Enbridge Inc. · TSX:ENB
Enbridge — Investor Presentation (December 2009)
12 slides from Enbridge's investor presentation, Dec 2, 2009
Slide 1: 2010 Earnings Guidance
WELCOME 2010 Earnings Guidance December 2, 2009 Patrick D. Daniel President and CEO J. Richard Bird Executive Vice President, CFO and Corporate Development 1
Slide 2: Outline
Outline • Strategic Update Patrick D. Daniel • 2010 Guidance & Financial Plan J. Richard Bird • Question & Answer Period 2
Slide 3: Legal Notice
Legal Notice This presentation includes certain forward looking information (FLI) to provide Enbridge shareholders and potential investors with information about Enbridge and management’s assessment of its future plans and operations, which may not be appropriate for other purposes. FLI is typically
Slide 4: 2010 Dividend Growth and Payout Ratio
2010 Dividend Growth and Payout Ratio Forecast Forecast DPS Payout Ratio $1.70 $1.48 ~ 70% $1.32 ~ 64% ~ 65% 2008 2009 2010 2008 2009 2010 4
Slide 5: Dividend Growth 2000 – 2010e
Income Dividend Growth 2000 – 2010e $1.80 300% 250% $1.20 200% 150% $0.60 100% 50% $0.00 0% 2000 2002 2004 2006 2008 2010e 2000 2002 2004 2006 2008 2010e Enbridge Enbridge TransCanada Spectra Williams Note: 2010e dividend for peers based on 2010 Consensus 5
Slide 6: 2010 EPS Guidance
2010 EPS Guidance* 2008 $1.85 $1.95 $1.88 20+% EPS Growth 2009 $2.30 $2.36 12% EPS Growth 2010 $2.50 $2.70 EPS Guidance Range Actual Achieved EPS * Adjusted Operating Earnings 6
Slide 7: Projects Under Construction: In-Service Dates and Capital Costs
Projects Under Construction In-Service Dates and Capital Costs Waupisoo $0.6 billion Ontario Wind $0.5 billion Southern Access Expansion $2.4 billion Line 4 $0.3 billion Spearhead Expansion $0.1 billion Contract Terminaling $0.9 billion Sarnia Solar $0.1 billion Alberta Clipper $3.7 billion Southern
Slide 8: 2010 Segmentation Change
2010 Segmentation Change 2009 2010 Liquids Pipelines Liquids Gas Pipelines Gas Distribution Gas & Services International Sponsored Sponsored Investments Investments Corporate Corporate 8
Slide 9: Segmented Earnings Variance - 2010 vs. 2009
Segmented Earnings* Variance - 2010 vs. 2009 2009 EPS Forecast $2.30 to $2.36/share Liquids ++++ Gas ++++ Sponsored Investments +++ Corporate 2010 EPS Forecast $2.50 to $2.70/share * Adjusted earnings 9
Slide 10: Financing Update: Funding Requirement (2009 – 2013)
Financing Update ENB Commercially Secured Funding Requirement (2009 – 2013) ($Billions) Total Capital Expenditures 10.2 Less: FFO less dividends (6.8) Net Funding Requirement 3.4 Debt Equity Total Requirement 3.0 Gross Requirement 0.4 Less: Completed Asset Sales (0.1) Proceeds from Completed Asset S
Slide 11: Key Takeaways
Key Takeaways • 15% dividend increase continues Enbridge’s 15 year history of dividend increases. • 2010 guidance range represents a 12% increase over 2009. • Projects are on time and on budget. • Manageable debt calendar. • Will utilize our equity surplus on attractive new projects. 11
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