Welcome!

News Feed Item

TransAlta Renewables Reports Fourth Quarter Results for 2013

CALGARY, ALBERTA -- (Marketwired) -- 02/14/14 -- TransAlta Renewables Inc. (the "Company") (TSX:RNW) today reported fourth quarter Comparable EBITDA(1) of $53.4 million. Comparable Net Earnings for the fourth quarter were $17.1 million, or $0.15 per share. Reported Net Earnings attributed to common shareholders were $15.5 million. During the fourth quarter, the Company declared monthly dividends of $0.06416 per share for holders of record on February 3, 2014, March 3, 2014 and April 1, 2014 payable on each of February 28, 2014, March 28, 2014 and April 30, 2014, respectively. Today, the Company also declared a dividend of $0.06416 per share for holders of record on May 1, 2013 payable on May 30, 2014.

In December, the Company successfully completed its acquisition of an economic interest in the 144 megawatt (MW) wind farm in Wyoming which was originally announced on October 21, 2013.

"TransAlta Renewables' fourth quarter and full year results exhibit the strength of our renewables portfolio and its ability to generate strong cash flows for our shareholders," said Brett Gellner, President of the Company. "The acquisition of an economic interest the Wyoming Wind Farm in the fourth quarter demonstrates our commitment to grow and, as a result, we were able to increase the annual dividend."

The financial information in this news release represents carve out data derived from the accounting records of TransAlta Corporation up to and including August 8, 2013, in addition to the Company's actual results since August 9, 2013. Financial information for 2012 is also based on carve out data from TransAlta Corporation. More details in regards to the basis of measurement can be found in the final prospectus of the Company dated July 31, 2013.

Historical financial information is not directly comparable to current results due to the implementation of certain commercial arrangements between the Company and TransAlta Corporation that took effect upon closing of the Company's initial public offering ("IPO") on August 9, 2013, including the entering into of firm priced power purchase agreements for generating facilities whose power was previously sold on a merchant basis. Prior to the IPO, these commercial arrangements did not exist and the Company's assets were held directly or indirectly by TransAlta Corporation.

Summary Results

Q4 2013 compared to Q4 2012


--  Comparable EBITDA of $53.4 million up from $51.7 million for the same
    period last year 
--  Funds from operations of $45.1 million up from $44.4 million for the
    same period last year 
--  Production of 842 GWh, up from 775 GWh for the same period last year 

Full year 2013 compared to full year 2012


--  Comparable EBITDA of $184.1 million up from $159.4 million for the same
    period last year 
--  Funds from operations of $154.0 million up from $131.1 million for the
    same period last year 
--  Production of 2,885 GWh, up from 2,805 GWh for the same period last year

The following table depicts key financial results and statistical operating data:

Fourth Quarter and Full Year 2013 Highlights


----------------------------------------------------------------------------
                                      3 months  3 months 12 months 12 months
                                         ended     ended     ended     ended
In $CAD thousands, unless otherwise   December  December  December  December
 stated                               31, 2013  31, 2012  31, 2013  31, 2012
----------------------------------------------------------------------------
Production (GWh)                           842       775     2,885     2,805
----------------------------------------------------------------------------
Revenue                                 69,949    67,344   245,341   219,817
----------------------------------------------------------------------------
Net earnings attributable to common                                         
 shareholders                           15,535    18,522    50,258    32,091
----------------------------------------------------------------------------
Comparable EBITDA(1)                    53,425    51,745   184,094   159,383
----------------------------------------------------------------------------
Funds from operations(1)                45,067    44,361   153,957   131,129
----------------------------------------------------------------------------
Cash flow from operating activities     37,698    36,571   161,836   116,914
----------------------------------------------------------------------------
Cash available for distribution(1)      40,979    40,644   142,495   120,301
----------------------------------------------------------------------------
Comparable earnings(1)                  17,129    18,532    54,599    39,601
----------------------------------------------------------------------------
                                                                            
----------------------------------------------------------------------------
Basic and diluted earnings per                                              
 common share                             0.13      0.16      0.44      0.28
----------------------------------------------------------------------------
Comparable earnings per share(1)          0.15      0.16      0.48      0.35
----------------------------------------------------------------------------
Funds from operations per share(1)        0.39      0.39      1.34      1.14
----------------------------------------------------------------------------
Cash available for distribution per                                         
 share(1)                                 0.36         -      1.24         -
----------------------------------------------------------------------------
Dividends paid per common share           0.18         -      0.23         -
----------------------------------------------------------------------------

(1) Comparable EBITDA refers to Earnings before interest, taxes, depreciation and amortization including finance lease income and adjusted for certain other items. Cash available for distribution represents the amount the cash generated from operations by our business, before changes in working capital and after sustaining and productivity capital, distributions to non-controlling interest and scheduled principal repayments of debts. Comparable EBITDA, funds from operations, cash available for distribution, comparable earnings, comparable earnings per share, funds from operations per share and cash available for distribution per share are not defined under IFRS. Presenting these measures from period to period provides supplemental information to help management and shareholders evaluate earnings' and cash flow trends in comparison with prior periods' results. Refer to the Non-IFRS Measures section of the Management's Discussion and Analysis ("MD&A") for further discussion of these items.

TransAlta Renewables is in the process of filing its Annual Information Form, Audited Consolidated Financial Statements and accompanying notes, as well as the MD&A. These documents will be available today through TransAlta Renewables' website at www.transaltarenewables.com or through SEDAR at www.sedar.com.

A complete copy of TransAlta Renewables' fourth quarter extended news release is available in the Investors Centre section of our website: www.transaltarenewables.com.

About TransAlta Renewables Inc.

TransAlta Renewables owns 28 wind and hydroelectric power generation facilities, having an aggregate installed generating capacity of 1,232 MW, in which it holds a net ownership interest of approximately 1,111 MW. TransAlta Renewables' power generating capacity is among the largest of any publicly-traded renewable independent power producer ("IPP") in Canada, with more wind power generating capacity than any other Canadian publicly-traded IPP. TransAlta Renewables' strategy is focused on the efficient operation of its portfolio of renewable power generation assets and expanding its asset base through the acquisition of additional renewable power generation facilities in operation or under construction. TransAlta Renewables objective is to (i) create stable, consistent returns for investors through the ownership of contracted renewable power generation assets that provide stable cash flow through long-term power purchase agreements with creditworthy counterparties, including TransAlta; (ii) pursue and capitalize on strategic growth opportunities in the renewable power generation sector; and (iii) pay out a portion of cash available for distribution to the shareholders of TransAlta Renewables on a monthly basis.

Cautionary Statement Regarding Forward-Looking Information

This news release may contain forward-looking statements, including statements regarding the business and anticipated financial performance of the Company. These forward-looking statements are not historical facts but reflect the Company's current expectations concerning future plans, actions and results. These statements are subject to a number of risks and uncertainties that could cause actual plans, actions and results to differ materially from current expectations including, but not limited to, the ability to successfully obtain regulatory approvals; changes in tax, environmental, and other laws and regulations; competitive factors in the renewable power industry; operational breakdowns, failures, or other disruptions; changes in economic and market conditions; and other risks and uncertainties discussed in the Company's materials filed with the Canadian securities regulatory authorities from time to time and as also set forth in the Company's MD&A and 2014 Annual Information Form. Readers are cautioned not to place undue reliance on these forward-looking statements, which reflect the Company's expectations only as of the date of this news release. The Company disclaims any intention or obligation to update or revise these forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.

Cautionary Statement Regarding use of Non-IFRS Accounting Measures

This news release contains references to EBITDA and Funds from Operations which are not generally accepted accounting measures under IFRS and therefore may differ from definitions of EBITDA and Funds from Operations used by other entities. We believe that EBITDA and Funds from Operations are useful supplemental measures that may assist investors in assessing the financial performance and the cash anticipated to be generated by our operating portfolio. Neither EBITDA nor Funds from Operations should be considered as the sole measure of our performance and should not be considered in isolation from, or as a substitute for, analysis of our financial statements prepared in accordance with IFRS. Refer to the Non-IFRS measures section of the MD&A for further explanation.

Note: All financial figures are in Canadian dollars unless noted otherwise.

Contacts:
Investor inquiries:
TransAlta Renewables Inc.
Brent Ward
Director, Corporate Finance and Investor Relations
1-800-387-3598 in Canada and U.S.
investor_relations@transalta.com

Media inquiries:
TransAlta Renewables Inc.
Stacey Hatcher
Senior Corporate Relations Advisor
Cell: 587-216-2242, Toll-free media number: 1-855-255-9184
Alternate local number: 403-267-2540

More Stories By Marketwired .

Copyright © 2009 Marketwired. All rights reserved. All the news releases provided by Marketwired are copyrighted. Any forms of copying other than an individual user's personal reference without express written permission is prohibited. Further distribution of these materials is strictly forbidden, including but not limited to, posting, emailing, faxing, archiving in a public database, redistributing via a computer network or in a printed form.

Latest Stories
When you focus on a journey from up-close, you look at your own technical and cultural history and how you changed it for the benefit of the customer. This was our starting point: too many integration issues, 13 SWP days and very long cycles. It was evident that in this fast-paced industry we could no longer afford this reality. We needed something that would take us beyond reducing the development lifecycles, CI and Agile methodologies. We made a fundamental difference, even changed our culture...
In the enterprise today, connected IoT devices are everywhere – both inside and outside corporate environments. The need to identify, manage, control and secure a quickly growing web of connections and outside devices is making the already challenging task of security even more important, and onerous. In his session at @ThingsExpo, Rich Boyer, CISO and Chief Architect for Security at NTT i3, discussed new ways of thinking and the approaches needed to address the emerging challenges of security i...
As many know, the first generation of Cloud Management Platform (CMP) solutions were designed for managing virtual infrastructure (IaaS) and traditional applications. But that’s no longer enough to satisfy evolving and complex business requirements. In his session at 21st Cloud Expo, Scott Davis, Embotics CTO, will explore how next-generation CMPs ensure organizations can manage cloud-native and microservice-based application architectures, while also facilitating agile DevOps methodology. He wi...
Historically, some banking activities such as trading have been relying heavily on analytics and cutting edge algorithmic tools. The coming of age of powerful data analytics solutions combined with the development of intelligent algorithms have created new opportunities for financial institutions. In his session at 20th Cloud Expo, Sebastien Meunier, Head of Digital for North America at Chappuis Halder & Co., discussed how these tools can be leveraged to develop a lasting competitive advantage ...
SYS-CON Events announced today that Dasher Technologies will exhibit at SYS-CON's 21st International Cloud Expo®, which will take place on Oct 31 - Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. Dasher Technologies, Inc. ® is a premier IT solution provider that delivers expert technical resources along with trusted account executives to architect and deliver complete IT solutions and services to help our clients execute their goals, plans and objectives. Since 1999, we'v...
There is only one world-class Cloud event on earth, and that is Cloud Expo – which returns to Silicon Valley for the 21st Cloud Expo at the Santa Clara Convention Center, October 31 - November 2, 2017. Every Global 2000 enterprise in the world is now integrating cloud computing in some form into its IT development and operations. Midsize and small businesses are also migrating to the cloud in increasing numbers. Companies are each developing their unique mix of cloud technologies and service...
For financial firms, the cloud is going to increasingly become a crucial part of dealing with customers over the next five years and beyond, particularly with the growing use and acceptance of virtual currencies. There are new data storage paradigms on the horizon that will deliver secure solutions for storing and moving sensitive financial data around the world without touching terrestrial networks. In his session at 20th Cloud Expo, Cliff Beek, President of Cloud Constellation Corporation, d...
SYS-CON Events announced today that IBM has been named “Diamond Sponsor” of SYS-CON's 21st Cloud Expo, which will take place on October 31 through November 2nd 2017 at the Santa Clara Convention Center in Santa Clara, California.
Blockchain is a shared, secure record of exchange that establishes trust, accountability and transparency across business networks. Supported by the Linux Foundation's open source, open-standards based Hyperledger Project, Blockchain has the potential to improve regulatory compliance, reduce cost as well as advance trade. Are you curious about how Blockchain is built for business? In her session at 21st Cloud Expo, René Bostic, Technical VP of the IBM Cloud Unit in North America, will discuss th...
SYS-CON Events announced today that Datera, that offers a radically new data management architecture, has been named "Exhibitor" of SYS-CON's 21st International Cloud Expo ®, which will take place on Oct 31 - Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. Datera is transforming the traditional datacenter model through modern cloud simplicity. The technology industry is at another major inflection point. The rise of mobile, the Internet of Things, data storage and Big...
SYS-CON Events announced today that Akvelon will exhibit at SYS-CON's 21st International Cloud Expo®, which will take place on Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. Akvelon is a business and technology consulting firm that specializes in applying cutting-edge technology to problems in fields as diverse as mobile technology, sports technology, finance, and healthcare.
WebRTC is great technology to build your own communication tools. It will be even more exciting experience it with advanced devices, such as a 360 Camera, 360 microphone, and a depth sensor camera. In his session at @ThingsExpo, Masashi Ganeko, a manager at INFOCOM Corporation, will introduce two experimental projects from his team and what they learned from them. "Shotoku Tamago" uses the robot audition software HARK to track speakers in 360 video of a remote party. "Virtual Teleport" uses a...
SYS-CON Events announced today that Datera will exhibit at SYS-CON's 21st International Cloud Expo®, which will take place on Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. Datera offers a radically new approach to data management, where innovative software makes data infrastructure invisible, elastic and able to perform at the highest level. It eliminates hardware lock-in and gives IT organizations the choice to source x86 server nodes, with business model option...
When shopping for a new data processing platform for IoT solutions, many development teams want to be able to test-drive options before making a choice. Yet when evaluating an IoT solution, it’s simply not feasible to do so at scale with physical devices. Building a sensor simulator is the next best choice; however, generating a realistic simulation at very high TPS with ease of configurability is a formidable challenge. When dealing with multiple application or transport protocols, you would be...
With 10 simultaneous tracks, keynotes, general sessions and targeted breakout classes, Cloud Expo and @ThingsExpo are two of the most important technology events of the year. Since its launch over eight years ago, Cloud Expo and @ThingsExpo have presented a rock star faculty as well as showcased hundreds of sponsors and exhibitors! In this blog post, I provide 7 tips on how, as part of our world-class faculty, you can deliver one of the most popular sessions at our events. But before reading the...