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CONSOLIDATED EARNINGS
(millions of Canadian dollars, except per share amounts) |
2008 | 2007 | 2006 | |||||
| Liquids Pipelines | 328.0 | 287.2 | 274.2 | |||||
| Gas Pipelines | 48.5 | 69.7 | 61.2 | |||||
| Sponsored Investments | 111.7 | 96.9 | 86.8 | |||||
| Gas Distribution and Services | 300.6 | 179.4 | 173.7 | |||||
| International | 608.2 | 95.1 | 83.2 | |||||
| Corporate | (76.2 | ) | (28.1 | ) | (63.7 | ) | ||
| Earnings Applicable to Common Shareholders | 1,320.8 | 700.2 | 615.4 | |||||
| Earnings per Common Share | 3.67 | 1.97 | 1.81 | |||||
| Diluted Earnings per Common Share | 3.64 | 1.95 | 1.79 | |||||
Earnings applicable to common shareholders were $1,320.8 million for the year ended December 31, 2008, or $3.67 per share, compared with $700.2 million, or $1.97 per share, for the same period in 2007. The increase in earnings resulted from allowance for equity funds used during construction (AEDC) in Liquids Pipelines, a higher contribution from Enbridge Gas Distribution (EGD) and unrealized fair value gains on derivative financial instruments in Aux Sable and Energy Services, partially offset by decreased earnings from International as the Company sold its interest in Compañía Logística de Hidrocarburos CLH, S.A. (CLH) in the second quarter of 2008. Earnings for the year ended December 31, 2008 also reflected a $556.1 million after-tax gain on the sale of CLH, partially offset by the recognition of a $32.2 million income tax charge as a result of an unfavourable court decision related to previously owned U.S. pipeline assets.
Earnings applicable to common shareholders were $700.2 million for the year ended December 31, 2007, or $1.97 per share, compared with $615.4 million, or $1.81 per share, in 2006. The $84.8 million increase was primarily due to colder than normal weather and strong performance at EGD, lower corporate interest expense and increased earnings at Enbridge Energy Partners, L.P. (EEP). The 2007 results also included a significant benefit from favorable legislated Canadian tax changes enacted in 2007. The positive factors were partially offset by lower contributions from the Aux Sable natural gas fractionation facility and Energy Services.
Earnings Applicable to Common Shareholders (millions of Canadian dollars)
