Financial Information



Highlights

(CAD$ in millions, except per share amounts)

YTD1 2016 YTD1 2015 2015 2014
Adjusted earnings
Liquids pipelines 2,947 2,435 3,384 2,592
Gas distribution 344 318 446 391
Gas pipelines and processing 271 248 336 293
Green power and transmission 122 126 175 151
Energy services 33 83 61 42
Eliminations and others (253) (172) (246) (60)
Adjusted earnings before interest and income taxes2 3,464 3,038 4,156 3,409
Interest expense3 (1,142) (901) (1,273) (926)
Income taxes3 (384) (356) (486) (434)
Noncontrolling interests and redeemable noncontrolling interests3 (165) (195) (243) (225)
Discontinued operations - - - 1
Preference share dividends (217) (214) (288) (251)
Adjusted earnings2 1,556 1,372 1,866 1,574
Adjusted earnings per common share2 1.72 1.62 2.20 1.90
EBIT to ACFFO4
Adjusted earnings before interest and income taxes2 3,464 3,038 4,156 3,409
Depreciation and amortization 1,676 1,483 2,024 1,577
Maintenance capital (466) (520) (720) (970)
4,674 4,001 5,460 4,016
Interest expense3 (1,142) (901) (1,273) (926)
Current income taxes3 (61) (107) (160) (12)
Preference share dividends (217) (214) (288) (245)
Distributions to noncontrolling interest (538) (501) (680) (535)
Distributions to redeemable noncontrolling interests (148) (80) (114) (79)
Cash distributions in excess of equity earnings3 116 180 244 196
Other non-cash adjustments 150 (100) (35) (91)
Available cash flow from operations4 2,834 2,278 3,154 2,506
Available cash flow from operations per common share4 3.13 2.70 3.72 3.02
Dividends
Common share dividends declared 1,448 1,195 1,596 1,177
Dividends paid per common share 1.59 1.40 1.86 1.40
  1. Nine months ended September 30.
  2. Adjusted earnings before interest and income taxes (adjusted EBIT), adjusted earnings and adjusted earnings per common share are non-GAAP measures that do not have any standardized meaning prescribed by GAAP - see Non-GAAP Measures in Enbridge’s annual and quarterly MD&A and financial statements.
  3. These balances are presented net of adjusting items.
  4. ACFFO is defined as cash flow provided by operating activities before changes in operating assets and liabilities (including environmental liabilities) less distributions to noncontrolling interests and redeemable noncontrolling interests, preference share dividends and maintenance capital expenditures, and further adjusted for unusual, non-recurring or non-operating factors. ACFFO and ACFFO per common share are non-GAAP measures that do not have any standardized meaning prescribed by GAAP- see Non-GAAP Measures in Enbridge’s annual and quarterly MD&A and financial statements.

Additional detail regarding Enbridge's financial results can be found in the latest Quarterly Report, Quarterly Supplemental Package, the 2015 Financial Reporting Format Update Supplemental Package and the 2015 Financial Report.

Consolidated Statements of Earnings

(CAD$ in millions, except per share amounts)

YTD1 2016 YTD1 2015 2015 2014
Revenues 25,222 24,880 33,794 37,641
Expenses 22,970 23,815 31,932 34,441
Operating income 2,252 1,065 1,862 3,200
Income from equity investments 322 359 475 368
Other income/(expense) 240 (630) (702) (266)
Interest expense (1,178) (1,253) (1,624) (1,129)
1,636 (459) 11 2,173
Income taxes recovery/(expense) (174) (76) (170) (611)
Earnings/(loss) from continuing operations 1,462 (535) (159) 1,562
Earnings from discontinued operations - - - 46
Earnings/(loss) 1,462 (535) (159) 1,608
Earnings/(loss) attributable to noncontrolling interests and redeemable noncontrolling interests 166 334 410 (203)
Earnings/(loss) attributable to Enbridge Inc. 1,628 (201) 251 1,405
Preference share dividends (217) (214) (288) (251)
Earnings/(loss) attributable to Enbridge Inc. common shareholders 1,411 (415) (37) 1,154
Earnings/(loss) per common share attributable to Enbridge Inc. common shareholders:        
Basic 1.56 (0.49) (0.04) 1.39
Diluted 1.55 (0.49) (0.04) 1.37
  1. Nine months ended September 30.

Condensed Statements of Cash Flows

(CAD$ in millions)

YTD1 2016 YTD1 2015 2015 2014
Operating activities 4,153 3,799 4,571 2,547
Investing activities (5,200) (5,671) (7,933) (11,891)
Financing activities 1,101 1,516 2,973 9,770
Effect of translation of foreign denominated cash and cash equivalents (33) 119 143 59
Increase/(decrease) in cash and equivalents 21 (237) (246) 485
Cash and cash equivalents at beginning of period 1,015 1,261 1,261 776
Cash and cash equivalents at end of year 1,036 1,024 1,015 1,261
  1. Nine months ended September 30.

Condensed Statements of Financial Position

(CAD$ in millions)

YTD1 2016 20152 20142
Assets:        
Current assets 6,787 7,597 8,201
Property, plant and equipment, net 63,698 64,434 53,830
Long-term investments 6,778 7,008 5,408
Restricted long-term investments 86 49 -
Deferred amounts and other assets 3,395 3,160 3,092
Intangible assets, net 1,541 1,348 1,166
Goodwill 77 80 483
Deferred income taxes 1,075 839 561
Assets held for sale3 245 - -
Total assets 83,682 84,515 72,741
Liabilities and equity        
Current liabilities 13,023 10,814 9,501
Long-term debt 35,552 39,391 33,307
Other long-term liabilities 5,889 6,056 4,041
Deferred income taxes 5,700 5,915 4,842
Liabilities held for sale2 28 - -
Total liabilities 60,192 62,176 51,691
Redeemable noncontrolling interests 3,311 2,141 2,249
Total Enbridge Inc. shareholders’ equity 19,740 18,898 16,786
Noncontrolling interests 439 1,300 2,015
Total equity and noncontrolling interests 20,179 20,198 18,801
Total liabilities and equity 83,682 84,515 72,741
  1. As of September 30, 2016.
  2. As of December 31.
  3. South Prairie Region assets sale announced September 29, 2016. See Note 4 in the third quarter 2013 Financial Statements and Notes.

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