Enbridge Reports Strong Nine-Month Earnings and Increases Dividend by 15%.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 increase 11% for the nine months ended September September: see month. 30, 2005 - Adjusted operating earnings for the third quarter increase 17% to $73.9 million - Continued progress on multiple liquids pipeline development projects - Recent hurricanes cause temporary volume declines for offshore gas transmission assets - Board of Directors approves an increase in common share dividends of 15% "This has been another strong quarter for Enbridge, notwithstanding the effects of two severe hurricanes and the resulting stress on our employees," 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. "While our offshore assets Oil and gas facilities, mining and industrial installations, ocean thermal energy conversion facilities, deep water ports, aids to navigation, and nuclear power plants located or in operation seaward of the coastline. will continue to be negatively affected in the fourth quarter, Enbridge's full year performance and longer term outlook remain very bright, due to the diversity and quality of our asset base. Enbridge continues to anticipate full year 2005 adjusted operating earnings will be within the previously noted $1.60 to $1.65 per share range." "Enbridge continues to actively develop and advance an unprecedented number of organic growth projects totaling more than $8 billion. During a busy quarter, we achieved some key milestones, evidencing our progress. We announced founding 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 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. our $400 million Waupisoo oil sands 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. pipeline to Edmonton Edmonton (ĕd`məntən), city (1991 pop. 616,741), provincial capital, central Alta., Canada, on the North Saskatchewan River. The center of the largest metropolitan area in Alberta, Edmonton, known as the "Gateway to the North," is located and successfully completed our shipper open season processes for the $1.3 billion Southern Access pipeline expansion to 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 and the $1.7 billion Gateway import 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. pipeline from Kitimat Kitimat (kĭt`ĭmăt'), town (1991 pop. 11,305), W British Columbia, Canada, at the head of Douglas Channel. It is the site of a huge aluminum smelter (opened 1954), pulp and paper mills, and a petrochemical plant. Kitimat has a deepwater anchorage. , B.C. to Edmonton, Alberta". Mr. Daniel concluded, "As a result of this tremendous portfolio of opportunities, we are very confident that we will achieve organic growth rates Growth Rates The compounded annualized rate of growth of a company's revenues, earnings, dividends, or other figures. Notes: Remember, historically high growth rates don't always mean a high rate of growth looking into the future. on average over the next five years of 6% or more. We will continue to pursue accretive acquisitions Accretive Acquisition An acquisition that will increase the acquiring company's EPS. Notes: As they are expected to increase the acquiring company's future earnings, these acquisitions tend to be favorable for the company's market price. on an opportunistic opportunistic /op·por·tu·nis·tic/ (op?er-tldbomacn-is´tik) 1. denoting a microorganism which does not ordinarily cause disease but becomes pathogenic under certain circumstances. 2. basis, as a supplementary source of growth, acknowledging that the current M&A price environment is challenging." Based on this positive outlook, and taking into consideration the increased attractiveness that many investors are assigning as·sign tr.v. as·signed, as·sign·ing, as·signs 1. To set apart for a particular purpose; designate: assigned a day for the inspection. 2. to dividend income, the Board of Directors has approved a revised dividend policy for Enbridge. Going forward, Enbridge will target to pay out approximately ap·prox·i·mate adj. 1. Almost exact or correct: the approximate time of the accident. 2. 60%-70% of earnings, an increase from the recent 50% to 60% target range. The Board also determined that it would be appropriate to adjust the quarterly dividend immediately to bring it into alignment Alignment is the adjustment of an object in relation with other objects, or a static orientation of some object or set of objects in relation to others.
n. 1. The act or an instance of paying out. 2. A percentage of corporate earnings that is paid as dividends to shareholders. will provide our investors with an attractive value proposition and one that is unparalleled in our industry." On November November: see month. 2, 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 $0.2875 per common share reflecting a 15% increase and $0.34375 per Series A Preferred Share. Both dividends are payable on December December: see month. 1, 2005 to shareholders of record on November 15, 2005. Earnings applicable to common shareholders are $382.0 million for the nine months ended September 30, 2005, or $1.13 per share, compared with $540.5 million, or $1.62 per share, in 2004. The $158.5 million decrease in earnings is primarily the result of the prior year including an after tax $97.8 million gain on the sale of Altagas Trust Units as well as the resulting absence of earnings from this investment in 2005. In addition, the 2004 earnings were higher as a result of 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 that creates a lack of comparability between periods. Positive factors in 2005 include the earnings contribution from the recently acquired Enbridge Offshore Pipelines and lower interest expense. Earnings applicable to common shareholders are $67.8 million for the three months ended September 30, 2005, or $0.20 per share, compared with $179.7 million, or $0.54 per share, in 2004. The third quarter results reflect similar factors as the nine month results with the largest item being the $97.8 million gain on the sale of AltaGas in the prior year.
Consolidated Earnings
Three months ended Nine months ended
(millions of Canadian dollars) September 30, September 30,
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2005 2004 2005 2004
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Liquids Pipelines 61.6 61.6 168.2 167.9
Gas Pipelines 9.9 12.3 46.9 39.2
Sponsored Investments 11.4 19.5 44.3 49.5
Gas Distribution and Services(1) (20.8) 86.1 109.9 296.5
International 21.0 16.1 59.6 53.6
Corporate (15.3) (15.9) (46.9) (66.2)
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67.8 179.7 382.0 540.5
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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 nine months
ended September 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 nine months ended
June 30, 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 useful information to investors and shareholders as it provides clear 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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Three months ended Nine months ended
(millions of Canadian dollars) September 30, September 30,
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2005 2004 2005 2004
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Consolidated GAAP earnings 67.8 179.7 382.0 540.5
Non-operating factors and
variances as per table below 6.1 (116.7) (7.5) (203.4)
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Adjusted Operating Earnings 73.9 63.0 374.5 337.1
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Significant non-operating factors and variances (after tax) affecting
consolidated earnings are as follows:
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(millions of Canadian dollars) September 30, September 30,
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2005 2004 2005 2004
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Sponsored Investments
Dilution gains on EEP
unit issuance - 6.7 4.6 7.6
EEP non-cash derivative
fair value losses (5.9) - (5.9) -
Gas Distribution and Services
Quarter lag earnings of EGD,
Noverco and other(1) - (21.7) - 157.7
Calendar basis earnings
of EGD, Noverco and other(1) - 41.1 - (89.6)
Colder/(warmer) than normal
weather at EGD (0.2) 1.1 1.5 21.3
Elimination of seasonal
distribution rates at EGD - (8.3) - -
Dilution gain in Noverco
(Gaz Metro unit issuance) - - 7.3 -
Gain on sale of investment
in AltaGas Income Trust - 97.8 - 97.8
Dilution gain
(AltaGas Income Trust) - - - 8.0
Revalue future income taxes
due to tax rate changes - - - 0.6
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Total significant
non-operating factors
and variances increasing/
(decreasing) earnings (6.1) 116.7 7.5 203.4
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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 earnings for EGD, Noverco and Other Gas Distribution
Operations for the three and nine months ended June 30, 2004,
have been eliminated and earnings, for the three and nine months
ended September 30, 2004, have been added. Other non-operating
factors and variances that affected these businesses in 2004 are
for the three and nine months ended September 30, 2004, as was
reported in the Company's fourth quarter results for 2004.
Significant operating factors 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 in 2005 include the following: - Enbridge Offshore Pipelines, acquired December 31, 2004, contributes positive earnings. - 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. 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 related to 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 the nine months ended September 30, 2005, the Company received foreign currency denominated cash distributions and settled associated hedge transactions resulting in $9.9 million (2004 - $5.1 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.
Liquids Pipelines
Three months ended Nine months ended
(millions of Canadian dollars) September 30, September 30,
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2005 2004 2005 2004
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Enbridge System 45.4 47.9 123.8 130.6
Athabasca System 13.1 11.6 36.8 32.6
NW System 2.0 1.8 5.7 5.7
Feeder Pipelines and Other 1.1 0.3 1.9 (1.0)
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61.6 61.6 168.2 167.9
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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 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 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, and higher taxes relating to relating to relate prep → concernant relating to relate prep → bezüglich +gen, mit Bezug auf +acc 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 . - 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 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 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.
Gas Pipelines
Three months ended Nine months ended
(millions of Canadian dollars) September 30, September 30,
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2005 2004 2005 2004
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Alliance Pipeline (US) 8.0 8.8 24.4 27.5
Enbridge Offshore Pipelines (1.7) - 10.9 -
Vector Pipeline 3.6 3.5 11.6 11.7
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9.9 12.3 46.9 39.2
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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. 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 quarterly result includes 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 third quarter earnings by approximately $10 million. - Vector Pipeline Vector Pipeline is a natural gas pipeline which receives gas from multiple suppliers at a transportation hub in the Chicago area. The product is transported through Illinois, Indiana, and Michigan, and into Canada. 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.
Sponsored Investments
Three months ended Nine months ended
(millions of Canadian dollars) September 30, September 30,
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2005 2004 2005 2004
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Enbridge Income Fund (EIF) 9.1 6.9 25.8 21.9
Enbridge Energy Partners (EEP) 2.3 5.9 13.9 20.0
Dilution Gains (EEP) - 6.7 4.6 7.6
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11.4 19.5 44.3 49.5
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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 unit distributions as well as higher incentive income consistent with EIF's cash distribution increases in 2004. EIF's operating results benefited from enhanced 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's 2005 results reflect a number of factors including positive contributions from natural gas systems offset by lower Lakehead The term Lakehead can refer to several different things: Geographic
Adjustment of the book value or collateral value of a security to reflect current market value. losses 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 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. - 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 partnership units in 2005 and 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.
Gas Distribution and Services
Three months ended Nine months ended
(millions of Canadian dollars) September 30, September 30,
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2005 2004 2005 2004
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Enbridge Gas Distribution(1) (32.9) (22.7) 55.4 121.2
Noverco(1) 1.9 (0.1) 21.7 28.5
CustomerWorks/ECS 6.6 3.4 18.9 12.6
Other Gas Distribution
Operations(1) (1.0) 1.1 4.9 8.0
Enbridge Gas New Brunswick 1.8 1.1 3.8 2.8
Gas Services (0.8) 0.8 (0.9) (0.2)
Aux Sable 2.4 3.9 6.2 3.4
AltaGas Income Trust
(investment sold in 2004) - 0.8 - 21.1
Gain on sale of AltaGas
Income Trust Units - 97.8 - 97.8
Other 1.2 - (0.1) 1.3
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(20.8) 86.1 109.9 296.5
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(1) Earnings for 2005 are on a calendar year basis for the three and
nine months ended September 30, 2005; whereas earnings for 2004
reflect earnings on a quarter-lag basis for the three and nine
months ended June 30, 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.
Three months ended Nine months ended
(millions of Canadian dollars) September 30, September 30,
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2005 2004 2005 2004
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Enbridge Gas Distribution
- as reported (32.9) (22.7) 55.4 121.2
Significant non-operating
factors and variances:
quarter lag earnings(1) - 22.7 - (121.2)
calendar basis earnings(2) - (36.1) - 73.6
warmer/(colder) than
normal weather 0.2 (1.1) (1.5) (21.3)
elimination of seasonal
distribution rates - 8.3 - -
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(32.7) (28.9) 53.9 52.3
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(1) These earnings are for the three and nine months ended June 30,
2004 and were included in Enbridge's consolidated earnings for
the period ended September 30, 2004.
(2) These earnings are for the three and nine months ended September
30, 2004 and were included in Enbridge's consolidated earnings
for the year ended December 31, 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. - 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. earnings are consistent with the prior year. The third quarter variance at EGD reflects the timing of various expenses as compared to the forecast cost of service that is included in revenues, and is a reversal reversal n. the decision of a court of appeal ruling that the judgment of a lower court was incorrect and is reversed. The result is that the lower court which tried the case is instructed to dismiss the original action, retry the case, or is ordered to change its of the trend identified in the prior quarter.
Three months ended Nine months ended
(millions of Canadian dollars) September 30, September 30,
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2005 2004 2005 2004
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Noverco - as reported 1.9 (0.1) 21.7 28.5
Significant non-operating
factors and variances:
quarter lag earnings(1) - 0.1 - (28.5)
calendar basis earnings(2) - (3.7) - 11.2
dilution gain in Noverco
(Gaz Metro unit issuance) - - (7.3) -
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1.9 (3.7) 14.4 11.2
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(1) These earnings are for the three and nine months ended June 30,
2004 and were included in Enbridge's consolidated earnings for
the period ended September 30, 2004.
(2) These earnings are for the three and nine months ended September
30, 2004 and were included in Enbridge's consolidated earnings
for the year ended December 31, 2004.
- During the year, the Company received a $70 million cash dividend from Noverco and recorded 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 recovery. Half of the dividend, and the related future income tax recovery, was recorded in the third quarter, resulting in increased earnings compared to the prior year. The net income tax recovery in the nine month period includes the future income tax expense recorded in respect of these items in the second quarter.
Three months ended Nine months ended
(millions of Canadian dollars) September 30, September 30,
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2005 2004 2005 2004
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Other Gas Distribution
Operations - as reported (1.0) 1.1 4.9 8.0
Significant non-operating
factors and variances:
quarter lag earnings (1) - (1.1) - (8.0)
calendar basis earnings (2) - (1.3) - 4.8
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(1.0) (1.3) 4.9 4.8
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(1) These earnings are for the three and nine months ended June 30,
2004 and were included in Enbridge's consolidated earnings for
the period ended September 30, 2004.
(2) These earnings are for the three and nine months ended
September 30, 2004 and were included in Enbridge's consolidated
earnings for the year ended December 31, 2004.
International
Three months ended Nine months ended
(millions of Canadian dollars) September 30, September 30,
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2005 2004 2005 2004
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CLH 14.2 10.9 39.8 35.4
OCENSA/CITCol 8.2 7.9 24.4 23.8
Other (1.4) (2.7) (4.6) (5.6)
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21.0 16.1 59.6 53.6
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- The Company's international investments continue to show strong performance. Earnings from CLH during the third quarter are higher due to an increase in average tariffs This is a list of tariffs and trade legislation:
Corporate
Three months ended Nine months ended
(millions of Canadian dollars) September 30, September 30,
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2005 2004 2005 2004
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Corporate (15.3) (15.9) (46.9) (66.2)
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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. 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 November 3, 2005 at 9:30 a.m. Eastern time (7:30 a.m. Mountain time) to discuss the third quarter 2005 results. The call can be accessed at 1-800-299-7635, pass code of 11068310, 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 18670455; 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., 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 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. , 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 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. 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(1)
(unaudited; millions of
Canadian dollars Three months ended Nine months ended
except per share amounts) September 30, September 30,
---------------------------------------------------------------------
2005 2004 2005 2004
---------------------------------------------------------------------
FINANCIAL
Earnings Applicable to
Common Shareholders
Liquids Pipelines 61.6 61.6 168.2 167.9
Gas Pipelines 9.9 12.3 46.9 39.2
Sponsored Investments 11.4 19.5 44.3 49.5
Gas Distribution and
Services (20.8) 86.1 109.9 296.5
International 21.0 16.1 59.6 53.6
Corporate (15.3) (15.9) (46.9) (66.2)
---------------------------------------------------------------------
67.8 179.7 382.0 540.5
---------------------------------------------------------------------
---------------------------------------------------------------------
Cash Provided By Operating
Activities
Earnings plus charges/
(credits) not affecting
cash 251.3 188.4 916.1 796.3
Changes in operating assets
and liabilities (350.2) 229.8 6.2 513.9
---------------------------------------------------------------------
(98.9) 418.2 922.3 1,310.2
---------------------------------------------------------------------
---------------------------------------------------------------------
Common Share Dividends 86.9 79.0 260.7 236.6
---------------------------------------------------------------------
---------------------------------------------------------------------
Earnings per Common Share 0.20 0.54 1.13 1.62
---------------------------------------------------------------------
---------------------------------------------------------------------
Diluted Earnings per Common
Share 0.20 0.54 1.12 1.61
---------------------------------------------------------------------
---------------------------------------------------------------------
Dividends per Common Share 0.2500 0.2288 0.7500 0.6863
---------------------------------------------------------------------
---------------------------------------------------------------------
Weighted Average Common
Shares Outstanding (millions) 337.2 334.2
---------------------------------------------------------------------
---------------------------------------------------------------------
Diluted Weighted Average
Common Shares Outstanding
(millions) 340.7 337.1
---------------------------------------------------------------------
---------------------------------------------------------------------
OPERATING
Liquids Pipelines(2)
Deliveries (thousands
of barrels per day) 1,908 2,110 1,979 2,125
Barrel miles (billions) 168 189 513 565
Average haul (miles) 959 975 949 971
Gas Distribution and Services(3)
Volumes (billion cubic feet) 45 76 309 398
Number of active customers
(thousands) 1,782 1,737 1,782 1,737
Degree day deficiency(4)
Actual 23 723 2,476 3,733
Forecast based on normal
weather 60 714 2,500 3,521
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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 nine months ended June
30, 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 nine months ended September 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
Three months ended Nine months ended
September 30, September 30,
---------------------------------------------------------------------
(unaudited; millions of Canadian
dollars, except per share
amounts) 2005 2004 2005 2004
---------------------------------------------------------------------
Revenues
Commodity sales 1,142.1 1,202.1 4,108.0 4,070.7
Transportation 430.7 396.6 1,439.3 1,258.0
Energy services 84.3 16.8 238.0 155.5
---------------------------------------------------------------------
1,657.1 1,615.5 5,785.3 5,484.2
---------------------------------------------------------------------
Expenses
Commodity costs 1,076.9 1,114.0 3,789.9 3,634.2
Operating and administrative 267.4 217.6 782.0 657.4
Depreciation 141.2 115.1 427.5 340.6
---------------------------------------------------------------------
1,485.5 1,446.7 4,999.4 4,632.2
---------------------------------------------------------------------
Operating Income 171.6 168.8 785.9 852.0
Investment and Other Income 21.1 51.7 143.9 223.1
Gain on Sale of Investment in
AltaGas Income Trust Units - 121.5 - 121.5
Interest Expense (133.0) (119.7) (402.4) (366.9)
---------------------------------------------------------------------
59.7 222.3 527.4 829.7
Income Taxes 9.8 (40.8) (140.3) (284.0)
---------------------------------------------------------------------
Earnings 69.5 181.5 387.1 545.7
Preferred Share Dividends (1.7) (1.8) (5.1) (5.2)
---------------------------------------------------------------------
Earnings Applicable to Common
Shareholders 67.8 179.7 382.0 540.5
---------------------------------------------------------------------
---------------------------------------------------------------------
Earnings Per Common Share 0.20 0.54 1.13 1.62
---------------------------------------------------------------------
---------------------------------------------------------------------
Diluted Earnings Per Common Share 0.20 0.54 1.12 1.61
---------------------------------------------------------------------
---------------------------------------------------------------------
ENBRIDGE INC.
CONSOLIDATED STATEMENTS OF RETAINED EARNINGS
---------------------------------------------------------------------
Nine months ended
September 30,
---------------------------------------------------------------------
(unaudited; millions of Canadian dollars) 2005 2004
---------------------------------------------------------------------
Retained Earnings at Beginning of Period 1,840.9 1,511.4
Earnings Applicable to Common Shareholders 382.0 540.5
Common Share Dividends (260.7) (236.6)
Dividends Paid to Reciprocal Shareholder 8.1 -
Dividend Reclassification Adjustment (Note 3) 51.2 -
---------------------------------------------------------------------
Retained Earnings at End of Period 2,021.5 1,815.3
---------------------------------------------------------------------
---------------------------------------------------------------------
ENBRIDGE INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
Three months ended Nine months ended
September 30, September 30,
---------------------------------------------------------------------
(unaudited; millions of Canadian
dollars, amounts) 2005 2004 2005 2004
---------------------------------------------------------------------
Cash Provided By Operating
Activities
Earnings 69.5 181.5 387.1 545.7
Charges/(credits)
not affecting cash
Depreciation 141.2 115.1 427.5 340.6
Equity earnings less
than/(in excess of)
cash distributions 82.8 1.5 61.3 (53.6)
Gain on reduction of
ownership interest - (17.3) (15.6) (29.6)
Gain on sale of investment
in AltaGas Income Trust Units - (121.5) - (121.5)
Future income taxes (44.5) (7.3) 40.5 74.7
Other 2.3 36.4 15.3 40.0
Changes in operating
assets and liabilities (350.2) 229.8 6.2 513.9
---------------------------------------------------------------------
(98.9) 418.2 922.3 1,310.2
---------------------------------------------------------------------
Investing Activities
Acquisitions (28.3) - (86.4) (17.4)
Changes in long-term investments (0.3) (0.7) (62.1) (16.9)
Additions to property, plant
and equipment (141.5) (97.4) (341.0) (251.6)
Sale of investment in
AltaGas Income Trust Units - 251.4 - 251.4
Changes in construction payable (2.1) 0.9 (2.4) (2.2)
Changes in long-term notes
receivable 0.5 - (0.1) -
---------------------------------------------------------------------
(171.7) 154.2 (492.0) (36.7)
---------------------------------------------------------------------
Financing Activities
Net change in short-term
borrowings and short-term debt 377.2 (434.4) (332.6)(1,017.1)
Non-recourse short-term
debt of joint ventures (6.5) - 5.4 (5.0)
Long-term debt issues - - 620.1 300.0
Long-term debt repayments - - (396.9) (250.0)
Non-recourse long-term debt
repaid by joint ventures (2.4) - (54.8) (24.5)
Non-recourse long-term debt
issued by joint ventures - - 6.8 -
Non-controlling interests 7.4 1.6 (4.5) (0.3)
Common shares issued 7.5 7.4 46.9 31.7
Preferred share dividends (1.7) (1.8) (5.1) (5.2)
Common share dividends (86.9) (79.0) (260.7) (236.6)
---------------------------------------------------------------------
294.6 (506.2) (375.4)(1,207.0)
---------------------------------------------------------------------
Increase in Cash 24.0 66.2 54.9 66.5
Cash at Beginning of Period 136.4 104.4 105.5 104.1
---------------------------------------------------------------------
Cash at End of Period 160.4 170.6 160.4 170.6
---------------------------------------------------------------------
---------------------------------------------------------------------
ENBRIDGE INC.
CONSOLIDATED STATEMENTS OF FINANCIAL POSITION
---------------------------------------------------------------------
September 30, December 31,
(unaudited; millions of Canadian dollars) 2005 2004
---------------------------------------------------------------------
Assets
Current Assets
Cash 160.4 105.5
Accounts receivable and other 1,295.4 1,451.9
Inventory 1,042.5 791.6
---------------------------------------------------------------------
2,498.3 2,349.0
Property, Plant and Equipment, net 10,265.2 9,066.5
Long-Term Investments 1,809.0 2,278.3
Receivable from Affiliate 174.0 171.7
Deferred Amounts and Other Assets 856.7 729.2
Goodwill 357.7 31.5
Intangible Assets 238.9 133.9
Future Income Taxes 147.0 145.0
---------------------------------------------------------------------
16,346.8 14,905.1
---------------------------------------------------------------------
---------------------------------------------------------------------
Liabilities and Shareholders' Equity
Current Liabilities
Short-term borrowings 742.8 650.6
Accounts payable and other 1,408.7 1,275.9
Interest payable 71.7 83.8
Current maturities and short-term debt 541.2 703.9
Current portion of non-recourse
long-term debt 76.1 30.2
---------------------------------------------------------------------
2,840.5 2,744.4
Long-Term Debt 5,998.1 6,053.3
Non-Recourse Long-Term Debt 1,634.9 665.2
Other Long-Term Liabilities 93.6 151.8
Future Income Taxes 944.8 797.3
Non-Controlling Interests 672.3 514.9
---------------------------------------------------------------------
12,184.2 10,926.9
Shareholders' Equity
Share capital
Preferred shares 125.0 125.0
Common shares 2,329.3 2,282.4
Contributed surplus 8.4 5.4
Retained earnings 2,021.5 1,840.9
Foreign currency translation adjustment (185.9) (139.8)
Reciprocal shareholding (135.7) (135.7)
---------------------------------------------------------------------
4,162.6 3,978.2
---------------------------------------------------------------------
16,346.8 14,905.1
---------------------------------------------------------------------
---------------------------------------------------------------------
SEGMENTED INFORMATION
Three months ended September 30, 2005
---------------------------------------------------------------------
Gas
(millions of Liquids Gas Sponsored Distribution
Canadian dollars) Pipelines Pipelines Investments and Services(1)
---------------------------------------------------------------------
Revenues 222.8 83.9 63.3 1,284.3
Commodity costs - - - (1,076.9)
Operating and
administrative (76.8) (25.7) (15.4) (139.5)
Depreciation (37.0) (21.9) (17.8) (62.7)
---------------------------------------------------------------------
Operating income 109.0 36.3 30.1 5.2
Investment and
other income 0.8 0.3 0.4 (4.4)
Interest and preferred
equity charges (24.5) (19.9) (15.2) (44.6)
Income taxes (23.7) (6.8) (3.9) 23.0
---------------------------------------------------------------------
Earnings applicable
to common shareholders 61.6 9.9 11.4 (20.8)
---------------------------------------------------------------------
---------------------------------------------------------------------
---------------------------------------------------------------------
(millions of
Canadian dollars) International Corporate Consolidated
---------------------------------------------------------------------
Revenues 2.8 - 1,657.1
Commodity costs - - (1,076.9)
Operating and administrative (3.6) (6.4) (267.4)
Depreciation (0.2) (1.6) (141.2)
---------------------------------------------------------------------
Operating income (1.0) (8.0) 171.6
Investment and other income 23.3 0.7 21.1
Interest and preferred
equity charges - (30.5) (134.7)
Income taxes (1.3) 22.5 9.8
---------------------------------------------------------------------
Earnings applicable
to common shareholders 21.0 (15.3) 67.8
---------------------------------------------------------------------
---------------------------------------------------------------------
Three months ended September 30, 2004
---------------------------------------------------------------------
Gas
(millions of Liquids Gas Sponsored Distribution
Canadian dollars) Pipelines Pipelines Investments and Services(1)
---------------------------------------------------------------------
Revenues 221.6 66.7 - 1,320.1
Commodity costs - - - (1,114.0)
Operating and
administrative (70.7) (13.5) - (114.6)
Depreciation (36.0) (16.5) - (61.3)
---------------------------------------------------------------------
Operating income 114.9 36.7 - 30.2
Investment and
other income 0.7 0.1 36.0 (1.9)
Gain on sale of
investment - - - 121.5
Interest and preferred
equity charges (25.9) (16.4) - (40.6)
Income taxes (28.1) (8.1) (16.5) (23.1)
---------------------------------------------------------------------
Earnings applicable
to common shareholders 61.6 12.3 19.5 86.1
---------------------------------------------------------------------
---------------------------------------------------------------------
---------------------------------------------------------------------
(millions of
Canadian dollars) International Corporate Consolidated
---------------------------------------------------------------------
Revenues 7.1 - 1,615.5
Commodity costs - - (1,114.0)
Operating and administrative (9.8) (9.0) (217.6)
Depreciation (0.4) (0.9) (115.1)
---------------------------------------------------------------------
Operating income (3.1) (9.9) 168.8
Investment and other income 19.6 (2.8) 51.7
Gain on sale of investment - - 121.5
Interest and preferred
equity charges - (38.6) (121.5)
Income taxes (0.4) 35.4 (40.8)
---------------------------------------------------------------------
Earnings applicable
to common shareholders 16.1 (15.9) 179.7
---------------------------------------------------------------------
---------------------------------------------------------------------
Nine months ended September 30, 2005
---------------------------------------------------------------------
Gas
(millions of Liquids Gas Sponsored Distribution
Canadian dollars) Pipelines Pipelines Investments and Services(1)
---------------------------------------------------------------------
Revenues 648.7 278.7 185.3 4,664.3
Commodity costs - - - (3,789.9)
Operating and
administrative (228.0) (70.0) (43.5) (413.5)
Depreciation (110.7) (70.0) (53.2) (188.3)
---------------------------------------------------------------------
Operating income 310.0 138.7 88.6 272.6
Investment and
other income (0.4) 1.6 31.2 20.8
Interest and preferred
equity charges (73.0) (62.6) (46.5) (131.9)
Income taxes (68.4) (30.8) (29.0) (51.6)
---------------------------------------------------------------------
Earnings applicable
to common shareholders 168.2 46.9 44.3 109.9
---------------------------------------------------------------------
---------------------------------------------------------------------
---------------------------------------------------------------------
(millions of
Canadian dollars) International Corporate Consolidated
---------------------------------------------------------------------
Revenues 8.3 - 5,785.3
Commodity costs - - (3,789.9)
Operating and
administrative (11.7) (15.3) (782.0)
Depreciation (0.8) (4.5) (427.5)
---------------------------------------------------------------------
Operating income (4.2) (19.8) 785.9
Investment and other income 66.2 24.5 143.9
Interest and preferred
equity charges - (93.5) (407.5)
Income taxes (2.4) 41.9 (140.3)
---------------------------------------------------------------------
Earnings applicable
to common shareholders 59.6 (46.9) 382.0
---------------------------------------------------------------------
---------------------------------------------------------------------
Nine months ended September 30, 2004
---------------------------------------------------------------------
Gas
(millions of Liquids Gas Sponsored Distribution
Canadian dollars) Pipelines Pipelines Investments and Services(1)
---------------------------------------------------------------------
Revenues 646.5 206.4 - 4,608.1
Commodity costs - - - (3,634.2)
Operating and
administrative (219.9) (41.9) - (347.4)
Depreciation (107.7) (50.4) - (178.8)
---------------------------------------------------------------------
Operating income 318.9 114.1 - 447.7
Investment and
other income 1.7 0.5 86.8 57.4
Gain on sale of
investment - - - 121.5
Interest and preferred
equity charges (76.3) (50.4) - (127.3)
Income taxes (76.4) (25.0) (37.3) (202.8)
---------------------------------------------------------------------
Earnings applicable
to common shareholders 167.9 39.2 49.5 296.5
---------------------------------------------------------------------
---------------------------------------------------------------------
---------------------------------------------------------------------
(millions of
Canadian dollars) International Corporate Consolidated
---------------------------------------------------------------------
Revenues 23.2 - 5,484.2
Commodity costs - - (3,634.2)
Operating and administrative (28.5) (19.7) (657.4)
Depreciation (1.3) (2.4) (340.6)
---------------------------------------------------------------------
Operating income (6.6) (22.1) 852.0
Investment and other income 61.9 14.8 223.1
Gain on sale of investment - - 121.5
Interest and preferred
equity charges (0.1) (118.0) (372.1)
Income taxes (1.6) 59.1 (284.0)
---------------------------------------------------------------------
Earnings applicable -
to common shareholders 53.6 (66.2) 540.5
---------------------------------------------------------------------
---------------------------------------------------------------------
(1) Gas Distribution and Services results for 2004 were consolidated
on a one-quarter-lag basis and therefore reflect the three and
nine month periods ended June 30, 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 nine month periods ended September 30,
2005.
Enbridge Inc. (TSX:ENB) (NYSE:ENB) |
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