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HAMILTON, BERMUDA -- (Marketwire) -- 02/07/13 -- Brookfield Renewable Energy Partners L.P. (TSX: BEP.UN) ("Brookfield Renewable") -
----------------------------------------------------------------------------Investors, analysts and other interested parties can access BrookfieldRenewable's 2012 fourth quarter results as well as the Letter toShareholders and Supplemental Results on the web site under the InvestorRelations section at www.brookfieldrenewable.com.The 2012 fourth quarter results conference call can be accessed via webcaston February 7, 2013 at 9:00 a.m. ET at www.brookfieldrenewable.com or viateleconference at 1-800-319-4610 toll free in North America. For overseascalls please dial 1-604-638-5340, at approximately 8:50 a.m. ET. Theteleconference taped rebroadcast can be accessed at 1-800-319-6413(password: 1557#) until March 7, 2013.----------------------------------------------------------------------------
All amounts in U.S. dollars unless stated otherwise
Brookfield Renewable Energy Partners L.P. today reported its results for the quarter and year ended December 31, 2012.
"Brookfield Renewable experienced a very strong year in 2012," said Richard Legault, President and CEO. "While our short-term financial results were impacted by unfavourable hydrology conditions, our successes were numerous and we have solidified our position as a global leader in renewable power. Together with our institutional partners, we announced the acquisition of nearly 1,000 MW of renewable power assets, including two large scale hydroelectric portfolios expected to add significant value in the coming years. We meaningfully enhanced liquidity and reduced borrowing costs through strategic financing activity."
"On the strength of these initiatives and our prospects for 2013, we recently announced a distribution increase - the second since our launch in late 2011. We expect to benefit this year from the continued progress of our growth plans, the completion of development projects, as well as strategic initiatives to further enhance our capital structure and cash flow profile," added Mr. Legault.
---------------------------------------------------------------------------- Three Months Ended December 31 ------------------------------------Unaudited Pro formaUS$ millions Pro forma Basis(except per unit amounts) Basis (LTA)---------------------------------------------------------------------------- 2012 2011(1) 2012--------------------------------------------------------------------------------------------------------------------------------------------------------Generation (GWh) 4,053 3,848 4,606Revenues $ 317 $ 295 $ 363Adjusted EBITDA(2) $ 195 $ 178 $ 236Funds from operations (FFO)(2) $ 74 $ 52 $ 113FFO per unit(3) $ 0.28 $ 0.20 $ 0.43------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ Year Ended December 31 ------------------------------------Unaudited Pro formaUS$ millions Pro forma Basis(except per unit amounts) Basis (LTA)---------------------------------------------------------------------------- 2012 2011(1) 2012--------------------------------------------------------------------------------------------------------------------------------------------------------Generation (GWh) 15,942 15,877 18,202Revenues $ 1,309 $ 1,309 $ 1,520Adjusted EBITDA(2) $ 852 $ 926 $ 1,053Funds from operations (FFO)(2) $ 347 $ 433 $ 532FFO per unit(3) $ 1.32 $ 1.65 $ 2.03--------------------------------------------------------------------------------------------------------------------------------------------------------(1) Pro forma results reflect new contracts and contract amendments, along with tax implications of the combination, as if each had occurred as of January 1, 2011.(2) Non-IFRS measures. Refer to "Cautionary Statement Regarding Use of Non- IFRS Measures".(3) Average redeemable/exchangeable partnership units held by Brookfield Asset Management and LP units outstanding during the period totaled 262.5 million (2011: 262.5 million).
