BOSTON, Aug. 12, 2011 /PRNewswire/ -- Atlantic
Power Corporation (NYSE: AT) (TSX: ATP) ("Atlantic Power" or the
"Company") today announced its results for the three and six months
ended June 30, 2011. 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," "Project Adjusted EBITDA" and "Cash Available for
Distribution" as used in this news release.
(Logo:
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Highlights
- Financial results in line with expectations
- Maintaining 2011 project cash flow and payout ratio
guidance
- Announced agreement to acquire Capital Power Income L.P.
("CPILP") and expect the transaction to close in Q4 2011
- Maintaining guidance to sustain current level of dividends into
2016, without including the positive impact of CPILP or any other
acquisition
"We are pleased that the results for the quarter met our
expectations and are in line with our guidance for the year,"
commented Barry Welch, President and
CEO. "Our big news for the second quarter was the
announcement of the plan to acquire Capital Power Income L.P.
Investors can look forward to the benefits of a larger, more
diversified company with significantly strengthened dividend
sustainability along with our intended 5% dividend increase
following closing in the fourth quarter. We have been diligently
working on the approvals required to bring the proposed transaction
to a shareholder vote, including the filing of a joint proxy on
July 25. The preliminary
integration of the businesses is also progressing well, which helps
to assure we can hit the ground running at the time of
closing."
Operating Performance
Project Adjusted EBITDA, including earnings from equity
investments, increased by $4.4 million to $42.9 million for the quarter ended
June 30, 2011 compared to
$38.5 million for the same
period last year. The change is in line with management's
expectations and the primary drivers behind the increase were:
- contributions from the Cadillac Renewable facility, which was
acquired in December 2010;
- contributions from Idaho Wind, which became operational in the
first quarter of 2011;
- increased earnings at Auburndale due to the annual contractual
escalation of capacity payments, as well as favorable gas
transportation costs; and
- increased earnings at Lake due to decreased fuel costs
attributable to the lower natural gas swap prices.
These increases were partially offset by:
- lower capacity payments at Badger Creek under the new one year
interim power purchase agreement entered into in April 2011; and
- higher operation and maintenance costs at Orlando attributable to a planned gas turbine
overhaul in 2011.
Project Adjusted EBITDA, including earnings from equity
investments, increased by $1.6 million to $78.9 million for the six months ended
June 30, 2011 compared to
$77.3 million for the same
period last year. The increase in EBITDA was attributable to
the same factors provided in the analysis above in the results for
the quarter ended June 30, 2011.
These increases were offset by the factors mentioned above,
and additional offsets included:
- lower capacity revenue at Selkirk due to a planned outage that
was longer than expected and resulted in a delay in recognition of
capacity payments until the third quarter of 2011;
- higher operations and maintenance expenses at Pasco attributable to the unplanned
replacement of gas turbine components during a maintenance
outage;
- higher fuel costs and lower dispatch at Gregory; and
- lower dispatch at Chambers.
Cash Available for Distribution
For the three and six months ended June
30, 2011, Cash Available for Distribution increased by
$10.5 million and $9.3 million, respectively, compared to the prior
year. The payout ratio for the six months ended June 30, 2011 was 111% compared to 125% for the
same period in 2010. The decrease in the payout ratio is
attributable to the increase in EBITDA previously described and the
release of $4.1 million previously
trapped cash at Selkirk. The current payout ratio and project
distributions are in line with expectations and previous guidance
for the full year 2011.
The calculation of Cash Available for Distribution (in both US$
and Cdn$) and a summary of Project Adjusted EBITDA by individual
project for the three and six months ended June 30, 2011 are attached to this news
release.
Capital Power Income L.P.
On June 20, 2011, Atlantic Power,
CPILP, CPI Income Services Ltd., the general partner of CPILP, and
CPI Investments Inc., a unitholder of CPILP that is owned by EPCOR
Utilities Inc. and Capital Power Corporation, entered into an
Arrangement Agreement, which provides that Atlantic Power will
acquire, directly or indirectly, all of the issued and outstanding
CPILP units pursuant to the Plan of Arrangement under the Canada
Business Corporations Act. Under the terms of the Plan of
Arrangement, CPILP unitholders will be permitted to exchange each
of their CPILP units for, at their election, Cdn$19.40 in cash or 1.3 Atlantic Power common
shares. All cash elections will be subject to proration if total
cash elections exceed approximately Cdn$506.5 million and all share elections will be
subject to proration if total share elections exceed approximately
31.5 million Atlantic Power common shares.
The completion of the Plan of Arrangement is subject to the
receipt of all necessary court and regulatory approvals in
Canada and the United States and certain other closing
conditions. Atlantic Power and CPILP currently expect to complete
the Plan of Arrangement in the fourth quarter of 2011, subject to
receipt of required shareholder/unitholder, court and regulatory
approvals and the satisfaction or waiver of conditions to the Plan
of Arrangement described in the Arrangement Agreement.
Atlantic Power filed a preliminary joint proxy
statement/circular with the SEC relating to the proposed
transaction on July 25, 2011.
When available, additional information will be available in
the Atlantic Power/CPILP definitive joint proxy statement/circular
that we intend to file with the SEC . The definitive joint
proxy statement/circular will be available on SEDAR at
www.sedar.com, on EDGAR at www.sec.gov/edgar.shtml under "Atlantic
Power Corporation" or on the Company's website. See "Additional
Information" below.
Guidance
Based on our actual performance to date and projections for the
remainder of the year, we continue to expect to receive
distributions from our projects in the range of $80 million to
$90 million for the full year 2011. 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 investment in Idaho Wind and
Cadillac, and a slightly lower payment under the management
termination agreement are expected to be partially offset by the
one-time cash tax refund of $8.0 million received in 2010. These
increased operating cash flows in 2011, combined with the impact of
our public offerings in 2010, are expected to result in a payout
ratio of approximately 100% to 105% in 2011 subject to the
financial performance of our projects. 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 projectlevel 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 impacts from the acquisition of CPILP,
other potential future acquisitions or organic growth
opportunities.
Outstanding Common Shares and Convertible Debentures
As of August 12, 2011, we had
68,964,741 common shares, Cdn$45.2 million principal amount of 6.50%
convertible secured debentures due October 31, 2014,
Cdn$72.4 million principal
amount of 6.25% convertible debentures due March 15, 2017, and
Cdn$80.5 million principal
amount of 5.60% convertible debentures due June 30, 2017
outstanding. Holders of common shares currently receive a monthly
dividend at an annual rate of Cdn$1.094 per common share.
Investor Conference Call and Webcast
A telephone conference call hosted by Atlantic Power's
management team will be held on Monday, August 15, 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. 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
80924# when instructed. The conference call will also be archived
on Atlantic Power's website.
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 1,948 megawatts in which our
ownership interest is approximately 871 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 12 operational power
generation projects across nine states, one biomass project under
construction in Georgia, and an
84-mile, 500 kilovolt 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 or
contact:
Atlantic Power Corporation
Barry Welch, President & Chief
Executive Officer
(617) 977-2700
info@atlanticpower.com
Copies of financial data and other publicly filed documents are
available on SEDAR at www.sedar.com or on EDGAR at
www.sec.gov/edgar.shtml under "Atlantic Power Corporation" or on
the Company's website.
Additional Information
This communication may be deemed to be solicitation materials
with respect to the Plan of Arrangement with CPILP. In
connection with the Plan of Arrangement, Atlantic Power filed a
preliminary joint proxy statement/circular with the SEC on
July 25, 2011. When available, a
definitive joint proxy statement/circular and forms of proxy will
be mailed to Atlantic Power shareholders and holders of CPILP
limited partnership units. The definitive joint proxy
statement/circular will contain important information about the
Plan of Arrangement and related matters. INVESTORS ARE URGED TO
READ THE JOINT PROXY STATEMENT/CIRCULAR AND ALL OTHER RELEVANT
MATERIALS THAT MAY BE FILED WITH THE SEC WHEN THEY BECOMES
AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION. You will
be able to obtain the joint proxy statement/circular, as well as
other filings containing information about Atlantic Power and
CPILP, free of charge, at the website maintained by the SEC at
www.sec.gov, at the website maintained by the Canadian Securities
Administrators ("CSA") at www.sedar.com or at Atlantic Power's
website, www.atlanticpower.com or by writing Atlantic Power at the
following: Atlantic Power Corporation, 200 Clarendon Street, Floor
25, Boston, Massachusetts 02116,
or telephoning Atlantic Power at (617) 977-2400.
The respective directors and executive officers of Atlantic
Power and CPILP, and other persons, may be deemed to be
participants in the solicitation of proxies in respect of the
proposed transaction. Information regarding Atlantic Powers'
directors and executive officers is available in its definitive
proxy statement filed with the SEC on May 2,
2011, and information regarding CPILP's directors and
executive officers is available in its Annual Information Form
filed on March 11, 2011 at
www.sedar.com. These documents can be obtained free of charge from
the sources indicated above. Other information regarding the
interests of the participants in the proxy solicitation will be
included in the joint proxy statement/prospectus and other relevant
materials to be filed with the SEC and CSA when they become
available.
Cautionary Note Regarding Forward-looking Statements
To the extent any statements made in this news release contain
information that is not historical, these statements are
forward-looking statements within the meaning of Section 27A of the
U.S. Securities Act of 1933, as amended, and Section 21E of the
U.S. Securities Exchange Act of 1934, as amended and under Canadian
securities law (collectively, "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; and
- The expectation to complete the Plan of Arrangement for the
CPILP acquisition in the fourth quarter.
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)
|
|
|
|
|
|
|
June
30,
|
December 31,
|
|
|
2011
|
2010
|
|
|
(Unaudited)
|
|
|
Assets
|
|
|
|
Current assets:
|
|
|
|
Cash and cash
equivalents
|
$46,551
|
$45,497
|
|
Restricted cash
|
21,034
|
15,744
|
|
Accounts receivable
|
20,028
|
19,362
|
|
Note receivable – related
party
|
7,326
|
22,781
|
|
Current portion of derivative
instruments asset
|
9,297
|
8,865
|
|
Prepayments, supplies and
other
|
8,451
|
8,480
|
|
Refundable income
taxes
|
1,611
|
1,593
|
|
Total current assets
|
114,298
|
122,322
|
|
|
|
|
|
Property, plant and
equipment, net
|
308,051
|
271,830
|
|
Transmission system
rights
|
184,208
|
188,134
|
|
Equity investments in
unconsolidated affiliates
|
276,962
|
294,805
|
|
Other intangible assets,
net
|
77,425
|
88,462
|
|
Goodwill
|
12,453
|
12,453
|
|
Derivative instruments
asset
|
18,865
|
17,884
|
|
Other assets
|
16,718
|
17,122
|
|
Total assets
|
$1,008,980
|
$1,013,012
|
|
|
|
|
|
Liabilities
and Shareholders' Equity
|
|
|
|
Current
liabilities:
|
|
|
|
Accounts payable and accrued
liabilities
|
$16,333
|
$20,530
|
|
Current portion of long-term
debt
|
21,962
|
21,587
|
|
Current portion of derivative
instruments liability
|
7,410
|
10,009
|
|
Interest payable on convertible
debentures
|
1,948
|
3,078
|
|
Dividends payable
|
6,490
|
6,154
|
|
Other current
liabilities
|
7
|
5
|
|
Total current
liabilities
|
54,150
|
61,363
|
|
|
|
|
|
Long term debt
|
263,111
|
244,299
|
|
Convertible
debentures
|
209,703
|
220,616
|
|
Derivative instruments
liability
|
24,822
|
21,543
|
|
Deferred income
taxes
|
23,594
|
29,439
|
|
Other non-current
liabilities
|
2,121
|
2,376
|
|
Commitments and
contingencies
|
-
|
-
|
|
|
|
|
|
Shareholders'
equity
|
|
|
|
Common shares, no par value,
unlimited authorized shares;
68,639,654 and 67,188,154 issued
and outstanding
June 30, 2011 and December 31,
2010, respectively
|
644,001
|
626,108
|
|
Accumulated other comprehensive
income
|
24
|
255
|
|
Retained deficit
|
(215,782)
|
(196,494)
|
|
Total Atlantic Power Corporation
shareholders' equity
|
428,243
|
429,869
|
|
Noncontrolling
interest
|
3,236
|
3,507
|
|
Total equity
|
431,479
|
433,376
|
|
Total liabilities and
equity
|
$1,008,980
|
$1,013,012
|
|
|
|
|
|
|
|
|
Atlantic
Power Corporation
Consolidated
Statements of Operations (in
thousands of U.S. dollars, except per share amounts)
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
Three months
ended
June
30,
|
Six months
ended
June
30,
|
|
|
2011
|
2010
|
2011
|
2010
|
|
Project
revenue:
|
|
|
|
|
|
Energy sales
|
$17,865
|
$16,659
|
$36,367
|
$32,572
|
|
Energy capacity
revenue
|
27,651
|
23,195
|
54,789
|
46,389
|
|
Transmission services
|
7,491
|
7,729
|
15,135
|
15,373
|
|
Other
|
251
|
321
|
632
|
791
|
|
|
53,258
|
47,904
|
106,923
|
95,125
|
|
|
|
|
|
|
|
Project
expenses:
|
|
|
|
|
|
Fuel
|
14,316
|
15,771
|
31,384
|
31,928
|
|
Operations and
maintenance
|
7,801
|
6,442
|
18,873
|
12,402
|
|
Depreciation and
amortization
|
10,924
|
10,071
|
21,803
|
20,142
|
|
|
33,041
|
32,284
|
72,060
|
64,472
|
|
Project other income
(expense):
|
|
|
|
|
|
Change in fair value of
derivative instruments
|
(4,574)
|
992
|
(1,013)
|
(11,202)
|
|
Equity in earnings of
unconsolidated affiliates
|
1,962
|
3,026
|
3,273
|
8,462
|
|
Interest expense, net
|
(4,543)
|
(4,308)
|
(9,190)
|
(8,719)
|
|
Other income (expense),
net
|
(31)
|
211
|
(33)
|
211
|
|
|
(7,186)
|
(79)
|
(6,963)
|
(11,248)
|
|
Project income
|
13,031
|
15,541
|
27,900
|
19,405
|
|
Administrative and other
expenses (income):
|
|
|
|
|
|
Administration
|
4,671
|
3,843
|
8,725
|
7,943
|
|
Interest expense, net
|
3,510
|
2,518
|
7,478
|
5,312
|
|
Foreign exchange (gain)
loss
|
(535)
|
4,224
|
(1,193)
|
2,432
|
|
Other income, net
|
-
|
(26)
|
-
|
(26)
|
|
|
7,646
|
10,559
|
15,010
|
15,661
|
|
Income from operations
before income taxes
|
5,385
|
4,982
|
12,890
|
3,744
|
|
Income tax (benefit)
expense
|
(7,684)
|
3,618
|
(6,161)
|
8,491
|
|
Net income
(loss)
|
13,069
|
1,364
|
19,051
|
(4,747)
|
|
Net loss attributable to
noncontrolling interest
|
(117)
|
(81)
|
(271)
|
(129)
|
|
Net income (loss)
attributable to Atlantic Power Corporation
|
$13,186
|
$1,445
|
$19,322
|
$(4,618)
|
|
|
|
|
|
|
|
Net income (loss) per
share attributable to Atlantic Power Corporation
Shareholders:
|
|
|
|
|
|
Basic
|
$0.19
|
$0.02
|
$0.28
|
$(0.08)
|
|
Diluted
|
$0.18
|
$0.02
|
$0.28
|
$(0.08)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Atlantic
Power Corporation
Consolidated
Statements of Cash Flows (in
thousands of U.S. dollars)
(Unaudited)
|
|
|
|
|
|
Six months
ended June 30,
|
|
|
2011
|
2010
|
|
Cash flows from operating
activities:
|
|
|
|
Net income
(loss)
|
$19,051
|
$(4,747)
|
|
Adjustments to reconcile
to net cash provided by operating activities
|
|
|
|
Depreciation and
amortization
|
21,803
|
20,142
|
|
Long-term incentive plan
expense
|
1,639
|
2,149
|
|
Gain on step-up valuation of
Rollcast acquisition
|
-
|
(211)
|
|
Equity in earnings from
unconsolidated affiliates
|
(3,273)
|
(8,462)
|
|
Distributions from
unconsolidated affiliates
|
11,584
|
5,718
|
|
Unrealized foreign exchange
loss
|
4,499
|
5,199
|
|
Change in fair value of
derivative instruments
|
1,013
|
11,202
|
|
Change in deferred income
taxes
|
(5,691)
|
7,416
|
|
Change in other operating
balances
|
|
|
|
Accounts receivable
|
(666)
|
(953)
|
|
Prepayments, refundable income
taxes and other assets
|
1,244
|
(481)
|
|
Accounts payable and accrued
liabilities
|
(4,996)
|
(1,970)
|
|
Other liabilities
|
(1,492)
|
976
|
|
Net cash provided by
operating activities
|
44,715
|
35,978
|
|
|
|
|
|
Cash flows used in
investing activities:
|
|
|
|
Acquisitions and investments,
net of cash acquired
|
-
|
324
|
|
Change in restricted
cash
|
(5,290)
|
280
|
|
Proceeds from sale of equity
investments
|
8,500
|
-
|
|
Repayments from related party
loans
|
15,455
|
-
|
|
Biomass development
costs
|
(587)
|
(948)
|
|
Purchase of property, plant and
equipment
|
(42,898)
|
(1,520)
|
|
Net cash used in investing
activities
|
(24,820)
|
(1,864)
|
|
|
|
|
|
Cash flows used in
financing activities:
|
|
|
|
Proceeds from project-level
debt
|
29,890
|
-
|
|
Repayment of project-level
debt
|
(10,341)
|
(9,141)
|
|
Equity investment from
noncontrolling interest
|
-
|
200
|
|
Proceeds from project-level debt
borrowings
|
-
|
20,000
|
|
Dividends paid
|
(38,390)
|
(31,709)
|
|
Net cash used in financing
activities
|
(18,841)
|
(20,650)
|
|
Net increase in cash and
cash equivalents
|
1,054
|
13,464
|
|
Cash and cash equivalents
at beginning of period
|
45,497
|
49,850
|
|
Cash and cash equivalents
at end of period
|
$46,551
|
$63,314
|
|
Supplemental cash flow
information
|
|
|
|
Interest paid
|
$17,600
|
$11,437
|
|
Income taxes paid (refunded),
net
|
$(436)
|
$1,045
|
|
|
|
|
|
|
|
|
|
|
|
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.
Project 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 Project 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)
|
|
|
|
|
|
|
|
|
Three months ended June
30,
|
Six months
ended June 30,
|
|
|
2011
|
2010
|
2011
|
2010
|
|
Cash flows from operating
activities
|
$24,368
|
$15,139
|
$44,715
|
$35,978
|
|
Project-level debt
repayments
|
(6,941)
|
(6,441)
|
(10,341)
|
(9,141)
|
|
Purchase of property,
plant and equipment(1)
|
(238)
|
(1,201)
|
(546)
|
(1,520)
|
|
Transaction
Costs(2)
|
768
|
-
|
768
|
-
|
|
Cash Available for
Distribution(3)
|
17,957
|
7,497
|
34,596
|
25,317
|
|
|
|
|
|
|
|
Total dividends to
shareholders
|
19,550
|
15,913
|
38,542
|
31,714
|
|
|
|
|
|
|
|
Payout ratio
|
109%
|
212%
|
111%
|
125%
|
|
|
|
|
|
|
|
Expressed in
Cdn$
|
|
|
|
|
|
Cash Available for
Distribution
|
17,376
|
7,710
|
33,793
|
26,187
|
|
|
|
|
|
|
|
Total dividends to
shareholders
|
18,763
|
16,556
|
37,386
|
33,083
|
|
|
|
|
|
|
|
(1) Excludes
construction-in-progress related to our Piedmont biomass
project.
(2) Represents business
development costs associated with the CPILP acquisition.
(3) Cash
Available for Distribution is not a recognized measure under GAAP
and does not have any standardized meaning prescribed by GAAP.
Therefore, this measure may not be comparable to similar measures
presented by other companies. See "Supplementary Non-GAAP Financial
Information".
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Atlantic
Power Corporation
Project
Adjusted EBITDA (in
thousands of U.S. dollars)
(Unaudited)
|
|
|
|
|
|
|
|
|
Three months
ended
June 30,
|
Six months
ended
June
30,
|
|
|
2011
|
2010
|
2011
|
2010
|
|
Project
Adjusted EBITDA by individual segment
|
|
|
|
|
|
Auburndale
|
$11,606
|
$10,431
|
$21,919
|
$19,802
|
|
Lake
|
8,424
|
7,299
|
16,914
|
14,612
|
|
Pasco
|
1,469
|
1,002
|
392
|
2,417
|
|
Path 15
|
7,186
|
7,062
|
13,756
|
14,115
|
|
Chambers
|
4,307
|
4,141
|
9,031
|
10,129
|
|
Total
|
32,992
|
29,935
|
62,012
|
61,075
|
|
Other
Project Assets
|
|
|
|
|
|
Selkirk
|
3,206
|
3,526
|
4,314
|
7,056
|
|
Orlando
|
1,202
|
1,870
|
3,093
|
3,671
|
|
Cadillac
|
2,644
|
-
|
4,391
|
-
|
|
Gregory
|
956
|
1,428
|
1,728
|
2,283
|
|
Idaho Wind
|
1,246
|
-
|
2,051
|
-
|
|
Badger Creek
|
41
|
774
|
801
|
1,510
|
|
Delta Person
|
443
|
540
|
842
|
904
|
|
Koma Kulshan
|
374
|
434
|
434
|
553
|
|
Rollcast
|
(306)
|
-
|
(773)
|
-
|
|
Piedmont
|
(32)
|
-
|
(61)
|
-
|
|
Topsham
|
-
|
548
|
-
|
963
|
|
Rumford
|
-
|
1
|
-
|
(7)
|
|
Other
|
88
|
(530)
|
15
|
(733)
|
|
Total
Adjusted EBITDA from Other Project Asset segment
|
9,862
|
8,591
|
16,835
|
16,200
|
|
Total
adjusted EBITDA from all Projects
|
42,854
|
38,526
|
78,847
|
77,275
|
|
Depreciation and
amortization
|
17,661
|
16,596
|
35,098
|
32,982
|
|
Interest Expense, net
|
7,088
|
6,097
|
13,328
|
11,878
|
|
Change in the fair value of
derivative instruments
|
4,826
|
210
|
2,042
|
12,729
|
|
Other (income)
expense
|
248
|
82
|
479
|
281
|
|
Project
income as reported in the statement of operations
|
$13,031
|
$15,541
|
$27,900
|
$19,405
|
|
|
|
|
|
|
|
|
SOURCE Atlantic Power Corporation