Five-Year Consolidated Highlights

Financial and Operating Information1
(millions of dollars. except per share amounts)
Earnings by Segment
2006
2005
2004
2003
2002
Liquids Pipelines 274.2 229.1 219.9 213.5 189.6
Gas Pipelines 61.2 59.8 53.8 70.1 47.8
Sponsored Investments 86.8 64.8 66.2 234.3 (51.1)
Gas Distribution and Services 178.2 178.8 313.1 153.6 124.3
International 83.2 87.4 73.6 72.3 68.0
Corporate (68.2) (63.9) (81.3) (76.6) (48.6)
Continuing operations 615.4 556.0 645.3 667.2 330.0
Discontinued operations – – – – 242.3
Earnings applicable to common shareholders 615.4 556.0 645.3 667.2 572.3
Adjusted operating earnings applicable to common shareholders2
592.9
537.2
491.1
495.5
428.4
Cash Flow Data          
Cash provided from operating activities 1,297.7 947.0 886.7 368.5 877.4
Expenditures on property, plant and equipment 1,185.3 724.2 496.4 391.3 729.9
Acquisitions and long-term investments 463.7 178.5 850.5 128.8 1,572.0
Dividends paid on common shares 403.1 361.1 315.8 283.9 251.1
Operating Data          
Liquids Pipelines3          
    Deliveries(thousands of barrels per day) 2,166 2,008 2,138 2,189 2,088
    Barrel miles(billions) 794 695 757 710 705
    Average haul(miles) 1,004 949 970 889 925
Gas Pipelines - Average Daily          
Throughput Volume(million of cubic feet per day)          
Alliance Pipeline US 1,592 1,597 1,581 1,588 1,481
Vector Pipeline 1,015 1,033 997 991 742
Enbridge Offshore Pipelines4 2,153 2,102 – – –
    Gas Distribution and Services5          
    Distribution volume (billion cubic feet) 408 438 575 458 410
    Number of active customers(thousands) 1,852 1,805 1,756 1,679 1,623
    Degree day deficiency6          
        Actual 3,355 3,750 5,052 4,029 3,362
        Forecast based on normal weather 3,745 3,747 4,849 3,565 3,700
1 Financial and operating highlights of Gas Distribution and Services for 2004 reflect earnings for the 15 months ended December 31, 2004 for Enbridge Gas Distribution (EGD), Noverco and other gas distribution entities. This resulted from the elimination of the quarter lag basis of consolidation in 2004. For the years ended December 31, 2002 and 2003, earnings are for the 12 months ended September 30 for these entities. For the years ended December 31, 2005 and 2006, earnings are for the 12 months ended December 31 for these entities.
2 Adjusted operating earnings applicable to common shareholders represent earnings applicable to common shareholders adjusted for non–operating factors including primarily non-operating gains and losses, the impact of weather, regulatory disallowances and impacts of tax rate changes. This is not a measure that has a standardized meaning prescribed by Canadian generally accepted accounting principles (GAAP) and is not considered a GAAP measure. Therefore, this measure may not be comparable with a similar measure presented by other issuers. Management believes that the presentation of adjusted operating earnings provides useful information to investors and shareholders as it provides increased predictive value and performance trends. Earnings for 2004 and 2003 have been adjusted to eliminate the quarter lag basis of consolidation described above.
3 Liquids Pipelines operating highlights include the statistics of the 16.6% owned Lakehead System and other wholly-owned Liquid Pipeline operations, excluding Spearhead Pipeline and Athabasca Pipeline.
4 Enbridge Offshore Pipelines was purchased on December 31, 2004.
5 Degree day deficiency is a measure of coldness which is indicative of volumetric requirements of natural gas utilized for heating purposes. It is calculated by accumulating for each day in the fiscal period the total number of degrees by which the daily mean temperature fell below 18 degrees Celsius. The figures given are those accumulated in the Greater Toronto Area.

 

Shareholder and Investor Information
(per share amounts in dollars)
2005 2004 2003 2002 2001
Weighted average common shares outstanding (thousands)
339,954
337,447
334,480
330,942
320,620
Common Share Trading (TSX)          
High 41.45 38.82 30.08 27.07 24.63
Low 31.75 28.59 23.63 20.48 20.56
Close 40.27 36.34 29.85 26.85 21.31
Volume (millions) 173.7 211.3 155.4 150.2 144.6
Per Common Share Data          
Earnings applicable to common shareholders          
     Continuing operations 1.81 1.65 1.93 2.02 1.03
     Discontinued operations – – – – 0.76
  1.81 1.93 2.02 2.02  
Adjusted operating earnings applicable to
       common shareholders1
1.74
1.59
1.47
1.50
1.34
Dividends paid on common shares 1.15 10.4 0.92 0.83 0.76
Financial Ratios          
Return on average shareholders' equity2 13.9% 13.2% 17.0% 19.0% 18.3%
Return on average capital employed3 7.0% 6.9% 8.3% 8.3% 7.3%
Debt to debt plus shareholders’ equity4 68.6% 68.9% 67.1% 68.7% 69.4%
Debt to total capital employed5 71.1% 71.0% 67.2% 66.1% 61.9%
Earnings coverage of interest6 2.4x 2.4x 2.8x 2.7x 2.5x
Dividend payout ratio7 65.9% 65.2% 62.3% 55.3% 56.9%
1 Adjusted operating earnings applicable to common shareholders represent earnings applicable to common shareholders adjusted for non-operating factors including primarily non-operating gains and losses, the impact of weather, regulatory disallowances and impacts of tax rate changes. This is not a measure that has a standardized meaning prescribed by GAAP and is not considered a GAAP measure. Therefore, this measure may not be comparable with a similar measure presented by other issuers. Management believes that the presentation of adjusted operating earnings provides useful information to investors and shareholders as it provides increased predictive value and performance trends. Earnings for 2004 and 2003 have been adjusted to eliminate the quarter lag basis of consolidation described above.
2 Earnings applicable to common shareholders divided by average shareholders’ equity (weighted monthly during the year).
3 Sum of after-tax earnings (including earnings from discontinued operations) and after-tax interest expense, divided by weighted average capital employed. Capital employed is equal to the sum of shareholders' equity, EGD preferred shares, future income taxes, deferred credits and total debt (including
short-term borrowings).
4 Total debt (including short-term borrowings) divided by the sum of total debt and shareholders' equity.
5 Total debt (including short-term borrowings) divided by average capital employed. Capital employed is equal to the sum of shareholders' equity, EGD preferred shares, future income taxes, deferred credits and total debt (including short-term borrowings).
6 Earnings before taxes and interest expenses divided by interest expense (including capitalized interest).
7 Dividends per common share divided by adjusted operating earnings per share applicable to common shareholders.

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