MONTREAL, Nov. 11 /PRNewswire-FirstCall/ - Financial results of Boralex Inc. ("Boralex" or the "Corporation") for the third quarter of 2010 already show the impact of the acquisition of Boralex Power Income Fund (the "Fund") as well as the contributions made by the newly commissioned wind power facilities, but also reflect the Canadian dollar's strength and weak REC market.
(in millions of dollars, except per share amounts)
-------------------------------------------------------------------------
Three-month periods Nine-month periods
ended ended
-------------------------------------------------------
September 30, September 30, September 30, September 30,
2010 2009 2010 2009
As reported in
the financial
statements
Revenues from
energy sales 42.1 39.7 129.8 138.6
EBITDA 10.9 11.4 33.7 45.3
Net earnings 27.1 0.7 22.6 9.7
per share
(basic) $0.72 $0.02 $0.60 $0.26
per share
(diluted) $0.69 $0.02 $0.60 $0.26
Cash flows from
operations 4.4 9.2 23.8 36.1
Adjusted data(1)
Adjusted EBITDA 10.2 11.4 39.1 44.6
Adjusted net
earnings (loss) (2.7) 0.7 (1.4) 9.2
per share (basic
and diluted) $(0.07) $0.02 $(0.04) $0.24
-------------------------------------------------------------------------
For the three-month period ended September 30, 2010, Boralex generated revenues of $42.1 million and earnings before interest, taxes, depreciation and amortization ("EBITDA") of $10.9 million compared with $39.7 million and $11.4 million, respectively, for the same quarter of 2009. Results were bolstered by the contribution of the Fund's power stations since September 15, 2010 and the commissioning of new wind power facilities but dampened by the Canadian dollar's strength against the U.S. currency and the euro as well as lower REC sales and expiry of the U.S. government's renewable energy tax credit program.
Boralex generated net earnings of $27.1 million in the third quarter of 2010 compared with $0.7 million in the corresponding period of 2009. Excluding the impact of the acquisition of the Fund and certain other specific items related to the transaction with the Fund, Boralex recorded a net loss of $2.7 million compared with net earnings of $0.7 million for the same quarter of 2009.
With the completion of the acquisition of the Fund and the integration of its assets into Boralex's portfolio, the significant impact these power stations will have on Boralex's revenues and EBITDA is already evident. Their contribution to revenue growth and stable cash flows will be fully reflected over the coming quarters. "With the acquisition of the Fund, we have achieved a strategic objective that creates value for all the stakeholders of the Corporation. It will provide leverage for Boralex's future development, contributing to the successful completion of projects and continued expansion," states Patrick Lemaire, President and Chief Executive Officer of Boralex.
Boralex anticipates growth in the wind power segment for the remainder of 2010, with the three new wind farms in France contributing fully to results and the commissioning of Phase II of the Thames River wind farms. With regards to the hydroelectric segment, the unfavourable water flow conditions in the third quarter will likely make room for improved results in the coming months with the addition of the Fund's power stations.
Last, in line with its strategy, Boralex continues to fine tune its thermal power stations' output according to market conditions. Boralex is also analyzing in detail the american rules of the new Biomass Crop Assistance Program and will soon be able to assess its future impact on Boralex's results, as well as the renewal of the U.S. renewable energy tax credit program currently under review at the U.S. Congress.
Boralex announces the re-election of Pierre Seccareccia, as Director, whose experience and advice will continue to greatly benefit the Corporation.
About Boralex
Boralex is a major independent power producer whose core business is the development and operation of power stations that generate renewable energy. Employing over 300 people, the Corporation operates 41 power stations with a total installed capacity of 650 megawatts ("MW") in Canada, in the North Eastern United States and in France. In addition, the Corporation has, alone or with its European and Canadian partners, power projects under development that will add almost 300 MW of power, of which almost 50 MW will come online by the end of fiscal 2010. Boralex is distinguished by its diversified expertise and in-depth experience in three power generation segments - wind, hydroelectric and thermal. Boralex shares and convertible debentures are listed on the Toronto Stock Exchange under the ticker symbol BLX. 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, fluctuations in electricity selling prices, the Company's financing capacity, adverse changes in general market and industry conditions, 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 financial measurements that are not recognized as Generally Accepted Accounting Principles of Canada ("GAAP"). To assess the operating performance of its assets and reporting segments, the Corporation uses earnings before interest, taxes, depreciation and amortization ("EBITDA") and cash flows from operations as performance measurements. These measures are not defined under GAAP and do not have a standardized definition prescribed by GAAP. Therefore, they may not be comparable to similar measures presented by other companies. EBITDA corresponds to Operating income as defined in the summarized financial statements included with this press release. Cash flows from operations corresponds to cash flows from operating activities before changes in non-cash working capital items as disclosed in the consolidated statements of cash flows attached in this press release.
--------------------------
(1) Non-GAAP measure, see reconciliation table at the end of this press
release.
The following table reconciles EBITDA and net earnings as reported in the
financial statements with adjusted EBITDA and net earnings (loss):
-------------------------------------------------------------------------
EBITDA Three-month periods ended Nine-month periods ended
September 30, September 30,
-------------------------------------------------------
(in thousands of
dollars) 2010 2009 2010 2009
-------------------------------------------------------------------------
As reported in
the financial
statements 10,851 11,445 33,725 45,340
Specific items:
The Fund's
results since
the takeover (266) - (266) -
Share of
Boralex in
impairment of
property,
plant and
equipment at a
power station
owned by the
Fund 1,899 - 5,620 -
Professional
fees incurred
in connection
with the offer
to acquire the
Fund (2,242) - - -
Gain on
disposal of
investment
in subsidiary - - - (720)
-------------------------------------------------------------------------
Adjusted data 10,242 11,445 39,079 44,620
-------------------------------------------------------------------------
-------------------------------------------------------------------------
NET EARNINGS* Three-month periods ended Nine-month periods ended
September 30, September 30,
-------------------------------------------------------
(in thousands of
dollars) 2010 2009 2010 2009
-------------------------------------------------------------------------
As reported in
the financial
statements 27,092 698 22,642 9,727
Specific items:
The Fund's
results since
the takeover,
net of share
of non-
controlling
interests 410 - 410 -
Share of
Boralex in
impairment of
property,
plant and
equipment at a
power station
owned by the
Fund 1,397 - 4,136 -
Professional
fees incurred
in connection
with the offer
to acquire the
Fund 2,058 - 3,627 -
Amortization of
balance of
deferred
financing
costs under
former
financing for
Phase I of
Thames River - - 1,915 -
Gain on sale of
subsidiary - - (519) -
Gain on
disposal of
investment in
subsidiary - - - (482)
Interest on
convertible
debentures 467 - 467 -
Amortization of
fair value
adjustment to
the Fund's
debts (88) - (88) -
Gain on deemed
disposal of
investment in
the Fund (21,260) - (21,260) -
Income tax
recovery on
the deemed
disposal of
investment in
the Fund (12,750) - (12,750) -
-------------------------------------------------------------------------
Adjusted data (2,674) 698 (1,420) 9,245
-------------------------------------------------------------------------
* Impact net of income taxes
Consolidated Balance Sheets
AS AT AS AT
SEPTEMBER 30, DECEMBER 31,
(in thousands of dollars) (unaudited) 2010 2009
-------------------------------------------------------------------------
ASSETS
CURRENT ASSETS
Cash and cash equivalents 140,732 37,821
Restricted cash 35,022 -
Accounts receivable 42,278 39,632
Future income taxes 387 422
Inventories 10,722 8,726
Prepaid expenses 3,906 2,537
Fair value of derivative financial instruments 4,424 -
-------------------------------------------------------------------------
237,471 89,138
Investment - 55,446
Property, plant and equipment 808,238 413,539
Power and steam sales contracts 98,550 49,023
Goodwill 88,589 -
Other long-term assets 48,894 56,621
-------------------------------------------------------------------------
1,281,742 663,767
-------------------------------------------------------------------------
-------------------------------------------------------------------------
LIABILITIES
CURRENT LIABILITIES
Bank loans and advances - 12,291
Accounts payable and accrued liabilities 55,903 28,913
Income taxes payable 172 283
Current portion of long-term debt 35,763 24,273
Distributions payable to unitholders of the Fund 1,025 -
-------------------------------------------------------------------------
92,863 65,760
Long-term debt 494,362 206,116
Convertible debentures 173,435 -
Long-term lease accruals 2,995 -
Future income taxes 43,174 37,185
Fair value of derivative financial instruments 15,611 7,645
-------------------------------------------------------------------------
822,440 316,706
-------------------------------------------------------------------------
EQUITY ATTRIBUTABLE TO SHAREHOLDERS
Capital stock 222,694 222,694
Equity component of convertible debentures 17,883 -
Contributed surplus 5,260 4,295
Retained earnings 184,232 159,900
Accumulated other comprehensive loss (60,769) (46,859)
-------------------------------------------------------------------------
369,300 340,030
Non-controlling interests 90,002 7,031
-------------------------------------------------------------------------
Total equity 459,302 347,061
-------------------------------------------------------------------------
1,281,742 663,767
-------------------------------------------------------------------------
-------------------------------------------------------------------------
Consolidated Statements of Earnings
(in thousands of FOR THE FOR THE
dollars, except THREE-MONTH PERIODS NINE-MONTH PERIODS
per share amounts ENDED SEPTEMBER 30, ENDED SEPTEMBER 30,
and number of
shares)
(unaudited) 2010 2009 2010 2009
-------------------------------------------------------------------------
Revenues from
energy sales 42,096 39,676 129,828 138,631
Renewable energy
tax credits - 3,473 - 10,449
Operating costs 27,289 28,339 80,751 97,193
-------------------------------------------------------------------------
14,807 14,810 49,077 51,887
Share in earnings
of the Fund (1,991) 146 (3,251) 2,998
Management revenues
from the Fund 1,158 1,338 4,437 4,087
Other income 144 117 598 1,773
-------------------------------------------------------------------------
14,118 16,411 50,861 60,745
-------------------------------------------------------------------------
OTHER EXPENSES
Management and
operation of the
Fund 1,176 1,104 3,995 3,441
Administrative 2,091 3,862 13,141 11,964
-------------------------------------------------------------------------
3,267 4,966 17,136 15,405
-------------------------------------------------------------------------
OPERATING INCOME 10,851 11,445 33,725 45,340
Amortization 8,761 6,434 24,512 19,382
Foreign exchange loss 532 236 1,562 202
Net loss (gain)
on financial
instruments 214 398 (125) (6)
Financing costs 4,195 3,362 13,078 10,228
Net gain on deemed
disposal of
investment in
the Fund (16,078) - (16,078) -
Gain on sale of
subsidiary - - (774) -
-------------------------------------------------------------------------
(2,376) 10,430 22,175 29,806
-------------------------------------------------------------------------
EARNINGS BEFORE
INCOME TAXES 13,227 1,015 11,550 15,534
Income taxes
(recovery) (13,495) 316 (10,815) 5,751
-------------------------------------------------------------------------
Net earnings
including
non-controlling
interests 26,722 699 22,365 9,783
Non-controlling
interests 370 (1) 277 (56)
-------------------------------------------------------------------------
Net earnings
attributable to
shareholders 27,092 698 22,642 9,727
-------------------------------------------------------------------------
-------------------------------------------------------------------------
Net earnings per
Class A share
(basic) 0.72 0.02 0.60 0.26
Net earnings per
Class A share
(diluted) 0.69 0.02 0.60 0.26
Weighted average
number of Class A
shares outstanding
(basic) 37,740,921 37,740,921 37,740,921 37,740,921
-------------------------------------------------------------------------
-------------------------------------------------------------------------
Consolidated Statements of Retained Earnings
FOR THE NINE-MONTH PERIODS
ENDED SEPTEMBER 30,
(in thousands of dollars) (unaudited) 2010 2009
-------------------------------------------------------------------------
Balance - beginning of period 159,900 135,461
Net earnings for the period 22,642 9,727
Excess of purchase price paid for acquisition
of non-controlling interests (1,725) -
Excess of proceeds from partial sale of a
subsidiary 3,415 -
-------------------------------------------------------------------------
Balance - end of period 184,232 145,188
-------------------------------------------------------------------------
-------------------------------------------------------------------------
Consolidated Statements of Comprehensive Income (Loss)
FOR THE FOR THE
THREE-MONTH PERIODS NINE-MONTH PERIODS
(in thousands of ENDED SEPTEMBER 30, ENDED SEPTEMBER 30,
dollars) (unaudited) 2010 2009 2010 2009
-------------------------------------------------------------------------
Net earnings for the
period including
non-controlling
interests 26,722 699 22,365 9,783
-------------------------------------------------------------------------
Other comprehensive
income (loss)
TRANSLATION
ADJUSTMENTS
Unrealized foreign
exchange loss on
translation of
financial
statements of
self-sustaining
foreign operations (209) (15,215) (6,581) (26,333)
Reclassification to
net earnings of a
realized foreign
exchange loss
(gain) related to
the reduction of
net investment in
self-sustaining
foreign operations 171 - 1,631 (65)
Share of cumulative
translation
adjustments of the
Fund (216) (1,036) - (2,073)
Taxes (123) 258 37 548
CASH FLOW HEDGES
Change in fair
value of financial
instruments 228 (2,099) (13,849) 7,101
Hedging items
realized and
recognized in net
earnings (1,076) (5,857) (4,454) (18,617)
Hedging items
realized and
recognized in
balance sheet 2,711 (1,352) 4,848 (3,613)
Taxes 545 2,495 4,458 3,732
-------------------------------------------------------------------------
2,031 (22,806) (13,910) (39,320)
-------------------------------------------------------------------------
Comprehensive income
(loss) including
non-controlling
interests 28,753 (22,107) 8,455 (29,537)
-------------------------------------------------------------------------
Less: Comprehensive
income (loss) for
the period
attributable to
non-controlling
interests 370 (1) 277 (56)
-------------------------------------------------------------------------
Comprehensive income
(loss) for the
period attributable
to shareholders 29,123 (22,108) 8,732 (29,593)
-------------------------------------------------------------------------
-------------------------------------------------------------------------
Consolidated Statements of Cash Flows
FOR THE FOR THE
THREE-MONTH PERIODS NINE-MONTH PERIODS
(in thousands of ENDED SEPTEMBER 30, ENDED SEPTEMBER 30,
dollars) (unaudited) 2010 2009 2010 2009
-------------------------------------------------------------------------
OPERATING ACTIVITIES
Net earnings 27,092 698 22,642 9,727
Distributions
received from the
Fund 1,377 2,409 4,475 7,228
Adjustments for
non-cash items
Net loss (gain) on
financial
instruments 214 535 (125) 534
Share in earnings
of the Fund 1,991 (146) 3,251 (2,998)
Amortization 8,761 6,434 24,512 19,382
Amortization of
financing costs
and monetization
program expenses 154 667 3,285 2,174
Renewable energy
tax credits - (2,231) 988 (3,948)
Gain on sale of
subsidiary - - (774) -
Gain on deemed
disposal of
investment in the
Fund (21,260) - (21,260) -
Future income taxes (14,201) 402 (14,753) 3,053
Other 224 415 1,531 931
-------------------------------------------------------------------------
4,352 9,183 23,772 36,083
Change in non-cash
working capital
items (1,650) (13,286) (581) 110
-------------------------------------------------------------------------
2,702 (4,103) 23,191 36,193
-------------------------------------------------------------------------
INVESTING ACTIVITIES
Additions to property,
plant and equipment
- projects under
construction (71,978) (23,986) (130,303) (53,770)
- power stations
in operation (1,563) (1,399) (7,519) (6,363)
Change in restricted
cash 38,663 - (35,022) -
Business acquisition
- the Fund (38,811) - (38,811) -
Business acquisition
- other (2,142) (1,706) (2,142) (6,475)
Proceeds from sale
of a subsidiary - - 878 -
Change in restricted
funds - 300 882 (1,241)
Development projects (335) (943) (730) (6,980)
Purchase of non-
controlling interest - - (1,751) (968)
Contribution of non-
controlling interest 5,662 - 5,662 -
Other 703 (1,212) 2,207 (7,035)
-------------------------------------------------------------------------
(69,801) (28,946) (206,649) (82,832)
-------------------------------------------------------------------------
FINANCING ACTIVITIES
Increase (decrease)
in bank loans and
advances - (1,109) (12,291) 13,217
Net increase in
long-term debt 54,405 33,776 263,271 33,557
Payments on long-term
debt (6,983) (9,795) (67,757) (20,751)
Net increase in
convertible
debentures 103,945 - 103,945 -
-------------------------------------------------------------------------
151,367 22,872 287,168 26,023
-------------------------------------------------------------------------
TRANSLATION
ADJUSTMENT ON CASH
AND CASH EQUIVALENTS 6,709 (4,101) (799) (10,941)
-------------------------------------------------------------------------
NET CHANGE IN CASH
AND CASH EQUIVALENTS 90,977 (14,278) 102,911 (31,557)
CASH AND CASH
EQUIVALENTS -
BEGINNING OF PERIOD 49,755 51,916 37,821 69,195
-------------------------------------------------------------------------
CASH AND CASH
EQUIVALENTS - END OF
PERIOD 140,732 37,638 140,732 37,638
-------------------------------------------------------------------------
SUPPLEMENTAL INFORMATION
Cash and cash
equivalents paid for:
Interest 5,094 2,387 13,697 6,604
Income taxes 683 535 3,109 1,736
-------------------------------------------------------------------------
-------------------------------------------------------------------------
SEGMENTED INFORMATION
The Corporation's power stations are grouped into four distinct segments: wind power, hydroelectric power, wood-residue thermal power and natural gas thermal power, and are engaged mainly in 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 main accounting policies that apply to the operating segments are the same as those described in note 2 in Boralex's 2009 Annual Report.
The Corporation analyzes the performance of its operating segments based on the earnings before interest, taxes, depreciation and amortization ("EBITDA"). EBITDA is not a measure of performance under Canadian GAAP; however, management uses this measure to assess the operating performance of its segments. EBITDA corresponds to Operating income. Results for each segment are presented on the same basis as those of the Corporation.
The following table reconciles EBITDA with net earnings:
FOR THE FOR THE
THREE-MONTH PERIODS NINE-MONTH PERIODS
ENDED SEPTEMBER 30, ENDED SEPTEMBER 30,
-------------------------------------------------------------------------
2010 2009 2010 2009
-------------------------------------------------------------------------
Net earnings
attributable to
shareholders 27,092 698 22,642 9,727
Non-controlling
interests (370) 1 (277) 56
Income taxes
(recovery) (13,495) 316 (10,815) 5,751
Gain on sale of
subsidiary - - (774) -
Net gain on deemed
disposal of
investment in
the Fund (16,078) - (16,078) -
Financing costs 4,195 3,362 13,078 10,228
Net loss (gain) on
financial
instruments 214 398 (125) (6)
Foreign exchange loss 532 236 1,562 202
Amortization 8,761 6,434 24,512 19,382
-------------------------------------------------------------------------
EBITDA 10,851 11,445 33,725 45,340
-------------------------------------------------------------------------
-------------------------------------------------------------------------
INFORMATION BY SEGMENT
FOR THE FOR THE
THREE-MONTH PERIODS NINE-MONTH PERIODS
ENDED SEPTEMBER 30, ENDED SEPTEMBER 30,
-------------------------------------------------------------------------
2010 2009 2010 2009
-------------------------------------------------------------------------
Power generation (MWh)
Wind farms 66,722 39,758 234,013 155,677
Hydroelectric power
stations 33,300 27,554 107,910 104,286
Wood-residue thermal
power stations 339,903 297,851 925,429 852,253
Natural gas thermal
power stations 7,953 - 30,460 22,642
-------------------------------------------------------------------------
447,878 365,163 1,297,812 1,134,858
-------------------------------------------------------------------------
-------------------------------------------------------------------------
Revenues from energy
sales
Wind farms 7,802 5,797 28,446 22,898
Hydroelectric power
stations 2,784 1,779 8,161 7,381
Wood-residue thermal
power stations 28,072 29,841 81,184 96,360
Natural gas thermal
power stations 3,438 2,259 12,037 11,992
-------------------------------------------------------------------------
42,096 39,676 129,828 138,631
-------------------------------------------------------------------------
-------------------------------------------------------------------------
EBITDA
Wind farms 5,628 4,247 22,159 17,704
Hydroelectric power
stations 1,473 301 4,528 3,795
Wood-residue thermal
power stations 7,135 10,685 21,587 30,636
Natural gas thermal
power stations 254 (126) 2,186 1,240
Corporate and
eliminations (3,639) (3,662) (16,735) (8,035)
-------------------------------------------------------------------------
10,851 11,445 33,725 45,340
-------------------------------------------------------------------------
-------------------------------------------------------------------------
Additions to
property, plant and
equipment
Wind farms 72,250 24,024 133,592 53,877
Hydroelectric power
stations 1,835 312 2,250 1,031
Wood-residue thermal
power stations 334 431 2,392 4,181
Natural gas thermal
power stations 1 - 10 28
Corporate and
eliminations (879) 618 (422) 1,016
-------------------------------------------------------------------------
73,541 25,385 137,822 60,133
-------------------------------------------------------------------------
-------------------------------------------------------------------------
AS AT AS AT
SEPTEMBER 30, DECEMBER 31,
2010 2009
-------------------------------------------------------------------------
-------------------------------------------------------------------------
Total assets
Wind farms 537,908 363,644
Hydroelectric power stations 286,213 34,622
Wood-residue thermal power stations 213,851 138,014
Natural gas thermal power stations 38,129 13,600
Corporate and eliminations 205,641 113,887
-------------------------------------------------------------------------
1,281,742 663,767
-------------------------------------------------------------------------
-------------------------------------------------------------------------
Property, plant and equipment
Wind farms 411,611 288,225
Hydroelectric power stations 203,431 25,758
Wood-residue thermal power stations 163,261 84,660
Natural gas thermal power stations 23,469 7,150
Corporate and eliminations 6,466 7,746
-------------------------------------------------------------------------
808,238 413,539
-------------------------------------------------------------------------
-------------------------------------------------------------------------
INFORMATION BY GEOGRAPHIC SEGMENT
FOR THE FOR THE
THREE-MONTH PERIODS NINE-MONTH PERIODS
ENDED SEPTEMBER 30, ENDED SEPTEMBER 30,
2010 2009 2010 2009
-------------------------------------------------------------------------
-------------------------------------------------------------------------
Power generation (MWh)
United States 353,021 319,186 996,127 938,613
France 50,741 39,758 187,513 178,319
Canada 44,116 6,219 114,172 17,926
-------------------------------------------------------------------------
447,878 365,163 1,297,812 1,134,858
-------------------------------------------------------------------------
-------------------------------------------------------------------------
Revenues from energy
sales
United States 29,187 30,913 85,757 101,891
France 8,081 8,056 30,666 34,889
Canada 4,828 707 13,405 1,851
-------------------------------------------------------------------------
42,096 39,676 129,828 138,631
-------------------------------------------------------------------------
-------------------------------------------------------------------------
EBITDA
United States 7,689 10,735 23,642 33,152
France 3,752 3,406 14,152 16,162
Canada (590) (2,696) (4,069) (3,974)
-------------------------------------------------------------------------
10,851 11,445 33,725 45,340
-------------------------------------------------------------------------
-------------------------------------------------------------------------
Additions to property,
plant and equipment
United States 683 431 3,120 4,072
France 42,366 2,526 62,456 3,145
Canada 30,492 22,428 72,246 52,916
-------------------------------------------------------------------------
73,541 25,385 137,822 60,133
-------------------------------------------------------------------------
-------------------------------------------------------------------------
AS AT AS AT
SEPTEMBER 30, DECEMBER 31,
2010 2009
-------------------------------------------------------------------------
-------------------------------------------------------------------------
Total assets
United States 311,327 179,494
France 296,829 254,142
Canada 673,586 230,131
-------------------------------------------------------------------------
1,281,742 663,767
-------------------------------------------------------------------------
-------------------------------------------------------------------------
Property, plant and equipment
United States 182,405 89,889
France 229,999 190,797
Canada 395,834 132,853
-------------------------------------------------------------------------
808,238 413,539
-------------------------------------------------------------------------
-------------------------------------------------------------------------
SOURCE BORALEX INC.
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