Fourth Quarter 2021 Financial Highlights
- Adjusted EBITDA(1),(2) of
$270 million , an increase of 15% over the same period in 2020 - Free Cash Flow ("FCF")(1) of
$106 million , or$0.39 per share, an increase of 105% on a per-share basis from the same period in 2020 - Loss before income taxes of
$32 million , an improvement of$136 million from the same period in 2020 - Cash flow from operating activities of
$54 million , a decrease of 51% from the same period in 2020
Full Year 2021 Financial Highlights
- Adjusted EBITDA(1),(2) of
$1.263 billion , an increase of 36% from the same period in 2020 - FCF(1) of
$562 million , or$2.07 per share, an increase of 59% on a per-share basis from the same period in 2020 - Loss before income taxes of
$380 million , an increase of$77 million from the same period in 2020 - Cash flow from operating activities of
$1.0 billion , an increase of 43% from the same period in 2020
Other Business and ESG Highlights
- Announced 600 MW of renewables growth projects, securing 30% of our 5-year 2 GW growth target
- Achieved full phase-out of coal in
Canada , with completed coal-to-gas conversions at Sundance Unit 6 and Keephills Units 2 and 3, and ceased mining activities at the Highvale mine - Reduced annual carbon emissions by 3.9 million tonnes, a 24% reduction compared to 2020
- Acquired a fully contracted 122 MW portfolio of solar assets in
North Carolina - Achieved commercial operations at the 206 MW Windrise wind facility
- Joined the
Powering Past Coal Alliance , a global organization of governmental and private sector organizations working to take action on reducing greenhouse gas emissions from coal-fired electricity generation and accelerating the energy transition - Enhanced and accelerated our near term GHG emissions target to a 75% reduction over 2015 levels
- Reduced our operational waste by 55% compared to 2020 levels
- Reduced our SO2 and NOx emissions by 42% and 29%, respectively, compared to 2020 levels
- Increased our common share dividend by 11% to an annualized dividend of
20 cents per share
"2021 was a record year for
Set out below are additional highlights from the quarter on
Key Business Developments
Announced 300
On
Acquired 122MW North Carolina Solar Portfolio
On
At the closing of the acquisition, TransAlta Renewables Inc. acquired a 100 per cent economic interest in North
The sites are all operational and were commissioned between
Construction Commenced on
On
Executed Long-term PPA with
On
Alberta Electricity Portfolio
On
The
For the year ended
Hedged production for the fiscal year 2022 is 6,278 GWh at an average price of
Kent Hills Wind Facility Outage and Rehabilitation of Foundations
On
The Company has also provided notice to
Achieved Phase-Out of Coal in
During the year, the Company completed the full conversion of Keephills Unit 2, Keephills Unit 3 and Sundance Unit 6 from thermal coal to natural gas. Keephills Unit 2, Keephills Unit 3 and Sundance Unit 6 retained the same generator nameplate capacity of 395 MW, 463 MW and 401 MW, respectively. Conversion to gas reduces our CO2 emissions intensity by more than half, contributing to the 3.9 million tonnes of annual emissions reductions achieved in 2021 and advancing us toward our target of 75 per cent emissions reduction over 2015 levels by 2026. This also resulted in the end of mining activities at the Highvale mine and, effective
Fortescue Metals Group Ltd. Dispute at
The Company has been engaged in a dispute with Fortescue Metals Group Ltd. ("FMG") as a result of FMG's purported termination of the South Hedland PPA. On
Liquidity and Financial Position
The Company continues to maintain a strong financial position in part due to long-term contracts and hedged positions. At the end of the fourth quarter,
Fourth Quarter and Year Ended 2021 Highlights
3 Months Ended | Year Ended | |||||||||
$ millions, unless otherwise stated | ||||||||||
Adjusted availability (%) | 83.8% | 87.1% | 86.6% | 90.7% | ||||||
Production (GWh) | 5,823 | 7,704 | 22,105 | 24,980 | ||||||
Revenues | 610 | 544 | 2,721 | 2,101 | ||||||
Adjusted EBITDA(1),(2) | 270 | 234 | 1,263 | 927 | ||||||
Loss before income taxes | (32) | (168) | (380) | (303) | ||||||
Net loss attributable to common shareholders | (78) | (167) | (576) | (336) | ||||||
Cash flow from operating activities | 54 | 110 | 1,001 | 702 | ||||||
FFO(1) | 213 | 161 | 971 | 685 | ||||||
FCF(1) | 106 | 52 | 562 | 358 | ||||||
Net loss per share attributable to common | $ | (0.29) | $ | (0.61) | $ | (2.13) | $ | (1.22) | ||
FFO per share(1),(5) | $ | 0.79 | $ | 0.59 | $ | 3.58 | $ | 2.49 | ||
FCF per share(1),(5) | $ | 0.39 | $ | 0.19 | $ | 2.07 | $ | 1.30 | ||
Dividends declared per common share(3) | $ | 0.10 | $ | 0.09 | $ | 0.19 | $ | 0.22 | ||
Dividends declared per preferred share(4) | $ | 0.25 | $ | 0.50 | $ | 1.02 | $ | 1.27 |
Fourth Quarter Financial Results Summary
Adjusted EBITDA(1),(2) for the three months ended
Net loss attributable to common shareholders for the three months ended
Cash flow from operating activities for the three months ended
FCF(1) for the three months ended
Full Year 2021 Financial Results Summary
Adjusted EBITDA(1),(2) for the full year ended
Loss before income taxes for the full year ended
Cash flow from operating activities for the full year ended
FCF(1) for the full year ended
Segmented Results For the year ended ($ millions) | Adjusted EBITDA(1),(2) | |||
2021 | 2020 | |||
Hydro | $ | 322 | $ | 105 |
Wind and Solar | $ | 262 | $ | 248 |
Gas | $ | 494 | $ | 367 |
Energy Transition | $ | 133 | $ | 175 |
Energy Marketing | $ | 137 | $ | 113 |
Corporate | $ | (85) | $ | (81) |
Total | $ | 1,263 | $ | 927 |
Hydro:
- Adjusted EBITDA(1),(2) for the year ended
Dec. 31, 2021 , increased by$217 million compared to 2020. EffectiveJan. 1, 2021 , with the expiration of the Alberta PPA for our Alberta Hydro Assets, these facilities began operating on a merchant basis in theAlberta power market. This eliminated the net payment obligations under the Alberta PPA. With strong availability during periods of market volatility, the Company captured higher energy and ancillary service revenue, partially offset by increased costs related to portfolio management services, dam safety staffing, dredging and station services.
Wind and Solar:
- Adjusted EBITDA(1),(2) for the year ended
Dec. 31, 2021 , increased by$14 million compared to 2020, primarily due to higher merchant pricing inAlberta , a full year of operations from theSkookumchuck wind facility and the WindCharger battery storage facility as well as incremental value from the newly commissioned or acquired assets in 2021: consisting of the Windrise wind facility and the NorthCarolina Solar facility. Also, fuel and purchased power costs were lower in 2021 due to the AESO transmission line loss recorded in 2020. Adjusted EBITDA was negatively impacted by lower wind resources inEastern Canada and the US, the unplanned outage at the Kent Hills 1 and 2 wind facilities and the weakening US dollar relative to the Canadian dollar
Gas:
- Adjusted EBITDA(1),(2) for the year ended
Dec. 31, 2021 , increased by$127 million compared to 2020, primarily due to higher merchant pricing in theAlberta market, the South Hedland PPA contract settlement and incremental production from a full year of operations at our Ada cogeneration facility, partially offset by an increase in fuel, unplanned short-term steam supply outages at ourSarnia cogeneration facility, higher OM&A costs related to the BHP pass-through projects and legal fees related to the South Hedland PPA contract settlement.
Energy Transition:
- Adjusted EBITDA(1),(2) for the year ended
Dec. 31, 2021 , decreased by$42 million compared to 2020, primarily due the planned retirement of Centralia Unit 1, higher fuel and purchased power due to unplanned outages at Centralia Unit 2, higher carbon compliance costs for theAlberta assets primarily due to an increase in carbon prices and the weakening of the US dollar relative to the Canadian dollar throughout the year, partially offset by dispatch optimization of theAlberta assets and lower OM&A as a result the planned retirement of Centralia Unit 1.
Energy Marketing:
- Adjusted EBITDA(1),(2) for the year ended
Dec. 31, 2021 , increased by$24 million compared to 2020 results. Results were better primarily due to favourable short-term trading of both physical and financial power and natural gas products across all North American markets. This was partially offset by OM&A increases due to higher incentives related to stronger performance. The Energy Marketing team was able to capitalize on short-term market volatility in the markets in which we trade without materially changing the risk profile of the business unit.
Corporate:
- Our Corporate overhead costs for the year ended
Dec. 31, 2021 , increased by$4 million compared to 2020, primarily due to higher incentive payments, higher employee costs, higher insurance costs, and higher legal fees for settlement of outstanding legal issues, partially offset by the receipt of CEWS funding and realized gains from the total return swap. A portion of the settlement costs of our employee share-based payment plans is hedged by entering into total return swaps, which are cash settled every quarter. Excluding the impact of the total return swap, staffing costs increased due to additional headcount to support growth initiatives. As previously committed, the CEWS funding is being used to support incremental employment within the Company.
Conference call
Dial-in numbers - Fourth Quarter and Full Year 2021 Results:
Toll-free North American participants call: 1-888-664-6392
A link to the live webcast will be available on the Investor Centre section of
Notes | |
(1) | These items are not defined and have no standardized meaning under IFRS. Presenting these items from period to period provides management and investors with the ability to evaluate earnings trends more readily in comparison with prior periods' results. |
(2) | In the fourth quarter of 2021, Comparable EBITDA was relabelled as adjusted EBITDA to align with industry standard terminology. |
(3) | No dividends were declared in first quarter of 2021 as the quarterly dividend related to the period covering the first quarter of 2021 was declared in |
(4) | Weighted average of the Series A, B, |
(5) | Funds from operations per share and free cash flow per share are calculated using the weighted average number of common shares outstanding during the period. The weighted average number of common shares outstanding at |
Non-IFRS financial measures and other specified financial measures
We use a number of financial measures to evaluate our performance and the performance of our business segments, including measures and ratios that are presented on a non-IFRS basis, as described below. Unless otherwise indicated, all amounts are in Canadian dollars and have been derived from our audited annual consolidated financial statements prepared in accordance with IFRS. We believe that these non-IFRS amounts, measures and ratios, read together with our IFRS amounts, provide readers with a better understanding of how management assesses results.
Non-IFRS amounts, measures and ratios do not have standardized meanings under IFRS. They are unlikely to be comparable to similar measures presented by other companies and should not be viewed in isolation from, or as an alternative for, or more meaningful than our IFRS results.
Adjusted EBITDA
In the fourth quarter of 2021, comparable EBITDA was relabelled as adjusted EBITDA to align with industry standard terminology. Each business segment assumes responsibility for its operating results measured to adjusted EBITDA. Adjusted EBITDA is an important metric for management that represents our core business profitability. Interest, taxes, depreciation and amortization are not included, as differences in accounting treatments may distort our core business results. In addition, certain reclassifications and adjustments are made to better assess results excluding those items that may not be reflective of ongoing business performance. This presentation may facilitate the readers analysis of trends. Adjusted EBITDA is a non-IFRS measure.
Average Annual EBITDA
Average annual EBITDA is a non-IFRS financial measure that is forward-looking, used to show the average annual EBITDA that the project currently under construction is expected to generate upon completion.
Funds From Operations ("FFO")
FFO is an important metric as it provides a proxy for cash generated from operating activities before changes in working capital and provides the ability to evaluate cash flow trends in comparison with results from prior periods. FFO is a non-IFRS measure.
Free Cash Flow ("FCF")
FCF is an important metric as it represents the amount of cash that is available to invest in growth initiatives, make scheduled principal repayments on debt, repay maturing debt, pay common share dividends or repurchase common shares. Changes in working capital are excluded so FFO and FCF are not distorted by changes that we consider temporary in nature, reflecting, among other things, the impact of seasonal factors and timing of receipts and payments. FCF is a non-IFRS measure.
Non-IFRS Ratios
FFO per share, FCF per share, FFO before interest to adjusted interest coverage and adjusted net debt to adjusted EBITDA are non-IFRS ratios that are presented in the MD&A. See the Reconciliation of Cash Flow from Operations to FFO and FCF and Key Non-IFRS Financial Ratios sections of the MD&A for additional information.
FFO per share and FCF per share
FFO per share and FCF per share are calculated using the weighted average number of common shares outstanding during the period. FFO per share and FCF per share is a non-IFRS ratio.
Reconciliation of these non-IFRS financial measures to the most comparable IFRS measure are provided below.
Reconciliation of Non-IFRS Measures on a Consolidated Basis
The following table reflects adjusted EBITDA and provides reconciliation to earnings (loss) before income taxes for the year ended
Year ended | Attributable to common shareholders | |||||||||
$ millions | Hydro | Wind & Solar(1) | Gas | Energy Transition | Energy Marketing | Corporate | Total | Equity | Reclass Adjustments | IFRS Financials |
Revenues | 383 | 323 | 1,109 | 709 | 211 | 4 | 2,739 | (18) | — | 2,721 |
Reclassifications and adjustments: | ||||||||||
Unrealized mark-to-market (gain) loss | — | 25 | (40) | 19 | (38) | — | (34) | — | 34 | — |
Decrease in finance lease receivable | — | — | 41 | — | — | — | 41 | — | (41) | — |
Finance lease income | — | — | 25 | — | — | — | 25 | — | (25) | — |
Unrealized foreign exchange gain on | — | — | (3) | — | — | — | (3) | — | 3 | — |
Adjusted Revenues | 383 | 348 | 1,132 | 728 | 173 | 4 | 2,768 | (18) | (29) | 2,721 |
Fuel and purchased power | 16 | 17 | 457 | 560 | — | 4 | 1,054 | — | — | 1,054 |
Reclassifications and adjustments: | ||||||||||
Australian interest income | — | — | (4) | — | — | — | (4) | — | 4 | — |
Mine depreciation | — | — | (79) | (111) | — | — | (190) | — | 190 | — |
Coal inventory write-down | — | — | — | (17) | — | — | (17) | — | 17 | — |
Adjusted fuel and purchased power | 16 | 17 | 374 | 432 | — | 4 | 843 | — | 211 | 1,054 |
Carbon compliance | — | — | 118 | 60 | — | — | 178 | — | — | 178 |
Gross margin | 367 | 331 | 640 | 236 | 173 | — | 1,747 | (18) | (240) | 1,489 |
OM&A | 42 | 59 | 175 | 117 | 36 | 84 | 513 | (2) | — | 511 |
Reclassifications and adjustments: | ||||||||||
Parts and materials write-down | — | — | (2) | (26) | — | — | (28) | — | 28 | — |
Curtailment gain | — | — | — | 6 | — | — | 6 | — | (6) | — |
Adjusted OM&A | 42 | 59 | 173 | 97 | 36 | 84 | 491 | (2) | 22 | 511 |
Taxes, other than income taxes | 3 | 10 | 13 | 6 | — | 1 | 33 | (1) | — | 32 |
Net other operating expense (income) | — | — | (40) | 48 | — | — | 8 | — | — | 8 |
Reclassifications and adjustments: | ||||||||||
Royalty onerous contract and contract t | — | — | — | (48) | — | — | (48) | — | 48 | — |
Adjusted net other operating income | — | — | (40) | — | — | — | (40) | — | 48 | 8 |
Adjusted EBITDA | 322 | 262 | 494 | 133 | 137 | (85) | 1,263 | |||
Equity income from associate | 9 | |||||||||
Finance lease income | 25 | |||||||||
Depreciation and amortization | (529) | |||||||||
Asset impairment | (648) | |||||||||
Net interest expense | (245) | |||||||||
Foreign exchange loss | 16 | |||||||||
Gain on sale of assets and other | 54 | |||||||||
Loss before income taxes | (380) |
(1) |
Year ended Dec.31, 2020 | Attributable to common shareholders | |||||||||
$ millions | Hydro | Wind & Solar(1) | Gas | Energy Transition | Energy Marketing | Corporate | Total | Equity | Reclass Adjustments | IFRS Financials |
Revenues | 152 | 332 | 787 | 704 | 122 | 7 | 2104 | (3) | — | 2,101 |
Reclassifications and adjustments: | ||||||||||
Unrealized mark-to-market (gain) loss | — | 2 | 33 | (14) | 21 | — | 42 | — | (42) | — |
Decrease in finance lease receivable | — | — | 17 | — | — | — | 17 | — | (17) | — |
Finance lease income | — | — | 7 | — | — | — | 7 | — | (7) | — |
Unrealized foreign exchange loss on | — | — | 4 | — | — | — | 4 | — | (4) | — |
Adjusted Revenues | 152 | 334 | 848 | 690 | 143 | 7 | 2,174 | (3) | (70) | 2,101 |
Fuel and purchased power | 8 | 25 | 325 | 435 | — | 12 | 805 | — | — | 805 |
Reclassifications and adjustments: | ||||||||||
Mine Depreciation | — | — | (100) | (46) | — | — | (146) | — | 146 | — |
Coal Inventory write-down | — | — | — | (37) | — | — | (37) | — | 37 | — |
Australian interest income | — | — | (4) | — | — | — | (4) | — | 4 | — |
Adjusted fuel and purchased power | 8 | 25 | 221 | 352 | — | 12 | 618 | — | 187 | 805 |
Carbon compliance | — | — | 120 | 48 | — | (5) | 163 | — | — | 163 |
Gross margin | 144 | 309 | 507 | 290 | 143 | — | 1,393 | (3) | (257) | 1,133 |
OM&A | 37 | 53 | 166 | 106 | 30 | 80 | 472 | — | — | 472 |
Taxes, other than income taxes | 2 | 8 | 13 | 9 | — | 1 | 33 | — | — | 33 |
Net other operating expense (income) | — | — | (11) | — | — | — | (11) | — | — | (11) |
Reclassifications and adjustments: | ||||||||||
Impact of Sheerness going off-coal | — | — | (28) | — | — | — | (28) | — | 28 | — |
Adjusted net other operating income | (39) | — | — | — | (39) | — | 28 | (11) | ||
Adjusted EBITDA | 105 | 248 | 367 | 175 | 113 | (81) | 927 | |||
Equity income from associate | 1 | |||||||||
Finance lease income | 7 | |||||||||
Depreciation and amortization | (654) | |||||||||
Asset impairment | (84) | |||||||||
Net interest expense | (238) | |||||||||
Foreign exchange loss | 17 | |||||||||
Gain on sale of assets and other | 9 | |||||||||
Loss before income taxes | (303) |
(1) |
The following table reflects adjusted EBITDA by segment and provides reconciliation to earnings (loss) before income taxes for the three months ended
Attributable to common shareholders | ||||||||||
$ millions | Hydro | Wind & Solar(1) | Gas | Energy Transition | Energy Marketing | Corporate | Total | Equity | Reclass Adjustments | IFRS Financials |
Revenues | 84 | 98 | 172 | 238 | 26 | (2) | 616 | (6) | — | 610 |
Reclassifications and adjustments: | ||||||||||
Unrealized mark-to-market (gain) loss | — | 3 | 82 | (8) | (12) | — | 65 | — | (65) | — |
Decrease in finance lease receivable | — | — | 11 | — | — | — | 11 | — | (11) | — |
Finance lease income | — | — | 6 | — | — | — | 6 | — | (6) | — |
Unrealized foreign exchange (gain) loss | — | — | — | — | — | — | — | — | — | — |
Adjusted Revenues | 84 | 101 | 271 | 230 | 14 | (2) | 698 | (6) | (82) | 610 |
Fuel and purchased power | 9 | 6 | 110 | 149 | — | (2) | 272 | — | — | 272 |
Reclassifications and adjustments: | ||||||||||
Australian interest income | — | — | (1) | — | — | — | (1) | — | 1 | — |
Mine Depreciation | — | — | — | (11) | — | — | (11) | — | 11 | — |
Coal Inventory write-down | — | — | — | (1) | — | — | (1) | — | 1 | — |
Adjusted fuel and purchased power | 9 | 6 | 109 | 137 | — | (2) | 259 | — | 13 | 272 |
Carbon compliance | — | — | 14 | 25 | — | — | 39 | — | — | 39 |
Gross margin | 75 | 95 | 148 | 68 | 14 | — | 400 | (6) | (95) | 299 |
OM&A | 7 | 17 | 46 | 20 | 5 | 29 | 124 | — | — | 124 |
Reclassifications and adjustments: | ||||||||||
Parts and materials write-down | — | — | — | 3 | — | — | 3 | — | (3) | — |
Curtailment gain | — | — | — | 6 | — | — | 6 | — | (6) | — |
Adjusted OM&A | 7 | 17 | 46 | 29 | 5 | 29 | 133 | — | (9) | 124 |
Taxes, other than income taxes | 1 | 2 | 2 | 1 | — | — | 6 | — | — | 6 |
Net other operating income | — | — | (10) | (8) | — | — | (18) | — | — | (18) |
Reclassifications and adjustments: | ||||||||||
Royalty onerous contract and contract | — | — | — | 9 | — | — | 9 | — | (9) | — |
Adjusted net other operating income | — | — | (10) | 1 | — | — | (9) | — | (9) | (18) |
Adjusted EBITDA | 67 | 76 | 110 | 37 | 9 | (29) | 270 | |||
Equity income | 4 | |||||||||
Finance income from subsidiaries | 6 | |||||||||
Depreciation and amortization | (134) | |||||||||
Asset impairment | (28) | |||||||||
Net interest expense | (59) | |||||||||
Foreign exchange loss | (6) | |||||||||
Gain on sale of assets and other | (2) | |||||||||
Loss before income taxes | (32) |
(1) |
The following table reflects adjusted EBITDA by segment and provides reconciliation to earnings (loss) before income taxes for the three months ended
Attributable to common shareholders | ||||||||||
$ millions | Hydro | Wind & | Gas | Energy | Energy Marketing | Corporate | Total | Equity | Reclass | IFRS |
Revenues | 31 | 92 | 167 | 230 | 19 | 8 | 547 | (3) | — | 544 |
Reclassifications and adjustments: | — | — | — | — | — | — | — | — | — | — |
Unrealized mark-to-market (gain) loss | — | 10 | 34 | (10) | 10 | — | 44 | — | (44) | — |
Decrease in finance lease receivable | — | — | 6 | — | — | — | 6 | — | (6) | — |
Finance lease income | — | — | 3 | — | — | — | 3 | — | (3) | — |
Australian interest income | — | — | 4 | — | — | — | 4 | — | (4) | — |
Adjusted Revenues | 31 | 102 | 214 | 220 | 29 | 8 | 604 | (3) | (57) | 544 |
Fuel and purchased power | (1) | 11 | 98 | 166 | — | 8 | 282 | — | — | 282 |
Reclassifications and adjustments: | — | — | — | — | — | — | — | — | — | — |
Mine Depreciation | — | — | (40) | (18) | — | — | (58) | — | 58 | — |
Coal Inventory write-down | — | — | — | (15) | — | — | (15) | — | 15 | — |
Adjusted fuel and purchased power | (1) | 11 | 57 | 133 | — | 8 | 208 | — | 74 | 282 |
Carbon compliance | — | — | 30 | 15 | — | — | 45 | — | — | 45 |
Gross margin | 32 | 91 | 127 | 72 | 29 | — | 351 | (3) | (131) | 217 |
OM&A | 9 | 13 | 6 | 21 | 118 | — | — | 118 | ||
Taxes, other than income taxes | 1 | 1 | — | 1 | 8 | — | — | 8 | ||
Net other operating expense (income) | — | — | — | — | 19 | — | — | 19 | ||
Adjusted EBITDA | 22 | 77 | 92 | 42 | 23 | (22) | 234 | |||
Equity income | 1 | |||||||||
Finance income from subsidiaries | 4 | |||||||||
Depreciation and amortization | (173) | |||||||||
Asset impairment | (17) | |||||||||
Net interest expense | (64) | |||||||||
Foreign exchange loss | 2 | |||||||||
Gain on sale of assets and other | 7 | |||||||||
Loss before income taxes | (168) |
(1) |
Reconciliation of Cash flow from operations to FFO and FCF
The table below reconciles our cash flow from operating activities to our FFO and FCF:
3 Months Ended | Year Ended | |||
$ millions unless otherwise stated | ||||
Cash flow from operating activities(1) | 54 | 110 | 1,001 | 702 |
Change in non-cash operating working capital balances | 148 | 25 | (174) | (89) |
Cash flow from operations before changes in working capital | 202 | 135 | 827 | 613 |
Adjustments | ||||
Share of adjusted FFO from joint venture(1) | 6 | 3 | 13 | 3 |
Decrease in finance lease receivable | 11 | 6 | 41 | 17 |
Clean energy transition provisions and adjustments(2) | (6) | 15 | 79 | 37 |
Other(3) | — | 2 | 11 | 15 |
FFO(4) | 213 | 161 | 971 | 685 |
Deduct: | ||||
Sustaining capital(1) | (55) | (58) | (199) | (157) |
Productivity capital | (2) | (3) | (4) | (4) |
Dividends paid on preferred shares | (10) | (9) | (39) | (39) |
Distributions paid to subsidiaries' non-controlling interests | (38) | (29) | (159) | (102) |
Principal payments on lease liabilities(1) | (2) | (10) | (8) | (25) |
FCF(4) | 106 | 52 | 562 | 358 |
Weighted average number of common shares outstanding in the | 271 | 273 | 271 | 275 |
FFO per share(4) | 0.79 | 0.59 | 3.58 | 2.49 |
FCF per share(4) | 0.39 | 0.19 | 2.07 | 1.30 |
(1) | Includes our share of amounts for |
(2) | Includes write-down on parts and material inventory for our coal operations, write-down on coal inventory to net realizable value and amounts due to |
(3) | Other consists of production tax credits which is a reduction to tax equity debt. |
(4) | These items are not defined and have no standardized meaning under IFRS. Please refer to the Non-IFRS financial measures and other specified financial |
The table below bridges our adjusted EBITDA to our FFO and FCF for the three months and year ended
3 Months Ended | Year ended | |||
Adjusted EBITDA(1) | 270 | 234 | 1,263 | 927 |
Provisions and other | (18) | (10) | (43) | 7 |
Interest expense(2) | (51) | (56) | (200) | (192) |
Current income tax expense(2) | 3 | 5 | (55) | (35) |
Realized foreign exchange gain (loss) | (4) | (1) | (2) | 8 |
Decommissioning and restoration costs settled(2) | (5) | (5) | (18) | (18) |
Other non-cash items(4) | 18 | (6) | 26 | (12) |
FFO(3) | 213 | 161 | 971 | 685 |
Deduct: | ||||
Sustaining capital(2) | (55) | (58) | (199) | (157) |
Productivity capital | (2) | (3) | (4) | (4) |
Dividends paid on preferred shares | (10) | (9) | (39) | (39) |
Distributions paid to subsidiaries' non-controlling interests | (38) | (29) | (159) | (102) |
Principal payments on lease liabilities(2) | (2) | (10) | (8) | (25) |
FCF(3) | 106 | 52 | 562 | 358 |
(1) | Adjusted EBITDA is defined in the Non-IFRS financial measures and other specified financial measures section of this earnings release and reconciled |
(2) | Includes our share of amounts for |
(3) | FFO and FCF are defined in the Non-IFRS financial measures and other specified financial measures section of this earnings release and reconciled to cash |
(4) | Other consists of production tax credits which is a reduction to tax equity debt. |
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Cautionary Statement Regarding Forward-Looking Information
This news release contains "forward-looking information", within the meaning of applicable Canadian securities laws, and "forward-looking statements", within the meaning of applicable
The forward-looking statements contained in this news release are based on many assumptions including, but not limited to, the following material assumptions: impacts arising from COVID-19 not becoming significantly more onerous on the Company, which includes the Company being permitted to continue as an essential service; merchant power prices in
Note: All financial figures are in Canadian dollars unless otherwise indicated. |
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