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    ENB   CA29250N1050

ENBRIDGE INC.

(ENB)
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Enbridge : Financial Statements and MD&A

07/30/2021 | 07:09am EDT

ENBRIDGE INC.

CONSOLIDATED FINANCIAL STATEMENTS

(unaudited)

June 30, 2021

ENBRIDGE INC.

CONSOLIDATED STATEMENTS OF EARNINGS

Three months ended

Six months ended

June 30,

June 30,

2021

2020

2021

2020

(unaudited; millions of Canadian dollars, except per share amounts)

Operating revenues

Commodity sales

6,334

2,936

12,763

10,325

Transportation and other services

3,877

4,326

8,045

7,534

Gas distribution sales

737

694

2,277

2,110

Total operating revenues (Note 3)

10,948

7,956

23,085

19,969

Operating expenses

Commodity costs

6,430

2,858

12,628

10,021

Gas distribution costs

289

250

1,239

1,105

Operating and administrative

1,484

1,801

3,043

3,401

Depreciation and amortization

929

949

1,861

1,831

Total operating expenses

9,132

5,858

18,771

16,358

Operating income

1,816

2,098

4,314

3,611

Income from equity investments

352

327

747

490

Impairment of equity investments (Note 8)

-

-

-

(1,736)

Other income/(expense)

Net foreign currency gain/(loss)

159

526

311

(430)

Other

82

98

191

(93)

Interest expense

(618)

(681)

(1,275)

(1,387)

Earnings before income taxes

1,791

2,368

4,288

455

Income tax expense (Note 10)

(270)

(591)

(753)

(42)

Earnings

1,521

1,777

3,535

413

Earnings attributable to noncontrolling interests

(37)

(36)

(59)

(5)

Earnings attributable to controlling interests

1,484

1,741

3,476

408

Preference share dividends

(90)

(94)

(182)

(190)

Earnings attributable to common shareholders

1,394

1,647

3,294

218

Earnings per common share attributable to common

0.69

0.82

1.63

0.11

shareholders (Note 5)

Diluted earnings per common share attributable to

0.69

0.82

1.63

0.11

common shareholders (Note 5)

The accompanying notes are an integral part of these interim consolidated financial statements.

1

ENBRIDGE INC.

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

Three months ended

Six months ended

June 30,

June 30,

2021

2020

2021

2020

(unaudited; millions of Canadian dollars)

Earnings

1,521

1,777

3,535

413

Other comprehensive income/(loss), net of tax

Change in unrealized gain/(loss) on cash flow hedges

(157)

(48)

213

(561)

Change in unrealized gain/(loss) on net investment

129

340

222

(375)

hedges

Other comprehensive income from equity investees

24

30

2

20

Excluded components of fair value hedges

(1)

5

(2)

8

Reclassification to earnings of loss on cash flow

61

48

113

80

hedges

Reclassification to earnings of pension and other

6

4

11

7

postretirement benefits (OPEB) amounts

Foreign currency translation adjustments

(835)

(2,701)

(1,631)

2,936

Other comprehensive income/(loss), net of tax

(773)

(2,322)

(1,072)

2,115

Comprehensive income/(loss)

748

(545)

2,463

2,528

Comprehensive (income)/loss attributable to

(9)

50

(6)

(95)

noncontrolling interests

Comprehensive income/(loss) attributable to controlling

739

(495)

2,457

2,433

interests

Preference share dividends

(90)

(94)

(182)

(190)

Comprehensive income/(loss) attributable to common

649

(589)

2,275

2,243

shareholders

The accompanying notes are an integral part of these interim consolidated financial statements.

2

ENBRIDGE INC.

CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY

Three months ended

Six months ended

June 30,

June 30,

2021

2020

2021

2020

(unaudited; millions of Canadian dollars, except per share amounts)

Preference shares

Balance at beginning and end of period

7,747

7,747

7,747

7,747

Common shares

Balance at beginning of period

64,772

64,760

64,768

64,746

Shares issued on exercise of stock options

8

3

12

17

Balance at end of period

64,780

64,763

64,780

64,763

Additional paid-in capital

Balance at beginning of period

324

202

277

187

Stock-based compensation

5

5

16

19

Options exercised

(5)

(2)

(8)

(18)

Change in reciprocal interest

-

-

39

12

Other

-

2

-

7

Balance at end of period

324

207

324

207

Deficit

Balance at beginning of period

(8,093)

(7,808)

(9,995)

(6,314)

Earnings attributable to controlling interests

1,484

1,741

3,476

408

Preference share dividends

(90)

(94)

(182)

(190)

Dividends paid to reciprocal shareholder

2

5

5

10

Common share dividends declared

(1,692)

(1,641)

(1,692)

(1,641)

Modified retrospective adoption of ASU 2016-13 Financial Instruments - Credit

-

-

-

(66)

Losses

Other

1

-

-

(4)

Balance at end of period

(8,388)

(7,797)

(8,388)

(7,797)

Accumulated other comprehensive income/(loss) (Note 7)

Balance at beginning of period

(1,675)

3,989

(1,401)

(272)

Other comprehensive income/(loss) attributable to common shareholders, net of

(745)

(2,236)

(1,019)

2,025

tax

Balance at end of period

(2,420)

1,753

(2,420)

1,753

Reciprocal shareholding

Balance at beginning of period

(17)

(47)

(29)

(51)

Change in reciprocal interest

-

-

12

4

Balance at end of period

(17)

(47)

(17)

(47)

Total Enbridge Inc. shareholders' equity

62,026

66,626

62,026

66,626

Noncontrolling interests

Balance at beginning of period

2,930

3,448

2,996

3,364

Earnings attributable to noncontrolling interests

37

36

59

5

Other comprehensive income/(loss) attributable to noncontrolling interests, net

of tax

Change in unrealized loss on cash flow hedges

(3)

(1)

(6)

(3)

Foreign currency translation adjustments

(25)

(85)

(47)

93

Contributions

6

5

9

20

Distributions

(77)

(88)

(143)

(164)

Other

2

-

2

-

Balance at end of period

2,870

3,315

2,870

3,315

Total equity

64,896

69,941

64,896

69,941

Dividends paid per common share

0.835

0.810

1.670

1.620

The accompanying notes are an integral part of these interim consolidated financial statements.

3

ENBRIDGE INC.

CONSOLIDATED STATEMENTS OF CASH FLOWS

Six months ended

June 30,

2021 2020

(unaudited; millions of Canadian dollars)

Operating activities

Earnings

3,535

413

Adjustments to reconcile earnings to net cash provided by operating activities:

Depreciation and amortization

1,861

1,831

Deferred income tax expense/(recovery)

647

(223)

Changes in unrealized (gain)/loss on derivative instruments, net (Note 9)

(448)

824

Income from equity investments

(747)

(490)

Distributions from equity investments

737

821

Impairment of equity investments (Note 8)

-

1,736

Gain on disposition

(41)

-

Other

(128)

210

Changes in operating assets and liabilities

(625)

103

Net cash provided by operating activities

4,791

5,225

Investing activities

Capital expenditures

(3,463)

(2,352)

Long-term investments and restricted long-term investments

(155)

(335)

Distributions from equity investments in excess of cumulative earnings

246

253

Additions to intangible assets

(118)

(104)

Proceeds from disposition

122

245

Affiliate loans, net

29

27

Net cash used in investing activities

(3,339)

(2,266)

Financing activities

Net change in short-term borrowings

289

(543)

Net change in commercial paper and credit facility draws

739

854

Debenture and term note issues, net of issue costs

3,247

3,479

Debenture and term note repayments

(1,888)

(3,268)

Contributions from noncontrolling interests

9

20

Distributions to noncontrolling interests

(143)

(164)

Common shares issued

3

3

Preference share dividends

(182)

(190)

Common share dividends

(3,382)

(3,280)

Redemption of preferred shares held by subsidiary

(115)

-

Other

(40)

(35)

Net cash used in financing activities

(1,463)

(3,124)

Effect of translation of foreign denominated cash and cash equivalents and

(20)

(14)

restricted cash

Net decrease in cash and cash equivalents and restricted cash

(31)

(179)

Cash and cash equivalents and restricted cash at beginning of period

490

676

Cash and cash equivalents and restricted cash at end of period

459

497

The accompanying notes are an integral part of these interim consolidated financial statements.

4

This is an excerpt of the original content. To continue reading it, access the original document here.

Disclaimer

Enbridge Inc. published this content on 30 July 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 30 July 2021 11:08:03 UTC.


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Financials
Sales 2021 44 644 M 35 304 M 35 304 M
Net income 2021 5 595 M 4 425 M 4 425 M
Net Debt 2021 72 077 M 56 998 M 56 998 M
P/E ratio 2021 18,0x
Yield 2021 6,54%
Capitalization 103 B 81 706 M 81 698 M
EV / Sales 2021 3,93x
EV / Sales 2022 3,71x
Nbr of Employees 11 200
Free-Float 86,4%
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Technical analysis trends ENBRIDGE INC.
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TrendsBullishBullishBullish
Income Statement Evolution
Consensus
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Mean consensus OUTPERFORM
Number of Analysts 23
Last Close Price 51,00 CAD
Average target price 54,92 CAD
Spread / Average Target 7,68%
EPS Revisions
Managers and Directors
Albert Monaco President, CEO & Non-Independent Director
Colin K. Gruending Chief Financial Officer & Executive Vice President
Gregory Lorne Ebel Non-Executive Chairman
Bhushan Ivaturi Chief Information Officer & Senior Vice President
Tyler W. Robinson Chief Compliance Officer & VP-Enterprise Security
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