Boralex: Financial results for the third quarter of 2013

MONTREAL, Nov. 6, 2013 /CNW Telbec/ - Boralex Inc.  ("Boralex" or the "Corporation") (TSX: BLX) announced its financial results for the third quarter of 2013. Revenues from energy sales totalled $28.7 million and adjusted earnings before interest, income taxes, depreciation and amortization ("EBITDA") amounted to $11.6 million. These results were slightly down compared with the same period in 2012 largely due to the shutdown of operations at the Kingsey Fall thermal power station at the end of 2012. Excluding the Kingsey Falls power station's contribution to results in the third quarter of 2012, Boralex's revenues and EBITDA grew by about 10% during the current quarter.

FINANCIAL HIGHLIGHTS

(In millions of dollars, except per share amounts and EBITDA margin)		Three-month periods ended September 30			Nine-month periods ended September 30
		2013	2012		2013	2012
Revenues from energy sales		28.7	33.0		119.5	129.4
EBITDA		12.7	16.2		69.1	68.4
Adjusted EBITDA		11.6	13.0		69.2	65.9
Adjusted EBITDA margin (%)		40.4	39.4		57.9	50.9
Net loss^(1)		(8.4)	(8.2)		(6.1)	(9.4)
	Per share (basic) ($)^(1)	(0.22)	(0.22)		(0.16)	(0.25)
Adjusted cash flows from operations^(2)		3.1	6.9		35.6	34.2
	Per share (basic) ($)^(2)	0.08	0.18		0.94	0.91

	(1)	Net loss from continuing operations attributable to shareholders of Boralex
	(2)	Given that June 30, the scheduled date for the payment of $8.3 million in interest on convertible debentures, fell on a Sunday before a statutory holiday, the payment was made on July 2, 2013.

The hydroelectric segment, which benefited from favourable water flow conditions, particularly in the U.S, recorded a 52% increase in production compared with the same quarter of 2012, exceeding the historical average by 13%.  Production in the wind power segment for the quarter was down 12% compared with the third quarter of 2012 owing to less favourable wind conditions, both in France and Ontario.

"Boralex's sound financial health allows us to seize potential growth opportunities in France and Canada while completing projects currently under development, without having to resort to equity markets. Therefore, Boralex is on track to double its installed capacity and EBITDA by the end of 2016," stated Patrick Lemaire, President and CEO. He added "We also erected the last of the 126 wind turbines of Phase I of the Seigneurie de Beaupré Wind Farms at the end of October, and we will commission 272 MW in December, 2013."

Boralex continued to grow during the third quarter of 2013 with the commissioning of the Vron wind power site in France. Growth will be maintained with the commissioning of the La Vallée wind power site in France in November, Phase I of the Seigneurie de Beaupré wind farms in Québec, Canada in December, and the Jamie Creek hydroelectric power station in British Columbia, Canada in January.

Last, Boralex completed several financial transactions in recent weeks, namely the refinancing of two U.S. hydroelectric power stations (US$90 million), the financing of Jamie Creek ($55 million), Vron (€14 million) and Phase II of the Seigneurie de Beaupré wind farms ($166 million). The closing of these transactions demonstrate the quality of the assets developed by Boralex and the confidence of the global financial markets in the Corporation.

Furthermore, Boralex's total cash position amounted to $156 million as at September 30, 2013, a $44 million increase compared with the position as at the same date in 2012.

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

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. In order to assess the performance of its assets and reporting segments, Boralex uses EBITDA, adjusted EBITDA, adjusted net earnings, cash flows from operations and adjusted cash flows from operations as performance measures. Management believes that these measures are financial indicators widely accepted by investors to assess the operational performance of a company and its ability to generate cash through operations. These non-IFRS measures are drawn primarily from the unaudited interim condensed consolidated financial statements accompanying this press release, but do not have a standardized meaning under IFRS; accordingly, they may not be comparable to similarly named measures used by other companies.

 

Consolidated Financial Statements

Consolidated Statements of Financial Position

	As at September 30,	As at December 31,
(in thousands of Canadian dollars) (unaudited)	2013	2012
ASSETS
Cash and cash equivalents	136,067	107,138
Restricted cash	19,480	5,063
Trade and other receivables	24,012	45,589
Inventories	4,018	4,404
Available-for-sale financial asset	—	3,009
Prepaid expenses	4,355	2,137
CURRENT ASSETS	187,932	167,340
Property, plant and equipment	761,149	689,024
Other intangible assets	252,897	253,115
Goodwill	49,410	48,663
Interest in Joint Ventures	85,736	58,994
Other non-current financial assets	137	—
Other non-current assets	21,415	12,735
NON-CURRENT ASSETS	1,170,744	1,062,531
TOTAL ASSETS	1,358,676	1,229,871
LIABILITIES
Trade and other payables	54,047	46,945
Current portion of debt	77,793	98,570
Current income tax liability	2,040	1,741
Other current financial liabilities	17,008	25,508
CURRENT LIABILITIES	150,888	172,764
Non-current debt	542,623	423,616
Convertible debentures	228,674	226,299
Deferred income tax liability	33,955	29,514
Other non-current financial liabilities	19,653	24,698
Other non-current liabilities	11,457	10,611
NON-CURRENT LIABILITIES	836,362	714,738
TOTAL LIABILITIES	987,250	887,502
EQUITY
Equity attributable to shareholders	345,780	319,868
Non-controlling shareholders	25,646	22,501
TOTAL EQUITY	371,426	342,369
TOTAL LIABILITIES AND EQUITY	1,358,676	1,229,871

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)		2013	2012	2013	2012
REVENUES
Revenues from energy sales		28,651	33,021	119,528	129,377
Other income		1,925	130	2,677	452
		30,576	33,151	122,205	129,829
COSTS AND OTHER EXPENSES
Operating expenses		13,558	12,367	38,405	47,462
Administrative		2,829	3,253	10,042	10,181
Development		864	1,308	2,873	3,776
Amortization		13,187	15,119	39,901	43,009
Other losses (gains)		(150)	971	(232)	971
Impairment of property, plant and equipment and intangible assets		—	—	266	823
		30,288	33,018	91,255	106,222
OPERATING INCOME		288	133	30,950	23,607
Financing costs		12,613	12,440	37,632	36,639
Foreign exchange loss (gain)		(112)	(25)	(258)	106
Net loss (gain) on financial instruments		—	14	(673)	499
Share in earnings (loss) of Joint Ventures		(673)	3	(1,787)	20
LOSS BEFORE INCOME TAXES		(12,886)	(12,293)	(7,538)	(13,617)
Income tax recovery		(3,640)	(3,494)	(1,086)	(3,456)
NET LOSS FROM CONTINUING OPERATIONS		(9,246)	(8,799)	(6,452)	(10,161)
Net earnings from discontinued operations		917	566	1,700	3,025
NET LOSS		(8,329)	(8,233)	(4,752)	(7,136)
NET LOSS ATTRIBUTABLE TO:
	Shareholders of Boralex	(7,473)	(7,601)	(4,368)	(6,353)
	Non-controlling shareholders	(856)	(632)	(384)	(783)
NET LOSS		(8,329)	(8,233)	(4,752)	(7,136)
NET EARNINGS (LOSS) ATTRIBUTABLE TO SHAREHOLDERS OF BORALEX
	Continuing operations	(8,390)	(8,167)	(6,068)	(9,378)
	Discontinued operations	917	566	1,700	3,025
		(7,473)	(7,601)	(4,368)	(6,353)
NET EARNINGS (LOSS) PER SHARE (BASIC AND DILUTED) ATTRIBUTABLE TO SHAREHOLDERS OF BORALEX
	Continuing operations	($0.22)	($0.22)	($0.16)	($0.25)
	Discontinued operations	$0.02	$0.02	$0.04	$0.08
		($0.20)	($0.20)	($0.12)	($0.17)

Consolidated Statements of Comprehensive Income (Loss)

		Three-month periods ended September 30		Nine-month periods ended September 30
(in thousands of Canadian dollars) (unaudited)		2013	2012	2013	2012
NET LOSS		(8,329)	(8,233)	(4,752)	(7,136)
Other comprehensive income (loss) to be subsequently reclassified to net loss when certain conditions are met
Translation adjustments:
	Unrealized foreign exchange gain (loss) on translation of financial statements of self-sustaining foreign operations	277	(4,878)	9,910	(5,929)
Cash flow hedges:
	Change in fair value of financial instruments	(1,033)	(4,618)	8,016	(13,460)
	Hedging items realized and recognized in net loss	2,042	3,794	5,820	11,620
	Taxes	(282)	268	(4,087)	840
Cash flow hedges - Joint Ventures:
	Change in fair value of financial instruments	1,561	(2,545)	16,503	(5,895)
	Taxes	(513)	677	(4,382)	1,568
Available-for-sale financial asset:
	Change in fair value of an available-for-sale financial asset	58	182	858	(269)
	Items realized and recognized in net loss	(58)	968	(149)	968
Total other comprehensive income (loss)		2,052	(6,152)	32,489	(10,557)
COMPREHENSIVE INCOME (LOSS)		(6,277)	(14,385)	27,737	(17,693)
COMPREHENSIVE INCOME (LOSS) ATTRIBUTABLE TO:
	Shareholders of Boralex	(6,005)	(13,040)	25,303	(15,633)
	Non-controlling shareholders	(272)	(1,345)	2,434	(2,060)
COMPREHENSIVE INCOME (LOSS)		(6,277)	(14,385)	27,737	(17,693)
COMPREHENSIVE INCOME (LOSS) ATTRIBUTABLE TO SHAREHOLDERS OF BORALEX
	Continuing operations	(6,922)	(13,606)	23,603	(18,658)
	Discontinued operations	917	566	1,700	3,025
		(6,005)	(13,040)	25,303	(15,633)

Consolidated Statements of Changes in Equity

												Nine-month period ended September 30
														2013
	Equity attributable to shareholders
(in thousands of Canadian dollars) (unaudited)	Capital stock		Equity component of convertible debentures		Contributed surplus		Retained earnings (loss)		Other comprehensive income (loss)		Total		Non-controlling shareholders		Total equity
BALANCE AS AT JANUARY 1, 2013	222,870		14,379		6,945		144,492		(68,818)		319,868		22,501		342,369
Net loss	—		—		—		(4,368)		—		(4,368)		(384)		(4,752)
Other comprehensive income	—		—		—		—		29,671		29,671		2,818		32,489
COMPREHENSIVE INCOME (LOSS)	—		—		—		(4,368)		29,671		25,303		2,434		27,737
Conversion of convertible debentures	65		—		—		—		—		65		—		65
Exercise of options	48		—		—		—		—		48		—		48
Stock option expense	—		—		575		—		—		575		—		575
Excess of proceeds on repurchase of non-controlling interest	—		—		—		(79)		—		(79)		(26)		(105)
Contribution of non-controlling shareholders	—		—		—		—		—		—		737		737
BALANCE AS AT SEPTEMBER 30, 2013	222,983		14,379		7,520		140,045		(39,147)		345,780		25,646		371,426
												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 (loss)		Other comprehensive income (loss)		Total		Non-controlling shareholders		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
Share repurchases	(5)		—		—		(2)		—		(7)		—		(7)
Stock option expense	—		—		576		—		—		576		—		576
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

Consolidated Statements of Cash Flows

		Three-month periods ended September 30		Nine-month periods ended September 30
(in thousands of Canadian dollars) (unaudited)		2013	2012	2013	2012
Net loss		(8,329)	(8,233)	(4,752)	(7,136)
Less: Net earnings from discontinued operations		917	566	1,700	3,025
Net loss from continuing operations		(9,246)	(8,799)	(6,452)	(10,161)
Financing costs		12,613	12,440	37,632	36,639
Interest paid		(18,372)	(9,764)	(34,625)	(33,091)
Income tax recovery		(3,640)	(3,494)	(1,086)	(3,456)
Income taxes paid		(1,273)	(176)	(2,725)	(2,640)
Non-cash items in loss :
	Net loss (gain) on financial instruments	—	14	(673)	499
	Share in loss (earnings) of Joint Ventures	673	(3)	1,787	(20)
	Amortization	13,187	15,119	39,901	43,009
	Impairment of property, plant and equipment and intangible assets	—	—	266	823
	Other losses (gains)	(150)	971	(232)	971
	Other	1,073	562	1,801	1,653
		(5,135)	6,870	35,594	34,226
Change in non-cash items related to operating activities		6,941	(4,074)	20,959	14,882
NET CASH FLOWS RELATED TO OPERATING ACTIVITIES		1,806	2,796	56,553	49,108
Business acquisitions		—	—	—	(39,080)
Additions to property, plant and equipment		(30,391)	(2,990)	(79,084)	(5,533)
Additions to other intangible assets		—	(588)	—	(2,148)
Change in restricted cash		(13,373)	6,453	(14,417)	18,081
Increase in interest in Joint Ventures		(2,716)	(6,452)	(5,537)	(17,735)
Change in reserve funds		(9,253)	—	(9,253)	—
Development projects		(874)	(1,588)	(7,489)	(3,244)
Proceeds from sale of assets		374	—	374	8,763
Other		(197)	14	(216)	110
NET CASH FLOWS RELATED TO INVESTING ACTIVITIES		(56,430)	(5,151)	(115,622)	(40,786)
Net increase in non-current debt		151,185	—	180,300	—
Repayments on non-current debt		(83,391)	(9,299)	(97,374)	(23,966)
Contribution of non-controlling shareholders		411	82	737	18,206
Other		(91)	46	(61)	(2)
NET CASH FLOWS RELATED TO FINANCING ACTIVITIES		68,114	(9,171)	83,602	(5,762)
Cash related to discontinued operations		904	796	1,970	(4,683)
TRANSLATION ADJUSTMENT ON CASH AND CASH EQUIVALENTS		(541)	(1,889)	2,426	(2,085)
NET CHANGE IN CASH AND CASH EQUIVALENTS		13,853	(12,619)	28,929	(4,208)
CASH AND CASH EQUIVALENTS - BEGINNING OF PERIOD		122,214	153,114	107,138	144,703
CASH AND CASH EQUIVALENTS - END OF PERIOD		136,067	140,495	136,067	140,495

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 power production, revenues from energy sales, EBITDA, adjusted EBITDA, adjusted net loss, cash flows from operations and adjusted cash flows from operations.

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, 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)	2013	2012	2013	2012
Net loss attributable to shareholders of Boralex	(7,473)	(7,601)	(4,368)	(6,353)
Net earnings from discontinued operations	(917)	(566)	(1,700)	(3,025)
Non-controlling shareholders	(856)	(632)	(384)	(783)
Income tax recovery	(3,640)	(3,494)	(1,086)	(3,456)
Net loss (gain) on financial instruments	—	14	(673)	499
Foreign exchange loss (gain)	(112)	(25)	(258)	106
Financing costs	12,613	12,440	37,632	36,639
Impairment of property, plant and equipment and intangible assets	—	—	266	823
Other losses (gains)	(150)	971	(232)	971
Amortization	13,187	15,119	39,901	43,009
EBITDA	12,652	16,226	69,098	68,430

Adjusted EBITDA

The following four tables reconcile wind, hydroelectric and corporate segment as well as consolidated EBITDA as reported in the financial statements with adjusted EBITDA:

		Three-month periods ended September 30		Nine-month periods ended September 30
(in thousands of Canadian dollars) (unaudited)		2013	2012	2013	2012
EBITDA - Consolidated		12,652	16,226	69,098	68,430
Specific items:
	Non-EBITDA items included in the Share in earnings (loss) of Joint Ventures	475	(13)	1,505	(113)
	Retroactive adjustment to taxes on water rights of U.S. hydroelectric power stations	—	(3,957)	—	(3,957)
	Professional fees incurred in connection with acquisitions in France and Canada	—	711	129	1,543
	Other income	(1,556)	—	(1,556)	—
ADJUSTED EBITDA - CONSOLIDATED		11,571	12,967	69,176	65,903
		Three-month periods ended September 30		Nine-month periods ended September 30
(in thousands of Canadian dollars) (unaudited)		2013	2012	2013	2012
EBITDA - Wind power segment		6,872	9,505	42,316	39,564
Specific item:
	Non-EBITDA items included in the Share in earnings (loss) of Joint Ventures	475	(13)	1,505	(113)
ADJUSTED EBITDA - WIND POWER SEGMENT		7,347	9,492	43,821	39,451
		Three-month periods ended September 30		Nine-month periods ended September 30
(in thousands of Canadian dollars) (unaudited)		2013	2012	2013	2012
EBITDA - Hydroelectric power segment		7,595	7,510	31,411	27,211
Specific item:
	Retroactive adjustment to taxes on water rights of U.S. hydroelectric power stations	—	(3,957)	—	(3,957)
ADJUSTED EBITDA - HYDROELECTRIC POWER SEGMENT		7,595	3,553	31,411	23,254
		Three-month periods ended September 30		Nine-month periods ended September 30
(in thousands of Canadian dollars) (unaudited)		2013	2012	2013	2012
EBITDA - Corporate segment		(2,054)	(3,967)	(9,554)	(12,290)
Specific items:
	Professional fees incurred in connection with acquisitions in France and Canada	—	711	129	1,543
	Other income	(1,556)	—	(1,556)	—
ADJUSTED EBITDA - CORPORATE SEGMENT		(3,610)	(3,256)	(10,981)	(10,747)

Adjusted Net Loss

The following table reconciles net loss attributable to shareholders of Boralex as reported in the financial statements with adjusted net loss:

		Three-month periods ended September 30		Nine-month periods ended September 30
(in thousands of Canadian dollars) (unaudited)		2013	2012	2013	2012
Net loss attributable to shareholders of Boralex		(7,473)	(7,601)	(4,368)	(6,353)
Net earnings from discontinued operations		(917)	(566)	(1,700)	(3,025)
Specific items* :
	Retroactive adjustment to taxes on water rights of U.S. hydroelectric power stations	—	(2,374)	—	(2,374)
	Other losses (gains)	(37)	680	(95)	680
	Impairment of property, plant and equipment and intangible assets	—	—	195	492
	Professional fees incurred in connection with acquisitions in France and Canada	—	477	95	1,034
	Other income	(1,136)	—	(1,136)	—
ADJUSTED NET LOSS - CONSOLIDATED		(9,563)	(9,384)	(7,009)	(9,546)

* Net of income taxes

Cash flows from operations and adjusted cash flows from operations

Cash flows from operations are equal to net cash flows related to operating activities before the 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 and adjusted 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)	2013	2012	2013	2012
Net cash flows related to operating activities	1,806	2,796	56,553	49,108
Change in non-cash items related to operating activities	6,941	(4,074)	20,959	14,882
CASH FLOWS FROM OPERATIONS	(5,135)	6,870	35,594	34,226
Interest on convertible debentures *	8,258	—	—	—
ADJUSTED CASH FLOWS FROM OPERATIONS	3,123	6,870	35,594	34,226
* As the scheduled payment date of the $8,258,000 interest on the convertible debentures was on June 30, a Sunday, the payment was made on the following business day on July 2, 2013.

Information by Operating Segment

	Three-month periods ended September 30		Nine-month periods ended September 30
(in thousands of Canadian dollars, except amounts in MWh) (unaudited)	2013	2012	2013	2012
Power production (MWh)
Wind power stations	96,921	110,343	454,941	421,584
Hydroelectric power stations	131,786	86,472	478,182	408,441
Thermal power stations	33,851	83,815	111,921	244,119
Solar power station	2,098	2,056	4,965	5,325
	264,656	282,686	1,050,009	1,079,469
Revenues from energy sales
Wind power stations	11,822	12,540	55,804	49,531
Hydroelectric power stations	11,206	7,456	41,010	33,887
Thermal power stations	4,657	12,173	20,471	43,701
Solar power station	966	852	2,243	2,258
	28,651	33,021	119,528	129,377
EBITDA
Wind power stations	6,872	9,505	42,316	39,564
Hydroelectric power stations	7,595	7,510	31,411	27,211
Thermal power stations	(614)	2,408	2,984	11,957
Solar power station	853	770	1,941	1,988
Corporate and eliminations	(2,054)	(3,967)	(9,554)	(12,290)
	12,652	16,226	69,098	68,430
Additions to property, plant and equipment
Wind power stations	19,953	1,417	52,588	2,037
Hydroelectric power stations	9,393	830	22,562	1,367
Thermal power stations	471	241	744	307
Solar power station	—	24	527	720
Corporate and eliminations	574	478	2,663	1,102
	30,391	2,990	79,084	5,533
			As at September 30,	As at December 31,
(in thousands of Canadian dollars) (unaudited)			2013	2012
Total assets
Wind power stations			719,336	646,065
Hydroelectric power stations			463,768	420,553
Thermal power stations			42,688	79,093
Solar power station			21,957	20,768
Corporate			110,927	63,392
			1,358,676	1,229,871
Total liabilities
Wind power stations			499,110	464,977
Hydroelectric power stations			210,482	147,795
Thermal power stations			9,885	11,487
Solar power station			16,859	16,438
Corporate			250,914	246,805
			987,250	887,502

Information by Geographic Segment

	Three-month periods ended September 30		Nine-month periods ended September 30
(in thousands of Canadian dollars, except amounts in MWh) (unaudited)	2013	2012	2013	2012
Power production (MWh)
Canada	112,921	155,518	423,851	547,573
United States	79,059	43,384	301,070	242,853
France	72,676	83,784	325,088	289,043
	264,656	282,686	1,050,009	1,079,469
Revenues from energy sales
Canada	10,337	17,267	46,252	67,735
United States	6,473	3,515	24,306	18,415
France	11,841	12,239	48,970	43,227
	28,651	33,021	119,528	129,377
EBITDA
Canada	3,564	5,014	24,425	30,464
United States	4,427	5,071	18,715	16,323
France	4,661	6,141	25,958	21,643
	12,652	16,226	69,098	68,430
Additions to property, plant and equipment
Canada	11,081	1,695	26,567	2,821
United States	—	77	210	162
France	19,310	1,218	52,307	2,550
	30,391	2,990	79,084	5,533
			As at September 30,	As at December 31,
(in thousands of Canadian dollars) (unaudited)			2013	2012
Total assets
Canada			711,388	651,146
United States			195,717	178,329
France			451,571	400,396
			1,358,676	1,229,871
Non-current assets, excluding interest in the Joint Ventures
Canada			512,759	498,019
United States			154,339	145,604
France			417,910	359,914
			1,085,008	1,003,537
Total liabilities
Canada			535,036	497,855
United States			115,864	94,461
France			336,350	295,186
			987,250	887,502

Subsequents Events

Joint Ventures - Seigneurie de Beaupré: Phases I and II

On October 24, 2013, a motion for authorization to institute a class action and be granted representative status was filed with the Superior Court of Québec against Seigneurie de Beaupré Wind Farms Phases I and II. The applicants of the motion are requesting authorization from the Court to institute a class action on behalf of a group of persons regarding allegations of, without limitation, neighbourhood disturbances (noise, dust, etc.) experienced as a result of the construction of Seigneurie de Beaupré Wind Farms. The merits of the class action have not yet been established.

On October 29, 2013, the Corporation completed long-term financing for Seigneurie de Beaupré wind farms: Phase II, located in Québec, Canada, that will be disbursed in November 2013 and January 2014. The non-recourse loan is secured by all of the assets of the wind farm and amounts to $166,119,000, consisting of a short-term bridge financing and a letter of credit facility totalling $23,674,000, as well as a $142,445,000 construction loan that will convert into a term loan following commercial commissioning of the power station planned for December 2014. The term loan will be fully amortized by quarterly payments over a 19.5-year period and will bear interest at a fixed rate of 5.66% over the term of the loan.

SOURCE: Boralex Inc.

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

Investors
Marc Jasmin
Director, Investor Relations
Boralex Inc.
514-284-9868
[email protected]