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Published: 2021-05-07
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ENBRIDGE INC. 
Supplemental Financial Information (unaudited) 
Exhibit to the Consolidated Financial Statements 
Earnings Coverage Ratio 
 The following earnings coverage ratio for Enbridge Inc. (the Company) has been calculated on a consolidated basis for the 12 month period ended March 31, 2021 and is derived from unaudited financial information prepared in accordance with generally accepted accounting principles in the United States of America (US GAAP).  The earnings coverage ratio gives pro forma effect to the issuance or repayment by the Company, from time to time, of preferred shares and debt. The earnings coverage ratio for the 12 month period ended March 31, 2021 includes pro forma effect of the following:  
  the repayment of $200 million 2.76% medium-term notes on May 3, 2021. 
Adjustments for normal course issuances and repayments of debt subsequent to March 31, 2021 would not materially affect the ratio and, as a result, have not been made. The earnings coverage ratio set forth below does not purport to be indicative of earnings coverage ratios for any future periods. 
Twelve Month Period Ended
 March 31, 2021 
Earnings coverage1                           3.3 times 
1 Earnings coverage is equal to earnings attributable to controlling interests before interest expense and income taxes divided by the sum of interest expense, capitalized interest and preferred share dividend obligations.  
                
The Company evaluates its performance using a variety of measures. The earnings coverage discussed above is not defined under US GAAP and, therefore, should not be considered in isolation or as an alternative to, or more meaningful than, earnings as determined in accordance with US GAAP. This measure is not necessarily comparable to a similarly titled measure of another company.  The Company’s dividend requirements on all of its preferred shares, adjusted for changes in dividend amounts on certain preferred shares that took effect as a result of dividend rate adjustments in accordance with the terms of such preferred shares and adjusted to a before-tax equivalent using an effective income tax rate of 21%, amounted to approximately $469 million for the 12 month period ended March 31, 2021. The Company’s interest requirements amounted to approximately $2,934 million for the 12 month period ended March 31, 2021. The Company’s earnings attributable to controlling interests before interest and income tax for the 12 month period ended March 31, 2021 were approximately $11,227 million, which is 3.3 times the Company’s aggregate dividend and interest requirements for this period.