Highlights
-
Increases in operating income and EBITDA(A)1 in Q3-2021
-
- Operating income of $7 million
($13 million)2, up 112%
(7%) from $3 million ($12 million) in Q3-2020
- EBITDA(A) of $81 million
($93 million), up 31% (12%) from
$62 million ($83 million) in Q3-2020
-
Substantial growth in the project pipeline
-
-
Bids for 800 MW of solar projects in New York State submitted in late August
-
Projects totalling 103 MW added to the "Early-stage" phase of the project pipeline
-
Two projects totalling 33 MW advanced to the "Secured" phase of the Growth Path
-
Optimization of capital structure and first sustainable financing (ESG criteria)
-
- Renewal and extension of the corporate credit facility and
letter of credit facility totalling $525
million for a remaining term of 5 years with sustainable
financing (ESG criteria) and a $150
million accordion
-
Production 40% (22%) higher than in Q3-2020
and 7% (7%) below anticipated production3
-
-
Wind: 20% (3%) higher than in Q3-2020 and 11% (10%) below anticipated production
-
Hydroelectric: 42% higher than in Q3-2020 and 21% above anticipated production
-
Solar: 10% below anticipated production
- Increase in cash flows from operations and decreases in net
and discretionary cash flows
-
-
Net cash flow related to operating activities of $47 million ($42 million) for Q3-2021,
down $26 million ($24 million) from
Q3-2020
-
Cash flow from operations of $66 million for Q3-2021, up $3 million from Q3-2020
-
Discretionary cash flow of $21 million, down $5 million from Q3-2020
______________________
1
|
These terms do not
have a standardized meaning under IFRS; accordingly, they may not
be comparable to similarly named measures used by other companies.
For more details, see the Non-IFRS financial measures
section in this press release.
|
2
|
The figures in
brackets indicated the results according to the
Combined1, compared to those obtained according to the
Consolisated.
|
3
|
Calculated based on
adjusted historical averages of commissioning and planned outages
for experimental and other sites, based on producible material
studies performed.
|
MONTREAL, Nov. 12, 2021 /PRNewswire/ - Boralex Inc.
("Boralex" or the "Company") (TSX: BLX) is pleased to report
an increase in operating income and significant progress on
certain development projects during the quarter ended September
30, 2021.
"Our operating income continued to grow in the third quarter.
The impact of last year's acquisitions and commissionings
and favourable hydraulic conditions in the eastern
United States more than
compensated for less favourable wind conditions in Canada and
France than in the third quarter
of 2020," said Patrick Decostre, President and Chief Executive
Officer of Boralex. "Apart from the financial results, a
highlight for the quarter was the submission of bids for 800 MW of
projects under the most recent NYSERDA request for proposals
in New York State. We expect to
learn the outcome of the bidding process in the coming months.
We are also proud to have closed our first sustainable financing
recently and to have moved forward with the
execution of our corporate social
responsibility (CSR) plan," Mr. Decostre added.
Regarding the outlook for the Company, Mr. Decostre said: "We
continue to work on advancing our projects and on prospecting for
new projects in Europe and
North America to add to our
project pipeline. In the coming quarters, we will continue to
assess potential acquisitions and work on a range of initiatives in
connection with our 2025 Strategic Plan, including
optimizing our capital structure and executing our CSR strategy.
Our second CSR report will be issued in February 2022."
3rd quarter highlights
Three-month periods ended September 30
|
|
Consolidated
|
Combined 1
|
(in millions of Canadian dollars, unless otherwise specified)
(unaudited)
|
2021
|
2020
|
Change
|
2021
|
2020
|
Change
|
|
|
$
|
%
|
|
|
$
|
%
|
Power production
(GWh)2
|
1,108
|
789
|
319
|
40
|
1,238
|
1,017
|
221
|
22
|
Revenues from energy sales and
feed-in premium
|
126
|
105
|
21
|
20
|
140
|
130
|
10
|
8
|
Operating
Income
|
7
|
3
|
4
|
>100
|
13
|
12
|
1
|
7
|
EBITDA(A)1
|
81
|
62
|
19
|
31
|
93
|
83
|
10
|
12
|
Net loss
|
(22)
|
(8)
|
(14)
|
>(100)
|
(22)
|
(13)
|
(9)
|
(83)
|
Net loss attributable
to shareholders of Boralex
|
(20)
|
(6)
|
(14)
|
>(100)
|
(20)
|
(11)
|
(9)
|
>(100)
|
Per share - basic and diluted
|
($0.20)
|
($0.06)
|
($0.14)
|
>(100)
|
($0.20)
|
($0.10)
|
($0.10)
|
(99)
|
Net cash flows related to operating activities
|
47
|
73
|
(26)
|
(36)
|
42
|
66
|
(24)
|
(36)
|
Cash flows from
operations1
|
66
|
63
|
3
|
5
|
—
|
—
|
—
|
—
|
Discretionary cash flows1
|
21
|
26
|
(5)
|
(19)
|
—
|
—
|
—
|
—
|
In the third quarter of 2021, Boralex produced 1,108 GWh (1,238
GWh) of power, 40% (22%) more than the 789 GWh (1,017 GWh) produced
in the same quarter of 2020. For the three-month period ended
September 30, 2021, revenues from
energy sales were $126 million
($140 million), up 20% (8%) from
Q3-2020, while EBITDA(A)1 was $81
million ($93 million), up 31%
(12%) from Q3-2020, and operating income was $7 million ($13
million), up 112% (7%) from the same quarter in 2020. The
increases in production, revenues, EBITDA(A)1 and
operating income are attributable to the recent acquisitions in the
Quebec wind segment and
the United States solar segment,
the commissioning of wind farms in France and increased production at
hydroelectric stations in the United
States owing to particularly favourable conditions during
the quarter.
For the three-month period ended September 30, 2021, Boralex reported a net loss
of $22 million ($22 million) compared to a net loss of
$8 million ($13 million) for the same period in 2020. As
indicated in the table above, the net loss attributable
to shareholders of Boralex was $20
million ($20 million) or
$0.20 per share (basic and diluted),
compared to $6 million ($11 million) or $0.06 ($0.10) per
share (diluted) for the same period in 2020. The increase in the
loss is attributable to the addition of amortization and
financing costs related to acquisitions
and commissionings.
_____________________
1
|
These terms do not
have a standardized meaning under IFRS; accordingly, they may not
be comparable to similarly named measures used by other companies.
For more details, see the Non-IFRS financial measures
section in this press release.
|
2
|
Power production
includes the production for which Boralex received financial
compensation following power generation limitations imposed by its
clients since management uses this measure to evaluate the
Corporation's performance. This adjustment facilitates the
correlation between power production and revenues from energy sales
and feed-in premium.
|
Nine-month periods ended September 30
|
|
Consolidated
|
Combined1
|
(in millions of Canadian dollars, unless otherwise specified)
(unaudited)
|
2021
|
2020
|
Change
|
2021
|
2020
|
Change
|
|
|
$
|
%
|
|
|
$
|
%
|
Power production
(GWh)2
|
4,061
|
3,259
|
802
|
25
|
4,554
|
4,071
|
483
|
12
|
Revenues from energy sales and
feed-in premium
|
479
|
426
|
53
|
12
|
532
|
513
|
19
|
4
|
Operating
Income
|
109
|
112
|
(3)
|
(2)
|
137
|
149
|
(12)
|
(8)
|
EBITDA(A)1
|
338
|
297
|
41
|
14
|
372
|
359
|
13
|
4
|
Net earnings
|
8
|
30
|
(22)
|
(74)
|
12
|
19
|
(7)
|
(37)
|
Net earnings attributable to shareholders of Boralex
|
1
|
29
|
(28)
|
(97)
|
5
|
18
|
(13)
|
(72)
|
Per share - basic and diluted
|
$0.01
|
$0.30
|
($0.29)
|
(97)
|
$0.05
|
$0.20
|
($0.15)
|
(74)
|
Net cash flows related to operating activities
|
264
|
303
|
(39)
|
(13)
|
272
|
318
|
(46)
|
(14)
|
Cash flows
from operations1
|
247
|
238
|
9
|
4
|
—
|
—
|
—
|
—
|
Discretionary cash flows1
|
74
|
80
|
(6)
|
(8)
|
—
|
—
|
—
|
—
|
|
|
|
|
|
|
|
|
|
|
As
at Sept. 30
|
As at Dec. 31
|
Change
|
As
at Sept. 30
|
As at Dec. 31
|
Change
|
|
|
|
$
|
%
|
|
|
$
|
%
|
Total assets
|
5,708
|
5,314
|
394
|
7
|
6,122
|
5,753
|
369
|
6
|
Adjusted loans1
|
3,693
|
3,609
|
84
|
2
|
4,050
|
3,976
|
74
|
2
|
Projects
|
3,207
|
3,190
|
17
|
1
|
3,564
|
3,557
|
7
|
—
|
Corporate
|
486
|
419
|
67
|
16
|
486
|
419
|
67
|
16
|
During the nine-month period ended September 30, 2021, Boralex produced 4,061 GWh
(4,554 GWh) of power, 25% (12%) more than the 3,259 GWh (4,071 GWh)
produced in the same period of fiscal 2020. Revenues from energy
sales for the period amounted to $479
million ($532 million), up
$53 million ($19 million) or 12% (4%) from the same period in
2020, while EBITDA(A)1 was $338
million ($372 million),
$41 million ($13 million) or 14% (4%) higher than last year.
The increases in production, revenues from energy sales and
EBITDA(A) are attributable to acquisitions and commissionings, as
discussed in the analysis of the quarterly results. Operating
income totaled $109 million
($137 million), $3 million ($12
million) lower than in the same period in 2020 due to
amortization and operating cost increases that exceeded the
increase in revenues from energy sales and feed-in premium.
Overall, for the nine-month period ended September 30, 2021, Boralex reported net earnings
of $8 million ($12 million) compared to net earnings of
$30 million ($19 million) for the same period in fiscal 2020.
As indicated in the table above, net earnings attributable to
shareholders of Boralex were $1
million ($5 million) or
$0.01 ($0.05) per share (basic and diluted), compared
to $29 million ($18 million) or $0.30 ($0.20) per
share (basic and diluted) for the same period in fiscal 2020. The
decrease is primarily attributable to the addition of amortization,
acquisition and financing costs related to project acquisitions and
commissioning, as well as the reduction of the useful lives of
assets at sites undergoing equipment replacement (repowering).
Outlook
On June 17, 2021, Boralex's
management unveiled an updated strategic plan that will guide
efforts to achieve its new corporate targets for 2025. Boralex's
2025 Strategic Plan is built around the four strategic directions
of the plan launched in 2019 ‒ growth, diversification, customers
and optimization ‒ and six corporate targets. It also includes the
Company's CSR strategy.
Highlights of the main achievements of the quarter in relation
to the Strategic Plan 2025 can be found in the
Q3-2021
Interim Report, available in the Investors section of Boralex's website.
In the coming quarters, Boralex will pursue work on its various
initiatives under the strategic plan, including the obtaining an
"investment-grade" credit rating, preparing its second CSR report,
developing its projects and assessing acquisition targets.
To pursue organic growth, the Company has a pipeline of projects
at various stages of development defined on the basis
of clearly identified criteria, totalling 3,144 MW in wind and
solar projects and 193 MW in energy storage projects, as well as a
664 MW Growth Path.
______________________
1
|
These terms do not
have a standardized meaning under IFRS; accordingly, they may not
be comparable to similarly named measures used by other companies.
For more details, see the Non-IFRS financial measures
section in this press release.
|
2
|
Power production
includes the production for which Boralex received financial
compensation following power generation limitations imposed by its
clients since management uses this measure to evaluate the
Corporation's performance. This adjustment facilitates the
correlation between power production and revenues from energy sales
and feed-in premium.
|
Dividend declaration
The Company's Board of Directors has approved and announced a
quarterly dividend of $0.1650 per
common share. This dividend will be paid on December 15, 2021, to shareholders of record at
the close of business on November 30,
2021. 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.
About Boralex
At Boralex, we have been providing affordable renewable energy
accessible to everyone for over 30 years. As a leader in the
Canadian market and France's
largest independent producer of onshore wind power, we also have
facilities in the United States
and development projects in the United
Kingdom. Over the past five years, our installed capacity
has more than doubled to 2.5 GW. We are developing a portfolio of
more than 3 GW in wind and solar projects and nearly 200 MW in
storage projects, guided by our values and our corporate social
responsibility (CSR) approach. Through profitable and sustainable
growth, Boralex is actively participating in the fight against
global warming. Thanks to our fearlessness, our discipline, our
expertise and our diversity, we continue to be an industry leader.
Boralex's shares are listed on the Toronto Stock Exchange under the
ticker symbol BLX.
For more information, go to www.boralex.com or www.sedar.com.
Follow us on Facebook, LinkedIn and Twitter.
Non-IFRS measures
Performance measures
In order to assess the performance of its assets and reporting
segments, Boralex uses Combined information, EBITDA(A), ratio of
net debt, cash flows from operations, discretionary cash flows,
payout ratio and reinvestment ratio 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. The non-IFRS financial measures also provide investors
with insight into the Corporation's decision making as the
Corporation uses these non-IFRS financial measures to make
financial, strategic and operating decisions.
These non-IFRS financial measures are derived primarily from the
audited 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. Non-IFRS financial measures are not audited.
These non-IFRS measures have important limitations as
analytical tools and investors are cautioned not to consider
them in isolation or place undue reliance on ratios or percentages
calculated using these non-IFRS measures.
Combined
The Combined information ("Combined") presented in this
management's discussion and analysis results from the combination
of the financial information of Boralex under IFRS and the share of
the financial information of the Interests. In order to prepare the
Combined information, Boralex first prepares its financial
statements and those of the Interests in accordance with IFRS
("Consolidated"). Then, the Interests in the Joint Ventures and
associates, Share in earnings (losses) of the Joint Ventures and
associates and Distributions received from the Joint Ventures and
associates are replaced with Boralex's respective share (ranging
from 50.00% to 59.96%) in the financial statements of the Interests
(revenues, expenses, assets, liabilities, etc.). This non-IFRS
financial measure does not have a standardized meaning under IFRS;
accordingly, it may not be comparable to similarly named measures
used by other companies. The Interests represent significant
investments by Boralex and although IFRS does not permit the
consolidation of their financial information within that of
Boralex, management considers that information on a Combined basis
is useful data to assess the Corporation's performance. For greater
detail, see the Significant accounting policies note to the
financial statements in the Annual Report.
The following tables reconcile Consolidated financial data with
data presented on a Combined
basis:
|
2021
|
2020
|
(in millions of Canadian dollars) (unaudited)
|
Consolidated
|
Reconciliation(1)
|
Combined
|
Consolidated
|
Reconciliation(1)
|
Combined
|
Three-month period ended September 30:
|
|
|
|
|
|
|
Power production (GWh)(2)
|
1,108
|
130
|
1,238
|
789
|
228
|
1,017
|
Revenues from energy sales and feed-in
|
|
|
|
|
|
|
premium
|
126
|
14
|
140
|
105
|
25
|
130
|
Operating Income
|
7
|
6
|
13
|
3
|
9
|
12
|
EBITDA(A)(3)
|
81
|
12
|
93
|
62
|
21
|
83
|
Net earnings (loss)
|
(22)
|
—
|
(22)
|
(8)
|
(5)
|
(13)
|
Net cash flows related to operating activities
|
47
|
(5)
|
42
|
73
|
(7)
|
66
|
|
|
|
|
|
|
|
Nine-month period ended September 30:
|
|
|
|
|
|
|
Power production (GWh)(2)
|
4,061
|
493
|
4,554
|
3,259
|
812
|
4,071
|
Revenues from energy sales and feed-in
|
|
|
|
|
|
|
premium
|
479
|
53
|
532
|
426
|
87
|
513
|
Operating Income
|
109
|
28
|
137
|
112
|
37
|
149
|
EBITDA(A)(3)
|
338
|
34
|
372
|
297
|
62
|
359
|
Net earnings
|
8
|
4
|
12
|
30
|
(11)
|
19
|
Net cash flows related to operating activities
|
264
|
8
|
272
|
303
|
15
|
318
|
|
|
|
|
|
|
|
As at September 30:
|
|
|
|
|
|
|
Total assets(4)
|
5,708
|
414
|
6,122
|
5,314
|
439
|
5,753
|
Adjusted debt(3)(4)
|
3,693
|
357
|
4,050
|
3,609
|
367
|
3,976
|
(1)
|
Includes the
respective contribution of Joint Ventures and associates as a
percentage of Boralex's interest less adjustments to reverse
recognition of these interests under IFRS.
|
(2)
|
Includes financial
compensation following electricity production limitations imposed
by clients.
|
(3)
|
These terms do not
have a standardized meaning under IFRS; accordingly, they may not
be comparable to similarly named measures used by other companies.
For more details, see the Non-IFRS financial measures section in
this press release.
|
(4)
|
As at December 31,
2020 for the comparative figures.
|
EBITDA(A)
EBITDA(A) represents earnings before interest, taxes and
depreciation, adjusted to exclude other items such as
acquisition costs, other gains, net loss (gain) on financial
instruments and foreign exchange loss (gain), the last two items
being included under Other. 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.
In order to assess the performance of the Corporation's
reporting segments, management uses EBITDA(A).
EBITDA(A) is reconciled to the most comparable IFRS measure,
namely, operating income, in the following
table:
|
2021
|
2020
|
(in millions of Canadian dollars) (unaudited)
|
Consolidated
|
Reconciliation(1)
|
Combined
|
Consolidated
|
Reconciliation(1)
|
Combined
|
Three-month period ended September 30:
|
|
|
Operating Income
|
7
|
6
|
13
|
3
|
9
|
12
|
Amortization
|
74
|
6
|
80
|
59
|
12
|
71
|
Share in earnings of Joint Ventures and
|
|
|
|
|
|
|
Associates
|
3
|
(3)
|
—
|
6
|
(6)
|
—
|
Excess of the interest over the net assets of Joint
|
|
|
|
|
|
|
Venture SDB I
|
—
|
—
|
—
|
(6)
|
6
|
—
|
Change in fair value of a derivative included in
|
|
|
|
|
|
|
the share of the Apuiat Joint Venture
|
(3)
|
3
|
—
|
—
|
—
|
—
|
EBITDA(A)
|
81
|
12
|
93
|
62
|
21
|
83
|
Three-month period ended September 30:
|
|
|
Operating Income
|
109
|
28
|
137
|
112
|
37
|
149
|
Amortization
|
221
|
18
|
239
|
175
|
37
|
212
|
Impairment
|
2
|
—
|
2
|
—
|
—
|
—
|
Share in earnings of Joint Ventures and
|
|
|
|
|
|
|
Associates
|
13
|
(13)
|
—
|
24
|
(24)
|
—
|
Other gains
|
(5)
|
(1)
|
(6)
|
—
|
(2)
|
(2)
|
Excess of the interest over the net assets of Joint
|
|
|
|
|
|
|
Venture SDB I
|
6
|
(6)
|
—
|
(14)
|
14
|
—
|
Change in fair value of a derivative included in
|
|
|
|
|
|
|
the share of the Apuiat Joint Venture
|
(8)
|
8
|
—
|
—
|
—
|
—
|
EBITDA(A)
|
338
|
34
|
372
|
297
|
62
|
359
|
(1)
|
Includes the
respective contribution of Joint Ventures and associates as a
percentage of Boralex's interest less adjustments to reverse
recognition of these interests under IFRS.
|
Net debt
The Corporation relies mainly on the net debt for capital
management purposes. Investors should not consider the net debt as
an alternative measure to debt including transaction costs, which
is an IFRS measure. Net debt is reconciled to the most comparable
IFRS measure, namely debt, in the following table:
|
Consolidated
|
Combined
|
(in millions of Canadian dollars) (unaudited)
|
As at
September 30,
2021
|
As at
December 31,
2020
|
As at
September 30,
2021
|
As at
December 31,
2020
|
Debt
|
3,388
|
3,287
|
3,714
|
3,623
|
Current portion of debt
|
223
|
229
|
243
|
247
|
Transaction costs, net of accumulated amortization
|
82
|
93
|
93
|
106
|
Adjusted Debt
|
3,693
|
3,609
|
4,050
|
3,976
|
Less:
|
|
|
|
|
Cash and cash equivalents
|
248
|
275
|
262
|
293
|
Restricted cash
|
6
|
2
|
6
|
2
|
Net debt
|
3,439
|
3,332
|
3,782
|
3,681
|
Cash flow from operations and discretionary cash flows
Cash flow from operations
Cash flows from operations under IFRS are equal to net cash
flows related to operating activities before change in
non-cash items. 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 the volume
of construction activity, changes in non-cash items can vary
considerably, which affects the degree to which cash flows relating
to operating activities are representative.
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.
Discretionary cash flows
When evaluating its operating results, the Corporation also uses
discretionary cash flows, a key performance indicator and one of
the Corporate objectives for 2025 in its strategic plan.
Discretionary cash flows represent the cash generated from
operations that management believes is representative of the amount
available for future development or to be paid as dividends to
common shareholders while preserving the long-term value of the
business.
Investors should not consider discretionary cash flows as an
alternative financial measure to "net cash flows related to
operating activities," before the "changes in non-cash operating
items" which are IFRS financial measures. Discretionary cash flows
are reconciled to the most comparable IFRS measure, namely net cash
flows related to operating activities, in the following table.
Discretionary cash flows are equal to Net cash flows related
to operating activities before "change in non-cash items
related to operating activities," less (i) distributions paid
to non-controlling shareholders, (ii) additions to property, plant
and equipment (maintenance of operations), (iii) repayments on
non-current debt (projects) and repayments to tax equity investors;
(iv) principal payments related to lease liabilities; (v)
adjustments for non-operational items; plus (vi) development costs
(from the statement of earnings).
The Corporation computes the cash flow from operations and discretionary cash flows as follows:
|
Consolidated
|
|
Three-month periods ended
|
Nine-month periods ended
|
Twelve-month periods ended
|
(in millions of Canadian dollars) (unaudited)
|
September 30, 2021
|
September 30, 2020
|
September 30, 2021
|
September 30, 2020
|
September 30, 2021
|
September 30, 2020
|
Net cash
flows related to operating activities
|
47
|
73
|
264
|
303
|
323
|
362
|
Changes in non–cash operating items
|
19
|
(10)
|
(17)
|
(65)
|
25
|
(24)
|
Cash flows from operations
|
66
|
63
|
247
|
238
|
348
|
338
|
Repayments on
non-current debt (projects)(1)
|
(41)
|
(36)
|
(172)
|
(135)
|
(212)
|
(175)
|
Adjustment for non-operating items(2)(3)
|
—
|
(2)
|
8
|
(24)
|
16
|
(17)
|
|
25
|
25
|
83
|
79
|
152
|
146
|
Principal payments related to lease
|
|
|
|
|
|
|
liabilities
|
(3)
|
(2)
|
(9)
|
(7)
|
(13)
|
(11)
|
Distributions paid to non-controlling
|
|
|
|
|
|
|
shareholders
|
(5)
|
(2)
|
(13)
|
(5)
|
(14)
|
(6)
|
Additions to property, plant and equipment
|
|
|
|
|
|
|
(maintenance of operations)
|
(3)
|
(2)
|
(5)
|
(3)
|
(6)
|
(6)
|
Development costs (from statement of
|
|
|
|
|
|
|
earnings)
|
7
|
7
|
18
|
16
|
25
|
23
|
Discretionary cash flows
|
21
|
26
|
74
|
80
|
144
|
146
|
(1)
|
Excluding VAT bridge
financing, early debt repayments and the debt repayments made in
December for LP I, DM I and II in respect of the months prior to
the acquisition (Q4-2020).
|
(2)
|
For the twelve-month
period ended September 30, 2021: favourable adjustment of $16
million comprising mainly acquisition costs of $8 million, interest
paid of $3 million on LP I, DM I and II debt for the months prior
to the acquisition in Q4-2020 and a one-time payment of $3 million
in Q1-2021. For the twelve-month period ended December 31, 2020:
unfavourable adjustment of $17 million comprising mainly interest
paid of $3 million on LP I, DM I and II debt for the months prior
to the acquisition in Q4-2020, less $22 million in debt repayments
to reflect a normalized debt service following debt refinancing in
France in Q1-2020.
|
(3)
|
For Q3 2020, an
adjustment was made related to the schedule of debt repayments of
wind farms in France following the refinancing. This adjustment is
no longer necessary because debt repayments are made under the same
basis in 2021 as in 2020.
|
Disclaimer regarding forward-looking statements
Certain statements contained in this release, including those
related to results and performance for future periods, installed
capacity targets, EBITDA(A) and discretionary cash flows, the
Company's strategic plan, business model and growth strategy,
organic growth and growth through mergers and acquisitions,
obtaining an investment grade credit rating by 2025, maintaining a
quarterly dividend of $0.165 per
share, the Company's financial targets and portfolio of renewable
energy projects, the Company's Growth Path and its Corporate Social
Responsibility (CSR) objectives are forward-looking statements
based on current forecasts, as defined by securities legislation.
Positive or negative verbs such as "will," "would," "forecast,"
"anticipate," "expect," "plan," "project," "continue," "intend,"
"assess," "estimate" or "believe," or expressions such as "toward,"
"about," "approximately," "to be of the opinion," "potential" or
similar words or the negative thereof or other comparable
terminology, are used to identify such statements.
Forward-looking statements are based on major assumptions,
including those about the Company's return on its projects, as
projected by management with respect to wind and other factors,
opportunities that may be available in the various sectors targeted
for growth or diversification, assumptions made about EBITDA(A)
margins, assumptions made about the sector realities and general
economic conditions, competition, exchange rates as well as the
availability of funding and partners. While the Company considers
these factors and assumptions to be reasonable, based on the
information currently available to the Company, they may prove to
be inaccurate.
Boralex wishes to clarify that, by their very nature,
forward-looking statements involve risks and uncertainties, and
that its results, or the measures it adopts, could be significantly
different from those indicated or underlying those statements, or
could affect the degree to which a given forward-looking statement
is achieved. The main factors that may result in any significant
discrepancy between the Company's actual results and the
forward-looking financial information or expectations expressed in
forward-looking statements include the general impact of economic
conditions, fluctuations in various currencies, fluctuations in
energy prices, the Company's financing capacity, competition,
changes in general market conditions, industry regulations,
litigation and other regulatory issues related to projects in
operation or under development, as well as other factors listed in
the Company's filings with the various securities commissions.
Unless otherwise specified by the Company, forward-looking
statements do not take into account the effect that transactions,
non-recurring items or other exceptional items announced or
occurring after such statements have been made may have on the
Company's activities. There is no guarantee that the results,
performance or accomplishments, as expressed or implied in the
forward-looking statements, will materialize. Readers are therefore
urged not to rely unduly on these forward-looking statements.
Unless required by applicable securities legislation, Boralex's
management assumes no obligation to update or
revise forward-looking statements in light of
new information, future events or other changes.
Percentage figures are calculated in thousands of dollars.
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content:https://www.prnewswire.com/news-releases/strong-growth-in-operating-income-and-submission-of-bids-for-800-mw-of-solar-projects-in-q3-2021-301422754.html
SOURCE Boralex Inc.