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Capstone Infrastructure Corporation Announces Fourth Quarter and Fiscal 2013 Results

Fiscal 2013 Highlights:

TORONTO, ONTARIO -- (Marketwired) -- 03/07/14 -- Capstone Infrastructure Corporation (TSX:CSE)(TSX:CSE.DB.A)(TSX:CSE.PR.A)(TSX:CPW.DB) (the "Corporation") today reported audited results for the fiscal year ended December 31, 2013. The Corporation's 2013 Annual Report to shareholders, including Management's Discussion and Analysis and audited consolidated financial statements, is available at www.capstoneinfrastructure.com and on SEDAR at www.sedar.com. All amounts are in Canadian dollars.

"We achieved annual Adjusted EBITDA of $128.4 million, which was at the high end of our forecasted range, reflecting strong performance across our businesses as well as three months of contribution from our recently acquired operating wind power facilities. We successfully advanced our growth strategy, acquiring Renewable Energy Developers and further expanding our power development capabilities, and continued to enhance the cash flow potential of our business," said Michael Bernstein, President and Chief Executive Officer. "Over the past three years, we have deliberately re-focused our portfolio to reduce risk, extend our cash flow profile and establish a solid platform for the future. In particular, our investments in Bristol Water and Varmevarden have fundamentally changed Capstone's risk profile by offering perpetual, increasing cash flow and the potential for considerable organic growth. In addition, our growing power development platform positions us to deliver value to our shareholders. We expect our strategy to deliver steady long-term income and capital appreciation to shareholders in the years ahead."

Financial Review


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In millions of Canadian                                                     
 dollars or on a per                                                        
 share basis unless       Quarter ended                Year ended           
 otherwise noted                 Dec 31  Variance          Dec 31  Variance 
                           2013    2012       (%)    2013    2012       (%) 
----------------------------------------------------------------------------
Revenue                   110.3    94.7      16.5   389.5   357.6       8.9 
----------------------------------------------------------------------------
Expenses                   60.2    55.0       9.4   220.4   207.2       6.4 
----------------------------------------------------------------------------
Net income                 16.0    16.9      (5.4)   67.2    46.0      46.2 
----------------------------------------------------------------------------
Adjusted EBITDA(1), (2)    38.0    31.3      21.5   128.4   120.3       6.7 
----------------------------------------------------------------------------
AFFO(1), (3)               13.9    13.6       2.8    39.9    35.6      12.3 
----------------------------------------------------------------------------
AFFO per share(1), (3),                                                     
 (4)                      0.145   0.179     (18.9)  0.493   0.473       4.1 
----------------------------------------------------------------------------
Dividends per share       0.075   0.075       0.0   0.300   0.450     (33.3)
----------------------------------------------------------------------------
Payout ratio(1)              52%     41%        -      61%     95%        - 
----------------------------------------------------------------------------
(1)  "Adjusted EBITDA", "Adjusted Funds from Operations", "Adjusted Funds   
     from Operations per Share" and "Payout Ratio" are non-GAAP financial   
     measures and do not have any standardized meaning prescribed by        
     International Financial Reporting Standards ("IFRS"). As a result,     
     these measures may not be comparable to similar measures presented by  
     other issuers. Definitions of each measure are provided on pages 22 and
     23 of Management's Discussion and Analysis with reconciliation to IFRS 
     measures provided on page 23.                                          
(2)  Adjusted EBITDA for investments in subsidiaries with non-controlling   
     interests are included at Capstone's proportionate ownership interest. 
(3)  For businesses that are not wholly owned, the cash generated by the    
     business is only available to Capstone through periodic dividends. For 
     these businesses, AFFO is equal to distributions received.             
(4)  The weighted average number of common shares outstanding at the end of 
     the fourth quarter and year ended December 31, 2013 was 95,830,743 and 
     81,033,357, respectively.                                              

Fiscal 2013 Highlights

Consolidated revenue for the year increased by 8.9%, or $31.9 million, primarily due to Bristol Water, where regulated water tariffs and water consumption were higher than in 2012, and to higher power production attributable to the Cardinal gas cogeneration facility, Erie Shores and the contribution from the operating wind power facilities acquired on October 1, 2013.

Total expenses increased by 6.4%, or $13.3 million, which was largely attributable to higher operating expenses at Bristol Water, the addition of ReD's operating wind facilities, and greater fuel expenses at Cardinal due to increased production partially offset by lower gas transportation costs. Project development costs increased by $5.2 million, primarily due to acquisition-related costs and expenses arising from the Corporation's power development subsidiary and wind projects currently under construction.

Adjusted EBITDA increased by 6.7%, or $8.1 million, driven primarily by Bristol Water's performance and higher power production at Cardinal and Erie Shores along with the contribution from the wind facilities acquired from ReD. These drivers were partially offset by higher corporate project development costs. AFFO increased by 12.3%, or $4.4 million, due to positive contributions from the power segment, which was partially offset by lower AFFO from Bristol Water due to the sale of a 20% interest in the business in May 2012.

Fourth Quarter Financial Highlights

During the fourth quarter, the Corporation's revenue increased by 16.5%, or $15.6 million, over the same period in fiscal 2012, primarily reflecting higher revenue at Bristol Water attributable to an increase in the regulated water rate charged to customers. Higher fourth quarter revenue also reflected revenue growth in the power segment due to the contribution from the wind facilities acquired with ReD. Total expenses increased by 9.4%, or $5.2 million, primarily due to higher operating expenses and inflationary increases for energy, consumables, wages and salaries at Bristol Water, and expenses related to the operation of the new wind facilities and the acquisition of ReD. Adjusted EBITDA in the quarter increased 21.5%, or $6.7 million, reflecting these various drivers partially offset by higher corporate project development costs. Fourth quarter AFFO increased by 2.8%, or $0.4 million, reflecting the impact of higher corporate project development expenses and additional interest expense for ReD project debt and convertible debentures.

Financial Performance Highlights by Segment

Power Infrastructure:


----------------------------------------------------------------------------
In millions of Canadian                                                     
 dollars unless otherwise    Quarter ended               Year ended         
 noted                              Dec 31 Variance          Dec 31 Variance
                              2013    2012      (%)    2013    2012      (%)
----------------------------------------------------------------------------
Power generated (GWh)        581.9   499.9     16.4 2,160.5 1,858.8     16.2
----------------------------------------------------------------------------
Revenue                       57.0    49.1     16.3   193.9   179.2      8.2
----------------------------------------------------------------------------
Adjusted EBITDA               28.6    22.6     26.5    89.1    78.2     14.0
----------------------------------------------------------------------------
AFFO                          20.2    14.6     38.3    53.4    43.9     21.8
----------------------------------------------------------------------------

Fiscal 2013 power segment revenue increased 8.2%, or $14.7 million, in 2013, primarily attributable to increased power production and power rates at Cardinal, which completed scheduled maintenance in 2012, and to the contribution from the new wind power facilities as well as Erie Shores.

Adjusted EBITDA increased by 14.0%, or $11.0 million, reflecting increased revenue and lower gas transportation costs at Cardinal. These drivers were partially offset by higher fuel expenses at the facility as more fuel was consumed in production, and by higher costs related to the Corporation's power development subsidiary, which was established in December 2012. AFFO increased by 21.8%, or $9.6 million, reflecting the same factors as well as lower maintenance costs at Cardinal partially offset by higher debt amortization at the hydro power facilities compared with 2012 as well as debt service costs related to the wind facilities acquired with ReD.

Utilities:

Water


----------------------------------------------------------------------------
In millions of Canadian                                                     
 dollars unless            Quarter ended                Year ended          
 otherwise noted                  Dec 31 Variance           Dec 31 Variance 
                            2013 2012(1)      (%)     2013 2012(1)      (%) 
----------------------------------------------------------------------------
Water supplied                                                              
 (megalitres)             20,372  19,875      2.5   82,125  81,245      1.1 
----------------------------------------------------------------------------
Revenue                     53.3    45.6     16.8    195.6   178.4      9.6 
----------------------------------------------------------------------------
Adjusted EBITDA before                                                      
 non-controlling                                                            
 interest                   26.5    20.6     28.7     95.8    85.2     12.5 
----------------------------------------------------------------------------
Adjusted EBITDA             13.2    10.1     31.5     47.9    48.2     (0.7)
----------------------------------------------------------------------------
AFFO(2)                      1.8     3.2    (45.0)     6.5     8.1    (19.1)
----------------------------------------------------------------------------
(1)  Capstone's interest in Bristol Water was reduced to 50% from 70% on May
     10, 2012 following the sale of an interest representing 20% of Bristol 
     Water to a subsidiary of ITOCHU Corporation.                           
(2)  Bristol Water's contribution to Capstone's AFFO consists of dividends  
     and does not reflect the amount of cash generated by the business.     

In 2013, revenue increased by 9.6%, or $17.2 million, in 2013 primarily due to a 6.9% annual increase in water tariffs, which occurred on April 1, 2013, along with higher water consumption. Foreign exchange appreciation represented $3.4 million of the variance. Bristol Water's Adjusted EBITDA contribution to the Corporation's results declined by 0.7%, or $0.3 million, primarily reflecting the Corporation's lower ownership interest. Adjusted EBITDA before non-controlling interests increased by 12.5%, or $10.6 million, reflecting revenue growth partially offset by increased operating expenses. Capstone's AFFO from Bristol Water declined by 19.1%, or $1.5 million, reflecting the reduced ownership interest.

During 2013, Bristol Water made $167 million in capital expenditures, thereby reducing its capital expenditure shortfall by 60%, as part of its approximately $520 million capital program for the current five-year asset management plan ("AMP5"), which concludes in March 2015. As at December 31, 2013, Bristol Water had cumulative capital expenditures of $394.0 million over the AMP5 period, which was $20 million lower than the regulatory plan approved in 2010 but consistent with management's expectations. Bristol Water expects to achieve its planned cumulative capital expenditures by the end of the AMP5 period.

District Heating


----------------------------------------------------------------------------
In millions of Canadian                                                     
 dollars unless           Quarter ended                Year ended           
 otherwise noted                 Dec 31  Variance          Dec 31  Variance 
                           2013    2012       (%)    2013    2012       (%) 
----------------------------------------------------------------------------
Heat production (GWh)       323     352      (8.2)  1,091   1,078       1.2 
----------------------------------------------------------------------------
Interest income             0.7     0.7       8.1     2.9     3.4     (14.7)
----------------------------------------------------------------------------
Adjusted EBITDA and                                                         
 AFFO(1)                    0.7     1.7     (56.7)    6.0     5.4      11.3 
----------------------------------------------------------------------------
(1)  Varmevarden's contribution to Capstone's Adjusted EBITDA and AFFO      
     consists of interest income and dividends and does not reflect the     
     amount of cash generated by the business.                              

In 2013, Varmevarden paid $2.9 million of interest income to the Corporation compared with $3.4 million in 2012. The variance reflected the Corporation's repatriation of approximately $49.4 million of its initial investment in March 2012, thereby reducing the balance outstanding on the shareholder loan receivable. Varmevarden also paid $3.1 million in dividends during 2013 compared with $2.0 million in 2012. As a result, Varmevarden contributed $6.0 million to the Corporation's Adjusted EBITDA and AFFO during the year compared with $5.4 million in 2012.

Financial Position

As at December 31, 2013, the Corporation had unrestricted cash and cash equivalents of $45.8 million, including $29.0 million from the power segment and $9.1 million from Bristol Water with the balance at corporate. Bristol Water also has $70.5 million of credit available to support Bristol Water's capital investment program. Approximately $18.5 million of the Corporation's total cash and cash equivalents is available for general corporate purposes. As at December 31, 2013, the Corporation's debt to capitalization ratio was 65.7%, which primarily reflects the increase in Bristol Water's debt to fund ongoing capital expenditures, foreign exchange appreciation and depreciation in the Corporation's share price partially offset by the acquisition of ReD, where the ratio of debt assumed to equity issued was lower than that of the Corporation prior to the transaction.

Subsequent Events

In January 2014, the Corporation increased the amount of credit available under its new corporate credit facility, which was established in November 2013, to $50 million from $32.5 million. The facility, which has a three-year term maturing in October 2016, is structured as a revolver and bears an initial effective interest rate of approximately 3.5%.

Outlook(1)

The Corporation expects continuing stable performance from its power facilities, some growth from its utilities businesses, and a full year of contribution from the operating wind power facilities acquired from ReD. Adjusted EBITDA in 2014 is anticipated to be between $140 million and $150 million. The assumptions underlying the Corporation's 2014 outlook include but are not limited to:


--  That the Corporation's internally generated cash and credit is deployed
    into its new development projects and that the projects proceed as
    expected; 
--  That the Swedish krona to Canadian dollar and British pound sterling to
    Canadian dollar exchange rates remain consistent with recent rates; 
--  That Bristol Water plc implements its allowed real 3.8% (plus retail
    price index, or "RPI") price increase effective April 1, 2014; and 
--  Business development activity that is consistent with historical levels.

The Corporation's strategic priorities for 2014 include:

Completing a new PPA for Cardinal.

The Corporation anticipates securing a new 20-year PPA for Cardinal and is working to bring the process to a conclusion in advance of the December 31, 2014 expiry of Cardinal's current PPA. The Corporation is advancing its plans to convert the facility and prepare it for dispatchable operations.

Advancing its pipeline of development projects.

The Corporation is focused on advancing its near-term wind power projects on time and on budget. The 10 MW Skyway 8 and and 24 MW Saint-Philemon projects, currently under construction in Ontario and Quebec, respectively, are expected to achieve commercial operations in 2014. The balance of the pipeline is currently anticipated to enter commercial operations over 2015 and 2016.

Maximizing the performance of its existing businesses.

The Corporation is focused on further enhancing the operational performance of its businesses, which includes preventive and predictive maintenance, detailed planning for capital expenditures that boost value, and finding new ways to increase cash flow such as the use of WindBOOST at Erie Shores in 2013.

Pursuing organic growth initiatives.

The Corporation is working closely with management at Bristol Water to complete the company's capital expenditure program for the current regulatory period, which commenced in April 2010 and concludes in March 2015. This program is driving significant growth in Bristol Water's regulated capital value, which supports growing revenue and cash flow over time, which in turn increases the value of the Corporation's investment.

Pursuing new investment opportunities.

The Corporation's strategy is to develop, acquire and manage a portfolio of high quality power, utilities and transportation infrastructure businesses and public-private partnerships. Geographically, the Corporation is focusing its business development efforts primarily on North America, the United Kingdom, and Western and Northern Europe with Australia and New Zealand remaining markets of interest.

Dividend Declarations

The Board of Directors today declared a quarterly dividend of $0.075 per common share for the quarter ending March 31, 2014 on the Corporation's outstanding common shares. The dividend will be payable on April 30, 2014 to shareholders of record at the close of business on March 31, 2014.

The Board of Directors also declared a dividend on its Cumulative 5-Year Rate Reset Preferred Shares, Series A (the "Preferred Shares") of $0.3125 per Preferred Share to be paid on or about April 30, 2014 to shareholders of record at the close of business on April 14, 2014. The dividend on the Preferred Shares covers the period from February 1, 2014 to April 30, 2014.

In respect of the Corporation's April 30, 2014 common share dividend payment, the Corporation will issue common shares in connection with the reinvestment of dividends to shareholders enrolled in the Corporation's Dividend Reinvestment Plan. The price of common shares purchased with reinvested dividends will be the previous five-day volume weighted average trading share price on the Toronto Stock Exchange, less a 5% discount.

The dividends paid by the Corporation on its common shares and the Preferred Shares are designated "eligible" dividends for purposes of the Income Tax Act (Canada). An enhanced dividend tax credit applies to eligible dividends paid to Canadian residents.

A distribution of $0.075 per unit will also be paid on April 30, 2014 to holders of record on March 31, 2014 of Class B Exchangeable Units of MPT LTC Holding LP, which is a subsidiary entity of the Corporation.

Dividend Reinvestment Plan

Learn more about the Corporation's Dividend Reinvestment Plan ("DRIP") at

www.capstoneinfrastructure.com/InvestorCentre/StockInformation/DRIP.aspx.

Fiscal 2013 Results Conference Call and Webcast

The Corporation will hold a conference call and webcast (with accompanying slides) on Friday, March 7, 2014 at 8:30 a.m. EST to discuss fiscal 2013 results. To listen to the call from Canada or the United States, dial 1-800-319-4610. If calling from elsewhere, dial +1-604-638-5340. A replay of the call will be available until March 21, 2014. For the replay, from Canada or the United States, dial 1-800-319-6413 and enter the code 1385#. From elsewhere, dial +1-604-638-9010 and enter the code 1385#. The event will be webcast live with an accompanying slide presentation on the Corporation's website at www.capstoneinfrastructure.com.

About Capstone Infrastructure Corporation

Our mission is to provide investors with an attractive total return from responsibly managed long-term investments in core infrastructure in Canada and internationally. Capstone's portfolio comprises investments in Canada's power infrastructure, including gas cogeneration, wind, hydro, biomass and solar power generating facilities, representing approximately net 439(2) megawatts of installed capacity, and contracted wind power development projects totaling an expected net 79 megawatts of capacity. Capstone also invests in utilities, including a 33.3% interest in a district heating business in Sweden, and a 50% interest in a regulated water utility in the United Kingdom. Please visit www.capstoneinfrastructure.com for more information.


(1)  See Notice to Readers.                                                 
(2)  Reflects Capstone's economic interest in its various power facilities. 

Notice to Readers

Certain of the statements contained within this document are forward-looking and reflect management's expectations regarding the future growth, results of operations, performance and business of Capstone Infrastructure Corporation (the "Corporation") based on information currently available to the Corporation. Forward-looking statements and financial outlook are provided for the purpose of presenting information about management's current expectations and plans relating to the future and readers are cautioned that such statements may not be appropriate for other purposes. These statements and financial outlook use forward-looking words, such as "anticipate", "continue", "could", "expect", "may", "will", "estimate", "plan", "believe" or other similar words, and include, among other things, statements found in the "Message to Shareholders", "Strategic Overview" and "Results of Operations". These statements and financial outlook are subject to known and unknown risks and uncertainties that may cause actual results or events to differ materially from those expressed or implied by such statements and financial outlook and, accordingly, should not be read as guarantees of future performance or results. The forward-looking statements and financial outlook within this document are based on information currently available and what the Corporation currently believes are reasonable assumptions, including the material assumptions set out in the management's discussion and analysis of the results of operations and the financial condition of the Corporation ("MD&A") for the year ended December 31, 2013 under the heading "Results of Operations", as updated in subsequently filed MD&A of the Corporation (such documents are available under the Corporation's profile on www.sedar.com).

Other potential material factors or assumptions that were applied in formulating the forward-looking statements and financial outlook contained herein include or relate to the following: that the business and economic conditions affecting the Corporation's operations will continue substantially in their current state, including, with respect to industry conditions, general levels of economic activity, regulations, weather, taxes and interest rates; that there will be no material delays in the Corporation's power infrastructure development projects achieving commercial operation; that the Corporation's power infrastructure facilities will experience normal wind, hydrological and solar irradiation conditions, and ambient temperature and humidity levels; an effective TCPL gas transportation toll of approximately $1.65 per gigajoule in 2014; that there will be no material change in the level of gas mitigation revenue historically earned by the Cardinal facility; that there will be no material changes to the Corporation's facilities, equipment or contractual arrangements, no material changes in the legislative, regulatory and operating framework for the Corporation's businesses, no material delays in obtaining required approvals and no material changes in rate orders or rate structures for the Corporation's power infrastructure facilities, Varmevarden or Bristol Water, no material changes in environmental regulations for the power infrastructure facilities, Varmevarden or Bristol Water and no significant event occurring outside the ordinary course of business; that the amendments to the regulations governing the mechanism for calculating the Global Adjustment (which affects the calculation of the DCR escalator under the PPA for the Cardinal facility and price escalators under the PPAs for the hydro power facilities located in Ontario) will continue in force; that there will be no material change to the accounting treatment for Bristol Water's business under International Financial Reporting Standards, particularly with respect to accounting for maintenance capital expenditures; that there will be no material change to the amount and timing of capital expenditures by Bristol Water; that there will be no material changes to the Swedish krona to Canadian dollar and UK pound sterling to Canadian dollar exchange rates; and that Bristol Water will operate and perform in a manner consistent with the regulatory assumptions underlying AMP5, including, among others: real and inflationary increases in Bristol Water's revenue, Bristol Water's expenses increasing in line with inflation, and capital investment, leakage, customer service standards and asset serviceability targets being achieved.

Although the Corporation believes that it has a reasonable basis for the expectations reflected in these forward-looking statements and financial outlook, actual results may differ from those suggested by the forward-looking statements and financial outlook for various reasons, including: risks related to the Corporation's securities (dividends on common shares and preferred shares are not guaranteed; volatile market price for the Corporation's securities; shareholder dilution; and convertible debentures credit risk, subordination and absence of covenant protection); risks related to the Corporation and its businesses (availability of debt and equity financing; default under credit agreements and debt instruments; geographic concentration; foreign currency exchange rates; acquisitions and development (including risks related to the integration of the business operated by Renewable Energy Developers Inc.; environmental, health and safety; changes in legislation and administrative policy; and reliance on key personnel); risks related to the Power Infrastructure Facilities (power purchase agreements; operational performance; fuel costs and supply; contract performance; land tenure and related rights; environmental; and regulatory environment); risks related to Bristol Water (Ofwat price determinations; failure to deliver capital investment programs; economic conditions; operational performance; failure to deliver water leakage target; SIM and the serviceability assessment; pension plan obligations; regulatory environment; competition; seasonality and climate change; and labour relations); and risks related to Varmevarden (operational performance; fuel costs and availability; industrial and residential contracts; environmental; regulatory environment; and labour relations). For a comprehensive description of these risk factors, please refer to the "Risk Factors" section of the Corporation's annual information form dated March 21, 2013, as supplemented by disclosure of risk factors contained in any subsequent annual information form, material change reports (except confidential material changes reports), business acquisition reports, interim financial statements, interim MD&A and information circulars filed by the Corporation with the securities commissions or similar authorities in Canada (which are available under the Corporation's profile on profile on www.sedar.com).

The assumptions, risks and uncertainties described above are not exhaustive and other events and risk factors could cause actual results to differ materially from the results and events discussed in the forward-looking statements and financial outlook. The forward-looking statements and financial outlook within this document reflect current expectations of the Corporation as at the date of this document and speak only as at the date of this document. Except as may be required by applicable law, the Corporation does not undertake any obligation to publicly update or revise any forward-looking statements and financial outlook.

This document is not an offer or invitation for the subscription or purchase of or a recommendation of securities. It does not take into account the investment objectives, financial situation and particular needs of any investors. Before making an investment in the Corporation, an investor or prospective investor should consider whether such an investment is appropriate to their particular investment needs, objectives and financial circumstances and consult an investment adviser if necessary.

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