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2015 Financial Results Announcement

March 03, 2016
Published In: Corporate Information

​​​"EPCOR's 2015 results were driven by strong performances across the company on both operational and financial fronts. This was particularly the case with our Water Canada and Energy Services businesses," said Stuart Lee, EPCOR President & CEO. "Operationally, we were able to provide safe, reliable power and clean water to our customers with the best safety performance by our employees in over ten years. Also, in 2015 we had the lowest water main breaks in Edmonton in over 50 years. We continue to pursue growth opportunities outside of Edmonton. The Regina wastewater treatment plant construction is ahead of schedule and on budget and we recently signed franchise agreements with three communities in Southern Bruce, Ontario as part of the process to deliver natural gas to these areas that don't currently have this infrastructure. We also continue to actively expand our presence in the U.S. Southwest." ​

Highlights of EPCOR's financial performance are as follows: 

  • Net income was $260 million on revenues of $1,996 million for the year ended December 31, 2015, compared with net income of $191 million on revenues of $1,904 million for 2014. Net income was higher in part due to higher approved electricity and water customer rates, higher water consumption, and favorable fair value adjustments related to financial electricity purchase contracts.
  • Net income from core operations was $247 million for the year ended December 31, 2015, compared with net income from core operations of $166 million in 2014.
  • Net cash flows from operating activities was $416 million for the year ended December 31, 2015, compared with $354 million for 2014. The increase was primarily due to higher income.
  • Investment in capital projects was $463 million for the year ended December 31, 2015, compared with $385 million for 2014. The increase of $78 million was primarily due to increased spending in the Water Services segment and Distribution and Transmission segment.
  • Net income was $65 million on revenues of $523 million for the three months ended December 31, 2015, compared with $75 million on revenues of $499 million for the corresponding period in the previous year. Net income was lower due to lower equity share of income from Capital Power and recognition of an impairment charge in the investment of Capital Power. This was partially offset by higher approved customer rates and favorable fair value adjustments related to financial electricity purchase contracts.
  • Net income from core operations was $71 million for the three months ended December 31, 2015, compared with $51 million for the corresponding period in the previous year.
  • Investment in capital projects was $137 million for the three months ended December 31, 2015, compared with $120 million for the corresponding period in the previous year.

Management's discussion and analysis (MD&A) of the annual results are shown below. The MD&A and the audited annual consolidated financial statements are available on EPCOR's website (www.epcor.com) and SEDAR (www.sedar.com).

EPCOR's wholly owned subsidiaries build, own and operate electrical transmission and distribution networks, water and wastewater treatment facilities and infrastructure in Canada and the United States. The Company's subsidiaries also provide electricity and water services and products to residential and commercial customers. EPCOR, headquartered in Edmonton, is an Alberta top 70 employer. EPCOR's website address is www.epcor.com.

Contact

For more information, please contact:

Tim​ LeRiche
Media Relations
Phone: (780) 969-8238


Claudio Pucc​i
Investor/Corporate Relations
Phone: (780) 969-8245
Toll Free: 1-877-969-8280

 

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