News Feed Item

Boralex: Second-quarter results

MONTREAL, Aug. 6, 2014 /PRNewswire/ - The contribution of new assets commissioned over the past twelve months has enabled Boralex Inc. ("Boralex" or the "Corporation") to record increases of 34% in its production (MWh), revenues from energy sales and EBITDA, and 30% growth in adjusted cash flows from operations(3) for the second quarter compared with the same quarter last year.


  • Contribution of recently commissioned assets: Phase I of the Seigneurie de Beaupré wind farm, Québec (Boralex's net share: 136 MW), Jamie Creek hydroelectric power station, in British Columbia (22 MW), and La Vallée (32 MW) and Vron (8 MW) wind farms, in France
  • Water flow conditions 24% higher than the historical average for the U.S. hydroelectric power stations
  • Closing of a number of financial transactions including:
    • Refinancing of the corporate revolving credit facility an increase to $130 million, replacing the current $60 million facility
    • Long-term financing for Canadian wind power projects: $64.1 million (including a $52 million construction loan and short-term facilities of $12.1 million) for Témiscouata I (25 MW); $142.7 million (including a $127 million construction loan and short-term facilities of $15.7 million) for Témiscouata II (50 MW)
    • Long-term financing for wind power projects in France: €65 million (C$99 million) for Fortel-Bonnières and Saint-François (46 MW)

"The quarterly results, coupled with the recently announced financing arrangements, will favourably position Boralex to take advantage of new growth opportunities. We will continue to sustain the level of excellence that has allowed us to complete our projects on budget and on schedule," said Boralex President and CEO Patrick Lemaire.

FINANCIAL HIGHLIGHTS (on a proportionate consolidation basis)(1)

(in millions of dollars, except per share amounts and EBITDA margin)

Three-month periods

ended June 30,

Six-month periods

ended June 30,





Revenues from energy sales










EBITDA margin (%)





Net earnings (loss)(2)





Per share (basic) ($)(1)(2)





Adjusted cash flows from operations(3)








Per share (basic) ($)(3)






See the Reconciliations between IFRS and Proportionate Consolidation and Non-IFRS Measures sections in the Interim Report available on the websites of Boralex (boralex.com) and SEDAR (sedar.com).


Attributable to shareholders of Boralex


Since the scheduled date for payment of $8.3 million in interest on convertible debentures in 2013 fell on June 30 (a holiday), the payment was made on July 2, 2013. Cash flows from operations for the period ended June 30, 2013 were adjusted for this payment.

In brief, for the second quarter of 2014, revenues from energy sales calculated on a proportionate consolidation basis totalled $53.8 million, up 34% from $40.1 million for the same period last year. Second-quarter EBITDA also rose 34% to $32.2 million from $24.0 million in 2013. EBITDA margin stood at 59.8% compared with 59.7% for the same period of 2013. Last, adjusted cash flows from operations amounted to $12.2 million or $0.32 per share for the quarter compared with $9.4 million or $0.25 per share for the period ended June 30, 2013. Besides the aforementioned commissioning of assets, the improved results also stemmed from favourable changes in exchange rates.

Boralex has set a financial and strategic target of establishing a wholly owned asset base of approximately 950 MW and reaching an EBITDA of $200 million by the end of 2016. In the short, mid and long terms, the Corporation intends to continue set itself apart as a Canadian and global producer devoted entirely to developing and operating renewable energies, particularly by its capacity to grow its operations and earnings. To meet its growth goals, Boralex will remain a solid and innovative company, driven by clear objectives with rigorous attention to meeting target returns and by a long-term vision regarding its sources of production, target markets and approach to project development.

In the short and mid terms, Boralex intends to take part in the call for tenders of Hydro-Québec Distribution for 450 MW of wind power to be delivered to between 2016 and 2017. The bid deadline is September 2014. Boralex is also exploring other development possibilities, particularly in Ontario, British Columbia and France.

The Corporation's Board of Directors has declared a quarterly dividend of $0.13 per common share. This dividend will be paid on September 16, 2014 to shareholders of record at the close of business on August 29, 2014. Boralex has designated an amount of $0.10 per share of this dividend as an eligible dividend within the meaning of section 89.14 of the Income Tax Act (Canada) and all provisions of provincial laws applicable to eligible dividends.

Pursuant to best practices in governance, the Board of Directors of the Corporation has resolved to appoint Michelle Samson-Doel as Lead Director.

About Boralex
Boralex is a power producer whose core business is dedicated to the development and the operation of renewable energy power stations. Currently, the Corporation operates an asset base with an installed capacity of more than 650 MW in Canada, France and the Northeastern United States. Boralex is also committed under power development projects, both independently and with Canadian and European partners, to add approximately 250 MW of power that will be put in service by the end of 2015. With more than 200 employees, Boralex is known for its diversified expertise and in-depth experience in four power generation types — wind, hydroelectric, thermal and solar. Boralex's shares and convertible debentures are listed on the Toronto Stock Exchange under the ticker symbols BLX and BLX.DB, respectively. More information is available at www.boralex.com or www.sedar.com.

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

There can be no assurance as to the materialization of the results, performance or achievements as expressed or implied by forward-looking statements. The reader is cautioned not to place undue reliance on such forward-looking statements. Unless required to do so under applicable securities legislation, Boralex management does not assume any obligation to update or revise forward-looking statements to reflect new information, future events or other changes.

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

The Interim Report also contains a section entitled, "Reconciliations between IFRS and Proportionate Consolidation," in which the results of Joint Ventures 50% owned by Boralex are treated as if they were proportionately consolidated and not as if they were accounted for using the equity method as required by IFRS. Since the information that Boralex uses to carry out internal analyses and make strategic and operating decisions is collected on a proportionate consolidation basis, management has considered it relevant to include the "Proportionate Consolidation" section to make it easier for investors to understand the concrete impacts of decisions made by the Corporation. Accordingly, tables included in this section reconcile IFRS data with data presented on a proportionate consolidation basis.

SOURCE Boralex Inc.

More Stories By PR Newswire

Copyright © 2007 PR Newswire. All rights reserved. Republication or redistribution of PRNewswire content is expressly prohibited without the prior written consent of PRNewswire. PRNewswire shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon.

Latest Stories
"There's plenty of bandwidth out there but it's never in the right place. So what Cedexis does is uses data to work out the best pathways to get data from the origin to the person who wants to get it," explained Simon Jones, Evangelist and Head of Marketing at Cedexis, in this SYS-CON.tv interview at 21st Cloud Expo, held Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA.
Digital Transformation and Disruption, Amazon Style - What You Can Learn. Chris Kocher is a co-founder of Grey Heron, a management and strategic marketing consulting firm. He has 25+ years in both strategic and hands-on operating experience helping executives and investors build revenues and shareholder value. He has consulted with over 130 companies on innovating with new business models, product strategies and monetization. Chris has held management positions at HP and Symantec in addition to ...
Enterprises have taken advantage of IoT to achieve important revenue and cost advantages. What is less apparent is how incumbent enterprises operating at scale have, following success with IoT, built analytic, operations management and software development capabilities - ranging from autonomous vehicles to manageable robotics installations. They have embraced these capabilities as if they were Silicon Valley startups.
In their session at @ThingsExpo, Shyam Varan Nath, Principal Architect at GE, and Ibrahim Gokcen, who leads GE's advanced IoT analytics, focused on the Internet of Things / Industrial Internet and how to make it operational for business end-users. Learn about the challenges posed by machine and sensor data and how to marry it with enterprise data. They also discussed the tips and tricks to provide the Industrial Internet as an end-user consumable service using Big Data Analytics and Industrial C...
René Bostic is the Technical VP of the IBM Cloud Unit in North America. Enjoying her career with IBM during the modern millennial technological era, she is an expert in cloud computing, DevOps and emerging cloud technologies such as Blockchain. Her strengths and core competencies include a proven record of accomplishments in consensus building at all levels to assess, plan, and implement enterprise and cloud computing solutions. René is a member of the Society of Women Engineers (SWE) and a m...
When talking IoT we often focus on the devices, the sensors, the hardware itself. The new smart appliances, the new smart or self-driving cars (which are amalgamations of many ‘things'). When we are looking at the world of IoT, we should take a step back, look at the big picture. What value are these devices providing. IoT is not about the devices, its about the data consumed and generated. The devices are tools, mechanisms, conduits. This paper discusses the considerations when dealing with the...
DXWordEXPO New York 2018, colocated with CloudEXPO New York 2018 will be held November 11-13, 2018, in New York City. Digital Transformation (DX) is a major focus with the introduction of DXWorldEXPO within the program. Successful transformation requires a laser focus on being data-driven and on using all the tools available that enable transformation if they plan to survive over the long term.
To Really Work for Enterprises, MultiCloud Adoption Requires Far Better and Inclusive Cloud Monitoring and Cost Management … But How? Overwhelmingly, even as enterprises have adopted cloud computing and are expanding to multi-cloud computing, IT leaders remain concerned about how to monitor, manage and control costs across hybrid and multi-cloud deployments. It’s clear that traditional IT monitoring and management approaches, designed after all for on-premises data centers, are falling short in ...
With privacy often voiced as the primary concern when using cloud based services, SyncriBox was designed to ensure that the software remains completely under the customer's control. Having both the source and destination files remain under the user?s control, there are no privacy or security issues. Since files are synchronized using Syncrify Server, no third party ever sees these files.
Mobile device usage has increased exponentially during the past several years, as consumers rely on handhelds for everything from news and weather to banking and purchases. What can we expect in the next few years? The way in which we interact with our devices will fundamentally change, as businesses leverage Artificial Intelligence. We already see this taking shape as businesses leverage AI for cost savings and customer responsiveness. This trend will continue, as AI is used for more sophistica...
"We are an integrator of carrier ethernet and bandwidth to get people to connect to the cloud, to the SaaS providers, and the IaaS providers all on ethernet," explained Paul Mako, CEO & CTO of Massive Networks, in this SYS-CON.tv interview at 21st Cloud Expo, held Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA.
I believe that this may finally be the year that the CIO role ‘crosses the Rubicon,' leaving behind its traditional, IT-focused orientation. But I don't believe that either of the previous predictions of this outcome — fading into oblivion or rising to a business executive level — is correct. Instead, I think this is the year that we will see the role of the CIO transformed into something altogether different.
Cloud-enabled transformation has evolved from cost saving measure to business innovation strategy -- one that combines the cloud with cognitive capabilities to drive market disruption. Learn how you can achieve the insight and agility you need to gain a competitive advantage. Industry-acclaimed CTO and cloud expert, Shankar Kalyana presents. Only the most exceptional IBMers are appointed with the rare distinction of IBM Fellow, the highest technical honor in the company. Shankar has also receive...
"Calligo is a cloud service provider with data privacy at the heart of what we do. We are a typical Infrastructure as a Service cloud provider but it's been designed around data privacy," explained Julian Box, CEO and co-founder of Calligo, in this SYS-CON.tv interview at 21st Cloud Expo, held Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA.
"NetApp is known as a data management leader but we do a lot more than just data management on-prem with the data centers of our customers. We're also big in the hybrid cloud," explained Wes Talbert, Principal Architect at NetApp, in this SYS-CON.tv interview at 21st Cloud Expo, held Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA.