BOSTON, May 8, 2013 /CNW/ - 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
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Three
months ended March 31,
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2013
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2012
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|
Excluding results of
discontinued operations
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|
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Project revenue
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$140.2
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$118.7
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Project income (loss)
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31.1
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(37.0)
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Project Adjusted EBITDA
(1)
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80.6
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66.6
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|
Cash Distributions from
Projects (1)
|
54.3
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53.7
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|
Aggregate power generation
(Net MWh)
|
1,912,424
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1,492,598
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|
Weighted average
availability
|
95.6%
|
97.4%
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|
Including results from
discontinued operations
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|
|
|
Cash flows from operating
activities
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$74.2
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$66.6
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|
Cash Available for
Distribution (1)
|
66.2
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59.9
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Total cash dividends
declared to shareholders
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25.2
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32.8
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|
Payout ratio
(1)
|
38%
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55%
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|
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
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Q1 2013 Actual
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Project Adjusted EBITDA
(1)(2)
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$250 - $275
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$80.6
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Cash Available for
Distribution (2)(3)
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$85 - $100
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$66.2
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Total cash dividends
declared to shareholders
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$60 - $62
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$25.2
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Payout Ratio, including
discontinued operations (2)(3)
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65% - 75%
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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 - $200
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Less: unrestricted planned
cash reserve
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$(50)
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Total Liquidity
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$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)
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Administrative and other expenses (income)
|
26.7
|
30.7
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|
Income
tax expense (benefit)
|
(2.5)
|
(16.9)
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|
Income
from discontinued operations, net of tax
|
0.9
|
11.6
|
|
Net income
(loss)
|
$7.8
|
$(39.2)
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|
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)
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|
Purchases of property, plant and equipment
|
(2.2)
|
(0.8)
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Dividends on preferred shares of a subsidiary company
|
(3.2)
|
(3.2)
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|
Cash Available for
Distribution
|
$66.2
|
$59.9
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|
Total
cash dividends declared to shareholders
|
25.2
|
32.8
|
|
Payout Ratio
|
38%
|
55%
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|
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,
|
|
|
|
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2013
|
2012
|
|
Project Adjusted EBITDA
by segment
|
|
|
|
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Northeast
|
|
Accounting
|
|
|
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Cadillac
|
|
Consolidated
|
$2.2
|
$1.8
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|
Curtis
Palmer
|
|
Consolidated
|
7.2
|
9.0
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Nipigon
|
|
Consolidated
|
6.4
|
4.7
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North
Bay
|
|
Consolidated
|
5.3
|
4.7
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Tunis
|
|
Consolidated
|
4.8
|
5.4
|
|
Other (3
projects)
|
|
Consolidated
|
8.6
|
6.4
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|
Chambers
|
|
Equity method
|
5.7
|
5.9
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|
Selkirk
|
|
Equity method
|
5.7
|
4.5
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Total
|
|
|
45.9
|
42.4
|
|
Southeast
|
|
|
|
|
|
Piedmont
|
|
Consolidated
|
-
|
-
|
|
Orlando
|
|
Equity method
|
2.1
|
2.1
|
|
Total
|
|
|
2.1
|
2.1
|
|
Northwest
|
|
|
|
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|
Meadow
Creek
|
|
Consolidated
|
3.1
|
-
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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)
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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