International includes the Company's investment in, and management of, Oleoducto Central S.A. (OCENSA), a crude oil pipeline in Colombia, as well as earnings from the Company's interest in Compañía Logística de Hidrocarburos CLH, S.A., Spain's largest refined products transportation and storage business, prior to its sale. Other includes administration and business development.
(millions of Canadian dollars)
|CLH gain on sale of investment||556.1|||||
|CLH gain on land sale||||5.2|||
Adjusted earnings for the year ended December 31, 2008 were $52.1 million compared with $89.9 million for the year ended December 31, 2007. International's adjusted earnings decreased for the year ended December 31, 2008 as a result of the sale of CLH on June 17, 2008, which also resulted in a non-operating gain on disposal of $556.1 million increasing 2008 earnings to $608.2 million compared with $95.1 million in 2007.
Adjusted earnings for the year ended December 31, 2007 were $89.9 million compared with $83.2 million for the year ended December 31, 2006. The increase in adjusted earnings was due to stronger operating earnings in CLH as a result of higher transported volumes, an increase in operating revenues from complimentary businesses, lower income taxes as a result of a tax rate reduction in Spain and lower business development costs in Other.
Earnings in 2007 included a $5.2 million gain on the sale of land within CLH.
International Adjusted Earnings