Boralex announces its third-quarter results

MONTREAL, Nov. 7, 2012 /CNW Telbec/ - Boralex Inc. ("Boralex" or the "Corporation") (TSX: BLX) announces that it reported $16.2 million in EBITDA on revenues of $33.0 million for the three-month period ended September 30, 2012 compared with $16.7 million in EBITDA on revenues of $36.2 million for the same period of 2011. The third quarter is traditionally the weakest of the year due to the seasonal cycles experienced by the Corporation's two largest segments: wind and hydroelectric power production. In the coming months, Boralex will be focusing on its accelerated development plan and its growth strategy aimed in particular at expansion and geographic diversification of the wind and hydroelectric power segments, which will contribute positively to its future earnings.

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

		Three-month periods ended September 30,		Nine-month periods ended September 30,
		2012	2011	2012	2011
Revenues from energy sales		33.0	36.2	129.4	137.5
EBITDA*		16.2	16.7	68.4	70.5
EBITDA margin (%)		49.1	46.1	52.9	51.2
Net loss*		(7.6)	(7.2)	(6.4)	(5.3)
	Per share (basic) ($)	(0.20)	(0.19)	(0.17)	(0.14)
Cash flows from operations		6.5	9.6	33.7	36.6
	Per share (basic) ($)	0.17	0.25	0.89	0.97

*

Excluding extraordinary items, adjusted EBITDA for the three-month and nine-month periods ended September 30, 2012 was $13.0 million and $66.0 million, respectively, while adjusted net loss for the same periods was $9.4 million and $9.5 million, respectively. See the reconciliation tables in the financial statements accompanying this press release.

ADDITIONAL INFORMATION REGARDING THE THIRD QUARTER AND NINE-MONTH PERIOD ENDED SEPTEMBER 30, 2012

The Corporation's operating results were affected by exceptionally dry weather in Québec and the Northeastern U.S. in the summer of 2012, which led to a $4.3 million decrease in EBITDA in the hydroelectric power segment. However, the decline in the hydroelectric power segment was partially offset by an extraordinary gain of $4.0 million, regarding a retroactive adjustment on water rights of U.S. hydroelectric power stations as well as sustained performance in the wind power segment, due in particular to the contribution of the new St-Patrick site in France, acquired in June 2012. Furthermore, the change in the net loss for the third quarter and nine-month period ended September 30, 2012 compared with the same periods of 2011 resulted largely from the recognition of a $5.4 million foreign exchange gain in the third quarter of 2011.

For the nine-month period ended September 30, 2012, other than the historically low water flow conditions in the hydroelectric power segment in the second and third quarters, the decrease in adjusted loss was triggered by a significant but predicable drop in thermal power segment EBITDA, owing primarily to the increase in the cost of natural gas consumed by the cogeneration power station in Kingsey Falls, Québec.

Boralex President and CEO Patrick Lemaire underscored the good showing in the wind and solar power segments, whose combined EBITDA has grown over 15% to $41.6 million since the beginning of the year. "Despite the unfavourable weather conditions over the past six months, our hydroelectric power stations have excellent long-term prospects and remain major contributors to our bottom line, generating over $27.0 million in EBITDA for first nine months of 2012. Our Kingsey Falls power station will cease cogeneration operations when its sales contract with Hydro-Québec expires on November 30, 2012. The revenue shortfall arising from this shutdown will be offset in the coming quarters by the recently completed and ongoing expansion initiatives at Boralex."

BORALEX AIMS TO DOUBLE EBITDA BY 2016

Due to its significant capacity to generate cash from operations, Boralex is in a solid financial position, with cash on hand in excess of over $140 million as at September 30, 2012. The Corporation will use the cash to execute the full range of its development projects underway in the wind and hydroelectric power segments totalling over 550 MW under long-term power sales contracts held independently or with partners. By completing these various projects in the coming years, plus approximately 100 MW in anticipated additional capacity in its project pipeline, Boralex aims to double the EBITDA reported in the past twelve months with no dilution to existing shareholdings.

Boralex continues seeking acquisition opportunities mainly in Canada and France, targeting renewable energy assets covered by long-term power sales contracts that offer growing and predictable cash flows along with attractive leveraged financing options. "Boralex commands a strong competitive edge to continue seizing the best market opportunities, consisting of robust finances, its targeted approach, an excellent multidisciplinary team and its entrepreneurial culture," added Mr. Lemaire.

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 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 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

(in thousands of Canadian dollars) (unaudited)		As at September 30, 2012		As at December 31, 2011
ASSETS
Cash and cash equivalents		140,495		144,703
Restricted cash		207		18,288
Trade and other receivables		27,807		50,500
Inventories		4,109		3,573
Available-for-sale financial asset		972		2,208
Prepaid expenses		3,316		2,137
CURRENT ASSETS		176,906		221,409
Property, plant and equipment		655,856		643,047
Energy sales contracts		98,975		97,705
Water rights		109,685		111,844
Goodwill		46,504		38,063
Other intangible assets		33,957		5,285
Interest in the Joint Venture		57,200		45,266
Other non-current assets		12,864		14,236
NON-CURRENT ASSETS		1,015,041		955,446
TOTAL ASSETS		1,191,947		1,176,855
LIABILITIES
Trade and other payables		37,440		34,209
Current portion of debt		98,570		26,659
Current income tax liability		813		10,776
Other current financial liabilities		26,997		29,757
CURRENT LIABILITIES		163,820		101,401
Non-current debt		418,823		479,525
Convertible debentures		225,491		223,347
Deferred income tax liability		27,210		26,031
Other non-current financial liabilities		21,847		14,273
Other non-current liabilities		4,723		3,400
NON-CURRENT LIABILITIES		698,094		746,576
TOTAL LIABILITIES		861,914		847,977
EQUITY
Capital stock		222,827		222,758
Equity component of convertible debentures		14,379		14,379
Contributed surplus		6,682		6,106
Retained earnings		143,245		144,501
Accumulated other comprehensive loss		(74,082)		(65,980)
Equity attributable to shareholders		313,051		321,764
Non-controlling interests		16,982		7,114
TOTAL EQUITY		330,033		328,878
TOTAL LIABILITIES AND EQUITY		1,191,947		1,176,855

Consolidated Statements of Loss

			Three-month periods ended September 30			Nine-month periods ended September 30
(in thousands of Canadian dollars, except per share amounts) (unaudited)			2012	2011		2012	2011
REVENUES
Revenues from energy sales			33,021	36,198		129,377	137,533
Other income			130	189		452	513
			33,151	36,387		129,829	138,046
COSTS AND OTHER EXPENSES
Operating expenses			12,595	15,115		47,667	53,172
Administrative			3,739	3,529		11,522	11,695
Development			594	1,055		2,230	2,724
Amortization			15,119	14,214		43,009	43,250
Other losses (gains)			971	(582)		971	(2,959)
Impairment of property, plant and equipment and intangible assets			-	6,503		823	6,503
			33,018	39,834		106,222	114,385
OPERATING INCOME (LOSS)			133	(3,447)		23,607	23,661
Financing costs			12,440	12,537		36,639	37,024
Foreign exchange loss (gain)			(25)	(5,393)		106	(3,346)
Net loss on financial instruments			14	68		499	474
LOSS BEFORE THE FOLLOWING ITEMS			(12,296)	(10,659)		(13,637)	(10,491)
Share in earnings of the Joint Venture			(3)	-		(20)	-
Income tax recovery			(3,494)	(4,011)		(3,456)	(3,588)
NET LOSS FROM CONTINUING OPERATIONS			(8,799)	(6,648)		(10,161)	(6,903)
Net earnings (loss) from discontinued operations			566	(893)		3,025	838
NET LOSS			(8,233)	(7,541)		(7,136)	(6,065)
NET LOSS ATTRIBUTABLE TO:
	Shareholders of Boralex		(7,601)	(7,208)		(6,353)	(5,304)
	Non-controlling shareholders		(632)	(333)		(783)	(761)
NET LOSS			(8,233)	(7,541)		(7,136)	(6,065)
NET EARNINGS (LOSS) ATTRIBUTABLE TO SHAREHOLDERS OF BORALEX:
	Continuing operations		(8,167)	(6,315)		(9,378)	(6,142)
	Discontinued operations		566	(893)		3,025	838
			(7,601)	(7,208)		(6,353)	(5,304)
BASIC NET EARNINGS (LOSS) PER SHARE ATTRIBUTABLE TO SHAREHOLDERS OF BORALEX:
	Continuing operations		$(0.22)	$(0.17)		$(0.25)	$(0.16)
	Discontinued operations		$0.02	$(0.02)		$0.08	$0.02
			$(0.20)	$(0.19)		$(0.17)	$(0.14)
DILUTED NET EARNINGS (LOSS) PER SHARE ATTRIBUTABLE TO SHAREHOLDERS OF BORALEX:
	Continuing operations		$(0.22)	$(0.17)		$(0.25)	$(0.16)
	Discontinued operations		$0.02	$(0.02)		$0.08	$0.02
			$(0.20)	$(0.19)		$(0.17)	$(0.14)

Statements of Comprehensive Loss

			Three-month periods ended September 30			Nine-month periods ended September 30
(in thousands of Canadian dollars) (unaudited)			2012	2011		2012	2011
NET LOSS			(8,233)	(7,541)		(7,136)	(6,065)
OTHER COMPREHENSIVE INCOME (LOSS)
Translation differences
	Unrealized foreign exchange gain (loss) on translation of financial statements of self-sustaining foreign operations		(4,878)	9,562		(5,929)	9,586
Cash flow hedges
	Change in fair value of financial instruments		(4,618)	(30,998)		(13,460)	(39,903)
	Hedging items realized and recognized in net loss		3,794	1,204		11,620	3,818
	Hedging items realized and recognized in statement of financial position		-	-		-	198
	Taxes		268	9,083		840	11,008
Cash flow hedges - Joint Venture
	Change in fair value of financial instruments		(2,545)	-		(5,895)	-
	Taxes		677	-		1,568	-
Available-for-sale financial asset
	Change in fair value of an available-for-sale financial asset		182	(571)		(269)	(147)
	Items realized and recognized in net loss		968	-		968	(624)
Discontinued operations			-	(99)		-	(2,120)
Total other comprehensive loss			(6,152)	(11,819)		(10,557)	(18,184)
COMPREHENSIVE LOSS			(14,385)	(19,360)		(17,693)	(24,249)
COMPREHENSIVE LOSS ATTRIBUTABLE TO:
	Shareholders of Boralex		(13,040)	(18,101)		(15,633)	(23,413)
	Non-controlling shareholders		(1,345)	(1,259)		(2,060)	(836)
COMPREHENSIVE LOSS			(14,385)	(19,360)		(17,693)	(24,249)
COMPREHENSIVE INCOME (LOSS) ATTRIBUTABLE TO SHAREHOLDERS OF BORALEX:
	Continuing operations		(13,606)	(17,109)		(18,658)	(22,131)
	Discontinued operations		566	(992)		3,025	(1,282)
			(13,040)	(18,101)		(15,633)	(23,413)

Consolidated Statements of Changes in Equity

														Nine-month period ended September 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 loss		-		-		-		(6,353)		-		(6,353)		(783)		(7,136)
Other comprehensive loss		-		-		-		-		(9,280)		(9,280)		(1,277)		(10,557)
Comprehensive loss		-		-		-		(6,353)		(9,280)		(15,633)		(2,060)		(17,693)
Conversion of convertible debentures		74		-		-		-		-		74		-		74
Stock option expense		-		-		576		-		-		576		-		576
Share repurchases		(5)		-		-		(2)		-		(7)		-		(7)
Excess of proceeds from partial sale of a subsidiary		-		-		-		5,099		1,178		6,277		(6,277)		-
Contribution of non-controlling shareholders		-		-		-		-		-		-		18,205		18,205
Balance as at September 30, 2012		222,827		14,379		6,682		143,245		(74,082)		313,051		16,982		330,033
														Nine-month period ended September 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 loss		-		-		-		(5,304)		-		(5,304)		(761)		(6,065)
Other comprehensive loss		-		-		-		-		(18,109)		(18,109)		(75)		(18,184)
Comprehensive loss		-		-		-		(5,304)		(18,109)		(23,413)		(836)		(24,249)
Conversion of convertible debentures		250		-		-		-		-		250		-		250
Share repurchases		(352)		-		-		(75)		-		(427)		-		(427)
Stock option expense		-		-		850		-		-		850		-		850
Other		-		(109)		-		-		-		(109)		-		(109)
Balance as at September 30, 2011		222,751		14,379		5,878		136,314		(42,814)		336,508		7,496		344,004

Consolidated Statements of Cash Flows

			Three-month periods ended September 30			Nine-month periods ended September 30
(in thousands of Canadian dollars) (unaudited)			2012	2011		2012	2011
Net loss attributable to shareholders of Boralex			(7,601)	(7,208)		(6,353)	(5,304)
Less: Net earnings (loss) from discontinued operations			566	(893)		3,025	838
Net loss from continuing operations attributable to shareholders of Boralex			(8,167)	(6,315)		(9,378)	(6,142)
Financing costs			12,440	12,537		36,639	37,024
Interest paid			(9,764)	(9,060)		(33,091)	(33,776)
Income tax recovery			(3,494)	(4,011)		(3,456)	(3,588)
Income taxes paid			(176)	(1,469)		(2,369)	(4,298)
Non-cash items in loss:
	Unrealized foreign exchange loss on intercompany advances		-	(2,899)		-	(1,324)
	Amortization		15,119	14,214		43,009	43,250
	Loss (gain) on sale of assets		971	-		971	(2,377)
	Gain on sale of assets to the Joint Venture		-	(582)		-	(582)
	Impairment of property, plant and equipment and intangible assets		-	6,503		823	6,503
	Net loss on financial instruments		14	68		499	474
	Share in earnings of the Joint Venture		(3)	-		(20)	-
	Other		(442)	586		63	1,462
			6,498	9,572		33,690	36,626
Change in non-cash items related to operating activities			(3,474)	4,561		17,139	24,973
NET CASH FLOWS RELATED TO OPERATING ACTIVITIES			3,024	14,133		50,829	61,599
Business acquisitions			-	(700)		(39,080)	(700)
Additions to property, plant and equipment			(2,990)	(6,159)		(5,533)	(28,902)
Additions to other intangible assets			(588)	-		(2,148)	-
Change in restricted cash			6,453	-		18,081	14,647
Increase in interest in the Joint Venture			(6,452)	(8,164)		(17,735)	(10,376)
Development projects			(1,588)	(532)		(3,244)	(1,181)
Proceeds from sale of assets			-	-		8,763	2,050
Other			14	234		110	500
NET CASH FLOWS RELATED TO INVESTING ACTIVITIES			(5,151)	(15,321)		(40,786)	(23,962)
Decrease in bank loans and overdraft			-	-		-	(201)
Net increase in non-current debt			-	(67)		-	33,186
Repayments on non-current debt			(9,299)	(9,311)		(23,966)	(42,427)
Contribution of non-controlling interests			82	-		18,206	-
Other			46	(427)		(2)	(427)
NET CASH FLOWS RELATED TO FINANCING ACTIVITIES			(9,171)	(9,805)		(5,762)	(9,869)
Cash related to discontinued operations			568	3,457		(6,404)	11,061
TRANSLATION ADJUSTMENT ON CASH AND CASH EQUIVALENTS			(1,889)	1,867		(2,085)	1,589
NET CHANGE IN CASH AND CASH EQUIVALENTS			(12,619)	(5,669)		(4,208)	40,418
CASH AND CASH EQUIVALENTS - BEGINNING OF PERIOD			153,114	138,737		144,703	92,650
CASH AND CASH EQUIVALENTS - END OF PERIOD			140,495	133,068		140,495	133,068

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, 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 (loss), or as a measure of operating results, which are IFRS measures.

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

		Three-month periods ended September 30			Nine-month periods ended September 30
(in thousands of Canadian dollars) (unaudited)		2012	2011		2012	2011
Net loss attributable to shareholders of Boralex		(7,601)	(7,208)		(6,353)	(5,304)
Net loss (earnings) from discontinued operations		(566)	893		(3,025)	(838)
Non-controlling shareholders		(632)	(333)		(783)	(761)
Income tax recovery		(3,494)	(4,011)		(3,456)	(3,588)
Net loss on financial instruments		14	68		499	474
Foreign exchange loss (gain)		(25)	(5,393)		106	(3,346)
Financing costs		12,440	12,537		36,639	37,024
Impairment of property, plant and equipment and intangible assets		-	6,503		823	6,503
Other losses (gains)		971	(582)		971	(2,959)
Amortization		15,119	14,214		43,009	43,250
EBITDA		16,226	16,688		68,430	70,455

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 September 30			Nine-month periods ended September 30
(in thousands of Canadian dollars) (unaudited)		2012	2011		2012	2011
Net cash flows related to operating activities		3,024	14,133		50,829	61,599
Less : Change in non-cash items related to operating activities		(3,474)	4,561		17,139	24,973
CASH FLOWS FROM OPERATIONS		6,498	9,572		33,690	36,626

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

			Three-month periods ended September 30			Nine-month periods ended September 30
(in thousands of Canadian dollars) (unaudited)			2012	2011		2012	2011
EBITDA			16,226	16,688		68,430	70,455
Specific items :
	Professional fees incurred in connection with acquisitions in France		711	-		1,543	-
	Retroactive adjustment to taxed on water rights of U.S. hydroelectric power stations		(3,957)	-		(3,957)	-
ADJUSTED EBITDA			12,980	16,688		66,016	70,455
			Three-month periods ended September 30			Nine-month periods ended September 30
(in thousands of Canadian dollars) (unaudited)			2012	2011		2012	2011
Net loss attributable to shareholders of Boralex			(7,601)	(7,208)		(6,353)	(5,304)
Net loss (earnings) from discontinued operations			(566)	893		(3,025)	(838)
Specific items* :
	Other losses (gains)		680	(407)		680	(2,071)
	Impairment of property, plant and equipment and intangible assets		-	4,552		492	4,552
	Professional fees incurred in connection with acquisitions in France		477	-		1,034	-
	Retroactive adjustment to taxed on water rights of U.S. hydroelectric power stations		(2,374)	-		(2,374)	-
ADJUSTED NET LOSS			(9,384)	(2,170)		(9,546)	(3,661)

* Net of income taxes

Information by Operating Segment

		Three-month periods ended September 30			Nine-month periods ended September 30
(in thousands of Canadian dollars) (unaudited)		2012	2011		2012	2011
Power production (MWh)
Wind power stations		110,343	94,840		421,584	371,771
Hydroelectric power stations		86,472	148,596		408,441	507,091
Thermal power stations		83,815	92,423		244,119	355,608
Solar power station		2,056	1,942		5,325	2,210
		282,686	337,801		1,079,469	1,236,680
Revenues from energy sales
Wind power stations		12,540	11,328		49,531	44,794
Hydroelectric power stations		7,456	11,615		33,887	40,337
Thermal power stations		12,173	12,368		43,701	51,391
Solar power station		852	887		2,258	1,011
		33,021	36,198		129,377	137,533
EBITDA
Wind power stations		9,563	8,160		39,622	35,217
Hydroelectric power stations		7,510	8,513		27,211	30,237
Thermal power stations		2,408	2,928		11,957	16,538
Solar power station		770	810		1,988	931
Corporate and eliminations		(4,025)	(3,723)		(12,348)	(12,468)
		16,226	16,688		68,430	70,455
Additions to property, plant and equipment
Wind power stations		1,417	3,362		2,037	12,094
Hydroelectric power stations		830	908		1,367	1,239
Thermal power stations		241	1,534		307	3,481
Solar power station		24	112		720	11,545
Corporate and eliminations		478	243		1,102	543
		2,990	6,159		5,533	28,902
(in thousands of Canadian dollars) (unaudited)					As at September 30, 2012	As at December 31, 2011
Total assets
Wind power stations					557,936	528,521
Hydroelectric power stations					360,420	366,099
Thermal power stations					87,943	101,683
Solar power station					20,305	23,586
Corporate					165,343	156,966
					1,191,947	1,176,855
Total liabilities
Wind power stations					420,032	392,611
Hydroelectric power stations					137,378	143,439
Thermal power stations					27,113	29,581
Solar power station					16,112	21,043
Corporate					261,279	261,303
					861,914	847,977

Information by Geographic Segment

		Three-month periods ended September 30			Nine-month periods ended September 30
(in thousands of Canadian dollars) (unaudited)		2012	2011		2012	2011
Power production (MWh)
Canada		155,518	186,271		547,573	670,834
United States		43,384	86,194		242,853	328,673
France		83,784	65,336		289,043	237,173
		282,686	337,801		1,079,469	1,236,680
Revenues from energy sales
Canada		17,267	18,746		67,735	75,560
United States		3,515	6,427		18,415	24,620
France		12,239	11,025		43,227	37,353
		33,021	36,198		129,377	137,533
EBITDA
Canada		5,014	5,643		30,464	32,111
United States		5,071	5,201		16,323	19,194
France		6,141	5,844		21,643	19,150
		16,226	16,688		68,430	70,455
Additions to property, plant and equipment
Canada		1,695	4,955		2,821	13,378
United States		77	207		162	502
France		1,218	997		2,550	15,022
		2,990	6,159		5,533	28,902
(in thousands of Canadian dollars) (unaudited)					As at September 30, 2012	As at December 31, 2011
Total assets
Canada					642,751	679,354
United States					192,866	209,003
France					356,330	288,498
					1,191,947	1,176,855
Non-current assets
Canada					537,276	543,319
United States					145,596	156,631
France					332,169	255,496
					1,015,041	955,446
Total liabilities
Canada					480,013	483,731
United States					107,742	122,827
France					274,159	241,419
					861,914	847,977

 

SOURCE: BORALEX INC.

Media
Andréan Gagné
Advisor, Communications
Boralex514-985-1353
[email protected]

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