ENP Newswire - 21 February 2014
Release date- 20022014 - Montreal, Quebec - Boralex Inc. (TSX: BLX) announces its financial results for the fourth quarter and fiscal year ended December 31, 2013.
For the fourth quarter, revenues from energy sales calculated on a proportionate consolidation basis totalled $51.9 million, compared with $52.1 million for the same period last year. For the fiscal year, those revenues were down 5.5% to $171.4 million in 2013 from $181.4 million in 2012. Excluding the impact of the November 2012 shutdown of the Kingsey Falls power station, those revenues for the fourth quarter and fiscal year were up 10% and 13%, respectively, from the same periods a year earlier.
Fourth-quarter EBITDA rose 5% to $31.4 million in 2013 from $29.9 million year over year. For the year ended December 31, 2013, EBITDA climbed 3.7% to $101.8 million compared with 2012. Reflecting this growth, fourth-quarter EBITDA margin increased to 60.5% in 2013 from 57.4% in 2012. For the fiscal year, EBIDTA margin widened to 59.4% in 2013 from 54.1% in 2012. Excluding the impact of the shutdown of the Kingsey Falls power station, EBITDA for the fourth quarter and fiscal year was up 9% and 15%, respectively, from the same periods a year earlier.
These favourable results were primarily driven by the June 2012 acquisition of St-Patrick wind farm in France, and the commissioning in December 2013 of phase I of the Seigneurie de Beaupre Wind Farms in Canada. Those facilities offset the impact of the Kingsey Falls closure, while favourably positioning Boralex for growth. The Corporation ended the fiscal year with $128 million in cash, which allows it to pursue its growth strategy.
Boralex expanded its installed capacity by 176 MW or nearly 37% to 652 MW in 2013 from 476 MW in 2012 through the addition of new assets in Canada and France:
The December commissioning (on time and on budget) of phase I of the Seigneurie de Beaupre Wind Farms totalling 272 MW (net share of 136 MW for Boralex), the largest project ever completed by the Corporation and
The commissioning of Vron (8 MW) and La Vallee (32 MW) wind farms in France in September and December, respectively.
Regarding the year's achievements, 'in 2013, we achieved further growth and improved our profit margin as a result of higher weightings in the wind and hydroelectric power segments,' stated Mr. Lemaire. 'In addition, by expanding our geographical diversification with major investments in Canada, we are acquiring new skills with different wind power technologies while helping to stabilize our future results,' added Mr. Lemaire.
'Given our cash situation, the strength and quality of cash flows from operations, and particularly, the ability of our team to find, operate and finance projects in both France and Canada, I can only be enthusiastic about the future,' concluded Mr. Lemaire.
Numerous projects representing approximately 236 MW (net share of 202 MW for Boralex) are slated for commissioning in 2014 and 2015, including:
Jamie Creek hydroelectric power station (22 MW) in British Columbia (2014);
Phase II of the of the Seigneurie de Beaupre Wind Farms in Quebec (68 MW) (34 MW net share for Boralex) (2014);
Quebec wind farm Temiscouata I (25 MW) in partnership with Temiscouata RCM (2014);
French wind farms Fortel-Bonnieres and St-Francois (46 MW) (2014 and 2015);
Quebec wind farm Cote-de-Beaupre (25 MW) in partnership with La Cote-de Beaupre RCM (2015) and
Quebec wind farm Temiscouata II (50 MW) for which Boralex recently obtained the ministerial order authorizing construction to begin (2015).
Boralex is pursuing further growth opportunities in projects under various stages of development in France and Canada.
Boralex intends to actively participate in the request for proposals for the purchase of a block of wind power recently tendered by Hydro-Quebec for 450 MW in installed capacity, while seeking to position itself favourably to seize on further growth opportunities including potential acquisitions, RFPs from other Canadian jurisdictions or fixed-rate power purchase programs in France or Canada.
Boralex is a power producer whose core business is dedicated to the development and the operation of renewable energy power stations. Currently, the Corporation operates an asset base with an installed capacity of more than 650 MW in Canada, France and the Northeastern United States. Boralex is also committed under power development projects, both independently and with Canadian and European partners, to add approximately 250 MW of power that will be put in service by the end of 2015.
With more than 200 employees, Boralex is known for its diversified expertise and in-depth experience in four power generation types-wind, hydroelectric, thermal and solar. Boralex's shares and convertible debentures are listed on the Toronto Stock Exchange under the ticker symbols BLX and BLX.DB, respectively.
Mise en garde a l'egard d'enonces prospectifs 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.
There can be no assurance as to the materialization of the results, performance or achievements as expressed or implied by forward-looking statements. The reader is cautioned not to place undue reliance on such forward-looking statements. Unless required to do so under applicable securities legislation, Boralex management does not assume any obligation to update or revise forward-looking statements to reflect new information, future events or other changes.
The summarized financial statements included in this press release also contain certain non-IFRS financial measures. In order to assess the performance of its assets and reporting segments, Boralex uses EBITDA and cash flows from operations, and EBITDA and cash flows from operations under proportionate consolidation, 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 derived primarily from the unaudited condensed consolidated financial statements accompanying this press release, but do not have a standardized meaning under IFRS; accordingly, they may not be comparable to similarly named measures used by other companies.
The summarized financial statement included in this press release also 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.