ATCO Ltd. (TSX: ACO.X, ACO.Y)
ATCO Ltd. today reported record earnings for 2011 led by
worldwide increased activity for ATCO Structures & Logistics,
higher earnings in ATCO Power and additional infrastructure
investment in the utilities to support Alberta growth.
Earnings attributable to Class I and Class II Shares were $327
million ($5.65 per share) and Adjusted Earnings were $330 million
for the year ended Dec. 31, 2011, compared to $281 million ($4.83
per share) and $296 million, respectively, in 2010.
Fourth quarter earnings were also higher in 2011 compared to
2010 for similar operating reasons. Year-over-year earnings
increased $30 million to $102 million ($1.76 per share compared to
$1.25 per share) and Adjusted Earnings increased $3 million to $83
million.
In 2011, ATCO Structures & Logistics had an exceptionally
strong year as rental activity increased and manufacturing expanded
to address growth in demand for modular structures and services,
especially new workforce housing needs in the resource-rich regions
of Australia, Canada, and South America. Australia was particularly
strong with three major workforce housing complexes associated with
liquefied natural gas projects.
ATCO Power recorded higher power pool prices and related spark
spreads for electricity generated at its Alberta plants. However,
ATCO Midstream's results negatively affected earnings due to lower
storage price differentials.
ATCO Electric, ATCO Gas and ATCO Pipelines invested more than
$1.3 billion in infrastructure to address Alberta's continuing
growth, adding to the rate base upon which the companies earn a
regulated rate of return. Partially off-setting the positive impact
of continued rate base growth were two regulatory decisions: ATCO
Gas' general rate application and the generic cost of capital
decision applicable to all utilities. These decisions had a
negative impact on fourth quarter earnings because of the
disallowance of certain program costs and capital expenditures and
a reduction in the utilities' approved return on equity.
Earnings include results from ATCO Gas Australia, a natural gas
distribution company serving more than 650,000 customers in the
Perth region, which was acquired for approximately $1.1 billion in
July 2011.
RECENT DEVELOPMENTS
-- ATCO declared a first quarter dividend for 2012 of 32.75 cents per Class
I Non-Voting and Class II Voting Share, a 15% increase over the 28.5
cents paid in each of the previous four quarters. ATCO's dividend per
share has increased for 19 consecutive years.
-- ATCO Structures & Logistics was awarded a contract to construct a 1,700-
person workforce housing facility and office complex for Phase 2 of
Teck's Quebrada Blanca copper mining operation in northern Chile.
-- ATCO Structures & Logistics completed its noise abatement project for
New York City's newest power plant, Astoria Energy II, surpassing New
York's strict noise level compliance criteria which are among the most
stringent in the United States.
-- ATCO released its second biennial Sustainability Report for 2009-2010.
It reports on the Company's approach to corporate governance, community
involvement, safety and employee practices.
FINANCIAL SUMMARY AND RECONCILIATION OF ADJUSTED EARNINGS
A financial summary and reconciliation of Adjusted Earnings to
earnings attributable to Class I and Class II Shares is provided
below:
For the Three Months For the Year
Ended December 31 Ended December 31
----------------------------------------------------------------------------
($ Millions except per
share data) 2011 2010 2011 2010
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Adjusted Earnings (1) 83 80 330 296
Adjustments for Rate
Regulated Activities 19 (8) 23 (15)
Acquisition Transaction
Costs - - (26) -
----------------------------------------------------------------------------
Earnings Attributable to
Class I and Class II
Shares 102 72 327 281
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Earnings Per Share 1.76 1.25 5.65 4.83
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Revenues 1,130 955 3,991 3,486
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Funds Generated By
Operations (1) (2) 474 357 1,514 1,234
----------------------------------------------------------------------------
----------------------------------------------------------------------------
(1) These measures are not defined by International Financial
Reporting Standards (IFRS) 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.
The $505 million annual increase in revenues ($175 million in
the fourth quarter) was due primarily to higher business activity
in ATCO Structures & Logistics, the utilities and ATCO Power,
as well as increased flow through natural gas sales in ATCO
Midstream and the addition of ATCO Gas Australia. The 2010 revenues
included $130 million related to the lease of Karratha plant
generating units in Australia.
Funds Generated by Operations increased $280 million for the
year ($117 million in the fourth quarter) mainly for the same
reasons earnings increased, as well as higher total payments by
utility customers for infrastructure.
IMPORTANCE OF ADJUSTED EARNINGS
Adjusted Earnings are earnings attributable to Class I and Class
II Shares after adjusting for the timing of revenues and expenses
associated with rate regulated activities. Adjusted Earnings
present earnings on the same basis as was used prior to adopting
IFRS - that basis being the U.S. accounting principles for rate
regulated entities currently used by regulated companies in Canada.
Adjusted Earnings also exclude one-time gains and losses and items
that are not in the normal course of business or day-to-day
operations.
Adjusted Earnings is a key measure used to assess segment
performance, to reflect the economics of rate regulation and to
facilitate comparability of ATCO's earnings with other Canadian
rate regulated companies. Earnings reflect ATCO's implementation of
IFRS. Comparative figures for 2010 have been presented on the same
basis.
Adjusted Earnings is a key measure for several reasons:
-- It is used by ATCO in assessing segment performance and allocating
resources.
-- It is ATCO's view that this measure is a better reflection of the
economics of rate regulation that are directly affected by orders and
decisions of utility regulators.
-- It will facilitate comparison with those Canadian regulated companies
that chose to wait another year before adopting IFRS and with those
companies that may choose to adopt U.S. accounting principles instead of
IFRS.
For rate regulated activities, the differences between Adjusted
Earnings and earnings as reported under IFRS are strictly timing in
nature: Adjusted Earnings for the utilities are recognized on the
basis of accounting principles that recognize the economics of rate
regulation and take into account the orders and decisions of the
regulator, whereas earnings under IFRS are recognized when billed
to customers. Over time, there is no difference.
Refer to Note 6 to the consolidated financial statements for
descriptions of the adjustments for rate regulated activities and
the timing of their recovery from or refund to customers.
ATCO's consolidated financial statements and management's
discussion and analysis for the year ended Dec. 31, 2011, will be
available on the ATCO website (www.atco.com), via SEDAR
(www.sedar.com) or can be requested from the Company.
Alberta-based ATCO Ltd., with more than 8,800 employees and
assets of approximately $12 billion, delivers service excellence
and innovative business solutions worldwide with leading companies
engaged in structures & logistics (manufacturing, logistics and
noise abatement), utilities (pipelines, natural gas and electricity
transmission and distribution), energy (power generation, natural
gas gathering, processing, storage and liquids extraction) and
technologies (business systems solutions). More information can be
found at www.atco.com.
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.
Contacts: ATCO Ltd. B.R. (Brian) Bale Senior Vice President
& Chief Financial Officer (403) 292-7502 www.atco.com
Grafico Azioni ATCO (TSX:ACO.Y)
Storico
Da Giu 2024 a Lug 2024
Grafico Azioni ATCO (TSX:ACO.Y)
Storico
Da Lug 2023 a Lug 2024