2012 - Boralex poised for strong growth

MONTREAL, Feb. 20, 2013 /CNW Telbec/ - Boralex Inc. ("Boralex" or the "Corporation") (TSX: BLX) maintains its EBITDA and improves its EBITDA margin at the close of fiscal 2012 despite a 6.5% decrease in revenues from energy sales.

FINANCIAL HIGHLIGHTS
(In millions of Canadian dollars, except per share amounts and EBITDA margin)

		Three-month periods ended December 31,			Years ended December 31,
		2012	2011		2012	2011
Revenues from energy sales		52.1	56.5		181.4	194.0
EBITDA		29.9	30.3		98.4	100.8
EBITDA margin (%)		57.4	53.6		54.2	52.0
Net earnings (loss)		1.2	8.2		(5.1)	2.9
	Per share (basic) ($)	0.03	0.22		(0.14)	0.08
Cash flows from operations		14.1	17.6		48.6	54.2
	Per share (basic) ($)	0.37	0.47		1.29	1.44

COMPANY'S EXPANSION

Fiscal 2012 gave the Corporation the opportunity to transform its asset profile by significantly reducing the weight of its thermal power segment in favour of the wind power segment. With the proceeds from the December 2011 sale of the U.S. thermal power stations, coupled with its capacity to generate cash flows from operations, Boralex carried out a series of strategic acquisitions in fiscal 2012:

• A power supply contract for a 50 MW wind power project to be commissioned in late 2015 in the Témiscouata RCM in Québec, Canada;
• The 32 MW La Vallée wind power project in France to be commissioned in late 2013;
• The St-Patrick wind farm, also in France and already in operation, with 34.5 MW of installed capacity;
• Three wind power projects: Vron, Fortel-Bonnières and St-François, with a total installed capacity of 56 MW, to be commissioned in France in 2013 and 2014; and
• A 22 MW hydroelectric project in British Columbia, Canada to be commissioned in 2014.

"For Boralex, 2012 was a transition year that saw the weight of our thermal power stations reduced in favour of assets covered by long-term contracts in the wind and hydroelectric power segments," said President and CEO Patrick Lemaire.

In 2013, the transformation will be solidified by the commissioning, in particular, of  phase 1 of the Seigneurie de Beaupré wind farms, the largest wind power project ever undertaken by Boralex. This project, whose construction is, to date, within budget and on schedule, will significantly impact the Corporation's results upon its commissioning in late 2013.

Boralex remains focused on its strategic growth plan, building on quality assets covered by long-term contracts in the wind and hydroelectric power segments. With projects under development, in which the Corporation owns a net share of 356 MW scheduled for commissioning from 2013 to 2015, plus available cash resources which will be used to develop around 100 MW in additional wind power, Boralex aims to double its annual EBITDA by the end of 2016.

ADDITIONAL INFORMATION REGARDING THE YEAR ENDED DECEMBER 31, 2012

EBITDA for the year ended December 31, 2012 amounted to $98.4 million compared with $100.8 million for the year ended December 31, 2011. The Corporation enjoyed higher contributions from the wind and solar power segments, which however did not fully offset lesser performances in the hydroelectric and thermal power segments.

The wind power segment's contribution to EBITDA (before corporate and eliminations) for the past fiscal year, grew significantly to 53% in 2012 from 46% in 2011. The segment thus confirmed its importance to the Corporation's EBITDA margin and helped temper the adverse effects of certain extraordinary factors in the thermal power segment. The wind segment's increased contribution in 2012 was driven by the roll-out of the Corporation's strategy, under which Boralex aims to increase the percentage of its assets covered by long-term contractual agreements. This growth also reflects Boralex's ongoing commitment to optimize current operations.

In 2012, Boralex continued transforming its thermal power segment:

• the Dolbeau power station was sold;
• the agreement with Hydro-Québec, under which the Senneterre power station operated only six months in 2012, remained in place; and
• in the fourth quarter, operations at the Kingsey Falls cogeneration power station came to an end due to the expiration of its power sales contract with Hydro-Québec.

These elements contributed to a 34% decrease in segment production which also was confronted with the higher cost of natural gas at the Kingsey Falls power station.

Power output of hydroelectric power stations was down 19% from fiscal 2011, and 9% from historical averages. Overall, these results were partially offset by the  performance of the St-Patrick wind power station in France, acquired late in the second quarter of 2012, as well as by annual indexation under long-term power sales contracts.

From a strategic standpoint, due to the sale of thermal segment assets late in 2011 and strong cash flows related to operating activities for the past year, Boralex ended fiscal 2012 with an excellent cash position of $112 million and an asset base nearly entirely covered by long-term contracts. With this solid financial profile, Boralex is in excellent position to pursue solid growth in the coming years.

About Boralex
Boralex is a power producer whose core business is dedicated to the development and the operation of renewable energy power stations. Currently, the Corporation operates an asset base with an installed capacity of almost 500 MW in Canada, the Northeastern United States and France. Boralex is also committed under power development projects, both independently and with Canadian and European partners, to add approximately 550 MW of power that will be put in service between 2013 and 2015. With more than 200 employees, Boralex is known for its diversified expertise and in-depth experience in four power generation types — wind, hydroelectric, thermal and solar. Boralex's shares and convertible debentures are listed on the Toronto Stock Exchange under the ticker symbols BLX and BLX.DB, respectively. More information is available at www.boralex.com or www.sedar.com.

Certain statements contained in this press release, including those regarding future results and performance, are forward-looking statements based on current expectations. The accuracy of such statements is subject to a number of risks, uncertainties and assumptions that may cause actual results to differ materially from those projected, including, but not limited to, the general impact of economic conditions, raw material price increases and availability, currency fluctuations, volatility in electricity selling prices, the company's financing capacity, negative changes in general market conditions and regulations affecting the industry, as well as other factors listed in the Company's filings with different securities commissions.

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

The summarized financial statements included in this press release also contain certain non-IFRS financial measures. To assess the performance of its assets and reporting segments, the Corporation uses EBITDA, adjusted EBITDA, cash flows from operations, and adjusted net earnings (loss) as performance measures, as defined in the accompanying unaudited interim condensed consolidated financial statements. These non-IFRS measures have no standardized meaning under IFRS. As a result, these measures may not be comparable to similarly named measures used by other companies.

Consolidated Financial Statements
Consolidated Statements of Financial Position

	As at December 31,		As at December 31,
(in thousands of Canadian dollars) (unaudited)	2012		2011
ASSETS
Cash and cash equivalents	107,138		144,703
Restricted cash	5,063		18,288
Trade and other receivables	45,589		50,500
Inventories	4,404		3,573
Available-for-sale financial asset	3,009		2,208
Prepaid expenses	2,137		2,137
CURRENT ASSETS	167,340		221,409
Property, plant and equipment	689,024		643,047
Other intangible assets	253,115		214,834
Goodwill	48,663		38,063
Interest in the Joint Venture	58,994		45,266
Other non-current assets	12,735		14,236
NON-CURRENT ASSETS	1,062,531		955,446
TOTAL ASSETS	1,229,871		1,176,855
LIABILITIES
Trade and other payables	46,945		34,209
Current portion of debt	98,570		26,659
Current income tax liability	1,741		10,776
Other current financial liabilities	25,508		29,757
CURRENT LIABILITIES	172,764		101,401
Non-current debt	423,616		479,525
Convertible debentures	226,299		223,347
Deferred income tax liability	29,514		26,031
Other non-current financial liabilities	24,698		14,273
Other non-current liabilities	10,611		3,400
NON-CURRENT LIABILITIES	714,738		746,576
TOTAL LIABILITIES	887,502		847,977
EQUITY
Equity attributable to shareholders	319,868		321,764
Non-controlling shareholders	22,501		7,114
TOTAL EQUITY	342,369		328,878
TOTAL LIABILITIES AND EQUITY	1,229,871		1,176,855

Consolidated Statements of Earnings (Loss)

		Three-month periods ended December 31		Twelve-month periods ended December 31
(in thousands of Canadian dollars, except per share amounts) (unaudited)		2012	2011	2012	2011
REVENUES
Revenues from energy sales		52,063	56,492	181,440	194,025
Other income		2,401	167	2,853	680
		54,464	56,659	184,293	194,705
COSTS AND OTHER EXPENSES
Operating expenses		18,614	22,251	66,281	75,423
Administrative		4,664	3,158	16,186	14,853
Development		1,290	799	3,520	3,523
Amortization		15,021	14,583	58,030	57,833
Other losses (gains)		—	—	971	(2,959)
Impairment (reversal) of property, plant and equipment and intangible assets		—	(5,000)	823	1,503
		39,589	35,791	145,811	150,176
OPERATING INCOME		14,875	20,868	38,482	44,529
Financing costs		12,640	12,639	49,279	49,664
Foreign exchange loss (gain)		(80)	2,386	26	(961)
Net loss (gain) on financial instruments		(103)	498	396	972
EARNINGS (LOSS) BEFORE THE FOLLOWING ITEMS		2,418	5,345	(11,219)	(5,146)
Share in earnings (loss) of the Joint Venture		(31)	150	(51)	150
Income tax expense (recovery)		1,273	1,277	(2,183)	(2,311)
NET EARNINGS (LOSS) FROM CONTINUING OPERATIONS		1,176	3,918	(8,985)	(2,985)
Net earnings from discontinued operations		696	4,651	3,721	5,489
NET EARNINGS (LOSS)		1,872	8,569	(5,264)	2,504
NET EARNINGS (LOSS) ATTRIBUTABLE TO:
	Shareholders of Boralex	1,238	8,187	(5,115)	2,883
	Non-controlling shareholders	634	382	(149)	(379)
NET EARNINGS (LOSS)		1,872	8,569	(5,264)	2,504
NET EARNINGS (LOSS) ATTRIBUTABLE TO SHAREHOLDERS OF BORALEX:
	Continuing operations	542	3,536	(8,836)	(2,606)
	Discontinued operations	696	4,651	3,721	5,489
		1,238	8,187	(5,115)	2,883
NET EARNINGS (LOSS) PER SHARE (BASIC AND DILUTED) ATTRIBUTABLE TO SHAREHOLDERS OF BORALEX:
	Continuing operations	$0.01	$0.10	$(0.24)	$(0.07)
	Discontinued operations	$0.02	$0.12	$0.10	$0.15
		$0.03	$0.22	$(0.14)	$0.08

Consolidated Statements of Comprehensive Income (Loss)

		Three-month periods ended December 31		Twelve-month periods ended December 31
(in thousands of Canadian dollars) (unaudited)		2012	2011	2012	2011
NET EARNINGS (LOSS)		1,872	8,569	(5,264)	2,504
Other comprehensive income (loss) to be subsequently reclassified to net earnings (loss) when certain conditions are met
Translation differences:
	Unrealized foreign exchange gain (loss) on translation of financial statements of self-sustaining foreign operations	4,577	(5,528)	(1,352)	4,058
Cash flow hedges:
	Change in fair value of financial instruments	(3,471)	(13,107)	(16,931)	(53,010)
	Hedging items realized and recognized in net earnings (loss)	2,906	2,222	14,526	6,040
	Hedging items realized and recognized in statement of financial position	—	—	—	198
	Taxes	269	2,397	1,109	13,405
Cash flow hedges - Joint Venture:
	Change in fair value of financial instruments	1,807	(13,461)	(4,088)	(13,461)
	Taxes	(481)	3,579	1,087	3,579
Available-for-sale financial asset:
	Change in fair value of an available-for-sale financial asset	221	(131)	(48)	(278)
	Items realized and recognized in net earnings (loss)	—	—	968	(624)
Discontinued operations:		—	99	—	(2,021)
Total other comprehensive income (loss)		5,828	(23,930)	(4,729)	(42,114)
COMPREHENSIVE INCOME (LOSS)		7,700	(15,361)	(9,993)	(39,610)
COMPREHENSIVE INCOME (LOSS) ATTRIBUTABLE TO:
	Shareholders of Boralex	6,502	(14,979)	(9,131)	(38,392)
	Non-controlling shareholders	1,198	(382)	(862)	(1,218)
COMPREHENSIVE INCOME (LOSS)		7,700	(15,361)	(9,993)	(39,610)
COMPREHENSIVE INCOME (LOSS) ATTRIBUTABLE TO SHAREHOLDERS OF BORALEX:
	Continuing operations	5,806	(19,729)	(12,852)	(41,860)
	Discontinued operations	696	4,750	3,721	3,468
		6,502	(14,979)	(9,131)	(38,392)

Consolidated Statements of Changes in Equity

												2012
	Equity attributable to shareholders
(in thousands of Canadian dollars) (unaudited)	Capital stock		Equity component of convertible debentures		Contributed surplus		Retained earnings		Other comprehensive income (loss)		Total		Non- controlling interests		Total equity
Balance as at January 1, 2012	222,758		14,379		6,106		144,501		(65,980)		321,764		7,114		328,878
Net loss	—		—		—		(5,115)		—		(5,115)		(149)		(5,264)
Other comprehensive loss	—		—		—		—		(4,016)		(4,016)		(713)		(4,729)
Comprehensive loss	—		—		—		(5,115)		(4,016)		(9,131)		(862)		(9,993)
Conversion of convertible debentures	117		—		—		—		—		117		—		117
Share repurchases	(5)		—		—		(2)		—		(7)		—		(7)
Stock option expense	—		—		839		—		—		839		—		839
Excess of proceeds from partial sale of a subsidiary	—		—		—		5,108		1,178		6,286		(6,286)		—
Contribution of non-controlling shareholders	—		—		—		—		—		—		22,535		22,535
Balance as at December 31, 2012	222,870		14,379		6,945		144,492		(68,818)		319,868		22,501		342,369
												2011
	Equity attributable to shareholders
(in thousands of Canadian dollars) (unaudited)	Capital stock		Equity component of convertible debentures		Contributed surplus		Retained earnings		Other comprehensive loss		Total		Non- controlling interests		Total equity
Balance as at January 1, 2011	222,853		14,488		5,028		141,693		(24,705)		359,357		8,332		367,689
Net earnings (loss)	—		—		—		2,883		—		2,883		(379)		2,504
Other comprehensive loss	—		—		—		—		(41,275)		(41,275)		(839)		(42,114)
Comprehensive income (loss)	—		—		—		2,883		(41,275)		(38,392)		(1,218)		(39,610)
Conversion of convertible debentures	258		—		—		—		—		258		—		258
Share repurchases	(353)		—		—		(75)		—		(428)		—		(428)
Stock option expense	—		—		1,078		—		—		1,078		—		1,078
Other	—		(109)		—		—		—		(109)		—		(109)
Balance as at December 31, 2011	222,758		14,379		6,106		144,501		(65,980)		321,764		7,114		328,878

Consolidated Statements of Cash Flows

		Three-month periods ended December 31		Twelve-month periods ended December 31
(in thousands of Canadian dollars) (unaudited)		2012	2011	2012	2011
Net earnings (loss) attributable to shareholders of Boralex		1,238	8,187	(5,115)	2,883
Less: Net earnings from discontinued operations		696	4,651	3,721	5,489
Net earnings (loss) from continuing operations attributable to shareholders of Boralex		542	3,536	(8,836)	(2,606)
Financing costs		12,640	12,639	49,279	49,664
Interest paid		(14,180)	(13,358)	(47,271)	(47,134)
Income tax expense (recovery)		1,273	1,277	(2,183)	(2,311)
Income taxes paid		(2,071)	(39)	(4,440)	(4,337)
Non-cash items in earnings (loss):
	Net loss (gain) on financial instruments	(103)	498	396	972
	Share in earnings (loss) of the Joint Venture	(31)	150	(51)	150
	Amortization	15,021	14,583	58,030	57,833
	Impairment (reversal) of property, plant and equipment and intangible assets	—	(5,000)	823	1,503
	Loss (gain) on sale of assets	—	—	971	(2,377)
	Gain on sale of assets to the Joint Venture	—	—	—	(582)
	Other	1,027	3,327	1,897	3,465
		14,118	17,613	48,615	54,240
Change in non-cash items related to operating activities		(17,551)	(13,082)	(1,219)	11,891
NET CASH FLOWS RELATED TO OPERATING ACTIVITIES		(3,433)	4,531	47,396	66,131
Business acquisitions		(24,801)	—	(63,881)	(700)
Additions to property, plant and equipment		(4,787)	(5,517)	(10,320)	(34,419)
Additions to other intangible assets		(402)	—	(2,550)	—
Change in restricted cash		(4,856)	(17,011)	13,225	(2,364)
Increase in interest in the Joint Venture		—	(42,573)	(17,735)	(52,949)
Development projects		(178)	(439)	(3,422)	(1,620)
Proceeds from sale of asset		—	2,150	8,763	4,200
Insurance proceeds		723	—	723	—
Other		—	(66)	110	434
NET CASH FLOWS RELATED TO INVESTING ACTIVITIES		(34,301)	(63,456)	(75,087)	(87,418)
Decrease in bank loans and overdraft		—	6	—	(195)
Net increase in non-current debt		—	6,488	—	39,674
Repayments on non-current debt		(3,747)	(2,608)	(27,713)	(45,035)
Redemption of financial instruments prior to maturity		—	(15,670)	—	(15,670)
Contribution of non-controlling shareholders		4,307	—	22,513	—
Other		—	(5)	(2)	(433)
NET CASH FLOWS RELATED TO FINANCING ACTIVITIES		560	(11,789)	(5,202)	(21,659)
Cash related to discontinued operations, including proceeds on disposal		2,762	83,709	(3,642)	94,770
TRANSLATION ADJUSTMENT ON CASH AND CASH EQUIVALENTS		1,055	(1,360)	(1,030)	229
NET CHANGE IN CASH AND CASH EQUIVALENTS		(33,357)	11,635	(37,565)	52,053
CASH AND CASH EQUIVALENTS - BEGINNING OF PERIOD		140,495	133,068	144,703	92,650
CASH AND CASH EQUIVALENTS - END OF PERIOD		107,138	144,703	107,138	144,703

Segmented Information

The Corporation's power stations are grouped into four distinct operating segments-wind, hydroelectric, thermal and solar power. The Corporation operates under one reportable segment: power generation. The classification of these segments is based on the different cost structures relating to each of the four types of power stations. The same accounting rules are used for segmented information as for the consolidated accounts.

The operating segments are presented according to the same criteria used to prepare the internal report submitted to the segment leader who allocates resources and assesses operating segment performance. The President and Chief Executive Officer is considered the segment leader, who assesses segment performance based on production of electricity, revenues from energy sales and EBITDA.

EBITDA 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 as an alternative measure to, for example, net earnings (loss), or as a measure of operating results, which are IFRS measures.

EBITDA is reconciled to the most comparable IFRS measure, namely, net earnings (loss) attributable to shareholders of Boralex, in the following table:

	Three-month periods ended December 31		Twelve-month periods ended December 31
(in thousands of Canadian dollars) (unaudited)	2012	2011	2012	2011
Net earnings (loss) attributable to shareholders of Boralex	1,238	8,187	(5,115)	2,883
Net earnings from discontinued operations	(696)	(4,651)	(3,721)	(5,489)
Non-controlling shareholders	634	382	(149)	(379)
Income tax expense (recovery)	1,273	1,277	(2,183)	(2,311)
Net loss (gain) on financial instruments	(103)	498	396	972
Foreign exchange loss (gain)	(80)	2,386	26	(961)
Financing costs	12,640	12,639	49,279	49,664
Impairment (reversal) of property, plant and intangible assets	—	(5,000)	823	1,503
Other losses (gains)	—	—	971	(2,959)
Amortization	15,021	14,583	58,030	57,833
EBITDA	29,927	30,301	98,357	100,756

Cash flows from operations 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:

	Three-month periods ended December 31		Twelve-month periods ended December 31
(in thousands of Canadian dollars) (unaudited)	2012	2011	2012	2011
Net cash flows related to operating activities	(3,433)	4,531	47,396	66,131
Less: Change in non-cash items related to operating activities	(17,551)	(13,082)	(1,219)	11,891
CASH FLOWS FROM OPERATIONS	14,118	17,613	48,615	54,240

The following four tables reconcile hydroelectric and corporate segment EBITDA, consolidated EBITDA and net earnings (loss) attributable to shareholders of Boralex as reported in the financial statements with adjusted EBITDA and adjusted net earnings (loss):

		Three-month period ended December 31		Twelve-month periods ended December 31
(in thousands of Canadian dollars) (unaudited)		2012	2011	2012	2011
EBITDA - Hydroelectric segment		9,541	11,386	36,752	41,623
Specific items:
	Retroactive adjustment to taxes on water rights of hydroelectric power stations in the U.S. and Canada	717	—	(3,240)	—
ADJUSTED EBITDA - HYDROELECTRIC SEGMENT		10,258	11,386	33,512	41,623
		Three-month periods ended December 31		Twelve-month periods ended December 31
(in thousands of Canadian dollars) (unaudited)		2012	2011	2012	2011
EBITDA - Corporate segment		(3,902)	(4,024)	(16,250)	(16,492)
Specific items:
	Professional fees incurred in connection with acquisitions in France and Canada	305	—	1,848	—
	Other income	(1,815)	—	(1,815)	—
ADJUSTED EBITDA - CORPORATE SEGMENT		(5,412)	(4,024)	(16,217)	(16,492)
		Three-month periods ended December 31		Twelve-month periods ended December 31
(in thousands of Canadian dollars) (unaudited)		2012	2011	2012	2011
EBITDA - Consolidated		29,927	30,301	98,357	100,756
Specific items:
	Retroactive adjustment to taxes on water rights of hydroelectric power stations in the U.S. and Canada	717	—	(3,240)	—
	Professional fees incurred in connection with acquisitions in France and Canada	305	—	1,848	—
	Other income	(1,815)	—	(1,815)	—
ADJUSTED EBITDA - CONSOLIDATED		29,134	30,301	95,150	100,756
		Three-month periods ended December 31		Twelve-month periods ended December 31
(in thousands of Canadian dollars) (unaudited)		2012	2011	2012	2011
Net earnings (loss) attributable to shareholders of Boralex		1,238	8,187	(5,115)	2,883
Net earnings from discontinued operations		(696)	(4,651)	(3,721)	(5,489)
Specific items*:
	Retroactive adjustment to taxes on water rights of hydroelectric power stations in the U.S. and Canada	977	—	(1,397)	—
	Professional fees incurred in connection with acquisitions in France and Canada	212	—	1,246	—
	Other income	(1,271)	—	(1,271)	—
	Impairment (reversal) of property, plant and equipment and intangible assets	—	(3,500)	492	1,052
	Other losses (gains)	—	—	680	(2,071)
ADJUSTED NET EARNINGS (LOSS) - CONSOLIDATED		460	36	(9,086)	(3,625)
* Net of income taxes

Information by Operating Segment

	Three-month periods ended December 31		Twelve-month periods ended December 31
(in thousands of Canadian dollars) (unaudited)	2012	2011	2012	2011
Power production (MWh)
Wind power stations	210,838	182,810	632,422	554,581
Hydroelectric power stations	164,072	196,522	572,513	703,612
Thermal power stations	66,051	114,225	310,170	469,835
Solar power station	991	1,017	6,316	3,227
	441,952	494,574	1,521,421	1,731,255
Revenues from energy sales
Wind power stations	25,124	22,461	74,654	67,255
Hydroelectric power stations	13,860	15,982	47,748	56,319
Thermal power stations	12,654	17,584	56,355	68,975
Solar power station	425	465	2,683	1,476
	52,063	56,492	181,440	194,025
EBITDA
Wind power stations	21,363	18,440	60,985	53,657
Hydroelectric power stations	9,541	11,386	36,752	41,623
Thermal power stations	2,601	4,100	14,558	20,638
Solar power station	324	399	2,312	1,330
Corporate and eliminations	(3,902)	(4,024)	(16,250)	(16,492)
	29,927	30,301	98,357	100,756
Additions to property, plant and equipment
Wind power stations	1,120	197	3,157	12,291
Hydroelectric power stations	2,572	2,479	3,939	3,718
Thermal power stations	116	284	423	3,765
Solar power station	—	1,864	720	13,409
Corporate and eliminations	979	693	2,081	1,236
	4,787	5,517	10,320	34,419
			As at December 31,	As at December 31,
			2012	2011
Total assets
Wind power stations			597,237	528,521
Hydroelectric power stations			382,515	366,099
Thermal power stations			84,480	101,683
Solar power station			20,779	23,586
Corporate			144,860	156,966
			1,229,871	1,176,855
Total liabilities
Wind power stations			505,713	392,611
Hydroelectric power stations			148,477	143,439
Thermal power stations			26,914	29,581
Solar power station			20,931	21,043
Corporate			185,467	261,303
			887,502	847,977

Information by Geographic Segment

	Three-month periods ended December 31		Twelve-month periods ended December 31
(in thousands of Canadian dollars) (unaudited)	2012	2011	2012	2011
Power production (MWh)
Canada	181,870	231,018	729,443	901,853
United States	100,441	137,709	343,294	466,381
France	159,641	125,847	448,684	363,021
	441,952	494,574	1,521,421	1,731,255
Revenues from energy sales
Canada	21,888	26,844	89,623	102,404
United States	7,960	10,526	26,375	35,145
France	22,215	19,122	65,442	56,476
	52,063	56,492	181,440	194,025
EBITDA
Canada	10,319	11,383	40,783	43,494
United States	5,546	7,835	21,869	27,029
France	14,062	11,083	35,705	30,233
	29,927	30,301	98,357	100,756
Additions to property, plant and equipment
Canada	3,928	3,091	6,750	16,469
United States	2	167	164	669
France	857	2,259	3,406	17,281
	4,787	5,517	10,320	34,419
			As at December 31,	As at December 31,
			2012	2011
Total assets
Canada			642,985	679,354
United States			186,491	209,003
France			400,395	288,498
			1,229,871	1,176,855
Non-current assets
Canada			557,013	543,319
United States			145,604	156,631
France			359,914	255,496
			1,062,531	955,446
Total liabilities
Canada			481,774	483,731
United States			109,541	122,827
France			296,187	241,419
			887,502	847,977

 

 

SOURCE: BORALEX INC.

Media
Patricia Lemaire
Director, Public Affairs and Communications
Boralex Inc.
514-985-1353
[email protected] 

Investors
Marc Jasmin
Boralex Inc.
514-284-9868
[email protected]