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Boralex announces its third-quarter results

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MONTREAL, Nov. 7, 2012 /PRNewswire/ - Boralex Inc. ("Boralex" or the "Corporation") (TSX: BLX) announces that it reported $16.2 million in EBITDA on revenues of $33.0 million for the three-month period ended September 30, 2012 compared with $16.7 million in EBITDA on revenues of $36.2 million for the same period of 2011. The third quarter is traditionally the weakest of the year due to the seasonal cycles experienced by the Corporation's two largest segments: wind and hydroelectric power production. In the coming months, Boralex will be focusing on its accelerated development plan and its growth strategy aimed in particular at expansion and geographic diversification of the wind and hydroelectric power segments, which will contribute positively to its future earnings.

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

     
  Three-month periods
ended September 30,
Nine-month periods
ended September 30,
  2012 2011 2012 2011
Revenues from energy sales 33.0 36.2 129.4 137.5
EBITDA* 16.2 16.7 68.4 70.5
EBITDA margin (%) 49.1 46.1 52.9 51.2
Net loss* (7.6) (7.2) (6.4) (5.3)
  Per share (basic) ($) (0.20) (0.19) (0.17) (0.14)
Cash flows from operations 6.5 9.6 33.7 36.6
  Per share (basic) ($) 0.17 0.25 0.89 0.97
*   Excluding extraordinary items, adjusted EBITDA for the three-month and nine-month periods ended September 30, 2012 was $13.0 million and $66.0 million, respectively, while adjusted net loss for the same periods was $9.4 million and $9.5 million, respectively. See the reconciliation tables in the financial statements accompanying this press release.

ADDITIONAL INFORMATION REGARDING THE THIRD QUARTER AND NINE-MONTH PERIOD ENDED SEPTEMBER 30, 2012

The Corporation's operating results were affected by exceptionally dry weather in Québec and the Northeastern U.S. in the summer of 2012, which led to a $4.3 million decrease in EBITDA in the hydroelectric power segment. However, the decline in the hydroelectric power segment was partially offset by an extraordinary gain of $4.0 million, regarding a retroactive adjustment on water rights of U.S. hydroelectric power stations as well as sustained performance in the wind power segment, due in particular to the contribution of the new St-Patrick site in France, acquired in June 2012. Furthermore, the change in the net loss for the third quarter and nine-month period ended September 30, 2012 compared with the same periods of 2011 resulted largely from the recognition of a $5.4 million foreign exchange gain in the third quarter of 2011.

For the nine-month period ended September 30, 2012, other than the historically low water flow conditions in the hydroelectric power segment in the second and third quarters, the decrease in adjusted loss was triggered by a significant but predicable drop in thermal power segment EBITDA, owing primarily to the increase in the cost of natural gas consumed by the cogeneration power station in Kingsey Falls, Québec.

Boralex President and CEO Patrick Lemaire underscored the good showing in the wind and solar power segments, whose combined EBITDA has grown over 15% to $41.6 million since the beginning of the year. "Despite the unfavourable weather conditions over the past six months, our hydroelectric power stations have excellent long-term prospects and remain major contributors to our bottom line, generating over $27.0 million in EBITDA for first nine months of 2012. Our Kingsey Falls power station will cease cogeneration operations when its sales contract with Hydro-Québec expires on November 30, 2012. The revenue shortfall arising from this shutdown will be offset in the coming quarters by the recently completed and ongoing expansion initiatives at Boralex."

BORALEX AIMS TO DOUBLE EBITDA BY 2016

Due to its significant capacity to generate cash from operations, Boralex is in a solid financial position, with cash on hand in excess of over $140 million as at September 30, 2012. The Corporation will use the cash to execute the full range of its development projects underway in the wind and hydroelectric power segments totalling over 550 MW under long-term power sales contracts held independently or with partners. By completing these various projects in the coming years, plus approximately 100 MW in anticipated additional capacity in its project pipeline, Boralex aims to double the EBITDA reported in the past twelve months with no dilution to existing shareholdings.

Boralex continues seeking acquisition opportunities mainly in Canada and France, targeting renewable energy assets covered by long-term power sales contracts that offer growing and predictable cash flows along with attractive leveraged financing options. "Boralex commands a strong competitive edge to continue seizing the best market opportunities, consisting of robust finances, its targeted approach, an excellent multidisciplinary team and its entrepreneurial culture," added Mr. Lemaire.

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 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 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

(in thousands of Canadian dollars) (unaudited)   As at
September 30,
2012
  As at
December 31,
2011
ASSETS        
Cash and cash equivalents   140,495   144,703
Restricted cash   207   18,288
Trade and other receivables   27,807   50,500
Inventories   4,109   3,573
Available-for-sale financial asset   972   2,208
Prepaid expenses   3,316   2,137
CURRENT ASSETS   176,906   221,409
         
Property, plant and equipment   655,856   643,047
Energy sales contracts   98,975   97,705
Water rights   109,685   111,844
Goodwill   46,504   38,063
Other intangible assets   33,957   5,285
Interest in the Joint Venture   57,200   45,266
Other non-current assets   12,864   14,236
NON-CURRENT ASSETS   1,015,041   955,446
TOTAL ASSETS   1,191,947   1,176,855
LIABILITIES        
Trade and other payables   37,440   34,209
Current portion of debt   98,570   26,659
Current income tax liability   813   10,776
Other current financial liabilities   26,997   29,757
CURRENT LIABILITIES   163,820   101,401
         
Non-current debt   418,823   479,525
Convertible debentures   225,491   223,347
Deferred income tax liability   27,210   26,031
Other non-current financial liabilities   21,847   14,273
Other non-current liabilities   4,723   3,400
NON-CURRENT LIABILITIES   698,094   746,576
TOTAL LIABILITIES   861,914   847,977
EQUITY        
Capital stock   222,827   222,758
Equity component of convertible debentures   14,379   14,379
Contributed surplus   6,682   6,106
Retained earnings   143,245   144,501
Accumulated other comprehensive loss   (74,082)   (65,980)
Equity attributable to shareholders   313,051   321,764
Non-controlling interests   16,982   7,114
TOTAL EQUITY   330,033   328,878
TOTAL LIABILITIES AND EQUITY   1,191,947   1,176,855



Consolidated Statements of Loss

    Three-month periods
ended September 30
  Nine-month periods
ended September 30
(in thousands of Canadian dollars, except per share amounts) (unaudited)   2012 2011   2012 2011
             
REVENUES            
Revenues from energy sales   33,021 36,198   129,377 137,533
Other income   130 189   452 513
    33,151 36,387   129,829 138,046
             
COSTS AND OTHER EXPENSES            
Operating expenses   12,595 15,115   47,667 53,172
Administrative   3,739 3,529   11,522 11,695
Development   594 1,055   2,230 2,724
Amortization   15,119 14,214   43,009 43,250
Other losses (gains)   971 (582)   971 (2,959)
Impairment of property, plant and equipment and intangible assets   - 6,503   823 6,503
    33,018 39,834   106,222 114,385
             
OPERATING INCOME (LOSS)   133 (3,447)   23,607 23,661
             
Financing costs   12,440 12,537   36,639 37,024
Foreign exchange loss (gain)   (25) (5,393)   106 (3,346)
Net loss on financial instruments   14 68   499 474
             
LOSS BEFORE THE FOLLOWING ITEMS   (12,296) (10,659)   (13,637) (10,491)
             
Share in earnings of the Joint Venture   (3) -   (20) -
Income tax recovery   (3,494) (4,011)   (3,456) (3,588)
             
NET LOSS FROM CONTINUING OPERATIONS   (8,799) (6,648)   (10,161) (6,903)
Net earnings (loss) from discontinued operations   566 (893)   3,025 838
NET LOSS   (8,233) (7,541)   (7,136) (6,065)
             
NET LOSS ATTRIBUTABLE TO:            
  Shareholders of Boralex   (7,601) (7,208)   (6,353) (5,304)
  Non-controlling shareholders   (632) (333)   (783) (761)
NET LOSS   (8,233) (7,541)   (7,136) (6,065)
             
NET EARNINGS (LOSS) ATTRIBUTABLE TO
SHAREHOLDERS OF BORALEX:
           
  Continuing operations   (8,167) (6,315)   (9,378) (6,142)
  Discontinued operations   566 (893)   3,025 838
    (7,601) (7,208)   (6,353) (5,304)
             
BASIC NET EARNINGS (LOSS) PER SHARE ATTRIBUTABLE TO
SHAREHOLDERS OF BORALEX:
           
  Continuing operations   $(0.22) $(0.17)   $(0.25) $(0.16)
  Discontinued operations   $0.02 $(0.02)   $0.08 $0.02
    $(0.20) $(0.19)   $(0.17) $(0.14)
             
DILUTED NET EARNINGS (LOSS) PER SHARE ATTRIBUTABLE TO
SHAREHOLDERS OF BORALEX:
           
  Continuing operations   $(0.22) $(0.17)   $(0.25) $(0.16)
  Discontinued operations   $0.02 $(0.02)   $0.08 $0.02
    $(0.20) $(0.19)   $(0.17) $(0.14)



Statements of Comprehensive Loss

      Three-month periods
ended September 30
  Nine-month periods
ended September 30
(in thousands of Canadian dollars) (unaudited)   2012 2011   2012 2011
NET LOSS   (8,233) (7,541)   (7,136) (6,065)
               
OTHER COMPREHENSIVE INCOME (LOSS)            
Translation differences            
  Unrealized foreign exchange gain (loss) on translation of
financial statements of self-sustaining foreign operations
  (4,878) 9,562   (5,929) 9,586
Cash flow hedges            
  Change in fair value of financial instruments   (4,618) (30,998)   (13,460) (39,903)
  Hedging items realized and recognized in net loss   3,794 1,204   11,620 3,818
  Hedging items realized and recognized in statement of financial
position
  - -   - 198
  Taxes   268 9,083   840 11,008
Cash flow hedges - Joint Venture            
  Change in fair value of financial instruments   (2,545) -   (5,895) -
  Taxes   677 -   1,568 -
Available-for-sale financial asset            
  Change in fair value of an available-for-sale financial asset   182 (571)   (269) (147)
  Items realized and recognized in net loss   968 -   968 (624)
Discontinued operations   - (99)   - (2,120)
Total other comprehensive loss   (6,152) (11,819)   (10,557) (18,184)
COMPREHENSIVE LOSS   (14,385) (19,360)   (17,693) (24,249)
               
COMPREHENSIVE LOSS ATTRIBUTABLE TO:            
  Shareholders of Boralex   (13,040) (18,101)   (15,633) (23,413)
  Non-controlling shareholders   (1,345) (1,259)   (2,060) (836)
COMPREHENSIVE LOSS   (14,385) (19,360)   (17,693) (24,249)
               
COMPREHENSIVE INCOME (LOSS) ATTRIBUTABLE TO
SHAREHOLDERS OF BORALEX:
           
  Continuing operations   (13,606) (17,109)   (18,658) (22,131)
  Discontinued operations   566 (992)   3,025 (1,282)
    (13,040) (18,101)   (15,633) (23,413)



Consolidated Statements of Changes in Equity

                            Nine-month period
ended September 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 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
Stock option expense   -   -   576   -   -   576   -   576
Share repurchases   (5)   -   -   (2)   -   (7)   -   (7)
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
                                 
                            Nine-month period
ended September 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 loss   -   -   -   (5,304)   -   (5,304)   (761)   (6,065)
Other comprehensive loss   -   -   -   -   (18,109)   (18,109)   (75)   (18,184)
Comprehensive loss   -   -   -   (5,304)   (18,109)   (23,413)   (836)   (24,249)
                                 
Conversion of convertible debentures   250   -   -   -   -   250   -   250
Share repurchases   (352)   -   -   (75)   -   (427)   -   (427)
Stock option expense   -   -   850   -   -   850   -   850
Other   -   (109)   -   -   -   (109)   -   (109)
Balance as at September 30, 2011   222,751   14,379   5,878   136,314   (42,814)   336,508   7,496   344,004



Consolidated Statements of Cash Flows

    Three-month periods
ended September 30
  Nine-month periods
ended September 30
(in thousands of Canadian dollars) (unaudited)   2012 2011   2012 2011
Net loss attributable to shareholders of Boralex   (7,601) (7,208)   (6,353) (5,304)
Less: Net earnings (loss) from discontinued operations   566 (893)   3,025 838
Net loss from continuing operations attributable to shareholders of Boralex   (8,167) (6,315)   (9,378) (6,142)
Financing costs   12,440 12,537   36,639 37,024
Interest paid   (9,764) (9,060)   (33,091) (33,776)
Income tax recovery   (3,494) (4,011)   (3,456) (3,588)
Income taxes paid   (176) (1,469)   (2,369) (4,298)
Non-cash items in loss:            
  Unrealized foreign exchange loss on intercompany advances   - (2,899)   - (1,324)
  Amortization   15,119 14,214   43,009 43,250
  Loss (gain) on sale of assets   971 -   971 (2,377)
  Gain on sale of assets to the Joint Venture   - (582)   - (582)
  Impairment of property, plant and equipment and intangible assets   - 6,503   823 6,503
  Net loss on financial instruments   14 68   499 474
  Share in earnings of the Joint Venture   (3) -   (20) -
  Other   (442) 586   63 1,462
    6,498 9,572   33,690 36,626
Change in non-cash items related to operating activities   (3,474) 4,561   17,139 24,973
NET CASH FLOWS RELATED TO OPERATING ACTIVITIES   3,024 14,133   50,829 61,599
             
Business acquisitions   - (700)   (39,080) (700)
Additions to property, plant and equipment   (2,990) (6,159)   (5,533) (28,902)
Additions to other intangible assets   (588) -   (2,148) -
Change in restricted cash   6,453 -   18,081 14,647
Increase in interest in the Joint Venture   (6,452) (8,164)   (17,735) (10,376)
Development projects   (1,588) (532)   (3,244) (1,181)
Proceeds from sale of assets   - -   8,763 2,050
Other   14 234   110 500
NET CASH FLOWS RELATED TO INVESTING ACTIVITIES   (5,151) (15,321)   (40,786) (23,962)
             
Decrease in bank loans and overdraft   - -   - (201)
Net increase in non-current debt   - (67)   - 33,186
Repayments on non-current debt   (9,299) (9,311)   (23,966) (42,427)
Contribution of non-controlling interests   82 -   18,206 -
Other   46 (427)   (2) (427)
NET CASH FLOWS RELATED TO FINANCING ACTIVITIES   (9,171) (9,805)   (5,762) (9,869)
Cash related to discontinued operations   568 3,457   (6,404) 11,061
TRANSLATION ADJUSTMENT ON CASH AND CASH EQUIVALENTS   (1,889) 1,867   (2,085) 1,589
NET CHANGE IN CASH AND CASH EQUIVALENTS   (12,619) (5,669)   (4,208) 40,418
CASH AND CASH EQUIVALENTS - BEGINNING OF PERIOD   153,114 138,737   144,703 92,650
CASH AND CASH EQUIVALENTS - END OF PERIOD   140,495 133,068   140,495 133,068


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, 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 (loss), 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
ended September 30
  Nine-month periods
ended September 30
(in thousands of Canadian dollars) (unaudited)   2012 2011   2012 2011
Net loss attributable to shareholders of Boralex   (7,601) (7,208)   (6,353) (5,304)
Net loss (earnings) from discontinued operations   (566) 893   (3,025) (838)
Non-controlling shareholders   (632) (333)   (783) (761)
Income tax recovery   (3,494) (4,011)   (3,456) (3,588)
Net loss on financial instruments   14 68   499 474
Foreign exchange loss (gain)   (25) (5,393)   106 (3,346)
Financing costs   12,440 12,537   36,639 37,024
Impairment of property, plant and equipment and intangible assets   - 6,503   823 6,503
Other losses (gains)   971 (582)   971 (2,959)
Amortization   15,119 14,214   43,009 43,250
EBITDA   16,226 16,688   68,430 70,455

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 September 30
  Nine-month periods
ended September 30
(in thousands of Canadian dollars) (unaudited)   2012 2011   2012 2011
Net cash flows related to operating activities   3,024 14,133   50,829 61,599
Less :
Change in non-cash items related to operating activities
  (3,474) 4,561   17,139 24,973
             
CASH FLOWS FROM OPERATIONS   6,498 9,572   33,690 36,626

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

    Three-month periods
ended September 30
  Nine-month periods
ended September 30
(in thousands of Canadian dollars) (unaudited)   2012 2011   2012 2011
EBITDA   16,226 16,688   68,430 70,455
Specific items :            
  Professional fees incurred in connection with acquisitions in France   711   1,543 -
  Retroactive adjustment to taxed on water rights of U.S. hydroelectric power
stations
  (3,957) -   (3,957) -
ADJUSTED EBITDA   12,980 16,688   66,016 70,455
               
               
      Three-month periods
ended September 30
  Nine-month periods
ended September 30
(in thousands of Canadian dollars) (unaudited)   2012 2011   2012 2011
Net loss attributable to shareholders of Boralex   (7,601) (7,208)   (6,353) (5,304)
Net loss (earnings) from discontinued operations   (566) 893   (3,025) (838)
Specific items* :            
  Other losses (gains)   680 (407)   680 (2,071)
  Impairment of property, plant and equipment and intangible assets   - 4,552   492            4,552
  Professional fees incurred in connection with acquisitions in France   477 -   1,034 -
  Retroactive adjustment to taxed on water rights of U.S. hydroelectric power
stations
  (2,374) -   (2,374) -
               
ADJUSTED NET LOSS   (9,384) (2,170)   (9,546) (3,661)

* Net of income taxes

Information by Operating Segment

    Three-month periods
ended September 30
  Nine-month periods
ended September 30
(in thousands of Canadian dollars) (unaudited)   2012 2011   2012 2011
Power production (MWh)            
Wind power stations   110,343 94,840   421,584 371,771
Hydroelectric power stations   86,472 148,596   408,441 507,091
Thermal power stations   83,815 92,423   244,119 355,608
Solar power station   2,056 1,942   5,325 2,210
    282,686 337,801   1,079,469 1,236,680
Revenues from energy sales            
Wind power stations   12,540 11,328   49,531 44,794
Hydroelectric power stations   7,456 11,615   33,887 40,337
Thermal power stations   12,173 12,368   43,701 51,391
Solar power station   852 887   2,258 1,011
    33,021 36,198   129,377 137,533
EBITDA            
Wind power stations   9,563 8,160   39,622 35,217
Hydroelectric power stations   7,510 8,513   27,211 30,237
Thermal power stations   2,408 2,928   11,957 16,538
Solar power station   770 810   1,988 931
Corporate and eliminations   (4,025) (3,723)   (12,348) (12,468)
    16,226 16,688   68,430 70,455
Additions to property, plant and equipment            
Wind power stations   1,417 3,362   2,037 12,094
Hydroelectric power stations   830 908   1,367 1,239
Thermal power stations   241 1,534   307 3,481
Solar power station   24 112   720 11,545
Corporate and eliminations   478 243   1,102 543
    2,990 6,159   5,533 28,902
             
(in thousands of Canadian dollars) (unaudited)         As at
September 30,
2012
As at
December 31,
2011
Total assets            
Wind power stations         557,936 528,521
Hydroelectric power stations         360,420 366,099
Thermal power stations         87,943 101,683
Solar power station         20,305 23,586
Corporate         165,343 156,966
          1,191,947 1,176,855
Total liabilities            
Wind power stations         420,032 392,611
Hydroelectric power stations         137,378 143,439
Thermal power stations
        27,113 29,581
Solar power station         16,112 21,043
Corporate         261,279 261,303
          861,914 847,977



Information by Geographic Segment

    Three-month periods
ended September 30
  Nine-month periods
ended September 30
(in thousands of Canadian dollars) (unaudited)   2012 2011   2012 2011
Power production (MWh)            
Canada   155,518 186,271   547,573 670,834
United States   43,384 86,194   242,853 328,673
France   83,784 65,336   289,043 237,173
    282,686 337,801   1,079,469 1,236,680
Revenues from energy sales            
Canada   17,267 18,746   67,735 75,560
United States   3,515 6,427   18,415 24,620
France   12,239 11,025   43,227 37,353
    33,021 36,198   129,377 137,533
EBITDA            
Canada   5,014 5,643   30,464 32,111
United States   5,071 5,201   16,323 19,194
France   6,141 5,844   21,643 19,150
    16,226 16,688   68,430 70,455
Additions to property, plant and equipment            
Canada   1,695 4,955   2,821 13,378
United States   77 207   162 502
France   1,218 997   2,550 15,022
    2,990 6,159   5,533 28,902
             
(in thousands of Canadian dollars) (unaudited)         As at
September 30,
2012
As at
December 31,
2011
Total assets            
Canada         642,751 679,354
United States         192,866 209,003
France         356,330 288,498
          1,191,947 1,176,855
Non-current assets            
Canada         537,276 543,319
United States         145,596 156,631
France         332,169 255,496
          1,015,041 955,446
Total liabilities            
Canada         480,013 483,731
United States         107,742 122,827
France         274,159 241,419
          861,914 847,977

 

SOURCE BORALEX INC.



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