世界500强路演-加拿大Enbridge油气运输公司-2014067-TD Energy Conference_By_SVP.pdf

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1、TD Energy Conference Vern Yu,SVP Corporate Planning and CDO Legal Notice 2 This presentation includes certain forward looking information(FLI)to provide Enbridge shareholders and potential investors with information about Enbridge and managements assessment of its future plans and operations,which m

2、ay not be appropriate for other purposes.FLI is typically identified by words such as“anticipate”,“expect”,“project”,“estimate”,“forecast”,“plan”,“intend”,“target”,“believe”and similar words suggesting future outcomes or statements regarding an outlook.All statements other than statements of histori

3、cal fact may be forward-looking statements.In particular,this Presentation may contain forward-looking statements pertaining to the following:expectations regarding,and anticipated impact of,the Transaction,dividend payout policy and dividend payout expectations;adjusted earnings per share guidance,

4、available cash flow from operations(ACFFO)guidance;satisfaction of closing conditions and the obtaining of consents and approvals required to complete the Transaction;effect,results and perceived benefits of the Transaction,including with respect to the consideration to be received by the Company;ex

5、pected timing and completion of Transaction;future equity and debt offerings and financing requirements and plans;expected future sources and costs of financing;and future growth opportunities and the allocation and impact thereof.Although we believe that our FLI is reasonable based on the informati

6、on available today and processes used to prepare it,such statements are not guarantees of future performance and you are cautioned against placing undue reliance on FLI.By its nature,FLI involves a variety of assumptions,risks,uncertainties and other factors which may cause actual results,levels of

7、activity and achievements to differ materially from those expressed or implied in our FLI.Material assumptions include assumptions about:expected timing and terms of the Transaction;anticipated completion of the Transaction;adoption of the dividend policy;satisfaction of all closing conditions and r

8、eceipt of regulatory,shareholder and third party consents and approvals with respect to the Transaction;impact of the Transaction and dividend policy on the Companys future cash flows and capital project funding;impact of the Transaction and dividend policy on the Companys credit ratings;expected ea

9、rnings/(loss)or adjusted earnings/(loss);expected earnings/(loss)or adjusted earnings/(loss)per share;expected future cash flows and expected future ACFFO;estimated future dividends;debt and equity market conditions;expected supply and demand for crude oil,natural gas and natural gas liquids;prices

10、of crude oil,natural gas and natural gas liquids;expected exchange rates;inflation;interest rates;availability and price of labour and pipeline construction materials;operational reliability;anticipated in-service dates and weather.Due to the interdependencies and correlation of these macroeconomic

11、factors,the impact of any one assumption on FLI cannot be determined with certainty,particularly with respect to expected earnings and associated per unit or per share amounts,or estimated future distributions or dividends.Our FLI is subject to risks and uncertainties pertaining to the Transaction,d

12、ividend policy,adjusted earnings guidance,ACFFO guidance,operating performance,regulatory parameters,weather,economic conditions,exchange rates,interest rates and commodity prices,including but not limited to those discussed more extensively in our filings with Canadian and US securities regulators.

13、The impact of any one risk,uncertainty or factor on any particular FLI is not determinable with certainty as these are interdependent and our future course of action depends on managements assessment of all information available at the relevant time.Except to the extent required by law,we assume no

14、obligation to publicly update or revise any FLI,whether as a result of new information,future events or otherwise.All FLI in this presentation is expressly qualified in its entirety by these cautionary statements.You should be cautioned that there is no assurance that the Transaction will be complet

15、ed in the manner contemplated,or at all,or that the current market conditions and Enbridges assumptions and forecasts based on such market conditions will not materially change.This presentation will make reference to non-GAAP measures including adjusted earnings and ACFFO,together with respective p

16、er share amounts.These measures are not measures that have a standardized meaning prescribed by U.S.GAAP and may not be comparable with similar measures presented by other issuers.Additional information on the Companys use of non-GAAP measures can be found in Managements Discussion and Analysis avai

17、lable on the Companys website and www.SEDAR.com and the news release.Key Messages Reliable business model provides a safe haven for investors Industry leading$44 billion growth capital program remains firm and in execution Financial optimization significantly enhances value of current growth program

18、 Record secured growth capital program drives strong ACFFO per share growth;DPS growth drives exceptional value for investors 3$0.00$2.402008200920102011201220132014 2015ePredictable EPS/DPSLegacy AssetsENBEIFCanadian LP assetsAsset Base and Approach to the Business Leading North American infrastruc

19、ture company#1 Priority Safety and operational reliability Strong competitive position Strategy focused on cost effective market access Extending industry leading growth outlook 4 74%21%5%2014 Adjusted Earnings*Liquids Gas Other*Adjusted earnings is a non-GAAP measure.For more information on non-GAA

20、P measures please refer to disclosure in MD&A.0%100%200%300%Jan-08Jan-09Jan-10Jan-11Jan-12Jan-13Jan-14Jan-15Reliable Low Risk Business Model-Strong supporting fundamentals-Conservative commercial structures-Disciplined investment process-Major projects execution-Prudent financial management Superior

21、 long-term track record-Transparent EPS/DPS growth EPS Guidance Relative Monthly Price Performance A Proven Model for Sustainable Value Creation 5 Adjusted EPS*Adjusted earnings is a non-GAAP measure.For more information on non-GAAP measures please refer to disclosure in MD&A.Enbridge Inc.Peers S&P/

22、TSX Index DPS Growing&Predictable EPS/DPS$-$0.50$1.00$1.50$2.00$2.50$3.0020082009201020112012201320142015e Growth Capital Program*Enterprise wide program,includes EEP,ENF&MEP$34$10 Risked unsecured Commercially secured$44$Billions 6$0.4$14.2$0.9$8.7$9.8 20182017201620152014$34B commercially secured

23、by in service date In service In execution 0%5%10%15%20%Year 1Year 2Year 3Year 4Year 5Year 6Year 7+Equivalent full life DCFROE“flat”“tilted”Illustrative Return Profiles 0.00.51.01.52.02.53.001,0002,0003,0004,0005,0006,000Strong Demand for Mainline Capacity WCSB fundamentals remain strong and continu

24、e to support growth on our Mainline 7 Quarterly Throughput ex-Gretna Q1 2015 2.2 MMbpd Near Term Oil Sands Projects in Service 2015+370 kbpd 2016+110 kbpd 2017+175 kbpd Actual Forecast WCSB Crude Oil Production Outlook*Sources:CAPP Crude Oil Forecast,Markets and Transportation (June 2015)MMbpd+50 kb

25、pd+80 kbpd+250 kbpd+50 kbpd+600 kbpd+250 kbpd+300 kbpd Light Heavy+50 kbpd Low cost,reliable transportation to premium markets Market Access Initiatives Enhance Industry Effectiveness Incremental Market Access by 2017:+1.0MMbpd of Heavy;+0.7MMbpd of Light IJT Benchmark Toll USD per barrel of heavy c

26、rude from Hardisty to Chicago 2011$3.85 2012$3.94 2013$3.98 2014$4.02 Eastern Access Western USGC Access Light Oil Market Access 8 1 2 3 4 1 2 1 2 2 3 Low cost phased expansions are attractive in a low price environment Low Cost System Expansion and Extension Opportunities 9 Ex-Superior Expansion Op

27、portunities kbpd 1 Line 61 Twin 550+2 SAX Expansion 150 Market Access Opportunities kbpd 1 Eastern Gulf Coast Access 350+2 Flanagan South/Seaway Expansions 200 3 Line 9 Expansion 70 Upstream of Superior Expansion Opportunities kbpd 1 Sandpiper Expansion/Bakken Interconnect Idle 170 2 Line 2A/LSR Exp

28、ansion 100 3 Line 2B/4 Capacity Recovery 120 4 Line 3 at 760 kbpd 370 Financial Optimization Fundamental Value Drivers 10 Risked unsecured$18$10 Commercially secured$44B Industry Leading Growth Capital Program 2014 2018 Plan$34B Embedded Growth in Existing Assets Industry Leading Organic Growth Worl

29、d Class Major Project Capabilities Strong Competitive Position and Commercial Underpinnings Optimization will enhance value of existing assets,industry leading growth and reliable business model Enterprise Wide Growth Capital Program 0%20%0 x35xRelative Valuation Price/ACFFO Multiple(2015e)0.0 x2.5x

30、Dividend Coverage%ENB Superior growth,strong coverage and reliable business model should attract improved valuation ENB Available cash flow from operations(ACFFO)and Adjusted EPS are non-GAAP measures.For more information on non-GAAP measures please refer to disclosure in the news release and MD&A.S

31、ource:ACFFO data based on consensus estimates.11 Expected ACFFO/share Growth(2014-2018)ENB$-$3.002008200920102011201220132014 2015eReliable Business Model EPS Guidance Adjusted EPS*DPS Revised Earnings Payout Policy December 2014 Superior Shareholder Value Proposition Financial Optimization Benefits

32、 12 Legacy Assets ENB ENF Fund Canadian LP assets Drop Down Transaction Financial optimization drives superior,low risk total shareholder return;TSR outlook of 17-19%through 2018 Total Annual Expected Return (Through 2018)Dividend 3%Growth 14-16%Total Return 17-19%Accelerate DPS growth-33%DPS increa

33、se(2015)-14%-16%DPS growth (2016 2018)Enhanced funding cost competitiveness-Existing assets-Growth program($44 billion)-New opportunities Transform ENF-10%DPS growth(2015 2019)-Superior asset base-enhanced scale-Embedded growth Extend ENB growth beyond 2018-Tilted return profile-Growing incentive fe

34、es -Displaced equity requirements at ENB-Free up capital for re-deployment 70%60%85%75%Fund Transformation Asset Scale&Growth Fund acquires highest quality and fastest growing asset base in Canadian energy infrastructure sector 13 Superior liquids and natural gas infrastructure businesses Strong com

35、mercial underpinning-100%fee based business$15 billion secured growth capital in execution-$2 billion already in service First right on growth within existing footprint Enbridge Income Fund Asset Base ENF Transformation DPS Outlook 20152019e Previously 1%annual growth,supplemented with ad hoc drop d

36、owns Expect approximately 10%2015 2019 CAGR-Sequential investments in the Fund-Participation in Canadian Liquids Pipelines cash flow growth$1.54 14 Financial Optimization-Summary of Benefits Core business remains unchanged Reduced ENB equity requirements Strong ACFFO*per share growth and coverage ve

37、rsus peers Significant 2015 dividend increase(33%)Superior annual dividend growth in 2016 through 2018(14%-16%)Positioned to extend industry leading growth beyond 2018 Transformational,creating “best-in-class”Canadian liquids infrastructure entity of scale Highly reliable business model/high quality

38、 asset base Expected future dividend growth accelerated to about 10%per year through 2019 Highly visible secured organic growth,plus future development opportunities ENB ENF 15*Available cash flow from operations(ACFFO)is a non-GAAP measure.For more information on non-GAAP measures please refer to d

39、isclosure in the news release and MD&A.20142018eRecord secured growth capital program drives strong ACFFO per share growth;supports strong dividend outlook*Available cash flow from operations(ACFFO)is defined as cash flow provided by operating activities before changes in operating assets and liabil

40、ities(including changes in regulatory assets and liabilities and environmental liabilities)less distributions to noncontrolling interests and redeemable noncontrolling interests,preference share dividends and maintenance capital expenditures,and further adjusted for unusual,non-recurring or non-oper

41、ating factors.ACFFO is non-GAAP measures.For more information on non-GAAP measures please refer to disclosure in the news release.Outlook-Available Cash Flow From Operations*16$3.02 20142015e2018eOutlook DPS Growth$1.86 17$1.40 Accelerating ACFFO Execution of$44 billion growth program Growing return

42、s on base business Tilted Returns Extended ENF Funding Sell Down of ENF Interest Enhanced Incentives Enhanced Competitiveness 40%50%ACFFO Payout Policy*Available cash flow from operations(ACFFO)is a non-GAAP measure.For more information on non-GAAP measures please refer to disclosure in the news release and MD&A.