Brookfield Renewable Partners L.P. (TSX:BEP.UN) (NYSE:BEP)
(“
Brookfield Renewable”) today reported strong
financial results for the three months ended September 30, 2017.
“Our business performed well in the third
quarter driven by above average generation, high availability
across our fleet, and organic growth initiatives,” said Sachin
Shah, CEO of Brookfield Renewable. “We remain focused on delivering
12% to 15% annualized returns to our shareholders, and believe that
our broadening sector expertise leaves us well positioned to
capitalize on the decarbonisation of the electricity business
globally.”
Financial Results |
|
|
|
|
|
|
|
|
|
|
For the periods ended September 30 |
US$ millions (except per unit or otherwise noted) |
Three Months Ended |
Nine Months Ended |
Unaudited |
|
2017 |
|
|
2016 |
|
|
2017 |
|
2016 |
|
Generation (GWh) |
|
|
|
|
|
|
|
|
|
-
Total |
|
9,370 |
|
|
7,522 |
|
|
31,472 |
|
25,343 |
|
|
-
Brookfield Renewable's share |
|
5,198 |
|
|
4,395 |
|
|
18,078 |
|
15,488 |
|
Net loss |
$ |
(32 |
) |
$ |
(19 |
) |
$ |
80 |
$ |
41 |
|
|
Per LP Unit |
$ |
(0.14 |
) |
$ |
(0.12 |
) |
$ |
0.04 |
$ |
(0.07 |
) |
Funds From Operations (FFO)(1) |
$ |
91 |
|
$ |
73 |
|
$ |
438 |
$ |
365 |
|
|
Per
Unit(1)(2) |
$ |
0.29 |
|
$ |
0.24 |
|
$ |
1.44 |
$ |
1.28 |
|
|
(1) |
|
Non-IFRS
measure. Refer to “Cautionary Statement Regarding Use of Non-IFRS
Measures”. |
|
(2) |
|
For the
three and nine months ended September 30, 2017, weighted average LP
Units, Redeemable/Exchangeable partnership units and GP interest
totaled 311.8 million and 303.5 million, respectively (2016: 299
million and 285.2 million). |
|
|
|
|
Brookfield Renewable reported net loss for the
three months ended September 30, 2017 of $32 million ($0.14 per LP
Unit) compared to a net loss of $19 million ($0.12 per LP Unit) for
the same period in 2016. FFO was up 20% to $91 million compared to
$73 million last year.
Adjusted EBITDA was $378 million in the third
quarter compared to $332 million for the same period last year.
Above average generation, high availability across our fleet and
the advancement of our organic growth initiatives all contributed
positively to financial results during the quarter. We remain on
track to deliver 8% to 10% FFO per share growth over the last five
years.
Financial Results and
Operations
Increased hydroelectric generation across our
North American portfolio, 6% above the long term average, was
supported by the combination of higher precipitation in New York,
PJM, Ontario and Quebec, as well as high fleet availability. We
continue to maintain a largely contracted portfolio and are focused
on long-term select opportunities across the business to generate
further upside.
In Europe, our assets continue to deliver strong
operational performance with generation in line with the long-term
average. Our operating expertise in the market has enabled us to
advance a number of organic growth initiatives both with regards to
building out our development pipeline and pursuing corporate
contracting initiatives.
In Brazil, power prices remain well above
historical norms as weak hydrological conditions and low reservoir
levels persist. We have been able to capture higher prices and
benefit from the volatility through the implementation of a
successful hedging strategy. Accordingly, we have signed ten PPAs
totaling 139 gigawatt-hours per year at an average price of R$230
per megawatt-hour for deliveries up to 2021.
In Colombia the combination of average hydrology
and the ability to draw on our significant storage capacity
resulted in hydro generation at 2% above the long-term average. We
also ended the quarter with reservoir levels above the long-term
average, positioning us well for the upcoming dry season, which
typically lasts from December to April. We signed several
medium-term contracts with distribution companies and renewed four
contracts with industrial off-takers at excellent long-term
levels.
Update on Growth
Initiatives
On October 16th, we closed the acquisition of a
51% controlling interest in TerraForm Power with our institutional
clients. TerraForm Power has a 2,600 megawatt, high-quality,
diversified portfolio of solar and wind assets located primarily in
the U.S. Its stable revenue streams are expected to contribute 6%
accretion to FFO on a run-rate basis, and generate returns in line
with our target. Brookfield Asset Management is now TerraForm
Power’s sponsor.
TerraForm Power has performed in line with our
expectations so far this year and as we look forward we would
expect the investment to add approximately $40 million to
Brookfield Renewable’s FFO over the next 12 months. With the
opportunity to grow cash flows organically through margin expansion
and asset re-powering, we are expecting TerraForm Power to provide
a meaningful ongoing contribution to Brookfield Renewable’s
financial results and support our annual FFO growth targets.
We also closed two acquisitions in Europe. The
first was our 25% stake in First Hydro, a pumped storage facility
with 2,100 megawatts of capacity across two plants that are
co-owned with Engie. We also completed the acquisition of a 16
megawatt wind farm in Northern Ireland.
These transactions represent the deployment, in
aggregate, of $278 million of Brookfield Renewable equity and are
expected to deliver approximately $50 million of incremental FFO to
Brookfield Renewable on an annual basis.
We also continue to progress the 100%
acquisition of TerraForm Global, with a shareholder vote scheduled
for mid-November.
We continue to progress our $435 million
development backlog. Having already commissioned 56 megawatts
of construction assets in 2017, we are advancing the development of
a further 265 megawatts, largely in Europe and Brazil. In
total these projects should add $45 - $50 million to our annual FFO
over the next 3 years.
In Europe, we commissioned a 15 megawatt wind
farm last quarter and we are making good progress towards
completion of an additional 65 megawatts of wind which are on
scope, schedule and budget. In Brazil, we expect to commission a 28
megawatt small hydro project later this year with an additional 19
megawatts on schedule for commissioning in 2018. In addition, we
are preparing to bid another two small Brazilian hydroelectric
development projects, totaling 43 megawatts, into the upcoming
auctions in the fourth quarter which, if successful, should ready
them for construction stage.
Liquidity
Our liquidity position, pro forma for the above
mentioned closed transactions, remains strong at $1.7 billion. At
quarter end, the weighted average remaining duration of our
project-level debt was 9 years and our exposure to floating rate
debt was 15%. In North America and Europe combined, approximately
90% of our debt is fixed rate with an average duration of 10 years
providing strong protection to rising interest rates.
Distribution and
Declaration
The next quarterly distribution in the amount of
$0.4675 per LP Unit, is payable on December 29, 2017 to unitholders
of record as at the close of business on November 30, 2017.
Brookfield Renewable targets a sustainable distribution with
increases targeted on average at 5% to 9% annually.
The regular quarterly dividends on Brookfield
Renewable’s preferred shares and preferred LP units have also been
declared.
Distribution Currency
Option
The quarterly distributions payable on the
Partnership’s LP Units are declared in U.S. dollars. Unitholders
resident in the United States will receive payment in U.S. dollars
and unitholders resident in Canada will receive the Canadian dollar
equivalent unless they request otherwise. The Canadian dollar
equivalent of the quarterly distribution will be based on the Bank
of Canada daily average exchange rate on the record date or, if the
record date falls on a weekend or holiday, on the Bank of Canada
daily average exchange rate of the preceding business day.
Registered unitholders resident in Canada who
wish to receive a U.S. dollar distribution and registered
unitholders resident in the United States wishing to receive the
Canadian dollar distribution equivalent should contact Brookfield
Renewable’s transfer agent, Computershare Trust Company of Canada,
in writing at 100 University Avenue, 8th Floor, Toronto, Ontario
M5J 2Y1 or by phone at 1-800-564-6253. Beneficial unitholders
(i.e., those holding their units in street name with their
brokerage) should contact the broker with whom their units are
held.
Distribution Reinvestment
Plan
Brookfield Renewable maintains a Distribution
Reinvestment Plan (“DRIP”) which allows holders of its LP Units who
are resident in Canada to acquire additional LP Units by
reinvesting all or a portion of their cash distributions without
paying commissions. Information on the DRIP, including details on
how to enroll, is available on our website at
https://bep.brookfield.com/stock-and-distribution/distributions/drip.
Additional information on Brookfield Renewable’s
distributions and preferred share dividends can be found on our
website at https://bep.brookfield.com.
Brookfield Renewable Partners
Brookfield Renewable Partners operates one of
the world’s largest publicly traded, pure-play renewable power
platforms. Our portfolio consists of hydroelectric, wind, solar and
storage facilities in North America, Colombia, Brazil, and Europe
and totals over 15,000 megawatts of installed capacity. Brookfield
Renewable is listed on the New York and Toronto stock exchanges.
Further information is available at https://bep.brookfield.com.
Important information may be disseminated exclusively via the
website; investors should consult the site to access this
information.
Brookfield Renewable is the flagship listed
renewable power company of Brookfield Asset Management, a leading
global alternative asset manager with approximately $250 billion of
assets under management.
Please note that Brookfield Renewable’s previous
audited annual and unaudited quarterly reports have been filed on
SEDAR and can also be found in the shareholders section of our
website at https://bep.brookfield.com. Hard copies of the annual
and quarterly reports can be obtained free of charge upon
request.
For more information, please contact:
Media:Claire Holland(416)
369-8236claire.holland@brookfield.com
Investors:Divya Biyani(416)
369-2616divya.biyani@brookfieldrenewable.com
Quarterly Earnings Call Details
Investors, analysts and other interested parties
can access Brookfield Renewable’s 2017 Third Quarter Results as
well as the Letter to Shareholders and Supplemental Information on
Brookfield Renewable’s website at https://bep.brookfield.com.
The conference call can be accessed via webcast on November 1,
2017 at 9:00 a.m. Eastern Time at
http://services.choruscall.ca/links/brenewablep20171101.html or via
teleconference at 1-800-319-4610 toll free in North America. For
overseas calls please dial 1-604-638-5340, at approximately 8:50
a.m. Eastern Time. A recording of the teleconference can be
accessed through December 1, 2017 at 1-800-319-6413, or from
outside Canada & U.S. please call 1-604-638-9010 (Password
1685).
Cautionary Statement Regarding Forward-looking
Statements
This news release contains forward-looking
statements and information within the meaning of Canadian
provincial securities laws and “forward-looking statements” within
the meaning of Section 27A of the U.S. Securities Act of 1933, as
amended, Section 21E of the U.S. Securities Exchange Act of 1934,
as amended, “safe harbor” provisions of the United States Private
Securities Litigation Reform Act of 1995 and in any applicable
Canadian securities regulations. The words “will”, “should”,
“could”, “potential”, “tend to”, “target” “future”, “growth”,
“expect”, “believe”, “goal”, “plan”, derivatives thereof and other
expressions which are predictions of or indicate future events,
trends or prospects and which do not relate to historical matters
identify the above mentioned and other forward-looking statements.
Forward-looking statements in this news release include statements
regarding the quality of Brookfield Renewable’s and TerraForm
Power’s businesses and our expectations regarding future cash flows
and distribution growth. They include statements regarding our
liquidity, the availability of acquisition opportunities and the
timing and progress towards completion of acquisitions and
development projects. They also include statements regarding the
expected contribution of development projects and of TerraForm
Power to future cash flows as well as statements regarding the
nature of the investment opportunities available within the
renewables market generally. Although Brookfield Renewable believes
that these forward-looking statements and information are based
upon reasonable assumptions and expectations, you should not place
undue reliance on them, or any other forward looking statements or
information in this news release. The future performance and
prospects of Brookfield Renewable are subject to a number of known
and unknown risks and uncertainties. Factors that could cause
actual results of Brookfield Renewable to differ materially from
those contemplated or implied by the statements in this news
release include economic conditions in the jurisdictions in which
we operate; our ability to sell products and services under
contract or into merchant energy markets; weather conditions and
other factors which may impact generation levels at our facilities;
changes to government regulations, including incentives for
renewable energy; our ability to grow within our current markets or
expand into new markets; our ability to complete development and
capital projects on time and on budget; our inability to finance
our operations or fund future acquisitions due to the status of the
capital markets; the ability to effectively source, complete and
integrate new acquisitions and to realize the benefits of such
acquisitions; health, safety, security or environmental incidents;
regulatory risks relating to the power markets in which we operate,
including relating to the regulation of our assets, licensing and
litigation; risks relating to our internal control environment; our
lack of control over all of our operations; contract counterparties
not fulfilling their obligations; and other risks associated with
the construction, development and operation of power generating
facilities.
We caution that the foregoing list of important
factors that may affect future results is not exhaustive. The
forward-looking statements represent our views as of the date of
this news release and should not be relied upon as representing our
views as of any subsequent date. While we anticipate that
subsequent events and developments may cause our views to change,
we disclaim any obligation to update the forward-looking
statements, other than as required by applicable law. For further
information on these known and unknown risks, please see “Risk
Factors” included in our Form 20-F.
Cautionary Statement Regarding Use of Non-IFRS
Measures
This news release contains references to
Adjusted EBITDA, Funds From Operations (FFO), Adjusted Funds From
Operations and Funds From Operations per Unit, which are not
generally accepted accounting measures under IFRS and therefore may
differ from definitions of Adjusted EBITDA, Funds From Operations,
Adjusted Funds From Operations and Funds From Operations per Unit
used by other entities. We believe that these are useful
supplemental measures that may assist investors in assessing the
financial performance and the cash anticipated to be generated by
our operating portfolio. Neither Adjusted EBITDA, Funds From
Operations, Adjusted Funds from Operations nor Adjusted Funds From
Operations per Unit should be considered as the sole measure of our
performance and should not be considered in isolation from, or as a
substitute for, analysis of our financial statements prepared in
accordance with IFRS.
References to Brookfield Renewable are to
Brookfield Renewable Partners L.P. together with its subsidiary and
operating entities unless the context reflects otherwise.
_________________________________________________
BROOKFIELD RENEWABLE PARTNERS L.P. |
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CONSOLIDATED STATEMENTS OF (LOSS) INCOME |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
UNAUDITED |
Three months ended Sep 30 |
|
Nine months ended Sep 30 |
|
(MILLIONS, EXCEPT AS NOTED) |
2017 |
|
2016 |
|
2017 |
|
2016 |
|
Revenues |
$ |
608 |
|
$ |
580 |
|
$ |
1,968 |
|
$ |
1,881 |
|
Other
income |
|
7 |
|
|
23 |
|
|
25 |
|
|
55 |
|
Direct
operating costs |
|
(243 |
) |
|
(275 |
) |
|
(716 |
) |
|
(780 |
) |
Management
service costs |
|
(21 |
) |
|
(16 |
) |
|
(58 |
) |
|
(46 |
) |
Interest
expense – borrowings |
|
(158 |
) |
|
(159 |
) |
|
(477 |
) |
|
(447 |
) |
Share of
earnings from |
|
|
|
|
|
|
|
|
|
equity-accounted investments |
|
4 |
|
|
1 |
|
|
3 |
|
|
1 |
|
Unrealized
financial instruments loss |
|
(14 |
) |
|
(4 |
) |
|
(40 |
) |
|
(6 |
) |
Depreciation |
|
(202 |
) |
|
(210 |
) |
|
(600 |
) |
|
(593 |
) |
Other |
|
(2 |
) |
|
6 |
|
|
19 |
|
|
(6 |
) |
Income tax
(expense) recovery |
|
|
|
|
|
|
|
|
|
Current |
|
(15 |
) |
|
(8 |
) |
|
(27 |
) |
|
(20 |
) |
|
Deferred |
|
4 |
|
|
43 |
|
|
(17 |
) |
|
2 |
|
|
|
(11 |
) |
|
35 |
|
|
(44 |
) |
|
(18 |
) |
Net (loss) income |
$ |
(32 |
) |
$ |
(19 |
) |
$ |
80 |
|
$ |
41 |
|
Net (loss)
income attributable to: |
|
|
|
|
|
|
|
|
Non-controlling interests |
|
|
|
|
|
|
|
|
|
Participating non-controlling interests - in |
|
|
|
|
|
|
|
|
|
|
operating
subsidiaries |
$ |
(4 |
) |
$ |
3 |
|
$ |
29 |
|
$ |
29 |
|
|
General
partnership interest in a holding |
|
|
|
|
|
|
|
|
|
|
subsidiary held by
Brookfield |
|
(1 |
) |
|
- |
|
|
- |
|
|
- |
|
|
Participating non-controlling interests - in a |
|
|
|
|
|
|
|
|
|
|
holding subsidiary -
Redeemable/ |
|
|
|
|
|
|
|
|
|
|
Exchangeable units held
by Brookfield |
|
(18 |
) |
|
(15 |
) |
|
5 |
|
|
(8 |
) |
|
Preferred
equity |
|
7 |
|
|
6 |
|
|
19 |
|
|
19 |
|
Preferred
limited partners' equity |
|
8 |
|
|
5 |
|
|
21 |
|
|
11 |
|
Limited partners' equity |
|
(24 |
) |
|
(18 |
) |
|
6 |
|
|
(10 |
) |
|
|
|
$ |
(32 |
) |
$ |
(19 |
) |
$ |
80 |
|
$ |
41 |
|
Basic and diluted (loss) earnings per LP Unit |
$ |
(0.14 |
) |
$ |
(0.12 |
) |
$ |
0.04 |
|
$ |
(0.07 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
BROOKFIELD RENEWABLE PARTNERS L.P. |
CONSOLIDATED STATEMENTS OF FINANCIAL POSITION |
|
|
|
|
|
|
|
UNAUDITED |
|
Sep
30 |
|
Dec
31 |
(MILLIONS) |
|
2017 |
|
2016 |
Assets |
|
|
|
|
Current
assets |
|
|
|
|
|
Cash and
cash equivalents |
$ |
143 |
$ |
223 |
|
Restricted
cash |
|
146 |
|
121 |
|
Trade
receivables and other current assets |
|
449 |
|
454 |
|
Financial
instrument assets |
|
4 |
|
55 |
|
Due from
related parties |
|
62 |
|
54 |
|
|
|
|
804 |
|
907 |
Financial
instrument assets |
|
181 |
|
145 |
Equity-accounted investments |
|
471 |
|
206 |
Property,
plant and equipment, at fair value |
|
25,346 |
|
25,257 |
Goodwill |
|
916 |
|
896 |
Deferred
income tax assets |
|
167 |
|
150 |
Other long-term assets |
|
140 |
|
176 |
|
$ |
28,025 |
$ |
27,737 |
Liabilities |
|
|
|
|
Current
liabilities |
|
|
|
|
|
Accounts
payable and accrued liabilities |
$ |
468 |
$ |
467 |
|
Financial
instrument liabilities |
|
109 |
|
156 |
|
Due to
related parties |
|
83 |
|
76 |
|
Current
portion of long-term debt |
|
726 |
|
1,034 |
|
|
|
|
1,386 |
|
1,733 |
Financial
instrument liabilities |
|
150 |
|
72 |
Long-term
debt and credit facilities |
|
9,270 |
|
9,148 |
Deferred
income tax liabilities |
|
3,911 |
|
3,802 |
Other long-term liabilities |
|
321 |
|
310 |
|
|
|
|
15,038 |
|
15,065 |
Equity |
|
|
|
|
Non-controlling interests |
|
|
|
|
|
Participating non-controlling interests - in operating |
|
|
|
|
|
|
subsidiaries |
|
5,565 |
|
5,589 |
|
General
partnership interest in a holding subsidiary |
|
|
|
|
|
|
held by Brookfield |
|
53 |
|
55 |
|
Participating non-controlling interests - in a holding
subsidiary |
|
|
|
|
|
|
-
Redeemable/Exchangeable units held by Brookfield |
|
2,609 |
|
2,680 |
|
Preferred
equity |
|
621 |
|
576 |
Preferred
limited partners' equity |
|
511 |
|
324 |
Limited partners' equity |
|
3,628 |
|
3,448 |
|
|
|
|
12,987 |
|
12,672 |
|
|
|
$ |
28,025 |
$ |
27,737 |
|
|
|
|
|
|
|
|
BROOKFIELD RENEWABLE PARTNERS L.P. |
|
|
|
|
|
|
|
|
CONSOLIDATED STATEMENTS OF CASH FLOWS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
UNAUDITED |
Three months ended Sep 30 |
|
Nine months ended Sep 30 |
|
(MILLIONS) |
|
2017 |
|
|
2016 |
|
|
2017 |
|
|
2016 |
|
Operating activities |
|
|
|
|
|
|
|
|
Net (loss)
income |
$ |
(32 |
) |
$ |
(19 |
) |
$ |
80 |
|
$ |
41 |
|
Adjustments
for the following non-cash items: |
|
|
|
|
|
|
|
|
|
Depreciation |
|
202 |
|
|
210 |
|
|
600 |
|
|
593 |
|
|
Unrealized
financial instrument loss |
|
14 |
|
|
4 |
|
|
40 |
|
|
6 |
|
|
Share of
earnings from |
|
|
|
|
|
|
|
|
|
|
equity-accounted
investments |
|
(4 |
) |
|
(1 |
) |
|
(3 |
) |
|
(1 |
) |
|
Deferred
income tax (recovery) expense |
|
(4 |
) |
|
(43 |
) |
|
17 |
|
|
(2 |
) |
|
Other
non-cash items |
|
17 |
|
|
(7 |
) |
|
(14 |
) |
|
(19 |
) |
Dividends
received from equity-accounted investments |
|
2 |
|
|
3 |
|
|
5 |
|
|
6 |
|
Changes in
due to or from related parties |
|
5 |
|
|
9 |
|
|
(5 |
) |
|
28 |
|
Net change in working capital balances |
|
4 |
|
|
14 |
|
|
26 |
|
|
(118 |
) |
|
|
|
|
204 |
|
|
170 |
|
|
746 |
|
|
534 |
|
Financing activities |
|
|
|
|
|
|
|
|
Long-term
debt - borrowings |
|
500 |
|
|
777 |
|
|
799 |
|
|
2,407 |
|
Long-term
debt - repayments |
|
(709 |
) |
|
(363 |
) |
|
(1,171 |
) |
|
(857 |
) |
Capital
contributions from participating non-controlling |
|
|
|
|
|
|
|
|
|
interests -
in operating subsidiaries |
|
232 |
|
|
289 |
|
|
281 |
|
|
2,333 |
|
Return of
capital to participating non-controlling |
|
|
|
|
|
|
|
|
|
interests -
in operating subsidiaries |
|
- |
|
|
- |
|
|
(36 |
) |
|
- |
|
Acquisition
of Isagen from non-controlling interests |
|
- |
|
|
(608 |
) |
|
(5 |
) |
|
(1,540 |
) |
Issuance of
preferred limited partnership units |
|
- |
|
|
- |
|
|
187 |
|
|
147 |
|
Issuance of
LP Units |
|
411 |
|
|
- |
|
|
411 |
|
|
657 |
|
Distributions paid: |
|
|
|
|
|
|
|
|
|
To
participating non-controlling interests - in operating |
|
|
|
|
|
|
|
|
|
|
subsidiaries |
|
(130 |
) |
|
(32 |
) |
|
(390 |
) |
|
(73 |
) |
|
To
preferred shareholders |
|
(7 |
) |
|
(6 |
) |
|
(19 |
) |
|
(19 |
) |
|
To
preferred limited partners' unitholders |
|
(8 |
) |
|
(4 |
) |
|
(19 |
) |
|
(8 |
) |
|
To unitholders of Brookfield Renewable or BRELP |
|
(151 |
) |
|
(136 |
) |
|
(440 |
) |
|
(386 |
) |
|
|
|
|
138 |
|
|
(83 |
) |
|
(402 |
) |
|
2,661 |
|
Investing activities |
|
|
|
|
|
|
|
|
Acquisitions |
|
(280 |
) |
|
(8 |
) |
|
(280 |
) |
|
(2,886 |
) |
Cash and
cash equivalents in acquired entity |
|
- |
|
|
- |
|
|
- |
|
|
117 |
|
Investment
in: |
|
|
|
|
|
|
|
|
|
Sustaining
capital expenditures |
|
(39 |
) |
|
(34 |
) |
|
(90 |
) |
|
(72 |
) |
|
Development
and construction of renewable power |
|
|
|
|
|
|
|
|
|
|
generating assets |
|
(67 |
) |
|
(69 |
) |
|
(156 |
) |
|
(175 |
) |
Proceeds
from disposal of assets |
|
- |
|
|
- |
|
|
150 |
|
|
- |
|
Investment
in securities |
|
9 |
|
|
43 |
|
|
(30 |
) |
|
(73 |
) |
Restricted cash and other |
|
(2 |
) |
|
1 |
|
|
(24 |
) |
|
37 |
|
|
|
|
|
(379 |
) |
|
(67 |
) |
|
(430 |
) |
|
(3,052 |
) |
Foreign exchange gain on cash |
|
6 |
|
|
2 |
|
|
6 |
|
|
26 |
|
Cash and
cash equivalents |
|
|
|
|
|
|
|
|
|
(Decrease)
increase |
|
(31 |
) |
|
22 |
|
|
(80 |
) |
|
169 |
|
|
Balance, beginning of period |
|
174 |
|
|
210 |
|
|
223 |
|
|
63 |
|
|
Balance, end of period |
$ |
143 |
|
$ |
232 |
|
$ |
143 |
|
$ |
232 |
|
Supplemental cash flow information: |
|
|
|
|
|
|
|
|
|
Interest
paid |
$ |
116 |
|
$ |
120 |
|
$ |
421 |
|
$ |
395 |
|
|
Interest
received |
$ |
6 |
|
$ |
11 |
|
$ |
23 |
|
$ |
31 |
|
|
Income taxes paid |
$ |
15 |
|
$ |
18 |
|
$ |
43 |
|
$ |
35 |
|
|
|
|
|
|
|
|
|
|
|
|
Review of operations
The table below summarizes actual and long-term generation by
segments for the three months ended September 30:
|
|
|
|
Generation (GWh)(1) |
|
Variance of Results |
|
|
|
|
Actual |
|
Actual |
|
LTA |
|
Actual
vs. |
|
|
Actual
vs. |
|
For the three months ended September 30 |
|
2017 |
|
2016 |
|
2017 |
|
LTA |
|
|
Prior Year |
|
Hydroelectric |
|
|
|
|
|
|
|
|
|
|
|
North
America |
|
|
|
|
|
|
|
|
|
|
|
|
United States |
|
2,285 |
|
1,604 |
|
2,178 |
|
107 |
|
|
681 |
|
|
|
Canada |
|
1,333 |
|
1,071 |
|
1,223 |
|
110 |
|
|
262 |
|
|
|
|
3,618 |
|
2,675 |
|
3,401 |
|
217 |
|
|
943 |
|
|
Colombia(2) |
|
3,653 |
|
2,554 |
|
3,571 |
|
82 |
|
|
1,099 |
|
|
Brazil |
|
971 |
|
1,060 |
|
1,170 |
|
(199 |
) |
|
(89 |
) |
|
|
|
|
8,242 |
|
6,289 |
|
8,142 |
|
100 |
|
|
1,953 |
|
Wind |
|
|
|
|
|
|
|
|
|
|
|
North
America |
|
|
|
|
|
|
|
|
|
|
|
|
United States |
|
216 |
|
228 |
|
271 |
|
(55 |
) |
|
(12 |
) |
|
|
Canada |
|
173 |
|
143 |
|
238 |
|
(65 |
) |
|
30 |
|
|
|
|
389 |
|
371 |
|
509 |
|
(120 |
) |
|
18 |
|
|
Europe |
|
242 |
|
318 |
|
238 |
|
4 |
|
|
(76 |
) |
|
Brazil |
|
229 |
|
200 |
|
209 |
|
20 |
|
|
29 |
|
|
|
|
|
860 |
|
889 |
|
956 |
|
(96 |
) |
|
(29 |
) |
Storage |
|
85 |
|
129 |
|
- |
|
85 |
|
|
(44 |
) |
Other |
|
183 |
|
215 |
|
- |
|
183 |
|
|
(32 |
) |
Total(3) |
|
9,370 |
|
7,522 |
|
9,098 |
|
272 |
|
|
1,848 |
|
|
(1) |
|
For assets
acquired or reaching commercial operation during the year, this
figure is calculated from the acquisition or commercial operation
date and is not annualized. |
|
(2) |
|
Includes
generation from both hydroelectric and Co-gen facilities. |
|
(3) |
|
Includes
100% of generation from equity-accounted investments |
|
|
|
|
Hydroelectric generation continued to be in line
with the long-term average. Strong inflows in North America and
Colombia, supplemented by our ability to draw on stored water, was
marginally offset by drier conditions in Brazil.
Generation across our wind portfolio improved
over the same period of the prior year. In North America, our
wholly-owned Canadian assets performed ahead of prior year due to
improved wind conditions. In Brazil, the portfolio continues to
produce above long-term average generation. Our European portfolio
benefitted from growth in the portfolio which was partially offset
by lower wind conditions. The prior year included 82 GWh relating
to the 137 MW wind portfolio in Ireland that was sold in the first
quarter of 2017.
The table below summarizes generation by segment and region for
the nine months ended September 30:
|
|
|
|
Generation (GWh)(1) |
|
Variance of Results |
|
|
|
|
Actual |
|
Actual |
|
LTA |
|
Actual
vs. |
|
|
Actual
vs. |
|
For the nine months ended September 30 |
|
2017 |
|
2016 |
|
2017 |
|
LTA |
|
|
Prior Year |
|
Hydroelectric |
|
|
|
|
|
|
|
|
|
|
|
North
America |
|
|
|
|
|
|
|
|
|
|
|
|
United States |
|
9,258 |
|
7,523 |
|
9,057 |
|
201 |
|
|
1,735 |
|
|
|
Canada |
|
4,570 |
|
4,149 |
|
3,959 |
|
611 |
|
|
421 |
|
|
|
|
13,828 |
|
11,672 |
|
13,016 |
|
812 |
|
|
2,156 |
|
|
Colombia(2) |
|
11,217 |
|
6,966 |
|
10,588 |
|
629 |
|
|
4,251 |
|
|
Brazil |
|
3,089 |
|
3,168 |
|
3,468 |
|
(379 |
) |
|
(79 |
) |
|
|
|
|
28,134 |
|
21,806 |
|
27,072 |
|
1,062 |
|
|
6,328 |
|
Wind |
|
|
|
|
|
|
|
|
|
|
|
North
America |
|
1,436 |
|
1,381 |
|
1,748 |
|
(312 |
) |
|
55 |
|
|
Europe |
|
914 |
|
1,067 |
|
925 |
|
(11 |
) |
|
(153 |
) |
|
Brazil |
|
491 |
|
462 |
|
391 |
|
100 |
|
|
29 |
|
|
|
|
|
2,841 |
|
2,910 |
|
3,064 |
|
(223 |
) |
|
(69 |
) |
Storage |
|
200 |
|
322 |
|
- |
|
200 |
|
|
(122 |
) |
Other |
|
297 |
|
305 |
|
- |
|
297 |
|
|
(8 |
) |
Total generation(3) |
|
31,472 |
|
25,343 |
|
30,136 |
|
1,336 |
|
|
6,129 |
|
|
(1) |
|
For assets
acquired or reaching commercial operation during the year, this
figure is calculated from the acquisition or commercial operation
date and is not annualized. |
|
(2) |
|
Includes
generation from both hydroelectric and Co-gen facilities. |
|
(3) |
|
Includes
100% of generation for assets we manage. |
|
|
|
|
The hydroelectric portfolio continued to benefit
from stronger hydrological conditions resulting in a return to
long-term averages. In North America and Colombia, we have
benefitted from hydrological conditions that are ahead of long-term
averages. Lower volumes in Brazil are a result of drier conditions.
The portfolio generated 28,134 GWh, with the growth in our
portfolio contributing 1,744 GWh.
The wind portfolio continued to perform in line
with the prior year. In North America and Brazil, we benefitted
from stronger wind conditions compared to the same period of the
prior year. In Europe, the portfolio performed in line with
long-term averages. The negative variance to the same period of the
prior year was primarily driven by the sale of the 137 MW wind
portfolio in the first quarter of 2017 that had contributed 180 GWh
in the third quarter of 2016. The growth in our portfolio
contributed 43 GWh.
The following table reconciles Adjusted EBITDA
and Funds From Operations to net income as presented in the
consolidated statements of net income (loss), for the three and
nine months ended September 30:
|
|
|
|
|
Three months ended Sep 30 |
|
Nine months ended Sep 30 |
|
(MILLIONS) |
|
2017 |
|
|
2016 |
|
|
2017 |
|
|
2016 |
|
Revenues |
$ |
608 |
|
$ |
580 |
|
$ |
1,968 |
|
$ |
1,881 |
|
Other
income |
|
7 |
|
|
23 |
|
|
25 |
|
|
55 |
|
Share of
cash earnings from equity-accounted investments |
|
6 |
|
|
4 |
|
|
11 |
|
|
8 |
|
Direct operating costs |
|
(243 |
) |
|
(275 |
) |
|
(716 |
) |
|
(780 |
) |
Adjusted
EBITDA(1) |
|
378 |
|
|
332 |
|
|
1,288 |
|
|
1,164 |
|
Management
service costs |
|
(21 |
) |
|
(16 |
) |
|
(58 |
) |
|
(46 |
) |
Interest
expense – borrowings |
|
(158 |
) |
|
(159 |
) |
|
(477 |
) |
|
(447 |
) |
Current
income taxes |
|
(15 |
) |
|
(8 |
) |
|
(27 |
) |
|
(20 |
) |
Distributions to preferred limited partners |
|
(8 |
) |
|
(5 |
) |
|
(21 |
) |
|
(11 |
) |
Cash
portion of non-controlling interests |
|
|
|
|
|
|
|
|
|
Participating non-controlling interests - |
|
|
|
|
|
|
|
|
|
|
in
operating subsidiaries |
|
(78 |
) |
|
(65 |
) |
|
(248 |
) |
|
(256 |
) |
|
Preferred equity |
|
(7 |
) |
|
(6 |
) |
|
(19 |
) |
|
(19 |
) |
Funds From
Operations(1) |
$ |
91 |
|
$ |
73 |
|
$ |
438 |
|
$ |
365 |
|
Adjusted sustaining capital expenditures(2) |
|
(17 |
) |
|
(17 |
) |
|
(51 |
) |
|
(50 |
) |
Adjusted
Funds From Operations(1) |
|
74 |
|
|
56 |
|
|
387 |
|
|
315 |
|
Add: cash
portion of non-controlling interests |
|
85 |
|
|
71 |
|
|
267 |
|
|
275 |
|
Add:
distributions to preferred limited partners |
|
8 |
|
|
5 |
|
|
21 |
|
|
11 |
|
Add:
adjusted sustaining capital expenditures |
|
17 |
|
|
17 |
|
|
51 |
|
|
50 |
|
Depreciation |
|
(202 |
) |
|
(210 |
) |
|
(600 |
) |
|
(593 |
) |
Unrealized
financial instruments loss |
|
(14 |
) |
|
(4 |
) |
|
(40 |
) |
|
(6 |
) |
Share of
non-cash loss from equity-accounted investments |
|
(2 |
) |
|
(3 |
) |
|
(8 |
) |
|
(7 |
) |
Deferred
income tax recovery (expense) |
|
4 |
|
|
43 |
|
|
(17 |
) |
|
2 |
|
Other |
|
(2 |
) |
|
6 |
|
|
19 |
|
|
(6 |
) |
Net (loss) income |
$ |
(32 |
) |
$ |
(19 |
) |
$ |
80 |
|
$ |
41 |
|
|
(1) |
|
Non-IFRS measures.
Refer to “Cautionary Statement Regarding Use of Non-IFRS
Measures”. |
|
(2) |
|
Based on long-term
sustaining capital expenditure plans. |
|
|
|
|
The following table reconciles net (loss) income attributable to
Limited partners’ equity and (loss) earnings per LP Unit, the most
directly comparable IFRS measures, to Funds From Operations, and
Funds From Operations per unit, both non-IFRS financial metrics for
the three and nine months ended September 30:
|
|
|
|
Three months ended September 30 |
|
Nine months ended September 30 |
|
|
|
|
|
|
|
|
Per unit |
|
|
|
|
|
Per unit |
(MILLIONS, EXCEPT AS NOTED) |
|
2017 |
|
|
2016 |
|
|
2017 |
|
|
2016 |
|
|
|
2017 |
|
|
2016 |
|
|
2017 |
|
|
2016 |
|
Net (loss)
income attributable to: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Limited
partners' equity |
$ |
(24 |
) |
$ |
(18 |
) |
$ |
(0.14 |
) |
$ |
(0.12 |
) |
|
$ |
6 |
|
$ |
(10 |
) |
$ |
0.04 |
|
$ |
(0.07 |
) |
|
General
partnership interest in a holding |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
subsidiary
held by Brookfield |
|
(1 |
) |
|
- |
|
|
- |
|
|
- |
|
|
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
Participating non-controlling interests - in a holding |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
subsidiary
- Redeemable/Exchangeable units |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
held by Brookfield |
|
(18 |
) |
|
(15 |
) |
|
- |
|
|
- |
|
|
|
5 |
|
|
(8 |
) |
|
- |
|
|
- |
|
Net (loss)
income attributable to Unitholders |
$ |
(43 |
) |
$ |
(33 |
) |
$ |
(0.14 |
) |
$ |
(0.12 |
) |
|
$ |
11 |
|
$ |
(18 |
) |
$ |
0.04 |
|
$ |
(0.07 |
) |
Depreciation |
|
130 |
|
|
137 |
|
|
0.42 |
|
|
0.46 |
|
|
|
387 |
|
|
387 |
|
|
1.28 |
|
|
1.36 |
|
Unrealized
financial instruments loss |
|
10 |
|
|
5 |
|
|
0.03 |
|
|
0.02 |
|
|
|
32 |
|
|
8 |
|
|
0.11 |
|
|
0.03 |
|
Share of
non-cash loss from equity-accounted investments |
|
2 |
|
|
3 |
|
|
0.01 |
|
|
0.01 |
|
|
|
8 |
|
|
7 |
|
|
0.03 |
|
|
0.02 |
|
Deferred
income tax recovery |
|
(10 |
) |
|
(35 |
) |
|
(0.03 |
) |
|
(0.12 |
) |
|
|
(6 |
) |
|
(27 |
) |
|
(0.02 |
) |
|
(0.09 |
) |
Other |
|
2 |
|
|
(4 |
) |
|
- |
|
|
(0.01 |
) |
|
|
6 |
|
|
8 |
|
|
- |
|
|
0.03 |
|
Funds From Operations(1) |
$ |
91 |
|
$ |
73 |
|
$ |
0.29 |
|
$ |
0.24 |
|
|
$ |
438 |
|
$ |
365 |
|
$ |
1.44 |
|
$ |
1.28 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average units outstanding(2) |
|
|
|
|
|
311.83 |
|
|
298.98 |
|
|
|
|
|
|
|
303.46 |
|
|
285.19 |
|
|
(1) |
|
Non-IFRS measure. Refer
to “Cautionary Statement Regarding Use of Non-IFRS Measures”. |
|
(2) |
|
Includes GP interest,
Redeemable/Exchangeable partnership units, and LP Units. |
|
|
|
|
GENERATION AND FINANCIAL REVIEW ON A PROPORTIONATE BASIS
BY SEGMENTS FOR THE THREE MONTHS ENDED SEPTEMBER 30,
2017
The following table reflects the actual and
long-term average generation for the three months ended September
30 on a proportionate basis:
|
|
|
|
|
|
|
Variance of Results |
|
|
|
|
|
|
|
|
|
Actual
vs. |
|
|
Actual Generation(1) |
LTA Generation(1) |
Actual vs. LTA |
Prior Year |
|
GENERATION (GWh) |
2017 |
2016 |
2017 |
2016 |
2017 |
|
2016 |
|
|
Hydroelectric |
|
|
|
|
|
|
|
|
North
America |
|
|
|
|
|
|
|
|
|
United States |
1,594 |
1,157 |
1,468 |
1,475 |
126 |
|
(318 |
) |
437 |
|
|
|
Canada |
1,306 |
1,036 |
1,186 |
1,181 |
120 |
|
(145 |
) |
270 |
|
|
|
2,900 |
2,193 |
2,654 |
2,656 |
246 |
|
(463 |
) |
707 |
|
|
Colombia(2) |
881 |
644 |
861 |
900 |
20 |
|
(256 |
) |
237 |
|
|
Brazil |
802 |
882 |
978 |
930 |
(176 |
) |
(48 |
) |
(80 |
) |
|
|
|
4,583 |
3,719 |
4,493 |
4,486 |
90 |
|
(767 |
) |
864 |
|
Wind |
|
|
|
|
|
|
|
|
North
America |
|
|
|
|
|
|
|
|
|
United States |
112 |
118 |
140 |
140 |
(28 |
) |
(22 |
) |
(6 |
) |
|
|
Canada |
173 |
143 |
238 |
238 |
(65 |
) |
(95 |
) |
30 |
|
|
|
285 |
261 |
378 |
378 |
(93 |
) |
(117 |
) |
24 |
|
|
Europe |
96 |
126 |
95 |
117 |
1 |
|
9 |
|
(30 |
) |
|
Brazil |
95 |
83 |
87 |
87 |
8 |
|
(4 |
) |
12 |
|
|
|
|
476 |
470 |
560 |
582 |
(84 |
) |
(112 |
) |
6 |
|
Storage |
42 |
65 |
- |
- |
42 |
|
65 |
|
(23 |
) |
Other |
97 |
141 |
- |
- |
97 |
|
141 |
|
(44 |
) |
Total |
5,198 |
4,395 |
5,053 |
5,068 |
145 |
|
(673 |
) |
803 |
|
|
(1) |
|
For assets acquired or
reaching commercial operation during the year, this figure is
calculated from the acquisition or commercial operation date and is
not annualized. |
|
(2) |
|
Includes generation
from both hydroelectric and Co-gen facilities. |
|
|
|
|
The following table reflects Adjusted EBITDA,
Funds From Operations and provides reconciliation to net income
(loss) for the three months ended September 30:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-controlling |
|
|
|
|
|
Attributable to Unitholders |
interests and |
|
|
|
|
|
|
|
Hydroelectric |
|
Wind |
Storage |
Other |
Corporate |
|
Total |
preferred |
|
2017 |
|
|
2016 |
|
|
|
|
North |
|
|
|
|
|
North |
|
|
|
|
|
|
|
|
|
limited partners' |
|
($ MILLIONS) |
America |
Colombia |
Brazil |
|
America |
Europe |
Brazil |
|
|
|
|
equity(1) |
|
|
Revenues |
|
201 |
|
|
47 |
|
|
59 |
|
|
|
30 |
|
|
9 |
|
|
10 |
|
|
- |
|
|
6 |
|
|
- |
|
|
362 |
|
|
246 |
|
|
608 |
|
|
580 |
|
Other
income |
|
1 |
|
|
- |
|
|
4 |
|
|
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
5 |
|
|
2 |
|
|
7 |
|
|
23 |
|
Share of
cash earnings from |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
- |
|
|
|
|
|
|
|
|
equity-accounted investments |
|
- |
|
|
- |
|
|
1 |
|
|
|
- |
|
|
1 |
|
|
- |
|
|
3 |
|
|
- |
|
|
- |
|
|
5 |
|
|
1 |
|
|
6 |
|
|
4 |
|
Direct operating costs |
|
(74 |
) |
|
(22 |
) |
|
(22 |
) |
|
|
(9 |
) |
|
(6 |
) |
|
(1 |
) |
|
- |
|
|
(3 |
) |
|
(6 |
) |
|
(143 |
) |
|
(100 |
) |
|
(243 |
) |
|
(275 |
) |
Adjusted
EBITDA(2) |
|
128 |
|
|
25 |
|
|
42 |
|
|
|
21 |
|
|
4 |
|
|
9 |
|
|
3 |
|
|
3 |
|
|
(6 |
) |
|
229 |
|
|
149 |
|
|
378 |
|
|
332 |
|
Management
service costs |
|
- |
|
|
- |
|
|
- |
|
|
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
(21 |
) |
|
(21 |
) |
|
- |
|
|
(21 |
) |
|
(16 |
) |
Interest
expense - borrowings |
|
(46 |
) |
|
(10 |
) |
|
(2 |
) |
|
|
(10 |
) |
|
(3 |
) |
|
(2 |
) |
|
- |
|
|
- |
|
|
(23 |
) |
|
(96 |
) |
|
(62 |
) |
|
(158 |
) |
|
(159 |
) |
Current
income taxes |
|
- |
|
|
(2 |
) |
|
(3 |
) |
|
|
- |
|
|
(1 |
) |
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
(6 |
) |
|
(9 |
) |
|
(15 |
) |
|
(8 |
) |
Distributions to preferred limited partners |
|
- |
|
|
- |
|
|
- |
|
|
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
(8 |
) |
|
(8 |
) |
|
- |
|
|
(8 |
) |
|
(5 |
) |
Cash
portion of non-controlling interests |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Participating non-controlling interests - |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
in operating
subsidiaries |
|
- |
|
|
- |
|
|
- |
|
|
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
(78 |
) |
|
(78 |
) |
|
(65 |
) |
|
Preferred equity |
|
- |
|
|
- |
|
|
- |
|
|
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
(7 |
) |
|
(7 |
) |
|
- |
|
|
(7 |
) |
|
(6 |
) |
Funds From
Operations(2) |
|
82 |
|
|
13 |
|
|
37 |
|
|
|
11 |
|
|
- |
|
|
7 |
|
|
3 |
|
|
3 |
|
|
(65 |
) |
|
91 |
|
|
- |
|
|
91 |
|
|
73 |
|
Depreciation |
|
(54 |
) |
|
(8 |
) |
|
(35 |
) |
|
|
(21 |
) |
|
(5 |
) |
|
(2 |
) |
|
- |
|
|
(5 |
) |
|
- |
|
|
(130 |
) |
|
(72 |
) |
|
(202 |
) |
|
(210 |
) |
Unrealized
financial instrument loss |
|
- |
|
|
(2 |
) |
|
- |
|
|
|
- |
|
|
(9 |
) |
|
- |
|
|
- |
|
|
- |
|
|
1 |
|
|
(10 |
) |
|
(4 |
) |
|
(14 |
) |
|
(4 |
) |
Share of
non-cash loss from equity- |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
accounted
investments |
|
- |
|
|
- |
|
|
(1 |
) |
|
|
- |
|
|
- |
|
|
- |
|
|
(1 |
) |
|
- |
|
|
- |
|
|
(2 |
) |
|
- |
|
|
(2 |
) |
|
(3 |
) |
Deferred
income tax recovery |
|
13 |
|
|
(3 |
) |
|
1 |
|
|
|
(10 |
) |
|
2 |
|
|
- |
|
|
- |
|
|
- |
|
|
7 |
|
|
10 |
|
|
(6 |
) |
|
4 |
|
|
43 |
|
Other |
|
(6 |
) |
|
1 |
|
|
(1 |
) |
|
|
(1 |
) |
|
11 |
|
|
1 |
|
|
- |
|
|
2 |
|
|
(9 |
) |
|
(2 |
) |
|
- |
|
|
(2 |
) |
|
6 |
|
Cash
portion of participating |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
non-controlling interests |
|
- |
|
|
- |
|
|
- |
|
|
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
78 |
|
|
78 |
|
|
65 |
|
Preferred
equity |
|
- |
|
|
- |
|
|
- |
|
|
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
7 |
|
|
7 |
|
|
6 |
|
Distributions to preferred limited partners |
|
- |
|
|
- |
|
|
- |
|
|
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
8 |
|
|
8 |
|
|
5 |
|
Net loss |
|
35 |
|
|
1 |
|
|
1 |
|
|
|
(21 |
) |
|
(1 |
) |
|
6 |
|
|
2 |
|
|
- |
|
|
(66 |
) |
|
(43 |
) |
|
11 |
|
|
(32 |
) |
|
(19 |
) |
|
(1) |
|
Attributable to
participating non-controlling interests, preferred equity and
preferred limited partners’ equity. |
|
(2) |
|
Non-IFRS measure. Refer
to “Cautionary Statement Regarding Use of Non-IFRS Measures”. |
|
|
|
|
GENERATION AND FINANCIAL REVIEW ON A PROPORTIONATE BASIS
BY SEGMENTS FOR THE NINE MONTHS ENDED SEPTEMBER 30,
2017
The following table reflects the actual and
long-term average generation for the nine months ended September 30
on a proportionate basis:
|
|
|
|
|
|
|
Variance of Results |
|
|
|
|
|
|
|
|
|
Actual
vs. |
|
|
Actual Generation(1) |
LTA Generation(1) |
Actual vs. LTA |
Prior Year |
|
GENERATION (GWh) |
2017 |
2016 |
2017 |
2016 |
2017 |
|
2016 |
|
|
Hydroelectric |
|
|
|
|
|
|
|
|
North
America |
|
|
|
|
|
|
|
|
|
United States |
6,383 |
5,324 |
6,055 |
5,976 |
328 |
|
(652 |
) |
1,059 |
|
|
|
Canada |
4,483 |
4,047 |
3,861 |
3,859 |
622 |
|
188 |
|
436 |
|
|
North
America |
10,866 |
9,371 |
9,916 |
9,835 |
950 |
|
(464 |
) |
1,495 |
|
|
Colombia(2) |
2,705 |
1,495 |
2,553 |
2,005 |
152 |
|
(510 |
) |
1,210 |
|
|
Brazil |
2,559 |
2,627 |
2,896 |
2,870 |
(337 |
) |
(243 |
) |
(68 |
) |
|
|
|
16,130 |
13,493 |
15,365 |
14,710 |
765 |
|
(1,217 |
) |
2,637 |
|
Wind |
|
|
|
|
|
|
|
|
North
America |
1,117 |
1,017 |
1,326 |
1,326 |
(209 |
) |
(309 |
) |
100 |
|
|
Europe |
362 |
422 |
367 |
424 |
(5 |
) |
(2 |
) |
(60 |
) |
|
Brazil |
204 |
192 |
163 |
163 |
41 |
|
29 |
|
12 |
|
|
|
|
1,683 |
1,631 |
1,856 |
1,913 |
(173 |
) |
(282 |
) |
52 |
|
Storage |
100 |
161 |
- |
- |
100 |
|
161 |
|
(61 |
) |
Other |
165 |
203 |
- |
- |
165 |
|
203 |
|
(38 |
) |
Total |
18,078 |
15,488 |
17,221 |
16,623 |
857 |
|
(1,135 |
) |
2,590 |
|
|
(1) |
|
For assets acquired or
reaching commercial operation during the year, this figure is
calculated from the acquisition or commercial operation date and is
not annualized. |
|
(2) |
|
Includes generation
from both hydroelectric and Co-gen facilities. |
|
|
|
|
The following table reflects Adjusted EBITDA,
Funds From Operations and provides reconciliation to net income for
the nine months ended September 30:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-controlling |
|
|
|
|
|
Attributable to Unitholders |
interests and |
|
|
|
|
|
|
|
Hydroelectric |
|
Wind |
Storage |
Other |
Corporate |
|
Total |
preferred |
|
2017 |
|
|
2016 |
|
|
|
|
North |
|
|
|
|
|
North |
|
|
|
|
|
|
|
|
|
limited partners' |
|
($ MILLIONS) |
America |
Colombia |
Brazil |
|
America |
Europe |
Brazil |
|
|
|
|
equity(1) |
|
|
Revenues |
|
725 |
|
|
140 |
|
|
175 |
|
|
|
109 |
|
|
33 |
|
|
19 |
|
|
- |
|
|
13 |
|
|
- |
|
|
1,214 |
|
|
754 |
|
|
1,968 |
|
|
1,881 |
|
Other
income |
|
1 |
|
|
2 |
|
|
10 |
|
|
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
1 |
|
|
14 |
|
|
11 |
|
|
25 |
|
|
55 |
|
Share of
cash earnings from |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
equity-accounted investments |
|
1 |
|
|
- |
|
|
3 |
|
|
|
- |
|
|
1 |
|
|
- |
|
|
5 |
|
|
- |
|
|
- |
|
|
10 |
|
|
1 |
|
|
11 |
|
|
8 |
|
Direct operating costs |
|
(207 |
) |
|
(69 |
) |
|
(53 |
) |
|
|
(26 |
) |
|
(15 |
) |
|
(3 |
) |
|
- |
|
|
(11 |
) |
|
(17 |
) |
|
(401 |
) |
|
(315 |
) |
|
(716 |
) |
|
(780 |
) |
Adjusted
EBITDA(2) |
|
520 |
|
|
73 |
|
|
135 |
|
|
|
83 |
|
|
19 |
|
|
16 |
|
|
5 |
|
|
2 |
|
|
(16 |
) |
|
837 |
|
|
451 |
|
|
1,288 |
|
|
1,164 |
|
Management
service costs |
|
- |
|
|
- |
|
|
- |
|
|
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
(58 |
) |
|
(58 |
) |
|
- |
|
|
(58 |
) |
|
(46 |
) |
Interest
expense - borrowings |
|
(135 |
) |
|
(32 |
) |
|
(12 |
) |
|
|
(31 |
) |
|
(9 |
) |
|
(5 |
) |
|
- |
|
|
- |
|
|
(66 |
) |
|
(290 |
) |
|
(187 |
) |
|
(477 |
) |
|
(447 |
) |
Current
income taxes |
|
1 |
|
|
(3 |
) |
|
(8 |
) |
|
|
- |
|
|
(1 |
) |
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
(11 |
) |
|
(16 |
) |
|
(27 |
) |
|
(20 |
) |
Distributions to preferred limited partners |
|
- |
|
|
- |
|
|
- |
|
|
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
(21 |
) |
|
(21 |
) |
|
- |
|
|
(21 |
) |
|
(11 |
) |
Cash
portion of non-controlling interests |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Participating non-controlling interests - |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
in operating
subsidiaries |
|
- |
|
|
- |
|
|
- |
|
|
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
(248 |
) |
|
(248 |
) |
|
(256 |
) |
|
Preferred equity |
|
- |
|
|
- |
|
|
- |
|
|
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
(19 |
) |
|
(19 |
) |
|
- |
|
|
(19 |
) |
|
(19 |
) |
Funds From
Operations(2) |
|
386 |
|
|
38 |
|
|
115 |
|
|
|
52 |
|
|
9 |
|
|
11 |
|
|
5 |
|
|
2 |
|
|
(180 |
) |
|
438 |
|
|
- |
|
|
438 |
|
|
365 |
|
Depreciation |
|
(163 |
) |
|
(24 |
) |
|
(104 |
) |
|
|
(62 |
) |
|
(15 |
) |
|
(6 |
) |
|
- |
|
|
(13 |
) |
|
- |
|
|
(387 |
) |
|
(213 |
) |
|
(600 |
) |
|
(593 |
) |
Unrealized
financial instrument loss |
|
(1 |
) |
|
(3 |
) |
|
- |
|
|
|
- |
|
|
(17 |
) |
|
- |
|
|
- |
|
|
- |
|
|
(11 |
) |
|
(32 |
) |
|
(8 |
) |
|
(40 |
) |
|
(6 |
) |
Share of
non-cash loss from equity- |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
accounted
investments |
|
(1 |
) |
|
- |
|
|
(3 |
) |
|
|
- |
|
|
- |
|
|
- |
|
|
(4 |
) |
|
- |
|
|
- |
|
|
(8 |
) |
|
- |
|
|
(8 |
) |
|
(7 |
) |
Deferred
income tax (expense) recovery |
|
(5 |
) |
|
(9 |
) |
|
3 |
|
|
|
13 |
|
|
5 |
|
|
- |
|
|
- |
|
|
- |
|
|
(1 |
) |
|
6 |
|
|
(23 |
) |
|
(17 |
) |
|
2 |
|
Other |
|
(13 |
) |
|
11 |
|
|
(7 |
) |
|
|
1 |
|
|
8 |
|
|
2 |
|
|
- |
|
|
4 |
|
|
(12 |
) |
|
(6 |
) |
|
25 |
|
|
19 |
|
|
(6 |
) |
Cash
portion of participating |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
non-controlling interests |
|
- |
|
|
- |
|
|
- |
|
|
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
248 |
|
|
248 |
|
|
256 |
|
Preferred
equity |
|
- |
|
|
- |
|
|
- |
|
|
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
19 |
|
|
19 |
|
|
19 |
|
Distributions to preferred limited partners |
|
- |
|
|
- |
|
|
- |
|
|
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
21 |
|
|
21 |
|
|
11 |
|
Net income |
|
203 |
|
|
13 |
|
|
4 |
|
|
|
4 |
|
|
(10 |
) |
|
7 |
|
|
1 |
|
- |
(7 |
) |
|
(204 |
) |
|
11 |
|
|
69 |
|
|
80 |
|
|
41 |
|
|
(1) |
|
Attributable to
participating non-controlling interests, preferred equity and
preferred limited partners’ equity. |
|
(2) |
|
Non-IFRS measure. Refer
to “Cautionary Statement Regarding Use of Non-IFRS Measures”. |
|
|
|
|
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