|
MONTRÉAL, Feb. 19, 2015 /CNW Telbec/ - Boralex Inc. ("Boralex" or the "Corporation") (BLX.TO) was bolstered by the commissioning of new assets and its targeted acquisition strategy in the wind and hydroelectric power segments, as shown by the strong increase in financial results for fiscal 2014 compared with the previous year.
Boralex President and Chief Executive Officer Patrick Lemaire pointed out, "The results of the 2014 fiscal year show our team's strength in delivering promising projects on an ongoing basis on budget and on schedule, and our capacity to complete complex and value generating financial transactions. Boralex's profile is continuously improving and we intend to leverage this strength to keep growing in Canada and in France for the benefit of our shareholders."
|
FINANCIAL HIGHLIGHTS (on a proportionate consolidation basis)(1)
| |
(in millions of dollars, except per share amounts and EBITDA margin)
|
Three-month periods ended
December 31,
|
Years ended December 31,
|
|
2014
|
2013
|
2014
|
2013
| |
Production (GWh)
|
560.7
|
424.7
|
2,029.5
|
1,474.6
| |
Revenues from energy sales
|
67.3
|
51.9
|
239.5
|
171.4
| |
Adjusted EBITDA(2)
|
44.8
|
31.4
|
152.0
|
101.8
| |
Adjusted EBITDA margin (%)
|
66.6
|
60.5
|
63.5
|
59.4
| |
Adjusted net earnings (loss) (3)(4)
|
3.1
|
0.5
|
(2.5)
|
(4.2)
|
|
Per share (basic)($)(3)(4)
|
0.08
|
0.01
|
(0.07)
|
(0.11)
| |
Adjusted cash flows from operations(2)
|
27.3
|
16.1
|
83.7
|
51.2
|
|
Per share(basic)($)(2)
|
0.72
|
0.43
|
2.19
|
1.36
|
|
(1)
|
See the Reconciliations between IFRS and Proportionate Consolidation and Non-IFRS Measures sections in the financial statements accompanying this press release.
| |
(2)
|
The 2014 amounts are adjusted for the Enel Green Power France SAS acquisition costs of $5.3 million. See the financial statements accompanying this press release.
| |
(3)
|
The 2014 amounts are adjusted for the Enel Green Power France SAS acquisition costs (net of taxes) of $4.3 million and the net loss on undesignated financial instruments (net of taxes) of $5.1 million. See the financial statements accompanying this press release.
| |
(4)
|
Attributable to shareholders of Boralex.
|
The Corporation recorded a 39.7% increase in revenues from energy sales, a 49.3% increase in adjusted EBITDA while the EBITDA margin increased to 63.5% for fiscal 2014 from 59.4% in fiscal 2013. The Corporation's adjusted cash flows from operations totalled $83.7 million or $2.19 per share in 2014, up 63.5% from $51.2 million or $1 .36 per share in 2013.
Financial results were also up for the fourth quarter with revenues from energy sales calculated on a proportionate consolidation basis totalling $67 .3 million, compared with $51 .9 million for the same period last year. Adjusted quarterly EBITDA grew 42.7% while EBITDA margin rose to 66.6% for the three-month period ended December 31, 2014 from 60.5% for the same period in 2013. Last, adjusted cash flows from operations totalled $27.3 million or $0.72 per share for the quarter ended December 31, 2014 , up 69.6% from $16.1 million or $0.43 per share for the three-month period ended December 31, 2013.
2014 HIGHLIGHTSBoralex ended fiscal 2014 with one of its largest acquisitions ever, namely the purchase of Enel Green Power France SAS, which makes Boralex the largest independent wind power producer in France . The acquired assets represent 186.1 MW of installed capacity, 10 MW under construction and an additional pipeline of 310 MW of wind and solar power projects of which 120 MW are at an advanced stage. This acquisition should generate annualized EBITDA of approximately $40 million while immediately and significantly increasing free cash flow per share.
In connection with this $400 million (€280 million) transaction, the Corporation also issued 8,430,000 common shares at a price of $13.05 for a net amount of $106 million and obtained a 15-year non-recourse term loan in the amount of $255 million (€180 million). Furthermore, on January 30, 2015 , Boralex issued 1,075,000 common shares following the exercising of the over-allotment option granted to subscribers, generating additional proceeds of $13 .5 million for the Corporation.
Also during fiscal 2014, the following assets were completed and commissioned on budget and on schedule.
- Jamie Creek hydroelectric power station in British Columbia with an installed capacity of 22 MW
- Fortel-Bonnières wind farm in France with an installed capacity of 23 MW
- 68 MW Phase II of the Seigneurie de Beaupré Wind Farms in Québec
- 23.5 MW Témiscouata I wind farm in Québec
RECENT EVENTSBoralex acquired Touvent, a wind power project in France in early 2015. With a capacity of 13.8 MW, Touvent has a 15-year contract with Électricité de France. Management expects Touvent to generate an annual volume of 30 GWh and EBITDA of about $2.2 million per year. Construction on the project will begin during the third quarter of 2015 with commissioning slated for the third quarter of 2016. Another acquisition was also announced recently, namely a majority interest in the Frampton community wind power project in Québec with a capacity of 24 MW and a 20-year contract with Hydro-Québec. Commissioning is expected for the end of 2015.
OUTLOOKBoralex's financial growth in the coming years will be driven primarily by the wind power segment expansion, mainly through the integration of sites in operation, the development of the large portfolio of projects acquired from Enel Green Power and the contribution of recently commissioned assets, in addition to the numerous other opportunities created by development activities. Boralex expects its EBITDA to reach $250 million at the end of 2017, representing average annual growth of about 19%.
To support these initiatives, Boralex can rely on its strong statement of financial position and its proven expertise in the development, financing, construction, commissioning and profitable operation of increasingly large-scale energy assets.
ANNUAL REPORTBoralex's Annual Report will be filed with SEDAR and made available on Boralex's website at the latest March 20, 2015 .
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 1,100 MW, of which 940 MW are under its control. Boralex is also developing, both independently and with Canadian and European partners, a number of energy projects of which over 150 MW of power will be commissioned by the end of 2016. 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 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.
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 unaudited consolidated financial statements attached to this press release contain 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 unaudited consolidated financial statements attached to this press release contain 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.
Unaudited Consolidated Financial Statements
For the three-month period and year ended December 31, 2014
I A - IFRS - Consolidated Financial Statements
|
Consolidated Statements of Financial Position
|
|
|
|
|
As at
December 31,
|
As at
December 31,
| |
(in thousands of Canadian dollars) (unaudited)
|
2014
|
2013
| |
ASSETS
|
|
| |
Cash and cash equivalent
|
75,394
|
124,942
| |
Restricted cash
|
12,459
|
19,366
| |
Trade and other receivables
|
59,154
|
41,625
| |
Inventories
|
5,620
|
4,502
| |
Other current financial assets
|
1,213
|
—
| |
Prepaid expenses
|
5,358
|
2,945
| |
CURRENT ASSETS
|
159,198
|
193,380
|
|
|
| |
Property, plant and equipment
|
1,215,411
|
799,213
| |
Other intangible assets
|
254,007
|
257,058
| |
Goodwill
|
134,044
|
49,890
| |
Interests in the Joint Ventures
|
91,483
|
90,880
| |
Deferred income tax asset
|
13,141
|
—
| |
Other non-current financial assets
|
3,230
|
289
| |
Other non-current assets
|
47,445
|
32,017
| |
NON-CURRENT ASSETS
|
1,758,761
|
1,229,347
| |
TOTAL ASSETS
|
1,917,959
|
1,422,727
| |
LIABILITIES
|
|
| |
Trade and other payables
|
57,616
|
57,992
| |
Current portion of debt
|
172,044
|
84,034
| |
Current income tax liability
|
1,601
|
1,516
| |
Other current financial liabilities
|
34,116
|
15,243
| |
CURRENT LIABILITIES
|
265,377
|
158,785
|
|
|
| |
Non-current debt
|
989,087
|
578,914
| |
Convertible debentures
|
232,977
|
229,578
| |
Deferred income tax liability
|
30,780
|
37,493
| |
Decommissioning liability
|
10,773
|
7,198
| |
Other non-current financial liabilities
|
33,622
|
19,704
| |
Other non-current liabilities
|
19,024
|
4,921
| |
NON-CURRENT LIABILITIES
|
1,316,263
|
877,808
| |
TOTAL LIABILITIES
|
1,581,640
|
1,036,593
| |
EQUITY
|
|
| |
Equity attributable to shareholders
|
303,191
|
356,448
| |
Non-controlling shareholders
|
33,128
|
29,686
| |
TOTAL EQUITY
|
336,319
|
386,134
| |
TOTAL LIABILITIES AND EQUITY
|
1,917,959
|
1,422,727
|
|
Consolidated Statements of Earnings (Loss)
|
|
|
|
|
Three-month periods ended
December 31
|
Years ended
December 31
| |
(in thousands of Canadian dollars, except per share amounts) (unaudited)
|
2014
|
2013
|
2014
|
2013
| |
REVENUES
|
|
|
|
| |
Revenues from energy sales
|
53,673
|
49,496
|
193,401
|
169,023
| |
Other income
|
545
|
331
|
1,827
|
3,009
|
|
54,218
|
49,827
|
195,228
|
172,032
|
|
|
|
|
| |
COSTS AND OTHER EXPENSES
|
|
|
|
| |
Operating
|
17,045
|
15,952
|
64,296
|
54,357
| |
Administrative
|
3,195
|
3,263
|
13,479
|
13,214
| |
Development
|
6,465
|
1,181
|
10,319
|
4,145
| |
Amortization
|
15,832
|
13,987
|
60,410
|
53,888
| |
Other gains
|
(846)
|
—
|
(1,962)
|
(232)
| |
Impairment of property, plant and equipment
|
—
|
—
|
—
|
266
|
|
41,691
|
34,383
|
146,542
|
125,638
|
|
|
|
|
| |
OPERATING INCOME
|
12,527
|
15,444
|
48,686
|
46,394
|
|
|
|
|
| |
Financing costs
|
15,926
|
13,061
|
58,097
|
50,693
| |
Foreign exchange loss (gain)
|
15
|
(530)
|
406
|
(788)
| |
Net loss (gain) on financial instruments
|
6,031
|
(69)
|
8,187
|
(742)
| |
Share in earnings (losses) of the Joint Ventures
|
2,570
|
(329)
|
3,426
|
(2,116)
| |
Other
|
25
|
63
|
17
|
63
|
|
|
|
|
| |
EARNINGS (LOSS) BEFORE INCOME TAXES
|
(6,900)
|
2,590
|
(14,595)
|
(4,948)
|
|
|
|
|
| |
Income tax expense (recovery)
|
(523)
|
1,624
|
(854)
|
537
|
|
|
|
|
| |
NET EARNINGS (LOSS) FROM CONTINUING OPERATIONS
|
(6,377)
|
966
|
(13,741)
|
(5,485)
|
|
|
|
|
| |
Net earnings from discontinued operations
|
716
|
74
|
2,652
|
1,774
| |
NET EARNINGS (LOSS)
|
(5,661)
|
1,040
|
(11,089)
|
(3,711)
|
|
|
|
|
| |
NET EARNINGS (LOSS) ATTRIBUTABLE TO:
|
|
|
|
|
|
Shareholders of Boralex
|
(6,265)
|
529
|
(11,767)
|
(3,838)
|
|
Non-controlling shareholders
|
604
|
511
|
678
|
127
| |
NET EARNINGS (LOSS)
|
(5,661)
|
1,040
|
(11,089)
|
(3,711)
|
|
|
|
|
| |
NET EARNINGS (LOSS) ATTRIBUTABLE TO SHAREHOLDERS OF BORALEX
|
|
|
|
|
|
Continuing operations
|
(6,981)
|
455
|
(14,419)
|
(5,612)
|
|
Discontinued operations
|
716
|
74
|
2,652
|
1,774
|
|
(6,265)
|
529
|
(11,767)
|
(3,838)
|
|
|
|
|
| |
NET EARNINGS (LOSS) PER SHARE (BASIC AND DILUTED) ATTRIBUTABLE TO SHAREHOLDERS OF BORALEX
|
|
|
|
|
|
Continuing operations
|
($0.18)
|
$0.01
|
($0.38)
|
($0.15)
|
|
Discontinued operations
|
$0.02
|
—
|
$0.07
|
$0.05
|
|
($0.16)
|
$0.01
|
($0.31)
|
($0.10)
|
|
Consolidated Statements of Comprehensive Income (Loss)
|
|
|
|
|
Three-month periods ended
December 31
|
Years ended
December 31
| |
(in thousands of Canadian dollars) (unaudited)
|
2014
|
2013
|
2014
|
2013
| |
NET EARNINGS (LOSS)
|
(5,661)
|
1,040
|
(11,089)
|
(3,711)
|
|
|
|
|
| |
Other comprehensive income (loss) to be subsquently reclassified to net earnings (loss) when certain conditions are met
|
|
|
|
| |
Translation adjustements:
|
|
|
|
|
|
Unrealized foreign exchange gain (loss) on translation of financial statements of self-sustaining foreign operations
|
(2,376)
|
8,116
|
(2,613)
|
18,026
| |
Hedge of net investment:
|
|
|
|
|
|
Change in fair value
|
1,103
|
—
|
1,103
|
—
|
|
Income taxes
|
(147)
|
—
|
(147)
|
—
| |
Cash flow hedges:
|
|
|
|
|
|
Change in fair value
|
(5,142)
|
(99)
|
(32,680)
|
7,917
|
|
Hedging items realized and recognized in net earnings (loss)
|
2,849
|
2,541
|
11,615
|
8,361
|
|
Income taxes
|
848
|
(732)
|
6,462
|
(4,819)
| |
Cash flow hedges - Joint Ventures:
|
|
|
|
|
|
Change in fair value
|
(7,590)
|
1,443
|
(23,394)
|
16,319
|
|
Hedging items realized and recognized in net earnings (loss)
|
1,181
|
—
|
4,798
|
—
|
|
Hedging items realized and recognized in statement of financial position
|
—
|
709
|
—
|
2,336
|
|
Income taxes
|
1,682
|
(473)
|
4,819
|
(4,855)
| |
Available-for-sale financial asset:
|
|
|
|
|
|
Change in fair value
|
—
|
—
|
—
|
858
|
|
Items realized and recognized in net earnings (loss)
|
—
|
—
|
—
|
(149)
| |
Total other comprehensive income (loss)
|
(7,592)
|
11,505
|
(30,037)
|
43,994
| |
COMPREHENSIVE INCOME (LOSS)
|
(13,253)
|
12,545
|
(41,126)
|
40,283
|
|
|
|
|
| |
COMPREHENSIVE INCOME (LOSS) ATTRIBUTABLE TO:
|
|
|
|
|
|
Shareholders of Boralex
|
(13,827)
|
10,361
|
(39,070)
|
35,665
|
|
Non-controlling shareholders
|
574
|
2,184
|
(2,056)
|
4,618
| |
COMPREHENSIVE INCOME (LOSS)
|
(13,253)
|
12,545
|
(41,126)
|
40,283
|
|
|
|
|
| |
COMPREHENSIVE INCOME (LOSS) ATTRIBUTABLE TO SHAREHOLDERS OF BORALEX
|
|
|
|
|
|
Continuing operations
|
(14,543)
|
10,287
|
(41,722)
|
33,891
|
|
Discontinued operations
|
716
|
74
|
2,652
|
1,774
|
|
(13,827)
|
10,361
|
(39,070)
|
35,665
|
|
Consolidated Statements of Changes in Equity
|
|
|
|
|
|
2014
|
|
Equity attributable to shareholders
|
| |
(in thousands of Canadian dollars) (unaudited)
|
Capital
stock
|
Equity
component of
convertible
debentures
|
Contributed
surplus
|
Retained
earnings
|
Accumulated
other
comprehensive
loss
|
Total
|
Non-controlling
shareholders
|
Total
equity
| |
BALANCE AS AT JANUARY 1, 2014
|
223,079
|
14,379
|
7,730
|
140,575
|
(29,315)
|
356,448
|
29,686
|
386,134
|
|
|
|
|
|
|
|
|
| |
Net earnings (loss)
|
—
|
—
|
—
|
(11,767)
|
—
|
(11,767)
|
678
|
(11,089)
| |
Other comprehensive loss
|
—
|
—
|
—
|
—
|
(27,303)
|
(27,303)
|
(2,734)
|
(30,037)
| |
COMPREHENSIVE LOSS
|
—
|
—
|
—
|
(11,767)
|
(27,303)
|
(39,070)
|
(2,056)
|
(41,126)
|
|
|
|
|
|
|
|
|
| |
Dividends
|
—
|
—
|
—
|
(19,896)
|
—
|
(19,896)
|
(2,050)
|
(21,946)
| |
Conversion of convertibles debentures
|
318
|
—
|
—
|
—
|
|
318
|
—
|
318
| |
Exercise of options
|
4,860
|
—
|
—
|
—
|
—
|
4,860
|
—
|
4,860
| |
Stock option expense
|
—
|
—
|
536
|
—
|
—
|
536
|
—
|
536
| |
Excess of proceeds on repurchase by non-controlling shareholders
|
—
|
—
|
—
|
(5)
|
—
|
(5)
|
(2)
|
(7)
| |
Contribution of non-controlling shareholders
|
—
|
—
|
—
|
—
|
—
|
—
|
7,550
|
7,550
| |
BALANCE AS AT DECEMBER 31, 2014
|
228,257
|
14,379
|
8,266
|
108,907
|
(56,618)
|
303,191
|
33,128
|
336,319
|
|
|
|
|
|
2013
|
|
Equity attributable to shareholders
|
| |
(in thousands of Canadian dollars) (unaudited)
|
Capital
stock
|
Equity
component of
convertible
debentures
|
Contributed
surplus
|
Retained
earnings
|
Accumulated
other
c omprehensive
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 earnings (loss)
|
—
|
—
|
—
|
(3,838)
|
—
|
(3,838)
|
127
|
(3,711)
| |
Other comprehensive income
|
—
|
—
|
—
|
—
|
39,503
|
39,503
|
4,491
|
43,994
| |
COMPREHENSIVE INCOME (LOSS)
|
—
|
—
|
—
|
(3,838)
|
39,503
|
35,665
|
4,618
|
40,283
|
|
|
|
|
|
|
|
|
| |
Conversion of convertibles debentures
|
94
|
—
|
—
|
—
|
—
|
94
|
—
|
94
| |
Exercise of options
|
115
|
—
|
—
|
—
|
—
|
115
|
—
|
115
| |
Stock option expense
|
—
|
—
|
785
|
—
|
—
|
785
|
—
|
785
| |
Excess of proceeds on repurchase by non-controlling shareholders
|
—
|
—
|
—
|
(79)
|
—
|
(79)
|
(26)
|
(105)
| |
Contribution of non-controlling shareholders
|
—
|
—
|
—
|
—
|
—
|
—
|
2,593
|
2,593
| |
BALANCE AS AT DECEMBER 31, 2013
|
223,079
|
14,379
|
7,730
|
140,575
|
(29,315)
|
356,448
|
29,686
|
386,134
|
|
Consolidated Statements of Cash Flows
|
|
|
|
|
Three-month periods ended
December 31
|
Years ended
December 31
| |
(in thousands of Canadian dollars) (unaudited)
|
2014
|
2013
|
2014
|
2013
| |
Net earnings (loss)
|
(5,661)
|
1,040
|
(11,089)
|
(3,711)
| |
Less: Net earnings from discontinued operations
|
716
|
74
|
2,652
|
1,774
| |
Net earnings (loss) from continuing operations
|
(6,377)
|
966
|
(13,741)
|
(5,485)
| |
Financing costs
|
15,926
|
13,061
|
58,097
|
50,693
| |
Interest paid
|
(14,632)
|
(14,280)
|
(53,298)
|
(48,905)
| |
Income tax expense (recovery)
|
(523)
|
1,624
|
(854)
|
537
| |
Income tax paid
|
(64)
|
(647)
|
(2,940)
|
(3,372)
| |
Non-cash items in earnings (loss):
|
|
|
|
|
|
Net loss (gain) on financial instruments
|
6,031
|
(69)
|
8,187
|
(742)
|
|
Share in results of the Joint Ventures
|
(2,570)
|
329
|
(3,426)
|
2,116
|
|
Amortization
|
15,832
|
13,987
|
60,410
|
53,888
|
|
Impairment of property, plant and equipment
|
—
|
—
|
—
|
266
|
|
Other
|
360
|
351
|
1,246
|
1,920
|
|
13,983
|
15,322
|
53,681
|
50,916
| |
Change in non-cash items related to operating activities
|
(10,779)
|
(12,610)
|
(2,020)
|
8,350
| |
NET CASH FLOWS RELATED TO OPERATING ACTIVITIES
|
3,204
|
2,712
|
51,661
|
59,266
|
|
|
|
|
| |
Business acquisitions, net of cash acquired
|
(188,948)
|
—
|
(196,879)
|
—
| |
Additions to property, plant and equipment
|
(47,620)
|
(28,395)
|
(167,686)
|
(107,479)
| |
Change in restricted cash
|
(5,146)
|
(9,529)
|
7,277
|
(18,890)
| |
Increase in interest in Joint Ventures
|
(7,181)
|
(2,781)
|
(13,253)
|
(8,318)
| |
Increase in non-current assets
|
—
|
—
|
(1,350)
|
—
| |
Change in reserve funds
|
(6,252)
|
23
|
(6,825)
|
(13,956)
| |
Development projects
|
(1,279)
|
(2,177)
|
(6,881)
|
(9,666)
| |
Proceeds from the disposal of assets held for sale
|
21,983
|
—
|
21,983
|
—
| |
Other
|
(60)
|
(232)
|
(491)
|
(74)
| |
NET CASH FLOWS RELATED TO INVESTING ACTIVITIES
|
(234,503)
|
(43,091)
|
(364,105)
|
(158,383)
|
|
|
|
|
| |
Net increase in non-current debt
|
451,881
|
29,439
|
589,006
|
209,739
| |
Repayment of debt assumed on business acquisition
|
(233,314)
|
—
|
(233,314)
|
—
| |
Repayments on non-current debt
|
(4,761)
|
(4,097)
|
(84,582)
|
(101,471)
| |
Contribution of non-controlling shareholders
|
539
|
1,856
|
5,235
|
2,593
| |
Distribution to non-controlling shareholders
|
(2,050)
|
—
|
(2,050)
|
—
| |
Dividends paid to shareholders of Boralex
|
(4,993)
|
—
|
(19,896)
|
—
| |
Options exercised
|
151
|
66
|
4,860
|
115
| |
Other
|
(1)
|
—
|
(41)
|
(110)
| |
NET CASH FLOWS RELATED TO FINANCING ACTIVITIES
|
207,452
|
27,264
|
259,218
|
110,866
| |
Cash from discontinued operations
|
843
|
84
|
3,122
|
2,054
| |
TRANSLATION ADJUSTEMENT ON CASH AND CASH EQUIVALENT
|
301
|
1,906
|
556
|
4,001
| |
NET CHANGE IN CASH AND CASH EQUIVALENT
|
(22,703)
|
(11,125)
|
(49,548)
|
17,804
|
|
|
|
|
| |
CASH AND CASH EQUIVALENT - BEGINNING OF PERIOD
|
98,097
|
136,067
|
124,942
|
107,138
| |
CASH AND CASH EQUIVALENT - END OF PERIOD
|
75,394
|
124,942
|
75,394
|
124,942
|
I B - IFRS - Business Combination
Business Combination
Acquisition of Enel Green Power France S.A.S.
On December 18, 2014 , Boralex acquired all of the issued and outstanding shares of Enel Green Power France S.A.S. ("EGP France") from Enel Green Power International B.V. ("Vendor"), a wholly-owned subsidiary of Enel Green Power SpA, for a cash consideration of $188,948,000 (€132,272,000). The company has been renamed Boralex Énergie Verte S.A.S. ("BEV"). BEV is an independent power producer headquartered in Lyon, France . As a result of the acquisition, Boralex added to its portfolio (i) 12 operational wind farms with an installed capacity of 186 MW, (ii) one wind farm currently under construction with a projected installed capacity of 10 MW, and (iii) a pipeline of additional wind and solar energy projects.
The total cash consideration paid was financed through cash funds, a $45,000,000 increase to the existing revolving credit facility to $175,000,000 , and a $100,000,000 bridge credit facility.
This transaction gave rise to acquisition costs of $5,340,000 , which were expensed. This entity was acquired under Boralex's growth strategy through acquisitions aimed at expanding its market share in the French wind power market. The acquisition was accounted for by the Corporation using the acquisition method set out in IFRS 3R, Business Combinations. The statement of financial position and the results of this acquired entity are consolidated as of December 18, 2014.
The following table shows the preliminary purchase price allocation:
|
|
|
Preliminary allocation
|
|
(in thousands of $)
|
(in thousands of €)
| |
Cash
|
2,138
|
1,497
| |
Trade and other receivables
|
7,047
|
4,934
| |
Other current assets
|
1,426
|
998
| |
Assets held for sale
|
21,983
|
15,389
| |
Property, plant and equipment
|
310,232
|
217,177
| |
Energy sales contracts
|
2,355
|
1,649
| |
Goodwill
|
86,053
|
60,241
| |
Deferred income tax assets
|
4,474
|
3,132
| |
Other non-current assets
|
110
|
77
| |
Current liabilities
|
(8,562)
|
(5,994)
| |
Assumed non-current debt
|
(233,314)
|
(163,331)
| |
Other non-current liabilities
|
(2,856)
|
(2,000)
| |
Net assets
|
191,086
|
133,769
| |
Less:
|
|
| |
Cash at acquisition
|
2,138
|
1,497
| |
Total consideration paid for the acquisition
|
188,948
|
132,272
|
Trade and other receivables acquired at the time of the transaction had a fair value of $7,047,000 (€4,934,000) and the Corporation expects it will all be received during 2015. Goodwill represents the renewal potential of the energy sales contracts for the 12 operational wind farms, the wind farm currently under construction with a projected installed capacity of 10 MW, the potential for completion of the pipeline of projects, and the expected synergies of consolidating these operations within Boralex. Goodwill will not be deductible for tax purposes.
Assets held for sale comprising a 10 MW wind farm were sold to a third party for $21,983,000 (€15,389,000) on December 23, 2014.
This preliminary purchase price allocation was based on the fair value at the acquisition date and converted using a weighted average rate. The average rate was calculated using the average exchange rate in effect on the date of acquisition and the exchange rate of the financial instrument entered into by the Corporation to hedge €126,000,000 of the acquisition. Following the final purchase price allocation, the Energy sales contracts, Goodwill and Deferred income tax assets items are likely to be adjusted.
Since the acquisition date, the acquired business has contributed $2,109 ,000 (€1,483,000) to revenues from energy sales and generated net earnings attributable to shareholders of Boralex of $78 ,000 (€55,000). Had the acquisition occurred on January 1, 2014, the equivalent of 12 months of the earnings would have been included in the consolidated results, and management estimates that consolidated revenues from energy sales and net loss attributable to shareholders of Boralex would have amounted to $239,222,000 and $12,751,000 , respectively, for the fiscal year ended December 31, 2014. These estimates are based on the assumption that the fair market value adjustments that were made on the date of acquisition would have been the same had the acquisition occurred on January 1, 2014.
I C - IFRS - Segmented Information
|
Information by Operating Segment
|
|
|
|
|
Three-month periods ended
December 31
|
Years ended
December 31
| |
(in thousands of Canadian dollars, except MWh) (unaudited)
|
2014
|
2013
|
2014
|
2013
|
|
|
|
|
| |
Power production (MWh)
|
|
|
|
| |
Wind power stations
|
245,601
|
227,195
|
785,997
|
682,136
| |
Hydroelectric power stations
|
154,752
|
142,912
|
641,979
|
621,094
| |
Thermal power stations
|
34,092
|
31,448
|
169,637
|
143,369
| |
Solar power station
|
1,080
|
980
|
6,259
|
5,945
|
|
435,525
|
402,535
|
1,603,872
|
1,452,544
|
|
|
|
|
| |
Revenues from energy sales
|
|
|
|
| |
Wind power stations
|
31,278
|
29,305
|
102,063
|
85,109
| |
Hydroelectric power stations
|
14,312
|
12,746
|
58,166
|
53,756
| |
Thermal power stations
|
7,569
|
6,976
|
30,090
|
27,446
| |
Solar power station
|
514
|
469
|
3,082
|
2,712
|
|
53,673
|
49,496
|
193,401
|
169,023
|
|
|
|
|
| |
EBITDA
|
|
|
|
| |
Wind power stations
|
28,123
|
24,279
|
86,511
|
66,594
| |
Hydroelectric power stations
|
9,730
|
9,002
|
42,715
|
40,413
| |
Thermal power stations
|
1,188
|
26
|
5,247
|
3,010
| |
Solar power station
|
391
|
438
|
2,634
|
2,379
| |
Corporate and eliminations
|
(9,374)
|
(4,706)
|
(26,564)
|
(14,259)
|
|
30,058
|
29,039
|
110,543
|
98,137
|
|
|
|
|
|
| |
Information by Geographic Segment
|
|
|
|
|
Three-month periods ended
December 31
|
Years ended
December 31
| |
(in thousands of Canadian dollars, except MWh) (unaudited)
|
2014
|
2013
|
2014
|
2013
|
|
|
|
|
| |
Power production (MWh)
|
|
|
|
| |
Canada
|
167,325
|
147,212
|
636,929
|
571,062
| |
France
|
184,020
|
168,452
|
586,573
|
493,540
| |
United States
|
84,180
|
86,871
|
380,370
|
387,942
|
|
435,525
|
402,535
|
1,603,872
|
1,452,544
|
|
|
|
|
| |
Revenues from energy sales
|
|
|
|
| |
Canada
|
20,189
|
17,317
|
70,768
|
63,568
| |
France
|
26,785
|
24,884
|
90,672
|
73,854
| |
United States
|
6,699
|
7,295
|
31,961
|
31,601
|
|
53,673
|
49,496
|
193,401
|
169,023
|
|
|
|
|
| |
EBITDA
|
|
|
|
| |
Canada
|
8,947
|
9,130
|
33,741
|
33,554
| |
France
|
16,352
|
14,760
|
52,962
|
40,719
| |
United States
|
4,759
|
5,149
|
23,840
|
23,864
|
|
30,058
|
29,039
|
110,543
|
98,137
|
I A - Proportionate Consolidation - Consolidated Financial Statements
|
Consolidated Statements of Financial Position
|
|
|
|
|
As at
December 31,
|
As at
December 31,
| |
(in thousands of Canadian dollars) (unaudited)
|
2014
|
2013
| |
ASSETS
|
|
| |
Cash and cash equivalent
|
86,845
|
127,541
| |
Restricted cash
|
19,814
|
60,126
| |
Trade and other receivables
|
71,338
|
72,758
| |
Inventories
|
5,631
|
4,502
| |
Other current financial assets
|
1,213
|
—
| |
Prepaid expenses
|
5,358
|
2,945
| |
CURRENT ASSETS
|
190,199
|
267,872
|
|
|
| |
Property, plant and equipment
|
1,644,313
|
1,179,653
| |
Other intangible assets
|
254,007
|
257,058
| |
Goodwill
|
134,044
|
49,890
| |
Deferred income tax asset
|
13,141
|
—
| |
Other non-current financial assets
|
3,230
|
1,262
| |
Other non-current assets
|
49,816
|
35,705
| |
NON-CURRENT ASSETS
|
2,098,551
|
1,523,568
| |
TOTAL ASSETS
|
2,288,750
|
1,791,440
| |
LIABILITIES
|
|
| |
Trade and other payables
|
64,698
|
81,607
| |
Current portion of debt
|
191,762
|
122,509
| |
Current income tax liability
|
1,601
|
1,516
| |
Other current financial liabilities
|
34,116
|
15,243
| |
CURRENT LIABILITIES
|
292,177
|
220,875
|
|
|
| |
Non-current debt
|
1,285,258
|
855,484
| |
Convertible debentures
|
232,977
|
229,578
| |
Deferred income tax liability
|
30,780
|
37,493
| |
Decommissioning liability
|
11,936
|
8,160
| |
Other non-current financial liabilities
|
50,374
|
19,704
| |
Other non-current liabilities
|
49,446
|
34,366
| |
NON-CURRENT LIABILITIES
|
1,660,771
|
1,184,785
| |
TOTAL LIABILITIES
|
1,952,948
|
1,405,660
| |
EQUITY
|
|
| |
Equity attributable to shareholders
|
302,674
|
356,094
| |
Non-controlling shareholders
|
33,128
|
29,686
| |
TOTAL EQUITY
|
335,802
|
385,780
| |
TOTAL LIABILITIES AND EQUITY
|
2,288,750
|
1,791,440
|
|
Consolidated Statements of Earnings (Loss)
|
|
|
|
|
Three-month periods ended
December 31
|
Years ended
December 31
| |
(in thousands of Canadian dollars, except per share amounts) (unaudited)
|
2014
|
2013
|
2014
|
2013
| |
REVENUES
|
|
|
|
| |
Revenues from energy sales
|
67,308
|
51,867
|
239,506
|
171,395
| |
Other income
|
393
|
342
|
1,223
|
2,726
|
|
67,701
|
52,209
|
240,729
|
174,121
|
|
|
|
|
| |
COSTS AND OTHER EXPENSES
|
|
|
|
| |
Operating
|
18,571
|
16,294
|
70,162
|
54,699
| |
Administrative
|
3,213
|
3,295
|
13,581
|
13,381
| |
Development
|
6,465
|
1,181
|
10,327
|
4,142
| |
Amortization
|
20,616
|
15,595
|
78,280
|
55,496
| |
Other gains
|
(1,192)
|
—
|
(3,272)
|
(232)
| |
Impairment of property, plant and equipment
|
—
|
—
|
—
|
266
|
|
47,673
|
36,365
|
169,078
|
127,752
|
|
|
|
|
| |
OPERATING INCOME
|
20,028
|
15,844
|
71,651
|
46,369
|
|
|
|
|
| |
Financing costs
|
20,975
|
15,082
|
77,787
|
52,861
| |
Foreign exchange loss (gain)
|
17
|
(521)
|
410
|
(700)
| |
Net loss (gain) on financial instruments
|
5,938
|
(1,309)
|
8,192
|
(553)
| |
Other
|
28
|
63
|
20
|
63
|
|
|
|
|
| |
EARNINGS (LOSS) BEFORE INCOME TAXES
|
(6,930)
|
2,529
|
(14,758)
|
(5,302)
|
|
|
|
|
| |
Income tax expense (recovery)
|
(523)
|
1,624
|
(854)
|
537
|
|
|
|
|
| |
NET EARNINGS (LOSS) FROM CONTINUING OPERATIONS
|
(6,407)
|
905
|
(13,904)
|
(5,839)
|
|
|
|
|
| |
Net earnings from discontinued operations
|
716
|
74
|
2,652
|
1,774
| |
NET EARNINGS (LOSS)
|
(5,691)
|
979
|
(11,252)
|
(4,065)
|
|
|
|
|
| |
NET EARNINGS (LOSS) ATTRIBUTABLE TO:
|
|
|
|
|
|
Shareholders of Boralex
|
(6,295)
|
468
|
(11,930)
|
(4,192)
|
|
Non-controlling shareholders
|
604
|
511
|
678
|
127
| |
NET EARNINGS (LOSS)
|
(5,691)
|
979
|
(11,252)
|
(4,065)
|
|
|
|
|
| |
NET EARNINGS (LOSS) ATTRIBUTABLE TO SHAREHOLDERS OF BORALEX
|
|
|
|
|
|
Continuing operations
|
(7,011)
|
394
|
(14,582)
|
(5,966)
|
|
Discontinued operations
|
716
|
74
|
2,652
|
1,774
|
|
(6,295)
|
468
|
(11,930)
|
(4,192)
|
|
|
|
|
| |
NET EARNINGS (LOSS) PER SHARE (BASIC AND DILUTED) ATTRIBUTABLE TO SHAREHOLDERS OF BORALEX
|
|
|
|
|
|
Continuing operations
|
($0.18)
|
$0.01
|
($0.38)
|
($0.16)
|
|
Discontinued operations
|
$0.02
|
—
|
$0.07
|
$0.05
|
|
($0.16)
|
$0.01
|
($0.31)
|
($0.11)
|
|
Consolidated Statements of Cash Flows
|
|
|
Three-month periods ended
December 31
|
Years ended
December 31
| |
(in thousands of Canadian dollars) (unaudited)
|
2014
|
2013
|
2014
|
2013
| |
Net earnings (loss)
|
(5,691)
|
979
|
(11,252)
|
(4,065)
| |
Less: Net earnings from discontinued operations
|
716
|
74
|
2,652
|
1,774
| |
Net earnings (loss) from continuing operations
|
(6,407)
|
905
|
(13,904)
|
(5,839)
| |
Financing costs
|
20,975
|
15,082
|
77,787
|
52,861
| |
Interest paid
|
(18,552)
|
(15,515)
|
(68,155)
|
(50,136)
| |
Income tax expense (recovery)
|
(523)
|
1,624
|
(854)
|
537
| |
Income tax paid
|
(64)
|
(647)
|
(2,940)
|
(3,372)
| |
Non-cash items in earnings (loss):
|
|
|
|
|
|
Net loss (gain) on financial instruments
|
5,938
|
(1,309)
|
8,192
|
(553)
|
|
Amortization
|
20,616
|
15,595
|
78,280
|
55,496
|
|
Impairment of property, plant and equipment
|
—
|
—
|
—
|
266
|
|
Other
|
25
|
351
|
(53)
|
1,920
|
|
22,008
|
16,086
|
78,353
|
51,180
| |
Change in non-cash items related to operating activities
|
(12,554)
|
1,044
|
23,912
|
8,698
| |
NET CASH FLOWS RELATED TO OPERATING ACTIVITIES
|
9,454
|
17,130
|
102,265
|
59,878
|
|
|
|
|
| |
Business acquisitions, net of cash acquired
|
(188,948)
|
—
|
(196,879)
|
—
| |
Additions to property, plant and equipment
|
(76,146)
|
(82,942)
|
(251,562)
|
(323,415)
| |
Change in restricted cash
|
14,990
|
(46,921)
|
40,682
|
(53,063)
| |
Increase in non-current assets
|
—
|
—
|
(4,006)
|
—
| |
Change in reserve funds
|
(6,252)
|
23
|
(6,825)
|
(13,956)
| |
Development projects
|
(1,279)
|
(2,177)
|
(6,881)
|
(9,666)
| |
Proceeds from the disposal of assets held for sale
|
21,983
|
—
|
21,983
|
—
| |
Other
|
(60)
|
(232)
|
(491)
|
(74)
| |
NET CASH FLOWS RELATED TO INVESTING ACTIVITIES
|
(235,712)
|
(132,249)
|
(403,979)
|
(400,174)
|
|
|
|
|
| |
Net increase in non-current debt
|
457,217
|
105,958
|
629,358
|
453,517
| |
Repayment of debt assumed on business acquisition
|
(233,314)
|
—
|
(233,314)
|
—
| |
Repayments on non-current debt
|
(9,214)
|
(4,097)
|
(126,812)
|
(101,471)
| |
Contribution of non-controlling shareholders
|
539
|
1,856
|
5,235
|
2,593
| |
Distribution to non-controlling shareholders
|
(2,050)
|
—
|
(2,050)
|
—
| |
Dividends paid to shareholders of Boralex
|
(4,993)
|
—
|
(19,896)
|
—
| |
Options exercised
|
151
|
66
|
4,860
|
115
| |
Other
|
(1)
|
—
|
(41)
|
(110)
| |
NET CASH FLOWS RELATED TO FINANCING ACTIVITIES
|
208,335
|
103,783
|
257,340
|
354,644
| |
Cash from discontinued operations
|
843
|
84
|
3,122
|
2,054
| |
TRANSLATION ADJUSTEMENT ON CASH AND CASH EQUIVALENT
|
301
|
1,906
|
556
|
4,001
| |
NET CHANGE IN CASH AND CASH EQUIVALENT
|
(16,779)
|
(9,346)
|
(40,696)
|
20,403
|
|
|
|
|
| |
CASH AND CASH EQUIVALENT - BEGINNING OF PERIOD
|
103,624
|
136,887
|
127,541
|
107,138
| |
CASH AND CASH EQUIVALENT - END OF PERIOD
|
86,845
|
127,541
|
86,845
|
127,541
|
II B - Proportionate Consolidation - Segmented Information
|
Information by Operating Segment
|
|
|
|
|
Three-month periods ended
December 31
|
Years ended
December 31
| |
(in thousands of Canadian dollars, except MWh) (unaudited)
|
2014
|
2013
|
2014
|
2013
|
|
|
|
|
| |
Power production (MWh)
|
|
|
|
| |
Wind power stations
|
370,742
|
249,276
|
1,211,629
|
704,217
| |
Hydroelectric power stations
|
154,752
|
142,912
|
641,979
|
621,094
| |
Thermal power stations
|
34,092
|
31,448
|
169,637
|
143,369
| |
Solar power station
|
1,080
|
980
|
6,259
|
5,945
|
|
560,666
|
424,616
|
2,029,504
|
1,474,625
|
|
|
|
|
| |
Revenues from energy sales
|
|
|
|
| |
Wind power stations
|
44,913
|
31,676
|
148,168
|
87,481
| |
Hydroelectric power stations
|
14,312
|
12,746
|
58,166
|
53,756
| |
Thermal power stations
|
7,569
|
6,976
|
30,090
|
27,446
| |
Solar power station
|
514
|
469
|
3,082
|
2,712
|
|
67,308
|
51,867
|
239,506
|
171,395
|
|
|
|
|
| |
EBITDA
|
|
|
|
| |
Wind power stations
|
36,846
|
26,136
|
120,096
|
69,957
| |
Hydroelectric power stations
|
9,730
|
9,002
|
42,715
|
40,413
| |
Thermal power stations
|
1,188
|
26
|
5,247
|
3,010
| |
Solar power station
|
391
|
438
|
2,634
|
2,379
| |
Corporate and eliminations
|
(8,731)
|
(4,226)
|
(24,053)
|
(13,923)
|
|
39,424
|
31,376
|
146,639
|
101,836
|
|
| |
Information by Geographic Segment
|
|
|
|
|
Three-month periods ended
December 31
|
Years ended
December 31
| |
(in thousands of Canadian dollars, except MWh) (unaudited)
|
2014
|
2013
|
2014
|
2013
|
|
|
|
|
| |
Power production (MWh)
|
|
|
|
| |
Canada
|
292,466
|
169,293
|
1,062,561
|
593,143
| |
France
|
184,020
|
168,452
|
586,573
|
493,540
| |
United States
|
84,180
|
86,871
|
380,370
|
387,942
|
|
560,666
|
424,616
|
2,029,504
|
1,474,625
|
|
|
|
|
| |
Revenues from energy sales
|
|
|
|
| |
Canada
|
33,824
|
19,688
|
116,873
|
65,940
| |
France
|
26,785
|
24,884
|
90,672
|
73,854
| |
United States
|
6,699
|
7,295
|
31,961
|
31,601
|
|
67,308
|
51,867
|
239,506
|
171,395
|
|
|
|
|
| |
EBITDA
|
|
|
|
| |
Canada
|
18,313
|
11,467
|
69,837
|
37,253
| |
France
|
16,352
|
14,760
|
52,962
|
40,719
| |
United States
|
4,759
|
5,149
|
23,840
|
23,864
|
|
39,424
|
31,376
|
146,639
|
101,836
|
III - Non-IFRS Measures
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 do not have a standardized meaning under IFRS; accordingly, they may not be comparable to similarly named measures used by other companies.
This section also shows proportionately consolidated EBITDA, net earnings (loss) attributable to shareholders of Boralex and cash flows from operations where the results of Joint Venture Phases I and II are proportionately consolidated instead of being accounted for using the equity method as required by IFRS. Since the information that Boralex uses to perform internal analyses and make strategic and operating decisions is prepared on a proportionate consolidation basis, management has considered it relevant to include these amounts to help investors understand the concrete impacts of decisions made by the Corporation. Moreover, tables reconciling IFRS data with data presented on a proportionate consolidation basis are provided.
EBITDA
EBITDA does not have a standardized meaning under IFRS; accordingly, it may not be comparable to that of similarly named measures used by other companies. Investors should not view EBITDA as an alternative measure to, for example, net earnings (loss), or as a measure of operating results, which are IFRS measures.
EBITDA is reconciled to the most comparable IFRS measure, namely, net earnings (loss), in the following table:
| |
IFRS
|
|
Three-month periods ended
December 31
|
Years ended
December 31
| |
(in thousands of Canadian dollars) (unaudited)
|
2014
|
2013
|
2014
|
2013
| |
Net earnings (loss)
|
(5,661)
|
1,040
|
(11,089)
|
(3,711)
| |
Net earnings from discontinued operations
|
(716)
|
(74)
|
(2,652)
|
(1,774)
| |
Income tax expense (recovery)
|
(523)
|
1,624
|
(854)
|
537
| |
Net loss (gain) on financial instruments
|
6,031
|
(69)
|
8,187
|
(742)
| |
Foreign exchange loss (gain)
|
15
|
(530)
|
406
|
(788)
| |
Financing costs
|
15,926
|
13,061
|
58,097
|
50,693
| |
Impairment of property, plant and equipment
|
—
|
—
|
—
|
266
| |
Other gains
|
(846)
|
—
|
(1,962)
|
(232)
| |
Amortization
|
15,832
|
13,987
|
60,410
|
53,888
|
|
|
|
|
| |
EBITDA
|
30,058
|
29,039
|
110,543
|
98,137
| |
Acquisition costs related to the acquisition of BEV
|
5,340
|
—
|
5,340
|
—
| |
EBITDA - ADJUSTED
|
35,398
|
29,039
|
115,883
|
98,137
|
|
|
|
|
|
|
| |
Proportionate Consolidation
|
|
Three-month periods ended
December 31
|
Years ended
December 31
| |
(in thousands of Canadian dollars) (unaudited)
|
2014
|
2013
|
2014
|
2013
| |
Net earnings (loss)
|
(5,691)
|
979
|
(11,252)
|
(4,065)
| |
Net earnings from discontinued operations
|
(716)
|
(74)
|
(2,652)
|
(1,774)
| |
Income tax expense (recovery)
|
(523)
|
1,624
|
(854)
|
537
| |
Net loss (gain) on financial instruments
|
5,938
|
(1,309)
|
8,192
|
(553)
| |
Foreign exchange loss (gain)
|
17
|
(521)
|
410
|
(700)
| |
Financing costs
|
20,975
|
15,082
|
77,787
|
52,861
| |
Impairment of property, plant and equipment
|
—
|
—
|
—
|
266
| |
Other gains
|
(1,192)
|
—
|
(3,272)
|
(232)
| |
Amortization
|
20,616
|
15,595
|
78,280
|
55,496
|
|
|
|
|
| |
EBITDA
|
39,424
|
31,376
|
146,639
|
101,836
| |
Acquisition costs related to the acquisition of BEV
|
5,340
|
—
|
5,340
|
—
| |
EBITDA - ADJUSTED
|
44,764
|
31,376
|
151,979
|
101,836
|
|
|
|
|
|
Net earnings (loss) attributable to shareholders of Boralex
| |
IFRS
|
|
Three-month periods ended
December 31
|
Years ended
December 31
| |
(in thousands of Canadian dollars) (unaudited)
|
2014
|
2013
|
2014
|
2013
| |
Net earnings (loss) attributable to shareholders of Boralex
|
(6,265)
|
529
|
(11,767)
|
(3,838)
| |
Net loss on undesignated financial instruments, net of taxes
|
5,067
|
—
|
5,067
|
—
| |
Acquisition and other costs related to the acquisition of BEV, net of taxes
|
4,315
|
—
|
4,315
|
—
| |
NET EARNINGS (LOSS) ATTRIBUTABLE TO SHAREHOLDERS OF BORALEX - ADJUSTED
|
3,117
|
529
|
(2,385)
|
(3,838)
|
|
|
|
|
|
| |
Proportionate Consolidation
|
|
Three-month periods ended
December 31
|
Years ended
December 31
| |
(in thousands of Canadian dollars) (unaudited)
|
2014
|
2013
|
2014
|
2013
| |
Net earnings (loss) attributable to shareholders of Boralex
|
(6,295)
|
468
|
(11,930)
|
(4,192)
| |
Net loss on undesignated financial instruments, net of taxes
|
5,067
|
—
|
5,067
|
—
| |
Acquisition and other costs related to the acquisition of BEV, net of taxes
|
4,315
|
—
|
4,315
|
—
| |
NET EARNINGS (LOSS) ATTRIBUTABLE TO SHAREHOLDERS OF BORALEX - ADJUSTED
|
3,087
|
468
|
(2,548)
|
(4,192)
|
|
|
|
|
|
Cash flows from operationsCash 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 are reconciled to the most comparable IFRS measure, namely, net cash flows related to operating activities, in the following tables:
| |
IFRS
|
|
Three-month periods ended
December 31
|
Years ended
December 31
| |
(in thousands of Canadian dollars) (unaudited)
|
2014
|
2013
|
2014
|
2013
| |
Net cash flows related to operating activities
|
3,204
|
2,712
|
51,661
|
59,266
| |
Change in non-cash items related to operating activities
|
(10,779)
|
(12,610)
|
(2,020)
|
8,350
|
|
|
|
|
| |
CASH FLOWS FROM OPERATIONS
|
13,983
|
15,322
|
53,681
|
50,916
| |
Acquisition costs related to the acquisition of BEV
|
5,340
|
—
|
5,340
|
—
| |
CASH FLOWS FROM OPERATIONS - ADJUSTED
|
19,323
|
15,322
|
59,021
|
50,916
|
|
|
|
|
|
| |
Proportionate Consolidation
|
|
Three-month periods ended
December 31
|
Years ended
December 31
| |
(in thousands of Canadian dollars) (unaudited)
|
2014
|
2013
|
2014
|
2013
| |
Net cash flows related to operating activities
|
9,454
|
17,130
|
102,265
|
59,878
| |
Change in non-cash items related to operating activities
|
(12,554)
|
1,044
|
23,912
|
8,698
|
|
|
|
|
| |
CASH FLOWS FROM OPERATIONS
|
22,008
|
16,086
|
78,353
|
51,180
| |
Acquisition costs related to the acquisition of BEV
|
5,340
|
—
|
5,340
|
—
| |
CASH FLOWS FROM OPERATIONS - ADJUSTED
|
27,348
|
16,086
|
83,693
|
51,180
|
|
|
|
|
|
IV - Reconciliation between IFRS and Proportionate Consolidation
|
Consolidated Statements of Financial Position
|
|
|
|
As at
December 31,
|
|
2014
| |
(in thousands of Canadian dollars) (unaudited)
|
IFRS
|
Ajustements Joint
Ventures
|
Proportionate
Consolidation
| |
ASSETS
|
|
|
| |
Cash and cash equivalent
|
75,394
|
11,451
|
86,845
| |
Restricted cash
|
12,459
|
7,355
|
19,814
| |
Trade and other receivables
|
59,154
|
12,184
|
71,338
| |
Inventories
|
5,620
|
11
|
5,631
| |
Other current financial assets
|
1,213
|
—
|
1,213
| |
Prepaid expenses
|
5,358
|
—
|
5,358
| |
CURRENT ASSETS
|
159,198
|
31,001
|
190,199
|
|
|
|
| |
Property, plant and equipment
|
1,215,411
|
428,902
|
1,644,313
| |
Other intangible assets
|
254,007
|
—
|
254,007
| |
Goodwill
|
134,044
|
—
|
134,044
| |
Interests in the Joint Ventures
|
91,483
|
(91,483)
|
—
| |
Deferred income tax asset
|
13,141
|
—
|
13,141
| |
Other non-current financial assets
|
3,230
|
—
|
3,230
| |
Other non-current assets
|
47,445
|
2,371
|
49,816
| |
NON-CURRENT ASSETS
|
1,758,761
|
339,790
|
2,098,551
| |
TOTAL ASSETS
|
1,917,959
|
370,791
|
2,288,750
| |
LIABILITIES
|
|
|
| |
Trade and other payables
|
57,616
|
7,082
|
64,698
| |
Current portion of debt
|
172,044
|
19,718
|
191,762
| |
Current income tax liability
|
1,601
|
—
|
1,601
| |
Other current financial liabilities
|
34,116
|
—
|
34,116
| |
CURRENT LIABILITIES
|
265,377
|
26,800
|
292,177
|
|
|
|
| |
Non-current debt
|
989,087
|
296,171
|
1,285,258
| |
Convertible debentures
|
232,977
|
—
|
232,977
| |
Deferred income tax liability
|
30,780
|
—
|
30,780
| |
Decommissioning liability
|
10,773
|
1,163
|
11,936
| |
Other non-current financial liabilities
|
33,622
|
16,752
|
50,374
| |
Other non-current liabilities
|
19,024
|
30,422
|
49,446
| |
NON-CURRENT LIABILITIES
|
1,316,263
|
344,508
|
1,660,771
| |
TOTAL LIABILITIES
|
1,581,640
|
371,308
|
1,952,948
| |
EQUITY
|
|
|
| |
Equity attributable to shareholders
|
303,191
|
(517)
|
302,674
| |
Non-controlling shareholders
|
33,128
|
—
|
33,128
| |
TOTAL EQUITY
|
336,319
|
(517)
|
335,802
| |
TOTAL LIABILITIES AND EQUITY
|
1,917,959
|
370,791
|
2,288,750
|
|
Consolidated Statements of Financial Position
|
|
|
|
As at
December 31,
|
|
2013
| |
(in thousands of Canadian dollars) (unaudited)
|
IFRS
|
Ajustements Joint
Ventures
|
Proportionate
Consolidation
| |
ASSETS
|
|
|
| |
Cash and cash equivalent
|
124,942
|
2,599
|
127,541
| |
Restricted cash
|
19,366
|
40,760
|
60,126
| |
Trade and other receivables
|
41,625
|
31,133
|
72,758
| |
Inventories
|
4,502
|
—
|
4,502
| |
Prepaid expenses
|
2,945
|
—
|
2,945
| |
CURRENT ASSETS
|
193,380
|
74,492
|
267,872
|
|
|
|
| |
Property, plant and equipment
|
799,213
|
380,440
|
1,179,653
| |
Other intangible assets
|
257,058
|
—
|
257,058
| |
Goodwill
|
49,890
|
—
|
49,890
| |
Interests in the Joint Ventures
|
90,880
|
(90,880)
|
—
| |
Other non-current financial assets
|
289
|
973
|
1,262
| |
Other non-current assets
|
32,017
|
3,688
|
35,705
| |
NON-CURRENT ASSETS
|
1,229,347
|
294,221
|
1,523,568
| |
TOTAL ASSETS
|
1,422,727
|
368,713
|
1,791,440
| |
LIABILITIES
|
|
|
| |
Trade and other payables
|
57,992
|
23,615
|
81,607
| |
Current portion of debt
|
84,034
|
38,475
|
122,509
| |
Current income tax liability
|
1,516
|
—
|
1,516
| |
Other current financial liabilities
|
15,243
|
—
|
15,243
| |
CURRENT LIABILITIES
|
158,785
|
62,090
|
220,875
|
|
|
|
| |
Non-current debt
|
578,914
|
276,570
|
855,484
| |
Convertible debentures
|
229,578
|
—
|
229,578
| |
Deferred income tax liability
|
37,493
|
—
|
37,493
| |
Decommissioning liability
|
7,198
|
962
|
8,160
| |
Other non-current financial liabilities
|
19,704
|
—
|
19,704
| |
Other non-current liabilities
|
4,921
|
29,445
|
34,366
| |
NON-CURRENT LIABILITIES
|
877,808
|
306,977
|
1,184,785
| |
TOTAL LIABILITIES
|
1,036,593
|
369,067
|
1,405,660
| |
EQUITY
|
|
|
| |
Equity attributable to shareholders
|
356,448
|
(354)
|
356,094
| |
Non-controlling shareholders
|
29,686
|
—
|
29,686
| |
TOTAL EQUITY
|
386,134
|
(354)
|
385,780
| |
TOTAL LIABILITIES AND EQUITY
|
1,422,727
|
368,713
|
1,791,440
|
|
Consolidated Statements of Earnings (Loss)
|
|
|
|
Three-month period ended December 31
|
|
2014
| |
(in thousands of Canadian dollars, except per share amounts) (unaudited)
|
IFRS
|
Ajustements Joint
Ventures
|
Proportionate
Consolidation
| |
REVENUES
|
|
|
| |
Revenues from energy sales
|
53,673
|
13,635
|
67,308
| |
Other income
|
545
|
(152)
|
393
|
|
54,218
|
13,483
|
67,701
|
|
|
|
| |
COSTS AND OTHER EXPENSES
|
|
|
| |
Operating
|
17,045
|
1,526
|
18,571
| |
Administrative
|
3,195
|
18
|
3,213
| |
Development
|
6,465
|
—
|
6,465
| |
Amortization
|
15,832
|
4,784
|
20,616
| |
Other gains
|
(846)
|
(346)
|
(1,192)
|
|
41,691
|
5,982
|
47,673
|
|
|
|
| |
OPERATING INCOME
|
12,527
|
7,501
|
20,028
|
|
|
|
| |
Financing costs
|
15,926
|
5,049
|
20,975
| |
Foreign exchange loss (gain)
|
15
|
2
|
17
| |
Net loss (gain) on financial instruments
|
6,031
|
(93)
|
5,938
| |
Share in earnings (losses) of the Joint Ventures
|
2,570
|
(2,570)
|
—
| |
Other
|
25
|
3
|
28
|
|
|
|
| |
EARNINGS (LOSS) BEFORE INCOME TAXES
|
(6,900)
|
(30)
|
(6,930)
|
|
|
|
| |
Income tax expense (recovery)
|
(523)
|
—
|
(523)
|
|
|
|
| |
NET EARNINGS (LOSS) FROM CONTINUING OPERATIONS
|
(6,377)
|
(30)
|
(6,407)
|
|
|
|
| |
Net earnings from discontinued operations
|
716
|
—
|
716
| |
NET EARNINGS (LOSS)
|
(5,661)
|
(30)
|
(5,691)
|
|
|
|
|
|
|
|
| |
NET EARNINGS (LOSS) ATTRIBUTABLE TO:
|
|
|
|
|
Shareholders of Boralex
|
(6,265)
|
(30)
|
(6,295)
|
|
Non-controlling shareholders
|
604
|
—
|
604
| |
NET EARNINGS (LOSS)
|
(5,661)
|
(30)
|
(5,691)
|
|
|
|
| |
NET EARNINGS (LOSS) ATTRIBUTABLE TO SHAREHOLDERS OF BORALEX
|
|
|
|
|
Continuing operations
|
(6,981)
|
(30)
|
(7,011)
|
|
Discontinued operations
|
716
|
—
|
716
|
|
(6,265)
|
(30)
|
(6,295)
|
|
|
|
| |
NET EARNINGS (LOSS) PER SHARE (BASIC AND DILUTED) ATTRIBUTABLE TO SHAREHOLDERS OF BORALEX
|
|
|
|
|
Continuing operations
|
($0.18)
|
—
|
($0.18)
|
|
Discontinued operations
|
$0.02
|
—
|
$0.02
|
|
($0.16)
|
—
|
($0.16)
|
|
Consolidated Statements of Earnings (Loss)
|
|
|
|
Three-month period ended December 31
|
|
2013
| |
(in thousands of Canadian dollars, except per share amounts) (unaudited)
|
IFRS
|
Ajustements Joint
Ventures
|
Proportionate
Consolidation
| |
REVENUES
|
|
|
| |
Revenues from energy sales
|
49,496
|
2,371
|
51,867
| |
Other income
|
331
|
11
|
342
|
|
49,827
|
2,382
|
52,209
|
|
|
|
| |
COSTS AND OTHER EXPENSES
|
|
|
| |
Operating
|
15,952
|
342
|
16,294
| |
Administrative
|
3,263
|
32
|
3,295
| |
Development
|
1,181
|
—
|
1,181
| |
Amortization
|
13,987
|
1,608
|
15,595
|
|
34,383
|
1,982
|
36,365
|
|
|
|
| |
OPERATING INCOME
|
15,444
|
400
|
15,844
|
|
|
|
| |
Financing costs
|
13,061
|
2,021
|
15,082
| |
Foreign exchange loss (gain)
|
(530)
|
9
|
(521)
| |
Net loss (gain) on financial instruments
|
(69)
|
(1,240)
|
(1,309)
| |
Share in earnings (losses) of the Joint Ventures
|
(329)
|
329
|
—
| |
Other
|
63
|
—
|
63
|
|
|
|
| |
EARNINGS (LOSS) BEFORE INCOME TAXES
|
2,590
|
(61)
|
2,529
|
|
|
|
| |
Income tax expense (recovery)
|
1,624
|
—
|
1,624
|
|
|
|
| |
NET EARNINGS (LOSS) FROM CONTINUING OPERATIONS
|
966
|
(61)
|
905
|
|
|
|
| |
Net earnings from discontinued operations
|
74
|
—
|
74
| |
NET EARNINGS (LOSS)
|
1,040
|
(61)
|
979
|
|
|
|
|
|
|
|
| |
NET EARNINGS (LOSS) ATTRIBUTABLE TO:
|
|
|
|
|
Shareholders of Boralex
|
529
|
(61)
|
468
|
|
Non-controlling shareholders
|
511
|
—
|
511
| |
NET EARNINGS (LOSS)
|
1,040
|
(61)
|
979
|
|
|
|
| |
NET EARNINGS (LOSS) ATTRIBUTABLE TO SHAREHOLDERS OF BORALEX
|
|
|
|
|
Continuing operations
|
455
|
(61)
|
394
|
|
Discontinued operations
|
74
|
—
|
74
|
|
529
|
(61)
|
468
|
|
|
|
| |
NET EARNINGS (LOSS) PER SHARE (BASIC AND DILUTED) ATTRIBUTABLE TO SHAREHOLDERS OF BORALEX
|
|
|
|
|
Continuing operations
|
$0.01
|
—
|
$0.01
|
|
Discontinued operations
|
—
|
—
|
—
|
|
$0.01
|
—
|
$0.01
|
|
Consolidated Statements of Earnings (Loss)
|
|
|
|
Year ended December 31
|
|
2014
| |
(in thousands of Canadian dollars, except per share amounts) (unaudited)
|
IFRS
|
Ajustements Joint
Ventures
|
Proportionate
Consolidation
| |
REVENUES
|
|
|
| |
Revenues from energy sales
|
193,401
|
46,105
|
239,506
| |
Other income
|
1,827
|
(604)
|
1,223
|
|
195,228
|
45,501
|
240,729
|
|
|
|
| |
COSTS AND OTHER EXPENSES
|
|
|
| |
Operating
|
64,296
|
5,866
|
70,162
| |
Administrative
|
13,479
|
102
|
13,581
| |
Development
|
10,319
|
8
|
10,327
| |
Amortization
|
60,410
|
17,870
|
78,280
| |
Other gains
|
(1,962)
|
(1,310)
|
(3,272)
|
|
146,542
|
22,536
|
169,078
|
|
|
|
| |
OPERATING INCOME
|
48,686
|
22,965
|
71,651
|
|
|
|
| |
Financing costs
|
58,097
|
19,690
|
77,787
| |
Foreign exchange loss (gain)
|
406
|
4
|
410
| |
Net loss (gain) on financial instruments
|
8,187
|
5
|
8,192
| |
Share in earnings (losses) of the Joint Ventures
|
3,426
|
(3,426)
|
—
| |
Other
|
17
|
3
|
20
|
|
|
|
| |
EARNINGS (LOSS) BEFORE INCOME TAXES
|
(14,595)
|
(163)
|
(14,758)
|
|
|
|
| |
Income tax expense (recovery)
|
(854)
|
—
|
(854)
|
|
|
|
| |
NET EARNINGS (LOSS) FROM CONTINUING OPERATIONS
|
(13,741)
|
(163)
|
(13,904)
|
|
|
|
| |
Net earnings from discontinued operations
|
2,652
|
—
|
2,652
| |
NET EARNINGS (LOSS)
|
(11,089)
|
(163)
|
(11,252)
|
|
|
|
|
|
|
|
| |
NET EARNINGS (LOSS) ATTRIBUTABLE TO:
|
|
|
|
|
Shareholders of Boralex
|
(11,767)
|
(163)
|
(11,930)
|
|
Non-controlling shareholders
|
678
|
—
|
678
| |
NET EARNINGS (LOSS)
|
(11,089)
|
(163)
|
(11,252)
|
|
|
|
| |
NET EARNINGS (LOSS) ATTRIBUTABLE TO SHAREHOLDERS OF BORALEX
|
|
|
|
|
Continuing operations
|
(14,419)
|
(163)
|
(14,582)
|
|
Discontinued operations
|
2,652
|
—
|
2,652
|
|
(11,767)
|
(163)
|
(11,930)
|
|
|
|
| |
NET EARNINGS (LOSS) PER SHARE (BASIC AND DILUTED) ATTRIBUTABLE TO SHAREHOLDERS OF BORALEX
|
|
|
|
|
Continuing operations
|
($0.38)
|
—
|
($0.38)
|
|
Discontinued operations
|
$0.07
|
—
|
$0.07
|
|
($0.31)
|
—
|
($0.31)
|
|
Consolidated Statements of Earnings (Loss)
|
|
Year ended December 31
|
|
2013
| |
(in thousands of Canadian dollars, except per share amounts) (unaudited)
|
IFRS
|
Ajustements Join
Ventures
|
Proportionate
Consolidation
| |
REVENUES
|
|
|
| |
Revenues from energy sales
|
169,023
|
2,372
|
171,395
| |
Other income
|
3,009
|
(283)
|
2,726
|
|
172,032
|
2,089
|
174,121
|
|
|
|
| |
COSTS AND OTHER EXPENSES
|
|
|
| |
Operating
|
54,357
|
342
|
54,699
| |
Administrative
|
13,214
|
167
|
13,381
| |
Development
|
4,145
|
(3)
|
4,142
| |
Amortization
|
53,888
|
1,608
|
55,496
| |
Other gains
|
(232)
|
—
|
(232)
| |
Impairment of property, plant and equipment
|
266
|
—
|
266
|
|
125,638
|
2,114
|
127,752
|
|
|
|
| |
OPERATING INCOME
|
46,394
|
(25)
|
46,369
|
|
|
|
| |
Financing costs
|
50,693
|
2,168
|
52,861
| |
Foreign exchange loss (gain)
|
(788)
|
88
|
(700)
| |
Net loss (gain) on financial instruments
|
(742)
|
189
|
(553)
| |
Share in earnings (losses) of the Joint Ventures
|
(2,116)
|
2,116
|
—
| |
Other
|
63
|
—
|
63
|
|
|
|
| |
EARNINGS (LOSS) BEFORE INCOME TAXES
|
(4,948)
|
(354)
|
(5,302)
|
|
|
|
| |
Income tax expense (recovery)
|
537
|
—
|
537
|
|
|
|
| |
NET EARNINGS (LOSS) FROM CONTINUING OPERATIONS
|
(5,485)
|
(354)
|
(5,839)
|
|
|
|
| |
Net earnings from discontinued operations
|
1,774
|
—
|
1,774
| |
NET EARNINGS (LOSS)
|
(3,711)
|
(354)
|
(4,065)
|
|
|
|
|
|
|
|
| |
NET EARNINGS (LOSS) ATTRIBUTABLE TO:
|
|
|
|
|
Shareholders of Boralex
|
(3,838)
|
(354)
|
(4,192)
|
|
Non-controlling shareholders
|
127
|
—
|
127
| |
NET EARNINGS (LOSS)
|
(3,711)
|
(354)
|
(4,065)
|
|
|
|
| |
NET EARNINGS (LOSS) ATTRIBUTABLE TO SHAREHOLDERS OF BORALEX
|
|
|
|
|
Continuing operations
|
(5,612)
|
(354)
|
(5,966)
|
|
Discontinued operations
|
1,774
|
—
|
1,774
|
|
(3,838)
|
(354)
|
(4,192)
|
|
|
|
| |
NET EARNINGS (LOSS) PER SHARE (BASIC AND DILUTED) ATTRIBUTABLE TO SHAREHOLDERS OF BORALEX
|
|
|
|
|
Continuing operations
|
($0.15)
|
($0.01)
|
($0.16)
|
|
Discontinued operations
|
$0.05
|
—
|
$0.05
|
|
($0.10)
|
($0.01)
|
($0.11)
|
|
Consolidated Statements of Cash Flows
|
|
|
|
Three-month period ended December 31
|
|
2014
| |
(in thousands of Canadian dollars) (unaudited)
|
IFRS
|
Ajustements Joint
Ventures
|
Proportionate
Consolidation
| |
Net earnings (loss)
|
(5,661)
|
(30)
|
(5,691)
| |
Less: Net earnings from discontinued operations
|
716
|
—
|
716
| |
Net earnings (loss) from continuing operations
|
(6,377)
|
(30)
|
(6,407)
| |
Financing costs
|
15,926
|
5,049
|
20,975
| |
Interest paid
|
(14,632)
|
(3,920)
|
(18,552)
| |
Income tax expense (recovery)
|
(523)
|
—
|
(523)
| |
Income tax paid
|
(64)
|
—
|
(64)
| |
Non-cash items in earnings (loss):
|
|
|
|
|
Net loss (gain) on financial instruments
|
6,031
|
(93)
|
5,938
|
|
Share in results of the Joint Ventures
|
(2,570)
|
2,570
|
—
|
|
Amortization
|
15,832
|
4,784
|
20,616
|
|
Other
|
360
|
(335)
|
25
|
|
13,983
|
8,025
|
22,008
| |
Change in non-cash items related to operating activities
|
(10,779)
|
(1,775)
|
(12,554)
| |
NET CASH FLOWS RELATED TO OPERATING ACTIVITIES
|
3,204
|
6,250
|
9,454
|
|
|
|
| |
Business acquisitions, net of cash acquired
|
(188,948)
|
—
|
(188,948)
| |
Additions to property, plant and equipment
|
(47,620)
|
(28,526)
|
(76,146)
| |
Change in restricted cash
|
(5,146)
|
20,136
|
14,990
| |
Increase in interest in Joint Ventures
|
(7,181)
|
7,181
|
—
| |
Change in reserve funds
|
(6,252)
|
—
|
(6,252)
| |
Development projects
|
(1,279)
|
—
|
(1,279)
| |
Proceeds from the disposal of assets held for sale
|
21,983
|
—
|
21,983
| |
Other
|
(60)
|
—
|
(60)
| |
NET CASH FLOWS RELATED TO INVESTING ACTIVITIES
|
(234,503)
|
(1,209)
|
(235,712)
|
|
|
|
| |
Net increase in non-current debt
|
451,881
|
5,336
|
457,217
| |
Repayment of debt assumed on business acquisition
|
(233,314)
|
—
|
(233,314)
| |
Repayments on non-current debt
|
(4,761)
|
(4,453)
|
(9,214)
| |
Contribution of non-controlling shareholders
|
539
|
—
|
539
| |
Distribution to non-controlling shareholders
|
(2,050)
|
—
|
(2,050)
| |
Dividends paid to shareholders of Boralex
|
(4,993)
|
—
|
(4,993)
| |
Options exercised
|
151
|
—
|
151
| |
Other
|
(1)
|
—
|
(1)
| |
NET CASH FLOWS RELATED TO FINANCING ACTIVITIES
|
207,452
|
883
|
208,335
| |
Cash from discontinued operations
|
843
|
—
|
843
| |
TRANSLATION ADJUSTEMENT ON CASH AND CASH EQUIVALENT
|
301
|
—
|
301
| |
NET CHANGE IN CASH AND CASH EQUIVALENT
|
(22,703)
|
5,924
|
(16,779)
|
|
|
|
| |
CASH AND CASH EQUIVALENT - BEGINNING OF PERIOD
|
98,097
|
5,527
|
103,624
| |
CASH AND CASH EQUIVALENT - END OF PERIOD
|
75,394
|
11,451
|
86,845
|
|
Consolidated Statements of Cash Flows
|
|
|
|
Three-month period ended December 31
|
|
2013
| |
(in thousands of Canadian dollars) (unaudited)
|
IFRS
|
Ajustements Joint
Ventures
|
Proportionate
Consolidation
| |
Net earnings (loss)
|
1,040
|
(61)
|
979
| |
Less: Net earnings from discontinued operations
|
74
|
—
|
74
| |
Net earnings (loss) from continuing operations
|
966
|
(61)
|
905
| |
Financing costs
|
13,061
|
2,021
|
15,082
| |
Interest paid
|
(14,280)
|
(1,235)
|
(15,515)
| |
Income tax expense (recovery)
|
1,624
|
—
|
1,624
| |
Income tax paid
|
(647)
|
—
|
(647)
| |
Non-cash items in earnings (loss):
|
|
|
|
|
Net loss (gain) on financial instruments
|
(69)
|
(1,240)
|
(1,309)
|
|
Share in results of the Joint Ventures
|
329
|
(329)
|
—
|
|
Amortization
|
13,987
|
1,608
|
15,595
|
|
Other
|
351
|
—
|
351
|
|
15,322
|
764
|
16,086
| |
Change in non-cash items related to operating activities
|
(12,610)
|
13,654
|
1,044
| |
NET CASH FLOWS RELATED TO OPERATING ACTIVITIES
|
2,712
|
14,418
|
17,130
|
|
|
|
| |
Additions to property, plant and equipment
|
(28,395)
|
(54,547)
|
(82,942)
| |
Change in restricted cash
|
(9,529)
|
(37,392)
|
(46,921)
| |
Increase in interest in Joint Ventures
|
(2,781)
|
2,781
|
—
| |
Change in reserve funds
|
23
|
—
|
23
| |
Development projects
|
(2,177)
|
—
|
(2,177)
| |
Other
|
(232)
|
—
|
(232)
| |
NET CASH FLOWS RELATED TO INVESTING ACTIVITIES
|
(43,091)
|
(89,158)
|
(132,249)
|
|
|
|
| |
Net increase in non-current debt
|
29,439
|
76,519
|
105,958
| |
Repayments on non-current debt
|
(4,097)
|
—
|
(4,097)
| |
Contribution of non-controlling shareholders
|
1,856
|
—
|
1,856
| |
Options exercised
|
66
|
—
|
66
| |
NET CASH FLOWS RELATED TO FINANCING ACTIVITIES
|
27,264
|
76,519
|
103,783
| |
Cash from discontinued operations
|
84
|
—
|
84
| |
TRANSLATION ADJUSTEMENT ON CASH AND CASH EQUIVALENT
|
1,906
|
—
|
1,906
| |
NET CHANGE IN CASH AND CASH EQUIVALENT
|
(11,125)
|
1,779
|
(9,346)
|
|
|
|
| |
CASH AND CASH EQUIVALENT - BEGINNING OF PERIOD
|
136,067
|
820
|
136,887
| |
CASH AND CASH EQUIVALENT - END OF PERIOD
|
124,942
|
2,599
|
127,541
|
|
Consolidated Statements of Cash Flows
|
|
|
|
Year ended December 31
|
|
2014
| |
(in thousands of Canadian dollars) (unaudited)
|
IFRS
|
Ajustements Joint
Ventures
|
Proportionate
Consolidation
| |
Net earnings (loss)
|
(11,089)
|
(163)
|
(11,252)
| |
Less: Net earnings from discontinued operations
|
2,652
|
—
|
2,652
| |
Net earnings (loss) from continuing operations
|
(13,741)
|
(163)
|
(13,904)
| |
Financing costs
|
58,097
|
19,690
|
77,787
| |
Interest paid
|
(53,298)
|
(14,857)
|
(68,155)
| |
Income tax expense (recovery)
|
(854)
|
—
|
(854)
| |
Income tax paid
|
(2,940)
|
—
|
(2,940)
| |
Non-cash items in earnings (loss):
|
|
|
|
|
Net loss (gain) on financial instruments
|
8,187
|
5
|
8,192
|
|
Share in results of the Joint Ventures
|
(3,426)
|
3,426
|
—
|
|
Amortization
|
60,410
|
17,870
|
78,280
|
|
Other
|
1,246
|
(1,299)
|
(53)
|
|
53,681
|
24,672
|
78,353
| |
Change in non-cash items related to operating activities
|
(2,020)
|
25,932
|
23,912
| |
NET CASH FLOWS RELATED TO OPERATING ACTIVITIES
|
51,661
|
50,604
|
102,265
|
|
|
|
| |
Business acquisitions, net of cash acquired
|
(196,879)
|
—
|
(196,879)
| |
Additions to property, plant and equipment
|
(167,686)
|
(83,876)
|
(251,562)
| |
Change in restricted cash
|
7,277
|
33,405
|
40,682
| |
Increase in interest in Joint Ventures
|
(13,253)
|
13,253
|
—
| |
Increase in non-current assets
|
(1,350)
|
(2,656)
|
(4,006)
| |
Change in reserve funds
|
(6,825)
|
—
|
(6,825)
| |
Development projects
|
(6,881)
|
—
|
(6,881)
| |
Proceeds from the disposal of assets held for sale
|
21,983
|
—
|
21,983
| |
Other
|
(491)
|
—
|
(491)
| |
NET CASH FLOWS RELATED TO INVESTING ACTIVITIES
|
(364,105)
|
(39,874)
|
(403,979)
|
|
|
|
| |
Net increase in non-current debt
|
589,006
|
40,352
|
629,358
| |
Repayment of debt assumed on business acquisition
|
(233,314)
|
—
|
(233,314)
| |
Repayments on non-current debt
|
(84,582)
|
(42,230)
|
(126,812)
| |
Contribution of non-controlling shareholders
|
5,235
|
—
|
5,235
| |
Distribution to non-controlling shareholders
|
(2,050)
|
—
|
(2,050)
| |
Dividends paid to shareholders of Boralex
|
(19,896)
|
—
|
(19,896)
| |
Options exercised
|
4,860
|
—
|
4,860
| |
Other
|
(41)
|
—
|
(41)
| |
NET CASH FLOWS RELATED TO FINANCING ACTIVITIES
|
259,218
|
(1,878)
|
257,340
| |
Cash from discontinued operations
|
3,122
|
—
|
3,122
| |
TRANSLATION ADJUSTEMENT ON CASH AND CASH EQUIVALENT
|
556
|
—
|
556
| |
NET CHANGE IN CASH AND CASH EQUIVALENT
|
(49,548)
|
8,852
|
(40,696)
|
|
|
|
| |
CASH AND CASH EQUIVALENT - BEGINNING OF YEAR
|
124,942
|
2,599
|
127,541
| |
CASH AND CASH EQUIVALENT - END OF YEAR
|
75,394
|
11,451
|
86,845
|
|
Consolidated Statements of Cash Flows
|
|
|
|
Year ended December 31
|
|
2013
| |
(in thousands of Canadian dollars) (unaudited)
|
IFRS
|
Ajustements Joint
Ventures
|
Proportionate
Consolidation
| |
Net earnings (loss)
|
(3,711)
|
(354)
|
(4,065)
| |
Less: Net earnings from discontinued operations
|
1,774
|
—
|
1,774
| |
Net earnings (loss) from continuing operations
|
(5,485)
|
(354)
|
(5,839)
| |
Financing costs
|
50,693
|
2,168
|
52,861
| |
Interest paid
|
(48,905)
|
(1,231)
|
(50,136)
| |
Income tax expense (recovery)
|
537
|
—
|
537
| |
Income tax paid
|
(3,372)
|
—
|
(3,372)
| |
Non-cash items in earnings (loss):
|
|
|
|
|
Net loss (gain) on financial instruments
|
(742)
|
189
|
(553)
|
|
Share in results of the Joint Ventures
|
2,116
|
(2,116)
|
—
|
|
Amortization
|
53,888
|
1,608
|
55,496
|
|
Impairment of property, plant and equipment
|
266
|
—
|
266
|
|
Other
|
1,920
|
—
|
1,920
|
|
50,916
|
264
|
51,180
| |
Change in non-cash items related to operating activities
|
8,350
|
348
|
8,698
| |
NET CASH FLOWS RELATED TO OPERATING ACTIVITIES
|
59,266
|
612
|
59,878
|
|
|
|
| |
Additions to property, plant and equipment
|
(107,479)
|
(215,936)
|
(323,415)
| |
Change in restricted cash
|
(18,890)
|
(34,173)
|
(53,063)
| |
Increase in interest in Joint Ventures
|
(8,318)
|
8,318
|
—
| |
Change in reserve funds
|
(13,956)
|
—
|
(13,956)
| |
Development projects
|
(9,666)
|
—
|
(9,666)
| |
Other
|
(74)
|
—
|
(74)
| |
NET CASH FLOWS RELATED TO INVESTING ACTIVITIES
|
(158,383)
|
(241,791)
|
(400,174)
|
|
|
|
| |
Net increase in non-current debt
|
209,739
|
243,778
|
453,517
| |
Repayments on non-current debt
|
(101,471)
|
—
|
(101,471)
| |
Contribution of non-controlling shareholders
|
2,593
|
—
|
2,593
| |
Dividends paid to shareholders of Boralex
|
—
|
—
|
—
| |
Options exercised
|
115
|
—
|
115
| |
Other
|
(110)
|
—
|
(110)
| |
NET CASH FLOWS RELATED TO FINANCING ACTIVITIES
|
110,866
|
243,778
|
354,644
| |
Cash from discontinued operations
|
2,054
|
—
|
2,054
| |
TRANSLATION ADJUSTEMENT ON CASH AND CASH EQUIVALENT
|
4,001
|
—
|
4,001
| |
NET CHANGE IN CASH AND CASH EQUIVALENT
|
17,804
|
2,599
|
20,403
|
|
|
|
| |
CASH AND CASH EQUIVALENT - BEGINNING OF YEAR
|
107,138
|
—
|
107,138
| |
CASH AND CASH EQUIVALENT - END OF YEAR
|
124,942
|
2,599
|
127,541
|
|
Information by Operating Segment
|
|
|
|
Three-month period ended December 31
|
|
2014
| |
(in thousands of dollars, except MWh)
|
IFRS
|
Adjustments Joint
Ventures
|
Proportionate
Consolidation
|
|
|
|
| |
POWER PRODUCTION (MWh)
|
|
|
| |
Wind power stations
|
245,601
|
125,141
|
370,742
| |
Hydroelectric power stations
|
154,752
|
—
|
154,752
| |
Thermal power stations
|
34,092
|
—
|
34,092
| |
Solar power station
|
1,080
|
—
|
1,080
|
|
435,525
|
125,141
|
560,666
| |
REVENUES FROM ENERGY SALES
|
|
|
| |
Wind power stations
|
31,278
|
13,635
|
44,913
| |
Hydroelectric power stations
|
14,312
|
—
|
14,312
| |
Thermal power stations
|
7,569
|
—
|
7,569
| |
Solar power station
|
514
|
—
|
514
|
|
53,673
|
13,635
|
67,308
| |
EBITDA
|
|
|
| |
Wind power stations
|
28,123
|
8,723
|
36,846
| |
Hydroelectric power stations
|
9,730
|
—
|
9,730
| |
Thermal power stations
|
1,188
|
—
|
1,188
| |
Solar power station
|
391
|
—
|
391
|
|
39,432
|
8,723
|
48,155
| |
Corporate and eliminations
|
(9,374)
|
643
|
(8,731)
|
|
30,058
|
9,366
|
39,424
|
|
|
|
Three-month period ended December 31
|
|
2013
| |
(in thousands of dollars, except MWh)
|
IFRS
|
Adjustments Joint
Ventures
|
Proportionate
Consolidation
|
|
|
|
| |
POWER PRODUCTION (MWh)
|
|
|
| |
Wind power stations
|
227,195
|
22,081
|
249,276
| |
Hydroelectric power stations
|
142,912
|
—
|
142,912
| |
Thermal power stations
|
31,448
|
—
|
31,448
| |
Solar power station
|
980
|
—
|
980
|
|
402,535
|
22,081
|
424,616
| |
REVENUES FROM ENERGY SALES
|
|
|
| |
Wind power stations
|
29,305
|
2,371
|
31,676
| |
Hydroelectric power stations
|
12,746
|
—
|
12,746
| |
Thermal power stations
|
6,976
|
—
|
6,976
| |
Solar power station
|
469
|
—
|
469
|
|
49,496
|
2,371
|
51,867
| |
EBITDA
|
|
|
| |
Wind power stations
|
24,279
|
1,857
|
26,136
| |
Hydroelectric power stations
|
9,002
|
—
|
9,002
| |
Thermal power stations
|
26
|
—
|
26
| |
Solar power station
|
438
|
—
|
438
|
|
33,745
|
1,857
|
35,602
| |
Corporate and eliminations
|
(4,706)
|
480
|
(4,226)
|
|
29,039
|
2,337
|
31,376
|
|
Information by Operating Segment
|
|
|
|
Year ended December 31
|
|
2014
| |
(in thousands of dollars, except MWh)
|
IFRS
|
Adjustments Joint
Ventures
|
Proportionate
Consolidation
|
|
|
|
| |
POWER PRODUCTION (MWh)
|
|
|
| |
Wind power stations
|
785,997
|
425,632
|
1,211,629
| |
Hydroelectric power stations
|
641,979
|
—
|
641,979
| |
Thermal power stations
|
169,637
|
—
|
169,637
| |
Solar power station
|
6,259
|
—
|
6,259
|
|
1,603,872
|
425,632
|
2,029,504
| |
REVENUES FROM ENERGY SALES
|
|
|
| |
Wind power stations
|
102,063
|
46,105
|
148,168
| |
Hydroelectric power stations
|
58,166
|
—
|
58,166
| |
Thermal power stations
|
30,090
|
—
|
30,090
| |
Solar power station
|
3,082
|
—
|
3,082
|
|
193,401
|
46,105
|
239,506
| |
EBITDA
|
|
|
| |
Wind power stations
|
86,511
|
33,585
|
120,096
| |
Hydroelectric power stations
|
42,715
|
—
|
42,715
| |
Thermal power stations
|
5,247
|
—
|
5,247
| |
Solar power station
|
2,634
|
—
|
2,634
|
|
137,107
|
33,585
|
170,692
| |
Corporate and eliminations
|
(26,564)
|
2,511
|
(24,053)
|
|
110,543
|
36,096
|
146,639
|
|
|
|
Year ended December 31
|
|
2013
| |
(in thousands of dollars, except MWh)
|
IFRS
|
Adjustments Joint
Ventures
|
Proportionate
Consolidation
|
|
|
|
| |
POWER PRODUCTION (MWh)
|
|
|
| |
Wind power stations
|
682,136
|
22,081
|
704,217
| |
Hydroelectric power stations
|
621,094
|
—
|
621,094
| |
Thermal power stations
|
143,369
|
—
|
143,369
| |
Solar power station
|
5,945
|
—
|
5,945
|
|
1,452,544
|
22,081
|
1,474,625
| |
REVENUES FROM ENERGY SALES
|
|
|
| |
Wind power stations
|
85,109
|
2,372
|
87,481
| |
Hydroelectric power stations
|
53,756
|
—
|
53,756
| |
Thermal power stations
|
27,446
|
—
|
27,446
| |
Solar power station
|
2,712
|
—
|
2,712
|
|
169,023
|
2,372
|
171,395
| |
EBITDA
|
|
|
| |
Wind power stations
|
66,594
|
3,363
|
69,957
| |
Hydroelectric power stations
|
40,413
|
—
|
40,413
| |
Thermal power stations
|
3,010
|
—
|
3,010
| |
Solar power station
|
2,379
|
—
|
2,379
|
|
112,396
|
3,363
|
115,759
| |
Corporate and eliminations
|
(14,259)
|
336
|
(13,923)
|
|
98,137
|
3,699
|
101,836
|
|
Information by Geographic Segment
|
|
|
|
Three-month period ended December 31
|
|
2014
| |
(in thousands of dollars, except MWh)
|
IFRS
|
Adjustments Joint
Ventures
|
Proportionate
Consolidation
|
|
|
|
| |
POWER PRODUCTION (MWh)
|
|
|
| |
Canada
|
167,325
|
125,141
|
292,466
| |
France
|
184,020
|
—
|
184,020
| |
United States
|
84,180
|
—
|
84,180
|
|
435,525
|
125,141
|
560,666
| |
REVENUES FROM ENERGY SALES
|
|
|
| |
Canada
|
20,189
|
13,635
|
33,824
| |
France
|
26,785
|
—
|
26,785
| |
United States
|
6,699
|
—
|
6,699
|
|
53,673
|
13,635
|
67,308
| |
EBITDA
|
|
|
| |
Canada
|
8,947
|
9,366
|
18,313
| |
France
|
16,352
|
—
|
16,352
| |
United States
|
4,759
|
—
|
4,759
|
|
30,058
|
9,366
|
39,424
|
|
|
|
Three-month period ended December 31
|
|
2013
| |
(in thousands of dollars, except MWh)
|
IFRS
|
Adjustments Joint
Ventures
|
Proportionate
Consolidation
|
|
|
|
| |
POWER PRODUCTION (MWh)
|
|
|
| |
Canada
|
147,212
|
22,081
|
169,293
| |
France
|
168,452
|
—
|
168,452
| |
United States
|
86,871
|
—
|
86,871
|
|
402,535
|
22,081
|
424,616
| |
REVENUES FROM ENERGY SALES
|
|
|
| |
Canada
|
17,317
|
2,371
|
19,688
| |
France
|
24,884
|
—
|
24,884
| |
United States
|
7,295
|
—
|
7,295
|
|
49,496
|
2,371
|
51,867
| |
EBITDA
|
|
|
| |
Canada
|
9,130
|
2,337
|
11,467
| |
France
|
14,760
|
—
|
14,760
| |
United States
|
5,149
|
—
|
5,149
|
|
29,039
|
2,337
|
31,376
|
|
Information by Geographic Segment
|
|
|
|
Year ended December 31
|
|
2014
| |
(in thousands of dollars, except MWh)
|
IFRS
|
Adjustments Joint
Ventures
|
Proportionate
Consolidation
|
|
|
|
| |
POWER PRODUCTION (MWh)
|
|
|
| |
Canada
|
636,929
|
425,632
|
1,062,561
| |
France
|
586,573
|
—
|
586,573
| |
United States
|
380,370
|
—
|
380,370
|
|
1,603,872
|
425,632
|
2,029,504
| |
REVENUES FROM ENERGY SALES
|
|
|
| |
Canada
|
70,768
|
46,105
|
116,873
| |
France
|
90,672
|
—
|
90,672
| |
United States
|
31,961
|
—
|
31,961
|
|
193,401
|
46,105
|
239,506
| |
EBITDA
|
|
|
| |
Canada
|
33,741
|
36,096
|
69,837
| |
France
|
52,962
|
—
|
52,962
| |
United States
|
23,840
|
—
|
23,840
|
|
110,543
|
36,096
|
146,639
|
|
|
|
Year ended December 31
|
|
2013
| |
(in thousands of dollars, except MWh)
|
IFRS
|
Adjustments
Joint Ventures
|
Proportionate
Consolidation
|
|
|
|
| |
POWER PRODUCTION (MWh)
|
|
|
| |
Canada
|
571,062
|
22,081
|
593,143
| |
France
|
493,540
|
—
|
493,540
| |
United States
|
387,942
|
—
|
387,942
|
|
1,452,544
|
22,081
|
1,474,625
| |
REVENUES FROM ENERGY SALES
|
|
|
| |
Canada
|
63,568
|
2,372
|
65,940
| |
France
|
73,854
|
—
|
73,854
| |
United States
|
31,601
|
—
|
31,601
|
|
169,023
|
2,372
|
171,395
| |
EBITDA
|
|
|
| |
Canada
|
33,554
|
3,699
|
37,253
| |
France
|
40,719
|
—
|
40,719
| |
United States
|
23,864
|
—
|
23,864
|
|
98,137
|
3,699
|
101,836
|
SOURCE Boralex Inc.
|
|