MONTREAL, Aug. 6 /CNW Telbec/ - Results for the second quarter of Boralex Inc. ("Boralex" or the "Corporation"), although impaired by the macro-economic environment, demonstrate the steady growth of profitability from the wind energy sector.
"The second quarter disapointing results do not affect in any way the growth prospects of Boralex. We continue to invest strongly in wind development of which 100 MW will be commissioned by December. These new assets will have a positive effect on our results over the coming years" says Mr. Patrick Lemaire, President and Chief Executive Officer. With respect to the proposed acquisition of the Boralex Power Income Fund, Mr. Lemaire noted that "this transaction would bring greater diversification to Boralex's assets, notably with additional hydroelectric assets, but also by, increasing the number of capacity under long-term contracts; this would provide greater stability and predictability to our results."
(in millions of dollars, except per share data)
-------------------------------------------------------------------------
Three-month periods ended Six-month periods ended
-------------------------------------------------------
June 30, June 30, June 30, June 30,
2010 2009 2010 2009
As presented in
the financial
statements
Revenues from
energy sales 36.7 41.8 87.7 99.0
EBITDA 5.2 12.9 22.9 33.9
Net earnings
(net loss) (5.8) 1.8 (4.4) 9.0
per share (basic
and diluted) $(0.15) $ 0.05 $(0.12) $ 0.24
Cash flows from
operations 3.9 11.6 19.4 26.9
Adjusted data(1)
Adjusted EBITDA 7.5 12.9 28.8 33.2
Adjusted net
earnings
(net loss) (4.2) 1.8 1.3 8.5
per share (basic
and diluted) $(0.11) $ 0.05 $ 0.03 $ 0.23
-------------------------------------------------------------------------
(1) Non-GAAP performance measure, refer to the reconciliation table at
the end of this press release.
In the second quarter 2010, revenues were $36.7 million, down 12.2% compared to the same period in 2009. The decrease stems mainly from the rise in the Canadian dollar versus the U.S. dollar and the euro. At a constant exchange rate, revenues for the second quarter would have been up 1.0% over the same period in 2009.
Earnings before interest, taxes, depreciation and amortization (EBITDA) stood at $5.2 million for the second quarter, down $7.7 million versus the second quarter 2009. This decrease is partly due to non-recurring expenses incurred by Boralex in connection with the offer to acquire the Fund, and to currency fluctuations and the difficult environment in the wood-residue segment which has notably put pressure on energy prices. All of these unfavourable elements eroded the contribution of $3.2 million to EBITDA from the new wind farms commissioned earlier in the year. The Corporation thus ended the second quarter 2010 with a net loss of $5.8 million ($0.15 per share, basic and diluted) compared to net earnings of $1.8 million ($0.05 per share, basic and diluted) for the same period in 2009.
Second quarter 2010 results for the wind segment reflect the positive impact of Boralex's expansion strategy, with the segment reporting revenue of $9.2 million from the sale of energy, and EBITDA of $7.1 million, up 15.0% and 14.5% respectively versus the same period in 2009.
The hydroelectric segment, for the quarter ended June 30, 2010, recorded revenues from the sale of energy of $2.3 million and EBITDA of $1.2 million, compared to $2.8 million and $1.8 million for the second quarter 2009. The decrease is partly due to less favourable hydrology for the U.S. power stations, which generated 22% less power in the second quarter of 2010 versus the same period in 2009 and was down 13% compared to historical averages.
As predicted by management, the less favourable business context in the U.S. wood-residue segment related in particular to the termination of the tax credit program for the production of renewable energy and fewer benefits than previous years from forward power sales contracts, combined with the unfavourable impact of the rise in the Canadian dollar, had a negative impact on results. For the second quarter 2010, revenues from the sale of energy in the wood-residue segment amounted to $22.9 million, down 19.1% compared to the same quarter in 2009. EBITDA was $8.1 million in 2009 and $4.4 million in 2010. "We are confident that the tax credit program for the production of renewable energy will be extended by the U.S. Congress. This decision and the economic recovery in the United States should improve the contribution of the wood-residue sector to the results," said Patrick Lemaire.
About Boralex
Boralex is a major independent power producer whose core business is the development and operation of power stations that generate renewable energy. Employing over 300 people, the Corporation operates 28 power stations with a total installed capacity of 410 megawatts ("MW") in Canada, in the Northeastern United States and in France. In addition, the Corporation has, alone or with its European and Canadian partners, power projects under development that will add more than 300 MW of power, of which almost 100 MW will come online by the end of fiscal 2010. Boralex is distinguished by its diversified expertise and in-depth experience in three power generation segments - wind, hydroelectric and thermal. Boralex also holds a 23% interest in Boralex Power Income Fund, which has 10 power stations with a total installed capacity of 190 MW in Québec and the United States. These sites are managed by Boralex. Boralex shares are listed on the Toronto Stock Exchange under the ticker symbol BLX. 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, fluctuations in electricity selling prices, the Company's financing capacity, adverse changes in general market and industry conditions, as well as other factors listed in the Company's filings with different securities commissions.
The summarized financial statements included in this press release also contain certain financial measurements that are not recognized as Generally Accepted Accounting Principles of Canada (GAAP). To assess the operating performance of its assets and reporting segments, the Corporation uses earnings before interest, taxes, depreciation and amortization (EBITDA) and cash flows from operations as performance measurements. These measures are not defined under GAAP and do not have a standardized definition prescribed by GAAP. Therefore, they may not be comparable to similar measures presented by other companies. EBITDA corresponds to Operating income as defined in the summarized financial statements included with this press release. Cash flows from operations corresponds to cash flows from operating activities before changes in non-cash working capital items as disclosed in the consolidated statements of cash flows attached in this press release.
The following table reconciles EBITDA and net earnings as reported in the financial statements with adjusted EBITDA and net earnings (net loss):
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EBITDA for the quarters *Net earnings (net loss)
ended for the quarters ended
--------------------------------------------------------
(in thousands of June 30, June 30, June 30, June 30,
dollars) 2010 2009 2010 2009
-------------------------------------------------------------------------
As reported in
the financial
statements 5,242 12,942 (5,798) 1,817
Specific items:
Professionnal
fees incurred
in connection
with the offer
to acquire the
Fund 2,242 - 1,569 -
-------------------------------------------------------------------------
Adjusted data 7,484 12,942 (4,229) 1,817
*Impact net of income taxes
-------------------------------------------------------------------------
Consolidated Balance Sheets
AS AT AS AT
JUNE 30, DECEMBER 31,
(in thousands of dollars) (unaudited) 2010 2009
-------------------------------------------------------------------------
ASSETS
CURRENT ASSETS
Cash and cash equivalents 49,755 37,821
Restricted cash 73,685 -
Accounts receivable 34,939 39,632
Future income taxes 544 422
Inventories 7,222 8,726
Prepaid expenses 2,812 2,537
Fair value of derivative financial instruments 5,894 -
-------------------------------------------------------------------------
174,851 89,138
Investment 51,639 55,446
Property, plant and equipment 457,958 413,539
Power sales contracts 44,264 49,023
Other assets 44,791 56,621
-------------------------------------------------------------------------
773,503 663,767
-------------------------------------------------------------------------
-------------------------------------------------------------------------
LIABILITIES
CURRENT LIABILITIES
Bank loans and advances - 12,291
Accounts payable and accrued liabilities 50,375 28,913
Income taxes 1,304 283
Current portion of long-term debt 31,213 24,273
-------------------------------------------------------------------------
82,892 65,760
Long-term debt 319,709 206,116
Future income taxes 32,835 37,185
Fair value of derivative financial instruments 12,392 7,645
-------------------------------------------------------------------------
447,828 316,706
-------------------------------------------------------------------------
EQUITY ATTRIBUTABLE TO SHAREHOLDERS
Capital stock 222,694 222,694
Contributed surplus 4,980 4,295
Retained earnings 153,725 159,900
Accumulated other comprehensive loss (62,800) (46,859)
-------------------------------------------------------------------------
318,599 340,030
Non-controlling interests 7,076 7,031
-------------------------------------------------------------------------
Total equity 325,675 347,061
-------------------------------------------------------------------------
-------------------------------------------------------------------------
773,503 663,767
-------------------------------------------------------------------------
-------------------------------------------------------------------------
Consolidated Statements of Earnings
(in thousands of FOR THE FOR THE
dollars, except THREE-MONTH PERIODS SIX-MONTH PERIODS
amounts per share ENDED JUNE 30, ENDED JUNE 30,
and number of shares)
(unaudited) 2010 2009 2010 2009
-------------------------------------------------------------------------
Revenues from energy
sales 36,728 41,756 87,732 98,954
Renewable energy tax
credits - 3,488 - 6,976
Operating costs 24,966 29,201 53,462 68,854
-------------------------------------------------------------------------
11,762 16,043 34,270 37,076
Share in earnings of
the Fund 201 549 (1,260) 2,852
Management revenues
from the Fund 1,523 1,369 3,279 2,749
Other income 155 153 454 1,658
-------------------------------------------------------------------------
13,641 18,114 36,743 44,335
-------------------------------------------------------------------------
OTHER EXPENSES
Management and
operation of the Fund 1,314 1,208 2,819 2,337
Administrative 7,085 3,964 11,050 8,103
-------------------------------------------------------------------------
8,399 5,172 13,869 10,440
-------------------------------------------------------------------------
OPERATING INCOME 5,242 12,942 22,874 33,895
Amortization 8,052 6,483 15,751 12,947
Foreign exchange loss
(gain) 154 9 1,030 (35)
Net loss (gain) on
financial instruments 220 (290) (339) (404)
Financing costs 3,123 3,448 8,883 6,867
Gain on sale of
subsidiary - - (774) -
-------------------------------------------------------------------------
11,549 9,650 24,551 19,375
-------------------------------------------------------------------------
EARNINGS (LOSS)
BEFORE INCOME TAXES
(RECOVERY) (6,307) 3,292 (1,677) 14,520
Income taxes
(recovery) (321) 1,479 2,680 5,435
-------------------------------------------------------------------------
Net earnings (loss)
including non-
controlling
interests (5,986) 1,813 (4,357) 9,085
Non-controlling
interests 188 4 (93) (56)
-------------------------------------------------------------------------
NET EARNINGS (LOSS)
ATTRIBUTABLE TO
SHAREHOLDERS (5,798) 1,817 (4,450) 9,029
-------------------------------------------------------------------------
-------------------------------------------------------------------------
Net earnings (loss)
per Class A share
(basic) (0.15) 0.05 (0.12) 0.24
Net earnings (loss)
per Class A share
(diluted) (0.15) 0.05 (0.12) 0.24
Weighted average
number of Class A
shares
outstanding
(basic) 37,740,921 37,740,921 37,740,921 37,740,921
-------------------------------------------------------------------------
-------------------------------------------------------------------------
Consolidated Statements of Retained Earnings
FOR THE
SIX-MONTH PERIODS
ENDED JUNE 30,
(in thousands of dollars) (unaudited) 2010 2009
-------------------------------------------------------------------------
Balance - beginning of period 159,900 135,461
Net earnings (loss) for the period (4,450) 9,029
Excess of purchase price paid for acquisition
of minority interests (1,725) -
-------------------------------------------------------------------------
Balance - end of period 153,725 144,490
-------------------------------------------------------------------------
-------------------------------------------------------------------------
Consolidated Statements of Comprehensive Loss
FOR THE FOR THE
THREE-MONTH PERIODS SIX-MONTH PERIODS
(in thousands of ENDED JUNE 30, ENDED JUNE 30,
dollars) (unaudited) 2010 2009 2010 2009
-------------------------------------------------------------------------
Net earnings (loss)
for the period
including non-
controlling
interests (5,986) 1,813 (4,357) 9,085
-------------------------------------------------------------------------
Other comprehensive
income (loss)
TRANSLATION
ADJUSTMENTS
Unrealized foreign
exchange gain
(loss) on
translation of
financial
statements of
self-sustaining
foreign
operations 2,928 (15,869) (6,372) (11,118)
Reclassification to
net earnings (loss)
of a realized
foreign exchange
loss (gain) related
to the reduction of
net investment in
self-sustaining
foreign operations 1,038 - 1,460 (65)
Share of cumulative
translation
adjustments of the
Fund 694 (1,576) 216 (1,037)
Taxes 154 417 160 290
CASH FLOW HEDGES
Change in fair value
of financial
instruments (8,482) 2,474 (14,077) 9,200
Hedging items
realized and
recognized in net
earnings (2,159) (6,083) (3,378) (12,760)
Hedging items
realized and
recognized in
balance sheet 991 (1,164) 2,137 (2,261)
Taxes 3,136 1,279 3,913 1,237
-------------------------------------------------------------------------
(1,700) (20,522) (15,941) (16,514)
-------------------------------------------------------------------------
Comprehensive loss
for the period
including non-
controlling
interests (7,686) (18,709) (20,298) (7,429)
-------------------------------------------------------------------------
Less: Comprehensive
income (loss) for
the period
attributable to
non-controlling
interests 188 4 (93) (56)
-------------------------------------------------------------------------
Comprehensive loss
for the period
attributable to
shareholders (7,498) (18,705) (20,391) (7,485)
-------------------------------------------------------------------------
-------------------------------------------------------------------------
Consolidated Statements of Cash Flows
FOR THE FOR THE
THREE-MONTH PERIODS SIX-MONTH PERIODS
ENDED JUNE 30, ENDED JUNE 30,
(in thousands of
dollars) (unaudited) 2010 2009 2010 2009
-------------------------------------------------------------------------
OPERATING ACTIVITIES
Net earnings (loss) (5,798) 1,817 (4,450) 9,029
Distributions
received from the
Fund 1,377 2,410 3,098 4,819
Adjustments for
non-cash items
Net loss (gain)
on financial
instruments 220 114 (339) (1)
Share in earnings
of the Fund (201) (549) 1,260 (2,852)
Amortization 8,052 6,483 15,751 12,947
Amortization of
financing costs
and monetization
program expenses 213 735 3,131 1,507
Renewable energy
tax credits 81 (850) 988 (1,717)
Gain on sale of
subsidiary - - (774) -
Future income
taxes (603) 508 (552) 2,650
Other 545 909 1,307 518
-------------------------------------------------------------------------
3,886 11,577 19,420 26,900
Change in non-cash
working capital
items (5,696) 14,442 1,069 13,397
-------------------------------------------------------------------------
(1,810) 26,019 20,489 40,297
-------------------------------------------------------------------------
INVESTING ACTIVITIES
Additions to property,
plant and equipment
- projects under
construction (41,825) (24,551) (58,013) (29,784)
- power stations in
operation (1,748) (3,434) (6,268) (4,963)
Change in restricted
cash 20,602 - (73,685) -
Business acquisitions - (4,769) - (4,769)
Proceeds from sale of
a subsidiary - - 878 -
Change in restricted
funds 24 (1,520) 882 (1,541)
Development projects (350) (151) (395) (6,036)
Acquisition of
minority interests (1,751) (968) (1,751) (968)
Other 549 (2,502) 1,504 (5,825)
-------------------------------------------------------------------------
(24,499) (37,895) (136,848) (53,886)
-------------------------------------------------------------------------
FINANCING ACTIVITIES
Increase (decrease)
in bank loans and
advances (7,865) 10,636 (12,291) 14,326
Increase in
long-term debt 20,317 - 208,866 -
Payments on
long-term debt (1,357) (4,266) (60,774) (10,957)
Financing costs - (219) - (219)
-------------------------------------------------------------------------
11,095 6,151 135,801 3,150
-------------------------------------------------------------------------
TRANSLATION
ADJUSTMENT ON CASH
AND CASH EQUIVALENTS (1,419) (4,750) (7,508) (6,840)
-------------------------------------------------------------------------
NET CHANGE IN CASH
AND CASH EQUIVALENTS (16,633) (10,475) 11,934 (17,279)
CASH AND CASH
EQUIVALENTS -
BEGINNING OF PERIOD 66,388 62,391 37,821 69,195
-------------------------------------------------------------------------
CASH AND CASH
EQUIVALENTS - END
OF PERIOD 49,755 51,916 49,755 51,916
-------------------------------------------------------------------------
SUPPLEMENTAL
INFORMATION
CASH AND CASH
EQUIVALENTS PAID FOR:
Interest 5,666 2,024 8,603 4,140
Income taxes 2,206 - 2,426 248
-------------------------------------------------------------------------
-------------------------------------------------------------------------
SEGMENTED INFORMATION
The Corporation's power stations are grouped into four distinct segments: wind power, hydroelectric power, wood-residue thermal power and natural gas thermal power, and are engaged mainly in 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 main accounting policies that apply to the operating segments are the same as those described in note 2 in the Fund's 2009 Annual Report.
The Corporation analyzes the performance of its operating segments based on the earnings before interest, taxes, depreciation and amortization ("EBITDA"). EBITDA is not a measure of performance under Canadian GAAP; however, management uses this measure to assess the operating performance of its segments. EBITDA corresponds to Operating income. Results for each segment are presented on the same basis as those of the Corporation.
The following table reconciles EBITDA with net earnings (loss):
FOR THE FOR THE
THREE-MONTH PERIODS SIX-MONTH PERIODS
ENDED JUNE 30, ENDED JUNE 30,
-------------------------------------------------------------------------
2010 2009 2010 2009
-------------------------------------------------------------------------
Net earnings (loss) (5,798) 1,817 (4,450) 9,029
Non-controlling
interests (188) (4) 93 56
Income taxes (321) 1,479 2,680 5,435
Gain on sale of
subsidiary - - (774) -
Financing costs 3,123 3,448 8,883 6,867
Net gain on financial
instruments 220 (290) (339) (404)
Foreign exchange loss
(gain) 154 9 1,030 (35)
Amortization 8,052 6,483 15,751 12,947
-------------------------------------------------------------------------
EBITDA 5,242 12,942 22,874 33,895
-------------------------------------------------------------------------
-------------------------------------------------------------------------
INFORMATION BY SEGMENT
FOR THE FOR THE
THREE-MONTH PERIODS SIX-MONTH PERIODS
ENDED JUNE 30, ENDED JUNE 30,
-------------------------------------------------------------------------
2010 2009 2010 2009
-------------------------------------------------------------------------
Power generation (MWh)
Wind farms 76,999 55,157 167,291 115,919
Hydroelectric power
stations 34,301 41,066 74,610 76,732
Wood-residue thermal
power stations 265,470 257,714 585,527 554,402
Natural gas thermal
power station 77 30 22,507 22,642
-------------------------------------------------------------------------
376,847 353,967 849,935 769,695
-------------------------------------------------------------------------
-------------------------------------------------------------------------
Revenues from energy
sales
Wind farms 9,230 8,018 20,643 17,101
Hydroelectric power
stations 2,323 2,842 5,377 5,601
Wood-residue thermal
power stations 22,896 28,338 53,111 66,520
Natural gas thermal
power station 2,279 2,558 8,601 9,732
-------------------------------------------------------------------------
36,728 41,756 87,732 98,954
-------------------------------------------------------------------------
-------------------------------------------------------------------------
EBITDA
Wind farms 7,112 6,242 16,531 13,456
Hydroelectric power
stations 1,182 1,785 3,055 3,494
Wood-residue thermal
power stations 4,424 8,148 14,452 19,951
Natural gas thermal
power station (106) (145) 1,932 1,366
Corporate and
eliminations (7,370) (3,088) (13,096) (4,372)
-------------------------------------------------------------------------
5,242 12,942 22,874 33,895
-------------------------------------------------------------------------
-------------------------------------------------------------------------
Additions to property,
plant and equipment
Wind farms 42,000 24,712 61,341 29,853
Hydroelectric power
stations 199 719 415 719
Wood-residue thermal
power stations 1,073 2,292 2,057 3,750
Natural gas thermal
power station 6 6 9 28
Corporate and
eliminations 295 256 459 397
-------------------------------------------------------------------------
43,573 27,985 64,281 34,747
-------------------------------------------------------------------------
-------------------------------------------------------------------------
AS AT AS AT
JUNE 30, DECEMBER 31,
2010 2009
-------------------------------------------------------------------------
-------------------------------------------------------------------------
Total assets
Wind farms 481,527 363,644
Hydroelectric power stations 36,602 34,622
Wood-residue thermal power stations 134,855 138,014
Natural gas thermal power station 11,350 13,600
Corporate and eliminations 109,169 113,887
-------------------------------------------------------------------------
773,503 663,767
-------------------------------------------------------------------------
-------------------------------------------------------------------------
Property, plant and equipment
Wind farms 336,752 288,225
Hydroelectric power stations 25,552 25,758
Wood-residue thermal power stations 83,976 84,660
Natural gas thermal power station 5,732 7,150
Corporate and eliminations 5,946 7,746
-------------------------------------------------------------------------
457,958 413,539
-------------------------------------------------------------------------
-------------------------------------------------------------------------
INFORMATION BY GEOGRAPHIC SEGMENT
FOR THE FOR THE
THREE-MONTH PERIODS SIX-MONTH PERIODS
ENDED JUNE 30, ENDED JUNE 30,
2010 2009 2010 2009
-------------------------------------------------------------------------
-------------------------------------------------------------------------
Power generation (MWh)
United States 292,164 291,776 643,106 619,427
France 51,454 55,187 136,771 138,561
Canada 33,229 7,004 70,058 11,707
-------------------------------------------------------------------------
376,847 353,967 849,935 769,695
-------------------------------------------------------------------------
-------------------------------------------------------------------------
Revenues from energy
sales
United States 24,433 30,373 56,570 70,977
France 8,152 10,576 22,585 26,833
Canada 4,143 807 8,577 1,144
-------------------------------------------------------------------------
36,728 41,756 87,732 98,954
-------------------------------------------------------------------------
-------------------------------------------------------------------------
EBITDA
United States 4,902 9,181 15,953 22,417
France 3,332 4,949 10,400 12,756
Canada (2,992) (1,188) (3,479) (1,278)
-------------------------------------------------------------------------
5,242 12,942 22,874 33,895
-------------------------------------------------------------------------
-------------------------------------------------------------------------
Additions to property,
plant and equipment
United States 1,265 2,264 2,436 3,641
France 4,538 387 20,090 621
Canada 37,770 25,334 41,755 30,485
-------------------------------------------------------------------------
43,573 27,985 64,281 34,747
-------------------------------------------------------------------------
-------------------------------------------------------------------------
AS AT AS AT
JUNE 30, DECEMBER 31,
2010 2009
-------------------------------------------------------------------------
-------------------------------------------------------------------------
Total assets
United States 165,479 179,494
France 253,625 254,142
Canada 354,399 230,131
-------------------------------------------------------------------------
773,503 663,767
-------------------------------------------------------------------------
-------------------------------------------------------------------------
Property, plant and equipment
United States 89,091 89,889
France 197,883 190,797
Canada 170,984 132,853
-------------------------------------------------------------------------
457,958 413,539
-------------------------------------------------------------------------
-------------------------------------------------------------------------
SUBSEQUENT EVENTS
Transaction with the Fund
-------------------------
On May 3, 2010, Boralex and the Fund jointly announced that they have entered into a definitive support agreement, pursuant to which Boralex, through one of its wholly owned subsidiaries, has offered to acquire by way of a take-over bid (the "Offer") all of the issued and outstanding trust units in the capital of the Fund (the "Units") in exchange for $5 cash equivalent value per Unit in the form of 6.25% Convertible Unsecured Subordinated Debentures of Boralex (the "Debentures"). Boralex has agreed to offer holders of Units ("Unitholders") a $100 principal amount of Debentures for each 20 units held.
The special committee of independent trustees of Boralex Power Trust (the "Special Committee") and the Board of Trustees have unanimously determined that the Offer is fair to Unitholders other than Boralex and is in the best interest of the Fund and its Unitholders.
A take-over bid circular containing the full details of the Offer and other related documents was mailed to Unitholders on May 19, 2010.
The Offer is conditional on the tendering in response to the Offer of at least 66 2/3% of the outstanding Units, and a majority of the Units not controlled by Boralex, the receipt of any necessary regulatory approvals and compliance with or waiver of other customary conditions.
Under the terms of the support agreement, the Fund has agreed that it will not solicit or initiate any competing third-party proposals. In the event that the transaction is not completed in certain circumstances, the Fund has agreed to pay Boralex a termination fee of approximately $6,800,000.
On July 12, 2010, Boralex improved its Offer in light of changes in market conditions, by increasing the interest rate of the Debentures to 6.75% per year (instead of 6.25% per year) and offering a conversion price of $12.50 (instead of $17.00) per share of Boralex. The Offer had been extended until July 30, 2010 at 7:00 p.m. This improved Offer has been once again extended until August 13, 2010 at 7:00 p.m.
Capital subscription in Europe
------------------------------
On July 6, 2010, the Corporation completed a (euro)4,265,000 capital subscription by its European partner. The percentage of European operations held by this partner increased by 3.71% to 20.01%. Under the initial agreement entered into in December 2009, the partner had the option of subscribing to a capital increase of up to (euro)33,000,000, of which (euro)19,265,000 has been contributed to date.
For further information: Ms. Patricia Lemaire, Director, Publics Affairs and Communications, Boralex Inc., 514-985-1353, [email protected]
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