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2012 - Boralex poised for strong growth

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MONTREAL, Feb. 20, 2013 /PRNewswire/ - Boralex Inc. ("Boralex" or the "Corporation") (TSX: BLX) maintains its EBITDA and improves its EBITDA margin at the close of fiscal 2012 despite a 6.5% decrease in revenues from energy sales.

FINANCIAL HIGHLIGHTS
(In millions of Canadian dollars, except per share amounts and EBITDA margin)

       
  Three-month periods
ended December 31,
  Years ended
December 31,
  2012 2011   2012 2011
Revenues from energy sales 52.1 56.5   181.4 194.0
EBITDA 29.9 30.3   98.4 100.8
EBITDA margin (%) 57.4 53.6   54.2 52.0
Net earnings (loss) 1.2 8.2   (5.1) 2.9
  Per share (basic) ($) 0.03 0.22   (0.14) 0.08
Cash flows from operations 14.1 17.6   48.6 54.2
  Per share (basic) ($) 0.37 0.47   1.29 1.44


COMPANY'S EXPANSION

Fiscal 2012 gave the Corporation the opportunity to transform its asset profile by significantly reducing the weight of its thermal power segment in favour of the wind power segment. With the proceeds from the December 2011 sale of the U.S. thermal power stations, coupled with its capacity to generate cash flows from operations, Boralex carried out a series of strategic acquisitions in fiscal 2012:

  • A power supply contract for a 50 MW wind power project to be commissioned in late 2015 in the Témiscouata RCM in Québec, Canada;
  • The 32 MW La Vallée wind power project in France to be commissioned in late 2013;
  • The St-Patrick wind farm, also in France and already in operation, with 34.5 MW of installed capacity;
  • Three wind power projects: Vron, Fortel-Bonnières and St-François, with a total installed capacity of 56 MW, to be commissioned in France in 2013 and 2014; and
  • A 22 MW hydroelectric project in British Columbia, Canada to be commissioned in 2014.

"For Boralex, 2012 was a transition year that saw the weight of our thermal power stations reduced in favour of assets covered by long-term contracts in the wind and hydroelectric power segments," said President and CEO Patrick Lemaire.

In 2013, the transformation will be solidified by the commissioning, in particular, of  phase 1 of the Seigneurie de Beaupré wind farms, the largest wind power project ever undertaken by Boralex. This project, whose construction is, to date, within budget and on schedule, will significantly impact the Corporation's results upon its commissioning in late 2013.

Boralex remains focused on its strategic growth plan, building on quality assets covered by long-term contracts in the wind and hydroelectric power segments. With projects under development, in which the Corporation owns a net share of 356 MW scheduled for commissioning from 2013 to 2015, plus available cash resources which will be used to develop around 100 MW in additional wind power, Boralex aims to double its annual EBITDA by the end of 2016.

ADDITIONAL INFORMATION REGARDING THE YEAR ENDED DECEMBER 31, 2012

EBITDA for the year ended December 31, 2012 amounted to $98.4 million compared with $100.8 million for the year ended December 31, 2011. The Corporation enjoyed higher contributions from the wind and solar power segments, which however did not fully offset lesser performances in the hydroelectric and thermal power segments.

The wind power segment's contribution to EBITDA (before corporate and eliminations) for the past fiscal year, grew significantly to 53% in 2012 from 46% in 2011. The segment thus confirmed its importance to the Corporation's EBITDA margin and helped temper the adverse effects of certain extraordinary factors in the thermal power segment. The wind segment's increased contribution in 2012 was driven by the roll-out of the Corporation's strategy, under which Boralex aims to increase the percentage of its assets covered by long-term contractual agreements. This growth also reflects Boralex's ongoing commitment to optimize current operations.

In 2012, Boralex continued transforming its thermal power segment:

  • the Dolbeau power station was sold;
  • the agreement with Hydro-Québec, under which the Senneterre power station operated only six months in 2012, remained in place; and
  • in the fourth quarter, operations at the Kingsey Falls cogeneration power station came to an end due to the expiration of its power sales contract with Hydro-Québec.

These elements contributed to a 34% decrease in segment production which also was confronted with the higher cost of natural gas at the Kingsey Falls power station.

Power output of hydroelectric power stations was down 19% from fiscal 2011, and 9% from historical averages. Overall, these results were partially offset by the  performance of the St-Patrick wind power station in France, acquired late in the second quarter of 2012, as well as by annual indexation under long-term power sales contracts.

From a strategic standpoint, due to the sale of thermal segment assets late in 2011 and strong cash flows related to operating activities for the past year, Boralex ended fiscal 2012 with an excellent cash position of $112 million and an asset base nearly entirely covered by long-term contracts. With this solid financial profile, Boralex is in excellent position to pursue solid growth in the coming years.

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 between 2013 and 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. The accuracy of such statements is subject to a number of risks, uncertainties and assumptions that may cause actual results to differ materially from those projected, including, but not limited to, the general impact of economic conditions, raw material price increases and availability, currency fluctuations, volatility in electricity selling prices, the company's financing capacity, negative changes in general market conditions and regulations affecting the industry, as well as other factors listed in the Company's filings with different 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. To assess the performance of its assets and reporting segments, the Corporation uses EBITDA, adjusted EBITDA, cash flows from operations, and adjusted net earnings (loss) as performance measures, as defined in the accompanying unaudited interim condensed consolidated financial statements. These non-IFRS measures have no standardized meaning under IFRS. As a result, these measures may not be comparable to similarly named measures used by other companies.


Consolidated Financial Statements
Consolidated Statements of Financial Position

  As at
December 31,
  As at
December 31,
(in thousands of Canadian dollars) (unaudited) 2012   2011
ASSETS      
Cash and cash equivalents 107,138   144,703
Restricted cash 5,063   18,288
Trade and other receivables 45,589   50,500
Inventories 4,404   3,573
Available-for-sale financial asset 3,009   2,208
Prepaid expenses 2,137   2,137
CURRENT ASSETS 167,340   221,409
       
Property, plant and equipment 689,024   643,047
Other intangible assets 253,115   214,834
Goodwill 48,663   38,063
Interest in the Joint Venture 58,994   45,266
Other non-current assets 12,735   14,236
NON-CURRENT ASSETS 1,062,531   955,446
TOTAL ASSETS 1,229,871   1,176,855
LIABILITIES      
Trade and other payables 46,945   34,209
Current portion of debt 98,570   26,659
Current income tax liability 1,741   10,776
Other current financial liabilities 25,508   29,757
CURRENT LIABILITIES 172,764   101,401
       
Non-current debt 423,616   479,525
Convertible debentures 226,299   223,347
Deferred income tax liability 29,514   26,031
Other non-current financial liabilities 24,698   14,273
Other non-current liabilities 10,611   3,400
NON-CURRENT LIABILITIES 714,738   746,576
TOTAL LIABILITIES 887,502   847,977
EQUITY      
Equity attributable to shareholders 319,868   321,764
Non-controlling shareholders 22,501   7,114
TOTAL EQUITY 342,369   328,878
TOTAL LIABILITIES AND EQUITY 1,229,871   1,176,855



Consolidated Statements of Earnings (Loss)

  Three-month periods
ended December 31
Twelve-month periods
ended December 31
(in thousands of Canadian dollars, except per share amounts) (unaudited) 2012 2011 2012 2011
         
REVENUES        
Revenues from energy sales 52,063 56,492 181,440 194,025
Other income 2,401 167 2,853 680
  54,464 56,659 184,293 194,705
         
COSTS AND OTHER EXPENSES        
Operating expenses 18,614 22,251 66,281 75,423
Administrative 4,664 3,158 16,186 14,853
Development 1,290 799 3,520 3,523
Amortization 15,021 14,583 58,030 57,833
Other losses (gains) 971 (2,959)
Impairment (reversal) of property, plant and equipment and intangible assets (5,000) 823 1,503
  39,589 35,791 145,811 150,176
         
OPERATING INCOME 14,875 20,868 38,482 44,529
         
Financing costs 12,640 12,639 49,279 49,664
Foreign exchange loss (gain) (80) 2,386 26 (961)
Net loss (gain) on financial instruments (103) 498 396 972
         
         
EARNINGS (LOSS) BEFORE THE FOLLOWING ITEMS 2,418 5,345 (11,219) (5,146)
         
Share in earnings (loss) of the Joint Venture (31) 150 (51) 150
Income tax expense (recovery) 1,273 1,277 (2,183) (2,311)
         
         
NET EARNINGS (LOSS) FROM CONTINUING OPERATIONS 1,176 3,918 (8,985) (2,985)
Net earnings from discontinued operations 696 4,651 3,721 5,489
NET EARNINGS (LOSS) 1,872 8,569 (5,264) 2,504
         
NET EARNINGS (LOSS) ATTRIBUTABLE TO:        
  Shareholders of Boralex 1,238 8,187 (5,115) 2,883
  Non-controlling shareholders 634 382 (149) (379)
NET EARNINGS (LOSS) 1,872 8,569 (5,264) 2,504
         
NET EARNINGS (LOSS) ATTRIBUTABLE TO SHAREHOLDERS OF
BORALEX:
       
  Continuing operations 542 3,536 (8,836) (2,606)
  Discontinued operations 696 4,651 3,721 5,489
  1,238 8,187 (5,115) 2,883
         
NET EARNINGS (LOSS) PER SHARE (BASIC AND DILUTED) ATTRIBUTABLE
TO SHAREHOLDERS OF BORALEX:
       
  Continuing operations $0.01 $0.10 $(0.24) $(0.07)
  Discontinued operations $0.02 $0.12 $0.10 $0.15
  $0.03 $0.22 $(0.14) $0.08



Consolidated Statements of Comprehensive Income (Loss)

  Three-month periods
ended December 31
Twelve-month periods
ended December 31
(in thousands of Canadian dollars) (unaudited) 2012 2011 2012 2011
         
NET EARNINGS (LOSS) 1,872 8,569 (5,264) 2,504
         
Other comprehensive income (loss) to be subsequently reclassified to
net earnings (loss) when certain conditions are met
       
Translation differences:        
  Unrealized foreign exchange gain (loss) on translation of financial statements of
self-sustaining foreign operations
4,577 (5,528) (1,352) 4,058
Cash flow hedges:        
  Change in fair value of financial instruments (3,471) (13,107) (16,931) (53,010)
  Hedging items realized and recognized in net earnings (loss) 2,906 2,222 14,526 6,040
  Hedging items realized and recognized in statement of financial position 198
  Taxes 269 2,397 1,109 13,405
Cash flow hedges - Joint Venture:        
  Change in fair value of financial instruments 1,807 (13,461) (4,088) (13,461)
  Taxes (481) 3,579 1,087 3,579
Available-for-sale financial asset:        
  Change in fair value of an available-for-sale financial asset 221 (131) (48) (278)
  Items realized and recognized in net earnings (loss) 968 (624)
Discontinued operations: 99 (2,021)
Total other comprehensive income (loss) 5,828 (23,930) (4,729) (42,114)
COMPREHENSIVE INCOME (LOSS) 7,700 (15,361) (9,993) (39,610)
         
COMPREHENSIVE INCOME (LOSS) ATTRIBUTABLE TO:        
  Shareholders of Boralex 6,502 (14,979) (9,131) (38,392)
  Non-controlling shareholders 1,198 (382) (862) (1,218)
COMPREHENSIVE INCOME (LOSS) 7,700 (15,361) (9,993) (39,610)
         
COMPREHENSIVE INCOME (LOSS) ATTRIBUTABLE TO SHAREHOLDERS
OF BORALEX:
       
  Continuing operations 5,806 (19,729) (12,852) (41,860)
  Discontinued operations 696 4,750 3,721 3,468
  6,502 (14,979) (9,131) (38,392)



Consolidated Statements of Changes in Equity

        2012
  Equity attributable to shareholders  
(in thousands of Canadian dollars) (unaudited) Capital
stock
  Equity
component of
convertible
debentures
  Contributed
surplus
  Retained
earnings
  Other
comprehensive
income (loss)
  Total   Non-
controlling
interests
  Total
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       (5,115)     (5,115)   (149)   (5,264)
Other comprehensive loss         (4,016)   (4,016)   (713)   (4,729)
Comprehensive loss       (5,115)   (4,016)   (9,131)   (862)   (9,993)
                               
Conversion of convertible debentures 117           117     117
Share repurchases (5)       (2)     (7)     (7)
Stock option expense     839       839     839
Excess of proceeds from partial sale of a subsidiary       5,108   1,178   6,286   (6,286)  
Contribution of non-controlling shareholders             22,535   22,535
Balance as at December 31, 2012 222,870   14,379   6,945   144,492   (68,818)   319,868   22,501   342,369
                               
    2011
  Equity attributable to shareholders  
(in thousands of Canadian dollars) (unaudited) Capital
stock
  Equity
component of
convertible
debentures
  Contributed
surplus
  Retained
earnings
  Other
comprehensive
loss
  Total   Non-
controlling
interests
  Total
equity
Balance as at January 1, 2011 222,853   14,488   5,028   141,693   (24,705)   359,357   8,332   367,689
                               
Net earnings (loss)       2,883     2,883   (379)   2,504
Other comprehensive loss         (41,275)   (41,275)   (839)   (42,114)
Comprehensive income (loss)       2,883   (41,275)   (38,392)   (1,218)   (39,610)
                               
Conversion of convertible debentures 258           258     258
Share repurchases (353)       (75)     (428)     (428)
Stock option expense     1,078       1,078     1,078
Other   (109)         (109)     (109)
Balance as at December 31, 2011 222,758   14,379   6,106   144,501   (65,980)   321,764   7,114   328,878



Consolidated Statements of Cash Flows

  Three-month periods
ended December 31
Twelve-month periods
ended December 31
(in thousands of Canadian dollars) (unaudited) 2012 2011 2012 2011
Net earnings (loss) attributable to shareholders of Boralex 1,238 8,187 (5,115) 2,883
Less: Net earnings from discontinued operations 696 4,651 3,721 5,489
Net earnings (loss) from continuing operations attributable to shareholders of Boralex 542 3,536 (8,836) (2,606)
Financing costs 12,640 12,639 49,279 49,664
Interest paid (14,180) (13,358) (47,271) (47,134)
Income tax expense (recovery) 1,273 1,277 (2,183) (2,311)
Income taxes paid (2,071) (39) (4,440) (4,337)
Non-cash items in earnings (loss):        
  Net loss (gain) on financial instruments (103) 498 396 972
  Share in earnings (loss) of the Joint Venture (31) 150 (51) 150
  Amortization 15,021 14,583 58,030 57,833
  Impairment (reversal) of property, plant and equipment and intangible assets (5,000) 823 1,503
  Loss (gain) on sale of assets 971 (2,377)
  Gain on sale of assets to the Joint Venture (582)
  Other 1,027 3,327 1,897 3,465
  14,118 17,613 48,615 54,240
Change in non-cash items related to operating activities (17,551) (13,082) (1,219) 11,891
NET CASH FLOWS RELATED TO OPERATING ACTIVITIES (3,433) 4,531 47,396 66,131
         
Business acquisitions (24,801) (63,881) (700)
Additions to property, plant and equipment (4,787) (5,517) (10,320) (34,419)
Additions to other intangible assets (402) (2,550)
Change in restricted cash (4,856) (17,011) 13,225 (2,364)
Increase in interest in the Joint Venture (42,573) (17,735) (52,949)
Development projects (178) (439) (3,422) (1,620)
Proceeds from sale of asset 2,150 8,763 4,200
Insurance proceeds 723 723
Other (66) 110 434
NET CASH FLOWS RELATED TO INVESTING ACTIVITIES (34,301) (63,456) (75,087) (87,418)
         
Decrease in bank loans and overdraft 6 (195)
Net increase in non-current debt 6,488 39,674
Repayments on non-current debt (3,747) (2,608) (27,713) (45,035)
Redemption of financial instruments prior to maturity (15,670) (15,670)
Contribution of non-controlling shareholders 4,307 22,513
Other (5) (2) (433)
NET CASH FLOWS RELATED TO FINANCING ACTIVITIES 560 (11,789) (5,202) (21,659)
Cash related to discontinued operations, including
proceeds on disposal
2,762 83,709 (3,642) 94,770
TRANSLATION ADJUSTMENT ON CASH AND
CASH EQUIVALENTS
1,055 (1,360) (1,030) 229
NET CHANGE IN CASH AND CASH EQUIVALENTS (33,357) 11,635 (37,565) 52,053
CASH AND CASH EQUIVALENTS - BEGINNING OF PERIOD 140,495 133,068 144,703 92,650
CASH AND CASH EQUIVALENTS - END OF PERIOD 107,138 144,703 107,138 144,703



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 production of electricity, revenues from energy sales and 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 (loss), or as a measure of operating results, which are IFRS measures.

EBITDA is reconciled to the most comparable IFRS measure, namely, net earnings (loss) attributable to shareholders of Boralex, in the following table:

  Three-month periods
ended December 31
Twelve-month periods
ended December 31
(in thousands of Canadian dollars) (unaudited) 2012 2011 2012 2011
Net earnings (loss) attributable to shareholders of Boralex 1,238 8,187 (5,115) 2,883
Net earnings from discontinued operations (696) (4,651) (3,721) (5,489)
Non-controlling shareholders 634 382 (149) (379)
Income tax expense (recovery) 1,273 1,277 (2,183) (2,311)
Net loss (gain) on financial instruments (103) 498 396 972
Foreign exchange loss (gain) (80) 2,386 26 (961)
Financing costs 12,640 12,639 49,279 49,664
Impairment (reversal) of property, plant and intangible assets (5,000) 823 1,503
Other losses (gains) 971 (2,959)
Amortization 15,021 14,583 58,030 57,833
         
EBITDA 29,927 30,301 98,357 100,756

Cash flows from operations are equal to net cash flows related to operating activities before 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 are reconciled to the most comparable IFRS measure, namely, net cash flows related to operating activities, in the following table:

  Three-month periods
ended December 31
Twelve-month periods
ended December 31
(in thousands of Canadian dollars) (unaudited) 2012 2011 2012 2011
Net cash flows related to operating activities (3,433) 4,531 47,396 66,131
Less:
Change in non-cash items related to operating activities
(17,551) (13,082) (1,219) 11,891
         
CASH FLOWS FROM OPERATIONS 14,118 17,613 48,615 54,240

The following four tables reconcile hydroelectric and corporate segment EBITDA, consolidated EBITDA and net earnings (loss) attributable to shareholders of Boralex as reported in the financial statements with adjusted EBITDA and adjusted net earnings (loss):

  Three-month period
ended December 31
Twelve-month periods
ended December 31
(in thousands of Canadian dollars) (unaudited) 2012 2011 2012 2011
EBITDA - Hydroelectric segment 9,541 11,386 36,752 41,623
Specific items:        
  Retroactive adjustment to taxes on water rights of hydroelectric power stations in the U.S. and Canada 717 (3,240)
         
ADJUSTED EBITDA - HYDROELECTRIC SEGMENT 10,258 11,386 33,512 41,623
         
  Three-month periods
ended December 31
Twelve-month periods
ended December 31
(in thousands of Canadian dollars) (unaudited) 2012 2011 2012 2011
EBITDA - Corporate segment (3,902) (4,024) (16,250) (16,492)
Specific items:        
  Professional fees incurred in connection with acquisitions in France and Canada 305 1,848
  Other income (1,815) (1,815)
         
ADJUSTED EBITDA - CORPORATE SEGMENT (5,412) (4,024) (16,217) (16,492)
         
  Three-month periods
ended December 31
Twelve-month periods
ended December 31
(in thousands of Canadian dollars) (unaudited) 2012 2011 2012 2011
EBITDA - Consolidated 29,927 30,301 98,357 100,756
Specific items:        
  Retroactive adjustment to taxes on water rights of hydroelectric power stations in the U.S. and Canada 717 (3,240)
  Professional fees incurred in connection with acquisitions in France and Canada 305 1,848
  Other income (1,815) (1,815)
         
ADJUSTED EBITDA - CONSOLIDATED 29,134 30,301 95,150 100,756
         
  Three-month periods
ended December 31
Twelve-month periods
ended December 31
(in thousands of Canadian dollars) (unaudited) 2012 2011 2012 2011
Net earnings (loss) attributable to shareholders of Boralex 1,238 8,187 (5,115) 2,883
Net earnings from discontinued operations (696) (4,651) (3,721) (5,489)
Specific items*:        
  Retroactive adjustment to taxes on water rights of hydroelectric power stations in the U.S. and Canada 977 (1,397)
  Professional fees incurred in connection with acquisitions in France and Canada 212 1,246
  Other income (1,271) (1,271)
  Impairment (reversal) of property, plant and equipment and intangible assets (3,500) 492 1,052
  Other losses (gains) 680 (2,071)
         
ADJUSTED NET EARNINGS (LOSS) - CONSOLIDATED 460 36 (9,086) (3,625)
* Net of income taxes



Information by Operating Segment

  Three-month periods
ended December 31
Twelve-month periods
ended December 31
(in thousands of Canadian dollars) (unaudited) 2012 2011 2012 2011
Power production (MWh)        
Wind power stations 210,838 182,810 632,422 554,581
Hydroelectric power stations 164,072 196,522 572,513 703,612
Thermal power stations 66,051 114,225 310,170 469,835
Solar power station 991 1,017 6,316 3,227
  441,952 494,574 1,521,421 1,731,255
Revenues from energy sales        
Wind power stations 25,124 22,461 74,654 67,255
Hydroelectric power stations 13,860 15,982 47,748 56,319
Thermal power stations 12,654 17,584 56,355 68,975
Solar power station 425 465 2,683 1,476
  52,063 56,492 181,440 194,025
EBITDA        
Wind power stations 21,363 18,440 60,985 53,657
Hydroelectric power stations 9,541 11,386 36,752 41,623
Thermal power stations 2,601 4,100 14,558 20,638
Solar power station 324 399 2,312 1,330
Corporate and eliminations (3,902) (4,024) (16,250) (16,492)
  29,927 30,301 98,357 100,756
Additions to property, plant and equipment        
Wind power stations 1,120 197 3,157 12,291
Hydroelectric power stations 2,572 2,479 3,939 3,718
Thermal power stations 116 284 423 3,765
Solar power station 1,864 720 13,409
Corporate and eliminations 979 693 2,081 1,236
  4,787 5,517 10,320 34,419
      As at
December 31,
As at
December 31,
      2012 2011
Total assets        
Wind power stations     597,237 528,521
Hydroelectric power stations     382,515 366,099
Thermal power stations     84,480 101,683
Solar power station     20,779 23,586
Corporate     144,860 156,966
      1,229,871 1,176,855
         
Total liabilities        
Wind power stations     505,713 392,611
Hydroelectric power stations     148,477 143,439
Thermal power stations     26,914 29,581
Solar power station     20,931 21,043
Corporate     185,467 261,303
      887,502 847,977



Information by Geographic Segment

  Three-month periods
ended December 31
Twelve-month periods
ended December 31
(in thousands of Canadian dollars) (unaudited) 2012 2011 2012 2011
Power production (MWh)        
Canada 181,870 231,018 729,443 901,853
United States 100,441 137,709 343,294 466,381
France 159,641 125,847 448,684 363,021
  441,952 494,574 1,521,421 1,731,255
Revenues from energy sales        
Canada 21,888 26,844 89,623 102,404
United States 7,960 10,526 26,375 35,145
France 22,215 19,122 65,442 56,476
  52,063 56,492 181,440 194,025
EBITDA        
Canada 10,319 11,383 40,783 43,494
United States 5,546 7,835 21,869 27,029
France 14,062 11,083 35,705 30,233
  29,927 30,301 98,357 100,756
Additions to property, plant and equipment        
Canada 3,928 3,091 6,750 16,469
United States 2 167 164 669
France 857 2,259 3,406 17,281
  4,787 5,517 10,320 34,419
      As at
December 31,
As at
December 31,
      2012 2011
Total assets        
Canada     642,985 679,354
United States     186,491 209,003
France     400,395 288,498
      1,229,871 1,176,855
         
Non-current assets        
Canada     557,013 543,319
United States     145,604 156,631
France     359,914 255,496
      1,062,531 955,446
         
Total liabilities        
Canada     481,774 483,731
United States     109,541 122,827
France     296,187 241,419
      887,502 847,977

 

 

SOURCE BORALEX INC.



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