Enbridge Income Fund Holdings Inc. Announces First Quarter Results; Declares Monthly Dividend
(firmenpresse) - CALGARY, ALBERTA -- (Marketwired) -- 05/06/13 -- HIGHLIGHTS
(all financial figures are unaudited and in Canadian dollars)
Enbridge Income Fund Holdings Inc. (TSX: ENF) (ENF or the Company) announced today earnings of $21.2 million, or $0.40 per common share, for the three months ended March 31, 2013, reflecting the performance of its investment in Enbridge Income Fund (the Fund).
The Company's financial performance is a direct reflection of the Fund's ability to generate cash for distribution to its unitholders. The Fund's cash available for distribution (CAFD) totaled $70.2 million for the three months ended March 31, 2013 compared with $56.3 million in the prior year. The improvement in CAFD is primarily due to increased cash flow generated by the Hardisty Crude Oil Storage assets, Greenwich Wind Farm and Tilbury and Amherstburg Solar Farms following their acquisition in December 2012 (the 2012 Acquisition). CAFD also reflects cash flow from the Bakken Expansion Program which was declared in service on March 1, 2013.
"The Fund's strong first quarter results reflect the successful execution of our strategy to expand our diversified portfolio of high quality energy infrastructure assets through both organic growth and acquisition opportunities," said John Whelen, President, Enbridge Income Fund Holdings Inc. "The assets acquired in the 2012 Acquisition are a great fit for the Fund and were strong contributors to earnings and cash flow in the first quarter and the Bakken Expansion in our crude oil transportation business began to contribute incremental cash flow after going into service at the beginning of March."
On May 6, 2013, the Company's Board of Directors declared a monthly cash dividend of $0.11125 per common share to be paid on June 17, 2013 to shareholders of record at the close of business on May 31, 2013. The dividend is designated an eligible dividend for Canadian tax purposes which qualifies for the enhanced dividend tax credit.
FIRST QUARTER 2013 REVIEW
The unaudited financial statements and Management's Discussion and Analysis (MD&A) of both ENF and the Fund, which contain additional notes and disclosures, are available on the Company's website at . We further draw your attention to Note 2 - Revision of Prior Period Financial Statements of the Fund's Consolidated Financial Statements as at and for the three months ended March 31, 2013 which discusses a non-cash revision to the comparative financial statements. These revisions were not material to the Fund's earnings in prior periods and did not impact the Fund's cash available for distribution.
ABOUT ENBRIDGE INCOME FUND HOLDINGS INC.
Enbridge Income Fund Holdings Inc. is a publicly traded corporation. The Company, through its investment in Enbridge Income Fund, holds high quality, low risk energy infrastructure assets. The Fund's assets include interests in more than 500 megawatts of renewable and alternative power generation capacity, a portfolio of liquids transportation and storage businesses and a 50% interest in the Canadian segment of the Alliance Pipeline. Information about Enbridge Income Fund Holdings Inc. is available on the Company's website at .
FORWARD-LOOKING INFORMATION
In the interest of providing the Company's shareholders and potential investors with information about the Company and its investee, the Fund, and the Fund's subsidiaries and joint ventures, including management's assessment of the Company's and the Fund's future plans and operations, certain information provided in this News Release constitutes forward-looking statements or information (collectively, "forward-looking statements"). This information may not be appropriate for other purposes. Forward-looking statements are typically identified by words such as "anticipate", "expect", "project", "estimate", "forecast", "plan", "intend", "target", "believe" and similar words suggesting future outcomes or statements regarding an outlook. In particular, forward-looking statements include:
Although the Company believes that these forward-looking statements are reasonable based on the information available on the date such statements are made and processes are used to prepare the information, such statements are not guarantees of future performance and readers are cautioned against placing undue reliance on forward-looking statements. By their nature, these statements involve a variety of assumptions, known and unknown risks and uncertainties and other factors, which may cause actual results, levels of activity and achievements to differ materially from those expressed or implied by such statements. Material assumptions include assumptions about: the expected supply and demand for crude oil, natural gas, natural gas liquids and green energy; prices of crude oil, natural gas, natural gas liquids and green energy; expected exchange rates; inflation; interest rates; the availability and price of labour and construction materials; operational reliability; customer project approvals; maintenance of support and regulatory approval for the Fund's projects; anticipated in-service dates and weather. Assumptions regarding the expected supply and demand of crude oil, natural gas, natural gas liquids and green energy, and the prices of these commodities, are material to and underlay all forward-looking statements. These factors are relevant to all forward-looking statements as they may impact current and future levels of demand for the Fund's services. Similarly, exchange rates, inflation and interest rates impact the economies and business environments in which the Company and the Fund operates, may impact levels of demand for the Fund's services and cost of inputs, and are therefore inherent in all forward-looking statements. Due to the interdependencies and correlation of these macroeconomic factors, the impact of any one assumption on a forward-looking statement cannot be determined with certainty, particularly with respect to expected earnings and associated per unit or per share amounts, or estimated future distributions or dividends. The most relevant assumptions associated with forward-looking statements on projects under construction, including estimated in-service dates and expected capital expenditures, include: the availability and price of labour and construction materials; the effects of inflation on labour and material costs; the effects of interest rates on borrowing costs; and the impact of weather, customer and regulatory approvals on construction schedules.
The Company's forward-looking statements, and forward looking statements with respect to the Fund, are subject to risks and uncertainties pertaining to operating performance, regulatory parameters, project approval and support, weather, economic conditions, exchange rates, interest rates and commodity prices, including but not limited to those risks and uncertainties discussed in this News Release and in the Company's and the Fund's other filings with Canadian securities regulators. The impact of any one risk, uncertainty or factor on a particular forward-looking statement is not determinable with certainty as these are interdependent and the Company's and the Fund's future course of action depends on management's assessment of all information available at the relevant time. Except to the extent required by law, the Company and the Fund assume no obligation to publicly update or revise any forward-looking statements made in this News Release or otherwise, whether as a result of new information, future events or otherwise. All subsequent forward-looking statements whether written or oral, attributable to the Company or the Fund or persons acting on the Company's or the Fund's behalf, are expressly qualified in their entirety by these cautionary statements.
NON-GAAP MEASURES
This News Release contains references to the Fund's cash available for distribution (CAFD). CAFD represents the Fund's cash available to fund distributions on Fund Units and ECT Preferred Units as well as for debt repayments and reserves. This measure is important to shareholders as the Company's objective is to provide a predictable flow of dividends to shareholders and the Company's cash flows are derived from its investment in the Fund. CAFD is not a measure that has standardized meaning prescribed by United States Generally Accepted Accounting Principles (U.S.GAAP) and is not considered a GAAP measure. Therefore, this measure may not be comparable with similar measures presented by other issuers. The Fund's CAFD reconciliation is as follows:
SELECTED FINANCIAL AND OPERATING HIGHLIGHTS
(1) Financial Highlights for Enbridge Income Fund have been extracted from financial statements prepared in accordance with U.S. GAAP.
(2) Earnings for the three months ended March 31, 2012 have been revised. See Note2 of the March 31, 2013 financial statements of Enbridge Income Fund.
(3) In accordance with U.S. GAAP, earnings and cash provided by operating activities for all 2012 periods have been retrospectively adjusted to furnish comparative information related to the 2012 Acquisition. Financing charges have not been retrospectively adjusted. The impact of the retrospective adjustments has been eliminated from CAFD as these cash flows were not available to distribute to unitholders.
(4) See Non-GAAP Measures.
Contacts:
Enbridge Income Fund Holdings Inc.
Jennifer Varey
Media
(403) 508-6563
Enbridge Income Fund Holdings Inc.
Teri Majer
Investment Community
(403) 508-3185
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Datum: 06.05.2013 - 19:41 Uhr
Sprache: Deutsch
News-ID 256572
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CALGARY, ALBERTA
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Oil & Gas
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