Boralex announces its second-quarter results

MONTREAL, Aug. 8, 2012 /CNW Telbec/ - Boralex Inc. ("Boralex" or the "Corporation") (TSX: BLX) announces its results for the second quarter of 2012, historically amongst its weakest due to seasonal factors. The results for the three-month period ended June 30, 2012 point to a quarter mainly affected by sluggish water flow conditions in the United States. The second quarter also saw a series of transactions in the wind and hydroelectric power segments, prompted by the Corporation's strategic choices, set to sustain its growth over the next few years. Together, the projects announced during the first half of fiscal 2012 will increase Boralex's capacity by 195 MW. Fully covered by long-term fixed-price contracts, these acquisitions will significantly boost production at Boralex, with an initial contribution in fiscal 2013.

GROWTH STRATEGY

Since the beginning of fiscal 2012, the cash position of Boralex enables the Corporation to invest massively in the wind power and hydroelectric segments in Canada and France. A series of transactions began in March 2012 with the wind power supply contract secured for 50 MW of capacity under a project to be built in the Témiscouata area of Québec. More recently, the acquisition in June of a 34.5 MW wind farm in operation in France - the St-Patrick wind farm - started contributing to the Corporation's results as of July 2012. Boralex also acquired four wind power development projects in France, totalling 88 MW. These four projects are slated for commercial commissioning in the second half of fiscal 2013. All of the assets acquired in France are covered by long-term sales contracts with Électricité de France. In addition, the Corporation entered into a five-year agreement with an independent French corporation to secure options to purchase 130 MW in additional wind power projects currently under development. Lastly, Boralex announced late in July 2012 the signing of a letter of agreement to purchase a 22 MW hydroelectric project in British Columbia, for which construction work is set to begin shortly.

Work on the first phase of the Seigneurie de Beaupré Wind Farms (272 MW - net amount of 136 MW for Boralex) resumed in summer and is progressing on budget and on time. The facilities are still slated for commissioning in late 2013. For the second phase, the Corporation also expects to commission approximately 50 MW of additional net wind power for Boralex by the end of 2015. In light of the foregoing, the Corporation enthusiastically welcomes the Québec government's July 20, 2012 announcement of a new request for proposals for 700 MW in wind power and firmly intends to continue developing the enormous potential of the Seigneurie de Beaupré site.

According to Boralex President and CEO Patrick Lemaire, this new injection of capital into wind power and hydroelectric segments expansion, the cornerstone of Boralex's growth strategy, demonstrates the Corporation's ability to identify and execute projects to meet its financial performance targets. "We continue to actively explore further opportunities in both France and Canada. Given the announcement of the new request for proposals in Québec for 700 MW in additional wind power, the financing terms for quality projects remain very attractive, as do other factors, such as the price and quality of the turbines available. With these favourable conditions, plus our enviable cash position of $160 million, we are really confident we will be able to announce other initiatives to drive long-term value creation for our shareholders," added Patrick Lemaire.

FINANCIAL HIGHLIGHTS for the second quarter
(In millions of Canadian dollars, except per share data and EBITDA margins
	Three-month periods ended June 30		Six-month periods ended June 30
	2012	2011	2012	2011
Revenues from energy sales	38.9	44.1	96.4	101.3
Adjusted EBITDA*	19.7	22.5	53.0	53.8
Adjusted EBITDA margin (%)	50.6	51.0	55.0	53.1
Adjusted net loss*	(5.5)	(3.7)	(0.2)	(1.5)
Per share (basic) ($)	(0.15)	(0.10)	-	(0.04)
Cash flows from operations	5.3	9.6	27.2	27.1
Per share (basic) ($)	0.14	0.25	0.72	0.72
*  See the reconciliation tables in the accompanying financial statements.

During the three-month period ended June 30, 2012, Boralex got a boost from the solid performance of its wind power segment, particularly in France where for a third straight quarter, wind conditions were significantly more favourable than a year ago. The wind power segment reported 9% growth in earnings before interest, income taxes, depreciation and amortization (EBITDA), which partially offset lower profitability in Boralex's other segments. In particular, the hydroelectric segment was hit by abnormally poor water flow conditions in the Northeastern U.S. for the second quarter of the year, trimming $3.6 million from segment EBIDTA. These atypical weather conditions are largely the cause of the reduced profitability on a consolidated basis, with an adjusted EBITDA (see the table in the summary financial statements) of $19.7 million on revenues of $38.9 million for the second quarter of 2012, compared with an adjusted EBITDA of $22.5 million out of $44.1 million for the same period in 2011. Consolidated adjusted EBITDA margin was relatively flat at 50.6% for the second quarter of 2012 compared with 51.0% for the same period of 2011. Boralex ended the second quarter with an adjusted net loss attributable to shareholders of $5.5 million or $0.15 per share (basic and diluted) compared with $3.7 million or $0.10 per share (basic and diluted) for the corresponding period a year earlier.

As at June 30, 2012, Boralex reported cash and cash equivalents and restricted cash totalling $159.8 million or $4.24 per common share (basic).

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 more than 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 over 550 MW of power that will be put in service between the middle of 2013 and the end of 2015. With more than 200 employees, Boralex is known for its diversified expertise and in-depth experience in four power generation types — wind, hydroelectric, thermal and solar. Boralex's shares and convertible debentures are listed on the Toronto Stock Exchange under the ticker symbols BLX and BLX.DB, respectively. More information is available at www.boralex.com or www.sedar.com.

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

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

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

Consolidated Financial Statements
Consolidated Statements of Financial Position
(in thousands of Canadian dollars) (unaudited)	As at June 30, 2012	As at December 31, 2011
ASSETS
Cash and cash equivalents	153,114	144,703
Restricted cash	6,660	18,288
Trade and other receivables	27,414	50,500
Inventories	4,555	3,573
Available-for-sale financial asset	1,757	2,208
Prepaid expenses	2,931	2,137
CURRENT ASSETS	196,431	221,409
Property, plant and equipment	673,748	643,047
Energy sales contracts	138,895	97,705
Water rights	110,383	111,844
Goodwill	38,063	38,063
Other intangible assets	9,201	5,285
Interest in the Joint Venture	53,288	45,266
Other non-current assets	13,244	14,236
NON-CURRENT ASSETS	1,036,822	955,446
TOTAL ASSETS	1,233,253	1,176,855
LIABILITIES
Trade and other payables	39,729	34,209
Current portion of debt	26,100	26,659
Current income tax liability	919	10,776
Other current financial liabilities	28,168	29,757
CURRENT LIABILITIES	94,916	101,401
Non-current debt	508,053	479,525
Convertible debentures	224,787	223,347
Deferred income tax liability	35,997	26,031
Other non-current financial liabilities	20,691	14,273
Other non-current liabilities	4,764	3,400
NON-CURRENT LIABILITIES	794,292	746,576
TOTAL LIABILITIES	889,208	847,977
EQUITY
Equity attributable to shareholders	324,468	321,764
Non-controlling interests	19,577	7,114
TOTAL EQUITY	344,045	328,878
TOTAL LIABILITIES AND EQUITY	1,233,253	1,176,855

Consolidated Statements of Earnings (Loss)
		Three-month periods ended June 30		Six-month periods ended June 30
(in thousands of Canadian dollars, except per share amounts) (unaudited)		2012	2011	2012	2011
REVENUES
Revenues from energy sales		38,905	44,069	96,356	101,335
Other income		171	172	322	324
		39,076	44,241	96,678	101,659
COSTS AND OTHER EXPENSES
Operating expenses		14,012	15,705	33,476	37,036
Administrative		5,212	5,213	9,379	9,187
Development		965	785	1,636	1,669
Amortization		13,954	15,186	27,890	29,036
Other gains		-	-	-	(2,377)
Impairment of property, plant and equipment and intangible assets		-	-	823	-
		34,143	36,889	73,204	74,551
OPERATING INCOME		4,933	7,352	23,474	27,108
Financing costs		12,096	12,511	24,199	24,487
Foreign exchange loss		10	511	131	2,047
Net loss on financial instruments		822	93	485	406
EARNINGS (LOSS) BEFORE THE FOLLOWING ITEMS		(7,995)	(5,763)	(1,341)	168
Share in loss (earnings) of the Joint Venture		27	-	(17)	-
Income tax expense (recovery)		(1,723)	(1,549)	38	423
NET LOSS FROM CONTINUING OPERATIONS		(6,299)	(4,214)	(1,362)	(255)
Net earnings (loss) from discontinued operations		134	(1,377)	2,459	1,731
NET EARNINGS (LOSS)		(6,165)	(5,591)	1,097	1,476
NET EARNINGS (LOSS) ATTRIBUTABLE TO:
	Shareholders of Boralex	(5,901)	(5,107)	1,248	1,904
	Non-controlling shareholders	(264)	(484)	(151)	(428)
NET EARNINGS (LOSS)		(6,165)	(5,591)	1,097	1,476
NET EARNINGS (LOSS) ATTRIBUTABLE TO SHAREHOLDERS OF BORALEX:
	Continuing operations	(6,035)	(3,730)	(1,211)	173
	Discontinued operations	134	(1,377)	2,459	1,731
		(5,901)	(5,107)	1,248	1,904
BASIC NET EARNINGS (LOSS) PER SHARE ATTRIBUTABLE TO SHAREHOLDERS OF BORALEX:
	Continuing operations	$(0.16)	$(0.10)	$(0.03)	$0.01
	Discontinued operations	$0.00	$(0.04)	$0.06	$0.04
		$(0.16)	$(0.14)	$0.03	$0.05
DILUTED NET EARNINGS (LOSS) PER SHARE ATTRIBUTABLE TO SHAREHOLDERS OF BORALEX:
	Continuing operations	$(0.16)	$(0.10)	$(0.03)	$0.00
	Discontinued operations	$0.00	$(0.04)	$0.06	$0.04
		$(0.16)	$(0.14)	$0.03	$0.04
Consolidated Statements of Comprehensive Loss
		Three-month periods ended June 30		Six-month periods ended June 30
(in thousands of Canadian dollars) (unaudited)		2012	2011	2012	2011
NET EARNINGS (LOSS)		(6,165)	(5,591)	1,097	1,476
OTHER COMPREHENSIVE INCOME (LOSS)
Translation differences
	Unrealized foreign exchange gain (loss) on translation of financial statements of self-sustaining foreign operations	334	(323)	(1,051)	24
Cash flow hedges
	Change in fair value of financial instruments	(7,294)	(9,947)	(8,842)	(8,905)
	Hedging items realized and recognized in net earnings (loss)	3,687	1,521	7,826	2,614
	Hedging items realized and recognized in statement of financial position	-	78	-	198
	Taxes	985	2,613	572	1,925
Cash flow hedges - Joint Venture
	Change in fair value of financial instruments	(11,112)	-	(3,350)	-
	Taxes	2,955	-	891	-
Available-for-sale financial asset
	Change in fair value of an available-for-sale financial asset	(387)	(954)	(451)	424
	Items realized and recognized in net earnings (loss)	-	-	-	(624)
Discontinued operations		-	-	-	(2,021)
Total other comprehensive loss		(10,832)	(7,012)	(4,405)	(6,365)
COMPREHENSIVE LOSS		(16,997)	(12,603)	(3,308)	(4,889)
COMPREHENSIVE INCOME (LOSS) ATTRIBUTABLE TO:
	Shareholders of Boralex	(16,194)	(12,064)	(2,593)	(5,312)
	Non-controlling shareholders	(803)	(539)	(715)	423
COMPREHENSIVE LOSS		(16,997)	(12,603)	(3,308)	(4,889)
COMPREHENSIVE INCOME (LOSS) ATTRIBUTABLE TO SHAREHOLDERS OF BORALEX:
	Continuing operations	(16,329)	(10,687)	(5,052)	(5,022)
	Discontinued operations	135	(1,377)	2,459	(290)
		(16,194)	(12,064)	(2,593)	(5,312)

Consolidated Statements of Changes in Equity
							Six-month period ended June 30
								2012
	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, 2012	222,758	14,379	6,106	144,501	(65,980)	321,764	7,114	328,878
Net earnings (loss)	-	-	-	1,248	-	1,248	(151)	1,097
Other comprehensive loss	-	-	-	-	(3,841)	(3,841)	(564)	(4,405)
Comprehensive income (loss)	-	-	-	1,248	(3,841)	(2,593)	(715)	(3,308)
Conversion of convertible debentures	45	-	-	-	-	45	-	45
Stock option expense	-	-	313	-	-	313	-	313
Share repurchases	(5)	-	-	(2)	-	(7)	-	(7)
Excess of proceeds from partial sale of a subsidiary	-	-	-	4,946	-	4,946	(4,946)	-
Contribution of non-controlling shareholders	-	-	-	-	-	-	18,124	18,124
Balance as at June 30, 2012	222,798	14,379	6,419	150,693	(69,821)	324,468	19,577	344,045
							Six-month period ended June 30
								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)	-	-	-	1,904	-	1,904	(428)	1,476
Other comprehensive income (loss)	-	-	-	-	(7,216)	(7,216)	851	(6,365)
Comprehensive income (loss)	-	-	-	1,904	(7,216)	(5,312)	423	(4,889)
Conversion of convertible debentures	196	-	-	-	-	196	-	196
Stock option expense	-	-	584	-	-	584	-	584
Other	-	(109)	-	-	-	(109)	-	(109)
Balance as at June 30, 2011	223,049	14,379	5,612	143,597	(31,921)	354,716	8,755	363,471

Consolidated Statements of Cash Flows
		Three-month periods ended June 30		Six-month periods ended June 30
(in thousands of Canadian dollars) (unaudited)		2012	2011	2012	2011
Net earnings (loss) attributable to shareholders of Boralex		(5,901)	(5,107)	1,248	1,904
Less: Net earnings (loss) from discontinued operations		134	(1,377)	2,459	1,731
Net earnings (loss) from continuing operations attributable to shareholders of Boralex		(6,035)	(3,730)	(1,211)	173
Financing costs		12,096	12,511	24,199	24,487
Interest paid		(12,973)	(12,314)	(23,327)	(24,716)
Income tax expense (recovery)		(1,723)	(1,549)	38	423
Income taxes paid		(497)	(1,388)	(2,193)	(2,829)
Non-cash items in earnings (loss):
	Unrealized foreign exchange loss on intercompany advances	-	1,575	-	1,575
	Amortization	13,954	15,186	27,890	29,036
	Other gains	-	-	-	(2,377)
	Impairment of property, plant and equipment and intangible assets	-	-	823	-
	Net loss on financial instruments	822	93	485	406
	Share in loss (earnings) of the Joint Venture	27	-	(17)	-
	Other	(328)	(784)	505	876
		5,343	9,600	27,192	27,054
Change in non-cash items related to operating activities		7,922	5,243	20,613	20,412
NET CASH FLOWS RELATED TO OPERATING ACTIVITIES		13,265	14,843	47,805	47,466
Business acquisitions		(39,080)	-	(39,080)	-
Additions to property, plant and equipment		(1,048)	(12,245)	(2,543)	(22,743)
Additions to other intangible assets		(1,560)	-	(1,560)	-
Change in restricted cash		10,868	5,235	11,628	14,647
Increase in interest in the Joint Venture		(9,425)	(2,212)	(11,283)	(2,212)
Development projects		(910)	(56)	(1,656)	(649)
Proceeds from sale of assets		8,763	2,050	8,763	2,050
Other		292	219	96	266
NET CASH FLOWS RELATED TO INVESTING ACTIVITIES		(32,100)	(7,009)	(35,635)	(8,641)
Decrease in bank loans and overdraft		-	-	-	(201)
Net increase in non-current debt		-	21 516	-	33,253
Repayments on non-current debt		(2,591)	(21,055)	(14,667)	(33,116)
Contribution of non-controlling interests		18,124	-	18,124	-
Other		(60)	-	(48)	-
NET CASH FLOWS RELATED TO FINANCING ACTIVITIES		15,473	461	3,409	(64)
Cash from discontinued operations		(1,259)	118	(6,972)	7,604
TRANSLATION DIFFERENCE ON CASH AND CASH EQUIVALENTS		318	(944)	(196)	(278)
NET INCREASE IN CASH AND CASH EQUIVALENTS		(4,303)	7,469	8,411	46,087
CASH AND CASH EQUIVALENTS - BEGINNING OF PERIOD		157,417	131,268	144,703	92,650
CASH AND CASH EQUIVALENTS - END OF PERIOD		153,114	138,737	153,114	138,737

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 operating 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 apply to the consolidated accounts.

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

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, 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 June 30		Six-month periods ended June 30
(in thousands of Canadian dollars) (unaudited)	2012	2011	2012	2011
Net earnings (loss) attributable to shareholders of Boralex	(5,901)	(5,107)	1,248	1,904
Net earnings (loss) from discontinued operations	(134)	1,377	(2,459)	(1,731)
Non-controlling shareholders	(264)	(484)	(151)	(428)
Income tax expense (recovery)	(1,723)	(1,549)	38	423
Net loss on financial instruments	822	93	485	406
Foreign exchange loss	10	511	131	2,047
Financing costs	12,096	12,511	24,199	24,487
Impairment of property, plant and equipment and intangible assets	-	-	823	-
Other gains	-	-	-	(2,377)
Amortization	13,954	15,186	27,890	29,036
EBITDA	18,860	22,538	52,204	53,767

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. 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 June 30		Six-month periods ended June 30
(in thousands of Canadian dollars) (unaudited)	2012	2011	2012	2011
Net cash flows related to operating activities	13,265	14,843	47,805	47,466
Less :
Change in non-cash items related to operating activities	7,922	5,243	20,613	20,412
CASH FLOWS FROM OPERATIONS	5,343	9,600	27,192	27,054

The two following tables reconcile EBITDA and the net earnings (loss) attributable to shareholders of Boralex as reported in the financial statements with adjusted EBITDA and adjusted net loss:

		Three-month periods ended June 30		Six-month periods ended June 30
(in thousands of Canadian dollars) (unaudited)		2012	2011	2012	2011
EBITDA		18,860	22,538	52,204	53,767
Specific items :
	Professional fees incurred in connection with acquisitions in France	832	-	832	-
ADJUSTED EBITDA		19,692	22,538	53,036	53,767
		Three-month periods ended June 30		Six-month periods ended June 30
(in thousands of Canadian dollars) (unaudited)		2012	2011	2012	2011
Net earnings (loss) attributable to shareholders of Boralex		(5,901)	(5,107)	1,248	1,904
Net earnings (loss) from discontinued operations		(134)	1,377	(2,459)	(1,731)
Specific items* :
	Gain on sale of assets	-	-	-	(1,664)
	Impairment of property, plant and equipment and intangible assets	-	-	492	-
	Professional fees incurred in connection with acquisitions in France	557	-	557	-
ADJUSTED NET LOSS		(5,478)	(3,730)	(162)	(1,491)
* Net of income taxes

Information by Operating Segment
	Three-month periods ended June 30		Six-month periods ended June 30
(in thousands of Canadian dollars) (unaudited)	2012	2011	2012	2011
Power production (MWh)*
Wind power stations	138,836	124,362	311,241	276,931
Hydroelectric power stations	158,874	213,490	321,969	358,495
Thermal power stations	41,981	88,138	160,304	263,185
Solar power station	1,940	268	3,269	268
	341,631	426,258	796,783	898,879
Revenues from energy sales
Wind power stations	16,345	15,193	36,991	33,466
Hydroelectric power stations	12,445	15,990	26,431	28,722
Thermal power stations	9,285	12,762	31,528	39,023
Solar power station	830	124	1,406	124
	38,905	44,069	96,356	101,335
EBITDA
Wind power stations	13,082	11,991	30,059	27,057
Hydroelectric power stations	9,056	12,648	19,701	21,724
Thermal power stations	1,154	2,078	9,549	13,610
Solar power station	723	121	1,218	121
Corporate and eliminations	(5,155)	(4,300)	(8,323)	(8,745)
	18,860	22,538	52,204	53,767
Additions to property, plant and equipment
Wind power stations	273	613	620	8,732
Hydroelectric power stations	348	157	537	331
Thermal power stations	-	788	66	1,947
Solar power station	3	10,482	696	11,433
Corporate and eliminations	424	205	624	300
	1,048	12,245	2,543	22,743
(in thousands of Canadian dollars) (unaudited)			As at June 30, 2012	As at December 31, 2011
Total assets
Wind power stations			582,345	528,521
Hydroelectric power stations			368,068	366,099
Thermal power stations			96,962	101,683
Solar power station			20,575	23,586
Corporate			165,303	156,966
			1,233,253	1,176,855
Total liabilities
Wind power stations			433,632	392,611
Hydroelectric power stations			139,333	143,439
Thermal power stations			29,778	29,581
Solar power station			16,510	21,043
Corporate			269,955	261,303
			889,208	847,977
Information by Geographic Segment
	Three-month periods ended June 30		Six-month periods ended June 30
(in thousands of Canadian dollars) (unaudited)	2012	2011	2012	2011
Power production (MWh)*
Canada	165,103	217,816	392,055	484,563
United States	85,996	142,444	199,469	242,479
France	90,532	65,998	205,259	171,837
	341,631	426,258	796,783	898,879
Revenues from energy sales
Canada	19,297	23,220	50,468	56,814
United States	6,497	10,407	14,900	18,193
France	13,111	10,442	30,988	26,328
	38,905	44,069	96,356	101,335
EBITDA
Canada	8,123	9,377	25,450	26,468
United States	4,605	8,295	11,252	13,993
France	6,132	4,866	15,502	13,306
	18,860	22,538	52,204	53,767
Additions to property, plant and equipment
Canada	761	1,461	1,126	8,423
United States	-	125	85	295
France	287	10,659	1,332	14,025
	1,048	12,245	2,543	22,743
(in thousands of Canadian dollars) (unaudited)			As at June 30, 2012	As at December 31, 2011
Total assets
Canada			653,487	679,354
United States			197,104	209,003
France			382,662	288,498
			1,233,253	1,176,855
Non-current assets
Canada			537,049	543,319
United States			151,253	156,631
France			348,520	255,496
			1,036,822	955,446
Total liabilities
Canada			482,226	483,731
United States			111,811	122,827
France			295,171	241,419
			889,208	847,977

 

 

 

SOURCE: BORALEX INC.

Media
Andréan Gagné
Advisor, Communications
Boralex Inc.
514-985-1353
[email protected]

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