Boralex announces its second-quarter results

MONTREAL, Aug. 8, 2012 /PRNewswire/ - Boralex Inc. ("Boralex" or the "Corporation") (TSX: BLX) announces its results for the second quarter of 2012, historically amongst its weakest due to seasonal factors. The results for the three-month period ended June 30, 2012 point to a quarter mainly affected by sluggish water flow conditions in the United States. The second quarter also saw a series of transactions in the wind and hydroelectric power segments, prompted by the Corporation's strategic choices, set to sustain its growth over the next few years. Together, the projects announced during the first half of fiscal 2012 will increase Boralex's capacity by 195 MW. Fully covered by long-term fixed-price contracts, these acquisitions will significantly boost production at Boralex, with an initial contribution in fiscal 2013.

GROWTH STRATEGY

Since the beginning of fiscal 2012, the cash position of Boralex enables the Corporation to invest massively in the wind power and hydroelectric segments in Canada and France. A series of transactions began in March 2012 with the wind power supply contract secured for 50 MW of capacity under a project to be built in the Témiscouata area of Québec. More recently, the acquisition in June of a 34.5 MW wind farm in operation in France - the St-Patrick wind farm - started contributing to the Corporation's results as of July 2012. Boralex also acquired four wind power development projects in France, totalling 88 MW. These four projects are slated for commercial commissioning in the second half of fiscal 2013. All of the assets acquired in France are covered by long-term sales contracts with Électricité de France. In addition, the Corporation entered into a five-year agreement with an independent French corporation to secure options to purchase 130 MW in additional wind power projects currently under development. Lastly, Boralex announced late in July 2012 the signing of a letter of agreement to purchase a 22 MW hydroelectric project in British Columbia, for which construction work is set to begin shortly.

Work on the first phase of the Seigneurie de Beaupré Wind Farms (272 MW - net amount of 136 MW for Boralex) resumed in summer and is progressing on budget and on time. The facilities are still slated for commissioning in late 2013. For the second phase, the Corporation also expects to commission approximately 50 MW of additional net wind power for Boralex by the end of 2015. In light of the foregoing, the Corporation enthusiastically welcomes the Québec government's July 20, 2012 announcement of a new request for proposals for 700 MW in wind power and firmly intends to continue developing the enormous potential of the Seigneurie de Beaupré site.

According to Boralex President and CEO Patrick Lemaire, this new injection of capital into wind power and hydroelectric segments expansion, the cornerstone of Boralex's growth strategy, demonstrates the Corporation's ability to identify and execute projects to meet its financial performance targets. "We continue to actively explore further opportunities in both France and Canada. Given the announcement of the new request for proposals in Québec for 700 MW in additional wind power, the financing terms for quality projects remain very attractive, as do other factors, such as the price and quality of the turbines available. With these favourable conditions, plus our enviable cash position of $160 million, we are really confident we will be able to announce other initiatives to drive long-term value creation for our shareholders," added Patrick Lemaire.

FINANCIAL HIGHLIGHTS for the second quarter
(In millions of Canadian dollars, except per share data and EBITDA margins  
  Three-month periods
ended June 30
Six-month periods
ended June 30
  2012 2011 2012 2011
Revenues from energy sales 38.9 44.1 96.4 101.3
Adjusted EBITDA* 19.7 22.5 53.0 53.8
Adjusted EBITDA margin (%) 50.6 51.0 55.0 53.1
Adjusted net loss* (5.5) (3.7) (0.2) (1.5)
Per share (basic) ($) (0.15) (0.10) - (0.04)
Cash flows from operations 5.3 9.6 27.2 27.1
Per share (basic) ($) 0.14 0.25 0.72 0.72
*  See the reconciliation tables in the accompanying financial statements.

During the three-month period ended June 30, 2012, Boralex got a boost from the solid performance of its wind power segment, particularly in France where for a third straight quarter, wind conditions were significantly more favourable than a year ago. The wind power segment reported 9% growth in earnings before interest, income taxes, depreciation and amortization (EBITDA), which partially offset lower profitability in Boralex's other segments. In particular, the hydroelectric segment was hit by abnormally poor water flow conditions in the Northeastern U.S. for the second quarter of the year, trimming $3.6 million from segment EBIDTA. These atypical weather conditions are largely the cause of the reduced profitability on a consolidated basis, with an adjusted EBITDA (see the table in the summary financial statements) of $19.7 million on revenues of $38.9 million for the second quarter of 2012, compared with an adjusted EBITDA of $22.5 million out of $44.1 million for the same period in 2011. Consolidated adjusted EBITDA margin was relatively flat at 50.6% for the second quarter of 2012 compared with 51.0% for the same period of 2011. Boralex ended the second quarter with an adjusted net loss attributable to shareholders of $5.5 million or $0.15 per share (basic and diluted) compared with $3.7 million or $0.10 per share (basic and diluted) for the corresponding period a year earlier.

As at June 30, 2012, Boralex reported cash and cash equivalents and restricted cash totalling $159.8 million or $4.24 per common share (basic).

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 more than 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 over 550 MW of power that will be put in service between the middle of 2013 and 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. 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-GAAP financial measures. To assess the performance of its assets and reporting segments, the Corporation uses EBITDA, EBITDA margin, cash flows from operations, adjusted EBITDA, adjusted net loss, and cash flows from operations per share as performance measures, as defined in the accompanying financial statements. These non-GAAP 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
(in thousands of Canadian dollars) (unaudited) As at
June 30,
2012
As at
December 31,
2011
ASSETS    
Cash and cash equivalents 153,114 144,703
Restricted cash 6,660 18,288
Trade and other receivables 27,414 50,500
Inventories 4,555 3,573
Available-for-sale financial asset 1,757 2,208
Prepaid expenses 2,931 2,137
CURRENT ASSETS 196,431 221,409
     
Property, plant and equipment 673,748 643,047
Energy sales contracts 138,895 97,705
Water rights 110,383 111,844
Goodwill 38,063 38,063
Other intangible assets 9,201 5,285
Interest in the Joint Venture 53,288 45,266
Other non-current assets 13,244 14,236
NON-CURRENT ASSETS 1,036,822 955,446
TOTAL ASSETS 1,233,253 1,176,855
LIABILITIES    
Trade and other payables 39,729 34,209
Current portion of debt 26,100 26,659
Current income tax liability 919 10,776
Other current financial liabilities 28,168 29,757
CURRENT LIABILITIES 94,916 101,401
     
Non-current debt 508,053 479,525
Convertible debentures 224,787 223,347
Deferred income tax liability 35,997 26,031
Other non-current financial liabilities 20,691 14,273
Other non-current liabilities 4,764 3,400
NON-CURRENT LIABILITIES 794,292 746,576
TOTAL LIABILITIES 889,208 847,977
EQUITY    
Equity attributable to shareholders 324,468 321,764
Non-controlling interests 19,577 7,114
TOTAL EQUITY 344,045 328,878
TOTAL LIABILITIES AND EQUITY 1,233,253 1,176,855

Consolidated Statements of Earnings (Loss)
  Three-month periods
ended June 30
Six-month periods
ended June 30
(in thousands of Canadian dollars, except per share amounts) (unaudited) 2012 2011 2012 2011
   
REVENUES        
Revenues from energy sales 38,905 44,069 96,356 101,335
Other income 171 172 322 324
  39,076 44,241 96,678 101,659
   
COSTS AND OTHER EXPENSES          
Operating expenses 14,012 15,705 33,476 37,036
Administrative 5,212 5,213 9,379 9,187
Development 965 785 1,636 1,669
Amortization 13,954 15,186 27,890 29,036
Other gains - - - (2,377)
Impairment of property, plant and equipment and intangible assets - - 823 -
  34,143 36,889 73,204 74,551
         
OPERATING INCOME 4,933 7,352 23,474 27,108
         
Financing costs 12,096 12,511 24,199 24,487
Foreign exchange loss 10 511 131 2,047
Net loss on financial instruments 822 93 485 406
         
EARNINGS (LOSS) BEFORE THE FOLLOWING ITEMS (7,995) (5,763) (1,341) 168
         
Share in loss (earnings) of the Joint Venture 27 - (17) -
Income tax expense (recovery) (1,723) (1,549) 38 423
         
NET LOSS FROM CONTINUING OPERATIONS (6,299) (4,214) (1,362) (255)
         
Net earnings (loss) from discontinued operations 134 (1,377) 2,459 1,731
 
NET EARNINGS (LOSS) (6,165) (5,591) 1,097 1,476
 
NET EARNINGS (LOSS) ATTRIBUTABLE TO:          
  Shareholders of Boralex (5,901) (5,107) 1,248 1,904
  Non-controlling shareholders (264) (484) (151) (428)
NET EARNINGS (LOSS) (6,165) (5,591) 1,097 1,476
         
NET EARNINGS (LOSS) ATTRIBUTABLE TO SHAREHOLDERS OF BORALEX:          
  Continuing operations (6,035) (3,730) (1,211) 173
  Discontinued operations 134 (1,377) 2,459 1,731
  (5,901) (5,107) 1,248 1,904
         
BASIC NET EARNINGS (LOSS) PER SHARE ATTRIBUTABLE TO SHAREHOLDERS OF BORALEX:         
  Continuing operations       $(0.16)       $(0.10)       $(0.03)       $0.01
  Discontinued operations       $0.00       $(0.04)       $0.06       $0.04
        $(0.16)       $(0.14)       $0.03       $0.05
         
DILUTED NET EARNINGS (LOSS) PER SHARE ATTRIBUTABLE TO SHAREHOLDERS OF BORALEX:          
  Continuing operations       $(0.16)       $(0.10)       $(0.03) $0.00
  Discontinued operations       $0.00       $(0.04)       $0.06       $0.04
        $(0.16)       $(0.14)       $0.03       $0.04
 
Consolidated Statements of Comprehensive Loss
  Three-month periods
ended June 30
Six-month periods
ended June 30
(in thousands of Canadian dollars) (unaudited) 2012 2011 2012 2011
 
NET EARNINGS (LOSS) (6,165) (5,591) 1,097 1,476
 
OTHER COMPREHENSIVE INCOME (LOSS)        
Translation differences        
  Unrealized foreign exchange gain (loss) on translation of financial statements of self-sustaining foreign operations 334 (323) (1,051) 24
Cash flow hedges        
  Change in fair value of financial instruments (7,294) (9,947) (8,842) (8,905)
  Hedging items realized and recognized in net earnings (loss) 3,687 1,521 7,826 2,614
  Hedging items realized and recognized in statement of financial position - 78 - 198
  Taxes 985 2,613 572 1,925
Cash flow hedges - Joint Venture        
  Change in fair value of financial instruments (11,112) - (3,350) -
  Taxes 2,955 - 891 -
Available-for-sale financial asset        
  Change in fair value of an available-for-sale financial asset (387) (954) (451) 424
  Items realized and recognized in net earnings (loss) - - - (624)
Discontinued operations - - - (2,021)
Total other comprehensive loss (10,832) (7,012) (4,405) (6,365)
COMPREHENSIVE LOSS (16,997) (12,603) (3,308) (4,889)
 
COMPREHENSIVE INCOME (LOSS) ATTRIBUTABLE TO:        
  Shareholders of Boralex (16,194) (12,064) (2,593) (5,312)
  Non-controlling shareholders (803) (539) (715) 423
COMPREHENSIVE LOSS (16,997) (12,603) (3,308) (4,889)
 
COMPREHENSIVE INCOME (LOSS) ATTRIBUTABLE TO SHAREHOLDERS OF BORALEX:        
  Continuing operations (16,329) (10,687) (5,052) (5,022)
  Discontinued operations 135 (1,377) 2,459 (290)
    (16,194) (12,064) (2,593) (5,312)

Consolidated Statements of Changes in Equity
              Six-month period
ended June 30
      2012
  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, 2012 222,758 14,379 6,106 144,501 (65,980) 321,764 7,114 328,878
                 
Net earnings (loss) - - - 1,248 - 1,248 (151) 1,097
Other comprehensive loss - - - - (3,841) (3,841) (564) (4,405)
Comprehensive income (loss) - - - 1,248 (3,841) (2,593) (715) (3,308)
                 
Conversion of convertible debentures 45 - - - - 45 - 45
Stock option expense - - 313 - - 313 - 313
Share repurchases (5) - - (2) - (7) - (7)
Excess of proceeds from partial sale of a subsidiary - - - 4,946 - 4,946 (4,946) -
Contribution of non-controlling shareholders - - - - - - 18,124 18,124
Balance as at June 30, 2012 222,798 14,379 6,419 150,693 (69,821) 324,468 19,577 344,045
 
              Six-month period
ended June 30
      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) - - - 1,904 - 1,904 (428) 1,476
Other comprehensive income (loss) - - - - (7,216) (7,216) 851 (6,365)
Comprehensive income (loss) - - - 1,904 (7,216) (5,312) 423 (4,889)
                 
Conversion of convertible debentures 196 - - - - 196 - 196
Stock option expense - - 584 - - 584 - 584
Other - (109) - - - (109) - (109)
Balance as at June 30, 2011 223,049 14,379 5,612 143,597 (31,921) 354,716 8,755 363,471

Consolidated Statements of Cash Flows
  Three-month periods
ended June 30
Six-month periods
ended June 30
(in thousands of Canadian dollars) (unaudited) 2012 2011 2012 2011
Net earnings (loss) attributable to shareholders of Boralex (5,901) (5,107) 1,248 1,904
Less: Net earnings (loss) from discontinued operations 134 (1,377) 2,459 1,731
Net earnings (loss) from continuing operations attributable to shareholders of Boralex (6,035) (3,730) (1,211) 173
Financing costs 12,096 12,511 24,199 24,487
Interest paid (12,973) (12,314) (23,327) (24,716)
Income tax expense (recovery) (1,723) (1,549) 38 423
Income taxes paid (497) (1,388) (2,193) (2,829)
Non-cash items in earnings (loss):        
  Unrealized foreign exchange loss on intercompany advances - 1,575 - 1,575
  Amortization 13,954 15,186 27,890 29,036
  Other gains - - - (2,377)
  Impairment of property, plant and equipment and intangible assets - - 823 -
  Net loss on financial instruments 822 93 485 406
  Share in loss (earnings) of the Joint Venture 27 - (17) -
  Other (328) (784) 505 876
  5,343 9,600 27,192 27,054
Change in non-cash items related to operating activities 7,922 5,243 20,613 20,412
NET CASH FLOWS RELATED TO OPERATING ACTIVITIES 13,265 14,843 47,805 47,466
         
Business acquisitions (39,080) - (39,080) -
Additions to property, plant and equipment (1,048) (12,245) (2,543) (22,743)
Additions to other intangible assets (1,560) - (1,560) -
Change in restricted cash 10,868 5,235 11,628 14,647
Increase in interest in the Joint Venture (9,425) (2,212) (11,283) (2,212)
Development projects (910) (56) (1,656) (649)
Proceeds from sale of assets 8,763 2,050 8,763 2,050
Other 292 219 96 266
NET CASH FLOWS RELATED TO INVESTING ACTIVITIES (32,100) (7,009) (35,635) (8,641)
         
Decrease in bank loans and overdraft - - - (201)
Net increase in non-current debt - 21 516 - 33,253
Repayments on non-current debt (2,591) (21,055) (14,667) (33,116)
Contribution of non-controlling interests 18,124 - 18,124 -
Other (60) - (48) -
NET CASH FLOWS RELATED TO FINANCING ACTIVITIES 15,473 461 3,409 (64)
Cash from discontinued operations (1,259) 118 (6,972) 7,604
TRANSLATION DIFFERENCE ON CASH AND CASH EQUIVALENTS 318 (944) (196) (278)
NET INCREASE IN CASH AND CASH EQUIVALENTS (4,303) 7,469 8,411 46,087
CASH AND CASH EQUIVALENTS - BEGINNING OF PERIOD 157,417 131,268 144,703 92,650
CASH AND CASH EQUIVALENTS - END OF PERIOD 153,114 138,737 153,114 138,737

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 operating 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 apply to the consolidated accounts.

The operating segments are presented according to the same criteria used to prepare the internal report submitted to the chief operating decision-maker, who allocates resources and assesses operating segment performance. The chief operating decision-maker is considered to be the President and Chief Executive Officer, who assesses segment performance based on production of electricity, revenues from energy sales, EBITDA and cash flows from operations.

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 earnings (loss) attributable to shareholders of Boralex, in the following table:

  Three-month periods
ended June 30
Six-month periods
ended June 30
(in thousands of Canadian dollars) (unaudited) 2012 2011 2012 2011
Net earnings (loss) attributable to shareholders of Boralex (5,901) (5,107) 1,248 1,904
Net earnings (loss) from discontinued operations (134) 1,377 (2,459) (1,731)
Non-controlling shareholders (264) (484) (151) (428)
Income tax expense (recovery) (1,723) (1,549) 38 423
Net loss on financial instruments 822 93 485 406
Foreign exchange loss 10 511 131 2,047
Financing costs 12,096 12,511 24,199 24,487
Impairment of property, plant and equipment and intangible assets - - 823 -
Other gains - - - (2,377)
Amortization 13,954 15,186 27,890 29,036
EBITDA 18,860 22,538 52,204 53,767

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. 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 June 30
Six-month periods
ended June 30
(in thousands of Canadian dollars) (unaudited) 2012 2011 2012 2011
Net cash flows related to operating activities 13,265 14,843 47,805 47,466
Less :        
Change in non-cash items related to operating activities 7,922 5,243 20,613 20,412
 
CASH FLOWS FROM OPERATIONS 5,343 9,600 27,192 27,054

The two following tables reconcile EBITDA and the net earnings (loss) attributable to shareholders of Boralex as reported in the financial statements with adjusted EBITDA and adjusted net loss:


  Three-month periods
ended June 30
Six-month periods
ended June 30
(in thousands of Canadian dollars) (unaudited) 2012 2011 2012 2011
EBITDA 18,860 22,538 52,204 53,767
Specific items :        
  Professional fees incurred in connection with acquisitions in France 832 832 -
 
ADJUSTED EBITDA 19,692 22,538 53,036 53,767
 
  Three-month periods
ended June 30
Six-month periods
ended June 30
(in thousands of Canadian dollars) (unaudited) 2012 2011 2012 2011
Net earnings (loss) attributable to shareholders of Boralex (5,901) (5,107) 1,248 1,904
Net earnings (loss) from discontinued operations (134) 1,377 (2,459) (1,731)
Specific items* :        
  Gain on sale of assets - - - (1,664)
  Impairment of property, plant and equipment and intangible assets - - 492 -
  Professional fees incurred in connection with acquisitions in France 557 - 557 -
   
ADJUSTED NET LOSS (5,478) (3,730) (162) (1,491)
* Net of income taxes

Information by Operating Segment
  Three-month periods
ended June 30
Six-month periods
ended June 30
(in thousands of Canadian dollars) (unaudited) 2012 2011 2012 2011
Power production (MWh)*        
Wind power stations 138,836 124,362 311,241 276,931
Hydroelectric power stations 158,874 213,490 321,969 358,495
Thermal power stations 41,981 88,138 160,304 263,185
Solar power station 1,940 268 3,269 268
  341,631 426,258 796,783 898,879
Revenues from energy sales        
Wind power stations 16,345 15,193 36,991 33,466
Hydroelectric power stations 12,445 15,990 26,431 28,722
Thermal power stations 9,285 12,762 31,528 39,023
Solar power station 830 124 1,406 124
  38,905 44,069 96,356 101,335
EBITDA        
Wind power stations 13,082 11,991 30,059 27,057
Hydroelectric power stations 9,056 12,648 19,701 21,724
Thermal power stations 1,154 2,078 9,549 13,610
Solar power station 723 121 1,218 121
Corporate and eliminations (5,155) (4,300) (8,323) (8,745)
  18,860 22,538 52,204 53,767
Additions to property, plant and equipment        
Wind power stations 273 613 620 8,732
Hydroelectric power stations 348 157 537 331
Thermal power stations - 788 66 1,947
Solar power station 3 10,482 696 11,433
Corporate and eliminations 424 205 624 300
  1,048 12,245 2,543 22,743
 
(in thousands of Canadian dollars) (unaudited)     As at
June 30,
2012
As at
December 31,
2011
Total assets        
Wind power stations     582,345 528,521
Hydroelectric power stations     368,068 366,099
Thermal power stations     96,962 101,683
Solar power station     20,575 23,586
Corporate     165,303 156,966
      1,233,253 1,176,855
Total liabilities        
Wind power stations     433,632 392,611
Hydroelectric power stations     139,333 143,439
Thermal power stations     29,778 29,581
Solar power station     16,510 21,043
Corporate     269,955 261,303
      889,208 847,977
 
Information by Geographic Segment
  Three-month periods
ended June 30
Six-month periods
ended June 30
(in thousands of Canadian dollars) (unaudited) 2012 2011 2012 2011
Power production (MWh)*        
Canada 165,103 217,816 392,055 484,563
United States 85,996 142,444 199,469 242,479
France 90,532 65,998 205,259 171,837
  341,631 426,258 796,783 898,879
Revenues from energy sales        
Canada 19,297 23,220 50,468 56,814
United States 6,497 10,407 14,900 18,193
France 13,111 10,442 30,988 26,328
  38,905 44,069 96,356 101,335
EBITDA        
Canada 8,123 9,377 25,450 26,468
United States 4,605 8,295 11,252 13,993
France 6,132 4,866 15,502 13,306
  18,860 22,538 52,204 53,767
Additions to property, plant and equipment        
Canada 761 1,461 1,126 8,423
United States - 125 85 295
France 287 10,659 1,332 14,025
  1,048 12,245 2,543 22,743
 
(in thousands of Canadian dollars) (unaudited)     As at
June 30,
2012
As at
December 31,
2011
Total assets        
Canada     653,487 679,354
United States     197,104 209,003
France     382,662 288,498
      1,233,253 1,176,855
Non-current assets        
Canada     537,049 543,319
United States     151,253 156,631
France     348,520 255,496
      1,036,822 955,446
Total liabilities        
Canada     482,226 483,731
United States     111,811 122,827
France     295,171 241,419
      889,208 847,977

 

 

 

SOURCE BORALEX INC.



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