Throughout 2014, we remained focused on executing our strategy by delivering safe, reliable transmission and distribution services to The City of Calgary, while working to grow our competitive generation assets and retail business in Alberta.
Our net earnings from continuing operations were $155 million and we continued to deliver value to our shareholder through a $60 million dividend paid to The City of Calgary. We have always been focused on managing our costs, so with the downturn in the economy at the end of 2014, we were well positioned to weather these market conditions. We remain focused on delivering strong value for our customers and shareholder.
We thank you for your continued support and hope you find our financial report informative.
(1) Non-GAAP financial measure. See discussion that follows in the Management’s Discussion & Analysis (MD&A).
(2) Return on assets (ROA) 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 year. ROA excludes Kettles impairment of $29.8 million in Q4 2014 and the $175.9 million gain on sale of Envision recorded in Q2 2013.
(3) Return on equity (ROE) is equal to net earnings divided by average shareholder’s equity for the year. ROE excludes Kettles impairment of $29.8 million in Q4 2014 and the $175.9 million gain on sale of Envision recorded in Q2 2013.
(4) TRIF indicates the rate of injuries at ENMAX, including lost-time incidents, restricted work injuries and medical aids. It is calculated as the number of injuries multiplied by 200,000 (approximate number of hours worked by 100 workers in a year) divided by total number of hours worked.
(5) Employee count is total employees.
All customers are free to purchase natural gas services from the default supply provider or from a retailer of their choice and to purchase electricity services from the regulated rate provider or from a retailer of their choice. The delivery of natural gas and electricity to you is not affected by your choice. If you change who you purchase natural gas services or electricity services from, you will continue receiving natural gas and electricity from the distribution company in your service area. For a current list of retailers you may choose from, visit www.ucahelps.gov.ab.ca or call 310-4822 (toll free in Alberta).