ENMAX Corporation (ENMAX) today announced its
financial results for the year ended December 31, 2016. In 2016, Adjusted EBITDA was $460.8 million, compared to $442.2 million in 2015. Net earnings were $104.6 million, an increase of $55.9 million from $48.7 million in 2015. ENMAX’s results in 2016 demonstrated its ability to effectively manage its portfolio of assets.
“Strong operational performance from both the competitive and regulated sides of our business showed our resilience in challenging economic conditions,” said Gianna Manes, President and CEO, ENMAX. “ENMAX is one of the most reliable transmission and distribution utilities in Canada, and that comes from the ongoing investment we’ve made - $1.2 billion over the last five years – to build, maintain and replace aging electricity transmission and distribution infrastructure to meet Calgary’s needs. As the largest retailer in Alberta, our competitive business adapted well to the changing electricity landscape in our province, effectively securing and managing the power supply necessary for our customers. We will continue to be prudent in managing our assets and costs in the best interests of our customers and our shareholder.”
In accordance with its dividend policy, which takes non-cash items such as asset impairments into consideration, ENMAX declared a dividend of $48 million to be paid to The City of Calgary in 2017.
(millions of dollars, except where otherwise noted)
(1) The Corporation uses funds from operations and earnings before interest, income tax, depreciation and amortization, adjusted to remove unrealized mark-to-market gains (losses) on commodities and asset impairments (Adjusted EBITDA) as a financial performance measure. These terms are not defined financial measures according to IFRS, however are provided to complement IFRS measures in the analysis of the Company's results of operations from management's perspective. Reconciliation of funds from operations and Adjusted EBITDA are found in the Corporation’s Management’s Discussion and Analysis for the year ended December 31, 2016.
(2) Return on equity is equal to comparable net earnings, excluding asset impairment, for the year, divided by average Shareholder’s equity for the period.
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