Enbridge Reports First Half Earnings of $314.2 Million.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 - 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 for the first half increase 10% to $300.6 million - Adjusted operating earnings for the second quarter increase 15% to $95.6 million - New five-year Incentive Tolling Settlement adds value for Enbridge and liquids shippers - Gateway 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. and Southern Access open seasons advance growth initiatives - Neptune laterals project builds on recently acquired deepwater Deepwater or Deep Water may refer to:
Golfo de Mexico Atlantic, Atlantic Ocean - the 2nd largest ocean; separates North and South America on the west from Europe and Africa on the east "This has been a very strong quarter with a 15% increase in adjusted operating earnings and significant progress on a number of important growth initiatives" 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 of Enbridge Inc. "Our earnings performance in the first six months of 2005 positions us well to meet our previously stated expectations for the year." Mr. Daniel concluded, "During the quarter we launched formal open seasons to confirm 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. support for the Gateway condensate project as well as the Southern Access expansion and extension. Enbridge is working hard on these projects and many others to address strong supply and demand fundamentals and meet the needs of our customers while ensuring we continue to deliver superior returns to our shareholders." On July July: see month. 27, 2005, the Enbridge 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 $0.25 per common share on a post-split basis and $0.34375 per Series A Preferred Share. Both dividends are payable on September September: see month. 1, 2005 to shareholders of record on August 15, 2005. On May 5, 2005, the Company's shareholders approved a stock split with a record date of May 20, 2005. The Board of Directors of Enbridge announced today that Donald Donald (Domnall, Domhnall, Dumhnuil, Dónall) is an anglicized version of a Scottish or Irish Gaelic personal name, containing the elements dumno "world" and val "rule", viz. "ruler of the world". Compare Dumnorix. J. Taylor Taylor, city (1990 pop. 70,811), Wayne co., SE Mich., a suburb of Detroit adjacent to Dearborn; founded 1847 as a township, inc. as a city 1968. A small rural village until World War II, it developed significantly in the second half of the 20th cent. has rejoined "Rejoined" is an episode of , the sixth episode of the fourth season. Quick Overview: Jadzia Dax is reunited with the mate of a former host and the two struggle with their feelings for one another. the Board and that David A. Leslie Leslie (Gaelic, derived from a surname meaning 'garden of hollies,'grey fortress, or'garden by the pool')[1] can refer to any of the following: Places in Scotland:
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. as a director. Mr. Taylor, the former Chair of the Board, did not stand for re-election re-election n → reelección f re-election n → réélection f re-election n → Wiederwahl f as a director at the annual shareholders' meeting shareholders' meeting n. a meeting, usually annual, of all shareholders of a corporation (although in large corporations only a small percentage attend) to elect the Board of Directors and hear reports on the company's business situation. in May 2005, having reached the normal age for retirement. The Board asked that Mr. Taylor re-join the Board for an additional two years, noting the valuable advice Mr. Taylor has provided to Enbridge. Mr. Leslie, a resident of Toronto Toronto (tərŏn`tō), city (1998 est pop. 2,400,000), provincial capital, S Ont., Canada, on Lake Ontario. Toronto is the largest city in Canada and since the 1970s has been one of the fastest-changing cities in North America, experiencing , is a chartered accountant char·tered accountant n. Chiefly British Abbr. CA A member of one of the institutes of accountants granted a royal charter. and the former Chairman and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of Ernst & Young LLP LLP - Lower Layer Protocol . Earnings applicable to common shareholders are $314.2 million for the six months ended June June: see month. 30, 2005, or $0.93 per share, compared with $360.8 million, or $1.08 per share, in 2004. The $46.6 million decrease in earnings is due to the previously announced change in the year-end year-end also year·end n. The end of a year. adj. Occurring or done at the end of the year: a year-end audit. Noun 1. of the gas distribution operations and the elimination of seasonal distribution rates at Enbridge Gas Distribution. These factors create a lack of comparability between periods, however a reconciliation is provided below. Other significant changes include the earnings from the recently acquired Enbridge Offshore Pipelines, lower interest expense and the absence of earnings from AltaGas, which was sold in 2004. Earnings applicable to common shareholders are $93.6 million for the three months ended June 30, 2005, or $0.27 per share, compared with $248.4 million, or $0.74 per share, in 2004. The three-month results reflect similar factors as those for the six-month period except the change in year-end creates a larger negative 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 the second quarter. The prior year comparatives in the second quarter represent gas distribution operations for January January: see month. through March, which are typically the coldest months and contribute most to earnings, whereas the current quarter gas distribution operations are April through June.
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Consolidated Earnings
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2005 2004 2005 2004
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Liquids Pipelines 53.6 53.7 106.6 106.3
Gas Pipelines 18.7 13.9 37.0 26.9
Sponsored Investments 14.5 14.6 32.9 30.0
Gas Distribution and Services(1) 2.9 170.9 130.7 210.4
International 20.4 21.3 38.6 37.5
Corporate (16.5) (26.0) (31.6) (50.3)
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93.6 248.4 314.2 360.8
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(1) Consolidated earnings for 2005 reflect earnings from Enbridge Gas
Distribution (EGD), Noverco and Other Gas Distribution Operations
on a calendar year basis for the three and six months ended June
30, 2005; whereas, earnings for 2004 reflect earnings from EGD,
Noverco and Other Gas Distribution Operations on a quarter-lag
basis for the three and six months ended March 31, 2004.
Effective December 31, 2004, EGD changed its fiscal year-end for
financial reporting purposes from September 30 to December 31.
Accordingly, the 2004 earnings from EGD, Noverco and Other Gas
Distribution Operations are not comparable to earnings for 2005.
Reconciliations are provided 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 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. 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 to a similar measure presented by other issuers. Management believes that the presentation of adjusted operating earnings provides more useful information to investors and shareholders as it provides clearer earnings trends and 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. .
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2005 2004 2005 2004
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GAAP earnings as reported 93.6 248.4 314.2 360.8
Non-operating factors and
variances as per table below 2.0 (164.9) (13.6) (86.8)
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Adjusted Operating Earnings 95.6 83.5 300.6 274.0
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Significant non-operating factors and variances affecting
consolidated earnings are as follows:
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2005 2004 2005 2004
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Sponsored Investments
Dilution gains on EEP
unit issuance - - 4.6 0.9
Gas Distribution and Services
Quarter lag earnings of EGD,
Noverco and other(1) - 152.3 - 179.4
Calendar basis earnings of
EGD, Noverco and other(1) - 21.7 - (130.6)
Colder/(warmer) than normal
weather at EGD (2.0) 3.7 1.7 20.2
Elimination of seasonal
distribution rates at EGD - (20.8) - 8.3
Dilution gain in Noverco
(Gaz Metro unit issuance) - - 7.3 -
Dilution gain
(AltaGas Income Trust) - 8.0 - 8.0
Revalue future income taxes
due to tax rate changes - - - 0.6
Total significant non-operating
factors and variances
increasing/(decreasing)
earnings (2.0) 164.9 13.6 86.8
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(1) Effective December 31, 2004, EGD's fiscal year-end changed from
September 30 to December 31 and EGD is no longer consolidated on
a quarter-lag basis. In order to compare 2004 earnings to 2005,
the 2004 first and second quarter earnings for EGD, Noverco and
Other Gas Distribution Operations, which were for the three and
six months ended March 31, 2004, have been eliminated and second
and third quarter earnings, for the three and six months ended
June 30, 2004, have been added. Other non-operating factors and
variances that affected these businesses in 2004 are for the
three and six months ended June 30, 2004, as was reported in
the Company's third quarter results for 2004.
Significant operating factors affecting earnings in 2005 include the following: - Enbridge Offshore Pipelines, acquired December December: see month. 31, 2004, contributes positive earnings. - The 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. liquids extraction extraction /ex·trac·tion/ (eks-trak´shun) 1. the process or act of pulling or drawing out. 2. the preparation of an extract. plant reflects an improvement over the prior year due to improved fractionation fractionation /frac·tion·a·tion/ (frak?shun-a´shun) 1. in radiology, division of the total dose of radiation into small doses administered at intervals. 2. margins. - 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. 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. net investment hedges 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 flows related to certain of these operations. However, for accounting purposes 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 due to exchange rate differences and the translation of these foreign currency denominated earnings. During the first half of 2005, the Company received foreign currency denominated cash distributions and settled associated hedge transactions resulting in $5.4 million (2004 - $2.8 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.
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Liquids Pipelines
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2005 2004 2005 2004
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Enbridge System 39.5 41.5 78.4 82.7
Athabasca System 11.4 10.3 23.7 21.0
NW System 1.9 2.0 3.7 3.9
Feeder Pipelines and Other 0.8 (0.1) 0.8 (1.3)
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53.6 53.7 106.6 106.3
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- Enbridge System earnings include a lower earnings base from the Incentive Tolling Settlement (ITS) component of the Enbridge System reflecting the terms of the ITS memorandum of understanding A Memorandum of Understanding (MoU) is a legal document describing a bilateral or multilateral agreement between parties. It expresses a convergence of will between the parties, indicating an intended common line of action and may not imply a legal commitment. , recently negotiated with the Canadian Association of Petroleum Producers and filed with the National Energy Board. Also contributing to the earnings variance in the Enbridge System are increased oil losses, predominantly pre·dom·i·nant adj. 1. Having greatest ascendancy, importance, influence, authority, or force. See Synonyms at dominant. 2. in the first quarter. - 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 year to date earnings variance 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 the result of 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 on the Frontier On the Frontier: A Melodrama in Two Acts, by W. H. Auden and Christopher Isherwood, was the third and last play in the Auden-Isherwood collaboration, first published in 1938. Pipeline recorded in the first quarter of 2004.
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Gas Pipelines
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2005 2004 2005 2004
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Alliance Pipeline (US) 8.5 9.7 16.4 18.7
Enbridge Offshore Pipelines 6.6 - 12.6 -
Vector Pipeline 3.6 4.2 8.0 8.2
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18.7 13.9 37.0 26.9
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- Alliance Pipeline (US) earnings variance primarily reflects 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 in 2005. - Enbridge Offshore Pipelines was acquired on December 31, 2004 for $754.0 million. - Vector earnings reflect the positive effect of continued growth in short haul Short distance. Short haul implies traversing a small geographic area such as a few miles at most. Contrast with long haul. See line driver. firm transportation volumes offset by the negative impact of the stronger Canadian dollar in 2005.
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Sponsored Investments
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2005 2004 2005 2004
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Enbridge Income Fund (EIF) 8.4 7.5 16.7 15.0
Enbridge Energy Partners (EEP) 6.1 7.1 11.6 14.1
Dilution Gains (EEP) - - 4.6 0.9
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14.5 14.6 32.9 30.0
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- The 2005 results from EIF EIF Eukaryotic Initiation Factor EIF Eukaryotic Translation Initiation Factor EIF European Investment Fund EIF Edinburgh International Festival EIF Entry Into Force EIF Entertainment Industry Foundation EIF European Interoperability Framework include higher preferred share dividends as well as higher incentive income consistent with EIF's cash distribution increases in 2004. - EEP's 2005 results reflect various factors including lower operating earnings, a stronger Canadian dollar and a lower ownership interest. - 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 issued more partnership units in 2005 than 2004 and 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.
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Gas Distribution and Services
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2005 2004 2005 2004
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Enbridge Gas Distribution(1) (2.8) 132.4 88.3 143.9
Noverco(1) (2.1) 15.0 19.8 28.6
CustomerWorks/ECS 6.2 4.3 12.3 9.2
Other Gas Distribution
Operations(1) 1.1 4.9 5.9 6.9
Enbridge Gas New Brunswick 1.0 0.6 2.0 1.7
Gas Services (1.0) (0.6) (0.1) (1.0)
Aux Sable 0.6 (1.8) 3.8 (0.5)
AltaGas Income Trust
(investment sold in 2004) - 15.6 - 20.3
Other (0.1) 0.5 (1.3) 1.3
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2.9 170.9 130.7 210.4
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(1) Earnings for 2005 are on a calendar year basis for the three and
six months ended June 30, 2005; whereas, earnings for 2004
reflect earnings on a quarter-lag basis for the three and six
months ended March 31, 2004. Effective December 31, 2004, EGD
changed its fiscal year-end for financial reporting purposes from
September 30 to December 31. Accordingly, the 2004 earnings from
EGD, Noverco and Other Gas Distribution Operations are not
comparable to earnings for 2005. Reconciliations are provided
below.
- Improved fractionation margins at the Aux Sable gas processing facility continue to generate positive earnings. - The variance in Other is primarily the result of business development costs related to the proposed Rabaska LNG LNG (liquefied natural gas): see under natural gas. facility.
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Enbridge Gas Distribution
- as reported (2.8) 132.4 88.3 143.9
Significant non-operating
factors and variances:
quarter lag earnings(1) - (132.4) - (143.9)
calendar basis earnings(2) - (22.7) - 109.7
warmer/(colder) than
normal weather 2.0 (3.7) (1.7) (20.2)
elimination of seasonal
distribution rates - 20.8 - (8.3)
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(0.8) (5.6) 86.6 81.2
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(1) These earnings are included in Enbridge's consolidated earnings
for the second quarter of 2004.
(2) These earnings are included in Enbridge's consolidated earnings
for the third quarter of 2004.
- EGD's 2005 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. decision eliminated seasonal distribution rates, which were higher in the winter months and lower in the summer months, and replaced them with a uniform annual rate. Commencing in 2005, this shifts a portion of earnings from the winter months to the summer months. The seasonal distribution rate variance, noted in the above table, is the effect of applying the uniform rate to 2004 results and volumes. - The $5.4 million increase in earnings at 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. , primarily during the second quarter, reflects the timing of various expenses as compared to the forecast cost of service that is included in revenues.
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2005 2004 2005 2004
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Noverco - as reported (2.1) 15.0 19.8 28.6
Significant non-operating
factors and variances:
quarter lag earnings(1) - (15.0) - (28.6)
calendar basis earnings(2) - (0.1) - 14.9
dilution gain in Noverco
(Gaz Metro unit issuance) - - (7.3) -
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(2.1) (0.1) 12.5 14.9
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(1) These earnings are included in Enbridge's consolidated earnings
for the second quarter of 2004.
(2) These earnings are included in Enbridge's consolidated earnings
for the third quarter of 2004.
- Noverco results are lower due to increased future income tax expense in the second quarter of 2005. The Company recorded a $35 million cash dividend declared by Noverco in June as well as a $50 million 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, both of which affect the accounting base of the investment and create a net future income tax expense. The remaining $35 million cash dividend was declared in July creating a future income tax recovery, to be recorded in the third quarter, and the full $70 million cash dividend was received on July 4, 2005.
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2005 2004 2005 2004
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Other Gas Distribution
Operations - as reported 1.1 4.9 5.9 6.9
Significant non-operating
factors and variances:
quarter lag earnings(1) - (4.9) - (6.9)
calendar basis earnings(2) - 1.1 - 6.0
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1.1 1.1 5.9 6.0
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(1) These earnings are included in Enbridge's consolidated earnings
for the second quarter of 2004.
(2) These earnings are included in Enbridge's consolidated earnings
for the third quarter of 2004.
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International
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2005 2004 2005 2004
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CLH 14.0 14.7 25.6 24.5
OCENSA/CITCol 8.0 8.1 16.2 15.9
Other (1.6) (1.5) (3.2) (2.9)
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20.4 21.3 38.6 37.5
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- The Company's international investments continue to show strong
performance with no significant variances.
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Corporate
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Three months ended Six months ended
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2005 2004 2005 2004
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Corporate (16.5) (26.0) (31.6) (50.3)
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- The decrease in corporate costs is primarily the result of lower interest expense in 2005 and higher business development activity in 2004, particularly in the second quarter. The lower interest expense is a function of lower interest rates and lower average debt balances, including the December 2004 redemption The liberation of an estate in real property from a mortgage. Redemption is the process by which land that has been mortgaged or pledged is bought back or reclaimed. It is accomplished through a payment of the debt owed or a fulfillment of the other conditions. of preferred securities with the proceeds from the AltaGas disposition Act of disposing; transferring to the care or possession of another. The parting with, alienation of, or giving up of property. The final settlement of a matter and, with reference to decisions announced by a court, a judge's ruling is commonly referred to as disposition, regardless of . Conference Call Enbridge will hold a conference call on July 28, 2005 at 9:30 a.m. Eastern time (7:30 a.m. Mountain time) to discuss the second quarter 2005 results. The call can be accessed at 1-800-299-0148, pass code of 90156282, 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 48398044; 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, later in the day. The unaudited interim 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, are available on the Enbridge website. Enbridge Inc. 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, which provides distribution services in the provinces of 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. and 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. , and in 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 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. . The Company employs approximately ap·prox·i·mate adj. 1. Almost exact or correct: the approximate time of the accident. 2. 4,000 people, primarily in 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 , 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:
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ENBRIDGE INC.
HIGHLIGHTS(1)
---------------------------------------------------------------------
(unaudited; millions of Canadian dollars
except per share amounts)
Three months ended Six months ended
June 30, June 30,
---------------------------------------------------------------------
2005 2004 2005 2004
-------------------------------------
FINANCIAL
Earnings Applicable to
Common Shareholders
Liquids Pipelines 53.6 53.7 106.6 106.3
Gas Pipelines 18.7 13.9 37.0 26.9
Sponsored Investments 14.5 14.6 32.9 30.0
Gas Distribution and Services 2.9 170.9 130.7 210.4
International 20.4 21.3 38.6 37.5
Corporate (16.5) (26.0) (31.6) (50.3)
---------------------------------------------------------------------
93.6 248.4 314.2 360.8
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---------------------------------------------------------------------
Cash Provided By Operating
Activities
Earnings plus charges/(credits)
not affecting cash 295.9 368.2 664.8 607.9
Changes in operating assets
and liabilities 55.7 331.7 356.4 284.1
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351.6 699.9 1,021.2 892.0
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---------------------------------------------------------------------
Common Share Dividends 86.9 78.9 173.8 157.6
---------------------------------------------------------------------
---------------------------------------------------------------------
Earnings per Common Share 0.27 0.74 0.93 1.08
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---------------------------------------------------------------------
Diluted Earnings per
Common Share 0.27 0.73 0.92 1.07
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Dividends per Common Share 0.2500 0.2288 0.5000 0.4575
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Weighted Average Common
Shares Outstanding (millions) 336.9 334.0
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Diluted Weighted Average Common
Shares Outstanding (millions) 340.2 337.0
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OPERATING
Liquids Pipelines(2)
Deliveries (thousands
of barrels per day) 1,999 2,156 2,015 2,131
Barrel miles (billions) 173 191 345 376
Average haul (miles) 951 974 945 975
Gas Distribution and Services(3)
Volumes (billion cubic feet) 75 192 264 322
Number of active customers
(thousands) 1,779 1,726 1,779 1,726
Degree day deficiency(4)
Actual 487 1,987 2,453 3,010
Forecast based on
normal weather 546 1,870 2,440 2,807
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(1) Financial and operating highlights of Gas Distribution and
Services for 2004 reflect the results of Enbridge Gas
Distribution (EGD) and other gas distribution operations on a
one-quarter lag basis for the three and six months ended March
31, 2004. For 2005, as a result of EGD's change in fiscal year
end from September 30 to December 31, financial and operating
highlights reflect the results of EGD and other gas distribution
operations for the three and six months ended June 30, 2005.
(2) Liquids Pipelines operating highlights include the statistics of
the 11.2% 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
except per share amounts)
Three months ended Six months ended
June 30, June 30,
---------------------------------------------------------------------
2005 2004 2005 2004
---------------------------------------------------------------------
Revenues
Gas sales 665.1 1,323.1 2,219.0 2,292.9
Transportation 463.1 452.4 1,008.6 861.4
Energy services 78.6 68.4 160.9 142.8
---------------------------------------------------------------------
1,206.8 1,843.9 3,388.5 3,297.1
---------------------------------------------------------------------
Expenses
Gas costs 577.6 1,093.7 1,973.3 1,948.6
Operating and administrative 255.2 237.5 514.6 439.8
Depreciation 143.0 115.0 286.3 225.5
---------------------------------------------------------------------
975.8 1,446.2 2,774.2 2,613.9
---------------------------------------------------------------------
Operating Income 231.0 397.7 614.3 683.2
Investment and Other Income 40.6 95.2 122.8 171.4
Interest Expense (134.1) (123.1) (269.4) (247.2)
---------------------------------------------------------------------
137.5 369.8 467.7 607.4
Income Taxes (42.2) (119.7) (150.1) (243.2)
---------------------------------------------------------------------
Earnings 95.3 250.1 317.6 364.2
Preferred Share Dividends (1.7) (1.7) (3.4) (3.4)
---------------------------------------------------------------------
Earnings Applicable to
Common Shareholders 93.6 248.4 314.2 360.8
---------------------------------------------------------------------
---------------------------------------------------------------------
Earnings Per Common Share 0.27 0.74 0.93 1.08
---------------------------------------------------------------------
---------------------------------------------------------------------
Diluted Earnings Per Common Share 0.27 0.73 0.92 1.07
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CONSOLIDATED STATEMENTS OF RETAINED EARNINGS
---------------------------------------------------------------------
Six months ended
(unaudited; millions of Canadian dollars) June 30,
---------------------------------------------------------------------
2005 2004
---------------------------------------------------------------------
Retained Earnings at Beginning of Period 1,840.9 1,511.4
Earnings Applicable to Common Shareholders 314.2 360.8
Common Share Dividends (173.8) (157.6)
Dividends Paid to Reciprocal Shareholder 5.4 -
Dividend Reclassification Adjustment 51.2 -
---------------------------------------------------------------------
Retained Earnings at End of Period 2,037.9 1,714.6
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ENBRIDGE INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
---------------------------------------------------------------------
Three months ended Six months ended
June 30, June 30,
---------------------------------------------------------------------
(unaudited; millions of
Canadian dollars) 2005 2004 2005 2004
---------------------------------------------------------------------
Cash Provided By Operating
Activities
Earnings 95.3 250.1 317.6 364.2
Charges/(credits) not
affecting cash
Depreciation 143.0 115.0 286.3 225.5
Equity earnings less
than/(in excess of) cash
distributions 6.7 (23.4) (21.5) (55.1)
Gain on reduction of
ownership interest - (9.8) (15.6) (12.3)
Future income taxes 47.9 33.0 85.0 82.0
Other 3.0 3.3 13.0 3.6
Changes in operating assets
and liabilities 55.7 331.7 356.4 284.1
---------------------------------------------------------------------
351.6 699.9 1,021.2 892.0
---------------------------------------------------------------------
Investing Activities
Acquisitions (15.4) (13.7) (58.1) (17.4)
Long-term investments (0.8) - (61.8) (16.2)
Additions to property,
plant and equipment (116.4) (82.9) (199.5) (154.2)
Changes in construction payable (14.3) 2.1 (0.3) (3.1)
Changes in long-term
notes receivable (0.6) - (0.6) -
---------------------------------------------------------------------
(147.5) (94.5) (320.3) (190.9)
---------------------------------------------------------------------
Financing Activities
Net change in short-term
borrowings and short-term debt (8.6) (417.2) (709.8) (582.7)
Non-recourse short-term debt
issued by joint ventures 12.5 - 11.9 -
Long-term debt issues - - 620.1 300.0
Long-term debt repayments (100.0) (100.0) (396.9) (250.0)
Non-recourse long-term debt
repaid by joint ventures (48.1) (15.3) (52.4) (29.5)
Non-recourse long-term debt
issued by joint ventures - - 6.8 -
Non-controlling interests (7.2) (1.3) (11.9) (1.9)
Common shares issued 12.0 4.8 39.4 24.3
Preferred share dividends (1.7) (1.7) (3.4) (3.4)
Common share dividends (86.9) (78.9) (173.8) (157.6)
---------------------------------------------------------------------
(228.0) (609.6) (670.0) (700.8)
---------------------------------------------------------------------
Increase/(Decrease) in Cash (24.1) (4.2) 30.9 0.3
Cash at Beginning of Period 160.5 108.6 105.5 104.1
---------------------------------------------------------------------
Cash at End of Period 136.4 104.4 136.4 104.4
---------------------------------------------------------------------
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ENBRIDGE INC.
CONSOLIDATED STATEMENTS OF FINANCIAL POSITION
---------------------------------------------------------------------
June 30, December 31,
(unaudited; millions of Canadian dollars) 2005 2004
---------------------------------------------------------------------
Assets
Current Assets
Cash 136.4 105.5
Accounts receivable and other 1,232.8 1,451.9
Inventory 602.3 791.6
---------------------------------------------------------------------
1,971.5 2,349.0
Property, Plant and Equipment, net 10,328.0 9,066.5
Long-Term Investments 1,913.1 2,278.3
Receivable from Affiliate 180.9 171.7
Deferred Amounts and Other Assets 799.9 729.2
Goodwill 360.5 31.5
Intangible Assets 249.2 133.9
Future Income Taxes 120.7 145.0
---------------------------------------------------------------------
15,923.8 14,905.1
---------------------------------------------------------------------
---------------------------------------------------------------------
Liabilities and Shareholders' Equity
Current Liabilities
Short-term borrowings 241.6 650.6
Accounts payable and other 1,166.9 1,275.9
Interest payable 78.3 83.8
Current maturities and short-term debt 541.2 703.9
Current portion of non-recourse
long-term debt 84.2 30.2
---------------------------------------------------------------------
2,112.2 2,744.4
Long-Term Debt 6,166.5 6,053.3
Non-Recourse Long-Term Debt 1,674.3 665.2
Other Long-Term Liabilities 95.8 151.8
Future Income Taxes 951.3 797.3
Non-Controlling Interests 682.9 514.9
---------------------------------------------------------------------
11,683.0 10,926.9
Shareholders' Equity
Share capital
Preferred shares 125.0 125.0
Common shares 2,321.8 2,282.4
Contributed surplus 7.1 5.4
Retained earnings 2,037.9 1,840.9
Foreign currency translation adjustment (115.3) (139.8)
Reciprocal shareholding (135.7) (135.7)
---------------------------------------------------------------------
4,240.8 3,978.2
---------------------------------------------------------------------
15,923.8 14,905.1
---------------------------------------------------------------------
---------------------------------------------------------------------
SEGMENTED INFORMATION
Three months ended June 30, 2005
---------------------------------------------------------------------
(millions Gas
of Canadian Liquids Gas Sponsored Distribution
dollars) Pipelines Pipelines Investments and Services(1)
---------------------------------------------------------------------
Revenues 214.1 98.3 61.7 830.7
Gas costs - - - (577.6)
Operating and
administrative (77.0) (23.1) (14.9) (133.8)
Depreciation (36.5) (23.9) (17.9) (62.5)
---------------------------------------------------------------------
Operating income 100.6 51.3 28.9 56.8
Investment and
other income (0.4) 1.3 10.1 (1.4)
Interest and preferred
equity charges (24.2) (21.6) (15.8) (42.6)
Income taxes (22.4) (12.3) (8.7) (9.9)
---------------------------------------------------------------------
Earnings applicable to
common shareholders 53.6 18.7 14.5 2.9
---------------------------------------------------------------------
---------------------------------------------------------------------
SEGMENTED INFORMATION
Three months ended June 30, 2005
---------------------------------------------------------------------
(millions of
Canadian dollars) International Corporate Consolidated
---------------------------------------------------------------------
Revenues 2.0 - 1,206.8
Gas costs - - (577.6)
Operating and
administrative (3.5) (2.9) (255.2)
Depreciation (0.3) (1.9) (143.0)
---------------------------------------------------------------------
Operating income (1.8) (4.8) 231.0
Investment and other income 22.8 8.2 40.6
Interest and preferred
equity charges - (31.6) (135.8)
Income taxes (0.6) 11.7 (42.2)
---------------------------------------------------------------------
Earnings applicable
to common shareholders 20.4 (16.5) 93.6
---------------------------------------------------------------------
---------------------------------------------------------------------
Three months ended June 30, 2004
---------------------------------------------------------------------
(millions Gas
of Canadian Liquids Gas Sponsored Distribution
dollars) Pipelines Pipelines Investments and Services(1)
---------------------------------------------------------------------
Revenues 220.0 72.2 - 1,543.0
Gas costs - - - (1,093.7)
Operating and
administrative (81.1) (15.6) - (124.9)
Depreciation (35.8) (17.1) - (60.8)
---------------------------------------------------------------------
Operating income 103.1 39.5 - 263.6
Investment and
other income - 0.2 25.2 37.5
Interest and preferred
equity charges (25.4) (17.2) - (43.7)
Income taxes (24.0) (8.6) (10.6) (86.5)
---------------------------------------------------------------------
Earnings applicable to
common shareholders 53.7 13.9 14.6 170.9
---------------------------------------------------------------------
---------------------------------------------------------------------
Three months ended June 30, 2004
---------------------------------------------------------------------
(millions of
Canadian dollars) International Corporate Consolidated
---------------------------------------------------------------------
Revenues 8.7 - 1,843.9
Gas costs - - (1,093.7)
Operating and
administrative (9.7) (6.2) (237.5)
Depreciation (0.5) (0.8) (115.0)
---------------------------------------------------------------------
Operating income (1.5) (7.0) 397.7
Investment and other income 23.0 9.3 95.2
Interest and preferred
equity charges (0.1) (38.4) (124.8)
Income taxes (0.1) 10.1 (119.7)
---------------------------------------------------------------------
Earnings applicable to
common shareholders 21.3 (26.0) 248.4
---------------------------------------------------------------------
---------------------------------------------------------------------
Six months ended June 30, 2005
---------------------------------------------------------------------
(millions Gas
of Canadian Liquids Gas Sponsored Distribution
dollars) Pipelines Pipelines Investments and Services(1)
---------------------------------------------------------------------
Revenues 425.9 194.8 122.0 2,640.3
Gas costs - - - (1,973.3)
Operating and
administrative (151.2) (44.3) (28.1) (274.0)
Depreciation (73.7) (48.1) (35.4) (125.6)
---------------------------------------------------------------------
Operating income 201.0 102.4 58.5 267.4
Investment and
other income (1.2) 1.3 30.8 25.2
Interest and preferred
equity charges (48.5) (42.7) (31.3) (87.3)
Income taxes (44.7) (24.0) (25.1) (74.6)
---------------------------------------------------------------------
Earnings applicable to
common shareholders 106.6 37.0 32.9 130.7
---------------------------------------------------------------------
---------------------------------------------------------------------
Six months ended June 30, 2005
---------------------------------------------------------------------
(millions of
Canadian dollars) International Corporate Consolidated
---------------------------------------------------------------------
Revenues 5.5 - 3,388.5
Gas costs - - (1,973.3)
Operating and
administrative (8.1) (8.9) (514.6)
Depreciation (0.6) (2.9) (286.3)
---------------------------------------------------------------------
Operating income (3.2) (11.8) 614.3
Investment and other
income 42.9 23.8 122.8
Interest and preferred
equity charges - (63.0) (272.8)
Income taxes (1.1) 19.4 (150.1)
---------------------------------------------------------------------
Earnings applicable to
common shareholders 38.6 (31.6) 314.2
---------------------------------------------------------------------
---------------------------------------------------------------------
Six months ended June 30, 2004
---------------------------------------------------------------------
(millions Gas
of Canadian Liquids Gas Sponsored Distribution
dollars) Pipelines Pipelines Investments and Services(1)
---------------------------------------------------------------------
Revenues 424.9 139.7 - 2,716.4
Gas costs - - - (1,948.6)
Operating and
administrative (149.2) (28.4) - (232.8)
Depreciation (71.7) (33.9) - (117.5)
---------------------------------------------------------------------
Operating income 204.0 77.4 - 417.5
Investment and other
income 1.0 0.4 50.8 59.3
Interest and preferred
equity charges (50.4) (34.0) - (86.7)
Income taxes (48.3) (16.9) (20.8) (179.7)
---------------------------------------------------------------------
Earnings/(loss)
applicable to
common shareholders 106.3 26.9 30.0 210.4
---------------------------------------------------------------------
---------------------------------------------------------------------
Six months ended June 30, 2004
---------------------------------------------------------------------
(millions of
Canadian dollars) International Corporate Consolidated
---------------------------------------------------------------------
Revenues 16.1 - 3,297.1
Gas costs - - (1,948.6)
Operating and administrative (18.7) (10.7) (439.8)
Depreciation (0.9) (1.5) (225.5)
---------------------------------------------------------------------
Operating income (3.5) (12.2) 683.2
Investment and other income 42.3 17.6 171.4
Interest and preferred
equity charges (0.1) (79.4) (250.6)
Income taxes (1.2) 23.7 (243.2)
---------------------------------------------------------------------
Earnings/(loss) applicable
to common shareholders 37.5 (50.3) 360.8
---------------------------------------------------------------------
---------------------------------------------------------------------
1. Gas Distribution and Services results for 2004 were consolidated
on a one-quarter-lag basis and therefore reflect the three and
six month periods ended March 31, 2004. Starting at the end of
2004, EGD changed its fiscal year end from September 30 to
December 31. Therefore, the quarter lag basis of consolidation
was eliminated. Gas Distribution and Services results for 2005
reflect the three and six month periods ended June 30, 2005.
Enbridge Inc. (TSX:ENB) (NYSE:ENB) |
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