0
Equity earnings less than/
(in excess of) cash
distributions 2.0 14.4 63.3 (39.2)
Gain on reduction of ownership
interest (13.4) - (29.0) (29.6)
Gain on sale of investment
in AltaGas Income Trust - - - (121.5)
Future income taxes 67.6 (62.0) 108.1 12.7
Other 5.0 (11.8) 20.3 28.2
Changes in operating assets
and liabilities (403.6) (655.0) (397.4) (141.1)
---------------------------------------------------------------------
(18.8) (423.5) 903.5 886.7
---------------------------------------------------------------------
Investing Activities
Acquisitions (2.2) (816.5) (88.6) (833.9)
Long-term investments (27.8) 0.3 (89.9) (16.6)
Additions to property, plant
and equipment (339.6) (244.8) (680.6) (496.4)
Sale of investment in
AltaGas Income Trust - 95.3 - 346.7
Changes in construction payable 27.8 2.7 25.4 0.5
Affiliate loans 0.8 - 0.7 -
---------------------------------------------------------------------
(341.0) (963.0) (833.0) (999.7)
---------------------------------------------------------------------
Financing Activities
Net change in short-term
borrowings and short-term debt 207.5 1,755.1 (125.1) 738.0
Net change in non-recourse
short-term debt of joint ventures 5.6 5.0 11.0 -
Long-term debt issues 400.0 200.0 1,020.1 500.0
Long-term debt repayments (140.0) (200.0) (536.9) (450.0)
Non-recourse long-term debt
issued by joint ventures - - 6.8 -
Non-recourse long-term debt
repaid by joint ventures (30.3) (18.4) (85.1) (42.9)
Changes in non-controlling
interests 5.9 (2.1) 1.4 (2.4)
Preferred securities redeemed - (350.0) - (350.0)
Common shares issued 6.8 12.7 53.7 44.4
Preferred share dividends (1.8) (1.7) (6.9) (6.9)
Common share dividends (100.4) (79.2) (361.1) (315.8)
---------------------------------------------------------------------
353.3 1,321.4 (22.1) 114.4
---------------------------------------------------------------------
Increase/(Decrease) in Cash
and Cash Equivalents (6.5) (65.1) 48.4 1.4
Cash and Cash Equivalents at
Beginning of Period 160.4 170.6 105.5 104.1
---------------------------------------------------------------------
Cash and Cash Equivalents at
End of Period 153.9 105.5 153.9 105.5
---------------------------------------------------------------------
---------------------------------------------------------------------
ENBRIDGE INC.
CONSOLIDATED STATEMENTS OF FINANCIAL POSITION
(millions of Canadian dollars)
December 31, 2005 2004
---------------------------------------------------------------------
ASSETS
Current Assets
Cash and cash equivalents 153.9 105.5
Accounts receivable and other 1,900.3 1,451.9
Inventory 1,021.4 791.6
---------------------------------------------------------------------
3,075.6 2,349.0
Property, Plant and Equipment, net 10,466.6 9,066.5
Long-Term Investments 1,842.8 2,278.3
Receivable from Affiliate 177.0 171.7
Deferred Amounts and Other Assets 894.2 729.2
Intangibles 252.6 133.9
Goodwill 367.2 31.5
Future Income Taxes 134.9 145.0
---------------------------------------------------------------------
17,210.9 14,905.1
---------------------------------------------------------------------
---------------------------------------------------------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
Current Liabilities
Short-term borrowings 1,074.8 650.6
Accounts payable and other 1,624.8 1,275.9
Interest payable 81.7 83.8
Current maturities and short-term debt 401.2 703.9
Current portion of non-recourse
long-term debt 68.2 30.2
---------------------------------------------------------------------
3,250.7 2,744.4
Long-Term Debt 6,279.1 6,053.3
Non-Recourse Long-Term Debt 1,619.9 665.2
Other Long-Term Liabilities 91.7 151.8
Future Income Taxes 1,009.0 797.3
Non-Controlling Interests 691.0 514.9
---------------------------------------------------------------------
12,941.4 10,926.9
---------------------------------------------------------------------
Shareholders' Equity
Share capital
Preferred shares 125.0 125.0
Common shares 2,343.8 2,282.4
Contributed surplus 10.0 5.4
Retained earnings 2,098.2 1,840.9
Foreign currency translation adjustment (171.8) (139.8)
Reciprocal shareholding (135.7) (135.7)
---------------------------------------------------------------------
4,269.5 3,978.2
---------------------------------------------------------------------
17,210.9 14,905.1
---------------------------------------------------------------------
---------------------------------------------------------------------
SEGMENTED INFORMATION
Three months ended December 31, 2005
---------------------------------------------------------------------
Liquids Gas Sponsored
(millions of Canadian dollars) Pipelines Pipelines Investments
---------------------------------------------------------------------
Revenues 232.3 85.6 63.7
Commodity costs - - -
Operating and administrative (83.4) (25.5) (16.6)
Depreciation and amortization (34.9) (24.3) (18.3)
---------------------------------------------------------------------
114.0 35.8 28.8
Investment and other income (0.5) 4.3 23.5
Interest and preferred share
dividends (23.5) (19.3) (15.3)
Income taxes (29.1) (7.9) (16.5)
---------------------------------------------------------------------
Earnings applicable
to common shareholders 60.9 12.9 20.5
---------------------------------------------------------------------
---------------------------------------------------------------------
Three months ended December 31, 2005
---------------------------------------------------------------------
Gas
(millions of Distribution
Canadian and
dollars) Services International Corporate Consolidated
---------------------------------------------------------------------
Revenues 2,282.8 3.4 - 2,667.8
Commodity costs (1,938.5) - - (1,938.5)
Operating and
administrative (135.8) (5.8) (8.5) (275.6)
Depreciation and
amortization (69.0) (0.4) (0.9) (147.8)
---------------------------------------------------------------------
139.5 (2.8) (9.4) 305.9
Investment and other
income 14.9 31.5 14.0 87.7
Interest and preferred
share dividends (46.9) - (33.6) (138.6)
Income taxes (38.6) (0.9) 12.0 (81.0)
---------------------------------------------------------------------
Earnings applicable
to common shareholders 68.9 27.8 (17.0) 174.0
---------------------------------------------------------------------
---------------------------------------------------------------------
Three months ended December 31, 2004
---------------------------------------------------------------------
---------------------------------------------------------------------
Liquids Gas Sponsored
(millions of Canadian dollars) Pipelines Pipelines Investments
---------------------------------------------------------------------
Revenues 226.2 65.3 -
Commodity costs - - -
Operating and administrative (90.2) (13.2) -
Depreciation and amortization (37.7) (15.3) -
---------------------------------------------------------------------
98.3 36.8 -
Investment and other income 0.1 0.3 25.4
Interest and preferred share
dividends (25.1) (15.2) -
Income taxes (21.3) (7.3) (8.7)
---------------------------------------------------------------------
Earnings applicable
to common shareholders 52.0 14.6 16.7
---------------------------------------------------------------------
---------------------------------------------------------------------
Three months ended December 31, 2004
---------------------------------------------------------------------
Gas
(millions of Distribution
Canadian and
dollars) Services International Corporate Consolidated
---------------------------------------------------------------------
Revenues 2,023.0 9.1 - 2,323.6
Commodity costs (1,550.1) - - (1,550.1)
Operating and
administrative (229.6) (10.1) (14.5) (357.6)
Depreciation and
amortization (129.6) (0.6) (1.2) (184.4)
---------------------------------------------------------------------
113.7 (1.6) (15.7) 231.5
Investment and
other income (6.8) 19.6 - 38.6
Interest and preferred
share dividends (83.8) (0.1) (35.9) (160.1)
Income taxes (6.5) 2.1 36.5 (5.2)
---------------------------------------------------------------------
Earnings applicable
to common shareholders 16.6 20.0 (15.1) 104.8
---------------------------------------------------------------------
---------------------------------------------------------------------
Year ended December 31, 2005
---------------------------------------------------------------------
---------------------------------------------------------------------
Liquids Gas Sponsored
(millions of dollars) Pipelines Pipelines Investments
---------------------------------------------------------------------
Revenues 881.0 364.3 249.0
Commodity costs - - -
Operating and administrative (311.4) (95.5) (60.1)
Depreciation and amortization (145.6) (94.3) (71.5)
---------------------------------------------------------------------
424.0 174.5 117.4
Investment and other income (0.9) 5.9 54.7
Interest and preferred share
dividends (96.5) (81.9) (61.8)
Income taxes (97.5) (38.7) (45.5)
---------------------------------------------------------------------
Earnings applicable
to common shareholders 229.1 59.8 64.8
---------------------------------------------------------------------
---------------------------------------------------------------------
Year ended December 31, 2005
---------------------------------------------------------------------
Gas
Distribution
(millions of and
dollars) Services International Corporate Consolidated
---------------------------------------------------------------------
Revenues 6,947.1 11.7 - 8,453.1
Commodity costs (5,728.4) - - (5,728.4)
Operating and
administrative (549.3) (17.5) (23.8) (1,057.6)
Depreciation and
amortization (257.3) (1.2) (5.4) (575.3)
---------------------------------------------------------------------
412.1 (7.0) (29.2) 1,091.8
Investment and
other income 35.7 97.7 38.5 231.6
Interest and preferred
share dividends (178.8) - (127.1) (546.1)
Income taxes (90.2) (3.3) 53.9 (221.3)
---------------------------------------------------------------------
Earnings applicable
to common shareholders 178.8 87.4 (63.9) 556.0
---------------------------------------------------------------------
---------------------------------------------------------------------
Year ended December 31, 2004
---------------------------------------------------------------------
---------------------------------------------------------------------
Liquids Gas Sponsored
(millions of Canadian dollars) Pipelines Pipelines Investments
---------------------------------------------------------------------
Revenues 872.7 271.7 -
Commodity costs - - -
Operating and administrative (310.1) (55.1) -
Depreciation and amortization (145.4) (65.7) -
---------------------------------------------------------------------
417.2 150.9 -
Investment and other income 1.8 0.8 112.2
Gain on sale of investment - - -
Interest and preferred
share dividends (101.4) (65.6) -
Income taxes (97.7) (32.3) (46.0)
---------------------------------------------------------------------
Earnings applicable
to common shareholders 219.9 53.8 66.2
---------------------------------------------------------------------
---------------------------------------------------------------------
Year ended December 31, 2004
---------------------------------------------------------------------
Gas
(millions of Distribution
Canadian and
dollars) Services International Corporate Consolidated
---------------------------------------------------------------------
Revenues 6,631.1 32.3 - 7,807.8
Commodity costs (5,184.3) - - (5,184.3)
Operating and
administrative (577.0) (38.6) (34.2) (1,015.0)
Depreciation and
amortization (308.4) (1.9) (3.6) (525.0)
---------------------------------------------------------------------
561.4 (8.2) (37.8) 1,083.5
Investment and
other income 50.6 81.5 14.8 261.7
Gain on sale of
investment 121.5 - - 121.5
Interest and preferred
share dividends (211.1) (0.2) (153.9) (532.2)
Income taxes (209.3) 0.5 95.6 (289.2)
---------------------------------------------------------------------
Earnings applicable
to common shareholders 313.1 73.6 (81.3) 645.3
---------------------------------------------------------------------
---------------------------------------------------------------------
Enbridge Inc. (TSX:ENB) (NYSE:ENB) |
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