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Enbridge MDA

Enbridge MDA

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Published by Trish Audette
Made public on SEDAR Feb. 21st, this is the Management Discussion and Analysis (MD&A) for Enbridge, which includes the company's outlook for the Enbridge Northern Gateway Pipeline, proposed to carry Alberta bitumen to tankers at Kitimat, B.C.
Made public on SEDAR Feb. 21st, this is the Management Discussion and Analysis (MD&A) for Enbridge, which includes the company's outlook for the Enbridge Northern Gateway Pipeline, proposed to carry Alberta bitumen to tankers at Kitimat, B.C.

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Categories:Types, Business/Law
Published by: Trish Audette on Feb 22, 2012
Copyright:Attribution Non-commercial

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02/22/2012

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ENBRIDGE INC.MANAGEMENT’S DISCUSSION AND ANALYSISDecember 31, 2011
 
 
2
MANAGEMENT’S DISCUSSION AND ANALYSIS
This Management’s Discussion and Analysis (MD&A) dated February 21, 2012 should be read inconjunction with the audited consolidated financial statements and notes thereto of Enbridge Inc.(Enbridge or the Company) for the year ended December 31, 2011, prepared in accordance with Part V – Pre-changeover Accounting Standards of the Canadian Institute of Chartered Accountants (CICA)Handbook (Canadian GAAP or Part V). All financial measures presented in this MD&A are expressed inCanadian dollars, unless otherwise indicated. Additional information related to the Company, including itsAnnual Information Form, is available on SEDAR at www.sedar.com. 
OVERVIEW
Enbridge is a North American leader in delivering energy. As a transporter of energy, Enbridge operates,in Canada and the United States, the world's longest crude oil and liquids transportation system. TheCompany also has significant involvement in the natural gas transmission and midstream businesses. Asa distributor of energy, Enbridge owns and operates Canada's largest natural gas distribution companyand provides distribution services in Ontario, Quebec, New Brunswick and New York State. As a cleanenergy generator, Enbridge is expanding its interests in renewable and green energy technologies,including wind, solar and geothermal energy, as well as hybrid fuel cells. Enbridge employs approximately6,900 people, primarily in Canada and the United States.The Company’s activities are carried out through five business segments: Liquids Pipelines, GasDistribution, Gas Pipelines, Processing and Energy Services, Sponsored Investments and Corporate, asdiscussed below.
LIQUIDS PIPELINES
Liquids Pipelines consists of common carrier and contract crude oil, natural gas liquids (NGL) and refinedproducts pipelines and terminals in Canada and the United States, including Canadian Mainline, RegionalOil Sands System, Southern Lights Pipeline, Spearhead Pipeline, Seaway Crude Pipeline (SeawayPipeline) interest and other feeder pipelines.
GAS DISTRIBUTION
Gas Distribution consists of the Company’s natural gas utility operations, the core of which is Enbridge GasDistribution Inc. (EGD) which serves residential, commercial and industrial customers, primarily in centraland eastern Ontario as well as northern New York State. This business segment also includes natural gasdistribution activities in Quebec and New Brunswick.
GAS PIPELINES, PROCESSING AND ENERGY SERVICES
Gas Pipelines, Processing and Energy Services consists of investments in natural gas pipelines andprocessing facilities, green energy projects, Canadian midstream businesses, the Company’s energyservices businesses and international activities.Investments in natural gas pipelines include the Company’s interests in the United States portion of AlliancePipeline (Alliance Pipeline US), the Vector Pipeline and transmission and gathering pipelines in the Gulf ofMexico. Investments in natural gas processing include the Company’s interest in Aux Sable, a natural gasfractionation and extraction business and an interest in the development of Cabin Gas Plant (Cabin) innortheastern British Columbia, and processing facilities connected to the Gulf of Mexico system. The energyservices businesses manage the Company’s volume commitments on Alliance and Vector Pipelines, as wellas perform natural gas, NGL and crude oil storage, transport and supply management services, as principaland agent.
SPONSORED INVESTMENTS
Sponsored Investments includes the Company’s 23.0% ownership interest in Enbridge Energy Partners,L.P. (EEP), Enbridge’s 66.7% investment in the United States segment of the Alberta Clipper Projectthrough EEP and Enbridge Energy, Limited Partnership (EELP) and an overall 69.2% economic interestin Enbridge Income Fund (the Fund), held both directly, and indirectly through Enbridge Income Fund
 
 
3Holdings Inc. (ENF). Enbridge manages the day-to-day operations of, and develops and assessesopportunities for each of these investments, including both organic growth and acquisition opportunities.EEP transports crude oil and other liquid hydrocarbons through common carrier and feeder pipelines andtransports, gathers, processes and markets natural gas and NGLs. The primary operations of the Fundinclude a crude oil and liquids pipeline and gathering system, a 50% interest in the Canadian portion ofAlliance Pipeline (Alliance Pipeline Canada) and interests in renewable power generation projects.
CORPORATE
Corporate consists of the Company’s investment in Noverco Inc. (Noverco), new business developmentactivities, corporate investments and financing costs not allocated to the business segments.
 
PERFORMANCE OVERVIEW
Three Months Ended
 
Year Ended
 
December 31, December 31,
2011
2010
2011
2010
 
2009
(millions of Canadian dollars, except per share amounts)
 
Earnings attributable to common
 
shareholders
 Liquids Pipelines
 
203
117
505
512 445Gas Distribution
34
60
176
155 186Gas Pipelines, Processing and Energy
 
Services
157
32
293
121428Sponsored Investments
 
159
56
344
137 141Corporate
 
(218)
61
(327)
38355
335
326
991
963 1,555Earnings per common share
1
 
0.44
0.44
1.32
1.30 2.14
 
Diluted earnings per common share
1
 
0.44
0.43
1.30
1.29 2.12
 
Adjusted earnings
2
 
Liquids Pipelines
126
117
536
512 454Gas Distribution
 
46
54
175
167 154Gas Pipelines, Processing and Energy
 
Services
41
31
163
123116Sponsored Investments
 
78
48
253
209 151Corporate
 
(16)
(12)
(17)
(27) (20)
275
238
1,110
984 855Adjusted earnings per common share
1,2
0.37
0.32
1.48
1.33 1.17
Cash flow data
 
Cash provided by operating activities
 
452
375
2,703
1,8512,017Cash used in investing activities
 
(2,179)
(746)
(4,017)
(2,674) (3,306)Cash provided by financing activities
 
1,221
60
1,380
766 1,082
Dividends
 
Common share dividends declared
 
190
163
759
648555Dividends paid per common share
1
 
0.2450
0.2125
0.98
0.85 0.74
 
Revenues
 
Commodity sales
 
4,132
3,280
15,676
11,990 9,720Transportation and other services
 
1,304
863
3,726
3,137 2,746
5,436
4,143
19,402
15,127 12,466
Total assets
 
34,343
30,220
34,343
30,220 28,169
Total long-term liabilities
 
19,796
18,542
19,796
18,542 16,392
1 Comparative amounts were restated to reflect two-for-one stock split which was effective May 25, 2011.2 Adjusted earnings and adjusted earnings per common share are non-GAAP measures that do not have any standardized meaning prescribed by generally accepted accounting principles. For more information on non-GAAP measures see pages 8 and 76.

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