Boralex Inc.

Published : May 06th, 2015

Boralex's growth strategy drives financial results higher in the first quarter

( 0 vote, 0/5 ) Print article
  Article Comments Comment this article Rating Follow Company  
0
Send
0
comment

Boralex's growth strategy drives financial results higher in the first quarter

MONTRÉAL, May 6, 2015 /CNW Telbec/ - Driven by its growth and diversification strategy, Boralex Inc. ("Boralex" or the "Corporation") (BLX.TO) reported higher results for the first quarter of 2015.

FINANCIAL HIGHLIGHTS (on a proportionate consolidation basis)(1)



(in millions of dollars, except per share amounts and EBITDA margin)

Three-month periods
ended March 31,


2015

2014

Production (GWh)

733.5

577.3

Revenues from energy sales

91.2

75.5

Adjusted EBITDA(2)

62.8

51.8

Adjusted EBITDA margin (%)(2)

68.9

68.5

Adjusted net earnings(3)(4)

10.0

7.9

Per share (basic)($)(3)(4)

0.21

0.21

Adjusted cash flows from operations(2)

43.2

36.6

Per share (basic)($)(2)(4)

0.91

0.96


(1)

See Reconciliations between IFRS and Proportionate Consolidation and Non-IFRS Measures sections in the financial statements available on the websites of Boralex (www.boralex.com) and SEDAR (www.sedar.com).


(2)

EBITDA and cash flows from operations have been adjusted for acquisition costs of $0.5 million.


(3)

Net earnings have been adjusted by $3.4 million relating to acquisition costs (net of taxes) and the net loss on undesignated financial instruments (net of taxes).


(4)

Attributable to shareholders of Boralex.

Overall, Boralex benefited from the contribution of assets acquired from Enel Green Power France ("Enel") and the commissioning of new assets in both Canada and France, which offset wind and water flow conditions that were generally less favourable than in the first quarter of 2014.

Boralex President and CEO Patrick Lemaire mentionned, "The recent large acquisitions position Boralex very well for the future. With a clear vision of our growth potential and benefiting from a favourable financial and legal environment, we can look forward to the prospect of completing a large number of new projects that will drive Boralex's development in the coming years."

Following the significant acquisition completed in France at the end of the year, Boralex seized the opportunity during the first quarter to repurchase Cube Energy SCA's interest in the Corporation's European assets. As a result, Boralex now enjoys maximum flexibility to implement its growth strategy in Europe .

The quarter was also highlighted by the issuance of 9.5 million shares for gross proceeds of $124 million . This issuance served to fund the Enel acquisition and to broaden Boralex's shareholder base and improve the liquidity of its stock.

SECOND SOLAR POWER PROJECT IN FRANCEBoralex has launched the construction of a second photovoltaic solar power project with an installed capacity of 10 MW and which is slated for commissioning in the third quarter of 2015. Located in the Alpes de Haute-Provence region, the Montfort-Peyruis project has a 20-year contract with Électricité de France and will require investments of nearly €11 million.

This project confirms the Corporation's intention to continue its development in the solar power segment in France and Canada .

OUTLOOK
Boralex is expecting to significantly grow its wind power segment results in the coming years, driven primarily by the contribution of operating sites acquired from Enel, the full-year contribution of sites commissioned during the past fiscal year and the expected contribution of assets for which contracts have been signed and which will be commissioned by the end of 2017.

In the longer term, notwithstanding a highly competitive environment, Boralex is in an excellent position to develop a significant portion of its pipeline and keep a watch for acquisitions. In particular, Boralex can rely on a favourable regulatory environment, above all in France where it is possible to benefit from long-term power sales contracts with fixed and indexed prices. Boralex has also been benefiting from an experienced team in France for over 15 years.

DIVIDEND DECLARATION
The Corporation's Board of Directors has authorized and declared a quarterly dividend of $0.13 per common share. This dividend will be paid on June 15, 2015 to shareholders of record at the close of business on May 29, 2015 . Boralex has designated this dividend as an eligible dividend within the meaning of Section 89.14 of the Income Tax Act of Canada and all provisions of provincial laws applicable to eligible dividends.

The Corporation is also announcing that Vice-President and Chief Financial Officer Jean-François Thibodeau is temporarily absent for medical reasons. He should be back next week.

About Boralex
Boralex is a power producer whose core business is dedicated to the development and the operation of renewable energy power stations. With about 250 employees, Boralex is known for its diversified expertise and in-depth experience in four power generation types — wind, hydroelectric, thermal and solar. Currently, the Corporation operates in Canada , France and the United States an asset base with a capacity of more than 1,110 MW, of which over 950 MW are under its control. Boralex is also developing, both independently and with partners, a number of energy projects of over 150 MW of power will be commissioned by the end of 2017. 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.

Cautionregardingforward-looking statements
Some of the 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 energy, 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.

Unless otherwise specified by the Corporation, the forward-looking statements do not take into account the possible impact on its activities, transactions, non-recurring items or other exceptional items announced or occurring after the statements are made.

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.

Non-IFRS Measures
The Interim Report contains a section entitled "Non-IFRS Measures." 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-IFRS 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.

Proportionate consolidation
The Interim Report also contains a section entitled, "Reconciliations between IFRS and Proportionate Consolidation," in which the results of Joint Ventures 50% owned by Boralex are treated as if they were proportionately consolidated and not as if they were accounted for using the equity method as required by IFRS. Since the information that Boralex uses to carry out internal analyses and make strategic and operating decisions is collected on a proportionate consolidation basis, management has considered it relevant to include the "Proportionate Consolidation" section to make it easier for investors to understand the concrete impacts of decisions made by the Corporation. Accordingly, tables included in this section reconcile IFRS data with data presented on a proportionate consolidation basis.

SOURCE Boralex Inc.

Read the rest of the article at finance.yahoo.com
Data and Statistics for these countries : Canada | France | All
Gold and Silver Prices for these countries : Canada | France | All

Boralex Inc.

CODE : BLX.TO
ISIN : CA09950M3003
Follow and Invest
Add to watch list Add to your portfolio Add or edit a note
Add Alert Add to Watchlists Add to Portfolio Add Note
ProfileMarket
Indicators
VALUE :
Projects & res.
Press
releases
Annual
report
RISK :
Asset profile
Contact Cpy

Boralex is a producing company based in .

Boralex is listed in Canada and in Germany. Its market capitalisation is CA$ 2.7 billions as of today (US$ 1.9 billions, € 1.7 billions).

Its stock quote reached its lowest recent point on December 22, 2006 at CA$ 10.00, and its highest recent level on September 18, 2024 at CA$ 34.93.

Boralex has 75 870 000 shares outstanding.

Your feedback is appreciated, please leave a comment or rate this article.
Rate : Average note :0 (0 vote) View Top rated
 
Project news of Boralex Inc.
1/2/2016Boralex announces closing of French wind power portfolio acq...
12/28/2015Boralex announces closing of French wind power portfolio acq...
Corporate news of Boralex Inc.
1/29/2016Boralex closes financing of €63 million in France
1/14/2016Boralex – Release of the 2015 Fourth Quarter Financial Resul...
1/14/2016Advisory - Boralex - Release of the 2015 Fourth Quarter Fina...
12/20/2015Commissioning of the Frampton wind power project in Canada
12/20/2015Boralex: Exclusivity agreement to acquire a portfolio of app...
12/16/2015Boralex: Exclusivity agreement to acquire a portfolio of app...
12/15/2015Commissioning of the Frampton wind power project in Canada
11/4/2015Edited Transcript of BLX.TO earnings conference call or pres...
11/4/2015Boralex’s operating results continue to grow in the third qu...
11/4/2015Boralex's operating results continue to grow in the third qu...
10/16/2015Advisory - Boralex - Release of the 2015 Third Quarter Finan...
10/16/2015Boralex – Release of the 2015 Third Quarter Financial Result...
10/2/2015Boralex: A second solar power station in France
9/30/2015Boralex Completes the Redemption of All of Its 6.75% Convert...
9/29/2015IIROC Trading Halt - BLX.DB
9/28/2015Boralex announces the amount of its converted 6.75% Converti...
9/28/2015IIROC Trade Resumption - BLX.DB
9/28/2015/C O R R E C T I O N from source -- Boralex Inc./
9/16/2015Record Dates for Partial Redemption of 6.75% Convertible Deb...
9/2/2015Normal Course Issuer Bid
8/31/2015Boralex Inc. to redeem a principal amount of $150 million of...
8/14/2015Boralex: financing of the Frampton community wind project in...
8/14/2015Boralex completes financing of the Côte-de-Beaupré project i...
8/11/2015Boralex completes financing of the Côte-de-Beaupré project i...
8/5/2015Edited Transcript of BLX.TO earnings conference call or pres...
8/5/2015Boralex's second-quarter operating results reflect strong gr...
8/4/2015Boralex: financing of the Frampton community wind project in...
7/14/2015Advisory - Boralex - Release of the 2015 Second Quarter Fina...
6/22/2015Boralex Completes Previously Announced $125 Million Bought D...
4/14/2015Advisory - Boralex - Release of the 2015 First Quarter Finan...
4/13/2015Boralex adds 50 MW to its portfolio
2/19/2015Boralex: Strong increase in 2014 financial results
2/9/2015Boralex: Dividend Declaration
2/2/2015Inauguration of Témiscouata Wind Farms
1/30/2015Boralex Announces Partial Exercise of Over-Allotment Option ...
1/22/2015Advisory - Boralex - Release of the 2014 Fourth Quarter Fina...
1/21/2015Boralex: Acquisition of a 24 MW wind power project in Québec
1/21/2015Boralex Closes Previously Announced $110 Million “Bought Dea...
1/12/2015Boralex Closes Previously Announced $110 Million "Bought Dea...
1/12/2015Boralex: Acquisition of a 24 MW wind power project in Québec
12/18/2014Boralex closed the Acquisition of Enel Green Power France an...
12/16/2014Canada Stocks to Watch: Talisman, Encana, Canadian Oil Sands...
12/16/2014IIROC Trade Resumption - BLX; SMU.UN
Comments closed
 
Latest comment posted for this article
Be the first to comment
Add your comment
TORONTO (BLX.TO)FRANKFURT (B3H.F)
34.93+0.43%23.26+1.39%
TORONTO
CA$ 34.93
09/18 17:00 0.150
0.43%
Prev close Open
34.78 34.79
Low High
34.79 35.63
Year l/h YTD var.
26.40 -  35.01 4.61%
52 week l/h 52 week var.
25.73 -  35.01 5.72%
Volume 1 month var.
289,352 3.01%
24hGold TrendPower© : 44
Produces
Develops
Explores for
 
 
 
Analyse
Interactive chart Add to compare
Interactive
chart
Print Compare Export
You must be logged in to use the porfolio and watchlists (free)
Top Newsreleases
MOST READ
Annual variation
DateVariationHighLow
20243.71%35.5126.25
2023-15.84%43.4325.40
202213.63%51.5530.15
2021-25.44%56.7032.94
202090.64%47.8221.43
 
5 years chart
 
3 months chart
 
3 months volume chart
 
 
Mining Company News
Plymouth Minerals LTDPLH.AX
Plymouth Minerals Intersects Further High Grade Potash in Drilling at Banio Potash Project - Plannin
AU$ 0.12-8.00%Trend Power :
Santos(Ngas-Oil)STO.AX
announces expected non-cash impairment
AU$ 7.05+0.43%Trend Power :
OceanaGold(Au)OGC.AX
RELEASES NEW TECHNICAL REPORT FOR THE HAILE GOLD MINE
AU$ 2.20+0.00%Trend Power :
Western Areas NL(Au-Ni-Pl)WSA.AX
Advance Notice - Full Year Results Conference Call
AU$ 3.86+0.00%Trend Power :
Canadian Zinc(Ag-Au-Cu)CZN.TO
Reports Financial Results for Q2 and Provides Project Updates
CA$ 0.12+4.55%Trend Power :
Stornoway Diamond(Gems-Au-Ur)SWY.TO
Second Quarter Results
CA$ 0.02+100.00%Trend Power :
McEwen Mining(Cu-Le-Zn)MUX
TO ACQUIRE BLACK FOX FROM PRIMERO=C2=A0
US$ 8.91-2.73%Trend Power :
Rentech(Coal-Ngas)RTK
Rentech Announces Results for Second Quarter 2017
US$ 0.20-12.28%Trend Power :
KEFIKEFI.L
Reduced Funding Requirement
GBX 0.59-3.26%Trend Power :
Lupaka Gold Corp.LPK.V
Lupaka Gold Receives First Tranche Under Amended Invicta Financing Agreement
CA$ 0.05+10.00%Trend Power :
Imperial(Ag-Au-Cu)III.TO
Closes Bridge Loan Financing
CA$ 2.06+0.00%Trend Power :
Guyana Goldfields(Cu-Zn-Pa)GUY.TO
Reports Second Quarter 2017 Results and Maintains Production Guidance
CA$ 1.84+0.00%Trend Power :
Lundin Mining(Ag-Au-Cu)LUN.TO
d Share Capital and Voting Rights for Lundin Mining
 12.67+0.88%Trend Power :
Canarc Res.(Au)CCM.TO
Canarc Reports High Grade Gold in Surface Rock Samples at Fondaway Canyon, Nevada
CA$ 0.34+6.25%Trend Power :
Havilah(Cu-Le-Zn)HAV.AX
Q A April 2017 Quarterly Report
AU$ 0.18+0.00%Trend Power :
Uranium Res.(Ur)URRE
Commences Lithium Exploration Drilling at the Columbus Basin Project
US$ 6.80-2.86%Trend Power :
Platinum Group Metals(Au-Cu-Gems)PTM.TO
Platinum Group Metals Ltd. Operational and Strategic Process ...
 1.77-2.21%Trend Power :
Devon Energy(Ngas-Oil)DVN
Announces $340 Million of Non-Core Asset Sales
US$ 40.37-0.22%Trend Power :
Precision Drilling(Oil)PD-UN.TO
Announces 2017Second Quarter Financial Results
CA$ 8.66-0.35%Trend Power :
Terramin(Ag-Au-Cu)TZN.AX
2nd Quarter Report
AU$ 0.04+0.00%Trend Power :
Take advantage of rising gold stocks
  • Subscribe to our weekly mining market briefing.
  • Receive our research reports on junior mining companies
    with the strongest potential
  • Free service, your email is safe
  • Limited offer, register now !
Go to website.