MONTREAL, Nov. 9, 2011 /PRNewswire/ - Boralex Inc. ("Boralex" or the "Corporation") reported an improvement in its operating results for the third quarter of 2011, reflecting the positive impacts of the Corporation's recent growth.
(in millions of Canadian dollars, except per share amounts)
Three-month periods ended September 30 |
Nine-month periods ended September 30 |
||||
2011 | 2010 | 2011 | 2010 | ||
Revenues from energy sales | 50.1 | 42.1 | 186.1 | 129.8 | |
EBITDA | 16.8 | 11.0 | 76.3 | 34.2 | |
Net earnings (loss)* | (7.2) | 34.7 | (5.3) | 32.0 | |
per share (basic) | $(0.19) | $0.92 | $(0.14) | $0.85 | |
Cash flows from operations | 9.7 | 2.0 | 42.7 | 21.8 |
*attributable to shareholders of Boralex
During the third quarter of 2011, Boralex recorded revenues from energy sales and earnings before interest, income taxes and amortization ("EBITDA") of $50.1 million and $16.8 million, respectively, up 19% and 53% from the same period of 2010. This growth was driven by the addition of the ten power stations acquired from Boralex Power Income Fund (the "Fund") and the commissioning of new wind and solar power stations, despite a decline in revenues at U.S. wood-residue power stations.
The Corporation reported a net loss attributable to the shareholders of Boralex of $7.2 million, compared with net earnings of $34.7 million year over year, which included an extraordinary gain of $43.6 million related to the deemed disposal of investment in the Fund and the related income tax recovery. Excluding this gain, Boralex would have recorded a net loss of $5.4 million in the third quarter of 2010. The significant positive contribution of the new sites that were recently acquired and commissioned by Boralex was not able to offset the adverse impact, in particular, of the impairment charge against the property, plant and equipment at the Dolbeau power station.
"After acquiring the assets of the Fund and bringing online new wind and solar power stations totalling over 140 MW since December 2009, Boralex once again demonstrated, with the sale of its U.S. wood-residue assets, its unwavering resolve to maximize its asset portfolio with long-term contracts in the wind, hydroelectric and solar power segments, as well as to afford itself the financial leeway to continue expanding," said Boralex president and CEO Patrick Lemaire.
Boralex generated significant cash inflows from its operations, a testament to the quality of its assets, in the amount of $42.7 million for the first nine months of 2011, compared with $21.8 million for the same period of 2010.
Segmented financial results
In the wind power segment, the third quarter of 2011 saw revenues surge 44.9% to $11.3 million, and EBITDA soar 46.4% to $8.2 million. In addition, Boralex and its partner in the development of 341 MW of wind power at the Seigneurie de Beaupré wind farms announced on November 8, 2011 the completion of $725 million in financing to conduct the first 272 MW phase.
The hydroelectric power segment generated $11.6 million in quarterly revenues, up fourfold year over year. EBITDA stood at $8.5 million, 5.7 times higher than for the same period of 2010. This significant growth was driven by consolidation of the results of the Fund's power stations and favourable water flows conditions.
Difficult business conditions in the U.S. generated revenues of $17.0 million in the wood-residue thermal power segment, down $11.1 million from the 2010 period and a negative EBITDA of $0.6 million. The decisions by Boralex's management to close the Ashland power station, scale back electricity production at the other U.S. power stations and defer REC sales did have an adverse impact on results for the quarter. Note that Boralex announced on November 7, 2011 the disposal of its U.S. wood-residue assets which the closing is expected by the end of the year and will generate a net proceeds of about US$81 million.
Lastly, the natural gas cogeneration thermal power segment reported revenues and EBITDA of $9.3 million and $3.7 million, respectively, while recently commissioned solar power station contributed $0.9 million and $0.8 million to the Corporation's revenues and EBITDA, respectively.
About Boralex
Boralex is a power producer whose core business is dedicated to the development and the operation of renewable energy power stations. The Corporation currently operates an asset base with an installed capacity of more than 700 MW in Canada, the Northeastern United States and France. Boralex is also committed under power development projects, both independently and with European and Canadian partners, to add approximately 400 MW of power. With nearly 350 employees, Boralex is known for its diversified expertise and in-depth experience in four power generation types — wind, hydroelectric, thermal and more recently, solar. 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.
Certain statements contained in this press release, including those regarding future results and performance, are forward-looking statements based on current expectations. The accuracy of such statements is subject to a number of risks, uncertainties and assumptions that may cause actual results to differ materially from those projected, including, but not limited to, the general impact of economic conditions, raw material price increases and availability, currency fluctuations, volatility in electricity selling prices, the company's financing capacity, negative changes in general market conditions and regulations affecting the industry, as well as other factors listed in the Company's filings with different 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-GAAP financial measures. To assess the performance of its assets and reporting segments, the Corporation uses EBITDA and cash flows from operations as performance measures, as defined in the accompanying financial statements. These non-GAAP measures have no standardized meaning under IFRS. As a result, these measures may not be comparable to similarly named measures used by other companies.
Consolidated Balance Sheets
(in thousands of Canadian dollars) (unaudited) | AS AT SEPTEMBER 30, 2011 |
AS AT DECEMBER 31, 2010 |
|
ASSETS | |||
CURRENT ASSETS | |||
Cash and cash equivalents | 133,068 | 92,650 | |
Restricted cash | 1,277 | 15,924 | |
Accounts receivable | 33,845 | 60,420 | |
Available-for-sale financial asset | 2,339 | 23,251 | |
Future income taxes | - | 512 | |
Inventories | 8,422 | 9,179 | |
Prepaid expenses | 4,205 | 2,516 | |
Fair value of derivative financial instruments | 47 | 769 | |
183,203 | 205,221 | ||
Interest in a joint venture | 16,039 | _ | |
Property, plant and equipment | 734,479 | 738,884 | |
Energy sales contracts | 101,914 | 103,994 | |
Water rights | 110,792 | 113,015 | |
Other long-term assets | 39,585 | 46,842 | |
Goodwill | 38,063 | 38,063 | |
1,224,075 | 1,246,019 | ||
LIABILITIES | |||
CURRENT LIABILITIES | |||
Bank loans and advances | - | 195 | |
Accounts payable and accrued liabilities | 39,634 | 59,558 | |
Income taxes payable | 449 | 3,209 | |
Fair value of derivative financial instruments | 29,740 | 183 | |
Current portion of long-term debt | 24,023 | 34,033 | |
93,846 | 97,178 | ||
Long-term debt | 492,367 | 479,546 | |
Convertible debentures | 222,579 | 220,824 | |
Long-term lease accruals | 3,385 | 2,981 | |
Future income taxes | 49,280 | 66,967 | |
Fair value of derivative financial instruments | 18,614 | 10,834 | |
880,071 | 878,330 | ||
EQUITY | |||
Capital stock | 222,751 | 222,853 | |
Equity component of convertible debentures | 14,379 | 14,488 | |
Contributed surplus | 5,878 | 5,028 | |
Retained earnings | 136,921 | 142,300 | |
Accumulated other comprehensive loss | (44,064) | (25,874) | |
Equity attributable to shareholders | 335,865 | 358,795 | |
Non-controlling interests | 8,139 | 8,894 | |
Total equity | 344,004 | 367,689 | |
1,224,075 | 1,246,019 |
Consolidated Statements of Earnings (Loss)
THREE-MONTH PERIODS ENDED SEPTEMBER 30 |
NINE-MONTH PERIODS ENDED SEPTEMBER 30 |
||||
(in thousands of Canadian dollars, except per share amounts and number of shares) (unaudited) |
2011 | 2010 | 2011 | 2010 | |
REVENUES | |||||
Revenues from energy sales | 50,120 | 42,096 | 186,112 | 129,828 | |
Management revenues from the Fund | - | 1,158 | - | 4,437 | |
Other income | 189 | 144 | 513 | 598 | |
50,309 | 43,398 | 186,625 | 134,863 | ||
COSTS AND OTHER EXPENSES | |||||
Operating costs | 28,139 | 26,629 | 93,397 | 77,562 | |
Administrative | 4,338 | 1,842 | 14,206 | 12,373 | |
Development | 1,055 | 785 | 2,724 | 3,587 | |
Management and operation of the Fund | - | 1,176 | - | 3,995 | |
Amortization | 15,957 | 8,374 | 48,790 | 24,314 | |
Impairment of property, plant and equipment | 6,503 | - | 6,503 | - | |
Net gain on deemed disposal of investment in the Fund | - | (25,692) | - | (25,692) | |
Other gains | (582) | - | (2,959) | (774) | |
55,410 | 13,114 | 162,661 | 95,365 | ||
OPERATING INCOME (LOSS) | (5,101) | 30,284 | 23,964 | 39,498 | |
Financing costs | 12,553 | 4,195 | 37,049 | 13,078 | |
Foreign exchange loss (gain) | (5,377) | 361 | (3,340) | (69) | |
Net loss (gain) on financial instruments | 68 | 214 | 477 | (125) | |
EARNINGS (LOSS) BEFORE INCOME TAXES AND SHARE IN LOSS OF THE FUND | (12,345) | 25,514 | (10,222) | 26,614 | |
Income tax recovery | (4,804) | (10,801) | (4,157) | (8,249) | |
NET EARNINGS (LOSS) BEFORE SHARE IN LOSS OF THE FUND | (7,541) | 36,315 | (6,065) | 34,863 | |
Share in loss of the Fund | - | (1,955) | - | (3,148) | |
NET EARNINGS (LOSS) | (7,541) | 34,360 | (6,065) | 31,715 | |
NET EARNINGS (LOSS) ATTRIBUTABLE TO: | |||||
Shareholders of Boralex | (7,208) | 34,730 | (5,304) | 31,992 | |
Non-controlling shareholders | (333) | (370) | (761) | (277) | |
NET EARNINGS (LOSS) | (7,541) | 34,360 | (6,065) | 31,715 | |
Net earnings (loss) per share (basic) | $(0.19) | $0.92 | $(0.14) | $0.85 | |
Net earnings (loss) per share (diluted) | $(0.19) | $0.87 | $(0.14) | $0.84 | |
Weighted average number of shares outstanding (basic) | 37,745,598 | 37,740,921 | 37,761,692 | 37,740,921 | |
Weighted average number of shares outstanding (diluted) | 37,792,349 | 40,186,969 | 37,856,776 | 38,658,117 |
Consolidated Statements of Comprehensive Income (Loss)
THREE-MONTH PERIODS ENDED SEPTEMBER 30 |
NINE-MONTH PERIODS ENDED SEPTEMBER 30 |
|||||
(in thousands of Canadian dollars) (unaudited) | 2011 | 2010 | 2011 | 2010 | ||
NET EARNINGS (LOSS) | (7,541) | 34,360 | (6,065) | 31,715 | ||
Other comprehensive income (loss) | ||||||
Translation adjustments | ||||||
Unrealized foreign exchange gain (loss) on translation of financial statements of self-sustaining foreign operations | 9,562 | (179) | 9,845 | (6,553) | ||
Share of cumulative translation adjustments of the Fund | - | (216) | - | - | ||
Taxes | - | (123) | (259) | 37 | ||
Cash flow hedges | ||||||
Change in fair value of financial instruments | (30,949) | 228 | (41,672) | (13,849) | ||
Hedging items realized and recognized in net earnings (loss) | 990 | (1,076) | 3,140 | (4,454) | ||
Hedging items realized and recognized in balance sheet | - | 2,711 | 198 | 4,848 | ||
Taxes | 9,149 | 545 | 11,335 | 4,458 | ||
Available-for-sale financial asset | ||||||
Unrealized loss on available-for-sale financial asset | (571) | - | (771) | - | ||
(11,819) | 1,890 | (18,184) | (15,513) | |||
COMPREHENSIVE INCOME (LOSS) | (19,360) | 36,250 | (24,249) | 16,202 | ||
COMPREHENSIVE INCOME (LOSS) ATTRIBUTABLE TO: | ||||||
Shareholders of Boralex | (19,027) | 36,573 | (23,494) | 16,454 | ||
Non-controlling shareholders | (333) | (323) | (755) | (252) | ||
COMPREHENSIVE INCOME (LOSS) | (19,360) | 36,250 | (24,249) | 16,202 |
Consolidated Statements of Changes in Equity
NINE-MONTH PERIOD ENDED SEPTEMBER 30, 2011 |
||||||||
Attributable to shareholders | ||||||||
(in thousands of Canadian dollars) (unaudited) | Capital stock |
Equity component of convertible debentures |
Contributed surplus |
Retained earnings |
Comprehensive loss |
Total | Non- controlling interests |
Total equity |
Balance - beginning of period | 222,853 | 14,488 | 5,028 | 142,300 | (25,874) | 358,795 | 8,894 | 367,689 |
Net loss for the period | - | - | - | (5,304) | - | (5,304) | (761) | (6,065) |
Other comprehensive loss | - | - | - | - | (18,190) | (18,190) | 6 | (18,184) |
Comprehensive loss | - | - | - | (5,304) | (18,190) | (23,494) | (755) | (24,249) |
Conversion of convertible debentures | 250 | - | - | - | - | 250 | - | 250 |
Share repurchase | (352) | - | - | (75) | - | (427) | - | (427) |
Stock option expense | - | - | 850 | - | - | 850 | - | 850 |
Other | - | (109) | - | - | - | (109) | - | (109) |
Balance - end of period | 222,751 | 14,379 | 5,878 | 136,921 | (44,064) | 335,865 | 8,139 | 344,004 |
|
||||||||
NINE-MONTH PERIOD ENDED SEPTEMBER 30, 2010 |
||||||||
Attributable to shareholders | ||||||||
(in thousands of Canadian dollars) (unaudited) | Capital stock |
Equity component of convertible debentures |
Contributed surplus |
Retained earnings |
Comprehensive loss |
Total | Non- controlling interests |
Total equity |
Balance - beginning of period | 222,694 | - | 4,290 | 105,538 | (2,344) | 330,178 | 7,031 | 337,209 |
Net earnings for the period | - | - | - | 31,992 | - | 31,992 | (277) | 31,715 |
Other comprehensive loss | - | - | - | - | (15,538) | (15,538) | 25 | (15,513) |
Comprehensive income (loss) | - | - | - | 31,992 | (15,538) | 16,454 | (252) | 16,202 |
Excess of purchase price paid for acquisition of non-controlling interests | - | - | - | (1,725) | - | (1,725) | (26) | (1,751) |
Excess of proceeds from partial sale of a subsidiary | - | - | - | 3,415 | - | 3,415 | - | 3,415 |
Stock option expense | - | - | 594 | - | - | 594 | - | 594 |
Issuance of convertible debentures and imputed interest | - | 13,185 | - | - | - | 13,185 | - | 13,185 |
Contribution of non-controlling interest | - | - | - | - | - | - | 2,247 | 2,247 |
Acquisition of the Fund | - | - | - | - | - | - | 81,002 | 81,002 |
Balance - end of period | 222,694 | 13,185 | 4,884 | 139,220 | (17,882) | 362,101 | 90,002 | 452,103 |
Consolidated Statements of Cash Flows
THREE-MONTH PERIODS ENDED SEPTEMBER 30 |
NINE-MONTH PERIODS ENDED SEPTEMBER 30 |
||||
(in thousands of Canadian dollars) (unaudited) | 2011 | 2010 | 2011 | 2010 | |
OPERATING ACTIVITIES | |||||
Net earnings (loss) attributable to shareholders of Boralex | (7,208) | 34,730 | (5,304) | 31,992 | |
Distributions received from the Fund | - | 1,377 | - | 4,475 | |
Financing costs | 12,553 | 4,195 | 37,049 | 13,078 | |
Interest paid | (9,073) | (6,231) | (33,796) | (13,682) | |
Income tax recovery | (4,804) | (10,801) | (4,157) | (8,249) | |
Income taxes paid | (1,469) | (961) | (4,298) | (2,535) | |
Adjustments for non-cash items: | |||||
Unrealized foreign exchange gain on intercompany advances | (2,899) | - | (1,324) | - | |
Net loss (gain) on financial instruments | 68 | 214 | 477 | (125) | |
Share in earnings of the Fund | - | 1,955 | - | 3,148 | |
Amortization | 15,957 | 8,374 | 48,790 | 24,314 | |
Impairment of property, plant and equipment | 6,503 | - | 6,503 | - | |
Gain on sale of assets | - | - | (2,377) | (774) | |
Gain on sale of assets to a joint venture | (582) | - | (582) | - | |
Gain on deemed disposal of investment in the Fund | - | (30,874) | - | (30,874) | |
Other | 680 | 6 | 1,732 | 1,066 | |
9,726 | 1,984 | 42,713 | 21,834 | ||
Change in non-cash working capital items | 7,492 | 887 | 30,471 | 2,988 | |
17,218 | 2,871 | 73,184 | 24,822 | ||
INVESTING ACTIVITIES | |||||
Additions to property, plant and equipment | (6,598) | (73,541) | (30,039) | (137,822) | |
Change in restricted cash | - | 38,663 | 14,647 | (35,022) | |
Business acquisitions | (700) | (40,953) | (700) | (40,953) | |
Increase in interest in a joint venture | (8,164) | - | (10,376) | - | |
Proceeds from sale of a subsidiary | - | - | - | 878 | |
Change in reserve funds | (10) | - | (254) | 882 | |
Development projects | (532) | (335) | (1,181) | (730) | |
Proceeds from sale of asset | - | - | 2,050 | - | |
Other | 1,055 | 703 | 1,367 | 2,207 | |
(14,949) | (75,463) | (24,486) | (210,560) | ||
FINANCING ACTIVITIES | |||||
Decrease in bank loans and advances | - | - | (201) | (12,291) | |
Net increase in long-term debt | (67) | 54,405 | 33,186 | 263,271 | |
Payments on long-term debt | (9,311) | (6,983) | (42,427) | (67,757) | |
Net issuance of convertible debentures | - | 103,945 | - | 103,945 | |
Share repurchase | (427) | - | (427) | - | |
Purchase of non-controlling interests | - | - | - | (1,751) | |
Increase in non-controlling interests | - | 5,662 | - | 5,662 | |
(9,805) | 157,029 | (9,869) | 291,079 | ||
TRANSLATION ADJUSTMENT ON CASH AND CASH EQUIVALENTS | 1,867 | 6,540 | 1,589 | (2,430) | |
NET CHANGE IN CASH AND CASH EQUIVALENTS | (5,669) | 90,977 | 40,418 | 102,911 | |
CASH AND CASH EQUIVALENTS - BEGINNING OF PERIOD | 138,737 | 49,755 | 92,650 | 37,821 | |
CASH AND CASH EQUIVALENTS - END OF PERIOD | 133,068 | 140,732 | 133,068 | 140,732 |
SEGMENTED INFORMATION
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 financial indicators widely used by investors to assess operating performance and its ability to generate cash through operations.
These non-GAAP 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.
Investors should not view EBITDA as an alternative measure to, for example, net earnings, or as a measure of operating results or cash flows, or as a parameter for measuring liquidity, which are IFRS measures.
EBITDA is reconciled to the most comparable IFRS measure, namely, net earnings (loss) attributable to shareholders of Boralex, in the following table:
THREE-MONTH PERIODS ENDED SEPTEMBER 30 |
NINE-MONTH PERIODS ENDED SEPTEMBER 30 |
|||
2011 | 2010 | 2011 | 2010 | |
Net earnings (loss) attributable to shareholders of Boralex | (7,208) | 34,730 | (5,304) | 31,992 |
Non-controlling interests | (333) | (370) | (761) | (277) |
Income tax recovery | (4,804) | (10,801) | (4,157) | (8,249) |
Net loss (gain) on financial instruments | 68 | 214 | 477 | (125) |
Foreign exchange loss (gain) | (5,377) | 361 | (3,340) | (69) |
Financing costs | 12,553 | 4,195 | 37,049 | 13,078 |
Other gains | (582) | - | (2,959) | (774) |
Net gain on deemed disposal of investment in the Fund | - | (25,692) | - | (25,692) |
Impairment of property, plant and equipment | 6,503 | - | 6,503 | - |
Amortization | 15,957 | 8,374 | 48,790 | 24,314 |
EBITDA | 16,777 | 11,011 | 76,298 | 34,198 |
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, cash flows related to operating activities, in the following table:
THREE-MONTHS PERIODS ENDED SEPTEMBER 30 |
NINE-MONTHS PERIODS ENDED SEPTEMBER 30 |
||||
2011 | 2010 | 2011 | 2010 | ||
Cash flows related to operating activities | 17,218 | 2,871 | 73,184 | 24,822 | |
Cash flows provided by change in non-cash working capital items | (7,492) | (887) | (30,471) | (2,988) | |
CASH FLOWS FROM OPERATIONS | 9,726 | 1,984 | 42,713 | 21,834 |
INFORMATION BY OPERATING SEGMENT
THREE-MONTH PERIODS ENDED SEPTEMBER 30 |
NINE-MONTH PERIODS ENDED SEPTEMBER 30 |
|||
2011 | 2010 | 2011 | 2010 | |
Power generation (MWh) | ||||
Wind power stations | 94,840 | 66,722 | 371,771 | 234,013 |
Hydroelectric power stations | 148,596 | 33,300 | 507,091 | 107,910 |
Wood-residue thermal power stations | 287,369 | 339,903 | 837,822 | 925,429 |
Natural gas thermal power stations | 39,397 | 7,953 | 167,024 | 30,460 |
Solar power station | 1,942 | - | 2,210 | - |
572,144 | 447,878 | 1,885,918 | 1,297,812 | |
Revenues from energy sales | ||||
Wind power stations | 11,328 | 7,802 | 44,794 | 28,446 |
Hydroelectric power stations | 11,615 | 2,784 | 40,337 | 8,161 |
Wood-residue thermal power stations | 16,990 | 28,072 | 63,843 | 81,184 |
Natural gas thermal power stations | 9,300 | 3,438 | 36,127 | 12,037 |
Solar power station | 887 | - | 1,011 | - |
50,120 | 42,096 | 186,112 | 129,828 | |
EBITDA | ||||
Wind power stations | 8,160 | 5,628 | 35,217 | 22,159 |
Hydroelectric power stations | 8,513 | 1,473 | 30,237 | 4,528 |
Wood-residue thermal power stations | (585) | 7,135 | 7,525 | 21,587 |
Natural gas thermal power stations | 3,694 | 254 | 14,892 | 2,186 |
Solar power station | 810 | - | 931 | - |
Corporate and eliminations | (3,815) | (3,479) | (12,504) | (16,262) |
16,777 | 11,011 | 76,298 | 34,198 | |
Additions to property, plant and equipment | ||||
Wind power stations | 3,362 | 72,250 | 12,094 | 133,592 |
Hydroelectric power stations | 908 | 1,835 | 1,239 | 2,250 |
Wood-residue thermal power stations | 725 | 334 | 3,368 | 2,392 |
Natural gas thermal power stations | 1,246 | 1 | 1,250 | 10 |
Solar power station | 112 | 251 | 11,545 | 505 |
Corporate and eliminations | 245 | (1,130) | 543 | (927) |
6,598 | 73,541 | 30,039 | 137,822 |
AS AT SEPTEMBER 30, 2011 |
AS AT DECEMBER 31, 2010 |
|
Total assets | ||
Wind power stations | 491,938 | 536,135 |
Hydroelectric power stations | 386,016 | 364,548 |
Wood-residue thermal power stations | 146,952 | 162,070 |
Natural gas thermal power stations | 35,546 | 37,974 |
Solar power station | 21,707 | 7,607 |
Corporate and eliminations | 141,916 | 137,685 |
1,224,075 | 1,246,019 | |
Long-term assets | ||
Wind power stations | 462,048 | 469,707 |
Hydroelectric power stations | 348,489 | 350,773 |
Wood-residue thermal power stations | 126,621 | 137,376 |
Natural gas thermal power stations | 17,635 | 22,619 |
Solar power station | 20,169 | 6,723 |
Corporate and eliminations | 65,910 | 53,600 |
1,040,872 | 1,040,798 |
INFORMATION BY GEOGRAPHIC SEGMENT
THREE-MONTH PERIODS ENDED SEPTEMBER 30 |
NINE-MONTH PERIODS ENDED SEPTEMBER 30 |
|||
2011 | 2010 | 2011 | 2010 | |
Power generation (MWh) | ||||
Canada | 186,271 | 44,116 | 670,834 | 114,172 |
United States | 320,537 | 353,021 | 977,911 | 996,127 |
Europe | 65,336 | 50,741 | 237,173 | 187,513 |
572,144 | 447,878 | 1,885,918 | 1,297,812 | |
Revenues from energy sales | ||||
Canada | 18,746 | 4,828 | 75,560 | 13,405 |
United States | 20,349 | 29,187 | 73,199 | 85,757 |
Europe | 11,025 | 8,081 | 37,353 | 30,666 |
50,120 | 42,096 | 186,112 | 129,828 | |
EBITDA | ||||
Canada | 5,810 | (430) | 32,701 | (3,596) |
United States | 5,122 | 7,689 | 24,446 | 23,642 |
Europe | 5,845 | 3,752 | 19,151 | 14,152 |
16,777 | 11,011 | 76,298 | 34,198 | |
Additions to property, plant and equipment | ||||
Canada | 4,932 | 30,492 | 13,378 | 72,246 |
United States | 646 | 683 | 1,639 | 3,120 |
Europe | 1,020 | 42,366 | 15,022 | 62,456 |
6,598 | 73,541 | 30,039 | 137,822 |
AS AT SEPTEMBER 30, 2011 |
AS AT DECEMBER 31, 2010 |
|
Total assets | ||
Canada | 621,618 | 634,043 |
United States | 306,743 | 301,921 |
Europe | 295,714 | 310,055 |
1,224,075 | 1,246,019 | |
Long-term assets | ||
Canada | 517,346 | 529,787 |
United States | 247,251 | 263,094 |
Europe | 276,275 | 247,917 |
1,040,872 | 1,040,798 |
SOURCE BORALEX INC.
Share this article