BORALEX INC. 
By MONTREAL, Nov. 6, 2013 /PRNewswire/ - Boralex Inc. ("Boralex" or the "Corporation") (TSX: BLX) announced its financial results for the third quarter of 2013. Revenues from energy sales totalled $28.7 million and adjusted earnings before interest, income taxes, depreciation and amortization ("EBITDA") amounted to $11.6 million. These results were slightly down compared with the same period in 2012 largely due to the shutdown of operations at the Kingsey Fall thermal power station at the end of 2012. Excluding the Kingsey Falls power station's contribution to results in the third quarter of 2012, Boralex's revenues and EBITDA grew by about 10% during the current quarter.
FINANCIAL HIGHLIGHTS
(In millions of dollars,
except per share amounts and Three-month periods Nine-month periods
EBITDA margin) ended September 30 ended September 30
2013 2012 2013 2012
Revenues from energy sales 28.7 33.0 119.5 129.4
EBITDA 12.7 16.2 69.1 68.4
Adjusted EBITDA 11.6 13.0 69.2 65.9
Adjusted EBITDA margin (%) 40.4 39.4 57.9 50.9
Net loss(1) (8.4) (8.2) (6.1) (9.4)
Per share (basic) ($)(1) (0.22) (0.22) (0.16) (0.25)
Adjusted cash flows from
operations(2) 3.1 6.9 35.6 34.2
Per share (basic) ($)(2) 0.08 0.18 0.94 0.91
(1) Net loss from continuing operations attributable to shareholders
of Boralex
(2) Given that June 30, the scheduled date for the payment of
$8.3 million in interest on convertible debentures, fell on a
Sunday before a statutory holiday, the payment was made on
July 2, 2013.
The hydroelectric segment, which benefited from favourable water flow conditions, particularly in the U.S, recorded a 52% increase in production compared with the same quarter of 2012, exceeding the historical average by 13%. Production in the wind power segment for the quarter was down 12% compared with the third quarter of 2012 owing to less favourable wind conditions, both in France and Ontario.
"Boralex's sound financial health allows us to seize potential growth opportunities in France and Canada while completing projects currently under development, without having to resort to equity markets. Therefore, Boralex is on track to double its installed capacity and EBITDA by the end of 2016," stated Patrick Lemaire, President and CEO. He added "We also erected the last of the 126 wind turbines of Phase I of the Seigneurie de Beaupré Wind Farms at the end of October, and we will commission 272 MW in December, 2013."
Boralex continued to grow during the third quarter of 2013 with the commissioning of the Vron wind power site in France. Growth will be maintained with the commissioning of the La Vallée wind power site in France in November, Phase I of the Seigneurie de Beaupré wind farms in Québec, Canada in December, and the Jamie Creek hydroelectric power station in British Columbia, Canada in January.
Last, Boralex completed several financial transactions in recent weeks, namely the refinancing of two U.S. hydroelectric power stations (US$90 million), the financing of Jamie Creek ($55 million), Vron (EUR14 million) and Phase II of the Seigneurie de Beaupré wind farms ($166 million). The closing of these transactions demonstrate the quality of the assets developed by Boralex and the confidence of the global financial markets in the Corporation.
Furthermore, Boralex's total cash position amounted to $156 million as at September 30, 2013, a $44 million increase compared with the position as at the same date in 2012.
About Boralex
Boralex is a power producer whose core business is dedicated to the
development and the operation of renewable energy power stations.
Currently, the Corporation operates an asset base with an installed
capacity of almost 500 MW in Canada, the Northeastern United States and
France. Boralex is also committed under power development projects,
both independently and with Canadian and European partners, to add
approximately 550 MW of power that will be put in service by the end of
2015. With more than 200 employees, Boralex is known for its
diversified expertise and in-depth experience in four power generation
types - wind, hydroelectric, thermal and solar. Boralex's shares and
convertible debentures are listed on the Toronto Stock Exchange under
the ticker symbols BLX and BLX.DB, respectively. More information is
available at www.boralex.com or www.sedar.com.
Certain statements contained in this press release, including those regarding future results and performance, are forward-looking statements based on current expectations, within the meaning of securities legislation. Boralex would like to point out that, by their very nature, forward-looking statements involve risks and uncertainties such that its results or the measures it adopts could differ materially from those indicated by or underlying these statements, or could have an impact on the degree of realization of a particular projection. The main factors that could lead to a material difference between the Corporation's actual results and the projections or expectations set forth in the forward-looking statements include, but are not limited to, the general impact of economic conditions, raw material price increases and availability, currency fluctuations, volatility in the selling price of electricity, the Corporation's financing capacity, negative changes in general market conditions and regulations affecting the industry, as well as other factors discussed in the Corporation's filings with the various securities commissions.
There can be no assurance as to the materialization of the results, performance or achievements as expressed or implied by forward-looking statements. The reader is cautioned not to place undue reliance on such forward-looking statements. Unless required to do so under applicable securities legislation, Boralex management does not assume any obligation to update or revise forward-looking statements to reflect new information, future events or other changes.
The summarized financial statements included in this press release also contain certain non-IFRS financial measures. In order to assess the performance of its assets and reporting segments, Boralex uses EBITDA, adjusted EBITDA, adjusted net earnings, cash flows from operations and adjusted cash flows from operations as performance measures. Management believes that these measures are financial indicators widely accepted by investors to assess the operational performance of a company and its ability to generate cash through operations. These non-IFRS measures are drawn primarily from the unaudited interim condensed consolidated financial statements accompanying this press release, but do not have a standardized meaning under IFRS; accordingly, they may not be comparable to similarly named measures used by other companies.
Consolidated Financial Statements
Consolidated Statements of Financial Position
As at As at
September 30, December 31,
(in thousands of Canadian dollars)
(unaudited) 2013 2012
ASSETS
Cash and cash equivalents 136,067 107,138
Restricted cash 19,480 5,063
Trade and other receivables 24,012 45,589
Inventories 4,018 4,404
Available-for-sale financial asset -- 3,009
Prepaid expenses 4,355 2,137
CURRENT ASSETS 187,932 167,340
Property, plant and equipment 761,149 689,024
Other intangible assets 252,897 253,115
Goodwill 49,410 48,663
Interest in Joint Ventures 85,736 58,994
Other non-current financial assets 137 --
Other non-current assets 21,415 12,735
NON-CURRENT ASSETS 1,170,744 1,062,531
TOTAL ASSETS 1,358,676 1,229,871
LIABILITIES
Trade and other payables 54,047 46,945
Current portion of debt 77,793 98,570
Current income tax liability 2,040 1,741
Other current financial liabilities 17,008 25,508
CURRENT LIABILITIES 150,888 172,764
Non-current debt 542,623 423,616
Convertible debentures 228,674 226,299
Deferred income tax liability 33,955 29,514
Other non-current financial liabilities 19,653 24,698
Other non-current liabilities 11,457 10,611
NON-CURRENT LIABILITIES 836,362 714,738
TOTAL LIABILITIES 987,250 887,502
EQUITY
Equity attributable to shareholders 345,780 319,868
Non-controlling shareholders 25,646 22,501
TOTAL EQUITY 371,426 342,369
TOTAL LIABILITIES AND EQUITY 1,358,676 1,229,871
Consolidated Statements of Loss
Three-month periods Nine-month periods
ended September 30 ended September 30
(in thousands of Canadian
dollars, except per share
amounts) (unaudited) 2013 2012 2013 2012
REVENUES
Revenues from energy sales 28,651 33,021 119,528 129,377
Other income 1,925 130 2,677 452
30,576 33,151 122,205 129,829
COSTS AND OTHER EXPENSES
Operating expenses 13,558 12,367 38,405 47,462
Administrative 2,829 3,253 10,042 10,181
Development 864 1,308 2,873 3,776
Amortization 13,187 15,119 39,901 43,009
Other losses (gains) (150) 971 (232) 971
Impairment of property, plant
and equipment and intangible
assets -- -- 266 823
30,288 33,018 91,255 106,222
OPERATING INCOME 288 133 30,950 23,607
Financing costs 12,613 12,440 37,632 36,639
Foreign exchange loss (gain) (112) (25) (258) 106
Net loss (gain) on financial
instruments -- 14 (673) 499
Share in earnings (loss) of
Joint Ventures (673) 3 (1,787) 20
LOSS BEFORE INCOME TAXES (12,886) (12,293) (7,538) (13,617)
Income tax recovery (3,640) (3,494) (1,086) (3,456)
NET LOSS FROM CONTINUING
OPERATIONS (9,246) (8,799) (6,452) (10,161)
Net earnings from discontinued
operations 917 566 1,700 3,025
NET LOSS (8,329) (8,233) (4,752) (7,136)
NET LOSS ATTRIBUTABLE TO:
Shareholders of Boralex (7,473) (7,601) (4,368) (6,353)
Non-controlling shareholders (856) (632) (384) (783)
NET LOSS (8,329) (8,233) (4,752) (7,136)
NET EARNINGS (LOSS) ATTRIBUTABLE
TO SHAREHOLDERS OF BORALEX
Continuing operations (8,390) (8,167) (6,068) (9,378)
Discontinued operations 917 566 1,700 3,025
(7,473) (7,601) (4,368) (6,353)
NET EARNINGS (LOSS) PER SHARE
(BASIC AND DILUTED) ATTRIBUTABLE
TO SHAREHOLDERS OF BORALEX
Continuing operations ($0.22) ($0.22) ($0.16) ($0.25)
Discontinued operations $0.02 $0.02 $0.04 $0.08
($0.20) ($0.20) ($0.12) ($0.17)
Consolidated Statements of Comprehensive Income (Loss)
Three-month periods Nine-month periods
ended September 30 ended September 30
(in thousands of Canadian
dollars) (unaudited) 2013 2012 2013 2012
NET LOSS (8,329) (8,233) (4,752) (7,136)
Other comprehensive income
(loss) to be subsequently
reclassified to net loss when
certain conditions are met
Translation adjustments:
Unrealized foreign exchange
gain (loss) on translation of
financial statements of
self-sustaining foreign
operations 277 (4,878) 9,910 (5,929)
Cash flow hedges:
Change in fair value of
financial instruments (1,033) (4,618) 8,016 (13,460)
Hedging items realized and
recognized in net loss 2,042 3,794 5,820 11,620
Taxes (282) 268 (4,087) 840
Cash flow hedges - Joint
Ventures:
Change in fair value of
financial instruments 1,561 (2,545) 16,503 (5,895)
Taxes (513) 677 (4,382) 1,568
Available-for-sale financial
asset:
Change in fair value of an
available-for-sale financial
asset 58 182 858 (269)
Items realized and recognized
in net loss (58) 968 (149) 968
Total other comprehensive income
(loss) 2,052 (6,152) 32,489 (10,557)
COMPREHENSIVE INCOME (LOSS) (6,277) (14,385) 27,737 (17,693)
COMPREHENSIVE INCOME (LOSS)
ATTRIBUTABLE TO:
Shareholders of Boralex (6,005) (13,040) 25,303 (15,633)
Non-controlling shareholders (272) (1,345) 2,434 (2,060)
COMPREHENSIVE INCOME (LOSS) (6,277) (14,385) 27,737 (17,693)
COMPREHENSIVE INCOME (LOSS)
ATTRIBUTABLE TO SHAREHOLDERS OF
BORALEX
Continuing operations (6,922) (13,606) 23,603 (18,658)
Discontinued operations 917 566 1,700 3,025
(6,005) (13,040) 25,303 (15,633)
Consolidated Statements of Changes in Equity
Nine-month period
ended September 30
2013
Equity attributable to shareholders
Equity
(in thousands component
of Canadian of Retained Other
dollars) Capital convertible Contributed earnings comprehensive Non-controlling Total
(unaudited) stock debentures surplus (loss) income (loss) Total shareholders equity
BALANCE AS AT
JANUARY 1, 2013 222,870 14,379 6,945 144,492 (68,818) 319,868 22,501 342,369
Net loss -- -- -- (4,368) -- (4,368) (384) (4,752)
Other
comprehensive
income -- -- -- -- 29,671 29,671 2,818 32,489
COMPREHENSIVE
INCOME (LOSS) -- -- -- (4,368) 29,671 25,303 2,434 27,737
Conversion of
convertible
debentures 65 -- -- -- -- 65 -- 65
Exercise of
options 48 -- -- -- -- 48 -- 48
Stock option
expense -- -- 575 -- -- 575 -- 575
Excess of
proceeds on
repurchase
of
non-controlling
interest -- -- -- (79) -- (79) (26) (105)
Contribution of
non-controlling
shareholders -- -- -- -- -- -- 737 737
BALANCE AS AT
SEPTEMBER 30,
2013 222,983 14,379 7,520 140,045 (39,147) 345,780 25,646 371,426
Nine-month period
ended September 30
2012
Equity attributable to shareholders
Equity
(in thousands component
of Canadian of Retained Other
dollars) Capital convertible Contributed earnings comprehensive Non-controlling Total
(unaudited) stock debentures surplus (loss) income (loss) Total shareholders equity
BALANCE AS AT
JANUARY 1, 2012 222,758 14,379 6,106 144,501 (65,980) 321,764 7,114 328,878
Net loss -- -- -- (6,353) -- (6,353) (783) (7,136)
Other
comprehensive
loss -- -- -- -- (9,280) (9,280) (1,277) (10,557)
COMPREHENSIVE
LOSS -- -- -- (6,353) (9,280) (15,633) (2,060) (17,693)
Conversion of
convertible
debentures 74 -- -- -- -- 74 -- 74
Share
repurchases (5) -- -- (2) -- (7) -- (7)
Stock option
expense -- -- 576 -- -- 576 -- 576
Excess of
proceeds from
partial sale of
a subsidiary -- -- -- 5,099 1,178 6,277 (6,277) --
Contribution of
non-controlling
shareholders -- -- -- -- -- -- 18,205 18,205
BALANCE AS AT
SEPTEMBER 30,
2012 222,827 14,379 6,682 143,245 (74,082) 313,051 16,982 330,033
Consolidated Statements of Cash Flows
Three-month periods Nine-month periods
ended September 30 ended September 30
(in thousands of Canadian
dollars) (unaudited) 2013 2012 2013 2012
Net loss (8,329) (8,233) (4,752) (7,136)
Less: Net earnings from
discontinued operations 917 566 1,700 3,025
Net loss from continuing
operations (9,246) (8,799) (6,452) (10,161)
Financing costs 12,613 12,440 37,632 36,639
Interest paid (18,372) (9,764) (34,625) (33,091)
Income tax recovery (3,640) (3,494) (1,086) (3,456)
Income taxes paid (1,273) (176) (2,725) (2,640)
Non-cash items in loss :
Net loss (gain) on financial
instruments -- 14 (673) 499
Share in loss (earnings) of
Joint Ventures 673 (3) 1,787 (20)
Amortization 13,187 15,119 39,901 43,009
Impairment of property, plant
and equipment and intangible
assets -- -- 266 823
Other losses (gains) (150) 971 (232) 971
Other 1,073 562 1,801 1,653
(5,135) 6,870 35,594 34,226
Change in non-cash items related
to operating activities 6,941 (4,074) 20,959 14,882
NET CASH FLOWS RELATED TO
OPERATING ACTIVITIES 1,806 2,796 56,553 49,108
Business acquisitions -- -- -- (39,080)
Additions to property, plant and
equipment (30,391) (2,990) (79,084) (5,533)
Additions to other intangible
assets -- (588) -- (2,148)
Change in restricted cash (13,373) 6,453 (14,417) 18,081
Increase in interest in Joint
Ventures (2,716) (6,452) (5,537) (17,735)
Change in reserve funds (9,253) -- (9,253) --
Development projects (874) (1,588) (7,489) (3,244)
Proceeds from sale of assets 374 -- 374 8,763
Other (197) 14 (216) 110
NET CASH FLOWS RELATED TO
INVESTING ACTIVITIES (56,430) (5,151) (115,622) (40,786)
Net increase in non-current debt 151,185 -- 180,300 --
Repayments on non-current debt (83,391) (9,299) (97,374) (23,966)
Contribution of non-controlling
shareholders 411 82 737 18,206
Other (91) 46 (61) (2)
NET CASH FLOWS RELATED TO
FINANCING ACTIVITIES 68,114 (9,171) 83,602 (5,762)
Cash related to discontinued
operations 904 796 1,970 (4,683)
TRANSLATION ADJUSTMENT ON CASH
AND CASH EQUIVALENTS (541) (1,889) 2,426 (2,085)
NET CHANGE IN CASH AND CASH
EQUIVALENTS 13,853 (12,619) 28,929 (4,208)
CASH AND CASH EQUIVALENTS -
BEGINNING OF PERIOD 122,214 153,114 107,138 144,703
CASH AND CASH EQUIVALENTS - END
OF PERIOD 136,067 140,495 136,067 140,495
Segmented Information
The Corporation's power stations are grouped into four distinct operating segments - wind, hydroelectric, thermal and solar power. The Corporation operates under one reportable segment: power generation. The classification of these segments is based on the different cost structures relating to each of the four types of power stations. The same accounting rules are used for segmented information as for the consolidated accounts.
The operating segments are presented according to the same criteria used to prepare the internal report submitted to the segment leader who allocates resources and assesses operating segment performance. The President and Chief Executive Officer is considered the segment leader, who assesses segment performance based on power production, revenues from energy sales, EBITDA, adjusted EBITDA, adjusted net loss, cash flows from operations and adjusted cash flows from operations.
EBITDA
EBITDA does not have a standardized meaning under IFRS; accordingly, it may not be comparable to similarly named measures used by other companies. Investors should not view EBITDA as an alternative measure to, for example, net earnings, or as a measure of operating results, which are IFRS measures.
EBITDA is reconciled to the most comparable IFRS measure, namely, net loss attributable to shareholders of Boralex, in the following table:
Three-month periods Nine-month periods
ended September 30 ended September 30
(in thousands of Canadian
dollars) (unaudited) 2013 2012 2013 2012
Net loss attributable to
shareholders of Boralex (7,473) (7,601) (4,368) (6,353)
Net earnings from discontinued
operations (917) (566) (1,700) (3,025)
Non-controlling shareholders (856) (632) (384) (783)
Income tax recovery (3,640) (3,494) (1,086) (3,456)
Net loss (gain) on financial
instruments -- 14 (673) 499
Foreign exchange loss (gain) (112) (25) (258) 106
Financing costs 12,613 12,440 37,632 36,639
Impairment of property, plant
and equipment and intangible
assets -- -- 266 823
Other losses (gains) (150) 971 (232) 971
Amortization 13,187 15,119 39,901 43,009
EBITDA 12,652 16,226 69,098 68,430
Adjusted EBITDA
The following four tables reconcile wind, hydroelectric and corporate segment as well as consolidated EBITDA as reported in the financial statements with adjusted EBITDA:
Three-month periods Nine-month periods
ended September 30 ended September 30
(in thousands of Canadian
dollars) (unaudited) 2013 2012 2013 2012
EBITDA - Consolidated 12,652 16,226 69,098 68,430
Specific items:
Non-EBITDA items included in
the Share in earnings (loss)
of Joint Ventures 475 (13) 1,505 (113)
Retroactive adjustment to
taxes on water rights of U.S.
hydroelectric power stations -- (3,957) -- (3,957)
Professional fees incurred in
connection with acquisitions
in France and Canada -- 711 129 1,543
Other income (1,556) -- (1,556) --
ADJUSTED EBITDA - CONSOLIDATED 11,571 12,967 69,176 65,903
Three-month periods Nine-month periods
ended September 30 ended September 30
(in thousands of Canadian
dollars) (unaudited) 2013 2012 2013 2012
EBITDA - Wind power segment 6,872 9,505 42,316 39,564
Specific item:
Non-EBITDA items included in
the Share in earnings (loss)
of Joint Ventures 475 (13) 1,505 (113)
ADJUSTED EBITDA - WIND POWER
SEGMENT 7,347 9,492 43,821 39,451
Three-month periods Nine-month periods
ended September 30 ended September 30
(in thousands of Canadian
dollars) (unaudited) 2013 2012 2013 2012
EBITDA - Hydroelectric power
segment 7,595 7,510 31,411 27,211
Specific item:
Retroactive adjustment to
taxes on water rights of U.S.
hydroelectric power stations -- (3,957) -- (3,957)
ADJUSTED EBITDA - HYDROELECTRIC
POWER SEGMENT 7,595 3,553 31,411 23,254
Three-month periods Nine-month periods
ended September 30 ended September 30
(in thousands of Canadian
dollars) (unaudited) 2013 2012 2013 2012
EBITDA - Corporate segment (2,054) (3,967) (9,554) (12,290)
Specific items:
Professional fees incurred in
connection with acquisitions
in France and Canada -- 711 129 1,543
Other income (1,556) -- (1,556) --
ADJUSTED EBITDA - CORPORATE
SEGMENT (3,610) (3,256) (10,981) (10,747)
Adjusted Net Loss
The following table reconciles net loss attributable to shareholders of Boralex as reported in the financial statements with adjusted net loss:
Three-month periods Nine-month periods
ended September 30 ended September 30
(in thousands of Canadian
dollars) (unaudited) 2013 2012 2013 2012
Net loss attributable to
shareholders of Boralex (7,473) (7,601) (4,368) (6,353)
Net earnings from discontinued
operations (917) (566) (1,700) (3,025)
Specific items* :
Retroactive adjustment to
taxes on water rights of U.S.
hydroelectric power stations -- (2,374) -- (2,374)
Other losses (gains) (37) 680 (95) 680
Impairment of property, plant
and equipment and intangible
assets -- -- 195 492
Professional fees incurred in
connection with acquisitions
in France and Canada -- 477 95 1,034
Other income (1,136) -- (1,136) --
ADJUSTED NET LOSS - CONSOLIDATED (9,563) (9,384) (7,009) (9,546)
* Net of income taxes
Cash flows from operations and adjusted cash flows from operations
Cash flows from operations are equal to net cash flows related to operating activities before the change in non-cash items related to operating activities. Management uses this measure to assess cash flows generated by the Corporation's operations and its capacity to finance its expansion through those funds. In light of the seasonal nature of the Corporation's operations and development activities, changes in non-cash items can vary considerably. In addition, development activities result in significant changes in Trade and other payables during the construction period, as well as an initial injection of working capital at project start-up. Accordingly, the Corporation considers it more representative not to integrate changes in non-cash items in this performance measure.
Investors should not consider cash flows from operations as an alternative measure to cash flows related to operating activities, which is an IFRS measure.
Cash flows from operations and adjusted cash flows from operations are reconciled to the most comparable IFRS measure, namely, net cash flows related to operating activities, in the following table:
Three-month periods Nine-month periods
ended September 30 ended September 30
(in thousands of Canadian
dollars) (unaudited) 2013 2012 2013 2012
Net cash flows related to
operating activities 1,806 2,796 56,553 49,108
Change in non-cash items related
to operating activities 6,941 (4,074) 20,959 14,882
CASH FLOWS FROM OPERATIONS (5,135) 6,870 35,594 34,226
Interest on convertible
debentures * 8,258 -- -- --
ADJUSTED CASH FLOWS FROM
OPERATIONS 3,123 6,870 35,594 34,226
* As the scheduled payment date of the $8,258,000 interest on the
convertible debentures was on June 30, a Sunday, the payment was made
on the following business day on July 2, 2013.
Information by Operating Segment
Three-month periods Nine-month periods
ended September 30 ended September 30
(in thousands of
Canadian dollars, except
amounts in MWh)
(unaudited) 2013 2012 2013 2012
Power production (MWh)
Wind power stations 96,921 110,343 454,941 421,584
Hydroelectric power
stations 131,786 86,472 478,182 408,441
Thermal power stations 33,851 83,815 111,921 244,119
Solar power station 2,098 2,056 4,965 5,325
264,656 282,686 1,050,009 1,079,469
Revenues from energy
sales
Wind power stations 11,822 12,540 55,804 49,531
Hydroelectric power
stations 11,206 7,456 41,010 33,887
Thermal power stations 4,657 12,173 20,471 43,701
Solar power station 966 852 2,243 2,258
28,651 33,021 119,528 129,377
EBITDA
Wind power stations 6,872 9,505 42,316 39,564
Hydroelectric power
stations 7,595 7,510 31,411 27,211
Thermal power stations (614) 2,408 2,984 11,957
Solar power station 853 770 1,941 1,988
Corporate and
eliminations (2,054) (3,967) (9,554) (12,290)
12,652 16,226 69,098 68,430
Additions to property,
plant and equipment
Wind power stations 19,953 1,417 52,588 2,037
Hydroelectric power
stations 9,393 830 22,562 1,367
Thermal power stations 471 241 744 307
Solar power station -- 24 527 720
Corporate and
eliminations 574 478 2,663 1,102
30,391 2,990 79,084 5,533
As at As at
September 30, December 31,
(in thousands of
Canadian dollars)
(unaudited) 2013 2012
Total assets
Wind power stations 719,336 646,065
Hydroelectric power
stations 463,768 420,553
Thermal power stations 42,688 79,093
Solar power station 21,957 20,768
Corporate 110,927 63,392
1,358,676 1,229,871
Total liabilities
Wind power stations 499,110 464,977
Hydroelectric power
stations 210,482 147,795
Thermal power stations 9,885 11,487
Solar power station 16,859 16,438
Corporate 250,914 246,805
987,250 887,502
Information by Geographic Segment
Three-month periods Nine-month periods
ended September 30 ended September 30
(in thousands of
Canadian dollars, except
amounts in MWh)
(unaudited) 2013 2012 2013 2012
Power production (MWh)
Canada 112,921 155,518 423,851 547,573
United States 79,059 43,384 301,070 242,853
France 72,676 83,784 325,088 289,043
264,656 282,686 1,050,009 1,079,469
Revenues from energy
sales
Canada 10,337 17,267 46,252 67,735
United States 6,473 3,515 24,306 18,415
France 11,841 12,239 48,970 43,227
28,651 33,021 119,528 129,377
EBITDA
Canada 3,564 5,014 24,425 30,464
United States 4,427 5,071 18,715 16,323
France 4,661 6,141 25,958 21,643
12,652 16,226 69,098 68,430
Additions to property,
plant and equipment
Canada 11,081 1,695 26,567 2,821
United States -- 77 210 162
France 19,310 1,218 52,307 2,550
30,391 2,990 79,084 5,533
As at As at
September 30, December 31,
(in thousands of
Canadian dollars)
(unaudited) 2013 2012
Total assets
Canada 711,388 651,146
United States 195,717 178,329
France 451,571 400,396
1,358,676 1,229,871
Non-current assets,
excluding interest in
the Joint Ventures
Canada 512,759 498,019
United States 154,339 145,604
France 417,910 359,914
1,085,008 1,003,537
Total liabilities
Canada 535,036 497,855
United States 115,864 94,461
France 336,350 295,186
987,250 887,502
Subsequents Events
Joint Ventures - Seigneurie de Beaupré: Phases I and II
On October 24, 2013, a motion for authorization to institute a class action and be granted representative status was filed with the Superior Court of Québec against Seigneurie de Beaupré Wind Farms Phases I and II. The applicants of the motion are requesting authorization from the Court to institute a class action on behalf of a group of persons regarding allegations of, without limitation, neighbourhood disturbances (noise, dust, etc.) experienced as a result of the construction of Seigneurie de Beaupré Wind Farms. The merits of the class action have not yet been established.
On October 29, 2013, the Corporation completed long-term financing for Seigneurie de Beaupré wind farms: Phase II, located in Québec, Canada, that will be disbursed in November 2013 and January 2014. The non-recourse loan is secured by all of the assets of the wind farm and amounts to $166,119,000, consisting of a short-term bridge financing and a letter of credit facility totalling $23,674,000, as well as a $142,445,000 construction loan that will convert into a term loan following commercial commissioning of the power station planned for December 2014. The term loan will be fully amortized by quarterly payments over a 19.5-year period and will bear interest at a fixed rate of 5.66% over the term of the loan.
SOURCE Boralex Inc.
