ENMAX Corporation today announced its financial results for the three months ended March 31, 2011. Earnings for the quarter ended March 31, 2011 of nearly $50 million, were approximately $3 million higher than the same period last year.
Key first quarter 2011 operating highlights include:
- Signing of a 25-year contract with Bow Valley College to provide thermal energy to the new south campus from ENMAX’s District Energy Centre.
- Awarding of a major contract for the completion of the Shepard Energy Centre to a joint venture between Kiewit Energy Canada Corp. and Black & Veatch Canada Company (KBV) for the completion of final design and construction of the plant; and
- Finalization of the contract with the Climate Change and Emissions Management (CCEMC) Corporation for the partial funding of the developmental program to install solar panels and wind turbines in homes across Alberta.
“We are pleased with the solid results we delivered in the first quarter,” said Charles Ruigrok, Interim President and CEO. “We continue to advance on our strategic vision of growing our competitive position and enhancing customer offerings while maintaining the reliable services that our customers have come to expect.”
Selected Consolidated Financial Information
(millions of dollars, except where otherwise noted)
| |
3-months ended
March 31, 2011 |
3-months ended
March 31, 2010 |
| Net earnings |
49.8 |
47.0 |
| Total shareholder's equity |
1,838.3 |
1,715.3 |
| Total assets |
3,904.9 |
3,754.8 |
| Return on assets (1) |
8.3% |
9.0% |
| Return on equity (2) |
10.2% |
11.4% |
(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.
ENMAX Corporation, through subsidiaries and predecessors, has provided Albertans with safe, reliable electricity for over 100 years. ENMAX Corporation provides electricity, natural gas and value-added services to approximately 697,000 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 First Quarter 2011 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.