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ENMAX reports strong operating results for 2010

/ Calgary

ENMAX Corporation (ENMAX or the Corporation) today announced its financial results for the year ended December 31, 2010. Excluding unusual items that occurred in 2009, comparable earnings for the year ended December 31, 2010 were $4 million higher than last year. Earnings before interest and income taxes (EBIT) were $16 million ahead of comparable 2009 levels. Revenues for the year ended December 31, 2010, were also up by $49 million as compared to the same period last year.

Key operating highlights of 2010 include:

  • Declaration of a dividend for 2011 to The City of Calgary in the amount of $56 million;
  • The opening of the Downtown District Energy Centre in June 2010. The facility has a capacity to supply heat for up to 10 million sq. ft. of new and existing residential and commercial buildings;
  • The unveiling of an electric vehicle pilot project to Calgarians, announcing ENMAX’s plans to prepare the city for future transitioning to electric powered personal and commercial transportation;
  • The Climate Change and Emissions Management Corporation’s announcement of plans to partially fund ENMAX’s developmental program to install solar panels and wind turbines on homes across Alberta; and
  • Conditional approval by the Alberta Utilities Commission and approval by the Minister of Energy to allow ENMAX to commence with the construction of the 800 megawatt Shepard Energy Centre in east Calgary.

“We are very pleased with the strong operating performance in the fourth quarter of 2010 and the year overall,” said Charles Ruigrok, interim President and CEO. “This financial performance is reflective of our strategy of continuing to build and integrate our high quality generation assets with our retail growth strategies. Continued growth in Calgary and significant operational improvements have also increased the returns from our regulated assets. These financial results and business growth were done while maintaining solid investment grade credit ratings from the credit rating agencies.”

(millions of dollars, except where otherwise noted)
Three month Ended
December 31,
Year Ended December 31,
2010 2009 2010 2009
Total revenue656.0635.52,404.22,354.9
Operating margin (1)167.5156.7644.3682.6
Net earnings42.539.0177.8205.9
Net earnings, excluding unusual items42.540.5177.8173.4
​Total shareholder's equity​1,845.2​1,744.5
​Total assets​3,882.9​3,744.3
​Return on assets (2)​7.9%​9.1%
​Return on equity (3)​9.9%​12.3%
Operating Statistics:
​Electricity sold (gigawatt hours)​2,7282,542​​17,172​16,231
​Natural gas sold (terajoules)​14,270​13,166​38,549​36,140
​Distribution volumes (gigawatt hours)​2,371​2,340​9,080​8,971

(1) ENMAX uses the measure “Net earnings, excluding unusual items” in this news release. This measure does not have any standardized meaning prescribed by Canadian generally accepted accounting principles (GAAP). Management of ENMAX uses this non-GAAP measure to improve its ability to compare financial results between reporting periods and to enhance its understanding of operating performance. For 2009, net earnings, excluding unusual items is defined as Net earnings adjusted for prior period regulated rate increases, gains from foreign exchange exposures and financial instruments and adjustments to income tax provisions.
(2) 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.
(3) 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 over 650,000 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 2010 Financial 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.

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Doris B. Kaufmann
Senior Media Relations Advisor
ENMAX Corporation

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).

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