Calgary, Alta. – ENMAX Corporation (ENMAX) announced today its financial results for the year ended December 31, 2020.
Highlights for 2020
Adjusted earnings for the year before interest, taxes, depreciation and amortization (EBITDA¹) were $569.0 million, compared to $451.7 million in 2019, and comparable net earnings were $172.8 million versus $160.6 million in 2019. In line with ENMAX's reported net earnings for 2020, the Board of Directors declared a dividend of $58 million.
"In response to the challenges presented by the COVID-19 pandemic, I want to recognize the talented ENMAX team for the great care they demonstrated throughout 2020 to support our customers and communities while continuing to deliver essential electricity services safely and reliably," said Wayne O'Connor, President & CEO. "As we navigated such a unique year, the ENMAX team remained focused on creating Shareholder value and maintaining the health and well-being of our people while also taking prudent actions to ensure ENMAX remained well positioned to serve the changing needs of customers and prepare for the opportunities ahead in an evolving electricity and energy landscape."
Achievements for 2020
Selected Consolidated Financial Information
(millions of Canadian dollars, except where otherwise noted)
¹ The Corporation uses adjusted earnings before interest, income tax, depreciation and amortization (EBITDA) and comparable net earnings as financial performance measures. These terms are not a defined financial measure 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 adjusted EBITDA and comparable net earnings are found in the Corporation's Management's Discussion and Analysis for the year ended December 31, 2020.
Caution: This news release is intended to be read in conjunction with the 2020 Financial Report, including Management's 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's Discussion and Analysis.
Headquartered in Calgary, Alberta, with operations across Alberta and Maine, ENMAX Corporation (ENMAX) is a leading provider of electricity services, products and solutions. Through its subsidiaries, ENMAX Power Corporation and Versant Power, ENMAX owns and operates transmission and distribution utilities in Calgary, Alberta and northern and eastern Maine, safely and reliably delivering electricity to all Calgary homes and businesses and more than 159,000 customers in Maine. Through ENMAX Energy Corporation, ENMAX owns and operates 1,509 MW of generation and offers a range of innovative electricity, natural gas and energy services to more than 690,000 residential, commercial and industrial customers across Alberta. ENMAX is a private corporation and The City of Calgary is its sole shareholder.
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