ATCO Reports Record Fourth Quarter and 2008 Earnings of $271.5 Million
18 Febbraio 2009 - 1:34PM
Marketwired Canada
ATCO Ltd. - (TSX:ACO.X)(TSX:ACO.Y) -
Record Earnings of $271.5 million ($4.70 per share) for the year ended December
31, 2008, compared to earnings of $250.8 million ($4.31 per share) for the year
ended December 31, 2007, were reported today by ATCO Ltd.
"I am pleased with our 2008 earnings, our very solid balance sheet and the
completion of extensive capital programs in 2008," said Nancy Southern,
President and Chief Executive Officer, ATCO Group. "We are fortunate to be in
Alberta where significant utility infrastructure projects are immediately
required. The key issue for these major projects will be ensuring a competitive
rate of return that will allow access to the scarce capital needed to finance
these projects."
ATCO also reported an increase in "adjusted earnings" (1) in 2008, which
excludes certain items not in the normal course of business or a result of
day-to-day operations. Adjusted earnings for the year ended December 31, 2008,
were $265.6 million ($4.60 per share) compared to $221.0 million ($3.79 per
share) for the year ended December 31, 2007. Details are provided in the table
below.
Earnings for the three months ended December 31, 2008, were $74.7 million ($1.29
per share) compared to earnings of $63.8 million ($1.10 per share) for the same
three months of 2007. Adjusted earnings for the three months ended December 31,
2008, were $72.7 million ($1.26 per share) compared to adjusted earnings of
$47.1 million ($0.81 per share) for the same three months of 2007.
RECENT DEVELOPMENTS
- On December 2, 2008, ATCO Structures announced that its contract to design,
manufacture and install the 2,000-person workforce housing camp for the Fort
Hills Energy Limited Partnership oil sands project north of Fort McMurray has
been cancelled. The full impact to ATCO Structures of this cancellation will be
determined in the first quarter of 2009, once terms have been negotiated.
- On November 24, 2008, ATCO Power announced the construction of a new energy
efficient 86 megawatt natural gas-fired power station for Horizon Power. The
power station will be built adjacent to Horizon's Karratha Terminal in the
Pilbara region of Western Australia. On February 2, 2009, ATCO Power announced
that it had signed a $100 million credit facility with Commonwealth Bank of
Australia to finance the design and construction of the station.
- On November 18, 2008, ATCO I-Tek announced that for the third consecutive
year, they have received the "Top Customer Satisfaction Award in North American
Energy Industry" for its operation of the ATCO Gas and ATCO Electric Call
Centres.
- On November 17, 2008, ATCO Midstream announced the purchase of IPL Holdings
Inc. (IPLH), a wholly owned subsidiary of Enbridge Inc. IPLH holds a one-third
interest in the Ikhil Joint Venture and one-third of the shares of Inuvik Gas
Ltd.
- On November 13, 2008, the ATCO Group announced that three ATCO Group companies
will be honoured by the province of Alberta for their industry leading
commitment to workplace safety. ATCO Power, ATCO Pipelines and ATCO Noise
Management are recipients of the Best Safety Performance Award. They were also
recognized by Alberta's Occupational Health and Safety Council for their
"exceptional" safety records in 2007.
For the Three For the Twelve
Financial Summary and Reconciliation Months Ended Months Ended
of Adjusted Earnings December 31 December 31
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2008 2007 2008 2007
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($ Millions except per share data)
Reported Earnings 74.7 63.8 271.5 250.8
ATCO Power Mark-to-Market Adjustment 0.5 (1.4) 1.0 (1.5)
Reallocation of Post Employment Benefits (0.8) - (3.6) -
Federal Court of Appeal Tax Decision - - (1.6) -
2008 Tax Assessment (1.7) - (1.7) -
2007 Change in Preferred Share Taxes - - - (10.9)
2007 Changes in Income Taxes & Rates - (10.3) - (12.4)
ATCO Gas Tax Reassessments - (5.0) - (5.0)
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Adjusted Earnings (1) 72.7 47.1 265.6 221.0
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Earnings Per Share 1.29 1.10 4.70 4.31
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Adjusted Earnings Per Share (1) 1.26 0.81 4.60 3.79
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Revenues 906.4 775.4 3,265.6 2,901.8
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Funds Generated By Operations (1) (2) 255.5 207.2 931.6 846.6
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(1) This measure is not defined by Generally Accepted Accounting Principles
and may not be comparable to similar measures used by other companies.
(2) This measure is cash flow from operations before changes in non-cash
working capital.
Adjusted earnings for the twelve months ended December 31, 2008, increased
primarily due to increased international operations in ATCO Structures, improved
merchant performance in ATCO Power's and ATCO Resources' Alberta generating
plants, increased availability and the recognition of insurance proceeds from
the Barking outage in ATCO Power's United Kingdom (U.K.) operations. Alberta
Utilities Commission (AUC) approved 2008 customer rates in ATCO Gas (ATCO Gas
Decision) net of cost increases and suspension of the Carbon lease payments to
customers (Carbon rate riders) in ATCO Gas and the impact of the higher 2008 AUC
approved customer rates (ATCO Electric Decision) also contributed to the
increase in Adjusted Earnings. These increases were partially offset by
decreased Canadian manufacturing operations in ATCO Structures and lower natural
gas storage fees in ATCO Midstream.
Adjusted earnings for the three months ended December 31, 2008, increased
primarily due to increased international operations in ATCO Structures, improved
merchant performance in ATCO Power's and ATCO Resources' Alberta generating
plants, improved merchant performance and increased availability in ATCO Power's
U.K. operations, and increased earnings of $1.8 million after non-controlling
interests due to the change in quarterly depreciation expense allocation in ATCO
Gas. These increases were partially offset by reduced activity in natural gas
liquids (NGL) extraction operations in ATCO Midstream and lower business
activity in ATCO Noise Management.
Revenues for the twelve months ended December 31, 2008, increased primarily due
to increased business activity in ATCO Structures' operations in South America
and Australia and in ATCO Frontec's operations and higher natural gas fuel
purchases recovered on a "no-margin" basis, improved merchant operations,
increased availability and the recognition of insurance proceeds from the
Barking outage in ATCO Power's U.K. operations. In addition, the 2007 refund of
future income tax balances with a corresponding decrease in 2007 revenues, and
the impact of the ATCO Electric Decision contributed to the increase in
revenues. Other contributing factors were the ATCO Gas Decision and improved
merchant performance in ATCO Power's and ATCO Resources' Alberta generating
plants. These increases were partially offset by decreased Canadian
manufacturing operations in ATCO Structures, the impact of lower exchange rates
on conversion of revenues to Canadian dollars in ATCO Power's U.K. operations,
and lower storage revenues due to the timing and demand of natural gas storage
capacity sold and lower storage fees in ATCO Midstream.
Revenues for the three months ended December 31, 2008, increased primarily due
to increased international and Canadian manufacturing operations in ATCO
Structures, higher natural gas fuel purchases recovered on a "no-margin" basis,
improved merchant operations and increased availability in ATCO Power's U.K.
operations and improved merchant performance in ATCO Power's and ATCO Resources'
Alberta generating plants. In addition, increased business activity in ATCO
Frontec's operations and the ATCO Gas Decision contributed to the increase in
revenues. These increases were partially offset by lower prices for NGL
extraction in ATCO Midstream.
Funds generated by operations for the three and twelve months ended December 31,
2008, increased primarily due to higher cash earnings and increased deferred
availability incentives in Alberta Power (2000).
ATCO Ltd.'s consolidated financial statements and management's discussion and
analysis of financial condition and results of operations for the three and
twelve months ended December 31, 2008, will be available on ATCO Ltd.'s website
(www.atco.com) or via SEDAR (www.sedar.com) or can be requested from the
Corporation.
ATCO Ltd., an Alberta-based worldwide organization of companies with assets of
approximately $8.7 billion and more than 7,700 employees, is comprised of three
main business divisions: Power Generation; Utilities (natural gas and
electricity transmission and distribution) and Global Enterprises (industrial
manufacturing, technology, logistics and energy services).
Forward-Looking Information:
Certain statements contained in this news release may constitute forward-looking
information. Forward-looking information is often, but not always, identified by
the use of words such as "anticipate", "plan", "estimate", "expect", "may",
"will", "intend", "should", and similar expressions. Forward-looking information
involves known and unknown risks, uncertainties and other factors that may cause
actual results or events to differ materially from those anticipated in such
forward-looking information. The Corporation believes that the expectations
reflected in the forward-looking information are reasonable, but no assurance
can be given that these expectations will prove to be correct and such
forward-looking information should not be unduly relied upon.
Any forward-looking information contained in this news release represents the
Corporation's expectations as of the date hereof, and is subject to change after
such date. The Corporation disclaims any intention or obligation to update or
revise any forward-looking information whether as a result of new information,
future events or otherwise, except as required by applicable securities
legislation.
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