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.
[email protected]

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
Identity is in everything and customers are looking to their providers to ensure the security of their identities, transactions and data. With the increased reliance on cloud-based services, service providers must build security and trust into their offerings, adding value to customers and improving the user experience. Making identity, security and privacy easy for customers provides a unique advantage over the competition.
Qosmos has announced new milestones in the detection of encrypted traffic and in protocol signature coverage. Qosmos latest software can accurately classify traffic encrypted with SSL/TLS (e.g., Google, Facebook, WhatsApp), P2P traffic (e.g., BitTorrent, MuTorrent, Vuze), and Skype, while preserving the privacy of communication content. These new classification techniques mean that traffic optimization, policy enforcement, and user experience are largely unaffected by encryption. In respect wit...
SYS-CON Events announced today that 910Telecom will exhibit at the 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. Housed in the classic Denver Gas & Electric Building, 910 15th St., 910Telecom is a carrier-neutral telecom hotel located in the heart of Denver. Adjacent to CenturyLink, AT&T, and Denver Main, 910Telecom offers connectivity to all major carriers, Internet service providers, Internet backbones and ...
SYS-CON Events announced today that Pulzze Systems will exhibit at the 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. Pulzze Systems, Inc. provides infrastructure products for the Internet of Things to enable any connected device and system to carry out matched operations without programming. For more information, visit http://www.pulzzesystems.com.
There is growing need for data-driven applications and the need for digital platforms to build these apps. In his session at 19th Cloud Expo, Muddu Sudhakar, VP and GM of Security & IoT at Splunk, will cover different PaaS solutions and Big Data platforms that are available to build applications. In addition, AI and machine learning are creating new requirements that developers need in the building of next-gen apps. The next-generation digital platforms have some of the past platform needs a...
Data is an unusual currency; it is not restricted by the same transactional limitations as money or people. In fact, the more that you leverage your data across multiple business use cases, the more valuable it becomes to the organization. And the same can be said about the organization’s analytics. In his session at 19th Cloud Expo, Bill Schmarzo, CTO for the Big Data Practice at EMC, will introduce a methodology for capturing, enriching and sharing data (and analytics) across the organizati...
DevOps at Cloud Expo – being held November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA – announces that its Call for Papers is open. Born out of proven success in agile development, cloud computing, and process automation, DevOps is a macro trend you cannot afford to miss. From showcase success stories from early adopters and web-scale businesses, DevOps is expanding to organizations of all sizes, including the world's largest enterprises – and delivering real results. Am...
Traditional on-premises data centers have long been the domain of modern data platforms like Apache Hadoop, meaning companies who build their business on public cloud were challenged to run Big Data processing and analytics at scale. But recent advancements in Hadoop performance, security, and most importantly cloud-native integrations, are giving organizations the ability to truly gain value from all their data. In his session at 19th Cloud Expo, David Tishgart, Director of Product Marketing ...
Fact: storage performance problems have only gotten more complicated, as applications not only have become largely virtualized, but also have moved to cloud-based infrastructures. Storage performance in virtualized environments isn’t just about IOPS anymore. Instead, you need to guarantee performance for individual VMs, helping applications maintain performance as the number of VMs continues to go up in real time. In his session at Cloud Expo, Dhiraj Sehgal, Product and Marketing at Tintri, wil...
Internet of @ThingsExpo, taking place November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA, is co-located with 19th Cloud Expo and will feature technical sessions from a rock star conference faculty and the leading industry players in the world. The Internet of Things (IoT) is the most profound change in personal and enterprise IT since the creation of the Worldwide Web more than 20 years ago. All major researchers estimate there will be tens of billions devices - comp...
StarNet Communications Corp has announced the addition of three Secure Remote Desktop modules to its flagship X-Win32 PC X server. The new modules enable X-Win32 to safely tunnel the remote desktops from Linux and Unix servers to the user’s PC over encrypted SSH. Traditionally, users of PC X servers deploy the XDMCP protocol to display remote desktop environments such as the Gnome and KDE desktops on Linux servers and the CDE environment on Solaris Unix machines. XDMCP is used primarily on comp...
SYS-CON Events announced today that StarNet Communications will exhibit at the 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. StarNet Communications’ FastX is the industry first cloud-based remote X Windows emulator. Using standard Web browsers (FireFox, Chrome, Safari, etc.) users from around the world gain highly secure access to applications and data hosted on Linux-based servers in a central data center. ...
SYS-CON Events announced today Telecom Reseller has been named “Media Sponsor” of SYS-CON's 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. Telecom Reseller reports on Unified Communications, UCaaS, BPaaS for enterprise and SMBs. They report extensively on both customer premises based solutions such as IP-PBX as well as cloud based and hosted platforms.
SYS-CON Events announced today that Adobe has been named “Bronze Sponsor” of SYS-CON's 18th Cloud Expo, which will take place on June 7-9, 2016, at the Javits Center in New York, New York. Adobe is changing the world though digital experiences. Adobe helps customers develop and deliver high-impact experiences that differentiate brands, build loyalty, and drive revenue across every screen, including smartphones, computers, tablets and TVs. Adobe content solutions are used daily by millions of co...
Why do your mobile transformations need to happen today? Mobile is the strategy that enterprise transformation centers on to drive customer engagement. In his general session at @ThingsExpo, Roger Woods, Director, Mobile Product & Strategy – Adobe Marketing Cloud, covered key IoT and mobile trends that are forcing mobile transformation, key components of a solid mobile strategy and explored how brands are effectively driving mobile change throughout the enterprise.