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ENMAX reports financial results for third quarter

/ Calgary

ENMAX Corporation today announced its financial results for the three months ended September 30, 2012. Net earnings from continuing operations for the quarter were $45.4 million, up 8 per cent when compared to earnings of $42.1 million in third quarter of the prior year. The year over year improvement in net earnings from continuing operations was the result of higher margins from our regulated business and tax recoveries. This brings year-to-date net earnings from continuing operations to $161.1 million, up from $138.6 million for the same period last year. 

“We're pleased with our third quarter results as we continue to grow and invest in Alberta," said Gianna Manes, President and CEO, ENMAX Corporation. "In particular, our solid safety performance in 2012 is an example of the hard work and dedication of our employees as they serve customers in communities across the province, building and maintaining important infrastructure” 

(millions of dollars, except where otherwise noted)
Three month Ended
 September 30,  
Nine Month Ended
September 30,
2012 2011 2012 2011
Net earnings 45.442.1161.1138.6
Return on assets (1) 8.5%7.8%
Return on equity (2) 10.1%10.0%
Total shareholder's equity2,116.01,912.3
Total assets4,678.94,243.5

(1) Return on assets is equal to net earnings before after-tax interest charges for the last 12 month rolling period divided by average total assets (adjusted for capital assets under construction and current liabilities) for the last 12 month rolling period.
(2) Return on equity is equal to net earnings for the last 12 month rolling period divided by average Shareholder’s equity for the last 12 month rolling period.

Key operating highlights of the 2012 third quarter include:

  • ENMAX experienced no recordable employee safety incidents during the third quarter.

  • Construction on the Shepard Energy Centre is progressing on time and on budget. Highlights include the arrival and placement of all turbines and generators.

  • All construction activity on the West LRT line was completed with testing and commissioning work currently underway working with The City of Calgary.      

  • ENMAX and Doors Open Calgary gave over 700 Calgarians a behind-the-scenes glimpse into ENMAX's unique Downtown District Energy facility.

  • Employees supported the most successful United Way campaign to date at ENMAX, garnering the highest donations and participation rates in ENMAX’s history.

ENMAX Corporation, through subsidiaries and predecessors, has provided Albertans with safe, reliable electricity for over 100 years. The ENMAX group of companies provides electricity, natural gas and value-added services to over 750,000 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.

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Doris Kaufmann Woodcock
Senior Media Relations Advisor
ENMAX Corporation
403-689-6150 (media line)

Customers are free to purchase natural gas services or electricity services from a retailer of their choice. For a list of retailers, visit ucahelps.alberta.ca or call 310-4822 (toll free in Alberta).