CALGARY, ALBERTA--January 30, 2002-Enbridge Inc. today announced
earnings applicable to common shareholders (earnings) of $458.5
million for the year ended December 31, 2001, or $2.91 per share,
compared with $392.3 million, or $2.54 per share, in 2000.
Earnings reflect strong operating results from all business
segments.
Consistent with this profitability and the Company's positive
outlook, the Board of Directors announced an increase in the
quarterly dividend from $0.35 per common share to $0.38 per common
share. The Board of Directors also declared a quarterly dividend
of $0.34375 per Series A Preferred Share. Both dividends are
payable on March 1, 2002, to shareholders of record on February
13, 2002.
Commenting on the financial results and common dividend increase,
Patrick D. Daniel, President & Chief Executive Officer, said,
"Enbridge had another strong year and we once again achieved
double-digit growth in earnings per share. The healthy return on
equity capital, combined with our low-risk profile, provides a
unique value proposition for investors - one that sets us apart in
our sector. The dividend increase represents the seventh, and
largest, increase since 1995. The higher dividend reflects our
confidence in continued earnings growth and our goal of providing
superior returns to shareholders through both dividends and
capital appreciation."
"In terms of the longer term outlook," Mr. Daniel added, "our
continuing vision is to be a top-five player in the North American
energy delivery market. We have made progress on our key
strategies, particularly in developing our core pipelines and
distribution franchises and expanding our North American
footprint. We have an ample inventory of growth opportunities to
continue our track record of profitable growth. At the same time,
we will remain focused on maintaining our status as a leading
energy asset management Company."
In addition to Enbridge's financial success in 2001, a number of
corporate and operational objectives were achieved.
* Midcoast Energy Resources, a Houston-based company involved in
natural gas pipeline transmission, gathering and processing in the
U.S. Gulf Coast and mid-continent region, was acquired in May.
Midcoast further develops Enbridge's natural gas transmission
business and establishes a presence in the U.S. Gulf Coast in a
significant way.
* Construction of Phase II of the Terrace expansion program on the
Enbridge System is complete and customer approval was received to
proceed with Phase III. Both expansions are needed to handle
anticipated increases in oil sands and heavy oil volumes in the
next few years and are expected to have a positive impact on
earnings.
* Enbridge continues to develop its position as the dominant
transporter of oil sands liquids production and to add customers
on the Enbridge Athabasca System. Construction began on
facilities to connect the Fort MacKay heavy oil facility and the
Christina Lake oil sands site, both of which are scheduled to be
in service in 2002.
* Enbridge Consumers Gas again added in excess of 50,000 new
customers in 2001. Enbridge Gas New Brunswick continued to
develop a gas distribution infrastructure for that province and an
affiliate company is marketing natural gas to customers.
* Internationally, Enbridge agreed to acquire a 25% stake in CLH,
Spain's largest refined products transportation and storage
business, subject to customary closing conditions. The Company
also completed its first full year as sole operator of the OCENSA
crude oil pipeline in Colombia, and finalized contracts to operate
the Jose crude oil marine terminal in Venezuela and a natural gas
transmission system in Oman.
* Enbridge rebranded the U.S. Master Limited Partnership (Enbridge
Energy Partners), moved the U.S. head office to Houston and listed
its common shares on the New York Stock Exchange, all of which
strengthen the Company's U.S. presence. Enbridge expects that the
Partnership will enhance the Company's North American footprint
through acquisitions in the U.S.
* Enbridge continued to pursue investments in emerging and
renewable energy technologies, such as fuel cells and wind power.
Enbridge is working collaboratively with producers in Canada and
the United States to position the Company as a valuable partner in
any future frontier natural gas transportation projects: Alaskan
North Slope, Mackenzie Delta, or East Coast offshore.
* In January, Enbridge signed the agreement to sell the retail and
commercial energy products and services business for $1 billion.
The business is non-strategic to the Company's core operations and
the sale will provide additional flexibility to capitalize on
infrastructure growth opportunities.
Earnings from continuing operations were $413.2 million, or $2.63
per share for the year ended December 31, 2001, compared with
$357.7 million, or $2.32 per share, in 2000. The higher earnings
reflect strong operating results from Enbridge Consumers Gas (ECG)
and the Enbridge System. The acquisition of Enbridge Midcoast
Energy also contributed to higher earnings. In addition, the
Company realized dilution gains from the issuance of Partnership
units by Enbridge Energy Partners and improved results from
corporate activities. These increases were partially offset by
higher financing costs, a reduced contribution from Vector, a
higher loss from the Aux Sable gas processing facility, and income
tax rate reductions that had a smaller positive impact on earnings
in 2001 than 2000.
Earnings from continuing operations for the three months ended
December 31, 2001, were $29.7 million, or $0.19 per share,
compared with $44.3 million, or $0.29 per share, for the prior
year period. The fourth quarter of 2000 included earnings of
$53.6 million from tax rate reductions. Results for the fourth
quarter of 2001 showed a significant increase over the same period
in 2000 when the effect of the tax rate reductions is removed.
The increase is attributable to the triggering of Phase III of the
Terrace expansion, earnings from Enbridge Midcoast Energy and a
dilution gain on the Company's investment in Enbridge Energy
Partners.
FINANCIAL RESULTS
Energy Transportation North
Earnings were $193.6 million for the year ended December 31, 2001,
compared with $180.5 million for 2000. The higher earnings are
due to increased contributions from the Enbridge System, Alliance
and the Enbridge Athabasca System. These increases were partially
offset by lower earnings from Vector and a higher loss from the
Aux Sable facilities.
Earnings from the Enbridge System increased mainly due to the
triggering of Phase III of the Terrace Expansion. In the third
quarter, the Company recorded a charge for an adjustment to oil
inventory due to shippers of approximately $3 million, after tax.
Higher earnings from Alliance resulted from a higher rate base in
2001 since construction costs were being incurred until the
pipeline was placed into service in December 2000. The Enbridge
Athabasca System constructed additional tankage and terminal
facilities in 2001, which increased its investment base and
resulted in higher earnings. Vector earnings were impacted
negatively by capacity constraints in 2001 and higher depreciation
and interest expense. Aux Sable generated a loss due to the
unfavourable spread between gas liquids and natural gas prices
during the first half of the year.
Results for the three months ended December 31, 2001, were $57.7
million compared with $58.3 million for the same period last year.
Higher earnings from the Enbridge System were more than offset by
earnings from tax rate reductions in 2000. Enbridge System
results reflect the additional Terrace earnings. Aux Sable
operated at break-even in the last half of the year.
Energy Transportation South
Earnings from Energy Transportation South increased by $23.1
million to $46.4 million in 2001. The acquisition of Enbridge
Midcoast Energy in May 2001 and dilution gains on the Company's
investment in Enbridge Energy Partners were the major contributors
to the increase. Earnings from the Partnership were lower during
the period due to reduced throughput and an adjustment to oil
inventory due to shippers for the Lakehead System, combined with
one-time costs associated with relocating the Partnership's office
to Houston.
Fourth quarter results of $18.6 million from Energy Transportation
South were $14.7 million higher than last year, reflecting the
acquisition of Enbridge Midcoast Energy and the recognition of a
dilution gain.
Energy Distribution
Earnings were $193.3 million for the year ended December 31, 2001,
compared with $215.3 million in 2000. The results reflect strong
operating performance from Enbridge Consumers Gas, more than
offset by a smaller positive impact of tax rate reductions in 2001
than in 2000 and lower earnings from Noverco. Although weather
for the year was slightly warmer than normal in the ECG franchise
area, it was colder during the winter months when distribution
margins are higher, resulting in higher earnings of approximately
$5.0 million. Higher operating earnings from ECG also resulted
from growth in the customer rate base and lower unaccounted for
gas, which is the difference between distribution volume entering
the system and that delivered to customers.
Earnings for the fourth quarter of 2001 were $66.9 million lower
than the same period in 2000. The fourth quarter of 2000 included
earnings of $70.7 million related to federal income tax rate
reductions. If the effect of the tax rate reductions is removed,
results for the fourth quarter of 2001 were higher than the
comparative period in 2000. The increase is attributable to lower
unaccounted for gas.
International
Earnings increased by $9.2 million to $35.6 million in 2001. The
increase was partially due to the additional OCENSA ownership
interest acquired in the third quarter of 2000. In addition,
higher fees were earned to operate the Jose Terminal, resulting
from the new long-term operating contract, finalized in the second
quarter of 2001.
Earnings for the three months ended December 31, 2001, of $10.5
million approximated those of the prior year period.
Corporate
Corporate costs totalled $55.7 million in 2001, compared with
$87.8 million in 2000. Higher financing costs associated with
investments made late in 2000 and the acquisition of Enbridge
Midcoast Energy in May were incurred during the year. Corporate
activities also generated improved results in 2001.
In 2000, the Company recorded a loss on foreign exchange contracts
of $15.6 million (after tax) and income tax expense related to tax
rate reductions. For the three months ended December 31, 2001,
corporate costs were $23.0 million and were $36.6 million lower
than the prior year. This decrease is mainly due to the loss on
foreign exchange contracts and increased tax expense in 2000.
Discontinued Operations
In January 2002, the Company announced the sale of its business
operations that provide energy products and services to retail and
commercial customers, including the water heater rental program.
Completion of the sale is expected in the second quarter of 2002.
Proceeds from the sale will be used to repay short-term debt.
Earnings from discontinued operations were $45.3 million in 2001,
compared with $34.6 million in the prior year. The increase is
attributable to growth in the business, particularly the water
heater rental program.
Fourth quarter results of $10.1 million were $15.8 million lower
than the fourth quarter of 2000. Improved operating results were
more than offset by the earnings from tax rate reductions in the
fourth quarter of 2000.
Enbridge will hold a conference call at 2:15 p.m. Mountain time
(4:15 p.m. Eastern time) today to discuss 2001 results. The call
will be broadcast live on the Internet at
www.enbridge.com/investor. A replay will be available shortly
after the live event.
Enbridge Inc. is a leader in energy transportation and
distribution in North America and internationally. As a
transporter of energy, Enbridge operates, in Canada and the U.S.,
the world's longest crude oil and liquids transportation system.
The Company also is involved in international energy projects and
has a growing involvement in the natural gas transmission and
midstream businesses. As a distributor of energy, Enbridge owns
and operates Canada's largest natural gas distribution company,
which provides distribution services in Ontario, Quebec and New
York State; and is developing a gas distribution system for the
province of New Brunswick. The Company employs approximately 6,000
people, primarily in Canada, the U.S. and South America. Enbridge
common shares trade on The Toronto Stock Exchange in Canada and on
The New York Stock Exchange in the U.S., under the symbol ENB.
Information about Enbridge is available on the Company's web site
at www.enbridge.com.
When used in this news release, the words "anticipate", "expect",
"project", "believe", "estimate", "forecast" and similar
expressions are intended to identify forward-looking statements,
which include statements relating to pending and proposed
projects. Such statements are subject to certain risks,
uncertainties and assumptions pertaining to operating performance,
regulatory parameters, weather and economic conditions and, in the
case of pending and proposed projects, risks relating to design
and construction, regulatory processes, obtaining financing and
performance of other parties, including partners, contractors and
suppliers.
ENBRIDGE INC.HIGHLIGHTS (1)--------------------------------------------------------------------- Three months ended Year ended(millions of Canadian dollars, December 31 December 31 except per share amounts) --------------- -------------- 2001 2000 2001 2000--------------------------------------------------------------------- (unaudited) FINANCIAL Earnings Applicable to Common Shareholders Energy Transportation North 57.7 58.3 193.6 180.5 Energy Transportation South 18.6 3.9 46.4 23.3 Energy Distribution (34.1) 32.8 193.3 215.3 International 10.5 8.9 35.6 26.4 Corporate (23.0) (59.6) (55.7) (87.8)--------------------------------------------------------------------- Continuing operations 29.7 44.3 413.2 357.7 Discontinued operations 10.1 25.9 45.3 34.6--------------------------------------------------------------------- 39.8 70.2 458.5 392.3------------------------------------------------------------------------------------------------------------------------------------------ Cash Provided By Operating Activities Earnings plus charges/(credits) not affecting cash 165.4 97.5 735.7 599.8 Changes in operating assets and liabilities (552.5) (499.3) (603.7) (515.4) Cash provided by operating activities of discontinued operations (10.7) 145.1 1.9 179.1--------------------------------------------------------------------- (397.8) (256.7) 133.9 263.5------------------------------------------------------------------------------------------------------------------------------------------ Common Share Dividends 57.0 52.2 227.5 202.1 Per Common Share Amounts Earnings from continuing operations 0.19 0.29 2.63 2.32 Earnings from discontinued operations 0.06 0.15 0.28 0.22--------------------------------------------------------------------- 0.25 0.44 2.91 2.54------------------------------------------------------------------------------------------------------------------------------------------ Dividends 0.35 0.3225 1.40 1.27 Weighted Average Common Shares Outstanding (millions) 157.3 154.5 OPERATING Energy Transportation (2) Deliveries (thousands of barrels per day) 2,262 2,168 2,196 2,164 Barrel miles (billions) 178 182 699 743 Average haul (miles) 855 913 872 941 Energy Distribution (3) Volumes (billion cubic feet) 45 49 427 421 Number of active customers (thousands) 1,571 1,520 1,571 1,520 Degree day deficiency (4) Actual 85 118 3,743 3,569 Forecast based on normal weather 111 123 3,816 3,929---------------------------------------------------------------------
(1) Highlights of Energy Distribution reflect the results of
Enbridge Consumers Gas and other gas distribution operations on a
quarter lag basis for the three months and the year ended
September 30, 2001 and 2000.
(2) Energy Transportation operating highlights includes the
statistics of the 13.6% owned Lakehead System.
(3) Energy Distribution volumes and the number of active customers
are derived from the aggregate of buy/sell and transportation
service 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 STATEMENT OF EARNINGS--------------------------------------------------------------------- Three months ended Year ended(millions of Canadian dollars, December 31 December 31 except per share amounts) --------------- -------------- 2001 2000 2001 2000--------------------------------------------------------------------- (unaudited)Revenues Gas sales 376.5 145.3 2,675.3 1,407.0 Transportation 268.4 214.8 1,175.1 1,032.1 Energy services 57.7 30.4 199.7 117.4--------------------------------------------------------------------- 702.6 390.5 4,050.1 2,556.5---------------------------------------------------------------------Expenses Gas costs 306.0 96.5 2,202.8 958.8 Operating and administrative 213.2 156.6 739.1 613.0 Depreciation 102.8 101.3 392.5 387.5--------------------------------------------------------------------- 622.0 354.4 3,334.4 1,959.3---------------------------------------------------------------------Operating Income 80.6 36.1 715.7 597.2Investment and Other Income 56.6 29.9 225.7 185.6Interest Expense (122.6) (114.2) (437.1) (389.2)---------------------------------------------------------------------Earnings from Continuing Operations before undernoted 14.6 (48.2) 504.3 393.6Income Taxes 21.1 98.1 (66.7) (13.7)---------------------------------------------------------------------Earnings from Continuing Operations 35.7 49.9 437.6 379.9Earnings from Discontinued Operations 10.1 25.9 45.3 34.6---------------------------------------------------------------------Earnings 45.8 75.8 482.9 414.5Preferred Security Distributions (4.3) (3.8) (17.5) (15.3)Preferred Share Dividends (1.7) (1.8) (6.9) (6.9)---------------------------------------------------------------------Earnings Applicable to Common Shareholders 39.8 70.2 458.5 392.3------------------------------------------------------------------------------------------------------------------------------------------Earnings Applicable to Common Shareholders Continuing Operations 29.7 44.3 413.2 357.7 Discontinued Operations 10.1 25.9 45.3 34.6--------------------------------------------------------------------- 39.8 70.2 458.5 392.3------------------------------------------------------------------------------------------------------------------------------------------Earnings Per Common Share Continuing Operations 0.19 0.29 2.63 2.32 Discontinued Operations 0.06 0.15 0.28 0.22--------------------------------------------------------------------- 0.25 0.44 2.91 2.54------------------------------------------------------------------------------------------------------------------------------------------Diluted Earnings Per Common Share Continuing Operations 0.19 0.29 2.60 2.31 Discontinued Operations 0.06 0.15 0.28 0.22--------------------------------------------------------------------- 0.25 0.44 2.88 2.53------------------------------------------------------------------------------------------------------------------------------------------ENBRIDGE INC.CONSOLIDATED STATEMENT OF RETAINED EARNINGS--------------------------------------------------------------------- Year ended December 31 -------------------(millions of Canadian dollars) 2001 2000---------------------------------------------------------------------Retained Earnings at Beginning of Period 581.3 503.1Earnings Applicable to Common Shareholders 458.5 392.3Common Share Dividends (227.5) (202.1)Effect of Change in Accounting for Income Taxes - (112.0)---------------------------------------------------------------------Retained Earnings at End of Period 812.3 581.3------------------------------------------------------------------------------------------------------------------------------------------ENBRIDGE INC.CONSOLIDATED STATEMENT OF CASH FLOWS--------------------------------------------------------------------- Three months ended Year ended December 31 December 31 ---------------- ----------------(millions of Canadian dollars) 2001 2000 2001 2000--------------------------------------------------------------------- (unaudited) Cash Provided By Operating Activities Earnings 35.7 49.9 437.6 379.9 Charges/(credits) not affecting cash Depreciation 102.8 101.3 392.5 387.5 Equity earnings less than/(in excess) of cash distributions 10.2 (11.7) 10.6 (52.0) Gain on reduction of ownership interest (11.9) - (23.4) - Loss on foreign exchange contracts - 24.5 - 24.5 Future income taxes 24.0 (57.4) (54.0) (117.1) Other 4.6 (9.1) (27.6) (23.0) Changes in operating assets and liabilities (552.5) (499.3) (603.7) (515.4) Cash provided by operating activities of discontinued operations (10.7) 145.1 1.9 179.1--------------------------------------------------------------------- (397.8) (256.7) 133.9 263.5--------------------------------------------------------------------- Investing Activities Acquisition of subsidiaries (37.3) (16.5) (599.1) (16.5) Long-term investments (5.6) (79.8) (41.8) (554.9) Additions to property, plant and equipment (294.3) (138.2) (683.3) (364.3) Changes in construction payable 12.8 8.6 (14.0) (5.7) Other (0.7) (10.6) (2.9) (8.4)--------------------------------------------------------------------- (325.1) (236.5)(1,341.1) (949.8)---------------------------------------------------------------------Financing Activities Net change in short-term borrowing and short-term debt 837.3 456.2 1,521.4 (105.2) Long-term debt issues 400.0 124.2 905.6 965.4 Long-term debt repayments (430.8) (25.7) (979.6) (133.3) Non-controlling interests (1.2) 4.3 (4.1) 21.2 Common shares issued 3.6 7.1 23.3 175.4 Preferred security distributions (4.3) (3.8) (17.5) (15.3) Preferred share dividends (1.7) (1.8) (6.9) (6.9) Common share dividends (57.0) (52.2) (227.5) (202.1)--------------------------------------------------------------------- 745.9 508.3 1,214.7 699.2---------------------------------------------------------------------Increase in Cash 23.0 15.1 7.5 12.9Cash at Beginning of Period 51.0 51.4 66.5 53.6---------------------------------------------------------------------Cash at End of Period 74.0 66.5 74.0 66.5------------------------------------------------------------------------------------------------------------------------------------------ENBRIDGE INC.CONSOLIDATED STATEMENT OF FINANCIAL POSITION------------------------------------------------------------------- December 31(millions of Canadian dollars) 2001 2000-------------------------------------------------------------------Assets Cash 74.0 66.5 Accounts receivable and other 1,419.1 663.3 Gas in storage 665.6 519.8 Current assets of discontinued operations 123.0 84.8------------------------------------------------------------------- 2,281.7 1,334.4 Property, plant and equipment, net 7,546.8 6,554.2 Long-term investments 1,772.8 1,689.5 Deferred amounts 254.0 153.2 Future income taxes 142.0 110.4 Goodwill 330.4 - Long-term assets of discontinued operations 800.0 767.7------------------------------------------------------------------- 13,127.7 10,609.4-------------------------------------------------------------------------------------------------------------------------------------- Liabilities and Shareholders' Equity Short-term borrowings 410.9 235.3 Accounts payable and other 805.2 409.9 Interest payable 100.2 109.3 Current maturities and short-term debt 1,810.2 446.4 Current liabilities of discontinued operations 73.8 79.4------------------------------------------------------------------- 3,200.3 1,280.3 Long-term debt 5,922.8 5,572.3 Future income taxes 722.8 738.8 Non-controlling interests 131.1 126.4 Long-term liabilities of discontinued operations 118.6 128.2------------------------------------------------------------------- 10,095.6 7,846.0Shareholders' equity Share capital Preferred securities 339.7 340.4 Preferred shares 125.0 125.0 Common shares 1,875.9 1,852.6 Retained earnings 812.3 581.3 Foreign currency translation adjustment 7.4 (7.7) Reciprocal shareholding (128.2) (128.2)------------------------------------------------------------------- 3,032.1 2,763.4------------------------------------------------------------------- 13,127.7 10,609.4--------------------------------------------------------------------------------------------------------------------------------------SEGMENTED INFORMATION(millions of Canadian dollars)Three months ended December 31, 2001 (unaudited) --------------------------------------------------------------------- Energy Energy Inter- Transportation Distri- nat- Corporate Consol- North South bution ional and Other idated---------------------------------------------------------------------Revenues 203.6 251.3 236.3 10.0 1.4 702.6Gas costs - 196.1 109.9 - - 306.0Operating and administration 84.9 26.9 90.4 11.0 - 213.2Depreciation 33.9 9.5 57.2 1.4 0.8 102.8 ------- ------ ------- ------ -------- ---------Operating income/(loss) 84.8 18.8 (21.2) (2.4) 0.6 80.6Investment and other income 20.2 19.7 3.6 13.7 (0.6) 56.6Interest and preferred equity charges (24.9) (9.9) (41.6) - (52.2) (128.6)Income taxes (22.4) (10.0) 25.1 (0.8) 29.2 21.1 ------- ------ ------- ------ -------- ---------Earnings/(loss) from continuing operations 57.7 18.6 (34.1) 10.5 (23.0) 29.7 ------- ------ ------- ------ -------- ------- ------ ------- ------ -------- Earnings from discontinued operations 10.1 ---------Earnings applicable to common shareholders 39.8 --------- ---------Three months ended December 31, 2000 (unaudited) --------------------------------------------------------------------- Energy Energy Inter- Transportation Distri- nat- Corporate Consol- North South bution ional and Other idated---------------------------------------------------------------------Revenues 172.2 6.3 203.1 8.9 - 390.5Gas costs - - 96.5 - - 96.5Operating and administration 69.0 5.3 67.9 5.7 8.7 156.6Depreciation 39.0 2.0 57.1 0.7 2.5 101.3 ------- ------ ------- ------ -------- ---------Operating income/(loss) 64.2 (1.0) (18.4) 2.5 (11.2) 36.1Investment and other income 14.3 8.3 17.1 7.4 (17.2) 29.9Interest and preferred equity charges (25.9) (0.5) (43.1) - (50.3) (119.8)Income taxes 5.7 (2.9) 77.2 (1.0) 19.1 98.1 ------- ------ ------- ------ -------- ---------Earnings/(loss) from continuing operations 58.3 3.9 32.8 8.9 (59.6) 44.3 ------- ------ ------- ------ -------- ------- ------ ------- ------ -------- Earnings from discontinued operations 25.9 ---------Earnings applicable to common shareholders 70.2 --------- ---------Year ended December 31, 2001 --------------------------------------------------------------------- Energy Energy Inter- Transportation Distri- nat- Corporate Consol- North South bution ional and Other idated---------------------------------------------------------------------Revenues 731.8 708.8 2,573.8 30.8 4.9 4,050.1Gas costs - 558.9 1,643.9 - - 2,202.8Operating and administration 284.3 71.3 343.4 25.0 15.1 739.1Depreciation 134.9 29.2 222.1 2.5 3.8 392.5 ------- ------ ------- ------ -------- ---------Operating income/(loss) 312.6 49.4 364.4 3.3 (14.0) 715.7Investment and other income 57.2 53.0 40.5 33.0 42.0 225.7Interest and preferred equity charges (104.0) (28.3) (161.7) (0.1) (167.4) (461.5)Income taxes (72.2) (27.7) (49.9) (0.6) 83.7 (66.7) ------- ------ ------- ------ -------- ---------Earnings/(loss) from continuing operations 193.6 46.4 193.3 35.6 (55.7) 413.2 ------- ------ ------- ------ -------- ------- ------ ------- ------ -------- Earnings from discontinued operations 45.3 ---------Earnings applicable to common shareholders 458.5 --------- ---------Year ended December 31, 2000 --------------------------------------------------------------------- Energy Energy Inter- Transportation Distri- nat- Corporate Consol- North South bution ional and Other idated---------------------------------------------------------------------Revenues 699.5 30.1 1,801.4 22.2 3.3 2,556.5Gas costs - - 958.8 - - 958.8Operating and administration 243.9 18.5 307.8 17.8 25.0 613.0Depreciation 156.3 7.5 214.3 0.7 8.7 387.5 ------- ------ ------- ------ -------- ---------Operating income/(loss) 299.3 4.1 320.5 3.7 (30.4) 597.2Investment and other income 35.8 35.3 81.3 22.6 10.6 185.6Interest and preferred equity charges (106.4) (1.9) (166.1) - (137.0) (411.4)Income taxes (48.2) (14.2) (20.4) 0.1 69.0 (13.7) ------- ------ ------- ------ -------- ---------Earnings/(loss) from continuing operations 180.5 23.3 215.3 26.4 (87.8) 357.7 ------- ------ ------- ------ -------- ------- ------ ------- ------ -------- Earnings from discontinued operations 34.6 ---------Earnings applicable to common shareholders 392.3 --------- ---------
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