MONTREAL, Aug. 5, 2011 /PRNewswire/ - Boralex Inc. ("Boralex" or the "Corporation") reported revenues totalling $54.0 million in the second quarter of 2011, up 47.1% compared with the same period of 2010 owing to the expansion in its wind power segment and asset acquisitions.
(in millions of dollars, except per share amounts) | |||||
Three-month periods ended June 30 |
Six-month periods ended June 30 |
||||
2011 | 2010 | 2011 | 2010 | ||
Revenues from energy sales | 54.0 | 36.7 | 136.0 | 87.7 | |
EBITDA | 21.7 | 5.4 | 59.5 | 23.2 | |
Net earnings (loss) | (5.1) | (4.7) | 1.9 | (2.7) | |
per share (basic) in dollars | (0.14) | (0.12) | 0.05 | (0.07) | |
Cash flows from operations | 8.9 | 5.3 | 33.0 | 19.9 |
During the second quarter, Boralex recorded earnings before interest, income taxes and amortization ("EBITDA") of $21.7 million, up $16.3 million from the second quarter of 2010. This increase mostly results from the positive $11.9 million contribution stemming from the addition of the ten power stations of the Boralex Power Income Fund (the "Fund") and the $5.4 million generated by the commissioning of new wind power facilities. For the three-month period ended June 30, 2011, the Corporation recorded a net loss of $5.1 million or $0.14 per share which compares to a net loss of $4.7 million or $0.12 per share at the same period in 2010. The increase in net loss is explained by the decline in operating income from U.S. wood-residue power stations and higher financing costs arising from the issuance of convertible debentures.
"Our results for the first half of fiscal 2011 show the growing positive impact of Boralex's expansion strategy," said Patrick Lemaire, President and CEO of Boralex. "The performance of the assets acquired from the Fund coupled with the growth of our wind power portfolio lessened the impact of difficult market conditions for U.S. wood-residue power stations and rising amortization and financing expenses resulting from Boralex's recent expansion. These second quarter results were impacted by current economic conditions beyond our control," added Mr. Lemaire.
"Boralex's second quarter is usually its weakest of the year due to the seasonal nature of our operations, and 2011 was no exception," stated Boralex Vice-President and CFO Jean-François Thibodeau. "The current state of the U.S. market and wind conditions below historical averages in France compounded the effect of this seasonal cycle on our operations during the last quarter," indicated Mr. Thibodeau.
During the second quarter, Boralex commissioned its first solar power facility of 4.5 MW, on time and on budget.
Segmented quarterly results
The wind power segment continued to capitalize on the significant contribution of new wind power facilities and reported revenues and EBITDA for the second quarter of 2011 totalling $15.2 million and $12.0 million, respectively, representing increases of 65% and 69% compared with the same period of 2010. At the end of April, construction work began at the two first Seigneurie de Beaupré wind farms, in which Boralex holds a 50% stake. The Corporation and its partner expect to complete financing for the two projects by the end of 2011. Furthermore, in June 2011, the two community wind power projects developed by Boralex in conjunction with the Québec regional county municipalities of Témiscouata and La Côte-de-Beaupré both have been granted 20-year power sales contracts with Hydro-Québec Distribution.
In the hydroelectric segment, revenues for the second quarter of 2011 grew nearly sevenfold to $16.0 million, with EBITDA reaching $12.6 million—10.5 times higher than a year ago. The addition of the Fund's seven power stations coupled with favourable water flow conditions were behind the segment's good showing.
Boralex's wood-residue segment continued to weather difficult business conditions in the U.S., given currently low electricity free market selling prices and the shutdown of the Ashland power station after a sales agreement was not secured. Bear in mind that the second quarter is typically the weakest for Boralex's U.S. thermal power stations, which usually schedule periodic maintenance in the spring. Accordingly, for the three-month period ended June 30, 2011, the segment reported revenues totalling $12.5 million, down $10.4 million or 45.4% from $22.9 million for the same period a year ago.
Lastly, revenues in the natural gas segment stood at $10.1 million, up from $2.3 million year over year, owing to the $7.3 million contribution of the Canadian power station coupled with a $0.5 million revenue boost from the French facility. Quarterly EBITDA was $3.6 million, up $3.7 million from the same period of 2010.
About Boralex
Boralex is a power producer whose core business involves developing and operating renewable energy power stations with a total installed capacity of more than 700 MW in Canada, the Northeastern United States and France. Boralex is also committed under power development projects, both independently and with European and Canadian partners, to add approximately 400 MW of power. With nearly 350 employees, Boralex is known for its diversified expertise and in-depth experience in four power generation types — wind, hydroelectric, thermal and more recently, 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.
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 and cash flows from operations 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 Balance Sheets
(in thousands of Canadian dollars) (unaudited) | AS AT JUNE 30, 2011 | AS AT DECEMBER 31, 2010 | ||
ASSETS | ||||
CURRENT ASSETS | ||||
Cash and cash equivalents | 138,737 | 92,650 | ||
Restricted cash | 1,277 | 15,924 | ||
Accounts receivable | 38,698 | 60,420 | ||
Available-for-sale financial asset | 2,910 | 23,251 | ||
Future income taxes | - | 512 | ||
Inventories | 7,392 | 9,179 | ||
Prepaid expenses | 3,866 | 2,516 | ||
Fair value of derivative financial instruments | 55 | 769 | ||
192,935 | 205,221 | |||
Interest in a joint venture | 7,292 | _ | ||
Property, plant and equipment | 736,804 | 738,884 | ||
Energy sales contracts | 102,498 | 103,994 | ||
Water rights | 111,535 | 113,015 | ||
Other long-term assets | 38,408 | 46,842 | ||
Goodwill | 38,063 | 38,063 | ||
1,227,535 | 1,246,019 | |||
LIABILITIES | ||||
CURRENT LIABILITIES | ||||
Bank loans and advances | - | 195 | ||
Accounts payable and accrued liabilities | 35,317 | 59,558 | ||
Income taxes payable | 2,545 | 3,209 | ||
Fair value of derivative financial instruments | - | 183 | ||
Current portion of long-term debt | 23,944 | 34,033 | ||
61,806 | 97,178 | |||
Long-term debt | 497,449 | 479,546 | ||
Convertible debentures | 221,973 | 220,824 | ||
Long-term lease accruals | 3,058 | 2,981 | ||
Future income taxes | 61,571 | 66,967 | ||
Fair value of derivative financial instruments | 18,207 | 10,834 | ||
864,064 | 878,330 | |||
EQUITY | ||||
Capital stock | 223,049 | 222,853 | ||
Equity component of convertible debentures | 14,379 | 14,488 | ||
Contributed surplus | 5,612 | 5,028 | ||
Retained earnings | 144,204 | 142,300 | ||
Accumulated other comprehensive loss | (32,245) | (25,874) | ||
Equity attributable to shareholders | 354,999 | 358,795 | ||
Non-controlling interests | 8,472 | 8,894 | ||
Total equity | 363,471 | 367,689 | ||
1,227,535 | 1,246,019 | |||
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 and number of shares) (unaudited) |
2011 | 2010 | 2011 | 2010 | |||
REVENUES | |||||||
Revenues from energy sales | 53,963 | 36,728 | 135,992 | 87,732 | |||
Management revenues from the Fund | - | 1,523 | - | 3,279 | |||
Other income | 172 | 155 | 324 | 454 | |||
54,135 | 38,406 | 136,316 | 91,465 | ||||
COSTS AND OTHER EXPENSES | |||||||
Operating costs | 26,043 | 23,914 | 65,258 | 50,933 | |||
Administrative | 5,574 | 6,825 | 9,868 | 10,531 | |||
Development | 785 | 1,189 | 1,669 | 2,802 | |||
Management and operation of the Fund | - | 1,314 | - | 2,819 | |||
Amortization | 17,053 | 8,272 | 32,833 | 15,940 | |||
Gain on sale of assets | - | - | (2,377) | (774) | |||
49,455 | 41,514 | 107,251 | 82,251 | ||||
OPERATING INCOME (LOSS) | 4,680 | (3,108) | 29,065 | 9,214 | |||
Financing costs | 12,513 | 3,123 | 24,496 | 8,883 | |||
Foreign exchange loss (gain) | 518 | (884) | 2,037 | (430) | |||
Net loss (gain) on financial instruments | 93 | 220 | 409 | (339) | |||
EARNINGS (LOSS) BEFORE INCOME TAXES AND SHARE IN EARNINGS (LOSS) OF THE FUND |
(8,444) | (5,567) | 2,123 | 1,100 | |||
Income taxes (recovery) | (2,853) | (433) | 647 | 2,552 | |||
NET EARNINGS (LOSS) BEFORE SHARE IN EARNINGS (LOSS) OF THE FUND |
(5,591) | (5,134) | 1,476 | (1,452) | |||
Share in earnings (loss) of the Fund | - | 232 | - | (1,193) | |||
NET EARNINGS (LOSS) | (5,591) | (4,902) | 1,476 | (2,645) | |||
NET EARNINGS (LOSS) ATTRIBUTABLE TO: | |||||||
Shareholders of Boralex Inc. | (5,107) | (4,714) | 1,904 | (2,738) | |||
Non-controlling shareholders | (484) | (188) | (428) | 93 | |||
NET EARNINGS (LOSS) | (5,591) | (4,902) | 1,476 | (2,645) | |||
Net earnings (loss) per share (basic and diluted) | $(0.14) | $(0.12) | $0.05 | $(0.07) | |||
Weighted average number of shares outstanding (basic) | 37,773,213 | 37,740,921 | 37,769,872 | 37,740,921 | |||
Weighted average number of shares outstanding (diluted) | 37,881,857 | 37,880,115 | 37,879,083 | 37,976,830 | |||
Consolidated Statements of Comprehensive Loss | |||||||
THREE-MONTH PERIODS ENDED JUNE 30 |
SIX-MONTH PERIODS ENDED JUNE 30 |
||||||
(in thousands of Canadian dollars) (unaudited) | 2011 | 2010 | 2011 | 2010 | |||
NET EARNINGS (LOSS) | (5,591) | (4,902) | 1,476 | (2,645) | |||
Other comprehensive income (loss) | |||||||
Translation adjustments | |||||||
Unrealized foreign exchange gain (loss) on translation of financial statements of self-sustaining foreign operations |
(64) | 2,929 | 283 | (6,374) | |||
Share of cumulative translation adjustments of the Fund | - | 694 | - | 216 | |||
Taxes | (259) | 154 | (259) | 160 | |||
Cash flow hedges | |||||||
Change in fair value of financial instruments | (9,947) | (8,482) | (10,723) | (14,077) | |||
Hedging items realized and recognized in net earnings (loss) | 1,521 | (2,159) | 2,150 | (3,378) | |||
Hedging items realized and recognized in balance sheet | 78 | 991 | 198 | 2,137 | |||
Taxes | 2,613 | 3,136 | 2,186 | 3,913 | |||
Available-for-sale financial asset | |||||||
Unrealized loss on available-for-sale financial asset | (954) | - | (200) | - | |||
(7,012) | (2,737) | (6,365) | (17,403) | ||||
COMPREHENSIVE LOSS | (12,603) | (7,639) | (4,889) | (20,048) | |||
COMPREHENSIVE INCOME (LOSS) ATTRIBUTABLE TO: | |||||||
Shareholders of Boralex Inc. | (12,121) | (7,441) | (4,467) | (20,119) | |||
Non-controlling shareholders | (482) | (198) | (422) | 71 | |||
COMPREHENSIVE LOSS | (12,603) | (7,639) | (4,889) | (20,048) | |||
Consolidated Statements of Changes in Equity
SIX-MONTH PERIOD ENDED JUNE 30, 2011 |
||||||||||||||||
Attributable to shareholders | ||||||||||||||||
(in thousands of Canadian dollars) (unaudited) |
Capital stock |
Equity component of convertible debentures |
Contributed surplus |
Retained earnings |
Comprehensive loss |
Total | Non-controlling interests |
Total equity |
||||||||
Balance - beginning of period | 222,853 | 14,488 | 5,028 | 142,300 | (25,874) | 358,795 | 8,894 | 367,689 | ||||||||
Net earnings for the period | - | - | - | 1,904 | - | 1,904 | (428) | 1,476 | ||||||||
Other comprehensive loss | - | - | - | - | (6,371) | (6,371) | 6 | (6,365) | ||||||||
Comprehensive loss | - | - | - | 1,904 | (6,371) | (4,467) | (422) | (4,889) | ||||||||
Conversion of convertible debentures | 196 | - | - | - | - | 196 | - | 196 | ||||||||
Stock option expense | - | - | 584 | - | - | 584 | - | 584 | ||||||||
Other | - | (109) | - | - | - | (109) | - | (109) | ||||||||
Balance - end of period | 223,049 | 14,379 | 5,612 | 144,204 | (32,245) | 354,999 | 8,472 | 363,471 | ||||||||
SIX-MONTH PERIOD ENDED JUNE 30, 2010 |
||||||||||||||||
Attributable to shareholders | ||||||||||||||||
(in thousands of Canadian dollars) (unaudited) |
Capital stock |
Contributed surplus |
Retained earnings |
Comprehensive loss |
Total | Non-controlling interests |
Total equity |
|||||||||
Balance - beginning of period | 222,694 | 4,290 | 105,538 | (2,344) | 330,178 | 7,031 | 337,209 | |||||||||
Net loss for the period | - | - | (2,738) | - | (2,738) | 93 | (2,645) | |||||||||
Other comprehensive loss | - | - | - | (17,381) | (17,381) | (22) | (17,403) | |||||||||
Comprehensive loss | - | - | (2,738) | (17,381) | (20,119) | 71 | (20,048) | |||||||||
Excess of purchase price paid for acquisition of non-controlling interests |
- | - | (1,725) | - | (1,725) | (26) | (1,751) | |||||||||
Stock option expense | - | 438 | - | - | 438 | - | 438 | |||||||||
Balance - end of period | 222,694 | 4,728 | 101,075 | (19,725) | 308,772 | 7,076 | 315,848 | |||||||||
Consolidated Statements of Cash Flows
THREE-MONTH PERIODS ENDED JUNE 30 |
SIX-MONTH PERIODS ENDED JUNE 30 |
|||||||
(in thousands of Canadian dollars) (unaudited) | 2011 | 2010 | 2011 | 2010 | ||||
OPERATING ACTIVITIES | ||||||||
Net earnings (loss) attributable to shareholders | (5,107) | (4,714) | 1,904 | (2,738) | ||||
Distributions received from the Fund | - | 1,377 | - | 3,098 | ||||
Financing costs | 12,513 | 3,123 | 24,496 | 8,883 | ||||
Interest paid | (12,319) | (1,312) | (24,723) | (7,451) | ||||
Income taxes (recovery) | (2,853) | (433) | 647 | 2,552 | ||||
Income taxes paid | (1,388) | (1,393) | (2,829) | (1,574) | ||||
Adjustments: | ||||||||
Unrealized foreign exchange loss on intercompany advances | 485 | - | 1,575 | - | ||||
Net loss (gain) on financial instruments | 93 | 220 | 409 | (339) | ||||
Share in earnings of the Fund | - | (232) | - | 1,193 | ||||
Amortization | 17,053 | 8,272 | 32,833 | 15,940 | ||||
Gain on sale of assets | - | - | (2,377) | (774) | ||||
Other | 451 | 422 | 1,052 | 1,060 | ||||
8,928 | 5,330 | 32,987 | 19,850 | |||||
Change in non-cash working capital items | 6,780 | (6,102) | 22,979 | 2,101 | ||||
15,708 | (772) | 55,966 | 21,951 | |||||
INVESTING ACTIVITIES | ||||||||
Additions to property, plant and equipment | (12,803) | (43,573) | (23,441) | (64,281) | ||||
Change in restricted cash | 5,235 | 20,602 | 14,647 | (73,685) | ||||
Increase in interest in a joint venture | (2,212) | - | (2,212) | - | ||||
Proceeds from sale of a subsidiary | - | - | - | 878 | ||||
Change in reserve funds | (240) | 24 | (244) | 882 | ||||
Development projects | (56) | (350) | (649) | (395) | ||||
Sale of asset | 2,050 | - | 2,050 | - | ||||
Other | 269 | 549 | 312 | 1,504 | ||||
(7,757) | (22,748) | (9,537) | (135,097) | |||||
FINANCING ACTIVITIES | ||||||||
Decrease in bank loans and advances | - | (7,865) | (201) | (12,291) | ||||
Net increase in long-term debt | 21,516 | 20,317 | 33,253 | 208,866 | ||||
Payments on long-term debt | (21,054) | (1,357) | (33,116) | (60,774) | ||||
Purchase of non-controlling interests | - | (1,751) | - | (1,751) | ||||
462 | (9,344) | (64) | 134,050 | |||||
TRANSLATION ADJUSTMENT ON CASH AND CASH EQUIVALENTS | (944) | (2,457) | (278) | (8,970) | ||||
NET CHANGE IN CASH AND CASH EQUIVALENTS | 7,469 | (16,633) | 46,087 | 11,934 | ||||
CASH AND CASH EQUIVALENTS - BEGINNING OF PERIOD | 131,268 | 66,388 | 92,650 | 37,821 | ||||
CASH AND CASH EQUIVALENTS - END OF PERIOD | 138,737 | 49,755 | 138,737 | 49,755 | ||||
SEGMENTED INFORMATION
In order to assess the performance of its assets and reporting segments, Boralex uses EBITDA and cash flows from operations as performance measures. Management believes that these measures are widely accepted financial indicators used by investors to assess the operational performance of a company and its ability to generate cash through operations.
These non-GAAP performance measures are drawn primarily from the unaudited interim condensed consolidated financial statements, but do not have a standardized meaning under IFRS; accordingly, they 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 or cash flows, or as a parameter for measuring liquidity, which are IFRS measures.
EBITDA is reconciled to the most comparable IFRS measure, namely, net earnings (loss) attributable to shareholders, in the following table:
THREE-MONTH PERIODS ENDED JUNE 30 |
SIX-MONTH PERIODS ENDED JUNE 30 |
||||
2011 | 2010 | 2011 | 2010 | ||
Net earnings (loss) attributable to shareholders | (5,107) | (4,714) | 1,904 | (2,738) | |
Non-controlling interests | (484) | (188) | (428) | 93 | |
Income taxes (recovery) | (2,853) | (433) | 647 | 2,552 | |
Net loss (gain) on financial instruments | 93 | 220 | 409 | (339) | |
Foreign exchange loss (gain) | 518 | (884) | 2,037 | (430) | |
Financing costs | 12,513 | 3,123 | 24,496 | 8,883 | |
Gain on sale of assets | - | - | (2,377) | (774) | |
Amortization | 17,053 | 8,272 | 32,833 | 15,940 | |
EBITDA | 21,733 | 5,396 | 59,521 | 23,187 |
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, cash flows related to operating activities, in the following table:
THREE-MONTHS PERIODS ENDED JUNE 30 |
SIX-MONTHS PERIODS ENDED JUNE 30 |
||||
2011 | 2010 | 2011 | 2010 | ||
Cash flows related to operating activities | 15,708 | (772) | 55,966 | 21,951 | |
Cash flows provided by change in non-cash working capital items | (6,780) | 6,102 | (22,979) | (2,101) | |
CASH FLOWS FROM OPERATIONS | 8,928 | 5,330 | 32,987 | 19,850 | |
INFORMATION BY OPERATING SEGMENT
THREE-MONTH PERIODS ENDED JUNE 30 |
SIX-MONTH PERIODS ENDED JUNE 30 |
|||||
2011 | 2010 | 2011 | 2010 | |||
Power generation (MWh) | ||||||
Wind power stations | 124,362 | 76,999 | 276,931 | 167,291 | ||
Hydroelectric power stations | 213,490 | 34,301 | 358,495 | 74,610 | ||
Wood-residue thermal power stations | 178,033 | 265,470 | 550,453 | 585,577 | ||
Natural gas thermal power station | 45,336 | 77 | 127,627 | 22,507 | ||
Corporate (solar power) | 268 | - | 268 | - | ||
561,489 | 376,847 | 1,313,774 | 849,985 | |||
Revenues from energy sales | ||||||
Wind power stations | 15,193 | 9,230 | 33,466 | 20,643 | ||
Hydroelectric power stations | 15,990 | 2,323 | 28,722 | 5,377 | ||
Wood-residue thermal power stations | 12,544 | 22,896 | 46,853 | 53,111 | ||
Natural gas thermal power station | 10,112 | 2,279 | 26,827 | 8,601 | ||
Corporate (solar power) | 124 | - | 124 | - | ||
53,963 | 36,728 | 135,992 | 87,732 | |||
EBITDA | ||||||
Wind power stations | 11,991 | 7,112 | 27,057 | 16,531 | ||
Hydroelectric power stations | 12,648 | 1,182 | 21,724 | 3,055 | ||
Wood-residue thermal power stations | (2,174) | 4,424 | 8,110 | 14,452 | ||
Natural gas thermal power station | 3,559 | (106) | 11,198 | 1,932 | ||
Corporate and eliminations (including solar power) | (4,291) | (7,216) | (8,568) | (12,783) | ||
21,733 | 5,396 | 59,521 | 23,187 | |||
Additions to property, plant and equipment | ||||||
Wind power stations | 613 | 42,000 | 8,732 | 61,341 | ||
Hydroelectric power stations | 157 | 199 | 331 | 415 | ||
Wood-residue thermal power stations | 1,348 | 1,073 | 2,643 | 2,057 | ||
Natural gas thermal power station | - | 6 | 4 | 9 | ||
Corporate and eliminations (including solar power) | 10,685 | 295 | 11,731 | 459 | ||
12,803 | 43,573 | 23,441 | 64,281 | |||
AS AT JUNE 30, 2011 |
AS AT DECEMBER 31, 2010 |
|||||
Total assets | ||||||
Wind power stations | 513,005 | 536,135 | ||||
Hydroelectric power stations | 367,857 | 364,548 | ||||
Wood-residue thermal power stations | 149,644 | 162,070 | ||||
Natural gas thermal power station | 35,972 | 37,974 | ||||
Corporate and eliminations (including solar power) | 161,057 | 145,292 | ||||
1,227,535 | 1,246,019 | |||||
Long-term assets | ||||||
Wind power stations | 470,997 | 469,707 | ||||
Hydroelectric power stations | 339,857 | 350,773 | ||||
Wood-residue thermal power stations | 128,157 | 137,376 | ||||
Natural gas thermal power station | 18,716 | 22,619 | ||||
Corporate and eliminations (including solar power) | 76,873 | 60,323 | ||||
1,034,600 | 1,040,798 | |||||
INFORMATION BY GEOGRAPHIC SEGMENT | ||||||
THREE-MONTH PERIODS ENDED JUNE 30 |
SIX-MONTH PERIODS ENDED JUNE 30 |
|||||
2011 | 2010 | 2011 | 2010 | |||
Power generation (MWh) | ||||||
Canada | 217,816 | 33,229 | 484,563 | 70,058 | ||
United States | 277,675 | 292,164 | 657,374 | 643,156 | ||
Europe | 65,998 | 51,454 | 171,837 | 136,771 | ||
561,489 | 376,847 | 1,313,774 | 849,985 | |||
Revenues from energy sales | ||||||
Canada | 23,220 | 4,143 | 56,814 | 8,577 | ||
United States | 20,301 | 24,433 | 52,850 | 56,570 | ||
Europe | 10,442 | 8,152 | 26,328 | 22,585 | ||
53,963 | 36,728 | 135,992 | 87,732 | |||
EBITDA | ||||||
Canada | 9,568 | (2,838) | 26,892 | (3,166) | ||
United States | 7,299 | 4,902 | 19,323 | 15,953 | ||
Europe | 4,866 | 3,332 | 13,306 | 10,400 | ||
21,733 | 5,396 | 59,521 | 23,187 | |||
Additions to property, plant and equipment | ||||||
Canada | 1,461 | 37,770 | 8,423 | 41,755 | ||
United States | 683 | 1,265 | 993 | 2 436 | ||
Europe | 10,659 | 4,538 | 14,025 | 20,090 | ||
12,803 | 43,573 | 23,441 | 64,281 | |||
AS AT JUNE 30, 2011 |
AS AT DECEMBER 31, 2010 |
|||||
Total assets | ||||||
Canada | 635,793 | 634,043 | ||||
United States | 283,984 | 301,921 | ||||
Europe | 307,758 | 310,055 | ||||
1,227,535 | 1,246,019 | |||||
Long-term assets | ||||||
Canada | 520,289 | 529,787 | ||||
United States | 233,490 | 263,094 | ||||
Europe | 280,821 | 247,917 | ||||
1,034,600 | 1,040,798 |
SOURCE BORALEX INC.
WANT YOUR COMPANY'S NEWS FEATURED ON PRNEWSWIRE.COM?
Newsrooms &
Influencers
Digital Media
Outlets
Journalists
Opted In
Share this article