Enbridge Income Fund
TSX : ENF.UN

Enbridge Income Fund

November 01, 2005 20:35 ET

Enbridge Income Fund Announces Quarterly Results

CALGARY, ALBERTA--(CCNMatthews - Nov. 1, 2005) - Enbridge Income Fund (TSX:ENF.UN) (the "Fund") today announced earnings of $12.7 million, or $0.37 per unit, for the nine months ended September 30, 2005 compared with $8.0 million, or $0.23 per unit, for the same period in 2004. The increase in earnings of $4.7 million is due primarily to the collection of an income tax allowance in the tolls of Alliance Canada for the first time beginning in 2005. This increase is partly offset by higher Corporate costs due to higher interest expense, higher incentive fees and an increase in the annualized distribution for ECT preferred units.

Discrete third quarter 2005 earnings of $5.0 million are $3.3 million higher than the prior year comparative period due to similar factors as for the nine-month period, except that the increase in earnings is more pronounced in the quarter due to higher Corporate costs of $1.0 million incurred in 2004 related to business development.

Leigh S. Cruess, Chief Financial Officer of Enbridge Management Services Inc., the Administrator of the Fund, commented, "Both Alliance Canada and the Saskatchewan System show strong earnings for the quarter and have increased throughputs on their respective systems when compared to the prior year. Higher throughputs can be attributed to the positive economic environment we are experiencing in the industry. While changes in throughputs do not have a direct earnings impact because of the cost of service models used on Alliance Canada and the two largest systems comprising the Saskatchewan System, the increase does support the stability and sustainability of these assets."

Based on current operations, the Fund estimates that approximately 90% of cash to be distributed during 2005 will be included in the income of unitholders for tax purposes.

At its November meeting, the Trustees of the Enbridge Income Fund approved an increase in the monthly distribution to unitholders from $0.0758333 to $0.0765916, or 1% per annum, effective with the distribution payable February 15, 2006 to unitholders of record as at January 31, 2006.

Mr. Cruess commented, "We are pleased to announce this increase in distributions, which is in line with our objective of increasing distributions by at least 1% per annum, recognizing the underlying stability of the business and future growth prospects of the Fund."



------------------------------------------------------------------------
SELECTED OPERATING AND FINANCIAL HIGHLIGHTS
------------------------------------------------------------------------
Three months Nine months
ended ended
September 30, September 30,
(millions of dollars except -----------------------------------------
where otherwise noted) 2005 2004 2005 2004
------------------------------------------------------------------------
Average Daily Throughput
Volume
Alliance Canada
(millions of cubic
feet per day) 1,556.0 1,529.0 1,600.0 1,575.0
Saskatchewan System (1)
(thousands of barrels
per day)
Westspur System 154.6 138.3 147.2 138.6
Saskatchewan Gathering
System 102.7 97.1 102.7 96.8
Weyburn System 35.9 30.1 34.1 30.6
Virden System 20.1 17.7 20.5 18.1

Transportation Revenues 63.3 58.4 185.3 179.9

Earnings 5.0 1.7 12.7 8.0
Per Unit (dollars per unit) 0.15 0.05 0.37 0.23

Cash Available for
Distribution 19.9 15.9 59.5 51.2

Cash Distributions Declared
Per Unit (dollars per unit)
Ordinary Units 0.2275 0.2146 0.6825 0.6375
Subordinated Units 0.2275 0.2146 0.6825 0.6375
ECT Preferred Units 0.2275 0.2146 0.6825 0.6375

Total Long-Term Liabilities 1,495.3 1,339.6

Total Assets 1,872.3 1,928.6

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

Ordinary Units
(number of units) 20,125,000 20,125,000
Subordinated Units
(number of units) 14,500,000 14,500,000
------------------------------------------------------------------------
Total Number of Units 34,625,000 34,625,000
------------------------------------------------------------------------
------------------------------------------------------------------------

(1) Totals are not presented as the same volumes can be transported
through a combination of the pipelines comprising the Saskatchewan
System.


------------------------------------------------------------------------
CONSOLIDATED EARNINGS
------------------------------------------------------------------------
Three months Nine months
ended ended
September 30, September 30,
-----------------------------------------
(millions of dollars) 2005 2004 2005 2004
------------------------------------------------------------------------

Alliance Canada 13.8 11.0 40.9 33.1
Saskatchewan System 3.4 2.0 8.9 6.9
Corporate (12.2) (11.3) (37.1) (32.0)
------------------------------------------------------------------------
Earnings 5.0 1.7 12.7 8.0
------------------------------------------------------------------------
------------------------------------------------------------------------


- The increase in earnings is primarily due to the collection of an income tax allowance in the tolls of Alliance Canada due to it becoming notionally taxable for the first time in 2005.

- Offsetting this increase somewhat are higher Corporate costs primarily due to higher interest rates on long-term debt and the amortization of deferred financing charges. In addition, higher Corporate costs are attributable to higher incentive fees and an increase in the annualized distribution for ECT preferred units. The increase in Corporate costs is partially offset by lower business development expenditures as $1.0 million was incurred during the third quarter of 2004.



------------------------------------------------------------------------
ALLIANCE CANADA
------------------------------------------------------------------------
Three months Nine months
ended ended
September 30, September 30,
-----------------------------------------
(millions of dollars) 2005 2004 2005 2004
------------------------------------------------------------------------

Transportation revenue 51.2 49.0 152.0 149.9
Operating and maintenance (8.5) (8.2) (24.0) (27.5)
Capital taxes (0.3) (0.5) (1.0) (1.4)
Depreciation and amortization (15.6) (15.5) (46.4) (46.5)
Other income and expense 0.1 0.2 0.5 0.5
Interest expense (12.5) (13.1) (38.2) (39.8)
Current and future taxes (0.6) (0.9) (2.0) (2.1)
------------------------------------------------------------------------
Earnings 13.8 11.0 40.9 33.1
------------------------------------------------------------------------
------------------------------------------------------------------------


- Earnings have increased in the period due to the allowance for current income taxes included in the 2005 toll revenue as Alliance Canada became notionally taxable in the current period. Offsetting this slightly is a reduction in the equity return resulting from the depreciated rate base.

- Lower insurance, utility, personnel and information system costs have contributed to lower operating and maintenance costs in the first two quarters of 2005.

- The increase in revenue attributable to the income tax allowance is partially offset by lower operating and maintenance costs as revenue is dependent upon actual costs of service incurred.



------------------------------------------------------------------------
SASKATCHEWAN SYSTEM
------------------------------------------------------------------------
Three months Nine months
ended ended
September 30, September 30,
-----------------------------------------
(millions of dollars) 2005 2004 2005 2004
------------------------------------------------------------------------

Transportation revenue 12.1 9.4 33.3 30.0
Operating and maintenance (5.5) (4.2) (14.9) (13.8)
Capital taxes (0.2) (0.2) (0.5) (0.7)
Depreciation and amortization (3.8) (3.7) (11.4) (10.9)
Accretion on asset retirement
obligation (0.1) (0.1) (0.3) (0.3)
Current and future taxes 0.9 0.8 2.7 2.6
------------------------------------------------------------------------
Earnings 3.4 2.0 8.9 6.9
------------------------------------------------------------------------
------------------------------------------------------------------------


- Earnings from the Saskatchewan System are higher primarily due to sales of allowance oil at higher prices than the comparable period in the prior year. In addition, the prior year comparative period included an adjustment to capital taxes that was not recoverable through the cost of service thereby reducing earnings in the prior year. Earnings from allowance oil are more pronounced in the third quarter as oil prices are higher than in the first and second quarters.



------------------------------------------------------------------------
CORPORATE
------------------------------------------------------------------------
Three months Nine months
ended ended
September 30, September 30,
-----------------------------------------
(millions of dollars) 2005 2004 2005 2004
------------------------------------------------------------------------

Management and administrative (0.7) (1.4) (2.6) (2.2)
Interest expense (2.7) (1.9) (8.3) (5.4)
ECT preferred unit
distributions (8.7) (8.1) (26.0) (24.2)
Other (0.1) 0.1 (0.2) (0.2)
------------------------------------------------------------------------
Total costs (12.2) (11.3) (37.1) (32.0)
------------------------------------------------------------------------
------------------------------------------------------------------------


- Incentive fees, included in management and administrative costs, and ECT preferred unit distributions are higher following the approval of a 3% increase in distributions in February, 2004, an additional 1% increase in distributions in July, 2004 and a further 6% increase in distributions in November, 2004.

- The increase in management and administrative costs due to higher incentive fees is partially offset by lower business development expenditures as $1.0 million was incurred during the third quarter of 2004.

- Interest expense has increased due to higher interest rates upon refinancing the $190 million acquisition facility with fixed rate debt in December 2004 as well as the amortization of the associated deferred financing charges.



------------------------------------------------------------------------
CASH AVAILABLE FOR DISTRIBUTION (1)(2)
------------------------------------------------------------------------
Three months Nine months
ended ended
September 30, September 30,
-----------------------------------------
(millions of dollars) 2005 2004 2005 2004
------------------------------------------------------------------------

Cash Provided by Operating
Activities 37.4 33.4 79.0 71.1
Add/(Deduct):
ECT preferred unit
distributions 8.7 8.1 26.0 24.2
Alliance Canada cash
retained (11.2) (9.7) (31.2) (30.0)
Saskatchewan System
maintenance capital
expenditures (0.2) (1.1) (0.6) (2.0)
Change in operating assets
and liabilities in the
period (14.8) (14.8) (13.7) (12.1)
------------------------------------------------------------------------
Cash Available for
Distribution 19.9 15.9 59.5 51.2
------------------------------------------------------------------------
------------------------------------------------------------------------

Cash Available for
Distribution is comprised
of the following:
Alliance Canada
distributions 17.9 16.8 55.6 49.4
Alliance Canada capital tax (0.3) (0.5) (1.0) (1.4)
Alliance Canada large
corporations tax (0.6) (0.8) (1.9) (2.3)
Saskatchewan System operating
income before depreciation,
amortization and accretion 6.4 5.0 17.9 15.5
Saskatchewan System
maintenance capital
expenditures (0.2) (1.1) (0.6) (2.0)
Saskatchewan System large
corporations tax (0.1) - (0.2) (0.1)
Corporate management and
administrative expense (0.7) (1.4) (2.6) (2.2)
Corporate other income 0.1 0.1 0.1 0.1
Corporate interest expense (2.4) (1.8) (7.3) (5.2)
Corporate current taxes (0.2) (0.4) (0.5) (0.6)
------------------------------------------------------------------------
Cash Available for
Distribution 19.9 15.9 59.5 51.2
------------------------------------------------------------------------
------------------------------------------------------------------------

Cash Distributions Declared 16.6 15.6 49.6 46.3
------------------------------------------------------------------------
------------------------------------------------------------------------
(1) Cash available for distribution is not a standardized measure under
Canadian Generally Accepted Accounting Principles; therefore, it may
not be comparable to similarly titled measures used by other
issuers.
(2) Cash available for distribution has been reclassified from the prior
period. In the prior period, the measure was shown both gross and
net of the impact of changes in operating assets and liabilities.
The current measure does not adjust cash available for changes in
operating assets and liabilities in order to eliminate fluctuations
due to the timing of receipts and payments.


The above calculations of cash available for distribution represent cash available to fund distributions on ordinary units, subordinated 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 stable and sustainable flow of distributable cash to unitholders.

The cash retained by Alliance Canada reflects the cash from operations of Alliance Canada that has not been distributed to the Fund. While the cash from operations is proportionately consolidated and is included in the results of the Fund, it is not available for distribution by the Fund until it has been received from Alliance Canada. The cash available for distribution from Alliance Canada is reduced to reflect debt service reserves, capital expenditures and other cash that is needed to fund working capital or other requirements at Alliance Canada. Cash retained by Alliance Canada is included above under 'Alliance Canada cash retained' except for cash needed to fund working capital which is included in 'Change in operating assets and liabilities in the period'. Distributions from Alliance Canada, which are subject to the approval of the Board of Directors of the General Partner of Alliance Canada, are made on a quarterly basis and paid in the month subsequent to the quarter end.

The Saskatchewan System maintenance capital expenditures are determined based on the capital requirements necessary to maintain the service capability of the existing assets and include the replacement of system components and equipment, which are worn, obsolete or completing their useful life.

For the three months ended September 30, 2005, cash distributions declared of $16.6 million (2004 - $15.6 million) represent 83.4% (2004 - 98.1%) of cash available for distribution, whereas for the nine months ended September 30, 2005, cash distributions declared of $49.6 million (2004 - $46.3 million) represent 83.4% (2004 - 90.4%) of cash available for distribution. This percentage has decreased in the current period primarily due to the timing of certain expenditures as well as a $2.1 million distribution from Alliance Canada adjusting owners' equity to align with the target capital structure. The Fund's policy is to distribute on-average approximately 95% of cash available for distribution over a five-year period.

The Fund pays cash distributions on a monthly basis to unitholders of record on the last business day of each month. Distributions are payable on or about the 15th day of the month following the declaration. During the nine months ended September 30, 2005, the Fund declared monthly cash distributions of $0.0758333 per ordinary unit (2004 - $0.06875 in January, $0.0708333 for the months February through June and $0.0715417 for the months July through September). Cash distributions of the same amount per unit were also declared on the subordinated units and the ECT preferred units.

The Board of Trustees approves distributions periodically based on cash flow to meet the Fund's distribution policy. The timing of the regular annual review of the distribution rate is at year-end to align with the Fund's budgeting and reporting cycles.

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 pipeline transportation assets. Its assets include a 50% interest in the Canadian segment of the Alliance Pipeline and a 100% interest in the various pipelines comprising the Saskatchewan System. Information about Enbridge Income Fund, including the interim consolidated financial statements and MD&A, is available on the Fund's web site at www.enbridgeincomefund.com.

Certain information provided in this news release constitutes forward-looking statements. The words "anticipate", "expect", "project", "estimate", "forecast" and similar expressions are intended to identify such forward-looking statements. Although Enbridge Income Fund believes that these statements are based on information and assumptions which are current, reasonable and complete, these statements are necessarily subject to a variety of risks and uncertainties pertaining to operating performance, regulatory parameters, economic conditions and commodity prices. You can find a discussion of those risks and uncertainties in our Canadian securities filings. While Enbridge Income Fund makes these forward-looking statements in good faith, should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary significantly from those expected. Enbridge Income Fund assumes no obligation to publicly update or revise any forward-looking statements made herein or otherwise, whether as a result of new information, future events or otherwise.



ENBRIDGE INCOME FUND
CONSOLIDATED STATEMENTS OF EARNINGS

Three months Nine months
ended ended
(unaudited; millions September 30, September 30,
of dollars, except -----------------------------------------
per unit amounts) 2005 2004 2005 2004
------------------------------------------------------------------------

Transportation Revenue 63.3 58.4 185.3 179.9

Expenses
Operating and maintenance 14.0 12.4 38.9 41.3
Management and administrative 0.7 1.4 2.6 2.2
Capital taxes 0.5 0.7 1.5 2.1
Depreciation and amortization 19.4 19.2 57.8 57.4
Accretion on asset retirement
obligation 0.1 0.1 0.3 0.3
------------------------------------------------------------------------
34.7 33.8 101.1 103.3
------------------------------------------------------------------------
Operating Income 28.6 24.6 84.2 76.6
Other Income and Expense 0.2 0.3 0.6 0.6
Interest Expense and
Amortization of Deferred
Financing Charges (15.2) (15.0) (46.5) (45.2)
ECT Preferred Unit
Distributions (8.7) (8.1) (26.0) (24.2)
------------------------------------------------------------------------
4.9 1.8 12.3 7.8
Taxes
Current (0.9) (1.2) (2.6) (3.0)
Future 1.0 1.1 3.0 3.2
------------------------------------------------------------------------
0.1 (0.1) 0.4 0.2
------------------------------------------------------------------------
Earnings 5.0 1.7 12.7 8.0
------------------------------------------------------------------------
------------------------------------------------------------------------
Earnings per Trust Unit
Basic and Diluted 0.15 0.05 0.37 0.23
------------------------------------------------------------------------
------------------------------------------------------------------------


ENBRIDGE INCOME FUND
CONSOLIDATED STATEMENTS OF UNITHOLDERS' EQUITY

Nine months
ended
September 30,
------------------
(unaudited; millions of dollars) 2005 2004
------------------------------------------------------------------------

Opening Unitholders' Equity 310.4 329.8
Earnings Applicable to Unitholders 12.7 8.0
Distributions to Unitholders (23.6) (22.1)
------------------------------------------------------------------------
Ending Unitholders' Equity 299.5 315.7
------------------------------------------------------------------------
------------------------------------------------------------------------


ENBRIDGE INCOME FUND
CONSOLIDATED STATEMENTS OF CASH FLOWS

Three months Nine months
ended ended
September 30, September 30,
(unaudited; millions -----------------------------------------
of dollars) 2005 2004 2005 2004
------------------------------------------------------------------------

Cash Provided by Operating
Activities
Earnings 5.0 1.7 12.7 8.0
Charges/(credits) not
affecting cash
Depreciation and
amortization 19.4 19.2 57.8 57.4
Amortization of deferred
financing charges 0.5 0.3 1.6 0.9
Accretion on asset
retirement obligation 0.1 0.1 0.3 0.3
Amortization of fair value
increment on debt (1.4) (1.6) (4.1) (4.4)
Future income taxes (1.0) (1.1) (3.0) (3.2)
Changes in operating assets
and liabilities
Change in accounts
receivable and other (0.1) (0.4) (3.0) (0.2)
Change in accounts payable
and accrued liabilities 16.5 15.8 14.4 13.7
Change in deferred amounts
and other assets (1.6) (0.6) 2.3 (1.4)
------------------------------------------------------------------------
37.4 33.4 79.0 71.1
------------------------------------------------------------------------
Investing Activities
Additions to property,
plant and equipment (6.0) (5.3) (8.8) (7.6)
Change in construction
payable 1.0 0.1 0.7 (0.8)
------------------------------------------------------------------------
(5.0) (5.2) (8.1) (8.4)
------------------------------------------------------------------------
Financing Activities
Net change in long-term
credit facility (7.0) (0.9) (12.0) (4.9)
Net change in non-recourse
long-term credit facility 3.8 3.4 4.2 (7.5)
Repayment of non-recourse
long-term debt - - (20.6) (20.0)
Ordinary and subordinated
trust unit distributions (7.8) (7.5) (23.6) (22.0)
Financing fees - - (0.2) -
------------------------------------------------------------------------
(11.0) (5.0) (52.2) (54.4)
------------------------------------------------------------------------
Increase in Cash 21.4 23.2 18.7 8.3
Cash at Beginning of Period 12.1 12.7 14.8 27.6
------------------------------------------------------------------------
Cash at End of Period 33.5 35.9 33.5 35.9
------------------------------------------------------------------------
------------------------------------------------------------------------

Cash 1.6 2.0
Cash in trust 31.9 33.9
------------------------------------------------------------------------
33.5 35.9
------------------------------------------------------------------------
------------------------------------------------------------------------


ENBRIDGE INCOME FUND
CONSOLIDATED BALANCE SHEETS
September 30, December 31,
(unaudited; millions of dollars) 2005 2004
------------------------------------------------------------------------
Assets
Current Assets
Cash 33.5 14.8
Accounts receivable and other 30.1 27.1
------------------------------------------------------------------------
63.6 41.9
Property, Plant and Equipment 1,357.9 1,403.0
Intangible Assets 104.4 108.3
Goodwill 308.1 308.1
Deferred Amounts and Other Assets 38.3 42.0
------------------------------------------------------------------------
1,872.3 1,903.3
------------------------------------------------------------------------
------------------------------------------------------------------------

Liabilities and Equity
Current Liabilities
Accounts payable and accrued liabilities 39.6 24.5
Distributions payable 2.6 2.6
Current portion of non-recourse long-term debt 35.3 41.5
------------------------------------------------------------------------
77.5 68.6
Long-Term Debt 195.0 207.0
Non-Recourse Long-Term Debt 824.0 838.3
ECT Preferred Units 380.2 380.2
Asset Retirement Obligations 7.0 6.7
Future Income Taxes 89.1 92.1
------------------------------------------------------------------------
1,572.8 1,592.9
Unitholders' Equity
Trust units 333.4 333.4
Cumulative earnings 33.8 21.1
Cumulative distributions (67.7) (44.1)
------------------------------------------------------------------------
299.5 310.4
------------------------------------------------------------------------
1,872.3 1,903.3
------------------------------------------------------------------------
------------------------------------------------------------------------


ENBRIDGE INCOME FUND
SEGMENTED INFORMATION

Three months ended September 30, 2005
------------------------------------------------------------------------
Alliance Saskatchewan
(millions of dollars) Canada System Corporate Consolidated
------------------------------------------------------------------------
Transportation revenue 51.2 12.1 - 63.3
Operating and maintenance (8.5) (5.5) - (14.0)
Management and
administrative - - (0.7) (0.7)
Capital taxes (0.3) (0.2) - (0.5)
Depreciation and
amortization (15.6) (3.8) - (19.4)
Accretion on asset
retirement obligation - (0.1) - (0.1)
------------------------------------------------------------------------
Operating income/(loss) 26.8 2.5 (0.7) 28.6
Other income and expense 0.1 - 0.1 0.2
Interest expense and
amortization of deferred
financing charges (12.5) - (2.7) (15.2)
ECT preferred unit
distributions - - (8.7) (8.7)
Current taxes (0.6) (0.1) (0.2) (0.9)
Future taxes - 1.0 - 1.0
------------------------------------------------------------------------
Earnings 13.8 3.4 (12.2) 5.0
------------------------------------------------------------------------
------------------------------------------------------------------------


Three months ended September 30, 2004
------------------------------------------------------------------------
Alliance Saskatchewan
(millions of dollars) Canada System Corporate Consolidated
------------------------------------------------------------------------
Transportation revenue 49.0 9.4 - 58.4
Operating and maintenance (8.2) (4.2) - (12.4)
Management and
administrative - - (1.4) (1.4)
Capital taxes (0.5) (0.2) - (0.7)
Depreciation and
amortization (15.5) (3.7) - (19.2)
Accretion on asset
retirement obligation - (0.1) - (0.1)
------------------------------------------------------------------------
Operating income/(loss) 24.8 1.2 (1.4) 24.6
Other income and expense 0.2 - 0.1 0.3
Interest expense and
amortization of deferred
financing charges (13.1) - (1.9) (15.0)
ECT preferred unit
distributions - - (8.1) (8.1)
Current taxes (0.8) - (0.4) (1.2)
Future taxes (0.1) 0.8 0.4 1.1
------------------------------------------------------------------------
Earnings 11.0 2.0 (11.3) 1.7
------------------------------------------------------------------------
------------------------------------------------------------------------


Nine months ended September 30, 2005
------------------------------------------------------------------------
Alliance Saskatchewan
(millions of dollars) Canada System Corporate Consolidated
------------------------------------------------------------------------
Transportation revenue 152.0 33.3 - 185.3
Operating and maintenance (24.0) (14.9) - (38.9)
Management and
administrative - - (2.6) (2.6)
Capital taxes (1.0) (0.5) - (1.5)
Depreciation and
amortization (46.4) (11.4) - (57.8)
Accretion on asset
retirement obligation - (0.3) - (0.3)
------------------------------------------------------------------------
Operating income/(loss) 80.6 6.2 (2.6) 84.2
Other income and expense 0.5 - 0.1 0.6
Interest expense and
amortization of deferred
financing charges (38.2) - (8.3) (46.5)
ECT preferred unit
distributions - - (26.0) (26.0)
Current taxes (1.9) (0.2) (0.5) (2.6)
Future taxes (0.1) 2.9 0.2 3.0
------------------------------------------------------------------------
Earnings 40.9 8.9 (37.1) 12.7
------------------------------------------------------------------------
------------------------------------------------------------------------


Nine months ended September 30, 2004
------------------------------------------------------------------------
Alliance Saskatchewan
(millions of dollars) Canada System Corporate Consolidated
------------------------------------------------------------------------
Transportation revenue 149.9 30.0 - 179.9
Operating and maintenance (27.5) (13.8) - (41.3)
Management and
administrative - - (2.2) (2.2)
Capital taxes (1.4) (0.7) - (2.1)
Depreciation and
amortization (46.5) (10.9) - (57.4)
Accretion on asset
retirement obligation - (0.3) - (0.3)
------------------------------------------------------------------------
Operating income/(loss) 74.5 4.3 (2.2) 76.6
Other income and expense 0.5 - 0.1 0.6
Interest expense and
amortization of deferred
financing charges (39.8) - (5.4) (45.2)
ECT preferred unit
distributions - - (24.2) (24.2)
Current taxes (2.3) (0.1) (0.6) (3.0)
Future taxes 0.2 2.7 0.3 3.2
------------------------------------------------------------------------
Earnings 33.1 6.9 (32.0) 8.0
------------------------------------------------------------------------
------------------------------------------------------------------------



Contact Information