Progress on the Northwest run-of-river projects (Northwest Projects), which consist of the Forrest Kerr run-of-river project (Forrest Kerr Project), McLymont Creek run-of-river project (McLymont Creek Project), and Volcano Creek run-of-river project (Volcano Creek Project) remains ahead of schedule and on budget. In 2012, the 195 MW Forrest Kerr Project advanced from 10 percent completion to approximately 75 percent completion. The intake structure and the powerhouse are complete in the Forrest Kerr Project, as is 90 percent of the tunneling. The in-river construction commenced in mid-November and the sluiceway diverting the river is now in operation. The Forrest Kerr Project is expected to be in service in mid-2014, contingent on the availability of the Northwest Transmission Line (NTL). AltaGas has received all material permits and licences for the McLymont Creek Project and the Volcano Creek Project and construction is well underway for service in late 2015.
Monthly Common Share Dividend and Quarterly Preferred Share Dividend
-- AltaGas announced today that the March 2013 dividend will be paid on April 15, 2013, to holders of record on March 25, 2013, of common shares. The ex-dividend date is March 21, 2013. The amount of the dividend will be $0.12 for each common share. This dividend is an eligible dividend for Canadian income tax purposes;-- The Board approved a dividend of $0.3125 per share for the period commencing January 1, 2013, and ending March 31, 2013, on AltaGas' outstanding Series A Preferred Shares. The dividend will be paid on April 1, 2013 to shareholders of record on March 15, 2013. The ex- dividend date is March 13, 2013; and-- The Board also approved a dividend of US$0.275 per share for the period commencing January 1, 2013, and ending March 31, 2013, on AltaGas' outstanding Series C Preferred Shares. The dividend will be paid on April 1, 2013, to shareholders of record on March 15, 2013. The ex- dividend date is March 13, 2013.
Financial Highlights (1)
Effective January 1, 2012, AltaGas follows United States Generally Accepted Accounting Principles (US GAAP). All prior comparative information has been restated to US GAAP.
-- Net income applicable to common shares for fourth quarter 2012 was $26.7 million compared to $31.6 million for fourth quarter 2011. Net income applicable to common shares for 2012 was $101.8 million compared to $82.7 million for 2011;-- Results for fourth quarter 2012 were normalized for $7.4 million of after-tax mark-to-market losses, $1.2 million of after-tax transaction costs and foreign exchange losses related to the acquisition of SEMCO, write-down of assets of $2.1 million, a one-time statutory tax rate adjustment of $1.1 million and the $8.2 million charge due to the Sundance force majeure arbitration decision;-- Normalized net income was $46.6 million ($0.44 per share) for fourth quarter 2012 compared to $30.8 million ($0.36 per share) for fourth quarter 2011. Normalized net income for 2012 was $109.5 million ($1.15 per share) compared to $90.2 million ($1.07 per share) for 2011;-- Normalized EBITDA was $129.4 million for fourth quarter 2012 compared to $78.1 million for fourth quarter 2011; Normalized EBITDA for 2012 was $336.9 million compared to $265.8 million in 2011;-- Normalized funds from operations was $112.0 million ($1.07 per share) for fourth quarter 2012 compared to $63.0 million ($0.73 per share) for fourth quarter 2011. Normalized funds from operations was $281.0 million ($2.96 per share) for 2012 compared to $219.0 million ($2.61 per share) in 2011;-- Reported net debt was $2,690.5 million as at December 31, 2012 compared to $1,334.2 million as at December 31, 2011; and-- Reported debt-to-total capitalization ratio was 57.4 percent as at December 31, 2012 compared to 49.5 percent as at December 31, 2011.