Atlantic Power Corporation (NYSE: AT) (TSX: ATP) (“Atlantic
Power” or the “Company”) today announced its results for the
quarter and year ended December 31, 2010. All amounts are in U.S.
dollars unless otherwise indicated. Please see “Regulation G
Disclosures” attached to this news release for an explanation and
US GAAP reconciliation of the terms “EBITDA”, “Adjusted EBITDA” and
“Cash Available for Distribution” as used in this news release.
Highlights
- 6% increase in Adjusted EBITDA in 2010
compared to the prior year
- $83 million of distributions from our
projects exceeded 2010 guidance
- Maintaining our guidance that projected
cash flows are sufficient to meet our current level of dividends
into 2016 with no further acquisitions or organic growth
- Completed NYSE listing and subsequently
raised $150 million in successful equity and convertible debenture
offerings
- Completed project-level bank financing
and commenced construction on our first greenfield biomass project
to be completed in late 2012
- Construction completed in early 2011 on
our first wind project investment
- Acquired Cadillac Renewable Energy, a
39.6 MW biomass facility in Cadillac, Michigan
“This year we had some significant milestones for the continued
growth of Atlantic Power,” said Barry Welch, Atlantic Power’s
President and CEO. “Our NYSE listing increased the liquidity of our
shares as well as our access to capital in the United States, which
we leveraged with a cross border public offering in the U.S. and
Canada. The proceeds from that offering supported the
diversification of our portfolio into the renewable space with the
acquisition of Cadillac, the completed construction of Idaho Wind
and the groundbreaking at Piedmont Green Power. With the one-year
extension of the federal stimulus grant for renewable projects, we
are excited about the prospects of additional opportunities in the
wind and biomass space.”
Operating Performance
Project Adjusted EBITDA, including earnings from equity
investments, increased by $0.7 million to $33.8 million for
the quarter ended December 31, 2010 compared to $33.1 million for
the quarter ended December 31, 2009. The increase was attributable
to several factors, including:
- increased EBITDA of $2.9 million at
Lake due to lower fuel expense attributable to lower price and
volume of hedged gas;
- increased EBITDA of $0.7 million at
Pasco primarily attributable to the maintenance outage during the
fourth quarter of 2009; and
- decreased EBITDA of $2.6 million at
Auburndale due primarily to higher maintenance costs and longer
scheduled down-time during a planned fourth quarter 2010
outage.
Project Adjusted EBITDA, including earnings from equity
investments, increased by $8.4 million to $152.6 million for
the year ended December 31, 2010 compared to $144.2 million for the
year ended December 31, 2009. The increase was attributable to
several factors, including:
- increased EBITDA of $6.1 million at
Lake due to earnings from favorable off-peak dispatch during the
summer months and annually increased contractual capacity payments
under the project’s PPA;
- increased EBITDA of $5.7 million at
Chambers due to lower operations and maintenance costs in 2010 as
compared to 2009 which had a planned major steam turbine generator
outage, as well as higher generation due to better market
prices;
- increased EBITDA of $1.4 million at
Pasco primarily attributable to the maintenance outage during the
year ended December 31, 2009; partially offset by
- decreased EBITDA of $1.0 million at
Auburndale due to higher maintenance costs in 2010 and longer
scheduled down-time during a planned outage, partially offset by
higher contractual capacity payments under the project's PPA;
- the absence of Rumford EBITDA as the
project was sold in the fourth quarter of 2010; and
- the absence of Stockton and
Mid-Georgia’s EBITDA as both projects were sold in the fourth
quarter of 2009.
Cash Available for Distribution
For the year ended December 31, 2010, Cash Available for
Distribution was $65.5 million compared to $66.3 million
for the year ended December 31, 2009.
Our payout ratio for 2010 was 100%, which was in line with our
expectations and previous guidance.
From an overall cash flow perspective, cash flow from operating
activities increased by $36.5 million for the year ended December
31, 2010 over the comparable period in 2009. The change from the
prior year is primarily attributable to a significant decrease in
cash interest expense as a result of our common share conversion in
November of 2009, which eliminated Cdn$348 million ($328 million)
of outstanding subordinated notes, as well as higher Project
Adjusted EBITDA described above and $8 million in net cash tax
refunds.
Growth in 2010
Idaho Wind Commercially Operational
On July 2, 2010, we acquired a 27.6% interest in Idaho Wind
Partners (“Idaho Wind”) for $38.9 million and approximately $3.1
million in transaction costs. In early 2011, Idaho Wind completed
construction of its 183-MW wind power project located near Twin
Falls, Idaho. The project’s 11 wind farms are powered by 122 of GE
Energy’s 1.5 MW wind turbines, the most widely installed turbine in
the world. Construction was completed and delivered on schedule by
Fagen Inc. a leading engineering, procurement and construction
firm. Idaho Wind has 20-year power purchase agreements with Idaho
Power Company under which all electricity produced by the wind
farms will be sold at fixed prices as scheduled in the projects’
PPAs.
Idaho Wind was funded, in conjunction with our partners, with a
$221.7 million project-level credit facility. The facility is
composed of two tranches, which includes a $138.5 million
construction loan that will convert to a 17-year term loan
following commercial operation and a $83.2 million cash grant
bridge facility which will be repaid with federal stimulus grant
proceeds expected in the second quarter of 2011.
In 2010, we made a short-term $22.8 million loan to Idaho Wind
to provide temporary funding for construction of the project until
a portion of the project-level construction financing is completed.
The loan is expected to be repaid in 2011 with a combination of
excess proceeds from the federal stimulus cash grant after repaying
the cash grant loan facility, funds from a third closing for
additional project debt, and project cash flow. The federal
stimulus grant is expected in the second quarter of 2011 and a
third closing is expected by the end of the year. As of March 18,
2011, $5.1 million of the loan has been repaid to us. The
outstanding loan bears interest at a prime rate plus 10% (13.25% as
of December 31, 2010).
Cadillac Renewable Energy Acquisition
On December 21, 2010, we acquired 100% of Cadillac Renewable
Energy, LLC (“Cadillac”), which owns and operates a 39.6 MW wood
fired facility located in Cadillac, Michigan.
The purchase price was $80.1 million, inclusive of customary
working capital adjustments, and was funded by $37 million of cash
on hand and $43.1 million of assumed non-recourse, project-level
debt, which fully amortizes through the term of the power purchase
agreement (“PPA”). Operations and maintenance will be managed by
Rollcast Energy, Atlantic Power’s majority-owned affiliate. The
Company expects to receive distributions from the project in the
range of $3.5 million to $4.5 million per year, starting in
2011.
Piedmont Green Power Financing and Groundbreaking
In November 2010, we closed the construction and term financing
for the Piedmont Green Power project, a 53.5 MW biomass
project located in Barnesville, Georgia. Total project costs of
approximately $207.4 million were financed in part with an $82.0
million construction loan which will convert to a term loan upon
commercial operation, a $51.0 million bridge loan and approximately
$75 million of equity to be contributed by Atlantic Power. The
bridge loan will be repaid from the proceeds of a federal grant,
which is expected to be received two months after achieving
commercial operation. Construction of the project, headed by Zachry
Industrial, commenced immediately following the financial closing.
Piedmont has a 20-year PPA with Georgia Power Company which
includes fixed capacity payments and variable energy payments with
an adjustment related to the cost of biomass fuel for the plant. As
of March 18, 2011 we have contributed $68.5 million in equity to
the project. Cash distributions to the Company from the project are
expected to average $8 million to $10 million for each full year of
project operation after completion of construction in late
2012.
Expanded shareholder access and first cross-border capital
raise
NYSE Listing
On July 23, 2010, our shares commenced trading on the NYSE,
bringing many benefits including enhanced trading liquidity,
increased shareholder access to our securities and additional
access to competitively-priced public capital to finance our growth
strategies.
Public Offerings
On October 20, 2010, we completed a public offering of 6,029,000
common shares, including 784,000 common shares issued pursuant to
the exercise in full of the underwriters' over-allotment option, at
a price of $13.35 per common share. We received net proceeds from
the common share offering, after deducting the underwriting
discounts and expenses, of approximately $75.3 million.
On October 20, 2010, we also completed a public offering of
Cdn$80.5 million ($78.9 million) of convertible unsecured
subordinated debentures, including Cdn$10.5 million ($10.3 million)
aggregate principal amount of debentures pursuant to the exercise
in full of the underwriters' over-allotment option. The debentures
bear interest at a rate of 5.60% and will mature on June 30, 2017
unless earlier redeemed. We received net proceeds from the
debenture offering, after deducting the underwriting discounts and
expenses, of approximately Cdn$76.1 million ($74.6 million).
As of March 18, 2011, the net proceeds of approximately $150
million from the two public offerings had been used as follows:
- $20 million to partially fund the
acquisition of Idaho Wind;
- $68.5 million to fund our equity
contribution to the Piedmont Green Power biomass project, with an
additional $6.5 million allocated for additional equity
contributions;
- $37 million to fund our acquisition of
Cadillac Renewable Energy, LLC; and
- The remaining net proceeds of
approximately $18 million have been retained for general corporate
purposes and continued execution of our growth strategy.
As of March 18, 2011, we had outstanding 68,108,042 common
shares (NYSE: AT; TSX: ATP), Cdn$49.6 million principal amount of
6.50% convertible secured debentures due October 31, 2014 (TSX:
ATP.DB), Cdn$76.7 million principal amount of 6.25%
convertible debentures due March 15, 2017 (TSX: ATP.DB.A) and
Cdn$80.5 million principal amount of 5.60% convertible debentures
due June 30, 2017 (TSX: ATP.DB.B).
Recent Developments
Impairment of Topsham and Badger Creek/Topsham PSA
During the three months ended December 31, 2010, we reviewed the
recoverability of our 50.0% equity investments in the Topsham and
Badger Creek projects. These two projects combined have
historically represented approximately 3% of our Project Adjusted
EBITDA.
The review at Topsham was undertaken as a result of sale
negotiations relating to our lessor interest in the project. At
Badger Creek, the review was undertaken as a result of the
project’s recent discussions with utilities in California, the
current status of the regulatory proceedings related to contract
pricing for qualified facilities in California and recent
comparable market transactions in the region.
Based on these reviews we determined that the carrying value of
the Topsham and Badger Creek projects were impaired and recorded a
pre-tax long-lived asset impairment of $2.0 million and $1.2
million, respectively, during the fourth quarter of 2010. The
Topsham and Badger Creek projects are accounted for under the
equity method of accounting and the impairment charges are included
in equity in earnings of unconsolidated affiliates in the
consolidated statements of operations.
On February 28, 2011, we entered into a purchase and sale
agreement with a third party for the purchase of our lessor
interest in Topsham. Closing of the transaction is expected to
occur in the second quarter of 2011.
Guidance
Based on actual performance to date and projections for the
remainder of the year, we expect to receive distributions from our
projects in the range of $80 million to $90 million for
the full year 2011 compared to $83 million in 2010. We expect
overall levels of operating cash flows in 2011 to be improved over
actual 2010 levels. Higher distributions from existing projects,
initial distributions from our recent investments in Idaho Wind and
Cadillac, and a slightly lower payment under the management
termination agreement are expected to be partially offset by the
non-recurrence of the cash tax refunds in 2010. These increased
cash flows in 2011, combined with the impact of our recent public
offering, are expected to result in a payout ratio of approximately
100% to 105% in 2011. In 2012, additional increases in
distributions from projects are expected to further increase
operating cash flow compared to 2011. The most significant factor
in the expected higher operating cash flow in 2012 is increased
distributions from Selkirk following the final payment of its
non-recourse project level debt in 2012.
Based on management’s cash flow projections, we believe the
current level of dividends is sustainable into 2016 before
considering any positive impact from potential future acquisitions
or organic growth opportunities.
The calculation of Cash Available for Distribution and a summary
of Adjusted EBITDA by individual project for the quarter and year
ended December 31, 2010 are attached to this news release.
Investor Conference Call and Webcast
A telephone conference call hosted by Atlantic Power's
management team will be held on Monday, March 21, 2011 at
10:00 AM ET. The telephone numbers for the conference call are:
Local/International: (416) 849-2698, North American Toll Free:
(866) 400-2270. The Conference Call will also be broadcast over
Atlantic Power's website at www.atlanticpower.com. Please call or
log in 10 minutes prior to the call. The telephone numbers to
listen to the conference call after it is completed (Instant
Replay) are Local/International: (416) 915-1035, North American
Toll Free (866) 245-6755. Please enter the passcode 48946# when
instructed. The conference call will also be archived on Atlantic
Power's web site.
About Atlantic Power
Atlantic Power Corporation owns and operates a diverse fleet of
power generation and infrastructure assets in the United States.
Our power generation projects sell electricity to utilities and
other large commercial customers under long-term power purchase
agreements, which seek to minimize exposure to changes in commodity
prices. Our power generation projects in operation have an
aggregate gross electric generation capacity of approximately 1,962
megawatts in which our ownership interest is approximately 878 MW.
Our corporate strategy is to generate stable cash flows from our
existing assets and to make accretive acquisitions to sustain our
dividend payout to shareholders, which is currently paid monthly at
an annual rate of Cdn$1.094 per share. Our current portfolio
consists of interests in 13 operational power generation projects
across ten states, one biomass project under construction in
Georgia, and a 500 kilovolt 84-mile electric transmission line
located in California. Atlantic Power also owns a majority interest
in Rollcast Energy, a biomass power plant developer with several
projects under development.
Atlantic Power trades on the New York Stock Exchange under the
symbol AT, on the Toronto Stock Exchange under the symbol ATP and
has a market capitalization of approximately $1.0 billion. For more
information, please visit the Company’s website at
www.atlanticpower.com.
Forward-looking Statements
Certain statements in this news release may constitute
“forward-looking statements”, which reflect the expectations of
management regarding the future growth, results of operations,
performance and business prospects and opportunities of our Company
and our projects. These statements, which are based on certain
assumptions and describe our future plans, strategies and
expectations, can generally be identified by the use of the words
"may," "will," "project," "continue," "believe," "intend,"
"anticipate," "expect" or similar expressions that are predictions
of or indicate future events or trends and which do not relate
solely to present or historical matters. Examples of such
statements in this press release include, but are not limited, to
statements with respect to the following:
- The belief that, based on management’s
cash flow projections, the current level of dividends is
sustainable into 2016 without additional acquisitions or organic
growth opportunities;
- The expectation that distributions from
our projects will be in the range of $80 million to
$90 million for the full year 2011;
- The expectation that overall levels of
operating cash flows in 2011 will be improved over actual 2010
levels;
- The expectation that the payout ratio
in 2011 will be approximately 100%-105% and that improvements in
cash flow and payout ratio are expected in 2012;
- The expectation that we will receive
distributions from Cadillac in the range of $3.5 million to $4.5
million per year beginning in 2011;
- The expectation that cash distributions
from Piedmont are expected to average $8 million to $10 million for
each full year of project operation;
- The expectation that the total project
costs for Piedmont will be $207.4 million; and
- The expectation that Piedmont will
complete construction in late 2012.
Forward-looking statements involve significant risks and
uncertainties, should not be read as guarantees of future
performance or results, and will not necessarily be accurate
indications of whether or not or the times at or by which such
performance or results will be achieved. Please refer to the
factors discussed under "Risk Factors" in the Company's periodic
reports as filed with the Securities and Exchange Commission from
time to time for a detailed discussion of the risks and
uncertainties affecting our Company. Although the forward-looking
statements contained in this news release are based upon what are
believed to be reasonable assumptions, investors cannot be assured
that actual results will be consistent with these forward-looking
statements, and the differences may be material. These
forward-looking statements are made as of the date of this news
release and, except as expressly required by applicable law, the
Company assumes no obligation to update or revise them to reflect
new events or circumstances. The financial outlook information
contained in this news release is presented to provide readers with
guidance on the cash distributions expected to be received by the
Company and to give readers a better understanding of the Company’s
ability to pay its current level of distributions into the future.
Readers are cautioned that such information may not be appropriate
for other purposes.
Atlantic Power Corporation Consolidated Balance Sheets
(in thousands of U.S. dollars)
December 31,
December 31,
2010
2009
Assets Current assets: Cash and cash equivalents $
45,497 $ 49,850 Restricted cash 15,744 14,859 Accounts receivable
19,362 17,480
Note receivable - related party
22,781 -
Current portion of derivative instruments
asset
8,865 5,619 Prepayments, supplies, and other 4,889 3,019
Deferred income taxes
- 17,887
Refundable income taxes
1,593
10,552 Total current assets
118,731 119,266
Property, plant, and equipment, net
275,421 193,822
Transmission system rights
188,134 195,984
Equity investments in unconsolidated
affiliates
294,805 259,230
Other intangible assets, net
88,462 71,770
Goodwill
12,453 8,918
Derivative instruments asset
17,884 14,289 Other assets
17,122 6,297
Total assets
$
1,013,012 $
869,576 Liabilities Current
Liabilities: Accounts payable and accrued liabilities $ 20,530 $
21,661
Current portion of long-term debt
21,587 18,280
Current portion of derivative instruments
liability
10,009 6,512
Interest payable on convertible
debentures
3,078 800 Dividends payable 6,154 5,242 Other current liabilities
5
752 Total current liabilities
61,363 53,247
Long-term debt
244,299 224,081
Convertible debentures
220,616 139,153
Derivative instruments liability
21,543 5,513
Deferred income taxes
29,439 28,619 Other non-current liabilities 2,376 4,846
Commitments and contingencies
Shareholder' Equity
Common shares
626,108 541,917
Accumulated other comprehensive loss
255 (859 ) Retained deficit
(196,494 )
(126,941 ) Total Atlantic Power
Corporation shareholders' equity
429,869
414,117
Noncontrolling interest
3,507
- Total equity
433,376
414,117 Total liabilities and equity
$ 1,013,012
$ 869,576
Atlantic Power Corporation
Consolidated Statements of Operations
(in thousands of U.S. dollars)
Years ended Dec. 31,
Three months
ended Dec. 31,
2010
2009
2008
2010
2009
Project revenue: Energy sales $ 69,116 $ 58,953 $ 64,237 $
13,831
$ 14,143 Energy capacity revenue 93,567 88,449 77,691 23,982 22,112
Transmission services 31,000 31,000 31,528 7,814 7,792 Other
1,573 1,115
356 465 309
195,256 179,517 173,812 46,092 44,356 Project expenses: Fuel
65,553 59,522 55,366 13,947 16,267 Operations and maintenance
26,506 24,038 17,711 10,332 8,283 Project operator fees and
expenses 4,731 4,115 3,727 1,657 1,316 Depreciation and
amortization 40,387
41,374 29,528 10,163
10,067 137,177 129,049 106,332 36,099
35,933 Project other income (expense): Change in fair value
of derivative instruments (14,047 ) (6,813 ) (16,026 ) 6,899 (7,524
) Equity in earnings of unconsolidated affiliates 13,777 8,514
1,895 1,227 8,191 Gain on sales of equity investments, net 1,511
13,780 - 1,511 13,780 Interest expense, net (17,660 ) (18,800 )
(17,709 ) (4,776 ) (4,955 ) Other income, net
219 1,266 5,366
(14 ) 61
(16,200 ) (2,053 ) (26,474 )
4,847 9,553 Project
income 41,879 48,415 41,006 14,840 17,976 Administrative and other
expenses (income): Management fees and administration 16,149 26,028
10,012 4,103 17,637 Interest, net 11,701 55,698 43,275 3,682 24,243
Foreign exchange (gain) loss (1,014 ) 20,506 (47,247 ) (1,193 )
(1,528 ) Other (income) expense, net (26 )
362 425 -
410 26,810
102,594 6,465
6,592 40,762 Income (loss) from
operations before income taxes 15,069 (54,179 ) 34,541 8,248
(22,786 ) Income tax expense (benefit) 18,924
(15,693 ) (13,560 )
6,819 (6,589 ) Net (loss) income (3,855
) (38,486 ) 48,101 1,429 (16,197 ) Net (loss) income attributable
to noncontrolling interest (103 ) -
- 125 - Net
(loss) income attributable to Atlantic Power Corporation $ (3,752 )
$ (38,486 ) $ 48,101 $ 1,304 $ (16,197 )
Net (loss) income per share attributable
to Atlantic Power Corporation Shareholders:
Basic $ (0.06 ) $ (0.63 ) $ 0.78 $ 0.02 $ (0.27 ) Diluted $ (0.06 )
$ (0.63 ) $ 0.73 $ 0.02 $ (0.27 )
Atlantic Power Corporation
Consolidated Statements of Cash
Flows (in thousands of U.S. dollars)
Years
ended December 31,
2010 2009
2008 Cash flows from operating
activities: Net loss $
(3,855
) $ (38,486 ) $ 48,101 Adjustments to reconcile to net cash
provided by operating activities: Depreciation and amortization
40,387 41,374 29,528 Common share conversions recorded in interest
expense - 4,508 - Subordinated note redemption premium recorded in
interest expense - 1,935 - Long-term incentive plan expense 4,497 -
- (Gain) loss on sale of assets (1,511 ) (12,847 ) (5,163 )
Earnings from unconsolidated affiliates
(16,913
) (14,213 ) (1,895 ) Impairment of equity investments 3,136 5,500 -
Distributions from unconsolidated affiliates 16,843 27,884 41,031
Unrealized foreign exchange loss 5,611 24,370 (39,203 ) Change in
fair value of derivative instruments 14,047 6,813 16,026 Change in
deferred income taxes 17,964 (6,436 ) (14,009 ) Other (210 ) 106 27
Change in other operating balances Accounts receivable 1,729 10,520
216 Prepayments, refundable income taxes and other assets 9,311
(3,454 ) 12,229 Accounts payable and accrued liabilities (6,551 )
2,959 (20 ) Other liabilities
2,468 (84
) (9,080
) Net cash provided by operating activities 86,953
50,449 77,788 Cash flows (used in) provided by investing
activities: Acquisitions and investments, net of cash acquired
(78,180 ) (3,068 ) (141,688 ) Short-term loan to Idaho Wind (22,781
) - - Change in restricted cash 945 575 6,335 Biomass development
costs (2,286 ) - - Proceeds from sale of assets 2,000 29,467 7,889
Purchase of property, plant and equipment (46,695 ) (2,016 ) (1,102
) Purchases of auction rate securities - - (75,518 ) Sales of
auction rate securities
-
-
75,518 Net cash (used in) provided by
investing activities (146,997 ) 24,958 (128,566 ) Cash flows
(used in) provided by financing activities: Proceeds from issuance
of convertible debenture, net of offering costs 74,575 - - Proceeds
from issuance of equity, net of offering costs 72,767 - - Deferred
financing costs (7,941 ) - Repayment of project-level debt (18,882
) (12,744 ) (22,275 ) Proceeds from revolving credit facility
borrowings 20,000 - 55,000 Repayments of revolving credit facility
borrowings (20,000 ) (55,000 ) - Dividends paid (65,028 ) (24,955 )
(24,612 ) Equity contribution from noncontrolling interest 200 - -
Proceeds from issuance of project level debt - 78,330 35,000
Redemption of IPSs under normal course issuer bid - (3,369 ) (1,612
) Redemption of subordinated notes - (40,638 ) (3,064 ) Costs
associated with common share conversion
- (4,508
) - Net cash
provided by (used in) financing activities
55,691
(62,884 )
38,437 Net (decrease) increase in cash and cash
equivalents (4,353 )
12,523 (12,341 ) Cash and cash
equivalents at beginning of period
49,850 37,327
49,668 Cash and
cash equivalents at end of period
$
45,497 $ 49,850
$ 37,327 Supplemental cash flow
information Interest paid $ 26,687 $ 69,186 $ 72,129 Income taxes
paid (refunded), net $ (8,000 ) $ (216 ) $ 2,418
Regulation G Disclosures
Cash Available for Distribution is not a measure recognized
under U.S. generally accepted accounting principles (“GAAP”) and
does not have a standardized meaning prescribed by GAAP. Management
believes Cash Available for Distribution is a relevant supplemental
measure of the Company’s ability to earn and distribute cash
returns to investors. A reconciliation of Cash Flows from Operating
Activities to Cash Available for Distributions is provided below.
Investors are cautioned that the Company may calculate this measure
in a manner that is different from other companies.
Adjusted EBITDA, earnings before interest, taxes, depreciation
and amortization (including non-cash impairment charges), is not a
measure recognized under GAAP and is therefore unlikely to be
comparable to similar measures presented by other issuers and does
not have a standardized meaning prescribed by GAAP. Management uses
Adjusted EBITDA at the Project-level to provide comparative
information about project performance. A reconciliation of Project
Adjusted EBITDA to project income is provided on the following
page. Investors are cautioned that the Company may calculate this
measure in a manner that is different from other issuers.
Atlantic Power Corporation Cash Available for
Distribution (In thousands of U.S. dollars, except as
otherwise stated)
(unaudited)
Year ended December 31, (in thousands of U.S. dollars,
except as otherwise stated) 2010
2009
2008 Cash flows from operating activities $ 86,953 $ 50,449
$ 77,788 Project-level debt repayments (18,882 ) (12,744 ) (22,275
) Interest on IPS portion of subordinated notes(1) - 30,639 36,560
Purchases of property, plant and equipment(2)
(2,549 ) (2,016 )
(1,102 ) Cash Available for
Distribution 65,522 66,328 90,971 Interest on subordinated
notes - 30,639 36,560 Dividends on common shares
65,648
27,988 24,692
Total distributions to shareholders $ 65,648 $ 58,627 $ 61,252
Payout ratio 100 % 88 % 67 %
Expressed in
Cdn$ Cash Available for Distribution 67,540 75,673 97,102
Total common share distributions
67,914 66,325
65,143 (1)
Prior to the common share conversion in November 2009, a portion of
our monthly distribution to IPS holders was paid in the form of
interest on the subordinated notes compromising a part of the IPSs.
Subsequent to the conversion, the entire monthly cash distribution
is paid in the form of a dividend on our common shares. (2)
Excludes construction-in-progress costs related to our Piedmont
biomass project.
Atlantic Power Corporation
Project Adjusted EBITDA (in thousands
of U.S. dollars)
Three months
Year ended Dec.31,
ended Dec. 31
2010
2009
2008
2010
2009
Project Adjusted EBITDA by individual
segment
Auburndale $ 34,232 $ 35,221 $ 4,461 4,412 $ 6,967 Lake 31,428
25,378 32,892 7,491 4,629 Pasco 4,712 3,299 21,953 960 183 Path 15
28,639 27,691 28,872 7,291 6,797 Chambers
19,344 13,595
27,603 4,564 4,270
Total 118,355 105,184 115,781 24,718 22,846
Other Project Assets Segment
Mid-Georgia - 2,509 4,206 - 466 Stockton - (675 ) 1,780 -
384
Badger Creek 3,062 3,245 3,762 853 780 Koma Kulshan 812 822 912 206
346
Orlando 7,883 8,858 8,206 2,027 2,773 Topsham 1,890 1,879 2,629 512
346
Delta Person 1,849 894 2,012 484 - Gregory 4,822 4,482 5,236 1,166
1,257 Rumford (7 ) 2,590 2,395 - 627 Selkirk 14,931 15,059 19,104
3,948 3,552 Rollcast (987 )
(234
)
-
(359
)
(112
)
Onondaga - - 7,865 -
-
Other (26 ) (434 )
801 211
(212 ) Total adjusted EBITDA from Other Project Assets segment
34,229 38,995 58,908 9,048 10,207
Project income
Total adjusted EBITDA from all Projects 152,584 144,179 174,689
33,766 33,053 Depreciation and Amortization 65,791 67,643 60,125
16,460 15,878 Interest expense, net 23,628 31,511 30,316 5,844
8,111 Change in the fair value of derivative instruments 17,643
5,047 29,914 (5,792 ) 6,578 Other (income) expense
3,643 (8,437 )
13,328 2,414
(15,490 ) Project income as reported in the statement of operations
$ 41,879 $
48,415
$
41,006 $ 14,840 $ 17,976
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