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ADJUSTED EARNINGS
(millions of Canadian dollars, except per share amounts) |
2008 | 2007 | 2006 | |||||
|---|---|---|---|---|---|---|---|---|
| Liquids Pipelines | 332.1 | 286.0 | 274.2 | |||||
| Gas Pipelines | 45.7 | 64.4 | 61.2 | |||||
| Sponsored Investments | 100.9 | 86.5 | 74.3 | |||||
| Gas Distribution and Services | 204.3 | 168.9 | 177.7 | |||||
| International | 52.1 | 89.9 | 83.2 | |||||
| Corporate | (57.8 | ) | (59.2 | ) | (77.7 | ) | ||
| Adjusted earnings | 677.3 | 636.5 | 592.9 | |||||
| Adjusted earnings per Common Share | 1.88 | 1.79 | 1.74 |
Adjusted earnings were $677.3 million, or $1.88 per share, for the year ended December 31, 2008, compared with $636.5 million, or $1.79 per share, for the year ended December 31, 2007.
Significant operating factors that increased adjusted earnings in 2008 included:
- New facilities within Liquids Pipelines as well as AEDC on Southern Lights Pipeline and, within Enbridge System, on both Southern Access Mainline Expansion and Alberta Clipper Project.
- Increased Aux Sable adjusted earnings due to strong fractionation margins which enabled the Company to recognize earnings from the upside sharing mechanism.
- Higher incentive income and increased earnings at EEP primarily due to higher gas and crude oil delivery volumes, tariff surcharges for recent expansions and a greater ownership interest.
- Improved earnings in Energy Services resulting from market conditions which enabled higher margins to be captured on storage and transportation contracts as well as increased transportation and storage volumes.
Significant operating factors that decreased adjusted earnings in 2008 included:
- Decreased earnings from International as a result of the sale of CLH in the second quarter of 2008.
- Lost revenue from Enbridge Offshore Pipelines (Offshore) as a result of Hurricanes Gustav and Ike.
2008 Commercial and Construction Accomplishments:
- Alberta Clipper, Southern Lights Pipeline and Line 4 Extension were approved by the National Energy Board (NEB) and construction began on the Canadian portion of Alberta Clipper Project, Line 4 Extension and various segments of Southern Lights Pipeline.
- First phase of the U.S. Southern Access Expansion Project has been completed on schedule and construction commenced on Phase 2 of Southern Access Expansion Project.
- Waupisoo Pipeline, which was completed one month ahead of schedule and on budget.
- Spearhead Pipeline expansion commenced.
- Project financing of US$1.3 billion and $0.4 billion secured for Southern Lights Pipeline.
Adjusted Earnings per Common Share (Canadian dollars per share)
