Highlights of the 4th quarter and fiscal 2019
- Discretionary cash flows of
$120 million for fiscal 2019, more than double the amount in 2018 - In 2019, wind conditions were in line with historical averages in
France and wind power production was higher than anticipated in the 4thquarter - For the 4th quarter: 17% increase in production volume from comparable assets versus 2018 and volume 15% higher than anticipated(1) in
France ; 23% increase in total wind power production compared to 2018 and production volume 5% higher than anticipated. - For the fiscal year: 10% increase in production from comparable assets versus 2018 in
France ; 26% increase in total wind power production compared to 2018. - Strong growth in EBITDA(A) compared to the corresponding periods in 2018
- EBITDA(A) of
$143 million (or$165 million on a Combined basis(2)) in the 4th quarter, up 47% (36%) from 2018 and$402 million ($492 million on a Combined basis) for fiscal 2019, an increase of 35% (39%) over 2018. - Over
$2 billion in refinancing and other capital structure optimization initiatives in 2019 $1.7 billion inFrance , including$182 million in revolving credit completed inJanuary 2020 .- Refinancing of
$209 million inQuébec and conversion/redemption of$144 million in convertible debentures. - Annual savings of more than
$15 million in interest expense and over$180 million freed up and applied to Boralex's corporate credit facility. - Projects totaling 225 MW in the Corporation's Growth Path and 180 MW in solar projects submitted in a call for tenders in
the United States - 58 MW in wind power projects ready-to-build or under construction in
France . - Total of 167 MW in wind power projects secured in
France andScotland . - 180 MW in solar power projects submitted in
New York State inthe United States .
(1) | Anticipated production is calculated using historical averages for older sites adjusted for planned facility commissioning and shutdowns, and production forecasts for the other sites. | ||||
(2) | The figures in brackets show the results on a Combined basis in comparison to those disclosed in accordance with IFRS. See "Combined - Non-IFRS measure" below. |
"I'm very proud of our performance and achievements in the fourth quarter and fiscal 2019," said
With respect to the Corporation's outlook,
Financial Highlights - Fourth quarter | ||||
For three-month periods ended | ||||
IFRS | Combined(1) | |||
(in millions of Canadian dollars, unless otherwise specified) | 2019 | 2018 | 2019 | 2018 |
Power production (GWh)(2) | 1,364 | 1,106 | 1,677 | 1,430 |
Revenues from energy sales and feed-in premium | 179 | 145 | 212 | 178 |
EBITDA(A)(1) | 143 | 98 | 165 | 121 |
Net earnings (loss) | (23) | 9 | (15) | 9 |
Net earnings (loss) attributable to shareholders of Boralex | (26) | 9 | (18) | 9 |
Per share (basic and diluted) | ( | ( | ||
Net cash flows related to operating activities | 58 | 23 | 52 | 52 |
Cash flows from operations(1) | 119 | 71 | 116 | 84 |
(1) | The production level for which NRWF wind farm was compensated following power generation limitations imposed by the IESO were included in power production, as management uses this measure to evaluate the Corporation's performance. This change facilitates the correlation between power production and revenues from energy sales and feed-in premium. |
(2) | For more details, see the Non-IFRS Measures section in the 2019 Annual Report available on the websites of Boralex (boralex.com) and SEDAR (sedar.com). |
In the 2019 fourth quarter, Boralex produced 1,364 GWh (1,677 GWh) of electricity, up 23% (17%) compared with 1,106 GWh (1,430 GWh) in the same quarter of 2018. All of the Corporation's operating segments contributed to this increase. The increase was particularly notable in the production by comparable assets in the wind power segment in
For the three-month period ended
For the fourth quarter 2019, the Corporation recorded consolidated EBITDA(A) of $143 million (
Overall, for the three-month period ended
In the fourth quarter 2019, Boralex recorded a total of
The second unusual item is a charge of
Excluding these unusual items after taxes, Boralex recorded net earnings of
Highlights of Fiscal 2019 | ||||
For fiscal years ended | ||||
IFRS | Combined(1) | |||
(in millions of Canadian dollars, unless otherwise specified) | 2019 | 2018 | 2019 | 2018 |
Power production (GWh)(1) | 4,371 | 3,568 | 5,544 | 4,305 |
Revenues from energy sales and feed-in premium | 564 | 471 | 687 | 549 |
EBITDA(A)(2) | 402 | 298 | 492 | 354 |
Net loss | (43) | (38) | (43) | (38) |
Net loss attributable to shareholders of Boralex | (39) | (30) | (39) | (30) |
Per share (basic and diluted) | (0.43) | (0.38) | (0.43) | (0.38) |
Per share (diluted) | (0.43) | (0.38) | (0.43) | (0.38) |
Net cash flows related to operating activities | 294 | 202 | 303 | 235 |
Cash flows from operations(1) | 310 | 192 | 327 | 208 |
(1) | The production level for which NRWF wind farm was compensated following power generation limitations imposed by the IESO were included in power production, as management uses this measure to evaluate the Corporation's performance. This change facilitates the correlation between power production and revenues from energy sales and feed-in premium. |
(2) | For more details, see the Non-IFRS Measures section in the 2019 Annual Report available on the websites of Boralex (boralex.com) and SEDAR (sedar.com). |
For the fiscal year ended
For the fiscal year ended
For fiscal 2019, consolidated EBITDA(A) totaled
For fiscal 2019, Boralex reported a net loss of
Excluding the unusual items noted in the Financial Highlights - Fourth Quarter section, Boralex recorded net earnings of
Outlook
On
The plan sets out four main strategic directions and three financial objectives and is based on a rigorous analysis of the market evolution and trends in the renewable energy sector. The plan also reflects the view that a profound and rapid transformation of the industry is under way, driven mainly by many technological innovations.
STRATEGIC PLAN AT A GLANCE | |
Strategic directions | Financial objectives for 2023 |
Growth | Discretionary cash flows |
Diversification | Dividend |
Customers | Installed capacity |
Optimization |
To successfully implement its strategic plan and achieve its financial objectives, the Corporation relies on its solid expertise in developing small and medium-sized projects, which is a key advantage for seizing opportunities in increasingly competitive markets, particularly the solar power market.
Boralex is implementing its strategic plan based on growth potential in the markets in which it operates. In
The Corporation has a portfolio of projects at various stages of development, based on clearly defined criteria. Furthermore, these criteria were reviewed at year end and a new development phase was created to include projects that are considered to be securely on the Corporation's Growth Path. Following these changes, the Corporation's portfolio now stands at 2,703 MW and the Growth Path at 225 MW. These projects put the Corporation in a very good position to reach its target capacity of 2,800 MW in 2023.
To ensure implementation of the strategic plan translates into disciplined growth while creating value for shareholders, Boralex management is monitoring three criteria selected as financial objectives.
As at
As at
Lastly, at the end of 2019, Boralex's installed capacity was 2,040 MW, an increase of 98 MW since the beginning of the year, due to the commissioning of four wind farms and two hydroelectric power stations.
Dividend declaration
The Corporation's Board of Directors has authorized and declared a quarterly dividend of
About Boralex
Boralex develops, builds and operates renewable energy power facilities in
Caution regarding forward-looking statements
Some of the statements contained in this press release, including those regarding future results and performance, the strategic plan, business model and the Corporation's growth strategy, financial objectives and renewable energy production projects in the portfolio or on the Corporation's Growth Path, are forward-looking statements based on current expectations, within the meaning of securities legislation.
The forward-looking statements are based on material assumptions, including the following: assumptions about the performance the Corporation will obtain from its projects, based on management's estimates and expectations with respect to factors related to wind and other factors; opportunities that may arise in the various sectors targeted for growth or diversification; assumptions made about EBITDA(A) margins; assumptions made about the situation in the sector and the economic situation in general, competition and the availability of financing and partners. Although the Corporation believes that these factors and assumptions are reasonable based on the information currently available, they may prove to be inaccurate.
Boralex would like to point out that, by their very nature, forward-looking statements involve risks and uncertainties such that its results or the measure 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 forward-looking statement.
The main factors that could lead to a material difference between the Corporation's actual results and the forward-looking financial information or expectations set forth in the forward-looking statements include the general impact of economic conditions, currency fluctuations, volatility in energy selling prices, the Corporation's financial capacity, competition, changes in general market conditions, the regulations governing the industry, regulatory disputes and other issues related to projects in operation or under development, as well as certain other factors described in the documents filed by the Corporation with the different securities commissions.
Unless otherwise specified by the Corporation, the forward-looking statements do not take into account the possible impact on its activities, transactions, non-recurring items or other exceptional items announced or occurring after the statements are made. 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 data expressed as a percentage is calculated using amounts in thousands of dollars.
Combined - Non-IFRS measure
The combined information ("Combined") presented above and in the MD&A of the Corporation resulted from the combination of the financial information of
View original content:http://www.prnewswire.com/news-releases/boralex-doubles-its-discretionary-cash-flows-in-2019-301013274.html
SOURCE
© Canada Newswire, source