11. VARIABLE INTEREST ENTITY

The Fund is an unincorporated open-ended trust established by a trust indenture under the laws of the Province of Alberta and is considered a VIE by virtue of its capital structure. The Company is the primary beneficiary of the Fund through its combined 67.3% (2012 - 67.7%; 2011 - 69.2%) economic interest, held indirectly through a common investment in ENF, a direct common trust unit investment in the Fund and a preferred unit investment in a wholly-owned subsidiary of the Fund. Enbridge also serves in the capacity of Manager of ENF, the Fund and its subsidiaries.

The summarized impact of the Company’s interest in the Fund on earnings, cash flows and financial position is presented below. Earnings include the results of operations of certain assets acquired by the Fund from wholly-owned subsidiaries of Enbridge from the dates of acquisition of October 2011 and December 2012 (Note 19). Earnings, cash flows and financial position information exclude the effect of intercompany transactions.

Year ended December 31,	2013		2012		2011
(millions of Canadian dollars)
Revenues	403		288		146
Operating and administrative expense	(126	)	(83	)	(66	)
Depreciation and amortization	(130	)	(87	)	(47	)
Income from equity investments	57		54		57
Interest expense	(91	)	(68	)	(32	)
Income taxes	(27	)	(35	)	(21	)
Earnings	86		69		37
Loss attributable to noncontrolling interest	24		12		9
Earnings attributable to Enbridge	110		81		46
Cash flows
Cash provided by operating activities	260		200		137
Cash used in investing activities	(98	)	(160	)	(95	)
Cash provided by/(used in) financing activities	(323	)	1,495		381
Increase/(decrease) in cash and cash equivalents	(161	)	1,535		423

December 31,	2013		2012
(millions of Canadian dollars)
Current assets	84		224
Property, plant and equipment, net	2,317		2,390
Long-term investments	227		215
Deferred amounts and other assets	130		145
Current liabilities	(388	)	(250	)
Long-term debt	(1,364	)	(1,864	)
Other long-term liabilities	(26	)	(22	)
Deferred income taxes	(426	)	(404	)
Net assets before noncontrolling interests	554		434