Enbridge Income Fund
TSX : ENF.UN

Enbridge Income Fund

February 01, 2010 20:04 ET

Enbridge Income Fund Announces Year End Results

CALGARY, ALBERTA--(Marketwire - Feb. 1, 2010) - Enbridge Income Fund (the Fund) (TSX:ENF.UN) announced today earnings of $3.6 million, or $0.10 per unit, for the three months ended December 31, 2009. Earnings for the three-month period ending December 31, 2008 were $4.8 million or $0.14 per unit. Cash available for distribution for the three and twelve-month periods ended December 31, 2009 was $21.9 million and $90.1 million, respectively, compared with $22.6 million and $91.2 million in the corresponding periods of 2008. For the year ended December 31, 2009, cash available for distribution has increased from the prior year after removing the one-time impact of a $6.1 million ($4.4 million net of tax) bankruptcy settlement received by Alliance Canada in 2008. This increase is primarily due to higher earnings and cash flow generated by the Saskatchewan System which completed Phase I of its expansion program in mid-2008.

"During the fourth quarter of 2009, the Fund's operating assets in all three segments delivered strong returns, consistent with our value proposition which emphasizes generation of predictable cash flow from low-risk energy infrastructure assets," said Jim Schultz, President of Enbridge Management Services Inc., the Administrator of the Fund.

"The Fund's strategy of pursuing organic growth and expansion opportunities in its existing crude oil and liquids transportation, natural gas transportation and Green Power businesses continues to support its objective of providing a predictable flow of distributable cash," said Mr. Schultz. "We continue to benefit from the expansion of the Saskatchewan System completed in June 2008, which increased capacity by 34%. The expanded system has been well received by customers and a further expansion is now in progress. Construction on Phase II of the Saskatchewan System expansion is underway and is expected to be completed in the fourth quarter of 2010 at an estimated total cost of $120 million, and will contribute additional operating earnings and cash flow to the Fund."

"Looking forward to 2010 and beyond, the proximity of our Saskatchewan System to the Bakken Formation in Saskatchewan and of Alliance Canada to emerging shale plays in British Columbia, position us well to capture further development opportunities in these increasingly significant resource plays. We also continue to pursue opportunities to expand our Green Power interests and build on our existing interests in wind and waste heat recovery facilities," concluded Mr. Schultz.

During the year ended December 31, 2009, the Fund declared monthly cash distributions of $0.096 per unit, and distributions in the same amount per unit were declared on the Enbridge Commercial Trust (ECT) preferred units. Cash distributions paid to trust unitholders for the three and twelve months ended December 31, 2009 were $10.0 million and $39.6 million (2008 - $9.1 million and $35.7 million), respectively. Based on current operations, the Fund estimates that approximately 80% of cash distributed in 2009 and 2010 will be included in the income of unitholders for income tax purposes. The remaining 20% of cash distributed to unitholders in both years is expected to represent a non-taxable return of capital.

During the fourth quarter of 2009, the Fund's Administrator announced that it had recommended to the Board of Trustees a proposed restructuring of the Fund that would take effect prior to the imposition of the SIFT tax on January 1, 2011. The proposed restructuring would be subject to regulatory and unitholder approvals, as applicable. A committee of independent trustees of the Fund, assisted by independent legal and financial advisors, is reviewing the Administrator's proposal in light of potential alternatives and will provide its recommendation to public unitholders.

FORWARD LOOKING INFORMATION

In the interest of providing the Fund's unitholders and potential investors with information about the Fund, its subsidiaries and joint ventures, including management's assessment of the Fund, its subsidiaries' and joint ventures' 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 but are not limited to:

- expected costs related to projects under construction;

- expected scope and in-service dates for projects under construction;

- expected capital expenditures;

- expected future earnings and cash flows;

- expected future actions of regulators;

- expected future corporate restructuring;

- expected future distributions to unitholders and taxability thereof; and

- expected cash available for distribution.

Although the Fund 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 and natural gas liquids; prices of crude oil, natural gas and natural gas liquids; expected exchange rates; inflation; interest rates; the availability and price of labour and pipeline 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 and natural gas liquids, 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 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 amounts, or estimated future distributions. 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 pipeline construction materials; the effects of inflation on labour and material costs; the effects of interest rates on borrowing costs; and the impact of weather and customer and regulatory approvals on construction schedules.

The Fund's forward-looking statements are subject to risks and uncertainties pertaining to operating performance, regulatory parameters, project approval and support, weather, economic and competitive 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 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 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 Fund assumes 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 Fund or persons acting on the Fund's behalf, are expressly qualified in their entirety by these cautionary statements.

NON-GAAP MEASURES

This News Release contains references to cash available for distribution. Cash available for distribution represents cash available to fund distributions on trust units and ECT preferred units as well as for debt repayments and reserves. This measure is important to unitholders as the Fund's objective is to provide a predictable flow of distributable cash to unitholders. Please refer to Cash Available for Distribution reconciliation on page 6. Cash available for distribution is not a measure that has 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 similar measures presented by other issuers.



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SELECTED OPERATING AND FINANCIAL HIGHLIGHTS(1)
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Three months ended Year ended
December 31, December 31,
------------------------------------------
(millions of dollars except where
otherwise noted) 2009 2008 2009 2008
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Average Daily Throughput Volume
Alliance Canada (millions of cubic
feet per day) 1,569 1,583 1,601 1,609
Saskatchewan System(2) (thousands
of barrels per day)
Westspur System 205.9 202.0 197.8 177.8
Saskatchewan Gathering System 139.7 135.3 136.7 123.7
Weyburn System 36.6 34.2 35.9 34.7
Virden System 17.0 24.5 16.4 26.4
Green Power(3) (thousands of
megawatt hours produced) 106.9 102.1 367.0 312.5

Revenues 83.4 83.7 314.8 297.0

Earnings 3.6 4.8 13.0 21.9
Per Unit (dollars per unit) 0.10 0.14 0.38 0.63

Cash Provided by Operating
Activities 9.1 10.5 94.2 98.1
Cash Available for Distribution(4) 21.9 22.6 90.1 91.2
Cash Distributions Declared 20.9 18.7 83.7 74.9

Cash Distributions Declared Per
Unit (dollars per unit)
Trust Units 0.2880 0.2580 1.1520 1.0320
ECT Preferred Units 0.2880 0.2580 1.1520 1.0320

Total Long-Term Liabilities 1,560.3 1,412.8

Total Assets 1,915.3 1,858.2

ECT Preferred Units (number of
units) 38,023,750 38,023,750

Trust Units 34,625,000 34,625,000
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(1)Financial Highlights have been extracted from financial statements
prepared in accordance with GAAP.
(2)Totals are not presented as the same volumes can be transported through
a combination of the pipelines comprising the Saskatchewan System.
(3)NRGreen's Loreburn, Estlin and Alameda facilities began operations in
May, July and November of 2008, respectively. The Kerrobert facility has
been in operation since 2006.
(4)See Non-GAAP Measures.


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CONSOLIDATED EARNINGS
----------------------------------------------------------------------------
Three months ended Year ended
December 31, December 31,
----------------------------------------
(millions of dollars) 2009 2008 2009 2008
----------------------------------------------------------------------------
Alliance Canada 15.3 13.4 59.3 63.1
Saskatchewan System 5.1 4.6 19.7 17.5
Green Power 0.4 0.3 4.0 1.1
Corporate (17.2) (13.5) (70.0) (59.8)
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Earnings 3.6 4.8 13.0 21.9
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- Alliance Canada earnings for the year ended December 31, 2009 were lower than the prior year comparable period by $3.8 million. This decline is primarily due to the receipt of the CESCA bankruptcy settlement of $6.1 million in the first quarter of 2008. Tax of $1.7 million associated with the CESCA bankruptcy settlement is included in the Corporate segment for the year ended December 31, 2008. After removing the impact of the CESCA settlement from the prior year, earnings increased by $2.3 million for the year ended December 31, 2009 compared with 2008. This increase reflects a higher allowance for income taxes included in toll revenue partially offset by a lower return on equity resulting from Alliance Canada's depreciating investment base. Earnings from Alliance Canada for the three months ended December 31, 2009 increased by $1.9 million, to $15.3 million, when compared with the three months ended December 31, 2008. This increase is primarily due to an increase in allowance for income taxes. Certain repairs and maintenance activities are deducted from income when calculating the allowance for income taxes, and such costs were lower in the fourth quarter of 2009 than in the fourth quarter of 2008. The result is a higher taxable income for purposes of calculating the allowance for income tax.

- Saskatchewan System earnings of $19.7 million for the year ended December 31, 2009 (2008 - $17.5 million) were positively impacted by growth in rate base which resulted from the expansion of the Westspur System, completed in June 2008, and from new customer connections on the Saskatchewan Gathering System. This earnings growth was partially offset by lower earnings contributions from allowance oil sales on the Virden and Weyburn Systems. Saskatchewan System earnings for the three months ended December 31, 2009 were $5.1 million, compared with earnings of $4.6 million for the three months ended December 31, 2008. This increase is primarily due to the Weyburn System, which experienced higher throughputs and allowance oil sales than in the fourth quarter of 2008.

- Higher earnings in Green Power for the year ended December 31, 2009 reflected the fact that NRGreen had four waste heat facilities operating during the year, whereas 2008 earnings reflect only partial year contributions from the three facilities that commenced service in 2008. Higher earnings attributable to the new facilities were partially offset by the impact of several unscheduled outages that occurred at the facilities during the year. Modifications to improve the facilities' operational performance, particularly in cold weather, were undertaken and are substantially complete at December 31, 2009. Additionally, Green Power earnings for the year ended December 31, 2009 have increased from the prior year comparable period due to a $1.3 million unrealized non-cash pre-tax gain (2008 - a pre-tax loss of $0.9 million) on derivative instruments used to mitigate cash-flow fluctuations on the wind power projects. Earnings for the three months ended December 31, 2009 were $0.4 million for Green Power (2008 - $0.3 million). After eliminating the impact of unrealized derivative losses in the fourth quarter of 2009 and 2008, losses of $0.7 million and $0.6 million, respectively, earnings increased by $0.2 million in the fourth quarter of 2009 compared with the fourth quarter of 2008. This increase is attributed to earnings growth from NRGreen, which had all four waste heat facilities operating at full capacity during the three months ended December 31, 2009.

- Corporate costs incurred in the three and twelve months ended December 31, 2009 were higher than the corresponding periods in 2008. The distribution increase effective in January 2009 resulted in higher ECT preferred unit distributions and higher incentive fees in 2009 compared with 2008. Additionally, income tax expense increased for the year ended December 31, 2009 compared with 2008. These increases were partially offset by reduced interest expense in both the three and twelve months ended December 31, 2009 compared with the corresponding periods of 2008.



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CASH AVAILABLE FOR DISTRIBUTION(1)
----------------------------------------------------------------------------
Three months ended Year ended
December 31, December 31,
----------------------------------------
(millions of Canadian dollars) 2009 2008 2009 2008
----------------------------------------------------------------------------

Cash Provided by Operating Activities 9.1 10.5 94.2 98.1
Add/(Deduct):
ECT preferred unit distributions(2) 10.9 9.8 43.8 39.2
Alliance Canada maintenance capital
expenditures(3) 0.1 (2.4) (1.2) (5.2)
Alliance Canada debt repayments(4) (15.5) (14.6) (31.0) (28.8)
Alliance Canada cash
(retained)/distributed(5) 2.9 7.4 (15.3) (11.5)
Green Power cash
(retained)/distributed(5) (0.8) - (2.0) 0.1
Saskatchewan System maintenance
capital expenditures(3) (2.7) (2.2) (5.6) (4.4)
Change in operating assets and
liabilities in the period(6) 17.9 14.1 7.2 3.7
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Cash Available for Distribution 21.9 22.6 90.1 91.2
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Cash Available for Distribution is
comprised of the following:
Alliance Canada distributions 18.0 17.8 71.7 76.4
Alliance Canada capital tax - - - (0.2)
Saskatchewan System operating income
before depreciation and amortization 11.0 9.8 40.1 34.6
Saskatchewan System maintenance
capital expenditures (2.7) (2.2) (5.6) (4.4)
Green Power distributions 1.2 1.8 4.7 4.8
Corporate management and
administrative expense (2.3) (2.1) (9.7) (6.5)
Corporate interest expense (3.0) (3.0) (10.7) (12.1)
Corporate other income - - 0.2 0.1
Corporate current taxes (0.3) 0.5 (0.6) (1.5)
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Cash Available for Distribution 21.9 22.6 90.1 91.2
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ECT Preferred Unit Distributions
Declared 10.9 9.8 43.8 39.2
Trust Unit Distributions Declared 10.0 8.9 39.9 35.7
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Cash Distributions Declared 20.9 18.7 83.7 74.9
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1 See non-GAAP measures on page 3.
2 The cash available for distribution above is compared to the total
distributions, including the ECT preferred unit distributions. Since the
ECT preferred units are treated as debt under GAAP with distributions
deducted from earnings, the ECT preferred unit distributions have been
added back to the cash provided from operating activities.
3 Maintenance capital expenditures reduce the cash available for
distribution since these expenditures are funded through cash from
operations.
4 Debt repayments in Alliance Canada are deducted from cash from operations
in deriving the cash available for distribution because they are funded
from cash from Alliance Canada's operations.
5 The cash retained or distributed by Alliance Canada and Green Power
reflects the cash from operations of these segments that has not been
distributed to the Fund or distributions in excess of cash earnings in
the period. While this cash from operations is proportionately
consolidated and included in the Fund's cash provided by operating
activities, it is not available for distribution by the Fund until it has
been received from Alliance Canada and the Green Power segment. Cash
retained by Alliance Canada and Green Power includes debt service
reserves, capital expenditures and other cash needed to fund working
capital or other requirements of these segments.
6 Change in operating assets and liabilities in the period reflect changes
in non-cash working capital related to operating activities. The change
has been added back to cash available for distribution since fluctuations
in working capital are expected each period and are not indicative of
changes in cash available to be distributed.


Cash available for distribution represents cash available to fund distributions on trust units and ECT preferred units, as well as for debt repayments and reserves.

For the three and twelve months ended December 31, 2009, cash distributions declared represented 95.4% (2008 - 82.7%) and 92.9% (2008 - 82.1%) of cash available for distribution, respectively. The lower distribution payout rate for 2008 reflected the impact of the CESCA bankruptcy settlement on cash available for distribution in that year. Excluding the cash received from the CESCA settlement in the second quarter of 2008, the ratio of distributions declared to cash available for distribution for the year ended December 31, 2008 was 88.0%.

Enbridge Income Fund is an unincorporated, open-ended trust created to provide a stable and sustainable flow of distributable cash to unitholders. The Fund is a premier income fund in Canada with a low-risk profile focused on energy infrastructure assets. Its assets include a 50% interest in the Canadian segment of the Alliance Pipeline, a 100% interest in the various pipelines comprising the Saskatchewan System, and 50% interest in each of NRGreen Limited Partnership and the SunBridge wind project as well as a 33% interest in each of the Magrath and Chin Chute wind projects. Information about Enbridge Income Fund, including the annual consolidated financial statements and MD&A, is available on the Fund's web site at www.enbridgeincomefund.com.



ENBRIDGE INCOME FUND
CONSOLIDATED STATEMENTS OF EARNINGS

Three months ended Year ended
December 31, December 31,
---------------------------------------
(millions of Canadian dollars, except
per unit amounts) 2009 2008 2009 2008
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Revenues 83.4 83.7 314.8 297.0
Expenses -
Operating and maintenance 29.3 32.6 101.0 93.4
Management and administrative 2.3 2.1 9.7 6.5
Depreciation and amortization 23.6 22.5 91.3 85.8
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55.2 57.2 202.0 185.7
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28.2 26.5 112.8 111.3
Other Income and Expense (0.1) 0.3 1.1 7.5
Interest Expense (13.9) (14.7) (56.0) (59.9)
ECT Preferred Unit Distributions (10.9) (9.8) (43.8) (39.2)
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3.3 2.3 14.1 19.7
Income Tax Recovery/(Expense) 0.3 2.5 (1.1) 2.2
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Earnings 3.6 4.8 13.0 21.9
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Basic and Diluted Earnings per Trust
Unit 0.10 0.14 0.38 0.63
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ENBRIDGE INCOME FUND
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

Three months ended Year ended
December 31, December 31,
(millions of Canadian dollars) 2009 2008 2009 2008
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Earnings 3.6 4.8 13.0 21.9
Other Comprehensive Income/(Loss)
Change in unrealized gains/(losses)
on cash flow hedges, net of tax 4.7 (2.2) 6.0 (4.6)
Reclassification of realized
(gains)/losses on cash flow hedges
to earnings, net of tax (0.2) 0.4 (0.5) 1.2
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4.5 (1.8) 5.5 (3.4)
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Comprehensive Income 8.1 3.0 18.5 18.5
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ENBRIDGE INCOME FUND
CONSOLIDATED STATEMENTS OF UNITHOLDERS' EQUITY

(millions of Canadian dollars)
Year ended December 31, 2009 2008
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Trust Units 333.4 333.4
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Deficit at Beginning of Year (61.9) (48.1)
Earnings 13.0 21.9
Distributions to unitholders (39.9) (35.7)
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Deficit at End of Year (88.8) (61.9)
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Accumulated Other Comprehensive Loss at Beginning of Year (9.6) (6.2)
Other comprehensive income/(loss), net of tax 5.5 (3.4)
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Accumulated Other Comprehensive Loss at End of Year (4.1) (9.6)
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Total Unitholders' Equity 240.5 261.9
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ENBRIDGE INCOME FUND
CONSOLIDATED STATEMENTS OF CASH FLOWS

Three months ended Year ended
December 31, December 31,
--------------------------------------
(millions of Canadian dollars) 2009 2008 2009 2008
----------------------------------------------------------------------------

Cash Provided by Operating Activities
Earnings 3.6 4.8 13.0 21.9
Charges/(credits) not affecting cash
Depreciation and amortization 23.6 22.5 91.3 85.8
Amortization of deferred financing
charges 0.8 0.6 2.3 1.6
Amortization of fair value increment
on debt (1.0) (1.2) (4.5) (4.9)
Future income taxes (0.7) (2.2) 0.4 (3.7)
Other 0.7 0.1 (1.1) 1.1
Changes in operating assets and
liabilities
Change in accounts receivable and
other (4.0) 1.2 0.3 (6.0)
Change in accounts payable and
accrued liabilities (3.7) (3.3) 4.0 16.8
Change in deferred amounts and other
assets (1.7) (5.0) (5.6) (16.6)
Change in long-term liabilities (8.5) (6.7) (5.9) 2.4
Asset retirements - (0.3) - (0.3)
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9.1 10.5 94.2 98.1
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Investing Activities
Additions to property, plant and
equipment (22.0) (20.1) (40.2) (51.8)
Additions to intangible assets - - (0.2) (4.6)
Change in construction payable 6.8 0.1 (0.7) (7.2)
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(15.2) (20.0) (41.1) (63.6)
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Financing Activities
Net change in long-term credit
facility 112.2 7.0 115.5 (6.5)
Repayment of long-term debt (100.0) - (100.0) -
Net change in non-recourse long-term
credit facility (46.2) 19.6 (57.1) 39.1
Repayment of non-recourse long-term
debt (15.5) (14.6) (31.0) (28.8)
Non-recourse long-term debt issues 59.4 - 59.4 -
Trust unit distributions (10.0) (9.1) (39.6) (35.7)
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(0.1) 2.9 (52.8) (31.9)
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(Decrease)/Increase in Cash and Cash
Equivalents (6.2) (6.6) 0.3 2.6
Cash and Cash Equivalents at Beginning
of Period 23.8 23.9 17.3 14.7
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Cash and Cash Equivalents at End of
Period 17.6 17.3 17.6 17.3
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Cash and Cash Equivalents 3.9 7.4
Cash and Cash Equivalents in Trust 13.7 9.9
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17.6 17.3
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Supplementary Cash Flow Information
Income taxes paid 2.2 3.8
Interest paid 57.2 63.2
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ENBRIDGE INCOME FUND
CONSOLIDATED STATEMENTS OF FINANCIAL POSITION

(millions of Canadian dollars)
Year ended December 31, 2009 2008
----------------------------------------------------------------------------

Assets
Current Assets
Cash and cash equivalents 17.6 17.3
Accounts receivable and other 38.5 38.8
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56.1 56.1
Property, Plant and Equipment, net 1,261.2 1,304.1
Intangible Assets 89.1 95.7
Goodwill 308.1 308.1
Deferred Amounts and Other Assets 194.6 90.7
Future Income Taxes 6.2 3.5
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1,915.3 1,858.2
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Liabilities and Unitholders' Equity
Current Liabilities
Accounts payable and accrued liabilities 53.3 49.6
Distributions payable 3.3 3.0
Current portion of long-term debt - 100.0
Current portion of non-recourse long-term debt 57.9 30.9
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114.5 183.5
Long-Term Debt 296.1 178.8
Non-Recourse Long-Term Debt 705.1 764.7
ECT Preferred Units 380.2 380.2
Long-Term Liabilities 3.2 18.3
Asset Retirement Obligations 12.4 10.9
Future Income Taxes 163.3 59.9
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1,674.8 1,596.3
Unitholders' Equity
Trust units 333.4 333.4
Deficit (88.8) (61.9)
Accumulated other comprehensive loss (4.1) (9.6)
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240.5 261.9
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1,915.3 1,858.2
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ENBRIDGE INCOME FUND
SEGMENTED INFORMATION

(millions of Canadian
dollars)
Three months ended Alliance Saskatchewan Green
December 31, 2009 Canada System Power Corporate Consolidated
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Revenues 59.1 22.1 2.2 - 83.4
Operating and
maintenance (17.6) (10.7) (1.0) - (29.3)
Management and
administrative - - - (2.3) (2.3)
Depreciation and
amortization (15.9) (6.7) (1.0) - (23.6)
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25.6 4.7 0.2 (2.3) 28.2
Other income and expense 0.1 (0.4) 0.3 (0.1) (0.1)
Interest expense (10.4) - (0.1) (3.4) (13.9)
ECT preferred unit
distributions - - - (10.9) (10.9)
Income tax
recovery/(expense) - 0.8 - (0.5) 0.3
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Earnings/(Loss) 15.3 5.1 0.4 (17.2) 3.6
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(millions of Canadian
dollars)
Three months ended Alliance Saskatchewan Green
December 31, 2008 Canada System Power Corporate Consolidated
----------------------------------------------------------------------------
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Revenues 59.7 21.9 2.1 - 83.7
Operating and
maintenance (19.7) (11.9) (1.0) - (32.6)
Management and
administrative - - - (2.1) (2.1)
Depreciation and
amortization (15.6) (5.9) (1.0) - (22.5)
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24.4 4.1 0.1 (2.1) 26.5
Other income and
expense 0.2 (0.2) 0.3 - 0.3
Interest expense (11.2) - (0.2) (3.3) (14.7)
ECT preferred unit
distributions - - - (9.8) (9.8)
Income tax recovery - 0.7 0.1 1.7 2.5
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Earnings/(Loss) 13.4 4.6 0.3 (13.5) 4.8
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ENBRIDGE INCOME FUND

SEGMENTED INFORMATION

(millions of Canadian
dollars)
Year ended Alliance Saskatchewan Green
December 31, 2009 Canada System Power Corporate Consolidated
----------------------------------------------------------------------------
Revenues 224.7 78.8 11.3 - 314.8
Operating and
maintenance (59.4) (38.3) (3.3) - (101.0)
Management and
administrative - - - (9.7) (9.7)
Depreciation and
amortization (63.8) (23.4) (4.1) - (91.3)
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101.5 17.1 3.9 (9.7) 112.8
Other income and expense 1.0 (0.4) 0.4 0.1 1.1
Interest expense (43.3) - (0.4) (12.3) (56.0)
ECT preferred unit
distributions - - - (43.8) (43.8)
Income tax
recovery/(expense) 0.1 3.0 0.1 (4.3) (1.1)
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Earnings/(Loss) 59.3 19.7 4.0 (70.0) 13.0
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(millions of Canadian
dollars)
Year ended Alliance Saskatchewan Green
December 31, 2008 Canada System Power Corporate Consolidated
----------------------------------------------------------------------------
Revenues 222.1 68.0 6.9 - 297.0
Operating and
maintenance (57.4) (33.2) (2.8) - (93.4)
Management and
administrative - - - (6.5) (6.5)
Depreciation and
amortization (62.4) (20.1) (3.3) - (85.8)
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102.3 14.7 0.8 (6.5) 111.3
Other income and
expense 7.0 (0.2) 0.6 0.1 7.5
Interest expense (46.3) - (0.4) (13.2) (59.9)
ECT preferred unit
distributions - - - (39.2) (39.2)
Income tax
recovery/(expense) 0.1 3.0 0.1 (1.0) 2.2
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Earnings/(Loss) 63.1 17.5 1.1 (59.8) 21.9
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