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07.08.2020 13:00
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Boralex increases its EBITDA(A) and pipeline of projects in the second quarter
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PR Newswire
MONTRÉAL, Aug. 7, 2020
Highlights of the second quarter of 2020
- Combined EBITDA(A) of $107 million, up $4 million, 4% higher than in the second quarter of 2019
- Combined wind power production higher than in the corresponding quarter of 2019 and in line with anticipated production(1)
- Total wind power production: Up 2% vs 2019 and in line with anticipated production.
- Wind power production in Canada: Up 4% vs 2019 and up 10% vs anticipated production.
- Wind power production in France: Down 2% vs 2019 and down 11% vs anticipated production.
- Service and maintenance optimization for wind farms totalling 412 MW of installed capacity
- Procedures taken to insource service and maintenance work for wind farms with a total installed capacity of 272 MW (136 MW net) in Canada and 67 MW in France
- New maintenance contracts signed for wind farms totalling 73 MW in France
- Addition of 103 MW to the pipeline (mainly early stage projects), 3 secured projects moving up from secured stage to ready-to-build stage in the Growth Path and commissioning of 15 MW wind farm
- 57 MW in solar power projects and 46 MW in wind power projects added mainly in early stage of the pipeline
- 3 secured projects, including two repowering projects, moving up from secured to ready-to-build phase
- Commissioning on August 1 of the 15 MW Santerre wind farm in France
- Boralex signs second Corporate Power Purchase Agreement
- Three-year contract starting on January 1, 2021 signed with Groupe Auchan in France for two existing wind farms whose contracts with EDF are ending, total installed capacity of 16 MW.
MONTRÉAL, Aug. 7, 2020 /PRNewswire/ - For the three-month period ended June 30, 2020, Boralex Inc. ("Boralex" or the "Corporation") (TSX: BLX) recorded energy sale revenues of $121 million ($151 million(2)), the same level as for the corresponding quarter of 2019 and up 2% on a combined basis. The Corporation's EBITDA(A) rose 4% (4%) over the second quarter of 2019.
"Our growth in results stems from increased wind power production in Canada and many operational and financial optimization initiatives put in place over the past year," said Patrick Lemaire, President and Chief Executive Officer of Boralex. "During challenging times of COVID-19, our teams across the company remained highly motivated and brought to work their greatest efforts and ingenuity to maintain our business operations and ensure the current and future growth of Boralex. We warmly thank them for their dedication."
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| (1) | Anticipated production is calculated using historical averages for older sites adjusted for planned facility commissioning and shutdowns, and production forecasts for the other sites. |
| (2) | The figures in brackets show the results on a Combined basis in comparison to those disclosed in accordance with IFRS. See "Combined - Non-IFRS measure" below. |
Second quarter highlights include the good performance by the Canadian wind power sector and a decrease in development expense thanks to tight cost controls during this period of uncertainty. Another significant item this quarter was maintenance optimization measures put in place for assets totalling 412 MW in Canada and France. Boralex is also pleased to have signed its second Corporate Power Purchase Agreement, with the Groupe Auchan in France, and is working on negotiating other agreements with major companies in France and the United States.
Regarding the Corporation's outlook, Mr. Lemaire noted that "we're actively pursuing the development of our project pipeline, which grew by 103 MW during the quarter, and submitting our projects to calls for tenders in France and New York State. We see strong potential in these two target markets given the public statements made by various levels of government about structuring recovery plans which are based on the accelerated development of renewable energy. We're also counting on our strong financial position to take advantage of opportunities for accretive acquisitions or partnerships that could arise in the coming months."
| Financial Highlights - Second quarter | | | ||||||
| For three-month periods ended June 30 | | | | | | | ||
| | IFRS | Combined(1) | ||||||
| (in millions of Canadian dollars, unless otherwise specified) (unaudited) | 2020 | 2019 | Change | 2020 | 2019 | Change | ||
| | | $ | % | | | $ | % | |
| Power production (GWh)(2) | 937 | 1,009 | (72) | (7) | 1,217 | 1,267 | (50) | (4) |
| Revenues from energy sales and feed-in premium | 121 | 121 | — | — | 151 | 148 | 3 | 2 |
| EBITDA(A)(1) | 86 | 83 | 3 | 4 | 107 | 103 | 4 | 4 |
| Net loss | (6) | (15) | 9 | 57 | (5) | (15) | 10 | 67 |
| Net loss attributable to shareholders of Boralex | (6) | (13) | 7 | 49 | (5) | (13) | 8 | 60 |
| Per share - basic and diluted | ($0.07) | ($0.14) | $0.07 | 51 | ($0.05) | ($0.14) | $0.09 | 64 |
| Net cash flows related to operating activities | 98 | 113 | (15) | (13) | 119 | 124 | (5) | (5) |
| Cash flows from operations(1) | 51 | 55 | (4) | (5) | 66 | 59 | 7 | 12 |
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| | Three-month periods ended Werbung Mehr Nachrichten zur Boralex A Aktie kostenlos abonnieren
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