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27.11.2015 14:55
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Valener and Gaz Métro report fiscal 2015 results
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Canada NewsWire
MONTREAL, Nov. 27, 2015
Valener: 50% increase in normalized operating cash flows
Gaz Métro: Record net income and 3.6% increase in distributions to Partners announced
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| FISCAL 2015 HIGHLIGHTS | |
| Valener | |
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| Gaz Métro | |
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MONTREAL, Nov. 27, 2015 /CNW Telbec/ - Valener Inc. (Valener) (TSX: VNR), the public investment vehicle in Gaz Métro Limited Partnership (Gaz Métro), today reported normalized operating cash flows of $58.6 million for fiscal 2015, or $1.53 per common share, up 50% from fiscal 2014, easily covering the dividend payment of $1.022 per common share.
"Fiscal 2015 was an excellent year for Valener. With the help of our partners, Gaz Métro and Boralex, we commissioned Wind Farm 4, adding 28 turbines and 68 MW of electric power generation capacity to the Seigneurie de Beaupré Wind Farms. What's more, Wind Farm 4 enjoyed favourable wind conditions throughout the year. Gaz Métro, our main investment, continues to grow and move forward with innovative initiatives," said Pierre Monahan, Chairman of Valener's board of directors. "It is this continued growth strategy that has allowed Gaz Métro to raise its distributions, benefitting Valener and allowing it to reaffirm its dividend increase with confidence."
For fiscal 2015, Valener recorded adjusted net income attributable to common shareholders of $45.3 million ($1.19 per common share) compared to $36.7 million ($0.97 per common share) in fiscal 2014. This $8.6 million increase ($0.22 per common share) stems from the excellent performance of the wind farms, which raised Valener's share in the net income of these operations by $4.5 million, as well as the increase in Gaz Métro's recurring net income.
| ______________________________ | |
| 1 | Non-Canadian-GAAP financial measures. |
| 2 | $0.25 per common share paid on October 15, 2014 and on January 15, 2015, and $0.26 per common share paid on April 15, 2015 and on July 15, 2015. |
| Note: A reconciliation of non-Canadian-GAAP financial measures is presented below. | |
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| Summary of Valener's results | ||||||||
| | Fiscal years ended September 30 | | | |||||
| | (in millions of dollars, unless otherwise indicated) | | 2015 | | 2014 | |||
| | Net income | | 47.1 | | 41.0 | |||
| | Net income attributable to common shareholders | | 42.8 | | 36.7 | |||
| | Adjusted net income attributable to common shareholders (1) | | 45.3 | | 36.7 | |||
| | Per common share (in $) | | 1.19 | | 0.97 | |||
| | Normalized operating cash flows (1) | | 58.6 | | 38.8 | |||
| | Per common share (in $) | | 1.53 | | 1.02 | |||
| (1) | These measures are non-Canadian-GAAP financial measures. A reconciliation of non-Canadian-GAAP financial measures is presented below. |
Financial initiatives
Valener subscribed to 4,482,188 Gaz Métro units for approximately $74 million as part of Gaz Métro's $255 million private placements of equity securities in fiscal 2015. Valener's economic interest in Gaz Métro remains unchanged.
For fiscal 2016, Valener is increasing its annualized dividend from $1.04 to $1.08 per common share and, as previously announced in February, expects to increase its annualized dividend by approximately 4% per year for the two subsequent years, that is, until 2018.
Seigneurie de Beaupré wind farms – Valener and Gaz Métro
| Phase | Wind | Installed | In service date | Total investment | Valener | Gaz Métro |
| I | 2 and 3 | 272 MW | Dec. 2013 | ~$750M | 24.5% | 25.5% |
| II | 4 | 68 MW | Dec. 2014 | ~$190M |
The commercial operation of these wind farms is moving ahead as planned, and as a result of favourable wind conditions, Seigneurie de Beaupré Wind Farms 2 and 3 General Partnership (Wind Farms 2 and 3) generated operating cash flows of $60.0 million in fiscal 2015. Wind Farms 2 and 3 paid a portion of these cash flows, and those accumulated last year, to its partners; it paid a first distribution of $19.1 million in February 2015 and another of $21.5 million in August 2015. Of these distributions, Valener and Gaz Métro received $9.9 million and $10.1 million, respectively, during fiscal 2015. Seigneurie de Beaupré Wind Farm 4 General Partnership (Wind Farm 4), which was commissioned in December 2014, generated $5.4 million in operating cash flows in fiscal 2015 and paid an initial distribution of $17.6 million in September on account of certain conditions surrounding its financing. Of that amount, Valener and Gaz Métro received $4.3 million and $4.5 million, respectively.
Wind Farms 2 and 3 generated 903,431 megawatthours (MWh) in 2015, a 40.0% increase from the 645,143 MWh produced last year, as a result of favourable wind conditions throughout the year and Wind Farms 2 and 3 running for a full 12 months, compared to just ten months in the previous year. Wind Farm 4 generated 180,214 MWh in fiscal 2015.
Finding opportunities to further develop the wind power potential of Seigneurie de Beaupré, for which Valener and Gaz Métro have a development agreement with Boralex, remains a priority as it represents an attractive avenue for growth.
Gaz Métro's results
Gaz Métro generated net income attributable to Partners, excluding non-recurring items, of $192.4 million, up $17.7 million, or 10.1%, as a result of the favourable effect of the stronger U.S. dollar compared to the Canadian dollar, solid results in our Quebec gas distribution operations and wind farms, as well as notable growth in liquefied natural gas shipments.
"Our transformative and innovative projects, focused on meeting our customers' needs, paid off this year: 2015 was an excellent year of consolidation and development for Gaz Métro," said Sophie Brochu, President and Chief Executive Officer at Gaz Métro. "We generated record net income for our Partners through our growth and diversification initiatives. The successful commissioning of Wind Farm 4 is a telling example: it has already paid out its first distribution in September. On the LNG side, sales continue to grow and our plant expansion project is moving forward according to plan. Our continued development rests on our ability to supply more natural gas and other forms of renewable energy in place of more emissive ones. "
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| Gaz Métro's segment results – Net income attributable to Partners, excluding non-recurring items | |||||||
| Fiscal years ended September 30 | | | | ||||
| (in millions of dollars) | 2015 | 2014 | Change | ||||
| Energy Distribution | | | | ||||
| | Gaz Métro-QDA | 115.5 | 111.0 | 4.5 | |||
| | GMP and VGS (1) | 57.3 | 58.2 | (0.9) | |||
| | Allowance related to the costs of the Addison project | 8.0 | - | 8.0 | |||
| | 180.8 | 169.2 | 11.6 | ||||
| Natural Gas Transportation (1) | 16.6 | 16.1 | 0.5 Werbung Mehr Nachrichten zur Valener Aktie kostenlos abonnieren
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