Boralex: Financial results for the third quarter of 2013

MONTREAL, Nov. 6, 2013 /PRNewswire/ - Boralex Inc.  ("Boralex" or the "Corporation") (TSX: BLX) announced its financial results for the third quarter of 2013. Revenues from energy sales totalled $28.7 million and adjusted earnings before interest, income taxes, depreciation and amortization ("EBITDA") amounted to $11.6 million. These results were slightly down compared with the same period in 2012 largely due to the shutdown of operations at the Kingsey Fall thermal power station at the end of 2012. Excluding the Kingsey Falls power station's contribution to results in the third quarter of 2012, Boralex's revenues and EBITDA grew by about 10% during the current quarter.

FINANCIAL HIGHLIGHTS

       
(In millions of dollars, except per share amounts and EBITDA margin) Three-month periods
ended September 30
  Nine-month periods
ended September 30
  2013 2012   2013 2012
Revenues from energy sales 28.7 33.0   119.5 129.4
EBITDA 12.7 16.2   69.1 68.4
Adjusted EBITDA 11.6 13.0   69.2 65.9
Adjusted EBITDA margin (%) 40.4 39.4   57.9 50.9
Net loss(1) (8.4) (8.2)   (6.1) (9.4)
  Per share (basic) ($)(1) (0.22) (0.22)   (0.16) (0.25)
Adjusted cash flows from operations(2) 3.1 6.9   35.6 34.2
  Per share (basic) ($)(2) 0.08 0.18   0.94 0.91
  (1) Net loss from continuing operations attributable to shareholders of Boralex
  (2) Given that June 30, the scheduled date for the payment of $8.3 million in interest on convertible debentures, fell on a Sunday before a statutory holiday, the payment was made on July 2, 2013.


The hydroelectric segment, which benefited from favourable water flow conditions, particularly in the U.S, recorded a 52% increase in production compared with the same quarter of 2012, exceeding the historical average by 13%.  Production in the wind power segment for the quarter was down 12% compared with the third quarter of 2012 owing to less favourable wind conditions, both in France and Ontario.

"Boralex's sound financial health allows us to seize potential growth opportunities in France and Canada while completing projects currently under development, without having to resort to equity markets. Therefore, Boralex is on track to double its installed capacity and EBITDA by the end of 2016," stated Patrick Lemaire, President and CEO. He added "We also erected the last of the 126 wind turbines of Phase I of the Seigneurie de Beaupré Wind Farms at the end of October, and we will commission 272 MW in December, 2013."

Boralex continued to grow during the third quarter of 2013 with the commissioning of the Vron wind power site in France. Growth will be maintained with the commissioning of the La Vallée wind power site in France in November, Phase I of the Seigneurie de Beaupré wind farms in Québec, Canada in December, and the Jamie Creek hydroelectric power station in British Columbia, Canada in January.

Last, Boralex completed several financial transactions in recent weeks, namely the refinancing of two U.S. hydroelectric power stations (US$90 million), the financing of Jamie Creek ($55 million), Vron (€14 million) and Phase II of the Seigneurie de Beaupré wind farms ($166 million). The closing of these transactions demonstrate the quality of the assets developed by Boralex and the confidence of the global financial markets in the Corporation.

Furthermore, Boralex's total cash position amounted to $156 million as at September 30, 2013, a $44 million increase compared with the position as at the same date in 2012.

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 by 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, within the meaning of securities legislation. Boralex would like to point out that, by their very nature, forward-looking statements involve risks and uncertainties such that its results or the measures it adopts could differ materially from those indicated by or underlying these statements, or could have an impact on the degree of realization of a particular projection. The main factors that could lead to a material difference between the Corporation's actual results and the projections or expectations set forth in the forward-looking statements include, but are not limited to, the general impact of economic conditions, raw material price increases and availability, currency fluctuations, volatility in the selling price of electricity, the Corporation's financing capacity, negative changes in general market conditions and regulations affecting the industry, as well as other factors discussed in the Corporation's filings with the various 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. In order to assess the performance of its assets and reporting segments, Boralex uses EBITDA, adjusted EBITDA, adjusted net earnings, cash flows from operations and adjusted cash flows from operations as performance measures. Management believes that these measures are financial indicators widely accepted by investors to assess the operational performance of a company and its ability to generate cash through operations. These non-IFRS measures are drawn primarily from the unaudited interim condensed consolidated financial statements accompanying this press release, but do not have a standardized meaning under IFRS; accordingly, they may not be comparable to similarly named measures used by other companies.

 

Consolidated Financial Statements

Consolidated Statements of Financial Position

  As at
September 30,
As at
December 31,
(in thousands of Canadian dollars) (unaudited) 2013 2012
ASSETS    
Cash and cash equivalents 136,067 107,138
Restricted cash 19,480 5,063
Trade and other receivables 24,012 45,589
Inventories 4,018 4,404
Available-for-sale financial asset 3,009
Prepaid expenses 4,355 2,137
CURRENT ASSETS 187,932 167,340
     
Property, plant and equipment 761,149 689,024
Other intangible assets 252,897 253,115
Goodwill 49,410 48,663
Interest in Joint Ventures 85,736 58,994
Other non-current financial assets 137
Other non-current assets 21,415 12,735
NON-CURRENT ASSETS 1,170,744 1,062,531
TOTAL ASSETS 1,358,676 1,229,871
LIABILITIES    
Trade and other payables 54,047 46,945
Current portion of debt 77,793 98,570
Current income tax liability 2,040 1,741
Other current financial liabilities 17,008 25,508
CURRENT LIABILITIES 150,888 172,764
     
Non-current debt 542,623 423,616
Convertible debentures 228,674 226,299
Deferred income tax liability 33,955 29,514
Other non-current financial liabilities 19,653 24,698
Other non-current liabilities 11,457 10,611
NON-CURRENT LIABILITIES 836,362 714,738
TOTAL LIABILITIES 987,250 887,502
EQUITY    
Equity attributable to shareholders 345,780 319,868
Non-controlling shareholders 25,646 22,501
TOTAL EQUITY 371,426 342,369
TOTAL LIABILITIES AND EQUITY 1,358,676 1,229,871


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) 2013 2012 2013 2012
REVENUES        
Revenues from energy sales 28,651 33,021 119,528 129,377
Other income 1,925 130 2,677 452
  30,576 33,151 122,205 129,829
         
COSTS AND OTHER EXPENSES        
Operating expenses 13,558 12,367 38,405 47,462
Administrative 2,829 3,253 10,042 10,181
Development 864 1,308 2,873 3,776
Amortization 13,187 15,119 39,901 43,009
Other losses (gains) (150) 971 (232) 971
Impairment of property, plant and equipment and intangible assets 266 823
  30,288 33,018 91,255 106,222
         
OPERATING INCOME 288 133 30,950 23,607
         
Financing costs 12,613 12,440 37,632 36,639
Foreign exchange loss (gain) (112) (25) (258) 106
Net loss (gain) on financial instruments 14 (673) 499
Share in earnings (loss) of Joint Ventures (673) 3 (1,787) 20
         
         
LOSS BEFORE INCOME TAXES (12,886) (12,293) (7,538) (13,617)
         
Income tax recovery (3,640) (3,494) (1,086) (3,456)
         
NET LOSS FROM CONTINUING OPERATIONS (9,246) (8,799) (6,452) (10,161)
         
Net earnings from discontinued operations 917 566 1,700 3,025
NET LOSS (8,329) (8,233) (4,752) (7,136)
         
NET LOSS ATTRIBUTABLE TO:        
  Shareholders of Boralex (7,473) (7,601) (4,368) (6,353)
  Non-controlling shareholders (856) (632) (384) (783)
NET LOSS (8,329) (8,233) (4,752) (7,136)
         
NET EARNINGS (LOSS) ATTRIBUTABLE TO SHAREHOLDERS OF BORALEX        
  Continuing operations (8,390) (8,167) (6,068) (9,378)
  Discontinued operations 917 566 1,700 3,025
  (7,473) (7,601) (4,368) (6,353)
         
NET EARNINGS (LOSS) PER SHARE (BASIC AND DILUTED) ATTRIBUTABLE TO SHAREHOLDERS OF BORALEX        
  Continuing operations ($0.22) ($0.22) ($0.16) ($0.25)
  Discontinued operations $0.02 $0.02 $0.04 $0.08
  ($0.20) ($0.20) ($0.12) ($0.17)


Consolidated Statements of Comprehensive Income (Loss)

  Three-month periods
ended September 30
Nine-month periods
ended September 30
(in thousands of Canadian dollars) (unaudited) 2013 2012 2013 2012
NET LOSS (8,329) (8,233) (4,752) (7,136)
         
Other comprehensive income (loss) to be subsequently reclassified to net loss when certain conditions are met        
Translation adjustments:        
  Unrealized foreign exchange gain (loss) on translation of financial statements of self-sustaining foreign operations 277 (4,878) 9,910 (5,929)
Cash flow hedges:        
  Change in fair value of financial instruments (1,033) (4,618) 8,016 (13,460)
  Hedging items realized and recognized in net loss 2,042 3,794 5,820 11,620
  Taxes (282) 268 (4,087) 840
Cash flow hedges - Joint Ventures:        
  Change in fair value of financial instruments 1,561 (2,545) 16,503 (5,895)
  Taxes (513) 677 (4,382) 1,568
Available-for-sale financial asset:        
  Change in fair value of an available-for-sale financial asset 58 182 858 (269)
  Items realized and recognized in net loss (58) 968 (149) 968
Total other comprehensive income (loss) 2,052 (6,152) 32,489 (10,557)
COMPREHENSIVE INCOME (LOSS) (6,277) (14,385) 27,737 (17,693)
         
COMPREHENSIVE INCOME (LOSS) ATTRIBUTABLE TO:        
  Shareholders of Boralex (6,005) (13,040) 25,303 (15,633)
  Non-controlling shareholders (272) (1,345) 2,434 (2,060)
COMPREHENSIVE INCOME (LOSS) (6,277) (14,385) 27,737 (17,693)
         
COMPREHENSIVE INCOME (LOSS) ATTRIBUTABLE TO SHAREHOLDERS OF BORALEX        
  Continuing operations (6,922) (13,606) 23,603 (18,658)
  Discontinued operations 917 566 1,700 3,025
  (6,005) (13,040) 25,303 (15,633)


Consolidated Statements of Changes in Equity

  Nine-month period
ended September 30
  2013
  Equity attributable to shareholders
(in thousands of Canadian dollars) (unaudited) Capital
stock
  Equity
component of
convertible
debentures
  Contributed
surplus
  Retained
earnings (loss)
  Other
comprehensive
income (loss)
  Total   Non-controlling
shareholders
  Total
equity
BALANCE AS AT JANUARY 1, 2013 222,870   14,379   6,945   144,492   (68,818)   319,868   22,501   342,369
                               
Net loss       (4,368)     (4,368)   (384)   (4,752)
Other comprehensive income         29,671   29,671   2,818   32,489
COMPREHENSIVE INCOME (LOSS)       (4,368)   29,671   25,303   2,434   27,737
                               
Conversion of convertible debentures 65           65     65
Exercise of options 48           48     48
Stock option expense     575       575     575
Excess of proceeds on repurchase
of non-controlling interest
      (79)     (79)   (26)   (105)
Contribution of non-controlling shareholders             737   737
BALANCE AS AT SEPTEMBER 30, 2013 222,983   14,379   7,520   140,045   (39,147)   345,780   25,646   371,426
   
  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 (loss)
  Other
comprehensive
income (loss)
  Total   Non-controlling
shareholders
  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
Share repurchases (5)       (2)     (7)     (7)
Stock option expense     576       576     576
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


Consolidated Statements of Cash Flows

  Three-month periods
ended September 30
Nine-month periods
ended September 30
(in thousands of Canadian dollars) (unaudited) 2013 2012 2013 2012
Net loss (8,329) (8,233) (4,752) (7,136)
Less: Net earnings from discontinued operations 917 566 1,700 3,025
Net loss from continuing operations (9,246) (8,799) (6,452) (10,161)
Financing costs 12,613 12,440 37,632 36,639
Interest paid (18,372) (9,764) (34,625) (33,091)
Income tax recovery (3,640) (3,494) (1,086) (3,456)
Income taxes paid (1,273) (176) (2,725) (2,640)
Non-cash items in loss :        
  Net loss (gain) on financial instruments 14 (673) 499
  Share in loss (earnings) of Joint Ventures 673 (3) 1,787 (20)
  Amortization 13,187 15,119 39,901 43,009
  Impairment of property, plant and equipment and intangible assets 266 823
  Other losses (gains) (150) 971 (232) 971
  Other 1,073 562 1,801 1,653
  (5,135) 6,870 35,594 34,226
Change in non-cash items related to operating activities 6,941 (4,074) 20,959 14,882
NET CASH FLOWS RELATED TO OPERATING ACTIVITIES 1,806 2,796 56,553 49,108
         
Business acquisitions (39,080)
Additions to property, plant and equipment (30,391) (2,990) (79,084) (5,533)
Additions to other intangible assets (588) (2,148)
Change in restricted cash (13,373) 6,453 (14,417) 18,081
Increase in interest in Joint Ventures (2,716) (6,452) (5,537) (17,735)
Change in reserve funds (9,253) (9,253)
Development projects (874) (1,588) (7,489) (3,244)
Proceeds from sale of assets 374 374 8,763
Other (197) 14 (216) 110
NET CASH FLOWS RELATED TO INVESTING ACTIVITIES (56,430) (5,151) (115,622) (40,786)
         
Net increase in non-current debt 151,185 180,300
Repayments on non-current debt (83,391) (9,299) (97,374) (23,966)
Contribution of non-controlling shareholders 411 82 737 18,206
Other (91) 46 (61) (2)
NET CASH FLOWS RELATED TO FINANCING ACTIVITIES 68,114 (9,171) 83,602 (5,762)
Cash related to discontinued operations 904 796 1,970 (4,683)
TRANSLATION ADJUSTMENT ON CASH AND CASH EQUIVALENTS (541) (1,889) 2,426 (2,085)
NET CHANGE IN CASH AND CASH EQUIVALENTS 13,853 (12,619) 28,929 (4,208)
         
CASH AND CASH EQUIVALENTS - BEGINNING OF PERIOD 122,214 153,114 107,138 144,703
CASH AND CASH EQUIVALENTS - END OF PERIOD 136,067 140,495 136,067 140,495

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 power production, revenues from energy sales, EBITDA, adjusted EBITDA, adjusted net loss, cash flows from operations and adjusted cash flows from operations.

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, 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) 2013 2012 2013 2012
Net loss attributable to shareholders of Boralex (7,473) (7,601) (4,368) (6,353)
Net earnings from discontinued operations (917) (566) (1,700) (3,025)
Non-controlling shareholders (856) (632) (384) (783)
Income tax recovery (3,640) (3,494) (1,086) (3,456)
Net loss (gain) on financial instruments 14 (673) 499
Foreign exchange loss (gain) (112) (25) (258) 106
Financing costs 12,613 12,440 37,632 36,639
Impairment of property, plant and equipment and intangible assets 266 823
Other losses (gains) (150) 971 (232) 971
Amortization 13,187 15,119 39,901 43,009
EBITDA 12,652 16,226 69,098 68,430



Adjusted EBITDA

The following four tables reconcile wind, hydroelectric and corporate segment as well as consolidated EBITDA as reported in the financial statements with adjusted EBITDA:

  Three-month periods
ended September 30
Nine-month periods
ended September 30
(in thousands of Canadian dollars) (unaudited) 2013 2012 2013 2012
EBITDA - Consolidated 12,652 16,226 69,098 68,430
Specific items:        
  Non-EBITDA items included in the Share in earnings (loss) of Joint Ventures 475 (13) 1,505 (113)
  Retroactive adjustment to taxes on water rights of U.S. hydroelectric power stations (3,957) (3,957)
  Professional fees incurred in connection with acquisitions in France and Canada 711 129 1,543
  Other income (1,556) (1,556)
ADJUSTED EBITDA - CONSOLIDATED 11,571 12,967 69,176 65,903
         
  Three-month periods
ended September 30
Nine-month periods
ended September 30
(in thousands of Canadian dollars) (unaudited) 2013 2012 2013 2012
EBITDA - Wind power segment 6,872 9,505 42,316 39,564
Specific item:        
  Non-EBITDA items included in the Share in earnings (loss) of Joint Ventures 475 (13) 1,505 (113)
ADJUSTED EBITDA - WIND POWER SEGMENT 7,347 9,492 43,821 39,451
         
  Three-month periods
ended September 30
Nine-month periods
ended September 30
(in thousands of Canadian dollars) (unaudited) 2013 2012 2013 2012
EBITDA - Hydroelectric power segment 7,595 7,510 31,411 27,211
Specific item:        
  Retroactive adjustment to taxes on water rights of U.S. hydroelectric power stations (3,957) (3,957)
ADJUSTED EBITDA - HYDROELECTRIC POWER SEGMENT 7,595 3,553 31,411 23,254
         
  Three-month periods
ended September 30
Nine-month periods
ended September 30
(in thousands of Canadian dollars) (unaudited) 2013 2012 2013 2012
EBITDA - Corporate segment (2,054) (3,967) (9,554) (12,290)
Specific items:          
  Professional fees incurred in connection with acquisitions in France and Canada  711 129  1,543
  Other income (1,556)  — (1,556)  —
ADJUSTED EBITDA - CORPORATE SEGMENT (3,610) (3,256) (10,981) (10,747)



Adjusted Net Loss

The following table reconciles net loss attributable to shareholders of Boralex as reported in the financial statements with adjusted net loss:

  Three-month periods
ended September 30
Nine-month periods
ended September 30
(in thousands of Canadian dollars) (unaudited) 2013 2012 2013 2012
Net loss attributable to shareholders of Boralex (7,473) (7,601) (4,368) (6,353)
Net earnings from discontinued operations (917) (566) (1,700) (3,025)
Specific items* :        
  Retroactive adjustment to taxes on water rights of U.S. hydroelectric power stations (2,374) (2,374)
  Other losses (gains) (37) 680 (95) 680
  Impairment of property, plant and equipment and intangible assets 195 492
  Professional fees incurred in connection with acquisitions in France and Canada 477 95 1,034
  Other income (1,136) (1,136)
ADJUSTED NET LOSS - CONSOLIDATED (9,563) (9,384) (7,009) (9,546)
* Net of income taxes


Cash flows from operations and adjusted cash flows from operations

Cash flows from operations are equal to net cash flows related to operating activities before the 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 and adjusted 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) 2013 2012 2013 2012
Net cash flows related to operating activities 1,806 2,796 56,553 49,108
Change in non-cash items related to operating activities 6,941 (4,074) 20,959 14,882
         
CASH FLOWS FROM OPERATIONS (5,135) 6,870 35,594 34,226
         
Interest on convertible debentures * 8,258
         
ADJUSTED CASH FLOWS FROM OPERATIONS 3,123 6,870 35,594 34,226
* As the scheduled payment date of the $8,258,000 interest on the convertible debentures was on June 30, a Sunday, the payment was made on the following business day on July 2, 2013.


Information by Operating Segment

  Three-month periods
ended September 30
Nine-month periods
ended September 30
(in thousands of Canadian dollars, except amounts in MWh) (unaudited) 2013 2012 2013 2012
         
Power production (MWh)        
Wind power stations 96,921 110,343 454,941 421,584
Hydroelectric power stations 131,786 86,472 478,182 408,441
Thermal power stations 33,851 83,815 111,921 244,119
Solar power station 2,098 2,056 4,965 5,325
  264,656 282,686 1,050,009 1,079,469
         
Revenues from energy sales        
Wind power stations 11,822 12,540 55,804 49,531
Hydroelectric power stations 11,206 7,456 41,010 33,887
Thermal power stations 4,657 12,173 20,471 43,701
Solar power station 966 852 2,243 2,258
  28,651 33,021 119,528 129,377
         
EBITDA        
Wind power stations 6,872 9,505 42,316 39,564
Hydroelectric power stations 7,595 7,510 31,411 27,211
Thermal power stations (614) 2,408 2,984 11,957
Solar power station 853 770 1,941 1,988
Corporate and eliminations (2,054) (3,967) (9,554) (12,290)
  12,652 16,226 69,098 68,430
         
Additions to property, plant and equipment        
Wind power stations 19,953 1,417 52,588 2,037
Hydroelectric power stations 9,393 830 22,562 1,367
Thermal power stations 471 241 744 307
Solar power station 24 527 720
Corporate and eliminations 574 478 2,663 1,102
  30,391 2,990 79,084 5,533
         
      As at
September 30,
As at
December 31,
(in thousands of Canadian dollars) (unaudited)     2013 2012
         
Total assets        
Wind power stations     719,336 646,065
Hydroelectric power stations     463,768 420,553
Thermal power stations     42,688 79,093
Solar power station     21,957 20,768
Corporate     110,927 63,392
      1,358,676 1,229,871
         
Total liabilities        
Wind power stations     499,110 464,977
Hydroelectric power stations     210,482 147,795
Thermal power stations     9,885 11,487
Solar power station     16,859 16,438
Corporate     250,914 246,805
      987,250 887,502


Information by Geographic Segment

  Three-month periods
ended September 30
Nine-month periods
ended September 30
(in thousands of Canadian dollars, except amounts in MWh) (unaudited) 2013 2012 2013 2012
         
Power production (MWh)        
Canada 112,921 155,518 423,851 547,573
United States 79,059 43,384 301,070 242,853
France 72,676 83,784 325,088 289,043
  264,656 282,686 1,050,009 1,079,469
         
Revenues from energy sales        
Canada 10,337 17,267 46,252 67,735
United States 6,473 3,515 24,306 18,415
France 11,841 12,239 48,970 43,227
  28,651 33,021 119,528 129,377
         
EBITDA        
Canada 3,564 5,014 24,425 30,464
United States 4,427 5,071 18,715 16,323
France 4,661 6,141 25,958 21,643
  12,652 16,226 69,098 68,430
         
Additions to property, plant and equipment        
Canada 11,081 1,695 26,567 2,821
United States 77 210 162
France 19,310 1,218 52,307 2,550
  30,391 2,990 79,084 5,533
         
      As at
September 30,
As at
December 31,
(in thousands of Canadian dollars) (unaudited)     2013 2012
         
Total assets        
Canada     711,388 651,146
United States     195,717 178,329
France     451,571 400,396
      1,358,676 1,229,871
         
Non-current assets, excluding interest in the Joint Ventures        
Canada     512,759 498,019
United States     154,339 145,604
France     417,910 359,914
      1,085,008 1,003,537
         
Total liabilities        
Canada     535,036 497,855
United States     115,864 94,461
France     336,350 295,186
      987,250 887,502


Subsequents Events

Joint Ventures - Seigneurie de Beaupré: Phases I and II

On October 24, 2013, a motion for authorization to institute a class action and be granted representative status was filed with the Superior Court of Québec against Seigneurie de Beaupré Wind Farms Phases I and II. The applicants of the motion are requesting authorization from the Court to institute a class action on behalf of a group of persons regarding allegations of, without limitation, neighbourhood disturbances (noise, dust, etc.) experienced as a result of the construction of Seigneurie de Beaupré Wind Farms. The merits of the class action have not yet been established.

On October 29, 2013, the Corporation completed long-term financing for Seigneurie de Beaupré wind farms: Phase II, located in Québec, Canada, that will be disbursed in November 2013 and January 2014. The non-recourse loan is secured by all of the assets of the wind farm and amounts to $166,119,000, consisting of a short-term bridge financing and a letter of credit facility totalling $23,674,000, as well as a $142,445,000 construction loan that will convert into a term loan following commercial commissioning of the power station planned for December 2014. The term loan will be fully amortized by quarterly payments over a 19.5-year period and will bear interest at a fixed rate of 5.66% over the term of the loan.

SOURCE Boralex Inc.



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