BOSTON, May 8, 2013 /PRNewswire/ -- Atlantic Power
Corporation (NYSE: AT) (TSX: ATP) ("Atlantic Power" or the
"Company") today released its results for the three months ended
March 31, 2013.
All amounts are in U.S. dollars unless otherwise indicated.
Cash Available for Distribution, Cash Distributions from Projects,
Payout Ratio, and Project Adjusted EBITDA are not recognized
measures under generally accepted accounting principles in
the United States ("GAAP") and do
not have standardized meanings prescribed by GAAP; therefore, these
measures may not be comparable to similar measures presented by
other companies. Please see "Regulation G Disclosures" attached to
this news release for an explanation and the GAAP reconciliation of
"Cash Available for Distribution", "Cash Distributions from
Projects", "Payout Ratio" and "Project Adjusted EBITDA" as used in
this news release.
Q1 2013 Financial and Operational Highlights
- Cash flows from operating activities increased 11% from the
year-ago period to $74.2 million
- Project income (loss) increased $68.1
million from the year-ago period to $31.1 million
- Project Adjusted EBITDA increased 21% from the year-ago period
to $80.6 million
- Cash Available for Distribution increased 11% from the year-ago
period to $66.2 million
- Contributions from new businesses, including Canadian Hills and
Meadow Creek, were the primary
drivers of higher financial results
- 2013 annual guidance of $250 to $275
million in Project Adjusted EBITDA reaffirmed
- 2013 annual Payout Ratio guidance of 65% to 75%, including cash
flow from discontinued operations, reaffirmed
Subsequent Events and Developments
- Continued progress on our growth strategy by reaching
commercial operation of the Piedmont Green Power biomass project in
Georgia on April 19, 2013
- Significant progress executing the Company's strategy to divest
non-core assets:
- Closed the sale of the Company's interests in the Auburndale, Lake and Pasco projects in Florida for approximately $117 million in net cash proceeds
- Closed the sale of the Company's interests in the Path 15
transmission line in California
for approximately $56 million in net
cash proceeds
- Announced agreement to sell the Company's 17% interest in the
Gregory project in Texas for expected net cash proceeds of
approximately $33 million
- Utilized portion of proceeds from the sale of the Florida
Projects to fully repay $64 million
of outstanding borrowings under the Company's senior credit
facility
- Syndicated the Company's $44
million tax equity investment in the Canadian Hills wind
project
- On track to achieve mid-year goal of $140 to $150 million to redeploy in growth
strategy
"Our financial results for the quarter improved significantly
from a year ago primarily due to the execution of our growth
strategy with increased earnings and cash flow from projects we
either acquired or built in 2012, particularly Canadian Hills and
Meadow Creek," said Barry Welch, President and CEO of Atlantic
Power. "We also closed several pending asset sales
subsequent to the end of the quarter and completed the syndication
of our tax equity investment in Canadian Hills. This puts us
on track to achieve our goal of having $140
to $150 million of cash available by mid-year to invest in
operating, early construction or late-stage development projects
beginning in the second half of this year."
Atlantic Power Corporation
Table 1
– Selected Results
(in
millions of U.S. dollars, except as otherwise
stated)
Unaudited
|
|
|
|
Three months ended March 31,
|
|
|
|
2013
|
2012
|
|
Excluding results of discontinued
operations
|
|
|
|
Project
revenue
|
$140.2
|
$118.7
|
|
Project
income (loss)
|
31.1
|
(37.0)
|
|
Project
Adjusted EBITDA (1)
|
80.6
|
66.6
|
|
Cash
Distributions from Projects (1)
|
54.3
|
53.7
|
|
Aggregate
power generation (Net MWh)
|
1,912,424
|
1,492,598
|
|
Weighted
average availability
|
95.6%
|
97.4%
|
|
Including results from discontinued
operations
|
|
|
|
Cash flows
from operating activities
|
$74.2
|
$66.6
|
|
Cash
Available for Distribution (1)
|
66.2
|
59.9
|
|
Total cash
dividends declared to shareholders
|
25.2
|
32.8
|
|
Payout
ratio (1)
|
38%
|
55%
|
|
The Path
15, Auburndale, Lake and Pasco projects have been classified as
assets held for sale, and accordingly, the revenues, project income
(loss), Project Adjusted EBITDA and Cash Distributions from
Projects of these assets have been classified as discontinued
operations for the three months ended March 31, 2013 and 2012,
which means that the results from these discontinued operations are
excluded from these figures. The results for the assets held for
sale have also been excluded from the aggregate power generation
and weighted average availability statistics. Under GAAP, the
cash flow attributable to the Projects Held for Sale is included in
cash flow from operating activities as shown on the Consolidated
Statement of Cash Flows; therefore, the Company's calculations of
Cash Available for Distribution and Payout Ratio as shown herein
also include cash flows from the Projects Held for Sale.
(1)
Project Adjusted EBITDA, Cash Available for Distribution,
Cash Distributions from Projects and Payout Ratio are not
recognized measures under GAAP and do not have any standardized
meaning prescribed by GAAP; therefore, these measures may not be
comparable to similar measures presented by other companies. Please
refer to Table 9 for reconciliations of these non-GAAP measures to
GAAP.
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Financial Review
(Please see Projects Held for Sale/Discontinued Operations
for discussion of accounting treatment)
Financial Results for the three months ended March 31, 2013
Cash flows from operating activities increased by $7.6 million to $74.2
million for the three months ended March 31, 2013, compared to $66.6 million for the same period in 2012.
The increase over the prior-year period is primarily due to
contributions from new projects the Company added in 2013,
including its Canadian Hills wind project ("Canadian Hills") and
its Meadow Creek wind project
("Meadow Creek") as well as
increased contributions from the Company's equity method
projects.
Project income increased by $68.1
million to $31.1 million for
the quarter ended March 31, 2013,
compared to project loss of $(37.0)
million for the same period in 2012. The increase
relates primarily to $65.8 million of
non-cash, mark-to-market adjustments to reflect the fair value of
gas purchase agreements in our Northeast segment. Generally,
reported project income can fluctuate significantly due to impacts
from the non-cash mark-to-market fair value of
derivatives.
Project Adjusted EBITDA, including earnings from equity method
investments, increased by $14.0
million to $80.6 million for
the quarter ended March 31, 2013,
compared to $66.6 million for the
same period in 2012. The increase over the prior-year period
is primarily due to contributions from new projects added in 2013,
which include $6.7 million from
Canadian Hills and $3.1 million from
Meadow Creek. The Company
has not reconciled non-GAAP financial measures relating to
individual projects to the directly comparable GAAP measures due to
the difficulty in making the relevant adjustments on an individual
project basis.
Cash Distributions from Projects increased by $0.6 million to $54.3
million for the three months ended March 31, 2013, compared to $53.7 million for the same period in 2012.
The comparison was relatively flat despite the addition of Canadian
Hills and Meadow Creek. Typically
new projects retain a certain amount of cash in order to meet debt
service reserves or provide for working capital needs. Meadow Creek did not make any distributions
during the first quarter but is expected to do so later this year
as permitted under its project debt arrangements. Canadian
Hills made a modest cash distribution in the first quarter while
retaining cash for working capital purposes, some of which is
expected to be distributed later this year.
For further information, attached to this news release is a
summary of Project Adjusted EBITDA by segment for the three months
ended March 31, 2013 and 2012 (Table
7) with a reconciliation to Project income (loss); a bridge from
Project Adjusted EBITDA to Cash Distributions from Projects by
segment for the three months ended March 31,
2013 (Table 8A) and the three months ended March 31, 2012 (Table 8B); a reconciliation of
Cash Distributions from Projects and Cash Available for
Distribution to cash flows from operating activities for the three
months ended March 31, 2013 and 2012
(Table 9); a reconciliation of Cash Available for Distribution and
Payout Ratio to cash flows from operating activities for the three
months ended March 31, 2013 and 2012
(Table 9); and a summary of Project Adjusted EBITDA for selected
projects (top contributors based on the Company's 2013 budget,
representing approximately 75% to 80% of total Project Adjusted
EBITDA) for the three months ended March 31,
2013 and 2012 (Table 10).
Cash Available for Distribution and Payout Ratio
For the three months ended March 31,
2013, Cash Available for Distribution increased by
$6.3 million to $66.2 million, compared to $59.9 million for the same period in 2012.
This increase over the prior-year period is primarily due to
contributions from new projects added in 2013, which include
Canadian Hills and Meadow
Creek.
For the three months ended March 31,
2013, the Payout Ratio associated with the cash dividend was
38% compared to 55% in the comparable prior-year period, reflecting
in part the lower dividend rate, effective beginning in March of
2013. For further information, attached to this news release
is a reconciliation of Cash Available for Distribution and Payout
Ratio to cash flows from operating activities (Table 9).
Projects Held for Sale/Discontinued Operations
Financial results for the three months ended March 31, 2013 and March
31, 2012 are affected by the classification of the Company's
interests in the Path 15 transmission line ("Path 15"), Auburndale
Power Partners, L.P. ("Auburndale"), Lake CoGen, Ltd. ("Lake") and Pasco
CoGen, Ltd. ("Pasco") projects (collectively, the "Projects
Held for Sale"), as assets held for sale; accordingly, the
revenues, project income, Project Adjusted EBITDA and Cash
Distributions from Projects for the Projects Held for Sale have
been classified as discontinued operations and are excluded
from continuing operations results. The results for the
Projects Held for Sale have been separately stated in the
Consolidated Statements of Operations as "Income from discontinued
operations, net of tax".
Project income attributable to the Projects Held for Sale was
$0.9 million for the three months
ended March 31, 2013 compared to
$11.6 million for the same period in
2012. Project Adjusted EBITDA attributable to the Projects
Held for Sale was $30.9 million for
the three months ended March 31, 2013
compared to $26.2 million for the
same period in 2012. Cash Distributions from Projects
attributable to the Projects Held for Sale was $22.2 million for the three months ended
March 31, 2013 compared to
$15.5 million for the same period in
2012.
Under GAAP, the cash flow attributable to the Projects Held for
Sale is included in cash flow from operating activities as
shown on the Consolidated Statement of Cash Flows; therefore, the
Company's calculations of Cash Available for Distribution and
Payout Ratio as shown herein also include cash flow from the
Projects Held for Sale. Cash Available for Distribution from
Projects Held for Sale for the three months ended March 31, 2013 and 2012 was $26.0 and $23.0
million, respectively.
The Company has not reconciled non-GAAP financial measures
relating to the Projects Held for Sale to the directly comparable
GAAP measures due to the difficulty in making the relevant
adjustments on an individual project basis. The Delta-Person
generating station ("Delta-Person") and the Gregory project ('Gregory"), both of which are under purchase
and sale agreements, are included in the Company's financial
results for the three months ended March 31,
2013 and 2012, as the projects are accounted for under the
equity method of accounting.
Reaffirming 2013 Guidance
- Annual Project Adjusted EBITDA guidance of $250 to $275 million
- Annual Cash Available for Distribution guidance of $85 to $100 million
- Annual Payout Ratio guidance of 65% to 75%, including cash flow
from discontinued operations
Project Adjusted EBITDA
The Company is reaffirming its previous guidance for 2013
Project Adjusted EBITDA in the range of $250
to $275 million. (Note that Project Adjusted EBITDA
attributable to the Projects Held for Sale is excluded from both Q1
2013 results and 2013 guidance.)
Cash Available for Distribution
The Company is reaffirming its previous guidance for 2013 Cash
Available for Distribution in the range of $85 to $100 million. (Note that Cash
Available for Distribution includes cash flow from discontinued
operations. Cash Available for Distribution from discontinued
operations for the years ended December 31,
2013 is expected to be approximately $44 million and for the year ended December 31, 2012 was approximately $77 million.) The Company has not
reconciled non-GAAP financial measures relating to the Projects
Held for Sale to the directly comparable GAAP measures due to the
difficulty in making the relevant adjustments on an individual
project basis.
Dividend Payout Ratio
The Company is reaffirming its guidance range for 2013 Payout
Ratio of approximately 65% to 75%, including cash flow from
discontinued operations. On a pro forma basis, reflecting the
lower dividend rate for a full year and excluding cash flow from
discontinued operations, the 2013 Pro Forma Payout Ratio is
expected to be approximately 100%, based on the midpoint of our
cash flow guidance. The Company is also reaffirming its 2014
Payout Ratio guidance of 75%-85%. (Please see Update on
Growth Initiatives for factors that may affect 2014 Payout Ratio
guidance.)
See Table 2 for full-year 2013 guidance and first quarter 2013
actual results.
Atlantic Power Corporation
Table 2
– 2013 Annual Guidance and Q1 2013 Actual
(in
millions of U.S. dollars, except as otherwise
stated)
|
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Unaudited
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|
2013
Annual Guidance
|
Q1 2013 Actual
|
|
Project
Adjusted EBITDA (1)(2)
|
|
$250 -
$275
|
$80.6
|
|
Cash
Available for Distribution (2)(3)
|
|
$85 -
$100
|
$66.2
|
|
Total cash
dividends declared to shareholders
|
|
$60 -
$62
|
$25.2
|
|
Payout
Ratio, including discontinued operations
(2)(3)
|
|
65% -
75%
|
38%
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|
(1) The
Path 15, Auburndale, Lake and Pasco projects have been classified
as assets held for sale. Accordingly, the Project Adjusted
EBITDA of these assets has been classified as discontinued
operations for the three months ended March 31, 2013, which means
that the results from these discontinued operations are excluded
from this figure.
(2)
Project Adjusted EBITDA, Cash Available for Distribution and Payout
Ratio are not recognized measures under GAAP and do not have any
standardized meaning prescribed by GAAP; therefore, these measures
may not be comparable to similar measures presented by other
companies. Please refer to Table 9 for a reconciliation of
these non-GAAP measures to GAAP. The Company has not provided
a reconciliation of forward-looking non-GAAP measures, due
primarily to variability and difficulty in making accurate
forecasts and projections, as not all of the information necessary
for a quantitative reconciliation is available to the Company
without unreasonable efforts.
(3) Under
GAAP, the cash flow attributable to the Projects Held for Sale is
included in cash flow from operating activities as shown on the
Consolidated Statement of Cash Flows; therefore, the Company's
calculations of Cash Available for Distribution and Payout Ratio as
shown herein also include cash flow from the Projects Held for
Sale.
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Liquidity
The Company, as previously indicated, still expects to have
approximately $140 to $150 million of
net cash available to invest in growth projects by mid-2013 after
retaining at least $50 million of
unrestricted cash and while preserving $210
to $225 million of access under its revolving credit
facility. As more fully described in the Company's quarterly
report on Form 10-Q for the fiscal quarter ended March 31, 2013, the Company has initiated
discussions with the lenders under its revolving credit facility to
obtain a waiver of, or an amendment to, the revolving credit
facility with respect to, among other things, compliance with
certain ratios. The closing of the Gregory and Delta-Person asset sales in the third quarter
of 2013 are expected to add further to the available net cash
balance. Consistent with previous expectations, the Company
plans to begin investing this cash in the second half of this
year.
Atlantic Power Corporation
Table 3
– Projected Liquidity and Cash Available for Investment (in
millions of U.S. dollars)
Mid-2013
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Revolver
capacity less letters of credit
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$210 -
$225
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|
Unrestricted cash
|
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$190 -
$200
|
|
Less:
unrestricted planned cash reserve
|
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$(50)
|
|
Total
Liquidity
|
|
|
$350 -
$375
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|
Cash
available for investment without drawing on revolver
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$140 -
$150
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Update on Growth Initiatives
Potential Nipigon HRSG Project
The Company recently decided to defer its investment decision on
an elective growth project to upgrade the Heat Recovery Steam
Generator ("HRSG") at its Nipigon
facility, originally planned for 2013, as approval for the required
modification to the air permit has not yet been received from the
Ontario Ministry of the Environment. Although the Company is
still pursuing these approvals, the timing of the project is
uncertain. Thus, an approximate $11
million capital cost was removed from 2013 guidance, but has
not yet been incorporated in the 2014 Payout Ratio guidance.
If a decision were made to undertake the project in 2014, the cash
outlay would be reflected in guidance and the Payout Ratio in 2014
would be expected to exceed the guidance range of 75% to
85%.
Acquisition and Development Opportunities
With respect to potential investments utilizing our net
available cash in the second half of the year, the Company is
reviewing two types of growth opportunities: natural gas and
renewable acquisitions generating operating cash flows and
late-stage renewable development projects that would contribute
cash flows once they achieve commercial operation. In
addition, the Company continues to evaluate and advance the
renewable development pipeline acquired with its Ridgeline
acquisition.
Business Update
Executing Non-Core Asset Sales
On April 30, 2013, the Company
closed the sale of its interests in Path 15 (the "Path 15 Sale").
Atlantic Power received net cash proceeds from the Path 15 Sale of
approximately $56 million, including
working capital adjustments and a management termination fee.
All debt issued by Path 15, totaling $137.2
million as of March 31, 2013,
transferred with the Path 15 Sale.
On April 12, 2013, the Company
closed the sale of its interests in three Florida projects (the "Florida Project Sale"),
Auburndale, Lake, and Pasco for net cash proceeds of
approximately $117 million. The
Company used a portion of the net cash proceeds from the Florida
Project Sale to fully repay the $64.1
million outstanding balance on its senior credit
facility.
On April 2, 2013, the Company,
along with its partners, entered into a purchase and sale agreement
to sell its 17% interest in Gregory for net cash proceeds of approximately
$33 million. Closing of the
sale is subject to customary closing conditions and, regulatory and
other approvals, and is expected to occur in the third quarter of
2013.
As previously disclosed, in December
2012, Atlantic Power signed a purchase and sale agreement
with PNM, a subsidiary of PNM Resources, Inc., pursuant to which
the Company has agreed together with its partners in the
investment, to sell Delta-Person. The Company expects this
transaction to close in the third quarter of 2013, subject to
regulatory approval, and expects net cash proceeds of approximately
$9.0 million.
Piedmont Commences Commercial Operation
The Company's 53.5 MW Piedmont Green Power biomass project
("Piedmont") located in
Barnesville, Georgia has a 20-year
power purchase agreement ("PPA") with Georgia Power Company.
The project declared its Commercial Operation Date ("COD") under
its PPA on April 19, 2013.
Further start-up optimization will continue for several months.
The project is also working through a dispute with the
contractor, Zachry Industrial, Inc. ("Zachry"), about their
performance obligations under the turnkey engineering, procurement
and construction contract between Piedmont and Zachry.
The Company still expects project distributions from
Piedmont to average $6 to $8 million annually on a full-year run-rate
basis, although it will revisit this guidance as necessary with
additional operating experience. Project Adjusted EBITDA and
cash flow results for the project in 2013 will be below full-year
levels due to the delay in and costs associated with achieving,
commercial operation and optimizing performance.
Canadian Hills Tax Equity Syndication Closed
On May 2, 2013, the Company
syndicated its $44 million tax equity
investment in Canadian Hills with Bank of America Merrill Lynch.
In December 2012, Canadian
Hills received tax equity investments totaling $225 million from a consortium of four
institutional tax equity investors. At that time, Atlantic
Power also made a $44 million tax
equity investment in the project. Net cash proceeds received
by the Company for its tax equity interest were approximately
$42 million, which accounts for the
receipt by the Company of cash distributions and tax benefits in
2013 and transaction costs. The syndication of the Company's
interest completes the sale of 100% of Canadian Hills' $269 million of tax equity interests.
Canadian Hills had no debt at March 31,
2013.
U.S. Federal Grant Received for Meadow Creek
On April 19, 2013, Meadow Creek received $49.0 million from the U.S. Treasury 1603 grant
program, and repaid its $56.5 million
cash grant loan using the proceeds of the grant along with
$4.7 million from the former owners
to cover the shortfall from the impact of the federal sequester on
spending and a $2.8 million
contribution from the Company to cover the shortfall from the lower
grant-eligible costs, primarily attributable to a lower project
cost versus budget. This reduced the Company's short-term
debt by $56.5 million.
Meadow Creek's outstanding debt at
March 31 consisted of the
$172.8 million construction loan
which converted to a non-recourse term loan earlier in March 2013.
Ned Hall Appointed Executive Vice President – Chief Operating
Officer
On April 2, 2013, Ned Hall joined the Company as its Executive
Vice President – Chief Operating Officer ("COO"). In this position,
Mr. Hall is responsible for all of Atlantic Power's operations,
asset management, environmental health & safety and engineering
functions, and is focused on driving ongoing Project Adjusted
EBITDA performance from the existing fleet. As a member of
the executive management team, he also plays a central role in the
development and execution of Atlantic Power's operational and
strategic initiatives.
Mr. Hall has more than 25 years of management and operational
experience in the energy industry. Most recently, Mr. Hall served
as Executive Vice President - COO Global Generation at AES
Corporation, a publicly traded global power company. Prior to
that, Mr. Hall held multiple positions at AES Corporation including
President, North America;
President, Wind Generation; and Managing Director, Global Business
Development.
Other Developments
Shareholder Lawsuits
In March, April and May, several purported securities class
action complaints related to, among other things, claims that the
Company made materially false and misleading statements and
omissions regarding the sustainability of its common share dividend
were filed in the United States,
Ontario and Quebec against the Company and certain of its
current and former executive officers as more fully described in
the Company's quarterly report on Form 10-Q for the fiscal quarter
ended March 31, 2013. We intend
to defend vigorously against these actions.
Investor Conference Call and Webcast
A telephone conference call hosted by Atlantic Power's
management team will be held on Thursday, May 9, 2013 at
8:30 AM ET. An accompanying
slide presentation will be available on the Company's website prior
to the call. The telephone numbers for the conference call
are: U.S. Toll Free: 1-888-317-6016; Canada Toll Free:
1-855-669-9657; International Toll: +1 412-317-6016. The
conference call will also be broadcast over Atlantic Power's
website, with an accompanying slide presentation. 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 10027597. The
conference call will also be archived on Atlantic Power's
website.
About Atlantic Power
Atlantic Power owns and operates a diverse fleet of power
generation assets in the United
States and Canada. Atlantic Power's power generation
projects sell electricity to utilities and other large commercial
customers largely under long-term power purchase agreements, which
seek to minimize exposure to changes in commodity prices. Its
power generation projects in operation have an aggregate gross
electric generation capacity of approximately 3,018 MW in which its
aggregate ownership interest is approximately 2,098 MW. Its current
portfolio consists of interests in twenty-nine operational power
generation projects across eleven states in the United States and two provinces in
Canada. Atlantic Power recently acquired Ridgeline Energy, a
wind and solar development company located in Seattle, Washington, which enhances its
ability to develop, acquire and operate wind and solar energy
projects in the United States and
Canada. Atlantic Power also owns a majority interest in
Rollcast Energy, a biomass power plant developer in North Carolina.
Atlantic Power has a market capitalization of approximately
$600 million 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 certain financial data and other publicly filed
documents are 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 the sales of Delta-Person and Gregory will successfully close in the third
quarter of 2013 with net proceeds received by the Company of
approximately $33 million for
Gregory and $9 million for Delta-Person;
- the expectation that the Company will have approximately
$140 to $150 million of net cash
available in the second half of this year to invest in one or more
acquisitions and that those acquisitions will make accretive
contributions to the Company's cash flows;
- the expectation that the Company will receive distributions
from Meadow Creek and Canadian
Hills later this year;
- the expectation that discontinued operations will account for
approximately $44 million of Cash
Available for Distribution for the full year 2013;
- the expectation that 2013 Project Adjusted EBITDA will be in
the range of $250 to $275
million;
- the expectation that 2013 Cash Available for Distribution will
be in the range of $85 to $100
million;
- the expectation that total cash dividends declared to
shareholders in 2013 will be in the range of $60 to to $62;
- the expectation that the 2013 Payout Ratio will be in the range
of 65% to 75% and, on a pro forma basis, reflecting the lower
dividend for a full year and excluding cash flow from discontinued
operations, approximately 100%;
- the expectation that the 2014 Payout Ratio is expected to be in
the range of 75% to 85%;
- the expectation that the Company will receive $6 to $8 million in project cash flows on a full
year basis from Piedmont;
- the expectation that Piedmont
will submit an application under the U.S. Treasury's 1603 grant
program and that proceeds from the grant will be applied to repay
the project's $51 million bridge loan
with a possible contribution from the Company to cover the
shortfall;
- compliance with the Company's senior credit facility and the
Company's ability to obtain requested waivers and/or amendments to
the senior credit facility; and
- the results of operations and performance of its projects,
business prospects, opportunities and future growth of the Company
will be as described herein.
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
Table 4
– Consolidated Balance Sheet (in millions of U.S.
dollars)
|
|
|
March
31,
|
December 31,
|
|
|
2013
|
2012
|
|
Assets
|
Unaudited
|
|
|
Current
assets:
|
|
|
Cash and cash equivalents
|
$85.7
|
$60.2
|
|
Restricted cash
|
43.5
|
28.6
|
|
Accounts receivable
|
78.4
|
58.5
|
|
Current portion of derivative instruments
asset
|
9.0
|
9.5
|
|
Inventory
|
20.0
|
16.9
|
|
Prepayments and other current assets
|
16.5
|
13.4
|
|
Security deposits
|
1.2
|
19.0
|
|
Assets held for sale
|
346.8
|
351.4
|
|
Refundable income taxes
|
3.6
|
4.2
|
|
Total current assets
|
604.7
|
561.7
|
|
|
|
|
|
Property,
plant and equipment, net
|
2,020.0
|
2,055.5
|
|
Equity
investments in unconsolidated affiliates
|
411.1
|
428.7
|
|
Other
intangible assets, net
|
505.7
|
524.9
|
|
Goodwill
|
334.7
|
334.7
|
|
Derivative
instruments asset
|
5.8
|
11.1
|
|
Other
assets
|
57.4
|
86.1
|
|
Total assets
|
$3,939.4
|
$4,002.7
|
|
|
|
|
|
Liabilities and Shareholder's
Equity
|
|
|
|
Current
liabilities:
|
|
|
|
Accounts payable
|
$14.4
|
$17.8
|
|
Accrued interest
|
30.0
|
19.0
|
|
Other accrued liabilities
|
43.0
|
73.7
|
|
Revolving credit facility
|
64.1
|
67.0
|
|
Current portion of long-term debt
|
121.7
|
121.2
|
|
Current portion of derivative instruments
liability
|
25.9
|
33.0
|
|
Dividends payable
|
3.9
|
11.5
|
|
Liabilities associated with assets held for
sale
|
205.3
|
189.0
|
|
Other current liabilities
|
1.8
|
3.3
|
|
Total current liabilities
|
510.1
|
535.5
|
|
|
|
|
|
Long-term
debt
|
1,474.1
|
1,459.1
|
|
Convertible debentures
|
418.2
|
424.2
|
|
Derivative
instruments liability
|
110.2
|
118.1
|
|
Deferred
income taxes
|
159.1
|
164.0
|
|
Power
purchase and fuel supply agreement liabilities, net
|
42.5
|
44.0
|
|
Other
non-current liabilities
|
70.0
|
71.4
|
|
Commitments and contingencies
|
-
|
-
|
|
Total liabilities
|
2,784.2
|
2,816.3
|
|
|
|
|
|
Equity
|
|
|
|
Common shares, no par value, unlimited authorized
shares; 119,783,366
and 119,446,865 issued and outstanding at March
31, 2013 and
December 31, 2012, respectively
|
1,285.3
|
1,285.5
|
|
Preferred shares issued by a subsidiary
company
|
221.3
|
221.3
|
|
Accumulated other comprehensive income
(loss)
|
(2.4)
|
9.4
|
|
Retained deficit
|
(583.5)
|
(565.2)
|
|
Total Atlantic Power Corporation shareholders'
equity
|
920.7
|
951.0
|
|
Noncontrolling interest
|
234.5
|
235.4
|
|
Total
equity
|
1,155.2
|
1,186.4
|
|
Total
liabilities and equity
|
$3,939.4
|
$4,002.7
|
|
|
|
|
|
|
Atlantic Power Corporation
Table 5
– Consolidated Statements of Operations
(in
millions of U.S. dollars, except per share amounts)
Unaudited
|
|
|
|
|
|
|
Three
months ended March 31,
|
|
|
2013
|
2012
|
|
Project
revenue:
|
|
|
Energy sales
|
$69.0
|
$60.0
|
|
Energy capacity revenue
|
44.8
|
37.0
|
|
Other
|
26.4
|
21.7
|
|
|
140.2
|
118.7
|
|
|
|
|
|
Project
expenses:
|
|
|
|
Fuel
|
49.6
|
46.2
|
|
Operations and maintenance
|
28.3
|
24.7
|
|
Development
|
1.7
|
-
|
|
Depreciation and amortization
|
41.3
|
26.5
|
|
|
120.9
|
97.4
|
|
Project
other income (expense):
|
|
|
|
Change in fair value of derivative
instruments
|
12.6
|
(57.2)
|
|
Equity in earnings of unconsolidated
affiliates
|
7.2
|
2.9
|
|
Interest expense
|
(8.0)
|
(4.0)
|
|
|
11.8
|
(58.3)
|
|
Project
income (loss)
|
31.1
|
(37.0)
|
|
|
|
|
|
Administrative and other expenses
(income):
|
|
|
|
Administration
|
8.3
|
7.7
|
|
Interest, net
|
25.9
|
22.0
|
|
Foreign exchange loss (gain)
|
(7.5)
|
1.0
|
|
|
26.7
|
30.7
|
|
Income
(loss) from continuing operations before income taxes
|
4.4
|
(67.7)
|
|
Income tax
benefit
|
(2.5)
|
(16.9)
|
|
Income
(loss) from continuing operations
|
6.9
|
(50.8)
|
|
Income
from discontinued operations, net of tax (1)
|
0.9
|
11.6
|
|
Net income
(loss)
|
7.8
|
(39.2)
|
|
Net loss
attributable to noncontrolling interest
|
(1.9)
|
(0.1)
|
|
Net income
attributable to preferred share dividends of a subsidiary
company
|
3.2
|
3.2
|
|
Net income
(loss) attributable to Atlantic Power Corporation
|
$6.5
|
$(42.3)
|
|
|
|
|
|
Basic
earnings (loss) earnings per share:
|
|
|
|
Income (loss) from continuing operations attributable
to
Atlantic Power Corporation
|
0.04
|
(0.47)
|
|
Income from discontinued operations, net of
tax
|
0.01
|
0.10
|
|
Net income (loss) attributable to Atlantic
Power
Corporation
|
0.05
|
(0.37)
|
|
Diluted
earnings (loss) earnings per share:
|
|
|
|
Income (loss) from continuing operations attributable
to
Atlantic Power Corporation
|
0.04
|
(0.47)
|
|
Income from discontinued operations, net of
tax
|
0.01
|
0.10
|
|
Net income (loss) attributable to Atlantic
Power
Corporation
|
0.05
|
(0.37)
|
|
(1)
Includes contributions from Auburndale, Lake and Pasco (the
"Florida Projects") and Path 15, which are designated as assets
held for sale and discontinued operations.
|
|
|
|
|
|
|
|
|
Atlantic Power Corporation
Table 6
– Consolidated Statements of Cash Flows (in millions of U.S.
dollars)
|
|
Unaudited
|
|
|
|
|
Three
months ended March 31,
|
|
|
2013
|
2012
|
|
Cash flows
from operating activities:
|
|
|
|
Net income
(loss)
|
$7.8
|
$(39.2)
|
|
Adjustments to reconcile to net cash
|
|
|
|
Depreciation and amortization
|
49.1
|
36.5
|
|
Reserve related to sale of discontinued
operations
|
27.5
|
-
|
|
Long-term incentive plan expense
|
0.3
|
1.1
|
|
Equity in earnings (loss) from unconsolidated
affiliates
|
(7.2)
|
(2.9)
|
|
Distributions from unconsolidated
affiliates
|
8.9
|
0.3
|
|
Unrealized foreign exchange (gain) loss
|
(5.0)
|
12.9
|
|
Change in fair value of derivative
instruments
|
(21.1)
|
58.1
|
|
Change in deferred income taxes
|
(4.1)
|
(17.7)
|
|
Change in
other operating balances
|
|
|
|
Accounts receivable
|
(4.6)
|
19.5
|
|
Inventory
|
0.9
|
0.8
|
|
Prepayments, refundable income taxes and other
assets
|
39.7
|
(14.9)
|
|
Accounts payable
|
(8.0)
|
6.6
|
|
Accruals and other liabilities
|
(10.0)
|
5.5
|
|
Cash
provided by operating activities
|
74.2
|
66.6
|
|
|
|
|
|
Cash flows
used in investing activities
|
|
|
|
Change in restricted cash
|
(18.7)
|
(6.4)
|
|
Biomass development costs
|
-
|
(0.1)
|
|
Construction in progress
|
(9.7)
|
(163.5)
|
|
Purchase of property, plant and equipment
|
(2.2)
|
(0.7)
|
|
Cash used
in investing activities
|
(30.6)
|
(170.7)
|
|
|
|
|
|
Cash flows
provided by (used in) financing activities
|
|
|
|
Proceeds from project-level debt
|
20.8
|
184.2
|
|
Repayment of project-level debt
|
(2.6)
|
(2.7)
|
|
Offering costs related to tax equity
|
(0.6)
|
-
|
|
Payments for revolving credit facility
borrowings
|
(2.9)
|
(8.0)
|
|
Proceeds from revolving credit facility
borrowings
|
-
|
22.8
|
|
Equity investment from noncontrolling
interest
|
2.0
|
-
|
|
Deferred financing costs
|
-
|
(10.2)
|
|
Dividends paid
|
(36.3)
|
(36.0)
|
|
Cash (used
in) provided by financing activities
|
(19.6)
|
150.1
|
|
|
|
|
|
Net
increase in cash and cash equivalents
|
24.0
|
46.0
|
|
Less cash
at discontinued operations
|
(5.0)
|
-
|
|
Cash and
cash equivalents at beginning of period at discontinued
operations
|
6.5
|
-
|
|
Cash and
cash equivalents at beginning of period
|
60.2
|
60.6
|
|
Cash and
cash equivalents at end of period
|
$85.7
|
$106.6
|
|
|
|
|
|
Supplemental cash flow information
|
|
|
|
Interest paid
|
$34.0
|
$18.0
|
|
Income taxes paid (refunded), net
|
$1.4
|
$0.6
|
|
Accruals for construction in progress
|
$1.6
|
$3.7
|
|
|
|
|
|
|
Regulation G Disclosures
Cash Available for Distribution and Cash Distributions from
Projects are not measures recognized under GAAP and do not have
standardized meanings prescribed by GAAP. Management believes
that Cash Available for Distribution and Cash Distributions from
Projects are relevant supplemental measures of the Company's
ability to earn and distribute cash returns to investors.
Reconciliations of Cash Available for Distribution, Payout
Ratio and Cash Distributions from Projects to cash flows from
operating activities are provided in Table 9 on page 14 of this
release. Investors are cautioned that the Company may
calculate these measures in a manner that is different from other
companies.
Project Adjusted EBITDA is defined as project income (loss) 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 companies 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 and believes such information
is helpful to investors. A reconciliation of Project Adjusted
EBITDA to project income (loss) and a bridge to Cash Distributions
from Projects are provided in Table 7 below and Tables 8A and 8B on
page 15, respectively. Investors are cautioned that the
Company may calculate this measure in a manner that is different
from other companies.
Atlantic Power Corporation
Table 7
– Project Adjusted EBITDA by Segment (in millions of U.S.
dollars)
Unaudited
|
|
|
|
|
|
|
Three
months ended March 31,
|
|
|
2013
|
2012
|
|
Project
Adjusted EBITDA by segment
|
|
|
|
Northeast
|
$45.9
|
42.4
|
|
Southeast (1)
|
2.1
|
2.1
|
|
Northwest
|
21.3
|
13.4
|
|
Southwest (2)
|
16.0
|
12.1
|
|
Un-allocated corporate
|
(4.7)
|
(3.4)
|
|
Total
|
80.6
|
66.6
|
|
|
|
|
|
Reconciliation to project income
|
|
|
|
Depreciation and amortization
|
52.4
|
39.9
|
Interest expense, net
|
9.5
|
6.0
|
Change in the fair value of derivative
instruments
|
(11.5)
|
57.5
|
Other (income) expense
|
(0.9)
|
0.2
|
Project
income (loss)
|
31.1
|
(37.0)
|
|
(1)
Excludes the Florida Projects, which are designated as assets held
for sale and discontinued operations. (2)
Excludes Path 15, which is designated as an asset held for sale and
discontinued operations.
Note:
Table 7 presents Project Adjusted EBITDA, which 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 a similar measure presented by other companies.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Atlantic Power Corporation
Table
8A – Cash Distributions from Projects (by Segment, in
millions of U.S. dollars)
Three
months ended March 31, 2013 (Unaudited)
|
|
|
|
|
|
|
|
Unaudited
|
Project
Adjusted
EBITDA
|
Repayment of
long-term debt
|
Interest
expense,
net
|
Capital
expenditures
|
Other,
including
changes in
working
capital
|
Cash
Distributions
from Projects
|
Segment
|
|
|
|
|
|
|
Northeast
|
|
|
|
|
|
|
Consolidated
|
$34.5
|
$(0.6)
|
$(3.4)
|
$(0.3)
|
$(1.2)
|
$29.0
|
Equity method
|
11.4
|
(3.5)
|
(1.0)
|
-
|
4.7
|
11.6
|
Total
|
45.9
|
(4.1)
|
(4.4)
|
(0.3)
|
3.5
|
40.6
|
Southeast
|
|
|
|
|
|
|
Consolidated
|
-
|
-
|
-
|
-
|
-
|
-
|
Equity method
|
2.1
|
-
|
-
|
0.2
|
(2.3)
|
-
|
Total
|
2.1
|
-
|
-
|
0.2
|
(2.3)
|
-
|
Northwest
|
|
|
|
|
|
|
Consolidated
|
15.5
|
-
|
(3.6)
|
(1.8)
|
(5.5)
|
4.6
|
Equity method
|
5.8
|
(0.7)
|
(1.1)
|
(0.1)
|
1.2
|
5.1
|
Total
|
21.3
|
(0.7)
|
(4.7)
|
(1.9)
|
(4.3)
|
9.7
|
Southwest
|
|
|
|
|
|
|
Consolidated
|
14.9
|
-
|
(0.2)
|
(0.1)
|
(10.6)
|
4.0
|
Equity method
|
1.1
|
(0.8)
|
(0.2)
|
-
|
(0.1)
|
-
|
Total
|
16.0
|
(0.8)
|
(0.4)
|
(0.1)
|
(10.7)
|
4.0
|
Total consolidated
|
64.9
|
(0.6)
|
(7.2)
|
(2.2)
|
(17.3)
|
37.6
|
Total equity method
|
20.4
|
(5.0)
|
(2.3)
|
0.1
|
3.5
|
16.7
|
Un-allocated corporate
|
(4.7)
|
-
|
-
|
-
|
4.7
|
-
|
Total
|
$80.6
|
$(5.6)
|
$(9.5)
|
$(2.1)
|
$(9.1)
|
$54.3
|
Note:
Table 8A presents Cash Distributions from Projects and Project
Adjusted EBITDA, which are not recognized measures under GAAP and
do not have any standardized meanings prescribed by GAAP;
therefore, these measures may not be comparable to similar measures
presented by other companies.
|
Atlantic Power Corporation
Table
8B – Cash Distributions from Projects (by Segment, in
millions of U.S. dollars)
Three
months ended March 31, 2012 (Unaudited)
|
|
Project
Adjusted
EBITDA
|
Repayment of
long-term debt
|
Interest
expense,
net
|
Capital
expenditures
|
Other,
including
changes
in
working
capital
|
Cash
Distributions
from
Projects
|
Segment
|
|
|
|
|
|
|
Northeast
|
|
|
|
|
|
|
Consolidated
|
$32.0
|
$(0.6)
|
$(3.4)
|
$-
|
$2.8
|
$30.8
|
Equity method
|
10.4
|
(3.4)
|
(1.4)
|
-
|
(6.0)
|
(0.4)
|
Total
|
42.4
|
(4.0)
|
(4.8)
|
-
|
(3.2)
|
30.4
|
Southeast
|
|
|
|
|
|
|
Consolidated
|
-
|
-
|
-
|
-
|
-
|
-
|
Equity method
|
2.1
|
-
|
-
|
-
|
(2.1)
|
-
|
Total
|
2.1
|
-
|
-
|
-
|
(2.1)
|
-
|
Northwest
|
|
|
|
|
|
|
Consolidated
|
8.5
|
-
|
(0.3)
|
-
|
(0.9)
|
7.3
|
Equity method
|
4.9
|
(0.5)
|
(0.8)
|
-
|
(0.2)
|
3.4
|
Total
|
13.4
|
(0.5)
|
(1.1)
|
-
|
(1.1)
|
10.7
|
Southwest
|
|
|
|
|
|
|
Consolidated
|
13.0
|
-
|
-
|
(0.3)
|
(0.1)
|
12.6
|
Equity method
|
(0.9)
|
(1.0)
|
(0.1)
|
(0.1)
|
2.1
|
-
|
Total
|
12.1
|
(1.0)
|
(0.1)
|
(0.4)
|
2.0
|
12.6
|
Total consolidated
|
53.5
|
(0.6)
|
(3.7)
|
(0.3)
|
1.8
|
50.7
|
Total equity method
|
16.5
|
(4.9)
|
(2.3)
|
(0.1)
|
(6.2)
|
3.0
|
Un-allocated corporate
|
(3.4)
|
-
|
-
|
-
|
3.4
|
-
|
Total
|
$66.6
|
$(5.5)
|
$(6.0)
|
$(0.4)
|
$(1.0)
|
$53.7
|
Note:
Table 8B presents Cash Distributions from Projects and Project
Adjusted EBITDA, which are not recognized measures under GAAP and
do not have any standardized meanings prescribed by GAAP;
therefore, these measures may not be comparable to similar measures
presented by other companies.
|
|
|
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Atlantic Power Corporation
Table 9
– Cash Available for Distribution (in millions of U.S.
dollars)
Unaudited
|
|
Three months ended March 31,
|
|
|
2013
|
2012
|
|
Cash
Distributions from Projects
|
$54.3
|
$53.7
|
|
Repayment of long-term debt
|
(5.6)
|
(5.5)
|
|
Interest expense, net
|
(9.5)
|
(6.0)
|
|
Capital expenditures
|
(2.1)
|
(0.4)
|
|
Other, including changes in working
capital
|
(9.1)
|
(1.0)
|
|
Project
Adjusted EBITDA
|
$80.6
|
$66.6
|
|
Depreciation and amortization
|
52.4
|
39.9
|
|
Interest expense, net
|
9.5
|
6.0
|
|
Change in the fair value of derivative
instruments
|
(11.5)
|
57.5
|
|
Other (income) expense
|
(0.9)
|
0.2
|
|
Project
income (loss)
|
$31.1
|
$(37.0)
|
|
Administrative and other expenses (income)
|
26.7
|
30.7
|
|
Income tax expense (benefit)
|
(2.5)
|
(16.9)
|
|
Income from discontinued operations, net of
tax
|
0.9
|
11.6
|
|
Net
income (loss)
|
$7.8
|
$(39.2)
|
|
Adjustments to reconcile to net cash provided
by
operating activities
|
48.4
|
88.3
|
|
Change in other operating balances
|
18.0
|
17.5
|
|
Cash
flows from operating activities
|
$74.2
|
$66.6
|
|
Project-level debt repayments
|
(2.6)
|
(2.7)
|
|
Purchases of property, plant and equipment
|
(2.2)
|
(0.8)
|
|
Dividends on preferred shares of a subsidiary
company
|
(3.2)
|
(3.2)
|
|
Cash
Available for Distribution
|
$66.2
|
$59.9
|
|
Total cash dividends declared to
shareholders
|
25.2
|
32.8
|
|
Payout
Ratio
|
38%
|
55%
|
|
Note:
Table 9 presents Cash Distributions from Projects, Project Adjusted
EBITDA, Cash Available for Distribution and Payout Ratio, which are
not recognized measures under GAAP and do not have any standardized
meanings prescribed by GAAP; therefore, these measures may not be
comparable to similar measures presented by other
companies.
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Atlantic Power Corporation
Table
10 – Project Adjusted EBITDA by Project (for Selected
Projects)
(in
millions of U.S. dollars)
Unaudited
|
|
|
|
Three
months ended March 31,
|
|
|
|
|
2013
|
2012
|
|
Project
Adjusted EBITDA by segment
|
|
|
|
|
|
Northeast
|
|
Accounting
|
|
|
|
Cadillac
|
|
Consolidated
|
$2.2
|
$1.8
|
|
Curtis Palmer
|
|
Consolidated
|
7.2
|
9.0
|
|
Nipigon
|
|
Consolidated
|
6.4
|
4.7
|
|
North Bay
|
|
Consolidated
|
5.3
|
4.7
|
|
Tunis
|
|
Consolidated
|
4.8
|
5.4
|
|
Other (3 projects)
|
|
Consolidated
|
8.6
|
6.4
|
|
Chambers
|
|
Equity
method
|
5.7
|
5.9
|
|
Selkirk
|
|
Equity
method
|
5.7
|
4.5
|
|
Total
|
|
|
45.9
|
42.4
|
|
Southeast
|
|
|
|
|
|
Piedmont
|
|
Consolidated
|
-
|
-
|
|
Orlando
|
|
Equity
method
|
2.1
|
2.1
|
|
Total
|
|
|
2.1
|
2.1
|
|
Northwest
|
|
|
|
|
|
Meadow Creek
|
|
Consolidated
|
3.1
|
-
|
|
Rockland
|
|
Consolidated
|
2.5
|
0.8
|
|
Williams Lake
|
|
Consolidated
|
8.7
|
6.4
|
|
Other (3 projects)
|
|
Consolidated
|
1.2
|
1.3
|
|
Other (3 projects) (1)
|
|
Equity
method
|
5.8
|
4.9
|
|
Total
|
|
|
21.3
|
13.4
|
|
Southwest
|
|
|
|
|
|
Canadian Hills
|
|
Consolidated
|
6.7
|
-
|
|
Manchief
|
|
Consolidated
|
3.9
|
4.4
|
|
Other (8 projects)
|
|
Consolidated
|
4.3
|
8.6
|
|
Other (2 projects)
|
|
Equity
method
|
1.1
|
(0.9)
|
|
Total
|
|
|
16.0
|
12.1
|
|
Totals
|
|
|
|
|
|
Consolidated projects
|
|
|
64.9
|
53.5
|
|
Equity method projects
|
|
|
20.4
|
16.5
|
|
Un-allocated corporate
|
|
|
(4.7)
|
(3.4)
|
|
Total
Project Adjusted EBITDA
|
|
|
$80.6
|
$66.6
|
|
|
|
|
|
|
|
Reconciliation to project income
(loss)
|
|
|
|
|
|
Depreciation and amortization
|
|
|
$52.4
|
$39.9
|
|
Interest expense, net
|
|
|
9.5
|
6.0
|
|
Change in the fair value of derivative
instruments
|
|
|
(11.5)
|
57.5
|
|
Other (income) expense
|
|
|
(0.9)
|
0.2
|
|
Project
income (loss)
|
|
|
$31.1
|
$(37.0)
|
|
(1) Goshen
North is included in 2013 results, but is excluded from 2012
results as it was acquired in December 2012; therefore, 2012
results have only two equity method projects in the Northwest
segment.
Note:
Table 10 presents Project Adjusted EBITDA, which 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 a similar measure presented by other companies. The
Company has not reconciled non-GAAP financial measures relating to
individual projects to the directly comparable GAAP measures due to
the difficulty in making the relevant adjustments on an individual
project basis.
|
|
|
|
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|
|
SOURCE Atlantic Power Corporation