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ENMAX reports financial results for 2012

/ Calgary

ENMAX Corporation today announced its financial results for the year ended December 31, 2012. Net earnings for the year were $225.0 million, up 22% when compared to earnings of $184.6 million in the prior year. The year over year improvement in net earnings was the result of higher operating margins and lower interest costs. Earnings in the fourth quarter of 2012 were $63.9 million compared to $42.8 million for the same period in 2011. The company also declared a dividend of $67.5 million to be paid to The City of Calgary in 2013.

“I’m very pleased with our business results in 2012 and that we continue to deliver value to our Shareholder and the citizens of Calgary,” said Gianna Manes, ENMAX president and CEO. “It was an outstanding year for reliability and safety, and we made strong progress towards completion of our Shepard Energy Centre including entering into an agreement to sell 50 per cent to Capital Power.”

Key operating highlights of 2012 include:

  • Significant reduction in recordable injuries and vehicle accidents compared to previous years;

  • Significant progress on the construction of the Shepard Energy Centre;

  • Agreement with Capital Power to purchase 50 per cent of Shepard Energy Centre;

  • Over $150 million investment in Calgary’s electricity system to address growth and aging infrastructure;

  • Top quartile for reliability among comparable Canadian utility companies;

  • Working with City officials, enhanced processes to address burnt-out streetlights leading to fewer than one per cent of Calgary’s 90,000 streetlights out of service at the close of 2012 (down from 1.6 per cent at the end of 2011); and

  • Commencement of heating in downtown Calgary from the Downtown District Energy Centre to the Andrew Davison Building and the National Music Centre. 

(millions of dollars, except where otherwise noted)
 Three month Ended
December 31,
year ended December 31,
2012 2011 2012 2011
Net earnings from continuing operations 63.942.8225.00184.6
Return on assets (1)8.7%7.2%
Return on equity (2)10.5%9.3%
Total shareholder's equity2,161.91,943.7
Total assets4,326.34,328.1

(1) 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).

(2) Return on equity is equal to net earnings divided by average Shareholder’s equity.

Caution: This news release is intended to be read in conjunction with the 2012 Annual 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. 

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 835,000 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 B. Kaufmann Woodcock
Senior Media Relations Advisor
ENMAX Corporation
403-689-6150 (media line)

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