CALGARY, March 9, 2012 /CNW/ - ENMAX Corporation today announced its financial results for the year ended December 31, 2011. Earnings for the year were $184.6 million, up 4% when compared to earnings of $177.8 million in the prior year. The year over year improvement in earnings was the result of lower interest and tax expense and gains on the sale of British Columbia assets. Earnings in the fourth quarter of 2011 were $42.8 million compared to $42.5 million for the same period in 2010. The company also declared a dividend of $56 million to be paid to The City of Calgary in 2012.
"I'm very pleased with our business results in 2011 and that we continue to deliver a stable return to our Shareholder and the citizens of Calgary," said Charles Ruigrok, Interim President and CEO. "We saw improvements in almost all areas of our business. One significant exception was the area of safety, where we experienced the tragic loss of Nathan Haase in a workplace fatality in August. Our organization remains committed to an injury free workplace and this will continue as our highest priority in 2012."
Key operating highlights of 2011 include:
- A 9% increase in the number of retail metered customers across Alberta, as more and more Albertans take advantage of ENMAX Energy's EasyMax® guaranteed rate offer.
- The launch of our residential solar program, providing customers with the option to generate their own power from solar installations on their homes.
- The start of construction of the new Shepard Energy Centre. At a capacity of 800 MW, it will be the largest natural gas fired generation facility in Alberta when it becomes operational in 2015.
- Approval by the Alberta Utilities Commission for our Bonnybrook Energy Centre, a 165 MW cogeneration facility that will be built east of downtown Calgary.
- Signing of a 25 year contract with Bow Valley College to provide thermal energy to the new south campus from ENMAX's Downtown District Energy Centre.
- Completion of the 2 year downtown 138 kV transmission system cable replacement project - safely, on-time and under budget.
- Recognition by Corporate Knights as one of the Best 50 Corporate Citizens in Canada for a third year in a row and,
- Finalization of the sale of our British Columbia assets, allowing for a redeployment of capital into the Alberta market.
| Selected Consolidated Financial Information |
Three months ended December 31, |
Year ended December 31, |
||
| (millions of dollars, except where otherwise noted) | 2011 | 2010 | 2011 | 2010 |
| Net earnings | 42.8 | 42.5 | 184.6 | 177.8 |
| Return on assets (1) | 7.5% | 7.9% | ||
| Return on equity (2) | 9.7% | 9.9% | ||
| Total shareholder's equity | 1,942.3 | 1,845.2 | ||
| Total assets | 4,326.4 | 3,882.9 | ||
| (1) | Return on assets is equal to net earnings before after-tax interest charges divided by average total assets (adjusted for capital assets under construction and current liabilities) for the period. |
| (2) | Return on equity is equal to net earnings divided by average Shareholder's equity for the period. |
Read the full Financial Report at www.enmax.com/cr.
ENMAX Corporation, through subsidiaries and predecessors, has provided Albertans with safe, reliable electricity for over 100 years. The ENMAX group of companies provides electricity, natural gas and value-added services to over 750,000 residential, commercial and industrial metered customer locations in Alberta. ENMAX Energy Corporation, a subsidiary of ENMAX Corporation, is Alberta's leading competitive electricity retailer. Through subsidiaries, ENMAX Energy is one of Alberta's largest investors in renewable energy and the first Canadian electricity retailer to offer customers the option to support wind generated energy. Also, ENMAX Corporation, through its subsidiary ENMAX Envision Inc., provides fibre optic networks for high speed data and internet communications.
Caution: This news release is intended to be read in conjunction with the 2011 Financial Report including Management Discussion and Analysis and Financial Statements. Commentary provided here may not be a suitable source of information for readers who are not familiar with ENMAX's operations and is not a substitute for reading the Financial Statements and Management Discussion and Analysis.
Media only contact:
Doris Kaufmann Woodcock
Senior Media Relations Advisor
ENMAX Corporation
403.689.6150 (media line) / [email protected] / www.enmax.com
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