BOSTON, Feb. 29, 2012 /PRNewswire/ -- Atlantic Power
Corporation (NYSE: AT) (TSX: ATP) ("Atlantic Power" or the
"Company") today announced its results for the three months and
year ended December 31, 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
"Project Adjusted EBITDA" and "Cash Available for Distribution" as
used in this news release.
Highlights
- Acquired Capital Power Income L.P., now Atlantic Power Limited
Partnership (the "Partnership"), on November
5, 2011 for a total enterprise value of approximately
$1.8 billion:
- increasing outstanding shares by 64% and doubling the
enterprise value of the Company to approximately $3.3 billion;
- adding 18 generation projects and increasing the Company's net
generating capacity by 143% to 2,116 MW;
- diversifying the Company's portfolio by adding plants in new
regions of the United States and
eight Canadian plants in Ontario
and British Columbia;
- establishing Atlantic Power as the owner operator for
approximately 50% of its projects; and
- increasing Atlantic Power's employee count to 277 and adding
offices in Toronto, Vancouver, Chicago and San
Diego
- Acquired a 30% interest in Rockland
Wind, an 80 MW wind farm in American Falls, Idaho in December 2011, bringing the Company's total net
generating capacity to 2,140 MW
- Payout ratio is within the Company's guidance range for
2011
- Announced agreement to acquire 51% of Canadian Hills, a 300 MW
wind power project in Oklahoma in
January 2012
- Announced agreement with Primary Energy Recycling Corporation
("PERC") to sell Atlantic Power's 14.3% interest in Primary Energy
Recycling Holdings ("PERH") in February
2012
"Since the close of the acquisition of the Partnership, we have
made significant progress integrating the companies," commented
Barry Welch, President and CEO.
"Our commercial development team, that we began augmenting
since last year, has continued to identify strong opportunities
accretive acquisitions, such as our recently announced Canadian
Hills project. Our access to growth capital has been further
strengthened by our increased market cap and trading liquidity. We
are also focusing on opportunities to rationalize the combined
portfolio and both optimize and extend our existing contracts. In
addition, our 2012 budgets for the Partnership facilities include
capital expenditures for improvements in the reliability,
efficiency and sustainability of our assets."
Operating Performance
The Company's financial results for 2011 include approximately
two months of results from the Partnership and its projects.
Project Adjusted EBITDA, including earnings from equity
investments, increased by $31.7 million or 94% to $65.5 million for the quarter ended December 31, 2011 compared to $33.8 million for the quarter ended December 31, 2010, primarily due to contributions
of $29.6 million from the 18 projects
added to Atlantic Power's portfolio when it acquired the
Partnership.
Project Adjusted EBITDA, including earnings from equity
investments, increased by $32.7 million or 21.4% to $185.3 million for the year ended December 31, 2011 compared to $152.6 million for the year ended December 31, 2010, primarily due to contributions
of $29.6 million from the 18 projects
added to Atlantic Power's portfolio when it acquired the
Partnership. Other significant contributors to 2011 EBITDA compared
to 2010 include $8.9 million from
Cadillac, which was purchased in the fourth quarter of 2010, and
$4.3 million from Idaho Wind, which
became operational in the first quarter of 2011.
Aggregate power generation in MWh's for 2011 increased
approximately 24% from the previous year primarily due to increased
generation from the newly acquired Partnership projects.
Weighted average availability of Atlantic Power's projects
also increased by 1.3% to 96.5% for the year ended 2011.
Cash Available for Distribution
For the year ended December 31,
2011, Cash Available for Distribution increased by 25% or
$16.7 million compared to the
prior year, primarily due to cash received from the Partnership
projects in November and December. The payout ratio for the
year ended December 31, 2011 was 105%
compared to 100% for the prior year and is within the Company's
guidance range for 2011.
The calculation of Cash Available for Distribution (in both US$
and Cdn$) and a summary of Project Adjusted EBITDA by segment for
the year ended December 31, 2011,
2010 and 2009 are attached to this news release.
Rockland
The Rockland Wind Project LLC ("Rockland") is an 80 MW wind
power generating facility located near American Falls, Idaho, which commenced
commercial operation in December
2011. Atlantic Power acquired a 30% ownership interest
in Rockland in December 2011 for
$12.5 million. Rockland's other
owners include Ridgeline Energy, LLC, the project developer, and an
affiliate of Diamond Generating Corporation. Electricity is sold to
Idaho Power Company under a 25-year fixed-price PPA expiring in
2036.
Canadian Hills
On January 31, 2012, Atlantic
Power invested approximately $23
million of late-stage development capital to acquire 51% of
Canadian Hills Wind, LLC ("Canadian Hills"). Canadian Hills owns an
approximately 300 MW wind power project in development, located
approximately 20 miles west of Oklahoma
City, Oklahoma. It has executed long-term power purchase
agreements with investment grade offtakers for 250 MW and is
currently negotiating a similar PPA for the remaining 48 MW.
Construction is expected to begin by April 2012 with commercial operations expected in
November 2012. The Company will be
responsible for operations and the asset management of the Project.
Total project costs are expected to be approximately $460 million. Subject to final due diligence,
Board approval and other conditions, Atlantic Power will have the
right to invest 100% of the project's non-tax equity, or
approximately $170 million. The
balance of approximately $290 million
will be funded by tax equity and the Company expects no
project-level debt.
Primary Energy Recycling Holdings
On February 16, 2012, Atlantic
Power entered into an agreement with Primary Energy Recycling
Corporation whereby PERC will purchase the Company's 14.3% common
membership interests in PERH for approximately $24 million, plus a management agreement
termination fee of approximately $6.1
million for a total price of $30.1
million. The transaction remains subject to pricing
adjustment or termination under certain circumstances and
financing, and is expected to occur in the second quarter of 2012.
Change in Reporting Segments for 10-K
As a result of the acquisition of the Partnership, Atlantic
Power revised its reportable business segments during the fourth
quarter of 2011. The new operating segments are Northeast,
Southeast, Northwest, Southwest and Un-allocated Corporate.
Financial results for the years ended December 31, 2010 and 2009 have been presented to
reflect the change in operating segments. Atlantic Power revised
its segments to align with changes in management's resource
allocation and assessment of performance. These changes reflect the
Company's current operating focus.
Outlook
Based on actual performance to date and projections for the
remainder of the year, Atlantic Power expects to receive
distributions from its projects in the range of $250 to $265 million for the full year 2012. The
Company expects overall levels of operating cash flows in 2012 to
be improved over actual 2011 levels due primarily to full year
contributions from the Partnership assets and increased
distributions from Selkirk
following the final payment of its non-recourse projectlevel debt
by mid-2012. These increased operating cash flows in 2012, in
addition to the smaller and final management termination fee to
ArcLight and a one-time realized gain from the termination of a
portion of our aggregate foreign currency forward contracts from
the combined company, are expected to result in a significant
increase in cash available for distribution. Atlantic Power
anticipates a 2012 payout ratio of approximately 90% to 97%,
subject to the financial performance of its projects.
Investor Conference Call and Webcast
A telephone conference call hosted by Atlantic Power's
management team will be held on Thursday, March 1, 2012 at
10:00 AM ET. The telephone
numbers for the conference call are: U.S. Toll Free: 1-877-317-6789; Canada Toll Free:
1-866-605-3852; International Toll: +1 412-317-6789. 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 U.S. Toll
Free: 1-877-344-7529; International Toll: +1-412-317-0088.
Please enter conference call number 10009044. The conference call
will also be archived on Atlantic Power's website.
About Atlantic Power
Atlantic Power is a leading publicly traded, power generation
and infrastructure company with a well diversified portfolio of
assets in the United States and
Canada. 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. The net
generating capacity of the Company's projects is approximately
2,140 MW, consisting of interests in 31 operational power
generation projects across 11 states and 2 provinces, one 53 MW
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 in Charlotte, NC.
Atlantic Power is incorporated in British Columbia, headquartered in
Boston and has offices in
Chicago, Toronto, Vancouver and San
Diego.
Our corporate strategy is to increase the value of the company
through accretive acquisitions in North American markets while
generating stable, contracted cash flows from our existing assets
to sustain our dividend payout to shareholders. Our dividend is
currently paid monthly at an annual rate of Cdn$1.15 per share.
Atlantic Power has a market capitalization of approximately
$1.6 billion and trades on the New
York Stock Exchange under the symbol AT and on the Toronto Stock
Exchange under the symbol ATP. For more information, please
visit the Company's website at www.atlanticpower.com or
contact:
Atlantic Power Corporation
Amanda Wagemaker, Investor
Relations
(617) 977-2700
info@atlanticpower.com
Copies of financial data and other publicly filed documents get
filed 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.
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 expectation that distributions from our projects will be in
the range of $250 million to $265 million for the full
year 2012;
- The expectation that overall levels of operating cash flows in
2012 will be improved over actual 2011 levels;
- The expectation that the payout ratio in 2012 will be
approximately 90% to 97%;
- The expectation that the PERH transaction will close in the
second quarter of 2012;
- The expectation that Canadian Hills will commence construction
by April 2012 and achieve commercial
operation in November of 2012; and
- The expectation that financing for Canadian Hills will not
include project level debt.
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,
|
|
|
2011
|
2010
|
|
|
|
|
|
Assets
|
|
|
|
Current assets:
|
|
|
|
Cash and cash
equivalents
|
$60,651
|
$45,497
|
|
Restricted cash
|
21,412
|
15,744
|
|
Accounts receivable
|
79,008
|
19,362
|
|
Note receivable – related
party
|
-
|
22,781
|
|
Current portion of derivative
instruments asset
|
10,411
|
8,865
|
|
Inventory
|
18,628
|
5,498
|
|
Prepayments and other
|
7,615
|
2,982
|
|
Refundable income
taxes
|
3,042
|
1,593
|
|
Total current assets
|
200,767
|
122,322
|
|
|
|
|
|
Property, plant and
equipment, net
|
1,388,254
|
271,830
|
|
Transmission system
rights
|
180,282
|
188,134
|
|
Equity investments in
unconsolidated affiliates
|
474,351
|
294,805
|
|
Other intangible assets,
net
|
584,274
|
88,462
|
|
Goodwill
|
343,586
|
12,453
|
|
Derivative instruments
asset
|
22,003
|
17,884
|
|
Other assets
|
54,910
|
17,122
|
|
Total assets
|
$3,248,427
|
$1,013,012
|
|
|
|
|
|
Liabilities
and Shareholders' Equity
|
|
|
|
Current
liabilities:
|
|
|
|
Accounts payable
|
$18,122
|
$8,608
|
|
Accrued interest
|
19,916
|
3,975
|
|
Other accrued
liabilities
|
43,968
|
11,025
|
|
Revolving credit
facility
|
58,000
|
-
|
|
Current portion of long-term
debt
|
20,958
|
21,587
|
|
Current portion of derivative
instruments liability
|
20,592
|
10,009
|
|
Dividends payable
|
10,733
|
6,154
|
|
Other current
liabilities
|
165
|
5
|
|
Total current
liabilities
|
192,454
|
61,363
|
|
|
|
|
|
Long-term debt
|
1,404,900
|
244,299
|
|
Convertible
debentures
|
189,563
|
220,616
|
|
Derivative instruments
liability
|
33,170
|
21,543
|
|
Deferred income
taxes
|
182,925
|
29,439
|
|
Power purchase and fuel
supply agreement liabilities, net
|
71,775
|
-
|
|
Other non-current
liabilities
|
57,859
|
2,376
|
|
Commitments and
contingencies
|
-
|
-
|
|
Total liabilities
|
2,132,646
|
579,636
|
|
|
|
|
|
Equity
|
|
|
|
Common shares, no par
value, unlimited authorized shares; 113,526,182 and 67,118,154
issued and outstanding December 31, 2011 and 2010,
respectively
|
1,217,265
|
626,108
|
|
Preferred shares issued by a
subsidiary company
|
221,304
|
-
|
|
Accumulated other comprehensive
income (loss)
|
(5,193)
|
255
|
|
Retained deficit
|
(320,622)
|
(196,494)
|
|
Total Atlantic Power Corporation
shareholders' equity
|
1,112,754
|
429,869
|
|
Noncontrolling
interest
|
3,027
|
3,507
|
|
Total equity
|
1,115,781
|
433,376
|
|
Total liabilities and
equity
|
$3,248,427
|
$1,013,012
|
|
|
|
|
|
|
|
|
Atlantic
Power Corporation
Consolidated
Statements of Operations (in
thousands of U.S. dollars, except per share amounts)
|
|
|
Years Ended
December 31,
|
Three months
ended Dec 31,
|
|
|
2011
|
2010
|
2009
|
2011
|
2010
|
|
Project
revenue:
|
|
|
|
Unaudited
|
|
Energy sales
|
$106,062
|
$69,116
|
$58,953
|
$52,591
|
$13,831
|
|
Energy capacity
revenue
|
131,362
|
93,567
|
88,449
|
49,503
|
23,982
|
|
Transmission services
|
30,087
|
31,000
|
31,000
|
7,314
|
7,814
|
|
Other
|
17,384
|
1,573
|
1,115
|
16,231
|
465
|
|
|
284,895
|
195,256
|
179,517
|
125,639
|
46,092
|
|
|
|
|
|
|
|
|
Project
expenses:
|
|
|
|
|
|
|
Fuel
|
93,993
|
65,553
|
59,522
|
47,791
|
13,947
|
|
Operations and
maintenance
|
56,832
|
31,237
|
28,153
|
29,314
|
11,989
|
|
Depreciation and
amortization
|
63,638
|
40,387
|
41,374
|
30,927
|
10,163
|
|
|
214,463
|
137,177
|
129,049
|
108,032
|
36,099
|
|
Project other income
(expense):
|
|
|
|
|
|
|
Change in fair value of
derivative instruments
|
(22,776)
|
(14,047)
|
(6,813)
|
(10,279)
|
6,899
|
|
Equity in earnings of
unconsolidated affiliates
|
6,356
|
13,777
|
8,514
|
709
|
1,227
|
|
Gain on sales of equity
investments, net
|
-
|
1,511
|
13,780
|
-
|
1,511
|
|
Interest expense
|
(20,053)
|
(17,660)
|
(18,800)
|
(6,369)
|
(4,776)
|
|
Other income (expense),
net
|
20
|
219
|
1,266
|
60
|
(14)
|
|
|
(36,453)
|
(16,200)
|
(2,053)
|
(15,879)
|
4,847
|
|
Project income
|
33,979
|
41,879
|
48,415
|
1,728
|
14,840
|
|
|
|
|
|
|
|
|
Administrative and other
expenses (income):
|
|
|
|
|
|
|
Administration
|
38,108
|
16,149
|
26,028
|
17,447
|
4,103
|
|
Interest, net
|
25,998
|
11,701
|
55,698
|
15,183
|
3,682
|
|
Foreign exchange loss
(gain)
|
13,838
|
(1,014)
|
20,506
|
(6,545)
|
(1,193)
|
|
Other (income) expense,
net
|
-
|
(26)
|
362
|
-
|
-
|
|
|
77,944
|
26,810
|
102,594
|
26,085
|
6,592
|
|
Income (loss) from
operations before income taxes
|
(43,965)
|
15,069
|
(54,179)
|
(24,357)
|
8,248
|
|
Income tax expense
(benefit)
|
(8,324)
|
18,924
|
(15,693)
|
2,357
|
6,819
|
|
Net (loss)
income
|
(35,641)
|
(3,855)
|
(38,486)
|
(26,714)
|
1,429
|
|
Net loss attributable to
noncontrolling interest
|
(480)
|
(103)
|
-
|
(131)
|
125
|
|
Preferred share dividends
of a subsidiary company
|
3,247
|
-
|
-
|
3,247
|
-
|
|
Net (loss) income
attributable to Atlantic Power Corporation
|
$(38,408)
|
$(3,752)
|
$(38,486)
|
$(29,830)
|
$1,304
|
|
|
|
|
|
|
|
|
Net (loss) income per
share attributable to Atlantic Power Corporation
Shareholders:
|
|
|
|
|
|
|
Basic
|
$(0.50)
|
$(0.06)
|
$(0.63)
|
$(0.26)
|
$0.02
|
|
Diluted
|
$(0.50)
|
$(0.06)
|
$(0.63)
|
$(0.26)
|
$0.02
|
|
|
|
|
|
|
|
|
|
|
|
Atlantic Power
Corporation
Consolidated Statements of Cash
Flows (in
thousands of U.S. dollars)
|
|
|
|
|
Years
ended December 31,
|
|
|
2011
|
2010
|
2009
|
|
Cash flows from operating
activities:
|
|
|
|
|
Net loss
|
$(35,641)
|
$(3,855)
|
$(38,486)
|
|
Adjustments to reconcile
to net cash provided by operating activities
|
|
|
|
|
Depreciation and
amortization
|
63,638
|
40,387
|
41,374
|
|
Common share conversions
recorded in interest expense
|
-
|
-
|
4,508
|
|
Subordinated note redemption
premium recorded in interest expense
|
-
|
-
|
1,935
|
|
Long-term incentive plan
expense
|
3,167
|
4,497
|
-
|
|
Gain on sale of
assets
|
-
|
(1,511)
|
(12,847)
|
|
Earnings from unconsolidated
affiliates
|
(7,878)
|
(16,913)
|
(14,213)
|
|
Impairment of equity
investments
|
1,522
|
3,136
|
5,500
|
|
Distributions from
unconsolidated affiliates
|
21,889
|
16,843
|
27,884
|
|
Unrealized foreign exchange
loss
|
8,636
|
5,611
|
24,370
|
|
Change in fair value of
derivative instruments
|
22,776
|
14,047
|
6,813
|
|
Change in deferred income
taxes
|
(9,908)
|
17,964
|
(6,436)
|
|
Other
|
-
|
(210)
|
106
|
|
Change in other operating
balances
|
|
|
|
|
Accounts receivable
|
(15,563)
|
1,729
|
10,520
|
|
Prepayments, refundable income
taxes and other assets
|
1,653
|
9,311
|
(3,454)
|
|
Accounts payable and accrued
liabilities
|
4,931
|
(6,551)
|
2,959
|
|
Other liabilities
|
(3,287)
|
2,468
|
(84)
|
|
Net cash provided by
operating activities
|
55,935
|
86,953
|
50,449
|
|
|
|
|
|
|
Cash flows (used in)
provided by investing activities:
|
|
|
|
|
Acquisitions and investments,
net of cash acquired
|
(591,583)
|
(78,180)
|
(3,068)
|
|
Proceeds from (loan to) Idaho
Wind
|
22,781
|
(22,781)
|
-
|
|
Change in restricted
cash
|
(5,668)
|
945
|
575
|
|
Biomass development
costs
|
(931)
|
(2,286)
|
-
|
|
Proceeds from sale of
assets
|
8,500
|
2,000
|
29,467
|
|
Purchase of property, plant and
equipment
|
(115,107)
|
(46,695)
|
(2,016)
|
|
Net cash (used in)
provided by investing activities
|
(682,008)
|
(146,997)
|
24,958
|
|
|
|
|
|
|
Cash flows (used in)
provided by financing activities:
|
|
|
|
|
Proceeds from issuance of long
term debt
|
460,000
|
-
|
-
|
|
Proceeds from issuance of
equity, net offering costs
|
155,424
|
72,767
|
-
|
|
Proceeds from issuance of
convertible debenture, net of offering costs
|
-
|
74,575
|
-
|
|
Deferred financing
costs
|
(26,373)
|
(7,941)
|
-
|
|
Repayment of project-level
debt
|
(21,589)
|
(18,882)
|
(12,744)
|
|
Proceeds from revolving credit
facility borrowings
|
58,000
|
20,000
|
-
|
|
Repayments of revolving credit
facility borrowings
|
-
|
(20,000)
|
(55,000)
|
|
Dividends paid
|
(85,029)
|
(65,028)
|
(24,955)
|
|
Equity contributions from
noncontrolling interest
|
-
|
200
|
-
|
|
Proceeds from issuance of
project level debt
|
100,794
|
-
|
78,330
|
|
Redemption of IPSs under normal
course issuer bid
|
-
|
-
|
(3,369)
|
|
Redemption of subordinated
notes
|
-
|
-
|
(40,638)
|
|
Costs associated with common
share conversion
|
-
|
-
|
(4,508)
|
|
Net cash provided by (used
in) financing activities
|
641,227
|
55,691
|
(62,884)
|
|
Net (decrease) increase in
cash and cash equivalents
|
15,154
|
(4,353)
|
12,523
|
|
Cash and cash equivalents
at beginning of year
|
45,497
|
49,850
|
37,327
|
|
Cash and cash equivalents
at end of year
|
$60,651
|
$45,497
|
$49,850
|
|
Supplemental cash flow
information
|
|
|
|
|
Interest paid
|
$40,238
|
$26,687
|
$69,186
|
|
Income taxes paid (refunded),
net
|
$1,109
|
$(8,000)
|
$(216)
|
|
Accruals for capital
expenditures
|
$4,095
|
$-
|
$-
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 is defined as project income plus
interest, taxes, depreciation and amortization (including non-cash
impairment charges) and changes in fair value of derivative
instruments. Project Adjusted EBITDA 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)
|
|
|
Years ended December
31,
|
|
|
|
|
2011
|
2010
|
2009
|
|
Cash flows from operating
activities
|
$55,935
|
$86,953
|
$50,449
|
|
Project-level debt
repayments
|
(21,589)
|
(18,882)
|
(12,744)
|
|
Interest on IPS portion of
subordinated notes(1)
|
-
|
-
|
30,639
|
|
Purchase of property,
plant and equipment(2)
|
(2,035)
|
(2,549)
|
(2,016)
|
|
Transaction
Costs(3)
|
33,402
|
-
|
-
|
|
Realized foreign currency
losses on hedges associated with Partnership
transaction(4)
|
16,492
|
-
|
-
|
|
Cash Available for
Distribution(5)
|
82,205
|
65,522
|
66,328
|
|
|
|
|
|
|
Interest on subordinated
notes
|
-
|
-
|
30,639
|
|
Dividends on common
shares
|
86,357
|
65,648
|
27,988
|
|
Total dividends declared
to shareholders
|
86,357
|
65,648
|
58,627
|
|
|
|
|
|
|
Payout ratio
|
105%
|
100%
|
88%
|
|
|
|
|
|
|
Expressed in
Cdn$
|
|
|
|
|
Cash Available for
Distribution
|
81,363
|
67,540
|
75,673
|
|
|
|
|
|
|
Total dividends declared
to shareholders
|
85,437
|
67,914
|
66,325
|
|
(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 comprising 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.
(3) Represents
costs incurred associated with the Partnership
acquisition.
(4) Realized foreign
currency losses associated with foreign exchange forwards entered
into in order to hedge a portion of the foreign currency exchange
risks associated with the closing of the Partnership
acquisition.
(5) 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"
above.
|
|
|
|
|
|
|
|
|
|
|
Atlantic
Power Corporation
Project
Adjusted EBITDA (in
thousands of U.S. dollars)
(Unaudited)
|
|
|
|
|
|
|
|
|
|
Years ended
December 31,
|
Three months
ended
Dec 31,
|
|
|
2011
|
2010
|
2009
|
2011
|
2010
|
|
Project
Adjusted EBITDA by segment
|
|
|
|
|
|
|
Northeast
|
$59,299
|
$36,030
|
$32,435
|
$31,617
|
$9,235
|
|
Southeast
|
79,445
|
78,245
|
75,265
|
15,554
|
14,890
|
|
Northwest
|
11,363
|
736
|
822
|
7,757
|
206
|
|
Southwest
|
37,717
|
37,867
|
35,891
|
11,948
|
9,794
|
|
Un-allocated
corporate
|
(2,546)
|
(294)
|
(234)
|
(1,425)
|
(359)
|
|
Total
|
185,278
|
152,584
|
144,179
|
65,451
|
33,766
|
|
|
|
|
|
|
|
|
Reconciliation to project
income
|
|
|
|
|
|
|
Depreciation and
amortization
|
95,564
|
65,791
|
67,643
|
42,642
|
16,460
|
|
Interest expense, net
|
27,990
|
23,628
|
31,511
|
8,038
|
5,844
|
|
Change in the fair value
of derivative instruments
|
25,334
|
17,643
|
5,047
|
12,421
|
(5,792)
|
|
Other (income)
expense
|
2,411
|
3,643
|
(8,437)
|
622
|
2,414
|
|
Project
income
|
$33,979
|
$41,879
|
$48,415
|
$1,728
|
$14,840
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SOURCE Atlantic Power Corporation