Brookfield Renewable Partners L.P. (
TSX: BEP.UN;
NYSE: BEP) (“
Brookfield
Renewable”) today reported financial results for the three
and six months ended June 30, 2019.
“We continue to make good progress in advancing
our strategic priorities with a focus on delivering 12% to 15%
long-term returns to our unitholders,” said Sachin Shah, CEO of
Brookfield Renewable. “During the quarter, we executed many
operational improvements, invested new capital into a number of
transactions, and added a global solar development business as
another growth area for us. All the while, we continue to
strengthen our balance sheet and access diverse sources of
capital.”
| Financial
Results |
|
|
|
|
|
|
For the period ended June 30 |
|
|
|
|
|
| Millions
(except per unit or otherwise noted) |
Three months ended Jun 30 |
|
Six months ended Jun 30 |
|
Unaudited |
2019 |
|
2018 |
|
|
2019 |
|
2018 |
|
|
Total generation (GWh) |
|
|
|
|
|
|
– Actual generation |
14,881 |
|
13,122 |
|
|
29,006 |
|
26,002 |
|
|
– Long-term average generation |
14,252 |
|
13,521 |
|
|
27,745 |
|
26,373 |
|
|
Brookfield Renewable's share |
|
|
|
|
|
|
– Actual generation |
7,602 |
|
6,455 |
|
|
14,848 |
|
13,149 |
|
|
– Long-term average generation |
7,109 |
|
6,935 |
|
|
13,807 |
|
13,286 |
|
|
Funds From Operations (FFO)(1) |
$ |
230 |
|
$ |
172 |
|
|
$ |
457 |
|
$ |
365 |
|
|
Per Unit(1)(2) |
0.74 |
|
|
0.55 |
|
|
1.47 |
|
|
1.17 |
|
| Net
Income Attributable to Unitholders |
17 |
|
(2 |
) |
|
60 |
|
6 |
|
|
Per Unit(2) |
0.05 |
|
(0.01 |
) |
|
0.19 |
|
0.02 |
|
(1) Non-IFRS measures. Refer to “Cautionary
Statement Regarding Use of Non-IFRS Measures”.(2) For
the three and six months ended June 30, 2019, weighted average
LP Units, Redeemable/Exchangeable partnership units and GP interest
totaled 311.2 million and 311.1 million, respectively (2018: 312.8
million and 312.7 millions).
Brookfield Renewable reported Net Income for the
three months ended June 30, 2019 of $17 million or $0.05 per unit.
Funds from Operations were $230 million or $0.74 per unit for the
three months ended June 30, 2019 compared to $172 million or $0.55
per unit for the same period in 2019. This reflects per unit growth
of 35%. These results were supported by our operational
improvements, contributions from recent acquisitions, and strong
generation as we benefit from the diversity of our portfolio.
Highlights
- Generated FFO per unit of $0.74, a
35% increase over the prior year;
- Announced our investment into a
joint venture of a global solar developer with over 6,500 megawatts
of utility-scale photovoltaic solar for approximately $500 million
(approximately $125 million net to BEP) which we expect to close in
the fourth quarter;
- Closed the acquisition of 210
megawatts of operating wind in India;
- Closed the first C$350 million
tranche of our C$750 million investment into an Alberta renewables
portfolio;
- Through TerraForm Power, announced
the acquisition of a 322 megawatt distributed generation portfolio
in the U.S., nearly doubling our distributed generation footprint
and providing significant opportunities to drive incremental cash
flow growth through operational and commercial synergies;
- Ended the quarter with over $2.5
billion of available liquidity and raised approximately $275
million in incremental liquidity with the closing of the sale of
certain of our South Africa facilities, as well as strategic
up-financings and other liquidity initiatives;
- Reduced our FFO payout ratio on an
annualized basis to approximately 85%.
Transaction Update
Subsequent to quarter-end we announced, together
with our institutional partners, that we will be forming a 50-50
joint venture to own one of the largest solar developers globally
with an experienced management team, best-in-class contracting
capabilities, and a proven track record of developing assets at
premium returns. The portfolio comprises approximately 275
megawatts of operating solar, 1,410 megawatts of solar under
construction and a broader 4,800 megawatt development pipeline
which should provide significant growth optionality over the
long-term.
Over the next five years, the plan is for the
business to develop 500 to 800 megawatts of new solar capacity
annually. This growth will complement our existing pipeline of
development projects that includes over 600 megawatts of advanced
stage wind, hydro and solar projects, and approximately 130
megawatts of assets under construction. We expect to close the
investment in the fourth quarter of 2019.
Additionally, subsequent to the quarter-end,
through TerraForm Power, we announced that we entered into an
agreement to acquire, for approximately $720 million, a scale
distributed generation business in the U.S. totaling 322 megawatts
of recently constructed, fully contracted capacity, underpinned by
a 17 year average remaining power purchase agreement term with
credit-worthy offtakers. The investment will nearly double our
distributed generation footprint, making this one of the largest
such portfolios in the U.S., and providing significant
opportunities to drive incremental cash flow growth through
operational and commercial synergies. The investment is immediately
accretive and requires no incremental capital as TerraForm Power
expects to fund the transaction through project-level financings
and the sale of interests in select North American wind assets. As
a result, by redeploying proceeds from the sale of wind assets with
limited levers for growth, into solar assets under longer-term
contracts with significant opportunities to extract synergies,
TerraForm Power is extending its contract profile, reducing its
portfolio’s resource variability, and improving its organic growth
profile. We expect to close the transaction in the third quarter of
2019.
We continued to execute on our capital recycling
program during the quarter, completing the sale of four of the six
projects in our South Africa portfolio for proceeds of $108 million
($33 million net to BEP). We also advanced the sales of the final
two project in our South Africa portfolio, and the other non-core
portfolios in Thailand and Malaysia. We expect these sales to close
in 2019 for total proceeds of approximately $180 million ($55
million net to BEP).
Operations
During the second quarter, we generated FFO of
$230 million, up from $172 million in the prior year as the
business benefited from contributions from recent acquisitions and
operational improvements driving cash flow growth. We also continue
to benefit from the diversity of our portfolio as strong generation
from our North American hydroelectric fleet more than offset a
period of relatively weak wind resource.
In the second quarter, our hydroelectric segment
generated FFO of $226 million. The portfolio saw strong generation
in North America (15% above the long-term average) and strong
pricing in Colombia. We continued to advance our contracting
initiatives across our business, with a focus on commercial and
industrial customers. In Latin America, we remain focused on
extending our contract terms, signing 14 power purchase agreements
in Colombia and Brazil for a total 1,239 gigawatt-hours per year.
As a result of these initiatives, in Colombia, approximately 30% of
our contracts now have terms greater than 5 years (versus none in
2016). In North America, we continue to benefit from a 17 year
average contract term and no material maturities until 2029.
Our wind and solar segments generated a combined
$66 million of FFO, up 32% relative to the same period in 2018, as
we benefited from acquisitions and contributions from recently
commissioned projects. We also added 25 megawatts to our global
rooftop solar portfolio, including commissioning 10 megawatts
through our joint venture with GLP in China, and closing the first
phase of a 15 megawatt acquisition in Massachusetts.
Our storage and other operations segment
performed well, generating $7 million of FFO during the second
quarter, as the growing intermittency of global electricity grids
continues to increase the scarcity value of utility-scale renewable
storage.
Balance Sheet and Liquidity
We ended the quarter with over $2.5 billion of
available liquidity. In addition, we continue to prioritize an
investment grade balance sheet (we are rated BBB+ by S&P) which
we believe gives us significant financial flexibility and provides
investors with a lower overall risk profile. We also remain focused
on terming out our debt at low rates and hedging our cash flows
from currency fluctuation when the cost is economically
prudent.
During the quarter, we extended the term of debt
in our Colombian subsidiary to approximately 10 years by issuing
COP 1.1 trillion of bonds in the local market. This was one of the
largest financings ever completed in Colombia and, given the
high-quality nature of our portfolio, was significantly over
subscribed. At TerraForm Power, we progressed up-financings of
select assets in the portfolio and used the proceeds to repay
credit facilities.
Outlook
We wish to extend our appreciation and best wishes to our
Directors, John Van Egmond and Lars Josefsson, both of whom are
retiring from our Board of Directors. John and Lars have served on
our Board since 2011 and 2012, respectively, and we thank them for
their strong support and advice during this time.
Looking ahead, we continue to focus on executing
our key priorities, including maintaining a robust balance sheet
and access to diverse sources of capital, enhancing cash flows from
our existing business and assessing acquisition opportunities.
As always, we remain focused on delivering to
our unitholders long-term total returns of 12% to 15% on a per unit
basis. We thank you for your continued support and we look forward
to updating you on our progress in that regard.
Distribution Declaration
The next quarterly distribution in the amount of
$0.515 per LP Unit, is payable on September 30, 2019 to unitholders
of record as at the close of business on August 30, 2019.
Brookfield Renewable targets a sustainable distribution with
increases targeted on average at 5% to 9% annually.
The 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, South America, Europe and
Asia, and totals over 17,000 megawatts of installed capacity and an
8,000 megawatt development pipeline. 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 over $385 billion of assets
under management.
Please note that Brookfield Renewable’s previous
audited annual and unaudited quarterly reports filed with the U.S.
Securities and Exchange Commission (“SEC”) and securities
regulators in Canada, are available on our website at
https://bep.brookfield.com, on SEC’s website at
www.sec.gov and on SEDAR’s website at www.sedar.com. Hard
copies of the annual and quarterly reports can be obtained free of
charge upon request.
|
Contact information: |
|
|
Media: |
Investors: |
|
Claire Holland |
Divya Biyani |
|
Vice President - Communications |
Director – Investor Relations |
|
(416) 369-8236 |
(416) 369-2616 |
|
claire.holland@brookfield.com |
divya.biyani@brookfield.com |
Quarterly Earnings Call
Details
Investors, analysts and other interested parties
can access Brookfield Renewable’s 2019 Second Quarter Results as
well as the Letter to Unitholders and Supplemental Information on
Brookfield Renewable’s website at https://bep.brookfield.com.
The conference call can be accessed via webcast
on July 31, 2019 at 9:00 a.m. Eastern Time at
https://edge.media-server.com/mmc/p/h96zsxxz or via
teleconference at 1-866-688-9430 toll free in North America. If
dialing from outside Canada or the U.S., please dial 1-409-216-0817
at approximately 8:50 a.m. Eastern Time. When prompted, enter the
conference ID, 8793444. A recording of the teleconference can be
accessed through August 7, 2019 at 1-855-859-2056, or from outside
Canada and the U.S. please call 1-404-537-3406. When prompted,
enter the conference ID, 8793444.
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”, “intend”,
“should”, “could”, “target”, “growth”, “expect”, “believe”, “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 its subsidiaries’ businesses and our expectations
regarding future cash flows and distribution growth. They include
statements regarding the expected closing of our joint venture with
respect to X-Elio and our development plans for the company’s solar
capacity, the expected closing of TerraForm Power’s acquisition of
a U.S. distributed energy business and the expected benefits with
respect thereto, the expected closing of the sales of our remaining
non-core portfolios in South Africa and in Thailand and Malaysia,
the expected proceeds from opportunistically recycling capital, as
well as the benefits from acquisitions and Brookfield Renewable’s
global scale and resource diversity. 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 (without limitation) weather conditions
and other factors which may impact generation levels at facilities;
economic conditions in the jurisdictions in which Brookfield
Renewable operates; ability to sell products and services under
contract or into merchant energy markets; changes to government
regulations, including incentives for renewable energy; ability to
complete development and capital projects on time and on budget;
inability to finance operations or fund future acquisitions due to
the status of the capital markets; health, safety, security or
environmental incidents; regulatory risks relating to the power
markets in which Brookfield Renewable operates, including relating
to the regulation of our assets, licensing and litigation; risks
relating to internal control environment; contract counterparties
not fulfilling their obligations; changes in operating expenses,
including employee wages, benefits and training, governmental and
public policy changes, and other risks associated with
the construction, development and operation of power generating
facilities. For further information on these known and unknown
risks, please see “Risk Factors” included in the Form 20-F of
Brookfield Renewable Partners L.P.
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.
Cautionary Statement Regarding Use of Non-IFRS
Measures
This news release contains references to
Adjusted EBITDA, FFO and FFO per Unit which are not generally
accepted accounting measures under IFRS and therefore may differ
from definitions of Adjusted EBITDA, FFO and FFO per Unit used by
other entities. We believe that Adjusted EBITDA, FFO and FFO per
Unit are useful supplemental measures that may assist investors in
assessing the financial performance and the cash anticipated to be
generated by our operating portfolio. None of Adjusted EBITDA, FFO
or FFO 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. For a reconciliation of Adjusted EBITDA, FFO
and FFO per Unit to the most directly comparable IFRS measure,
please see “– Reconciliation of non-IFRS measures” below and “PART
4 – Financial Performance Review on Proportionate Information –
Reconciliation of non-IFRS measures” included in our Management’s
Discussion and Analysis for the three and six months ended June 30,
2019.
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. |
|
|
|
| CONSOLIDATED
STATEMENTS OF INCOME |
|
|
|
|
|
|
|
|
|
|
| UNAUDITED |
Three months ended Jun 30 |
|
|
Six months ended Jun 30 |
|
| (MILLIONS, EXCEPT AS
NOTED) |
2019 |
|
2018 |
|
|
2019 |
|
2018 |
|
|
Revenues |
$ |
787 |
|
$ |
735 |
|
|
$ |
1,612 |
|
$ |
1,528 |
|
| Other income |
17 |
|
10 |
|
|
25 |
|
19 |
|
| Direct operating costs |
(252 |
) |
(247 |
) |
|
(506 |
) |
(503 |
) |
| Management service costs |
(23 |
) |
(21 |
) |
|
(44 |
) |
(42 |
) |
| Interest expense –
borrowings |
(178 |
) |
(178 |
) |
|
(351 |
) |
(358 |
) |
| Share of earning from
equity-accounted investments |
— |
|
6 |
|
|
32 |
|
6 |
|
| Foreign exchange and
unrealized financial instrument loss |
(12 |
) |
(33 |
) |
|
(30 |
) |
(25 |
) |
| Depreciation |
(200 |
) |
(206 |
) |
|
(400 |
) |
(419 |
) |
| Other |
(1 |
) |
(10 |
) |
|
(3 |
) |
(54 |
) |
| Income tax expense |
|
|
|
|
|
|
Current |
(15 |
) |
(7 |
) |
|
(39 |
) |
(14 |
) |
|
Deferred |
(14 |
) |
(4 |
) |
|
(34 |
) |
(13 |
) |
|
|
(29 |
) |
(11 |
) |
|
(73 |
) |
(27 |
) |
|
Net income |
$ |
109 |
|
$ |
45 |
|
|
$ |
262 |
|
$ |
125 |
|
|
Net income attributable to: |
|
|
|
|
|
| Non-controlling interests |
|
|
|
|
|
|
Participating non-controlling interests - in operating
subsidiaries |
$ |
74 |
|
$ |
31 |
|
|
$ |
168 |
|
$ |
87 |
|
|
General partnership interest in a holding subsidiary held by
Brookfield |
1 |
|
— |
|
|
1 |
|
— |
|
|
Participating non-controlling interests - in a holding subsidiary -
Redeemable/Exchangeable units held by Brookfield |
7 |
|
(1 |
) |
|
25 |
|
2 |
|
|
Preferred equity |
7 |
|
6 |
|
|
13 |
|
13 |
|
| Preferred limited partners'
equity |
11 |
|
10 |
|
|
21 |
|
19 |
|
| Limited partners' equity |
9 |
|
(1 |
) |
|
34 |
|
4 |
|
|
|
$ |
109 |
|
$ |
45 |
|
|
$ |
262 |
|
$ |
125 |
|
|
Basic and diluted (loss) earnings per LP Unit |
$ |
0.05 |
|
$ |
(0.01 |
) |
|
$ |
0.19 |
|
$ |
0.02 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
| BROOKFIELD RENEWABLE
PARTNERS L.P. |
|
|
| CONSOLIDATED
STATEMENTS OF FINANCIAL POSITION |
|
|
|
|
|
|
| UNAUDITED |
Jun 30 |
|
Dec 31 |
|
|
(MILLIONS) |
2019 |
|
2018 |
|
| Assets |
|
|
|
Cash and cash equivalents |
$ |
322 |
|
$ |
173 |
|
|
Trade receivables and other financial assets |
1,094 |
|
992 |
|
|
Equity-accounted investments |
1,576 |
|
1,569 |
|
|
Property, plant and equipment, at fair value |
29,317 |
|
29,025 |
|
|
Goodwill |
839 |
|
828 |
|
|
Deferred income tax and other assets |
1,258 |
|
1,516 |
|
|
Total Assets |
$ |
34,406 |
|
$ |
34,103 |
|
|
Liabilities |
|
|
|
Corporate borrowings |
$ |
1,674 |
|
$ |
2,328 |
|
|
Non-recourse borrowings |
8,840 |
|
8,390 |
|
|
Accounts payable and other financial liabilities |
1,091 |
|
772 |
|
|
Deferred income tax liabilities |
4,266 |
|
4,140 |
|
|
Other liabilities |
1,285 |
|
1,267 |
|
| Equity |
|
|
|
Non-controlling interests |
|
|
|
Participating non-controlling interests - in operating
subsidiaries |
8,226 |
|
8,129 |
|
|
General partnership interest in a holding subsidiary held by
Brookfield |
65 |
|
66 |
|
|
Participating non-controlling interests - in a holding subsidiary –
Redeemable/Exchangeable units held by Brookfield |
3,166 |
|
3,252 |
|
|
Preferred equity |
591 |
|
568 |
|
|
Preferred limited partners' equity |
833 |
|
707 |
|
|
Limited partners' equity |
4,369 |
|
4,484 |
|
|
Total Equity |
17,250 |
|
17,206 |
|
|
Total Liabilities and Equity |
$ |
34,406 |
|
$ |
34,103 |
|
| |
|
|
|
|
|
|
| |
|
|
|
| BROOKFIELD
RENEWABLE PARTNERS L.P. |
|
|
|
|
CONSOLIDATED STATEMENTS OF CASH FLOWS |
|
|
|
|
|
|
|
|
|
|
| UNAUDITED |
Three months ended Jun 30 |
|
|
Six months ended Jun 30 |
|
|
(MILLIONS) |
2019 |
|
2018 |
|
|
2019 |
|
2018 |
|
| Operating
activities |
|
|
|
|
|
|
Net income |
$ |
109 |
|
$ |
45 |
|
|
$ |
262 |
|
$ |
125 |
|
| Adjustments for the following
non-cash items: |
|
|
|
|
|
|
Depreciation |
200 |
|
206 |
|
|
400 |
|
419 |
|
|
Unrealized foreign exchange andfinancial instrument loss |
11 |
|
33 |
|
|
31 |
|
25 |
|
|
Share of earnings fromequity-accounted investments |
— |
|
(6 |
) |
|
(32 |
) |
(6 |
) |
|
Deferred income tax expense |
14 |
|
4 |
|
|
34 |
|
13 |
|
|
Other non-cash items |
33 |
|
9 |
|
|
50 |
|
24 |
|
| Net
change in working capital |
1 |
|
(28 |
) |
|
(6 |
) |
(37 |
) |
|
|
368 |
|
263 |
|
|
739 |
|
563 |
|
| Financing
activities |
|
|
|
|
|
| Corporate credit facilities,
net |
(26 |
) |
173 |
|
|
(721 |
) |
180 |
|
| Non-recourse borrowings,
net |
279 |
|
1 |
|
|
279 |
|
(450 |
) |
| Capital contributions from
participating non-controllinginterests - in operating
subsidiaries |
10 |
|
— |
|
|
257 |
|
4 |
|
| Issuance of preferred limited
partnership units |
— |
|
— |
|
|
126 |
|
196 |
|
| Repurchase of LP Units |
— |
|
(8 |
) |
|
(1 |
) |
(8 |
) |
| Distributions paid: |
|
|
|
|
|
|
To participating non-controlling interests - in
operatingsubsidiaries |
(262 |
) |
(181 |
) |
|
(396 |
) |
(357 |
) |
|
To preferred shareholders |
(7 |
) |
(6 |
) |
|
(13 |
) |
(13 |
) |
|
To preferred limited partners' unitholders |
(11 |
) |
(10 |
) |
|
(20 |
) |
(18 |
) |
|
To unitholders of Brookfield Renewable or BRELP |
(171 |
) |
(161 |
) |
|
(342 |
) |
(321 |
) |
| Borrowings from related party,
net |
(33 |
) |
200 |
|
|
322 |
|
200 |
|
|
|
(221 |
) |
8 |
|
|
(509 |
) |
(587 |
) |
| Investing
activities |
|
|
|
|
|
| Acquisitions net of cash
andcash equivalents in acquired entity |
(26 |
) |
— |
|
|
(26 |
) |
(12 |
) |
| Investment in property, plant
and equipment |
(34 |
) |
(42 |
) |
|
(63 |
) |
(94 |
) |
| (Investment in) disposal of
subsidiaries, associates and other securities |
(1 |
) |
(433 |
) |
|
4 |
|
(395 |
) |
|
Restricted cash and other |
66 |
|
49 |
|
|
11 |
|
(29 |
) |
|
|
5 |
|
(426 |
) |
|
(74 |
) |
(530 |
) |
| Foreign
exchange gain (loss) on cash |
1 |
|
(12 |
) |
|
1 |
|
(8 |
) |
| Cash and cash equivalents |
|
|
|
|
|
|
Increase (decrease) |
153 |
|
(167 |
) |
|
157 |
|
(562 |
) |
|
Net change in cash classified within assets held for sale |
(8 |
) |
— |
|
|
(8 |
) |
— |
|
|
Balance, beginning of period |
177 |
|
404 |
|
|
173 |
|
799 |
|
|
Balance, end of period |
$ |
322 |
|
$ |
237 |
|
|
$ |
322 |
|
$ |
237 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PROPORTIONATE RESULTS FOR THE THREE
MONTHS ENDED JUNE 30
The following chart reflects the generation and
summary financial figures on a proportionate basis
for the three months ended June 30:
|
|
(GWh) |
|
|
(MILLIONS) |
| |
ActualGeneration |
|
|
LTAGeneration |
|
|
Revenues |
|
|
AdjustedEBITDA |
|
|
FFO |
|
|
Net Income(Loss) |
|
|
2019 |
|
2018 |
|
|
|
2019 |
|
2018 |
|
|
|
2019 |
|
2018 |
|
|
|
2019 |
|
2018 |
|
|
|
2019 |
|
2018 |
|
|
|
2019 |
|
2018 |
|
|
Hydroelectric |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
North America |
4,134 |
|
3,413 |
|
|
|
3,583 |
|
3,822 |
|
|
|
$ |
275 |
|
$ |
228 |
|
|
|
$ |
211 |
|
$ |
165 |
|
|
|
$ |
168 |
|
$ |
123 |
|
|
|
$ |
79 |
|
$ |
56 |
|
| Brazil |
1,066 |
|
902 |
|
|
|
998 |
|
978 |
|
|
|
58 |
|
63 |
|
|
|
42 |
|
44 |
|
|
|
33 |
|
37 |
|
|
|
16 |
2 |
|
| Colombia |
861 |
|
872 |
|
|
|
869 |
|
844 |
|
|
|
56 |
|
53 |
|
|
|
35 |
|
31 |
|
|
|
25 |
|
21 |
|
|
|
17 |
18 |
|
|
|
6,061 |
|
5,187 |
|
|
|
5,450 |
|
5,644 |
|
|
|
389 |
|
344 |
|
|
|
288 |
|
240 |
|
|
|
226 |
|
181 |
|
|
|
112 |
76 |
|
| Wind |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| North America |
761 |
|
663 |
|
|
|
949 |
|
791 |
|
|
|
58 |
|
54 |
|
|
|
40 |
|
38 |
|
|
|
23 |
|
24 |
|
|
|
(22 |
) |
(6 |
) |
| Europe |
204 |
|
107 |
|
|
|
223 |
|
133 |
|
|
|
22 |
|
12 |
|
|
|
15 |
|
7 |
|
|
|
11 |
|
3 |
|
|
|
(11 |
) |
(2 |
) |
| Brazil |
147 |
|
159 |
|
|
|
141 |
|
146 |
|
|
|
9 |
|
10 |
|
|
|
6 |
|
8 |
|
|
|
4 |
|
6 |
|
|
|
4 |
|
(5 |
) |
| Asia |
52 |
|
37 |
|
|
|
51 |
|
42 |
|
|
|
3 |
|
3 |
|
|
|
2 |
|
2 |
|
|
|
1 |
|
1 |
|
|
|
2 |
|
(3 |
) |
|
|
1,164 |
|
966 |
|
|
|
1,364 |
|
1,112 |
|
|
|
92 |
|
79 |
|
|
|
63 |
|
55 |
|
|
|
39 |
|
34 |
|
|
|
(27 |
) |
(16 |
) |
| Solar |
287 |
|
175 |
|
|
|
295 |
|
179 |
|
|
|
51 |
|
30 |
|
|
|
42 |
|
25 |
|
|
|
27 |
|
16 |
|
|
|
4 |
|
2 |
|
| Storage &
Other |
90 |
|
127 |
|
|
|
— |
|
— |
|
|
|
21 |
|
20 |
|
|
|
10 |
|
10 |
|
|
|
7 |
|
7 |
|
|
|
1 |
|
1 |
|
|
Corporate |
— |
|
— |
|
|
|
— |
|
— |
|
|
|
— |
|
— |
|
|
|
(3 |
) |
(6 |
) |
|
|
(69 |
) |
(66 |
) |
|
|
(73 |
) |
(65 |
) |
|
Total |
7,602 |
|
6,455 |
|
|
|
7,109 |
|
6,935 |
|
|
|
$ |
553 |
|
$ |
473 |
|
|
|
$ |
400 |
|
$ |
324 |
|
|
|
$ |
230 |
|
$ |
172 |
|
|
|
$ |
17 |
|
$ |
(2 |
) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
RECONCILIATION OF NON-IFRS
MEASURES
The following table reflects Adjusted EBITDA and
FFO and provides a reconciliation to net income (loss) attributable
to Unitholders for the three months ended June 30, 2019:
|
|
Attributable to Unitholders |
Contributionfrom equityaccountedinvestments |
|
Attributableto non-controllinginterests |
|
As per IFRSfinancials(1) |
|
|
(MILLIONS) |
Hydroelectric |
|
Wind |
|
Solar |
|
Storage &Other |
|
Corporate |
|
Total |
|
|
|
|
|
Revenues |
$ |
389 |
|
$ |
92 |
|
$ |
51 |
|
$ |
21 |
|
$ |
— |
|
$ |
553 |
|
$ |
(98 |
) |
$ |
332 |
|
$ |
787 |
|
| Other income |
10 |
|
1 |
|
1 |
|
— |
|
2 |
|
14 |
|
(2 |
) |
5 |
|
17 |
|
| Direct operating costs |
(111 |
) |
(30 |
) |
(10 |
) |
(11 |
) |
(5 |
) |
(167 |
) |
27 |
|
(112 |
) |
(252 |
) |
| Share of Adjusted EBITDA from
equity accounted investments |
— |
|
— |
|
— |
|
— |
|
— |
|
— |
|
73 |
|
5 |
|
78 |
|
|
Adjusted EBITDA |
288 |
|
63 |
|
42 |
|
10 |
|
(3 |
) |
400 |
|
— |
|
230 |
|
|
| Management service costs |
— |
|
— |
|
— |
|
— |
|
(23 |
) |
(23 |
) |
— |
|
— |
|
(23 |
) |
| Interest expense -
borrowings |
(53 |
) |
(23 |
) |
(15 |
) |
(3 |
) |
(25 |
) |
(119 |
) |
26 |
|
(85 |
) |
(178 |
) |
| Current income taxes |
(9 |
) |
(1 |
) |
— |
|
— |
|
— |
|
(10 |
) |
— |
|
(5 |
) |
(15 |
) |
| Distributions attributable
to |
|
|
|
|
|
|
|
|
|
|
Preferred limited partners equity |
— |
|
— |
|
— |
|
— |
|
(11 |
) |
(11 |
) |
— |
|
— |
|
(11 |
) |
|
Preferred equity |
— |
|
— |
|
— |
|
— |
|
(7 |
) |
(7 |
) |
— |
|
— |
|
(7 |
) |
| Share of interest and cash
taxes from equity accounted investments |
— |
|
— |
|
— |
|
— |
|
— |
|
— |
|
(26 |
) |
(5 |
) |
(31 |
) |
| Share
of FFO attributable to non-controlling interests |
— |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
|
(135 |
) |
(135 |
) |
| FFO |
226 |
|
39 |
|
27 |
|
7 |
|
(69 |
) |
230 |
|
— |
|
— |
|
|
| Depreciation |
(83 |
) |
(58 |
) |
(15 |
) |
(6 |
) |
(1 |
) |
(163 |
) |
36 |
|
(73 |
) |
(200 |
) |
| Foreign exchange and
unrealized financial instrument loss |
4 |
|
(9 |
) |
4 |
|
— |
|
(12 |
) |
(13 |
) |
4 |
|
(3 |
) |
(12 |
) |
| Deferred income tax
expense |
(24 |
) |
2 |
|
— |
|
— |
|
12 |
|
(10 |
) |
(1 |
) |
(3 |
) |
(14 |
) |
| Other |
(11 |
) |
(1 |
) |
(12 |
) |
— |
|
(3 |
) |
(27 |
) |
8 |
|
18 |
|
(1 |
) |
| Share of earnings from equity
accounted investments |
— |
|
— |
|
— |
|
— |
|
— |
|
— |
|
(47 |
) |
— |
|
(47 |
) |
| Net loss attributable to
non-controlling interests |
— |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
|
61 |
|
61 |
|
|
Net income (loss) attributable to Unitholders(2) |
$ |
112 |
|
$ |
(27 |
) |
$ |
4 |
|
$ |
1 |
|
$ |
(73 |
) |
$ |
17 |
|
$ |
— |
|
$ |
— |
|
$ |
17 |
|
(1) Share of earning from
equity-accounted investments of $nil million is comprised of
amounts found on the share of Adjusted EBITDA, share of interest
and cash taxes and share of earnings lines. Net income attributable
to participating non-controlling interests – in operating
subsidiaries of $74 million is comprised of amounts found on Share
of FFO attributable to non-controlling interests and Net loss
attributable to non-controlling interests.(2) Net income
(loss) attributable to Unitholders includes net income (loss)
attributable to GP interest, Redeemable/Exchangeable partnership
units and LP Units. Total net income (loss) includes amounts
attributable to Unitholders, non-controlling interests, preferred
limited partners equity and preferred equity.
The following table reflects Adjusted EBITDA and
FFO and provides a reconciliation to net income (loss) attributable
to Unitholders for the three months ended June 30, 2018:
|
|
Attributable to Unitholders |
Contributionfrom equityaccountedinvestments |
|
Attributableto non-controllinginterests |
|
As per IFRSfinancials(1) |
|
|
(MILLIONS) |
Hydroelectric |
|
Wind |
|
Solar |
|
Storage &Other |
|
Corporate |
|
Total |
|
|
|
|
|
Revenues |
$ |
344 |
|
$ |
79 |
|
$ |
30 |
|
$ |
20 |
|
$ |
— |
|
$ |
473 |
|
$ |
(58 |
) |
$ |
320 |
|
$ |
735 |
|
| Other income |
6 |
|
1 |
|
1 |
|
— |
|
— |
|
8 |
|
(2 |
) |
4 |
|
10 |
|
| Direct operating costs |
(110 |
) |
(25 |
) |
(6 |
) |
(10 |
) |
(6 |
) |
(157 |
) |
19 |
|
(109 |
) |
(247 |
) |
| Share of Adjusted EBITDA from
equity accounted investments |
— |
|
— |
|
— |
|
— |
|
— |
|
— |
|
41 |
|
4 |
|
45 |
|
|
Adjusted EBITDA |
240 |
|
55 |
|
25 |
|
10 |
|
(6 |
) |
324 |
|
— |
|
219 |
|
|
| Management service costs |
— |
|
— |
|
— |
|
— |
|
(21 |
) |
(21 |
) |
— |
|
— |
|
(21 |
) |
| Interest expense -
borrowings |
(55 |
) |
(20 |
) |
(9 |
) |
(3 |
) |
(23 |
) |
(110 |
) |
16 |
|
(84 |
) |
(178 |
) |
| Current income taxes |
(4 |
) |
(1 |
) |
— |
|
— |
|
— |
|
(5 |
) |
1 |
|
(3 |
) |
(7 |
) |
| Distributions attributable
to |
|
|
|
|
|
|
|
|
|
|
Preferred limited partners equity |
— |
|
— |
|
— |
|
— |
|
(10 |
) |
(10 |
) |
— |
|
— |
|
(10 |
) |
|
Preferred equity |
— |
|
— |
|
— |
|
— |
|
(6 |
) |
(6 |
) |
— |
|
— |
|
(6 |
) |
| Share of interest and cash
taxes from equity accounted investments |
— |
|
— |
|
— |
|
— |
|
— |
|
— |
|
(17 |
) |
(4 |
) |
(21 |
) |
| Share of FFO attributable to
non-controlling interests |
— |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
|
(128 |
) |
(128 |
) |
|
FFO |
181 |
|
34 |
|
16 |
|
7 |
|
(66 |
) |
172 |
|
— |
|
— |
|
|
| Depreciation |
(94 |
) |
(42 |
) |
(7 |
) |
(6 |
) |
— |
|
(149 |
) |
17 |
|
(74 |
) |
(206 |
) |
| Foreign exchange and
unrealized financial instrument loss |
2 |
|
(2 |
) |
(4 |
) |
— |
|
5 |
|
1 |
|
(6 |
) |
(28 |
) |
(33 |
) |
| Deferred income tax
expense |
(3 |
) |
2 |
|
1 |
|
— |
|
4 |
|
4 |
|
(3 |
) |
(5 |
) |
(4 |
) |
| Other |
(10 |
) |
(8 |
) |
(4 |
) |
— |
|
(8 |
) |
(30 |
) |
10 |
|
10 |
|
(10 |
) |
| Share of earnings from equity
accounted investments |
— |
|
— |
|
— |
|
— |
|
— |
|
— |
|
(18 |
) |
— |
|
(18 |
) |
| Net loss attributable to
non-controlling interests |
— |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
|
97 |
|
97 |
|
|
Net income (loss) attributable to Unitholders(2) |
$ |
76 |
|
$ |
(16 |
) |
$ |
2 |
|
$ |
1 |
|
$ |
(65 |
) |
$ |
(2 |
) |
$ |
— |
|
$ |
— |
|
$ |
(2 |
) |
(1) Share of earnings from
equity-accounted investments of $6 million is comprised of amounts
found on the share of Adjusted EBITDA, share of interest and cash
taxes and share of earnings lines. Net income attributable to
participating non-controlling interests – in operating subsidiaries
of $31 million is comprised of amounts found on Share of FFO
attributable to non-controlling interests and Net loss attributable
to non-controlling interests.(2) Net income (loss)
attributable to Unitholders includes net income (loss) attributable
to GP interest, Redeemable/Exchangeable partnership units and LP
Units. Total net income (loss) includes amounts attributable to
Unitholders, non-controlling interests, preferred limited partners
equity and preferred equity.
The following table reconciles net income
attributable to Unitholders and earnings per unit, the most
directly comparable IFRS measures, to FFO, and FFO per unit,both
non-IFRS financial metrics for the three months ended June 30:
|
|
|
|
|
Per unit |
|
(MILLIONS, EXCEPT AS NOTED) |
2019 |
|
2018 |
|
|
2019 |
|
2018 |
|
| Net income attributable
to: |
|
|
|
|
|
|
Limited partners' equity |
$ |
9 |
|
$ |
(1 |
) |
|
$ |
0.05 |
|
$ |
(0.01 |
) |
|
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 |
7 |
|
(1 |
) |
|
— |
|
— |
|
| Net income attributable to
Unitholders |
$ |
17 |
|
$ |
(2 |
) |
|
$ |
0.05 |
|
$ |
(0.01 |
) |
| Adjusted for proportionate
share of: |
|
|
|
|
|
|
Depreciation |
164 |
|
149 |
|
|
0.54 |
|
0.48 |
|
|
Foreign exchange and unrealized financial instruments loss
(gain) |
13 |
|
(1 |
) |
|
0.04 |
|
— |
|
|
Deferred income tax (recovery) expense |
10 |
|
(4 |
) |
|
0.03 |
|
(0.01 |
) |
|
Other |
26 |
|
30 |
|
|
0.08 |
|
0.09 |
|
|
FFO |
$ |
230 |
|
$ |
172 |
|
|
$ |
0.74 |
|
$ |
0.55 |
|
|
Weighted average units outstanding(1) |
|
|
|
311.2 |
|
312.8 |
|
(1) Includes GP interest, Redeemable/Exchangeable
partnership units, and LP Units.
PROPORTIONATE RESULTS FOR THE SIX MONTHS
ENDED JUNE 30
The following chart reflects the generation and
summary financial figures on a proportionate basis
for the six months ended June 30:
|
|
(GWh) |
|
|
(MILLIONS) |
| |
Actual|Generation |
|
|
LTAGeneration |
|
|
Revenues |
|
|
AdjustedEBITDA |
|
|
FFO |
|
|
Net Income(Loss) |
|
|
2019 |
|
2018 |
|
|
|
2019 |
|
2018 |
|
|
|
2019 |
|
2018 |
|
|
|
2019 |
|
2018 |
|
|
|
2019 |
|
2018 |
|
|
|
2019 |
|
2018 |
|
|
Hydroelectric |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
North America |
7,983 |
|
7,178 |
|
|
|
6,883 |
|
7,261 |
|
|
|
$ |
539 |
|
$ |
489 |
|
|
|
$ |
406 |
|
$ |
356 |
|
|
|
$ |
320 |
|
$ |
269 |
|
|
|
$ |
146 |
|
$ |
133 |
|
| Brazil |
2,156 |
|
1,940 |
|
|
|
1,978 |
|
1,935 |
|
|
|
123 |
|
132 |
|
|
|
91 |
|
95 |
|
|
|
73 |
|
78 |
|
|
|
33 |
3 |
|
| Colombia |
1,626 |
|
1,640 |
|
|
|
1,667 |
|
1,688 |
|
|
|
118 |
|
106 |
|
|
|
73 |
|
62 |
|
|
|
51 |
|
42 |
|
|
|
37 |
30 |
|
|
|
11,765 |
|
10,758 |
|
|
|
10,528 |
|
10,884 |
|
|
|
780 |
|
727 |
|
|
|
570 |
|
513 |
|
|
|
444 |
|
389 |
|
|
|
216 |
166 |
|
| Wind |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| North America |
1,611 |
|
1,308 |
|
|
|
1,909 |
|
1,488 |
|
|
|
121 |
|
108 |
|
|
|
88 |
|
79 |
|
|
|
52 |
|
50 |
|
|
|
(18 |
) |
(12 |
) |
| Europe |
478 |
|
272 |
|
|
|
531 |
|
288 |
|
|
|
50 |
|
29 |
|
|
|
35 |
|
18 |
|
|
|
28 |
|
11 |
|
|
|
— |
|
(3 |
) |
| Brazil |
253 |
|
262 |
|
|
|
260 |
|
264 |
|
|
|
16 |
|
18 |
|
|
|
11 |
|
13 |
|
|
|
6 |
|
9 |
|
|
|
1 |
|
(6 |
) |
| Asia |
91 |
|
69 |
|
|
|
89 |
|
76 |
|
|
|
5 |
|
5 |
|
|
|
3 |
|
3 |
|
|
|
2 |
|
1 |
|
|
|
1 |
|
(4 |
) |
|
|
2,433 |
|
1,911 |
|
|
|
2,789 |
|
2,116 |
|
|
|
192 |
|
160 |
|
|
|
137 |
|
113 |
|
|
|
88 |
|
71 |
|
|
|
(16 |
) |
(25 |
) |
| Solar |
486 |
|
290 |
|
|
|
490 |
|
286 |
|
|
|
89 |
|
48 |
|
|
|
74 |
|
41 |
|
|
|
45 |
|
26 |
|
|
|
13 |
|
— |
|
| Storage &
Other |
164 |
|
190 |
|
|
|
— |
|
— |
|
|
|
45 |
|
37 |
|
|
|
21 |
|
19 |
|
|
|
14 |
|
12 |
|
|
|
1 |
|
(11 |
) |
|
Corporate |
— |
|
— |
|
|
|
— |
|
— |
|
|
|
— |
|
— |
|
|
|
(7 |
) |
(11 |
) |
|
|
(134 |
) |
(133 |
) |
|
|
(154 |
) |
(124 |
) |
|
Total |
14,848 |
|
13,149 |
|
|
|
13,807 |
|
13,286 |
|
|
|
$ |
1,106 |
|
$ |
972 |
|
|
|
$ |
795 |
|
$ |
675 |
|
|
|
$ |
457 |
|
$ |
365 |
|
|
|
$ |
60 |
|
$ |
6 |
|
RECONCILIATION OF NON-IFRS
MEASURES
The following table reflects Adjusted EBITDA and
FFO and provides a reconciliation to net income (loss) attributable
to Unitholders for the six months ended June 30, 2019:
|
|
Attributable to Unitholders |
Contributionfrom equityaccountedinvestments |
|
Attributableto non-controllinginterests |
|
As per IFRSfinancials(1) |
|
|
(MILLIONS) |
Hydroelectric |
|
Wind |
|
Solar |
|
Storage &Other |
|
Corporate |
|
Total |
|
|
|
|
|
Revenues |
$ |
780 |
|
$ |
192 |
|
$ |
89 |
|
$ |
45 |
|
$ |
— |
|
$ |
1,106 |
|
$ |
(189 |
) |
$ |
695 |
|
$ |
1,612 |
|
| Other income |
12 |
|
3 |
|
2 |
|
— |
|
4 |
|
21 |
|
(6 |
) |
10 |
|
25 |
|
| Direct operating costs |
(222 |
) |
(58 |
) |
(17 |
) |
(24 |
) |
(11 |
) |
(332 |
) |
56 |
|
(230 |
) |
(506 |
) |
| Share of Adjusted EBITDA from
equity accounted investments |
— |
|
— |
|
— |
|
— |
|
— |
|
— |
|
139 |
|
12 |
|
151 |
|
|
Adjusted EBITDA |
570 |
|
137 |
|
74 |
|
21 |
|
(7 |
) |
795 |
|
— |
|
487 |
|
|
| Management service costs |
— |
|
— |
|
— |
|
— |
|
(44 |
) |
(44 |
) |
— |
|
— |
|
(44 |
) |
| Interest expense -
borrowings |
(108 |
) |
(47 |
) |
(29 |
) |
(7 |
) |
(49 |
) |
(240 |
) |
50 |
|
(161 |
) |
(351 |
) |
| Current income taxes |
(18 |
) |
(2 |
) |
— |
|
— |
|
— |
|
(20 |
) |
1 |
|
(20 |
) |
(39 |
) |
| Distributions attributable
to |
|
|
|
|
|
|
|
|
|
|
Preferred limited partners equity |
— |
|
— |
|
— |
|
— |
|
(21 |
) |
(21 |
) |
— |
|
— |
|
(21 |
) |
|
Preferred equity |
— |
|
— |
|
— |
|
— |
|
(13 |
) |
(13 |
) |
— |
|
— |
|
(13 |
) |
| Share of interest and cash
taxes from equity accounted investments |
— |
|
— |
|
— |
|
— |
|
— |
|
— |
|
(51 |
) |
(9 |
) |
(60 |
) |
| Share of FFO attributable to
non-controlling interests |
— |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
|
(297 |
) |
(297 |
) |
|
FFO |
444 |
|
88 |
|
45 |
|
14 |
|
(134 |
) |
457 |
|
— |
|
— |
|
|
| Depreciation |
(165 |
) |
(113 |
) |
(28 |
) |
(12 |
) |
(2 |
) |
(320 |
) |
69 |
|
(149 |
) |
(400 |
) |
| Foreign exchange and
unrealized financial instrument loss |
5 |
|
(11 |
) |
4 |
|
(1 |
) |
(28 |
) |
(31 |
) |
5 |
|
(4 |
) |
(30 |
) |
| Deferred income tax
expense |
(42 |
) |
22 |
|
16 |
|
— |
|
18 |
|
14 |
|
(36 |
) |
(12 |
) |
(34 |
) |
| Other |
(26 |
) |
(2 |
) |
(24 |
) |
— |
|
(8 |
) |
(60 |
) |
21 |
|
36 |
|
(3 |
) |
| Share of earnings from equity
accounted investments |
— |
|
— |
|
— |
|
— |
|
— |
|
— |
|
(59 |
) |
— |
|
(59 |
) |
| Net loss attributable to
non-controlling interests |
— |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
|
129 |
|
129 |
|
|
Net income (loss) attributable to Unitholders(2) |
$ |
216 |
|
$ |
(16 |
) |
$ |
13 |
|
$ |
1 |
|
$ |
(154 |
) |
$ |
60 |
|
$ |
— |
|
$ |
— |
|
$ |
60 |
|
(1) Share of earnings from
equity-accounted investments of $32 million is comprised of amounts
found on the share of Adjusted EBITDA, share of interest and cash
taxes and share of earnings lines. Net income attributable to
participating non-controlling interests – in operating subsidiaries
of $168 million is comprised of amounts found on Share of FFO
attributable to non-controlling interests and Net loss attributable
to non-controlling interests.(2) Net income (loss)
attributable to Unitholders includes net income (loss) attributable
to GP interest, Redeemable/Exchangeable partnership units and LP
Units. Total net income (loss) includes amounts attributable to
Unitholders, non-controlling interests, preferred limited partners
equity and preferred equity.
The following table reflects Adjusted EBITDA and
FFO and provides a reconciliation to net income (loss) attributable
to Unitholders for the six months ended June 30, 2018:
|
|
Attributable to Unitholders |
Contributionfrom equityaccountedinvestments |
|
Attributableto non-controllinginterests |
|
As per IFRSfinancials(1) |
|
|
(MILLIONS) |
Hydroelectric |
|
Wind |
|
Solar |
|
Storage &Other |
|
|
Corporate |
|
Total |
|
|
|
|
|
Revenues |
$ |
727 |
|
$ |
160 |
|
$ |
48 |
|
$ |
37 |
|
$ |
— |
|
$ |
972 |
|
$ |
(97 |
) |
$ |
653 |
|
$ |
1,528 |
|
| Other income |
8 |
|
2 |
|
3 |
|
— |
|
1 |
|
14 |
|
(4 |
) |
9 |
|
19 |
|
| Direct operating costs |
(222 |
) |
(49 |
) |
(10 |
) |
(18 |
) |
(12 |
) |
(311 |
) |
32 |
|
(224 |
) |
(503 |
) |
| Share of Adjusted EBITDA from
equity accounted investments |
— |
|
— |
|
— |
|
— |
|
— |
|
— |
|
69 |
|
12 |
|
81 |
|
|
Adjusted EBITDA |
513 |
|
113 |
|
41 |
|
19 |
|
(11 |
) |
675 |
|
— |
|
450 |
|
|
| Management service costs |
— |
|
— |
|
— |
|
— |
|
(42 |
) |
(42 |
) |
— |
|
— |
|
(42 |
) |
| Interest expense -
borrowings |
(116 |
) |
(40 |
) |
(15 |
) |
(7 |
) |
(48 |
) |
(226 |
) |
25 |
|
(157 |
) |
(358 |
) |
| Current income taxes |
(8 |
) |
(2 |
) |
— |
|
— |
|
— |
|
(10 |
) |
1 |
|
(5 |
) |
(14 |
) |
| Distributions attributable
to |
|
|
|
|
|
|
|
|
|
|
Preferred limited partners equity |
— |
|
— |
|
— |
|
— |
|
(19 |
) |
(19 |
) |
— |
|
— |
|
(19 |
) |
|
Preferred equity |
— |
|
— |
|
— |
|
— |
|
(13 |
) |
(13 |
) |
— |
|
— |
|
(13 |
) |
| Share of interest and cash
taxes from equity accounted investments |
— |
|
— |
|
— |
|
— |
|
— |
|
— |
|
(26 |
) |
(10 |
) |
(36 |
) |
| Share of FFO attributable to
non-controlling interests |
— |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
|
(278 |
) |
(278 |
) |
|
FFO |
389 |
|
71 |
|
26 |
|
12 |
|
(133 |
) |
365 |
|
— |
|
— |
|
|
| Depreciation |
(194 |
) |
(81 |
) |
(13 |
) |
(12 |
) |
— |
|
(300 |
) |
29 |
|
(148 |
) |
(419 |
) |
| Foreign exchange and
unrealized financial instrument loss |
1 |
|
(1 |
) |
(3 |
) |
(2 |
) |
13 |
|
8 |
|
(6 |
) |
(27 |
) |
(25 |
) |
| Deferred income tax
expense |
(8 |
) |
(4 |
) |
— |
|
— |
|
9 |
|
(3 |
) |
(1 |
) |
(9 |
) |
(13 |
) |
| Other |
(22 |
) |
(10 |
) |
(10 |
) |
(9 |
) |
(13 |
) |
(64 |
) |
17 |
|
(7 |
) |
(54 |
) |
| Share of earnings from equity
accounted investments |
— |
|
— |
|
— |
|
— |
|
— |
|
— |
|
(39 |
) |
— |
|
(39 |
) |
| Net loss attributable to
non-controlling interests |
— |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
|
191 |
|
191 |
|
|
Net income (loss) attributable to Unitholders(2) |
$ |
166 |
|
$ |
(25 |
) |
$ |
— |
|
$ |
(11 |
) |
$ |
(124 |
) |
$ |
6 |
|
$ |
— |
|
$ |
— |
|
$ |
6 |
|
(1) Share of
earnings from equity-accounted investments of $6 million is
comprised of amounts found on the share of Adjusted EBITDA, share
of interest and cash taxes and share of earnings lines. Net income
attributable to participating non-controlling interests – in
operating subsidiaries of $87 million is comprised of amounts found
on Share of FFO attributable to non-controlling interests and Net
loss attributable to non-controlling
interests.(2) Net
income (loss) attributable to Unitholders includes net income
(loss) attributable to GP interest, Redeemable/Exchangeable
partnership units and LP Units. Total net income (loss) includes
amounts attributable to Unitholders, non-controlling interests,
preferred limited partners equity and preferred equity.The
following table reconciles net income attributable to Unitholders
and earnings per unit, the most directly comparable IFRS measures,
to FFO, and FFO per unit,both non-IFRS financial metrics for the
six months ended June 30:
|
|
|
|
|
Per unit |
| (MILLIONS, EXCEPT AS
NOTED) |
2019 |
|
2018 |
|
|
2019 |
|
2018 |
|
|
Net income attributable to: |
|
|
|
|
|
|
Limited partners' equity |
$ |
34 |
|
$ |
4 |
|
|
$ |
0.19 |
|
$ |
0.02 |
|
|
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 |
25 |
|
2 |
|
|
— |
|
— |
|
|
Net income attributable to Unitholders |
$ |
60 |
|
$ |
6 |
|
|
$ |
0.19 |
|
$ |
0.02 |
|
| Adjusted for proportionate
share of: |
|
|
|
|
|
|
Depreciation |
321 |
|
300 |
|
|
1.03 |
|
0.96 |
|
|
Foreign exchange and unrealized financial instruments loss
(gain) |
31 |
|
(8 |
) |
|
0.10 |
|
(0.02 |
) |
|
Deferred income tax (recovery) expense |
(14 |
) |
3 |
|
|
(0.04 |
) |
0.01 |
|
|
Other |
59 |
|
64 |
|
|
0.19 |
|
0.20 |
|
|
FFO |
$ |
457 |
|
$ |
365 |
|
|
$ |
1.47 |
|
$ |
1.17 |
|
|
Weighted average units outstanding(1) |
|
|
|
311.1 |
|
312.7 |
|
(1) Includes GP interest, Redeemable/Exchangeable
partnership units, and LP Units.
Brookfield Renewable Par... (TSX:BEP.UN)
Historical Stock Chart
From Jun 2024 to Jul 2024
Brookfield Renewable Par... (TSX:BEP.UN)
Historical Stock Chart
From Jul 2023 to Jul 2024
