Strong growth in Boralex's results for the 4th quarter of 2015 and increase in the annual dividend to $0.56 per share

MONTREAL, Feb. 24, 2016 /CNW Telbec/ - Boralex Inc. ("Boralex" or the "Corporation") (TSX: BLX) announces significantly improved financial results for the 4th quarter of 2015, reflecting the contributions of recently acquired or commissioned assets, better wind conditions in France and in Ontario, the strengthening of the U.S. dollar and the euro, and higher hydroelectric power production in the United States.

In light of the steady growth in its results since the introduction of a dividend in 2014 and its confidence in the outlook for the Corporation, the Board of Directors of Boralex has authorized a 7.7% increase in the annual dividend to $0.56 per share (or the quarterly dividend to $0.14 per share). This dividend will be paid on June 15, 2016 to shareholders of record at the close of business on May 31, 2016.

 

FINANCIAL HIGHLIGHTS





Three-month periods ended December 31

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

2015

2014

2015

2014

IFRS

Proportionate Consolidation(1)     

Production (GWh)

643.2

435.5

773.7

560.7

Revenues from energy sales

81.0

53.7

95.0

67.3

EBITDA(A)(2)

53.3

30.1

63.9

39.4

EBITDA(A) margin (%)

66%

56%

67%

59%

Net earnings (loss)

5.7

(5.7)

5.7

(5.7)

Net earnings (loss) attributable to shareholders

5.6

(6.3)

5.6

(6.3)


Per share (basic)($)

0.09

(0.16)

0.09

(0.16)

Net cash flows related to operating activities

30.3

3.2

45.8

9.5

Cash flows from operations(3)

37.3

14.0

44.9

22.0




Years ended December 31

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

2015

2014

2015

2014

IFRS

Proportionate Consolidation(1)

Production (GWh)

2,185.9

1,603.9

2,733.1

2,029.5

Revenues from energy sales

265.6

193.4

324.3

239.5

EBITDA(A)(2)

168.8

110.5

211.2

146.6

EBITDA(A) margin (%)

64%

57%

65%

61%

Net loss

(8.2)

(11.1)

(8.2)

(11.3)

Net loss attributable to shareholders

(10.8)

(11.8)

(10.8)

(11.9)


Per share (basic)($)

(0.21)

(0.31)

(0.21)

(0.31)

Net cash flows related to operating activities

114.6

51.7

127.2

102.3

Cash flows from operations(3)

128.5

53.7

132.3

78.4

(1)

These amounts are adjusted under proportionate consolidation and this measure is a non-IFRS measure.  See the Reconciliations between IFRS and Proportionate Consolidation and Non-IFRS Measures sections in the unaudited financial statements accompanying this press release.

(2)

EBITDA(A) represents earnings before interest, tax, depreciation and amortization, adjusted to include other items. This is a non-IFRS measure. For further details, see the Non-IFRS Measures section in the unaudited financial statements accompanying this press release.

(3)

Cash flows from operations are equal to net cash flows related to operating activities before change in non-cash items related to operating activities. This is a non-IFRS measure. For further details, see the Non-IFRS Measures section in the unaudited financial statements accompanying this press release.

 

For the quarter ended December 31, 2015, the Corporation recorded a 50.8% increase in revenues from energy sales to $81.0 million (or 41.2% to $95.0 million on a proportionate consolidation basis), a 77.1% increase in EBITDA(A) to $53.3 million (or 62.2% to $63.9 million on a proportionate consolidation basis) while EBITDA(A) margin climbed from 56% to 66% compared with the same period of 2014 (from 59% to 67% on a proportionate consolidation basis).

Boralex's cash flows from operations amounted to $37.3 million ($44.9 million on a proportionate consolidation basis), compared with $14.0 million ($22.0 million on a proportionate consolidation basis) for the three-month period ended December 31, 2014. Lastly, net earnings attributable to shareholders of Boralex stood at $5.6 million ($0.09 per share) compared with a net loss of $6.3 million ($0.16 per share) for the same period of 2014 (same results under IFRS and proportionate consolidation basis).

Commenting on these results, Patrick Lemaire, President and Chief Executive Officer of Boralex, stated, "We're very pleased to see our financial results grow again this year. The commissioning of facilities in 2015 demonstrates our rigorous execution of projects and strengthens our reputation as an excellent developer and operator. When we combine these results with a high quality pipeline and an environment conducive to the financing of long-term projects, we can only be very optimistic about the future and our growth outlook. Accordingly, I'm very pleased to make our shareholders benefit quickly from this growth by increasing by 7.7 % the annual dividend to $0.56 per share. "

Besides the strong growth in financial results, the quarter was also highlighted by the commissioning of 123 MW in new capacity, comprising 113 MW of wind power in Canada and in France and 10 MW of solar power in France. Furthermore, Boralex acquired a portfolio of wind power projects in France of nearly 350 MW, including 79 MW of ready-to-build projects whose commissioning is slated for 2017 and 2018.

Following this acquisition, Boralex's potential projects in France combined with other opportunities in Canada and elsewhere in Europe now amount to about 1,000 MW, most of which are located in France. Convinced that France offers significant growth opportunities over the coming years, Boralex intends to capitalize on its more than fifteen years presence in the country, the French authorities will to accelerate land-based wind power development, the existence of fixed and indexed tariffs, and a favourable interest rate environment for long-term project financing.

With the projects acquired or commissioned during fiscal 2015, Boralex's installed capacity increased to 1,094 MW as at December 31, 2015 from 938 MW as at December 31, 2014. Boralex is well on track to achieve the goal it set itself at the beginning of the year to grow its installed capacity by an average of 10% annually to reach 1,650 MW by the end of 2020.

Last, the Corporation points out that its market capitalization grew 90% during fiscal 2015. This considerable growth was driven by the combination of the share issuance in January, the conversion of series 2010 convertible debentures in September and the 12.5% rise in the stock price during fiscal 2015. With the dividend payments made in 2015, the Corporation's shareholders benefited from a total annual return of about 16.5%. What's more, given the rise in the stock price since the beginning of fiscal 2016, market capitalization stands at about $1 billion.

DIVIDENDS

On February 12, 2016, Boralex's Board of Directors declared a quarterly dividend of $0.13 per common share. This dividend will be paid on March 15, 2016 to shareholders of record at the close of business on February 29, 2016. Boralex has designated this dividend as an eligible dividend within the meaning of Section 89.14 of the Income Tax Act (Canada) and all provisions of provincial laws applicable to eligible dividends.

As mentioned previously, the Board of Directors of Boralex has authorized a 7.7% increase in the annual dividend from $0.52 to $0.56 per share (or the quarterly dividend from $0.13 per share to $0.14 per share). This dividend will be paid on June 15, 2016 to shareholders of record at the close of business on May 31, 2016. Boralex is also maintaining its distribution policy since 2014, whereby it intends to pay as dividends between 40% and 60% of discretionary cash flows.  

OUTLOOK

Fiscal 2016 should see further strong growth in the operating results of Boralex's wind power segment, driven by the full contribution of wind farms totalling 146 MW that started operations during 2015, including the 113 MW commissioned in the fourth quarter. Two other wind farms totalling 26 MW will also be commissioned during 2016, namely Touvent and Plateau de Savernat in France.

Regarding development projects, besides the commissioning of the above-mentioned two sites, the coming year will above all be dedicated to developing sites that are part of the portfolio of projects in France. The Corporation also expects that ready-to-build projects totalling 79 MW, all covered by long-term contracts with EDF (Électricité de France), will be commissioned in 2017 and 2018, not taking into account opportunities to acquire sites at different stages of development that could arise in the meantime.

About Boralex
Boralex develops, builds and operates renewable energy power facilities in Canada, France and the United States. A leader in the Canadian market and France's largest independent producer of land-based wind power, the Corporation is recognized for its solid experience in optimizing its asset base in four power generation types — wind, hydroelectric, thermal and solar. Boralex ensures sustained growth by leveraging the expertise and diversification developed over the past 25 years. Boralex's shares and convertible debentures are listed on the Toronto Stock Exchange under the ticker symbols BLX and BLX.DB.A, respectively. More information is available at www.boralex.com or www.sedar.com.

Caution regarding forward-looking statements
Some of the statements contained in this press release, including those regarding future results and performance, are forward-looking statements based on current expectations, within the meaning of securities legislation. Boralex would like to point out that, by their very nature, forward-looking statements involve risks and uncertainties such that its results or the measures it adopts could differ materially from those indicated by or underlying these statements, or could have an impact on the degree of realization of a particular projection. The main factors that could lead to a material difference between the Corporation's actual results and the projections or expectations set forth in the forward-looking statements include, but are not limited to, the general impact of economic conditions, raw material price increases and availability, currency fluctuations, volatility in the selling price of energy, the Corporation's financing capacity, negative changes in general market conditions and regulations affecting the industry, as well as other factors discussed in the Corporation's filings with the various securities commissions.

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

There can be no assurance as to the materialization of the results, performance or achievements as expressed or implied by forward-looking statements. The reader is cautioned not to place undue reliance on such forward-looking statements. Unless required to do so under applicable securities legislation, Boralex management does not assume any obligation to update or revise forward-looking statements to reflect new information, future events or other changes.

Non-IFRS measures
The unaudited consolidated financial statements accompanying these financial statements contain a "Non-IFRS Measures" section. In order to assess the performance of its assets and reporting segments, Boralex uses EBITDA(A) and cash flows from operations as performance measures. EBITDA(A) consists of earnings before interest, taxes, amortization and depreciation, adjusted to include other items. Management believes these measures to be 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 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 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. Under the proportionate consolidation method, which is no longer permitted under the IFRS, the items Interest in the Joint Ventures and Share in earnings in the Joint Ventures are eliminated and replaced by Boralex's share (50%) in all items in the financial statements (revenues, expenses, assets and liabilities). 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, 2015

 

Consolidated Statements of Financial Position





As at

December 31,

As at
December 31,

(in thousands of Canadian dollars) (unaudited)

2015

2014

ASSETS



Cash and cash equivalents

99,641

75,394

Restricted cash

3,345

12,459

Trade and other receivables

85,350

59,339

Inventories

6,887

5,620

Other current financial assets

541

1,213

Prepaid expenses

4,794

5,358

CURRENT ASSETS

200,558

159,383




Property, plant and equipment

1,556,374

1,210,703

Intangible assets

423,622

333,917

Goodwill

127,007

94,873

Interests in the Joint Ventures

66,506

91,483

Deferred income tax asset

21,190

8,744

Other non-current financial assets

239

3,230

Other non-current assets

46,431

47,445

NON-CURRENT ASSETS

2,241,369

1,790,395

TOTAL ASSETS

2,441,927

1,949,778

LIABILITIES



Trade and other payables

92,125

59,277

Current portion of debt

145,200

172,044

Current income tax liability

1,536

1,601

Other current financial liabilities

41,356

34,116

CURRENT LIABILITIES

280,217

267,038




Non-current debt

1,275,857

989,087

Convertible debentures

133,070

232,977

Deferred income tax liability

87,353

46,225

Decommissioning liability

31,812

25,486

Other non-current financial liabilities

36,716

33,622

Other non-current liabilities

44,205

19,024

NON-CURRENT LIABILITIES

1,609,013

1,346,421

TOTAL LIABILITIES

1,889,230

1,613,459

EQUITY



Equity attributable to shareholders

544,659

303,191

Non-controlling shareholders

8,038

33,128

TOTAL EQUITY

552,697

336,319

TOTAL LIABILITIES AND EQUITY

2,441,927

1,949,778

 


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)

2015

2014

2015

2014

REVENUES





Revenues from energy sales

81,033

53,673

265,627

193,401

Other income

670

545

2,062

1,827


81,703

54,218

267,689

195,228






COSTS AND OTHER EXPENSES





Operating

21,367

17,045

78,347

64,296

Administrative

4,593

3,195

17,641

13,479

Development

3,589

6,465

10,277

10,319

Amortization

25,822

15,832

96,972

60,410

Other gains

(148)

(846)

(379)

(1,962)


55,223

41,691

202,858

146,542






OPERATING INCOME

26,480

12,527

64,831

48,686






Financing costs

17,260

15,926

74,019

58,097

Foreign exchange loss (gain)

261

15

(2,374)

406

Net loss on financial instruments

129

6,031

7,467

8,187

Share in earnings of the Joint Ventures

1,304

2,570

7,615

3,426

Loss on redemption of convertible debentures

2,759

Other

151

25

283

17






EARNINGS (LOSS) BEFORE INCOME TAXES

9,983

(6,900)

(9,708)

(14,595)






Income tax expense (recovery)

4,251

(523)

(1,496)

(854)






NET EARNINGS (LOSS) FROM CONTINUING OPERATIONS

5,732

(6,377)

(8,212)

(13,741)






Net earnings from discontinued operations

716

2,652

NET EARNINGS (LOSS)

5,732

(5,661)

(8,212)

(11,089)











NET EARNINGS (LOSS) ATTRIBUTABLE TO:






Shareholders of Boralex

5,751

(6,265)

(10,835)

(11,767)


Non-controlling shareholders

161

604

2,623

678

NET EARNINGS (LOSS)

5,732

(5,661)

(8,212)

(11,089)






NET EARNINGS (LOSS) ATTRIBUTABLE TO SHAREHOLDERS OF BORALEX






Continuing operations

5,571

(6,981)

(10,835)

(14,419)


Discontinued operations

716

2,652


5,571

(6,265)

(10,835)

(11,767)






NET EARNINGS (LOSS) PER SHARE (BASIC AND DILUTED)
ATTRIBUTABLE TO SHAREHOLDERS OF BORALEX






Continuing operations

$0.09

($0.18)

($0.21)

($0.38)


Discontinued operations

$0.02

$0.07


$0.09

($0.16)

($0.21)

($0.31)

 

Consolidated Statements of Comprehensive Income (Loss)






Three-month periods ended 
December 31

Years ended
December 31

(in thousands of Canadian dollars) (unaudited)

2015

2014

2015

2014

NET EARNINGS (LOSS)

5,732

(5,661)

(8,212)

(11,089)






Other comprehensive income (loss) to be subsequently reclassified to net earnings (loss) when certain conditions are met





Translation adjustments:






Unrealized foreign exchange gain (loss) on translation of financial statements of self-sustaining foreign operations

2,508

(2,376)

20,263

(2,613)

Hedge of net investment:






Change in fair value

(653)

1,103

(6,234)

1,103


Income taxes

5

(147)

147

(147)

Cash flow hedges:






Change in fair value

2,247

(5,142)

(6,202)

(32,680)


Hedging items realized and recognized in net earnings (loss)

685

2,849

10,608

11,615


Income taxes

(591)

848

(1,584)

6,462

Cash flow hedges - Joint Ventures:






Change in fair value

(269)

(11,207)

(11,321)

(23,394)


Hedging items realized and recognized in net earnings (loss)

1,417

4,798

5,198

4,798


Income taxes

(260)

1,682

1,664

4,819

Total other comprehensive income (loss)

5,089

(7,592)

12,539

(30,037)

COMPREHENSIVE INCOME (LOSS)

10,821

(13,253)

4,327

(41,126)






COMPREHENSIVE INCOME (LOSS) ATTRIBUTABLE TO:






Shareholders of Boralex

12.017

(13,827)

2,840

(39,070)


Non-controlling shareholders

(1,196)

574

1,487

(2,056)

COMPREHENSIVE INCOME (LOSS)

10,821

(13,253)

4,327

(41,126)






COMPREHENSIVE INCOME (LOSS) ATTRIBUTABLE TO SHAREHOLDERS OF BORALEX






Continuing operations

12,017

(14,543)

2,840

(41,722)


Discontinued operations

716

2,652


12,017

(13,827)

2,840

(39,070)

 

Consolidated Statements of Changes in Equity



2015


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, 2015

228,257

14,379

8,266

108,907

(56,618)

303,191

33,128

336,319










Net earnings (loss)

(10,835)

(10,835)

2,623

(8,212)

Other comprehensive income (loss)

13,675

13,675

(1,136)

12,539

COMPREHENSIVE INCOME (LOSS)

(10,835)

13,675

2,840

1,487

4,327









Dividends

(27,129)

(27,129)

(27,129)

Share issuances

119,542

119,542

119,542

Issuance of 2015 convertible debentures

3,940

3,940

3,940

Conversion and redemption of 2010 convertible debentures

207,774

(14,379)

193,395

193,395

Exercise of options

107

107

107

Stock option expense

340

340

340

Excess of proceeds on repurchase of non-controlling shareholders

(51,567)

(51,567)

(25,296)

(76,863)

Net contribution of non-controlling shareholders

7,082

7,082

Distributions paid to non-controlling shareholders

(8,363)

(8,363)

BALANCE AS AT DECEMBER 31, 2015

555,680

3,940

8,606

19,376

(42,943)

544,659

8,038

552,697

 



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 convertible debentures

318

318

318

Exercise of options

4,860

4,860

4,860

Stock option expense

536

536

536

Excess of proceeds on repurchase of 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

 


Consolidated Statements of Cash Flows




Three-month periods ended
December 31

Years ended
December 31

(in thousands of Canadian dollars) (unaudited)

2015

2014

2015

2014

Net earnings (loss)

5,732

(5,661)

(8,212)

(11,089)

Less: Net earnings from discontinued operations

716

2,652

Net earnings (loss) from continuing operations

5,732

(6,377)

(8,212)

(13,741)

Distributions received from Joint Ventures

29,100

Financing costs

17,260

15,926

74,019

58,097

Interest paid

(14,488)

(14,632)

(64,511)

(53,298)

Income tax expense (recovery)

4,251

(523)

(1,496)

(854)

Income taxes paid

(338)

(64)

(1,501)

(2,940)

Non-cash items in earnings (loss):






Net loss on financial instruments

129

6,031

7,467

8,187


Share in results of the Joint Ventures

(1,304)

(2,570)

(7,615)

(3,426)


Amortization

25,822

15,832

96,972

60,410


Loss on redemption of convertible debentures

2,759


Other

190

360

1,564

1,246

Change in non-cash items related to operating activities

(6,979)

(10,779)

(13,959)

(2,020)

NET CASH FLOWS RELATED TO OPERATING ACTIVITIES

30,275

3,204

114,587

51,661




Business acquisitions, net of cash acquired

(44,180)

(188,948)

(60,308)

(196,879)

Additions to property, plant and equipment

(94,581)

(47,620)

(329,555)

(167,686)

Change in restricted cash

9,987

(5,146)

7,248

7,277

Increase in interest in Joint Ventures

(7,181)

(13,253)

Increase in non-current assets

(1,350)

Change in reserve funds

68

(6,252)

(114)

(6,825)

Development projects

(847)

(1,279)

(4,357)

(6,881)

Proceeds from the disposal of assets held for sale

21,983

21,983

Other

(13)

(60)

(1,512)

(491)

NET CASH FLOWS RELATED TO INVESTING ACTIVITIES

(129,566)

(234,503)

(388,598)

(364,105)





Net increase in non-current debt

157,315

451,881

424,961

589,006

Repayments on current and non-current debt

(37,881)

(238,075)

(312,449)

(317,896)

Convertible debenture issuance proceeds, net of transaction costs

137,459

Convertible debentures redeemed

(47,107)

Contribution of non-controlling shareholders

539

7,082

5,235

Distributions paid to non-controlling shareholders

(4,496)

(2,050)

(8,363)

(2,050)

Dividends paid to shareholders of Boralex

(8,428)

(4,993)

(27,129)

(19,896)

Share issuance proceeds, net of transaction costs

(28)

118,118

Options exercised

3

151

107

4,860

Other

(115)

(1)

(385)

(41)

NET CASH FLOWS RELATED TO FINANCING ACTIVITIES

106,370

207,452

292,294

259,218

Cash from discontinued operations

843

3,122

TRANSLATION ADJUSTMENT ON CASH AND CASH EQUIVALENTS

1,545

301

5,964

556

NET CHANGE IN CASH AND CASH EQUIVALENT

8,624

(22,703)

24,247

(49,548)






CASH AND CASH EQUIVALENTS - BEGINNING OF PERIOD

91,017

98,097

75,394

124,942

CASH AND CASH EQUIVALENTS - END OF PERIOD

99,641

75,394

99,641

75,394

 

Information by Operating Segment



Three-month periods ended
December 31

Years ended
December 31

(in thousands of Canadian dollars, except MWh) (unaudited)

2015

2014

2015

2014






Power production (MWh)





Wind power stations

450,179

245,601

1,396,000

785,997

Hydroelectric power stations

158,161

154,752

626,477

641,979

Thermal power stations

31,131

34,092

154,701

169,637

Solar power stations

3,680

1,080

8,720

6,259


643,151

435,525

2,185,898

1,603,872






Revenues from energy sales





Wind power stations

58,624

31,278

177,720

102,063

Hydroelectric power stations

14,998

14,312

58,166

58,166

Thermal power stations

6,521

7,569

26,477

30,090

Solar power stations

890

514

3,264

3,082


81,033

53,673

265,627

193,401






EBITDA(A)





Wind power stations

51,238

29,207

149,516

87,595

Hydroelectric power stations

9,893

9,730

40,792

42,715

Thermal power stations

711

1,188

5,704

5,247

Solar power stations

743

391

2,834

2,634

Corporate and eliminations

(9,278)

(10,458)

(30,090)

(27,648)


53,307

30,058

168,756

110,543

 

Information by Geographic Segment


Three-month periods ended 
December 31

Years ended
December 31

(in thousands of Canadian dollars, except MWh) (unaudited)

2015

2014

2015

2014






Power production (MWh)





Canada

214,607

167,325

767,645

636,929

France

337,319

184,020

1,087,003

586,573

United States

91,225

84,180

331,250

380,370


643,151

435,525

2,185,898

1,603,872






Revenues from energy sales





Canada

25,794

20,189

85,420

70,768

France

46,918

26,785

150,481

90,672

United States

8,321

6,699

29,726

31,961


81,033

53,673

265,627

193,401






EBITDA(A)





Canada

15,705

8,947

51,906

33,741

France

31,759

16,352

95,876

52,962

United States

5,843

4,759

20,974

23,840


53,307

30,058

168,756

110,543

 

Consolidated Statements of Financial Position



As at
December 31,

As at
December 31,

(in thousands of Canadian dollars) (unaudited)

2015

2014

ASSETS



Cash and cash equivalents

108,491

86,845

Restricted cash

3,507

19,814

Trade and other receivables

90,489

71,523

Inventories

6,902

5,631

Other current financial assets

541

1,213

Prepaid expenses

4,822

5,358

CURRENT ASSETS

214,752

190,384




Property, plant and equipment

1,963,455

1,639,605

Intangible assets

423,622

333,917

Goodwill

127,007

94,873

Deferred income tax asset

21,190

8,744

Other non-current financial assets

239

3,230

Other non-current assets

48,927

49,816

NON-CURRENT ASSETS

2,584,440

2,130,185

TOTAL ASSETS

2,799,192

2,320,569

LIABILITIES



Trade and other payables

98,574

66,359

Current portion of debt

159,477

191,762

Current income tax liability

1,536

1,601

Other current financial liabilities

41,356

34,116

CURRENT LIABILITIES

300,943

293,838




Non-current debt

1,559,439

1,285,258

Convertible debentures

133,070

232,977

Deferred income tax liability

87,353

46,225

Decommissioning liability

33,077

26,649

Other non-current financial liabilities

59,803

50,374

Other non-current liabilities

73,327

49,446

NON-CURRENT LIABILITIES

1,946,069

1,690,929

TOTAL LIABILITIES

2,247,012

1,984,767

EQUITY



Equity attributable to shareholders

544,142

302,674

Non-controlling shareholders

8,038

33,128

TOTAL EQUITY

552,180

335,802

TOTAL LIABILITIES AND EQUITY

2,799,192

2,320,569

 

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)

2015

2014

2015

2014

REVENUES





Revenues from energy sales

95,030

67,308

324,327

239,506

Other income

399

393

1,329

1,223


95,429

67,701

325,656

240,729






COSTS AND OTHER EXPENSES





Operating

23,191

18,571

86,136

70,162

Administrative

4,618

3,213

17,737

13,581

Development

3,589

6,465

10,277

10,327

Amortization

31,354

20,616

119,103

78,280

Other gains

(549)

(1,192)

(1,987)

(3,272)


62,203

47,673

231,266

169,078






OPERATING INCOME

33,226

20,028

94,390

71,651






Financing costs

22,692

20,975

95,949

77,787

Foreign exchange loss (gain)

261

17

(2,374)

410

Net loss on financial instruments

129

5,938

7,467

8,192

Loss on redemption of convertible debentures

2,759

Other

161

28

297

20






EARNINGS (LOSS) BEFORE INCOME TAXES

9,983

(6,930)

(9,708)

(14,758)




Income tax expense (recovery)

4,251

(523)

(1,496)

(854)




NET EARNINGS (LOSS) FROM CONTINUING OPERATIONS

5,732

(6,407)

(8,212)

(13,904)




Net earnings from discontinued operations

716

2,652

NET EARNINGS (LOSS)

5,732

(5,691)

(8,212)

(11,252)











NET EARNINGS (LOSS) ATTRIBUTABLE TO:






Shareholders of Boralex

5,571

(6,295)

(10,835)

(11,930)


Non-controlling shareholders

161

604

2,623

678

NET EARNINGS (LOSS)

5,732

(5,691)

(8,212)

(11,252)


NET EARNINGS (LOSS) ATTRIBUTABLE TO SHAREHOLDERS OF BORALEX


Continuing operations

5,571

(7,011)

(10,835)

(14,582)


Discontinued operations

716

2,652


5,571

(6,295)

(10,835)

(11,930)






NET EARNINGS (LOSS) PER SHARE (BASIC AND DILUTED) ATTRIBUTABLE TO SHAREHOLDERS OF BORALEX






Continuing operations

$0.09

($0.18)

($0.21)

($0.38)


Discontinued operations

$0.02

$0.07


$0.09

($0.16)

($0.21)

($0.31)

 

Consolidated Statements of Cash Flows



Three-month periods ended
December 31

Years ended
December 31

(in thousands of Canadian dollars) (unaudited)

2015

2014

2015

2014

Net earnings (loss)

5,732

(5,691)

(8,212)

(11,252)

Less: Net earnings from discontinued operations

716

2,652

Net earnings (loss) from continuing operations

5,732

(6,407)

(8,212)

(13,904)

Financing costs

22,692

20,975

95,949

77,787

Interest paid

(18,777)

(18,552)

(81,843)

(68,155)

Income tax expense (recovery)

4,251

(523)

(1,496)

(854)

Income taxes paid

(338)

(64)

(1,501)

(2,940)

Non-cash items in earnings (loss):




Net loss on financial instruments

129

5,938

7,467

8,192


Amortization

31,354

20,616

119,103

78,280


Loss on redemption of convertible debentures

2,759


Other

(190)

25

28

(53)

Change in non-cash items related to operating activities

904

(12,554)

(5,035)

23,912

NET CASH FLOWS RELATED TO OPERATING ACTIVITIES

45,757

9,454

127,219

102,265




Business acquisitions, net of cash acquired

(44,180)

(188,948)

(60,308)

(196,879)

Additions to property, plant and equipment

(94,615)

(76,146)

(332,151)

(251,562)

Change in restricted cash

9,825

14,990

14,441

40,682

Increase in non-current assets

(4,006)

Change in reserve funds

68

(6,252)

(114)

(6,825)

Development projects

(847)

(1,279)

(4,357)

(6,881)

Proceeds from the disposal of assets held for sale

21,983

21,983

Other

(13)

(60)

(1,512)

(491)

NET CASH FLOWS RELATED TO INVESTING ACTIVITIES

(129,762)

(235,712)

(384,001)

(403,979)




Net increase in non-current debt

157,230

457,217

424,849

629,358

Repayments on current and non-current debt

(50,371)

(242,528)

(332,167)

(360,126)

Convertible debenture issuance proceeds, net of transaction costs

137,459

Convertible debentures redeemed

(47,107)

Contribution of non-controlling shareholders

539

7,082

5,235

Distributions paid to non-controlling shareholders

(4,496)

(2,050)

(8,363)

(2,050)

Dividends paid to shareholders of Boralex

(8,428)

(4,993)

(27,129)

(19,896)

Share issuance proceeds, net of transaction costs

(28)

118,118

Options exercised

3

151

107

4,860

Other

(115)

(1)

(385)

(41)

NET CASH FLOWS RELATED TO FINANCING ACTIVITIES

93,795

208,335

272,464

257,340

Cash from discontinued operations

843

3,122

TRANSLATION ADJUSTMENT ON CASH AND CASH EQUIVALENTS

1,545

301

5,964

556

NET CHANGE IN CASH AND CASH EQUIVALENT

11,335

(16,779)

21,646

(40,696)




CASH AND CASH EQUIVALENTS - BEGINNING OF PERIOD

97,156

103,624

86,845

127,541

CASH AND CASH EQUIVALENTS - END OF PERIOD

108,491

86,845

108,491

86,845

 

Information by Operating Segment




Three-month periods ended 
December 31

Years ended
December 31

(in thousands of Canadian dollars, except MWh) (unaudited)

2015

2014

2015

2014






Power production (MWh)





Wind power stations

580,707

370,742

1,943,209

1,211,629

Hydroelectric power stations

158,161

154,752

626,477

641,979

Thermal power stations

31,131

34,092

154,701

169,637

Solar power stations

3,680

1,080

8,720

6,259


773,679

560,666

2,733,107

2,029,504






Revenues from energy sales





Wind power stations

72,621

44,913

236,420

148,168

Hydroelectric power stations

14,998

14,312

58,166

58,166

Thermal power stations

6,521

7,569

26,477

30,090

Solar power stations

890

514

3,264

3,082


95,030

67,308

324,327

239,506






EBITDA(A)





Wind power stations

61,139

37,930

189,339

121,180

Hydroelectric power stations

9,893

9,730

40,792

42,715

Thermal power stations

711

1,188

5,704

5,247

Solar power stations

743

391

2,834

2,634

Corporate and eliminations

(8,616)

(9,815)

(27,460)

(25,137)


63,870

39,424

211,209

146,639

 

Information by Geographic Segment



Three-month periods ended
December 31

Years ended
December 31

(in thousands of Canadian dollars, except MWh) (unaudited)

2015

2014

2015

2014






Power production (MWh)





Canada

345,135

292,466

1,314,854

1,062,561

France

337,319

184,020

1,087,003

586,573

United States

91,225

84,180

331,250

380,370


773,679

560,666

2,733,107

2,029,504






Revenues from energy sales





Canada

39,791

33,824

144,120

116,873

France

46,918

26,785

150,481

90,672

United States

8,321

6,699

29,726

31,961


95,030

67,308

324,327

239,506






EBITDA(A)





Canada

26,268

18,313

94,359

69,837

France

31,759

16,352

95,876

52,962

United States

5,843

4,759

20,974

23,840


63,870

39,424

211,209

146,639

 


Non-IFRS Measures
In order to assess the performance of its assets and reporting segments, Boralex uses EBITDA(A) and cash flows from operations as performance measures under IFRS and proportionate consolidation. 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 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.

This section also shows these measures under proportionate consolidation, where the results of the Joint Ventures 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. Tables reconciling IFRS data with data presented on a proportionate consolidation basis are included in the Reconciliations between IFRS and Proportionate Consolidation section.

EBITDA(A)
EBITDA(A) represents earnings before interest, taxes, depreciation and amortization, adjusted to include other items. EBITDA (A) does not have a standardized meaning under IFRS; accordingly, it may not be comparable to similarly named measures used by other companies. Investors should not view EBITDA(A) as an alternative measure to, for example, net earnings (loss), or as a measure of operating results, which are IFRS measures.

EBITDA and EBITDA(A) are 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 dollars)

2015

2014

2015

2014

Net earnings (loss)

5,732

(5,661)

(8,212)

(11,089)

Income tax expense (recovery)

4,251

(523)

(1,496)

(854)

Financial costs

17,260

15,926

74,019

58,097

Amortization

25,822

15,832

96,972

60,410

EBITDA

53,065

25,574

161,283

106,564

Adjustments:





Net earnings from discontinued operations

(716)

(2,652)

Loss on redemption of convertible debentures

2,759

Net loss on financial instruments

129

6,031

7,467

8,187

Foreign exchange loss (gain)

261

15

(2,374)

406

Other gains

(148)

(846)

(379)

(1,962)

EBITDA(A)

53,307

30,058

168,756

110,543


Proportionate Consolidation


Three-month periods
ended December 31

Years ended
December 31

(in thousands of dollars)

2015

2014

2015

2014

Net earnings (loss)

5,732

(5,691)

(8,212)

(11,252)

Income tax expense (recovery)

4,251

(523)

(1,496)

(854)

Financial costs

22,692

20,975

95,949

77,787

Amortization

31,354

20,616

119,103

78,280

EBITDA

64,029

35,377

205,344

143,961

Adjustments:





Net earnings from discontinued operations

(716)

(2,652)

Loss on redemption of convertible debentures

2,759

Net loss on financial instruments

129

5,938

7,467

8,192

Foreign exchange loss (gain)

261

17

(2,374)

410

Other gains

(549)

(1,192)

(1,987)

(3,272)

EBITDA(A)

63,870

39,424

211,209

146,639

 



Reconciliations between IFRS and Proportionate Consolidation


Three-month periods
ended December 31

Years ended
December 31

(in thousands of dollars)

2015

2014

2015

2014

EBITDA(A) (IFRS)

53,307

30,058

168,756

110,543




Less: Share in earnings of Joint Ventures Phases I and II

1,315

2,570

7,630

3,426

Plus: EBITDA(A) of Joint Ventures Phases I and II

11,878

11,965

50,083

39,684




Other

(29)

(162)

EBITDA(A) (Proportionate Consolidation)

63,870

39,424

211,209

146,639




Cash flows from operations

Cash flows from operations under IFRS and proportionate consolidation are equal to net cash flows related to operating activities before 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 table:

 





IFRS




Three-month periods ended
 December 31

Years ended
December 31

(in thousands of Canadian dollars) (unaudited)

2015

2014

2015

2014

Net cash flows related to operating activities

30,275

3,204

114,587

51,661

Change in non-cash items related to operating activities

(6,979)

(10,779)

(13,959)

(2,020)






CASH FLOWS FROM OPERATIONS

37,254

13,983

128,546

53,681







Proportionate Consolidation




Three-month periods ended
December 31

Years ended
December 31

(in thousands of Canadian dollars) (unaudited)

2015

2014

2015

2014

Net cash flows related to operating activities

45,757

9,454

127,219

102,265

Change in non-cash items related to operating activities

904

(12,554)

(5,035)

23,912






CASH FLOWS FROM OPERATIONS

44,853

22,008

132,254

78,353

 


Consolidated Statements of Financial Position





As at
December 31,

2015

(in thousands of Canadian dollars) (unaudited)

IFRS

Adjustments
Joint Ventures

Proportionate
Consolidation

ASSETS




Cash and cash equivalents

99,641

8,850

108,491

Restricted cash

3,345

162

3,507

Trade and other receivables

85,350

5,139

90,489

Inventories

6,887

15

6,902

Other current financial assets

541

541

Prepaid expenses

4,794

28

4,822

CURRENT ASSETS

200,558

14,194

214,752





Property, plant and equipment

1,556,374

407,081

1,963,455

Intangible assets

423,622

423,622

Goodwill

127,007

127,007

Interests in the Joint Ventures

66,506

(66,506)

Deferred income tax asset

21,190

21,190

Other non-current financial assets

239

239

Other non-current assets

46,431

2,496

48,927

NON-CURRENT ASSETS

2,241,369

343,071

2,584,440

TOTAL ASSETS

2,441,927

357,265

2,799,192

LIABILITIES




Trade and other payables

92,125

6,449

98,574

Current portion of debt

145,200

14,277

159,477

Current income tax liability

1,536

1,536

Other current financial liabilities

41,356

41,356

CURRENT LIABILITIES

280,217

20,726

300,943





Non-current debt

1,275,857

283,582

1,559,439

Convertible debentures

133,070

133,070

Deferred income tax liability

87,353

87,353

Decommissioning liability

31,812

1,265

33,077

Other non-current financial liabilities

36,716

23,087

59,803

Other non-current liabilities

44,205

29,122

73,327

NON-CURRENT LIABILITIES

1,609,013

337,056

1,946,069

TOTAL LIABILITIES

1,889,230

357,782

2,247,012

EQUITY




Equity attributable to shareholders

544,659

(517)

544,142

Non-controlling shareholders

8,038

8,038

TOTAL EQUITY

552,697

(517)

552,180

TOTAL LIABILITIES AND EQUITY

2,441,927

357,265

2,799,192

 






As at
December 31,

2014

(in thousands of Canadian dollars) (unaudited)

IFRS

Adjustments
Joint Ventures

Proportionate
Consolidation

ASSETS




Cash and cash equivalents

75,394

11,451

86,845

Restricted cash

12,459

7,355

19,814

Trade and other receivables

59,339

12,184

71,523

Inventories

5,620

11

5,631

Other current financial assets

1,213

1,213

Prepaid expenses

5,358

5,358

CURRENT ASSETS

159,383

31,001

190,384





Property, plant and equipment

1,210,703

428,902

1,639,605

Intangible assets

333,917

333,917

Goodwill

94,873

94,873

Interests in the Joint Ventures

91,483

(91,483)

Deferred income tax asset

8,744

8,744

Other non-current financial assets

3,230

3,230

Other non-current assets

47,445

2,371

49,816

NON-CURRENT ASSETS

1,790,395

339,790

2,130,185

TOTAL ASSETS

1,949,778

370,791

2,320,569

LIABILITIES




Trade and other payables

59,277

7,082

66,359

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

267,038

26,800

293,838





Non-current debt

989,087

296,171

1,285,258

Convertible debentures

232,977

232,977

Deferred income tax liability

46,225

46,225

Decommissioning liability

25,486

1163

26,649

Other non-current financial liabilities

33,622

16,752

50,374

Other non-current liabilities

19,024

30,422

49,446

NON-CURRENT LIABILITIES

1,346,421

344,508

1,690,929

TOTAL LIABILITIES

1,613,459

371,308

1,984,767

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

1,949,778

370,791

2,320,569





 


Consolidated Statements of Earnings




Three-month period ended December 31


2015

(in thousands of Canadian dollars, except per share amounts) (unaudited)

IFRS

Adjustments Joint
Ventures

Proportionate
Consolidation

REVENUES




Revenues from energy sales

81,033

13,997

95,030

Other income

670

(271)

399


81,703

13,726

95,429





COSTS AND OTHER EXPENSES




Operating

21,367

1,824

23,191

Administrative

4,593

25

4,618

Development

3,589

3,589

Amortization

25,822

5,532

31,354

Other gains

(148)

(401)

(549)


55,223

6,980

62,203





OPERATING INCOME

26,480

6,746

33,226





Financing costs

17,260

5,432

22,692

Foreign exchange loss

261

261

Net loss on financial instruments

129

129

Share in earnings of the Joint Ventures

1,304

(1,304)

Other

151

10

161





EARNINGS (LOSS) BEFORE INCOME TAXES

9,983

9,983





Income tax expense

4,251

4,251





NET EARNINGS FROM CONTINUING OPERATIONS

5,732

5,732





Net earnings from discontinued operations

NET EARNINGS

5,732

5,732









NET EARNINGS ATTRIBUTABLE TO:





Shareholders of Boralex

5,571

5,571


Non-controlling shareholders

161

161

NET EARNINGS

5,732

5,732





NET EARNINGS ATTRIBUTABLE TO SHAREHOLDERS OF BORALEX





Continuing operations

5,571

5,571


Discontinued operations


5,571

5,571





NET EARNINGS PER SHARE (BASIC AND DILUTED) ATTRIBUTABLE TO SHAREHOLDERS OF BORALEX





Continuing operations

$0.09

$0.09


Discontinued operations


$0.09

$0.09

 


Consolidated Statements of Loss




Three-month period ended December 31


2014

(in thousands of Canadian dollars, except per share amounts) (unaudited)

IFRS

Adjustments 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

15

2

17

Net loss on financial instruments

6,031

(93)

5,938

Share in earnings of the Joint Ventures

2,570

(2,570)

Other

25

3

28





LOSS BEFORE INCOME TAXES

(6,900)

(30)

(6,930)





Income tax recovery

(523)

(523)




NET LOSS FROM CONTINUING OPERATIONS

(6,377)

(30)

(6,407)





Net earnings from discontinued operations

716

716

NET 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 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 Loss




Year ended December 31


2015

(in thousands of Canadian dollars, except per share amounts) (unaudited)

IFRS

Adjustments Joint
Ventures

Proportionate
Consolidation

REVENUES


Revenues from energy sales

265,627

58,700

324,327

Other income

2,062

(733)

1,329


267,689

57,967

325,656





COSTS AND OTHER EXPENSES




Operating

78,347

7,789

86,136

Administrative

17,641

96

17,737

Development

10,277

10,277

Amortization

96,972

22,131

119,103

Other gains

(379)

(1,608)

(1,987)


202,858

28,408

231,266





OPERATING INCOME

64,831

29,559

94,390





Financing costs

74,019

21,930

95,949

Foreign exchange gain

(2,374)

(2,374)

Net loss on financial instruments

7,467

7,467

Share in earnings of the Joint Ventures

7,615

(7,615)

Loss on redemption of convertible debentures

2,759

2,759

Other

283

14

297





LOSS BEFORE INCOME TAXES

(9,708)

(9,708)




Income tax recovery

(1,496)

(1,496)




NET LOSS FROM CONTINUING OPERATIONS

(8,212)

(8,212)




Net earnings from discontinued operations

NET LOSS

(8,212)

(8,212)









NET EARNINGS (LOSS) ATTRIBUTABLE TO:





Shareholders of Boralex

(10,835)

(10,835)


Non-controlling shareholders

2,623

2,623

NET LOSS

(8,212)

(8,212)




NET LOSS ATTRIBUTABLE TO SHAREHOLDERS OF BORALEX




Continuing operations

(10,835)

(10,835)


Discontinued operations


(10,835)

(10,835)





NET LOSS PER SHARE (BASIC AND DILUTED) ATTRIBUTABLE TO SHAREHOLDERS OF BORALEX





Continuing operations

($0.21)

($0.21)


Discontinued operations


($0.21)

($0.21)





 





Year ended December 31


2014

(in thousands of Canadian dollars, except per share amounts) (unaudited)

IFRS

Adjustments
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

406

4

410

Net loss on financial instruments

8,187

5

8,192

Share in earnings of the Joint Ventures

3,426

(3,426)

Other

17

3

20





LOSS BEFORE INCOME TAXES

(14,595)

(163)

(14,758)





Income tax recovery

(854)

(854)





NET 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 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 Cash Flows





Three-month period ended December 31


2015

(in thousands of Canadian dollars) (unaudited)

IFRS

Adjustments
Joint Ventures

Proportionate
Consolidation

Net earnings

5,732

5,732

Less: Net earnings from discontinued operations

Net earnings from continuing operations

5,732

5,732

Financing costs

17,260

5,432

22,692

Interest paid

(14,488)

(4,289)

(18,777)

Income tax expense

4,251

4,251

Income taxes paid

(338)

(338)

Non-cash items in earnings:




Net loss on financial instruments

129

129


Share in results of the Joint Ventures

(1,304)

1,304


Amortization

25,822

5,532

31,354


Other

190

(380)

(190)


Change in non-cash items related to operating activities

(6,979)

7,883

904

NET CASH FLOWS RELATED TO OPERATING ACTIVITIES

30,275

15,482

45,757





Business acquisitions, net of cash acquired

(44,180)

(44,180)

Additions to property, plant and equipment

(94,581)

(34)

(94,615)

Change in restricted cash

9,987

(162)

9,825

Change in reserve funds

68

68

Development projects

(847)

(847)

Other

(13)

(13)

NET CASH FLOWS RELATED TO INVESTING ACTIVITIES

(129,566)

(196)

(129,762)





Net increase in non-current debt

157,315

(85)

157,230

Repayments on current and non-current debt

(37,881)

(12,490)

(50,371)

Distributions paid to non-controlling shareholders

(4,496)

(4,496)

Dividends paid to shareholders of Boralex

(8,428)

(8,428)

Share issuance proceeds, net of transaction costs

(28)

(28)

Options exercised

3

3

Other

(115)

(115)

NET CASH FLOWS RELATED TO FINANCING ACTIVITIES

106,370

(12,575)

93,795

TRANSLATION ADJUSTMENT ON CASH AND CASH EQUIVALENTS

1,545

1,545

NET CHANGE IN CASH AND CASH EQUIVALENT

8,624

2,711

11,335





CASH AND CASH EQUIVALENT - BEGINNING OF PERIOD

91,017

6,139

97,156

CASH AND CASH EQUIVALENT - END OF PERIOD

99,641

8,850

108,491





 


Three-month period ended December 31


2014

(in thousands of Canadian dollars) (unaudited)

IFRS

Adjustments
Joint Ventures

Proportionate
Consolidation

Net loss

(5,661)

(30)

(5,691)

Less: Net earnings from discontinued operations

716

716

Net 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 recovery

(523)

(523)

Income taxes paid

(64)

(64)

Non-cash items in loss:




Net loss 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

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

Repayments on current and non-current debt

(238,075)

(4,453)

(242,528)

Contribution of non-controlling shareholders

539

539

Distributions paid 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 ADJUSTMENT ON CASH AND CASH EQUIVALENTS

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

 


Year ended December 31


2015

(in thousands of Canadian dollars) (unaudited)

IFRS

Adjustments
Joint Ventures

Proportionate
Consolidation

Net loss

(8,212)

(8,212)

Less: Net earnings from discontinued operations

Net loss from continuing operations

(8,212)

(8,212)

Distributions received from Joint Ventures

29,100

(29,100)

Financing costs

74,019

21,930

95,949

Interest paid

(64,511)

(17,332)

(81,843)

Income tax recovery

(1,496)

(1,496)

Income taxes paid

(1,501)

(1,501)

Non-cash items in loss:




Net loss on financial instruments

7,467

7,467


Share in results of the Joint Ventures

(7,615)

7,615


Amortization

96,972

22,131

119,103


Other gains

2,759

2,759


Other

1,564

(1,536)

28

Change in non-cash items related to operating activities

(13,959)

8,924

(5,035)

NET CASH FLOWS RELATED TO OPERATING ACTIVITIES

114,587

12,632

127,219




Business acquisitions, net of cash acquired

(60,308)

(60,308)

Additions to property, plant and equipment

(329,555)

(2,596)

(332,151)

Change in restricted cash

7,248

7,193

14,441

Change in reserve funds

(114)

(114)

Development projects

(4,357)

(4,357)

Other

(1,512)

(1,512)

NET CASH FLOWS RELATED TO INVESTING ACTIVITIES

(388,598)

4,597

(384,001)




Net increase in non-current debt

424,961

(112)

424,849

Repayments on current and non-current debt

(312,449)

(19,718)

(332,167)

Convertible debenture issuance proceeds, net of transaction costs

137,459

137,459

Convertible debentures redeemed

(47,107)

(47,107)

Contribution of non-controlling shareholders

7,082

7,082

Distributions paid to non-controlling shareholders

(8,363)

(8,363)

Dividends paid to shareholders of Boralex

(27,129)

(27,129)

Share issuance proceeds, net of transaction costs

118,118

118,118

Options exercised

107

107

Other

(385)

(385)

NET CASH FLOWS RELATED TO FINANCING ACTIVITIES

292,294

(19,830)

272,464

TRANSLATION ADJUSTMENT ON CASH AND CASH EQUIVALENTS

5,964

5,964

NET CHANGE IN CASH AND CASH EQUIVALENT

24,247

(2,601)

21,646




CASH AND CASH EQUIVALENT - BEGINNING OF YEAR

75,394

11,451

86,845

CASH AND CASH EQUIVALENT - END OF YEAR

99,641

8,850

108,491

 


Year ended December 31


2014

(in thousands of Canadian dollars) (unaudited)

IFRS

Adjustments
Joint Ventures

Proportionate
Consolidation

Net loss

(11,089)

(163)

(11,252)

Less: Net earnings from discontinued operations

2,652

2,652

Net 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 recovery

(854)

(854)

Income taxes paid

(2,940)

(2,940)

Non-cash items in loss:




Net loss 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)

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 sale of assets

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

Repayments on current and non-current debt

(317,896)

(42,230)

(360,126)

Contribution of non-controlling shareholders

5,235

5,235

Distributions paid 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 ADJUSTMENT ON CASH AND CASH EQUIVALENTS

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

 

Information by Operating Segment



Three-month period ended December 31


2015

(in thousands of dollars, except MWh) (unaudited)

IFRS

Adjustments
Joint Ventures

Proportionate
Consolidation




POWER PRODUCTION (MWh)



Wind power stations

450,179

130,528

580,707

Hydroelectric power stations

158,161

158,161

Thermal power stations

31,131

31,131

Solar power stations

3,680

3,680


643,151

130,528

773,679

REVENUES FROM ENERGY SALES



Wind power stations

58,624

13,997

72,621

Hydroelectric power stations

14,998

14,998

Thermal power stations

6,521

6,521

Solar power stations

890

890


81,033

13,997

95,030

EBITDA(A)



Wind power stations

51,238

9,901

61,139

Hydroelectric power stations

9,893

9,893

Thermal power stations

711

711

Solar power stations

743

743


62,585

9,901

72,486

Corporate and eliminations

(9,278)

662

(8,616)


53,307

10,563

63,870

 


Three-month period ended December 31


2014

(in thousands of dollars, except MWh) (unaudited)

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 stations

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 stations

514

514


53,673

13,635

67,308

EBITDA(A)



Wind power stations

29,207

8,723

37,930

Hydroelectric power stations

9,730

9,730

Thermal power stations

1,188

1,188

Solar power stations

391

391


40,516

8,723

49,239

Corporate and eliminations

(10,458)

643

(9,815)


30,058

9,366

39,424

 


Year ended December 31


2015

(in thousands of dollars, except MWh) (unaudited)

IFRS

Adjustments
Joint Ventures

Proportionate
Consolidation




POWER PRODUCTION (MWh)



Wind power stations

1,396,000

547,209

1,943,209

Hydroelectric power stations

626,477

626,477

Thermal power stations

154,701

154,701

Solar power stations

8,720

8,720


2,185,898

547,209

2,733,107

REVENUES FROM ENERGY SALES



Wind power stations

177,720

58,700

236,420

Hydroelectric power stations

58,166

58,166

Thermal power stations

26,477

26,477

Solar power stations

3,264

3,264


265,627

58,700

324,327

EBITDA(A)



Wind power stations

149,516

39,823

189,339

Hydroelectric power stations

40,792

40,792

Thermal power stations

5,704

5,704

Solar power stations

2,834

2,834


198,846

39,823

238,669

Corporate and eliminations

(30,090)

2,630

(27,460)


168,756

42,453

211,209

 


Year ended December 31


2014

(in thousands of dollars, except MWh) (unaudited)

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 stations

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 stations

3,082

3,082


193,401

46,105

239,506

EBITDA(A)



Wind power stations

87,595

33,585

121,180

Hydroelectric power stations

42,715

42,715

Thermal power stations

5,247

5,247

Solar power stations

2,634

2,634


138,191

33,585

171,776

Corporate and eliminations

(27,648)

2,511

(25,137)


110,543

36,096

146,639

 

Information by Geographic Segment



Three-month period ended December 31


2015

(in thousands of dollars, except MWh) (unaudited)

IFRS

Adjustments
Joint Ventures

Proportionate
Consolidation




POWER PRODUCTION (MWh)



Canada

214,607

130,528

345,135

France

337,319

337,319

United States

91,225

91,225


643,151

130,528

773,679

REVENUES FROM ENERGY SALES



Canada

25,794

13,997

39,791

France

46,918

46,918

United States

8,321

8,321


81,033

13,997

95,030

EBITDA(A)



Canada

15,705

10,563

26,268

France

31,759

31,759

United States

5,843

5,843


53,307

10,563

63,870

 


Three-month period ended December 31


2014

(in thousands of dollars, except MWh) (unaudited)

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(A)



Canada

8,947

9,366

18,313

France

16,352

16,352

United States

4,759

4,759


30,058

9,366

39,424

 


Year ended December 31


2015

(in thousands of dollars, except MWh) (unaudited)

IFRS

Adjustments
Joint Ventures

Proportionate
Consolidation




POWER PRODUCTION (MWh)



Canada

767,645

547,209

1,314,854

France

1,087,003

1,087,003

United States

331,250

331,250


2,185,898

547,209

2,733,107

REVENUES FROM ENERGY SALES



Canada

85,420

58,700

144,120

France

150,481

150,481

United States

29,726

29,726


265,627

58,700

324,327

EBITDA(A)



Canada

51,906

42,453

94,359

France

95,876

95,876

United States

20,974

20,974


168,756

42,453

211,209

 


Year ended December 31


2014

(in thousands of dollars, except MWh) (unaudited)

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(A)




Canada

33,741

36,096


69,837

France

52,962


52,962

United States

23,840


23,840


110,543

36,096


146,639

 

SOURCE Boralex Inc.

For further information: Media: Jean-François Thibodeau, Vice-President and Chief Financial Officer, Boralex Inc., (514) 985-1348, jean-francois.thibodeau@boralex.com ; Investors: Marc Jasmin, Director, Investor Relations, Boralex Inc., (514) 284-9868, marc.jasmin@boralex.com


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