HALIFAX, Nova Scotia- Emera (TSX:EMA) today reported results for the fourth quarter and the year ended December 31, 2015.

Reported Earnings (including after-tax mark-to-market impacts) for the year

• Reported net income in 2015 was $397.2 million (versus $406.7 million in 2014).
• Reported earnings per share in 2015 were $2.72 (versus $2.84 in 2014).

Adjusted Earnings (excluding after-tax mark-to-market impacts) for the year

• Adjusted net income⁽¹⁾ in 2015 was $330.0 million (versus $319.2 million in 2014).
  • Adjusted net income⁽¹⁾, also excluding $52.8 million in after-tax costs ($0.36 per common share) related to the pending acquisition of TECO Energy Inc., was $382.8 million in 2015 (versus $319.2 million in 2014).
• Adjusted earnings per share⁽¹⁾ in 2015 were $2.26 (versus $2.23 in 2014).
  • Adjusted earnings per share⁽¹⁾, also excluding the impact of acquisition costs were $2.63 in 2015 (versus $2.23 in 2014).
• Included in adjusted net income⁽¹⁾ are:
  • dilution gains on Emera’s investment in Algonquin Power and Utilities Corp (APUC) of $9.4 million after-tax ($0.06 per common share) in 2015, and $15.5 million after-tax ($0.10 per common share) in 2014; and,
  • an $11.5 million after-tax gain ($0.08 per common share) on the sale of Northeast Wind Partnership II, LLC (NWP) in 2015.

2015 Highlights

• In 2015, Emera announced two increases totaling 22.6% in its annualized common share dividend rate, bringing the annual dividend to $1.90.
• On September 4, 2015, Emera announced a definitive agreement to acquire TECO Energy for an aggregate purchase price of approximately US$10.4 billion, including the assumption of approximately US$3.9 billion of debt.
  • The acquisition is expected to be accretive to earnings per common share by approximately 5% in the first full year following its completion (2017)^a , growing to more than 10% by the third full year (2019)^a.
  • The acquisition provides additional support to Emera’s 8% dividend growth target through 2019 and positions Emera to extend the dividend growth target beyond 2019.

“2015 was another strong year for Emera, with the advancement of important strategic initiatives and strong financial results achieved. We built on our strong dividend growth history with a 22.6% increase in our annual dividend, and raised our dividend growth target to 8% per year through 2019,” said Chris Huskilson, President and CEO of Emera Inc. “The TECO Energy acquisition is expected to generate significant earnings and cash accretion, and provide the company with a new strategic growth platform. The combined growth plan for Emera and TECO drives a very positive outlook for Emera through to the end of the decade.”

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