Enbridge Income Fund Holdings Inc. Announces First Quarter Results; Declares Monthly Dividend

Enbridge Income Fund Holdings Inc. Announces First Quarter Results; Declares 
Monthly Dividend 
NEWS RELEASE TRANSMITTED BY Marketwired 
FOR: Enbridge Income Fund Holdings Inc. 
TSX SYMBOL:  ENF 
MAY 5, 2014 
Enbridge Income Fund Holdings Inc. Announces First Quarter Results; Declares
Monthly Dividend 
CALGARY, ALBERTA--(Marketwired - May 5, 2014) -  
HIGHLIGHTS 
(all financial figures are unaudited and in Canadian dollars) 
/T/ 
--  Enbridge Income Fund Holdings Inc. (the Company) delivered earnings for 
the first quarter ended March 31, 2014 of $21.7 million ($0.38 per 
common share) compared to earnings of $21.2 million ($0.40 per common 
share) for the first quarter ended March 31, 2013. 
--  The Company's investee, Enbridge Income Fund (the Fund), generated cash 
available for distribution (CAFD) of $73.5 million in the first quarter 
of 2014 compared to $70.2 million in the first quarter of 2013 primarily 
as a result of strong contributions from the Fund's renewable power 
generation assets and a full quarter of contribution from the Bakken 
Expansion.  
--  A monthly dividend of $0.1146 per common share was declared by the 
Company's Board of Directors to be paid on June 16, 2014. 
/T/ 
Enbridge Income Fund Holdings Inc. (TSX:ENF) announced today earnings of $21.7
million, or $0.38 per common share, for the three months ended March 31, 2014,
reflecting distributions received from its investment in Enbridge Income Fund. 
The Company's financial performance is a direct reflection of the
Fund's ability to generate cash for distribution. The Fund's CAFD
totaled $73.5 million for the three months ended March 31, 2014 compared with
$70.2 million for the same period in the prior year. The improvement in CAFD is
primarily due to increased cash flow generated by the Fund's renewable
power generation assets which benefitted from strong wind and solar resource in
the quarter. CAFD also reflected a full quarter of cash flow contributions from
the Bakken Expansion which was placed into service on March 1, 2013, and higher
contributions from the Alliance Canada natural gas transportation segment. 
"The Fund's strong first quarter results are a reflection of all
three business segments performing well. We continue to deliver on our
objective to provide reliable and predictable cash returns to our
shareholders," said Perry Schuldhaus, President of Enbridge Income Fund
Holdings Inc. "Our renewable power generation facilities were a major
contributor to earnings this quarter and the Fund achieved solid performance
within its gas transmission and liquids transportation and storage businesses. 
"The Fund's strategy includes further growth through acquisition and
development of complementary energy infrastructure. We remain well positioned
to respond to acquisition opportunities including through asset drop downs into
the Fund from our sponsor, Enbridge Inc., as contemplated in Enbridge
Inc.'s announced funding strategy," said Mr. Schuldhaus.  
On May 5, 2014, the Company's Board of Directors declared a monthly cash
dividend of $0.1146 per common share to be paid on June 16, 2014 to
shareholders of record at the close of business on June 2, 2014. The dividend
is designated an eligible dividend for Canadian tax purposes which qualifies
for the enhanced dividend tax credit. 
FIRST QUARTER 2014 REVIEW 
The unaudited financial statements and Management's Discussion and
Analysis (MD&A) of both the Company and the Fund, which contain additional
notes and disclosures, are available on the Company's website at
www.enbridgeincomefund.com.  
/T/ 
--  The Company's earnings for the first quarter ended March 31, 2014 were 
$21.7 million ($0.38 per common share) compared with $21.2 million 
($0.40 per common share) for the first quarter ended March 31, 2013. 
First quarter 2014 earnings reflected a 1% per unit increase in the 
Fund's distribution to the Company effective November 2013 combined with 
the Company's increased ownership in the Fund following the February 
2013 acquisition of 4,768,000 trust units. Earnings for the first 
quarter ended March 31, 2014 were impacted by higher income tax expense 
compared to the first quarter ended March 31, 2013 as a result of an 
increase in the estimated taxability of distributions paid by the Fund. 
--  The Fund generated cash available for distribution for the three months 
ended March 31, 2014 of $73.5 million compared to $70.2 million for the 
three months ended March 31, 2013 as a result of strong contributions 
from each of the Fund's operating segments: Green Power, Liquids 
Transportation and Storage and Alliance Canada. The Fund's Green Power 
assets had a strong start to 2014 as a result of strong wind and solar 
resource. The Fund's Liquids Transportation and Storage segment 
reflected a full quarter contribution from the Bakken Expansion which 
was placed into service on March 1, 2013 and a steady contribution from 
the Fund's crude oil storage business. Within the Alliance Canada 
segment, the Fund's investee Sable NGL Services L.P. (Sable), a joint 
venture that holds capacity on the Alliance system, benefitted from 
large differentials between the cost of natural gas in Western Canada 
and the sales price of natural gas in the Chicago area which arose due 
to abnormal winter weather conditions. Strong performance from the 
Fund's operating businesses was partially offset by higher current 
income tax expense recorded within the Fund's Corporate segment.  
--  The Company's Board of Directors declared monthly dividends of $0.1146 
per common share for each of January, February and March 2014. In 
addition, monthly dividends of $0.1146 per common share were declared on 
April 15, 2014 and on May 5, 2014 for payment to shareholders on May 15, 
2014 and June 16, 2014, respectively.  
/T/ 
ABOUT ENBRIDGE INCOME FUND HOLDINGS INC. 
Enbridge Income Fund Holdings Inc. is a publicly traded corporation. The
Company, through its investment in Enbridge Income Fund, holds high quality,
low risk energy infrastructure assets. The Fund's assets include interests
in more than 500 megawatts of renewable and alternative power generation
capacity, a portfolio of liquids transportation and storage businesses and a
50% interest in the Canadian segment of the Alliance Pipeline. Information
about Enbridge Income Fund Holdings Inc. is available on the Company's
website at www.enbridgeincomefund.com.  
FORWARD LOOKING INFORMATION 
In the interest of providing the Company's shareholders and potential
investors with information about the Company and its investee, the Fund, and
the Fund's subsidiaries and joint ventures, including management's
assessment of the Company's and the Fund's future plans and
operations, certain information provided in this News Release constitutes
forward-looking statements or information (collectively, "forward-looking
statements"). This information may not be appropriate for other purposes.
Forward-looking statements are 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. In particular,
forward-looking statements include: 
/T/ 
--  expected earnings or earnings per share; 
--  expected costs related to projects under construction; 
--  expected scope and in-service dates for projects under construction; 
--  expected timing and amount of recovery of capital costs of assets; 
--  expected capital expenditures; 
--  expected future dividends, Fund distributions and taxability thereof; 
--  the Fund's expected cash available for distribution; and 
--  expected future actions of regulators. 
/T/ 
Although the Company believes that these forward-looking statements are
reasonable based on the information available on the date such statements are
made and processes are used to prepare the information, such statements are not
guarantees of future performance and readers are cautioned against placing
undue reliance on forward-looking statements. By their nature, these statements
involve a variety of assumptions, known and unknown risks and uncertainties and
other factors, which may cause actual results, levels of activity and
achievements to differ materially from those expressed or implied by such
statements. Material assumptions include assumptions about: the expected supply
and demand for crude oil, natural gas and natural gas liquids; prices of crude
oil, natural gas and natural gas liquids; expected exchange rates; inflation;
interest rates; the availability and price of labour and pipeline construction
materials; operational reliability; customer project approvals; maintenance of
support and regulatory approval for the Fund's projects; anticipated
in-service dates and weather. Assumptions regarding the expected supply and
demand of crude oil, natural gas and natural gas liquids, and the prices of
these commodities, are material to and underlay all forward-looking statements.
These factors are relevant to all forward-looking statements as they may impact
current and future levels of demand for the Fund's services. Similarly,
exchange rates, inflation and interest rates impact the economies and business
environments in which the Company and the Fund operates, may impact levels of
demand for the Fund's services and cost of inputs, and are therefore
inherent in all forward-looking statements. Due to the interdependencies and
correlation of these macroeconomic factors, the impact of any one assumption on
a forward-looking statement 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. The most relevant assumptions
associated with forward-looking statements on projects under construction,
including estimated in-service dates and expected capital expenditures,
include: the availability and price of labour and pipeline construction
materials; the effects of inflation on labour and material costs; the effects
of interest rates on borrowing costs; and the impact of weather, customer and
regulatory approvals on construction schedules. 
The Company's forward-looking statements, and forward looking statements
with respect to the Fund, are subject to risks and uncertainties pertaining to
operating performance, regulatory parameters, project approval and support,
weather, economic conditions, changes in tax law, tax rates, exchange rates,
interest rates and commodity prices, including but not limited to those risks
and uncertainties discussed in this News Release and in the Company's and
the Fund's other filings with Canadian securities regulators. The impact
of any one risk, uncertainty or factor on a particular forward-looking
statement is not determinable with certainty as these are interdependent and
the Company's and the Fund's future course of action depends on
management's assessment of all information available at the relevant time.
Except to the extent required by law, the Company and the Fund assume no
obligation to publicly update or revise any forward-looking statements made in
this News Release or otherwise, whether as a result of new information, future
events or otherwise. All subsequent forward-looking statements whether written
or oral, attributable to the Company or the Fund or persons acting on the
Company's or the Fund's behalf, are expressly qualified in their
entirety by these cautionary statements. 
NON-GAAP MEASURES 
This News Release contains references to the Fund's cash available for
distribution (CAFD). CAFD represents the Fund's cash available to fund
distributions on Fund Units and ECT Preferred Units as well as for debt
repayments and reserves. This measure is important to shareholders as the
Company's objective is to provide a predictable flow of dividends to
shareholders and the Company's cash flows are derived from its investment
in the Fund. CAFD is not a measure that has standardized meaning prescribed by
United States Generally Accepted Accounting Principles (U.S.GAAP) and is not
considered a GAAP measure. Therefore, this measure may not be comparable with
similar measures presented by other issuers. The Fund's CAFD
reconciliation is as follows: 
/T/ 
Three months ended March 31,                                 2014      2013 
----------------------------------------------------------------------------
(millions of Canadian dollars)                                              
Cash provided by operating activities                        53.1      49.6 
  Add/(deduct):                                                             
  Green Power maintenance capital expenditures               (0.3)     (0.1)
  Green Power joint ventures cash distributed/(retained)      0.2      (0.1)
  Liquids Transportation and Storage maintenance capital                     
expenditures                                              (0.6)     (1.1)
  Change in operating assets and liabilities in the                          
period                                                    21.1      21.9 
----------------------------------------------------------------------------
Cash available for distribution                              73.5      70.2 
----------------------------------------------------------------------------
---------------------------------------------------------------------------- 
/T/ 
SELECTED FINANCIAL AND OPERATING HIGHLIGHTS 
/T/ 
Three months ended
ENBRIDGE INCOME FUND HOLDINGS INC.                                 March 31, 
2014          2013
----------------------------------------------------------------------------
(unaudited; millions of Canadian dollars, except                            
 share and per share amounts)                                               
Earnings                                                  21.7          21.2
  Earnings per common share, basic and diluted   $        0.38 $        0.40
Cash provided by operating activities                     18.2          17.3
Dividends declared                                        19.4          18.3
  Dividends per common share                     $       0.344 $       0.334
Number of common shares outstanding                 56,491,000    56,491,000
----------------------------------------------------------------------------
---------------------------------------------------------------------------- 
Three months ended  
ENBRIDGE INCOME FUND(1)                                           March 31,  
------------------------------ 
2014           2013 
----------------------------------------------------------------------------
(unaudited; millions of Canadian dollars,                                   
 except unit and per unit amounts)                                          
Earnings                                                                    
  Green Power                                           30.7           26.1 
  Liquids Transportation and Storage(2)                 19.2            2.7 
  Alliance Canada                                       20.1           12.3 
  Corporate(2)                                         (33.7)         (27.5)
---------------------------------------------------------------------------- 
36.3           13.6 
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Cash available for distribution(3)                                          
  Green Power                                           46.1           41.2 
  Liquids Transportation and Storage                    36.1           33.1 
  Alliance Canada                                       19.5           17.9 
  Corporate                                            (28.2)         (22.0)
---------------------------------------------------------------------------- 
73.5           70.2 
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Cash provided by operating activities                   53.1           49.6 
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Distributions                                                               
  Cash distributions declared                           56.2           54.4 
  Distributions per trust unit and ECT                                       
preferred unit                              $       0.406  $       0.403 
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Units outstanding                                                           
  ECT preferred units                             72,465,750     72,465,750 
  Trust units                                     65,991,000     65,991,000 
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Operating results                                                           
  Green Power (thousands of megawatt hours                                   
produced)                                                                 
Wind Facilities                                    360.4          354.3  
Solar Facilities                                    30.4           23.9  
Waste Heat Facilities                               20.5           19.2 
  Liquids Transportation and Storage                                         
(thousands of barrels per day)                                            
Westspur System                                    176.2          161.2  
Saskatchewan Gathering System                      134.2          112.0  
Weyburn System                                      31.5           31.8  
Virden System                                       26.2           24.7  
Bakken Expansion                                     8.9              - 
  Alliance Canada (millions of cubic feet per                                
day)                                              1,652.0        1,643.0 
----------------------------------------------------------------------------
---------------------------------------------------------------------------- 
/T/ 
(1) Financial Highlights for Enbridge Income Fund have been extracted from
financial statements prepared in accordance with U.S. GAAP.  
(2) Earnings for the three months ended March 31, 2013 are presented after the
effects of the $12.0 million after tax write-off of rate regulated assets. 
(3) See Non-GAAP Measures.  
-30-
FOR FURTHER INFORMATION PLEASE CONTACT: 
Enbridge Income Fund Holdings Inc.
Graham White
Media
(403) 508-6563 or (888) 992-0997
graham.white@enbridge.com
or
Enbridge Income Fund Holdings Inc.
Teri Majer
Investment Community
(403) 508-3185
teri.majer@enbridge.com 
INDUSTRY:  Energy and Utilities - Oil and Gas  
SUBJECT:  ERN 
-0-
-0- May/05/2014 18:19 GMT
 
 
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