Boralex Inc. (“Boralex” or the “Company”) (TSX: BLX) is pleased to
report an increase in operating income and continued progress on
certain development projects during the quarter ended December 31,
2021.
“The integration of acquisitions, the
commissioning of new wind and solar farms and the rise in
electricity market prices favourable to certain wind projects in
France enabled us to keep growing our operating income in the
fourth quarter,” said Patrick Decostre, President and Chief
Executive Officer of Boralex.
“We added 137 MW of solar and wind projects in
the Preliminary phase of our project pipeline during the quarter,
for a total addition of 973 MW in 2021, in addition to 193 MW of
energy storage projects added during the year. These additions
underscore the quality of our development teams, which have been
strengthened over the course of the year following significant
investments in North America and Europe. We now have 3,890 MW of
projects under development or under construction and are in an
excellent position to take full advantage of the growing
development opportunities in our target markets,” added Mr.
Decostre.
_________________________________1 EBITDA(A) is
a total of sector measures. For more details, see the Non-IFRS
financial measures and other financial measures section of this
press release.2 The figures in brackets indicated the results
according to the Combined4, compared to those obtained according to
the Consolidated.3 Anticipated Production is an additional
financial measure. For more details, see the Non-IFRS financial
measures and other financial measures section of this press
release.4 Combined, Cash Flow from operations and Discretionary
Cash Flows are non-GAAP financial measures and do not have a
standardized definition under IFRS. Therefore, these measures may
not be comparable to similar measures used by other companies. For
more details, see the Non-IFRS financial measures and other
financial measures section of this press release.
4th quarter highlights
Three-month periods
ended December
31
|
|
Consolidated |
|
Combined 1 |
|
(in millions of Canadian dollars, unless otherwise specified) |
|
2021 |
|
2020 |
|
Change |
|
2021 |
|
2020 |
Change |
|
|
|
|
|
|
$ |
|
% |
|
|
|
|
|
|
$ |
|
% |
|
|
Power production (GWh)2 |
|
1,492 |
|
1,468 |
|
24 |
|
2 |
|
|
1,661 |
|
1,763 |
|
(102 |
) |
(6 |
) |
|
Revenues from energy sales and feed-in premium |
|
192 |
|
193 |
|
(1 |
) |
(1 |
) |
|
211 |
|
225 |
|
(14 |
) |
(6 |
) |
|
Operating Income |
|
74 |
|
60 |
|
14 |
|
23 |
|
|
82 |
|
76 |
|
6 |
|
8 |
|
|
EBITDA(A)3 |
|
152 |
|
137 |
|
15 |
|
10 |
|
|
163 |
|
155 |
|
8 |
|
5 |
|
|
Net earnings |
|
20 |
|
30 |
|
(10 |
) |
(32 |
) |
|
20 |
|
36 |
|
(16 |
) |
(43 |
) |
|
Net earnings attributable to shareholders of Boralex |
|
17 |
|
25 |
|
(8 |
) |
(28 |
) |
|
17 |
|
31 |
|
(14 |
) |
(42 |
) |
|
Per share - basic and diluted |
|
$0.17 |
|
$0.24 |
|
($0.07 |
) |
(30 |
) |
|
$0.17 |
|
$0.30 |
|
($0.13 |
) |
(44 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net cash flows related to operating activities |
|
81 |
|
59 |
|
22 |
|
36 |
|
|
91 |
|
78 |
|
13 |
|
15 |
|
|
Cash flows from operations1 |
|
116 |
|
101 |
|
15 |
|
15 |
|
|
— |
|
— |
|
— |
|
— |
|
|
Discretionary cash flows1 |
|
58 |
|
67 |
|
(9 |
) |
(14 |
) |
|
— |
|
— |
|
— |
|
— |
|
In the fourth quarter of 2021, Boralex produced
1,492 GWh (1,661 GWh) of power, up 2% (down 6%) more than the 1,468
GWh (1,763 GWh) produced in the same quarter of 2020. For the
three-month period ended December 31, 2021, revenues from energy
sales and feed-in premiums were $192 million ($211 million), down
1% (6)% from Q4-2020, while EBITDA(A) reached $152 million ($163
million), up 10% (5%) from Q4-2020, and operating income was $74
million ($82 million), up 23% (8%) from the same quarter in 2020.
The increase in production, revenues, EBITDA(A) and operating
income is attributable to recent acquisitions in the wind sector in
Quebec and the solar sector in the United States, the commissioning
of French wind farms and the increase in hydroelectric generation
in the United States resulting from particularly favourable
conditions during the quarter. During the fourth quarter of 2021,
the Corporation also benefited from higher energy sales revenue for
sites benefiting from the feed-in premium /due to high market
prices in France. Given the structure of the feed-in premium
contracts for operating farms, the Corporation is not required to
reimburse the difference between the market price and reference
price for the feed-in premium when the accumulation of the sums
paid by the Corporation becomes equal to the accumulation of the
sums received as a feed- in premium.
For the three months ended December 31, 2021,
Boralex posted net earnings of $20 million ($20 million) compared
to net earnings of $30 million ($36 million) for the corresponding
period in 2020. The net earnings attributable to Boralex
shareholders were $17 million ($17 million) or $0.17 per share
(basic and diluted), compared to $25 million ($31 million) or $0.24
($0.30) per share (diluted) for the corresponding period in 2020.
The decrease in net earnings is attributable to the increase in
amortization expense and income tax expense, which was partially
offset by the increase in EBITDA(A), as well as the decrease in
depreciation and acquisition expenses.
1 Combined, Cash Flow from operations and
Discretionary Cash Flows are non-GAAP financial measures and do not
have a standardized definition under IFRS. Therefore, these
measures may not be comparable to similar measures used by other
companies. For more details, see the Non-IFRS financial measures
and other financial measures section of this press release.2 Power
production includes the production for which Boralex received
financial compensation following power generation limitations
imposed by its clients since management uses this measure to
evaluate the Corporation’s performance. This adjustment facilitates
the correlation between power production and revenues from energy
sales and feed-in premium.3 EBITDA(A) is a total of sector
measures. For more details, see the Non-IFRS financial measures and
other financial measures section of this press release.
Fiscal year
ended December
31
|
|
Consolidated |
|
Combined1 |
|
(in millions of Canadian dollars, unless otherwise specified) |
|
2021 |
|
2020 |
|
Change |
|
2021 |
|
2020 |
|
Change |
|
|
|
|
|
|
$ |
|
% |
|
|
|
|
|
|
$ |
|
% |
|
|
Power production (GWh)2 |
|
5,552 |
|
4,727 |
|
825 |
|
17 |
|
|
6,215 |
|
5,834 |
|
381 |
|
7 |
|
|
Revenues from energy sales and feed-in premium |
|
671 |
|
619 |
|
52 |
|
8 |
|
|
743 |
|
738 |
|
5 |
|
1 |
|
|
Operating Income |
|
182 |
|
172 |
|
10 |
|
7 |
|
|
219 |
|
225 |
|
(6 |
) |
(3 |
) |
|
EBITDA(A)3 |
|
490 |
|
434 |
|
56 |
|
13 |
|
|
535 |
|
513 |
|
22 |
|
4 |
|
|
Net earnings |
|
26 |
|
61 |
|
(35 |
) |
(57 |
) |
|
30 |
|
56 |
|
(26 |
) |
(45 |
) |
|
Net earnings attributable to shareholders of Boralex |
|
17 |
|
55 |
|
(38 |
) |
(69 |
) |
|
21 |
|
50 |
|
(29 |
) |
(57 |
) |
|
Per share - basic and diluted |
|
$0.16 |
|
$0.55 |
|
($0.39 |
) |
(71 |
) |
|
$0.21 |
|
$0.51 |
|
($0.30 |
) |
(59 |
) |
|
Net cash flows related to operating activities |
|
345 |
|
362 |
|
(17 |
) |
(5 |
) |
|
364 |
|
399 |
|
(35 |
) |
(8 |
) |
|
Cash flows from operations1 |
|
363 |
|
338 |
|
25 |
|
7 |
|
|
— |
|
— |
|
— |
|
— |
|
|
Discretionary cash flows1 |
|
132 |
|
146 |
|
(14 |
) |
(10 |
) |
|
— |
|
— |
|
— |
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As atDec. 31 |
|
As atDec.
31 |
|
Change |
|
As atDec. 31 |
|
As atDec.
31 |
|
Change |
|
|
|
|
|
|
$ |
|
% |
|
|
|
|
|
|
$ |
|
% |
|
|
Total assets |
|
5,751 |
|
5,314 |
|
437 |
|
8 |
|
|
6,162 |
|
5,753 |
|
409 |
|
7 |
|
|
Debt - principal balance |
|
3,682 |
|
3,609 |
|
73 |
|
2 |
|
|
4,030 |
|
3,976 |
|
54 |
|
1 |
|
|
Total project debt |
|
3,141 |
|
3,190 |
|
(49 |
) |
(2 |
) |
|
3,489 |
|
3,557 |
|
(68 |
) |
(2 |
) |
|
Total corporate debt |
|
541 |
|
419 |
|
122 |
|
29 |
|
|
541 |
|
419 |
|
122 |
|
29 |
|
For the year ended December 31, 2021, Boralex
produced 5,552 GWh (6,215 GWh) of power, 17% (7%) more than the
4,727 GWh (5,834 GWh) produced in the same period of fiscal 2020.
Revenues from energy sales for the period amounted to $671 million
($743 million), up $52 million ($5 million) or 8% (1%) from the
same period in 2020, while EBITDA(A) was $490 million ($535
million), $56 million ($22 million) or 13% (4%) higher than last
year. The increases in production, revenues from energy sales and
EBITDA(A) are attributable to acquisitions and commissionings, as
discussed in the analysis of the quarterly results. Operating
income totaled $182 million ($219 million), up $10 million (down $6
million) over the same period in 2020 due to an increase in
revenues from energy sales and feed-in premium, and a decrease in
operating and administration expenses that were partially offset by
an increase in amortization expense.
Overall, for the fiscal year ended December 31,
2021, Boralex posted net earnings of $26 million ($30 million)
versus net earnings of $61 million ($56 million) for fiscal year
2020. Net earnings attributable to shareholders of Boralex were $17
million ($21 million) or $0.16 ($0.21) per share (basic and
diluted), compared to $5 million ($50 million) or $0.55 ($0.51) per
share (basic and diluted) for the same period in fiscal 2020. This
decrease is mainly due to an increase in amortization expense and
financial expenses, which were partially offset by an increase in
EBITDA(A).
1 Combined, Cash Flow from operations and
Discretionary Cash Flows are non-GAAP financial measures and do not
have a standardized definition under IFRS. Therefore, these
measures may not be comparable to similar measures used by other
companies. For more details, see the Non-IFRS financial measures
and other financial measures section of this press release.2 Power
production includes the production for which Boralex received
financial compensation following power generation limitations
imposed by its clients since management uses this measure to
evaluate the Corporation’s performance. This adjustment facilitates
the correlation between power production and revenues from energy
sales and feed-in premium.3 EBITDA(A) is a total of sector
measures. For more details, see the Non-IFRS financial measures and
other financial measures section of this press release.
Outlook
On June 17, 2021, Boralex's management unveiled
an updated strategic plan that will guide efforts to achieve its
new corporate targets for 2025. Boralex's 2025 Strategic Plan is
built around the four strategic directions of the plan launched in
2019—growth, diversification, customers and optimization—and six
corporate targets. It also incorporates Boralex’s CSR strategy.
Highlights of the main achievements of the
quarter in relation to the 2025 Strategic Plan can be found in the
2021 Annual Report available in the Investors section of Boralex's
website.
In the coming quarters, Boralex will continue to
work on its various initiatives under this plan, including project
development and acquisition target analysis.
To pursue its organic growth, the Corporation
has a pipeline of projects at various stages of development defined
on the basis of clearly identified criteria, totalling 3,243 MW in
wind and solar projects and 190 MW in energy storage projects, as
well as a 647 MW Growth Path in wind and solar projects and 3 MW in
storage projects.
About Boralex
At Boralex, we have been providing affordable
renewable energy accessible to everyone for over 30 years. As a
leader in the Canadian market and France’s largest independent
producer of onshore wind power, we also have facilities in the
United States and development projects in the United Kingdom. Over
the past five years, our installed capacity has more than doubled
to 2.5 GW. We are developing a portfolio of more than 3 GW in wind
and solar projects and nearly 200 MW in storage projects, guided by
our values and our corporate social responsibility (CSR) approach.
Through profitable and sustainable growth, Boralex is actively
participating in the fight against global warming. Thanks to our
fearlessness, our discipline, our expertise and our diversity, we
continue to be an industry leader. Boralex’s shares are listed on
the Toronto Stock Exchange under the ticker symbol BLX.
For more information, go to www.boralex.com or
www.sedar.com. Follow us on Facebook, LinkedIn and
Twitter.
Non-IFRS measures
Performance measures
In order to assess the performance of its assets
and reporting segments, Boralex uses performance measures.
Management believes that these measures are widely accepted
financial indicators used by investors to assess the operational
performance of a company and its ability to generate cash through
operations. The non-IFRS and other financial measures also provide
investors with insight into the Corporation’s decision making as
the Corporation uses these non-IFRS financial measures to make
financial, strategic and operating decisions. The non-IFRS and
other financial measures should not be considered as a substitute
for IFRS measures.
These non-IFRS financial measures are derived
primarily from the audited consolidated financial statements, but
do not have a standardized meaning under IFRS; accordingly, they
may not be comparable to similarly named measures used by other
companies. Non-IFRS and other financial measures are not audited.
They have important limitations as analytical tools and investors
are cautioned not to consider them in isolation or place undue
reliance on ratios or percentages calculated using these non-IFRS
financial measures.
|
Non-IFRS financial
measures |
|
Specific financialmeasure |
Use |
Composition |
Most directly comparable
IFRS measure |
|
Financial data - Combined (all disclosed financial data) |
To assess the operating performance and the ability of a company to
generate cash from its operations.The Interests represent
significant investments by Boralex. |
Results from the combination of the financial information of
Boralex Inc. under IFRS and the share of the financial information
of the Interests.Interests in the Joint Ventures and associates,
Share in earnings (losses) of the Joint Ventures and associates and
Distributions received from the Joint Ventures and associates are
then replaced with Boralex’s respective share (ranging from 50% to
59.96%) in the financial statements of the Interests (revenues,
expenses, assets, liabilities, etc.) |
Respective financial data - Consolidated |
|
Cash flows from operations |
To assess the cash generated by the Company's operations and its
ability to finance its expansion from these funds. |
Net cash flows related to operating activities before changes in
non-cash items related to operating activities. |
Net cash flows related to operating activities |
|
Discretionary cash flows |
To assess the cash generated from operations and the amount
available for future development or to be paid as dividends to
common shareholders while preserving the long- term value of the
business.Corporate objectives for 2025 from the strategic
plan. |
Net cash flows related to operating activities before "change in
non-cash items related to operating activities,” less(i)
distributions paid to non-controlling shareholders, (ii) additions
to property, plant and equipment (maintenance of operations), (iii)
repayments on non-current debt (projects) and repayments to tax
equity investors; (iv) principal payments related to lease
liabilities; (v) adjustments fornon-operational items; plus (vi)
development costs (from the statement of earnings). |
Net cash flows related to operating activities |
|
Other financial
measures - Total
of segments
measure |
|
Specific financial
measure |
Most directly
comparable IFRS
measure |
|
EBITDA(A) |
Operating income |
|
Supplementary Financial
Measures - Other
financial measures |
|
Specific financial
measure |
Composition |
|
Anticipated production |
Production that the Company anticipates for the oldest sites based
on adjusted historical averages, commissioning and planned
shutdowns and, for other sites, based on the production studies
carried out. |
CombinedThe following tables reconcile
Consolidated financial data with data presented on a Combined
basis:
|
|
|
|
2021 |
|
|
2020 |
|
(in millions of Canadian dollars) |
Consolidated |
Reconciliation(1) |
Combined |
Consolidated |
Reconciliation(1) |
Combined |
|
Three-month period
ended December
31: |
|
|
|
|
|
|
|
Power production (GWh)(2) |
1,492 |
169 |
1,661 |
1,468 |
295 |
1,763 |
|
Revenues from energy sales and feed-in premium |
192 |
19 |
211 |
193 |
32 |
225 |
|
Operating Income |
74 |
8 |
82 |
60 |
16 |
76 |
|
EBITDA(A) |
152 |
11 |
163 |
137 |
18 |
155 |
|
Net earnings |
20 |
— |
20 |
30 |
6 |
36 |
|
Net cash flows related to operating activities |
81 |
10 |
91 |
59 |
19 |
78 |
|
Year ended
December 31: |
|
|
|
|
|
|
|
Power production (GWh)(2) |
5,552 |
663 |
6,215 |
4,727 |
1,107 |
5,834 |
|
Revenues from energy sales and feed-in premium |
671 |
72 |
743 |
619 |
119 |
738 |
|
Operating Income |
182 |
37 |
219 |
172 |
53 |
225 |
|
EBITDA(A) |
490 |
45 |
535 |
434 |
79 |
513 |
|
Net earnings |
26 |
4 |
30 |
61 |
(5) |
56 |
|
Net cash flows related to operating activities |
345 |
19 |
364 |
362 |
37 |
399 |
|
As at December
31: |
|
|
|
|
|
|
|
Total assets |
5,751 |
411 |
6,162 |
5,314 |
439 |
5,753 |
|
Debt - Principal balance |
3,682 |
348 |
4,030 |
3,609 |
367 |
3,976 |
(1) Includes the respective contribution of Joint Ventures and
associates as a percentage of Boralex's interest less adjustments
to reverse recognition of these interests under IFRS.(2) Includes
financial compensation following electricity production limitations
imposed by clients.
EBITDA(A)EBITDA(A) is a total of segments
financial measure and represents earnings before interest, taxes,
depreciation and amortization, adjusted to exclude other items such
as acquisition costs, other gains, net loss (gain) on financial
instruments and foreign exchange loss (gain), the last two items
being included under Other.
Management uses EBITDA(A) to assess the performance of the
Corporation's reporting segments.
EBITDA(A) is reconciled to the most comparable IFRS measure,
namely, operating income, in the following table:
|
(in millions of Canadian dollars) |
|
|
|
|
2021 |
|
|
|
|
|
2020 |
|
Variation2021 vs
2020 |
|
Consolidated |
|
Reconciliation(1) |
|
Combined |
|
Consolidated |
|
Reconciliation(1) |
|
Combined |
|
Consolidated |
|
Combined |
|
|
Three-month period ended December
31: |
|
|
|
|
Operating income |
74 |
|
8 |
|
82 |
|
60 |
|
16 |
|
76 |
|
14 |
|
6 |
|
|
Amortization |
75 |
|
6 |
|
81 |
|
62 |
|
11 |
|
73 |
|
13 |
|
8 |
|
|
Impairment |
2 |
|
— |
|
2 |
|
6 |
|
— |
|
6 |
|
(4 |
) |
(4 |
) |
|
Share in earnings of Joint Ventures |
|
|
|
|
|
|
|
|
|
|
|
and Associates |
(4 |
) |
4 |
|
— |
|
1 |
|
(1 |
) |
— |
|
(5 |
) |
— |
|
|
Excess of the interest over the net |
|
|
|
|
|
|
|
|
|
|
|
assets of Joint Venture SDB I |
— |
|
— |
|
— |
|
8 |
|
(8 |
) |
— |
|
(8 |
) |
— |
|
|
Change in fair value of a derivative |
|
|
|
|
|
|
|
|
|
|
|
included in the share of the Joint |
|
|
|
|
|
|
|
|
|
|
|
Ventures |
6 |
|
(6 |
) |
— |
|
— |
|
— |
|
— |
|
6 |
|
— |
|
|
Other gains |
(1 |
) |
(1 |
) |
(2 |
) |
— |
|
(1 |
) |
(1 |
) |
(1 |
) |
(1 |
) |
|
EBITDA(A) |
152 |
|
11 |
|
163 |
|
137 |
|
17 |
|
154 |
|
15 |
|
9 |
|
|
|
|
|
Year ended
December 31: |
|
|
|
|
Operating income |
182 |
|
37 |
|
219 |
|
172 |
|
53 |
|
225 |
|
10 |
|
(6 |
) |
|
Amortization |
297 |
|
23 |
|
320 |
|
237 |
|
47 |
|
284 |
|
60 |
|
36 |
|
|
Impairment |
4 |
|
— |
|
4 |
|
7 |
|
— |
|
7 |
|
(3 |
) |
(3 |
) |
|
Share in earnings of Joint Ventures |
|
|
|
|
|
|
|
|
|
|
|
and Associates |
9 |
|
(9 |
) |
— |
|
25 |
|
(25 |
) |
— |
|
(16 |
) |
— |
|
|
Excess of the interest over the net |
|
|
|
|
|
|
|
|
|
|
|
assets of Joint Venture SDB I |
6 |
|
(6 |
) |
— |
|
(6 |
) |
6 |
|
— |
|
12 |
|
— |
|
|
Change in fair value of a derivative |
|
|
|
|
|
|
|
|
|
|
|
included in the share of the Joint |
|
|
|
|
|
|
|
|
|
|
|
Ventures |
(2 |
) |
2 |
|
— |
|
— |
|
— |
|
— |
|
(2 |
) |
— |
|
|
Other gains |
(6 |
) |
(2 |
) |
(8 |
) |
(1 |
) |
(2 |
) |
(3 |
) |
(5 |
) |
(5 |
) |
|
EBITDA(A) |
490 |
|
45 |
|
535 |
|
434 |
|
79 |
|
513 |
|
56 |
|
22 |
|
(1) Includes the respective contribution of Joint Ventures and
associates as a percentage of Boralex's interest less adjustments
to reverse recognition of these interests under IFRS.
Cash flow
from operations
and discretionary
cash flows
The Corporation computes the cash flow from operations and
discretionary cash flows as follows:
|
|
Consolidated |
|
|
Three-month periods ended |
Years ended |
|
(in millions of Canadian dollars) |
December 31,2021 |
|
December 31,2020 |
|
December 31,2021 |
|
December 31,2020 |
|
|
Net cash flows
related to
operating activities |
81 |
|
59 |
|
345 |
|
362 |
|
|
Changes in non‑cash operating items |
35 |
|
42 |
|
18 |
|
(24 |
) |
|
Cash flows from
operations |
116 |
|
101 |
|
363 |
|
338 |
|
|
Repayments on non-current debt (projects)(1) |
(50 |
) |
(40 |
) |
(222 |
) |
(175 |
) |
|
Adjustment for non-operating items(2)(3) |
— |
|
7 |
|
8 |
|
(17 |
) |
|
|
66 |
|
68 |
|
149 |
|
146 |
|
|
Principal payments related to lease liabilities |
(4 |
) |
(4 |
) |
(13 |
) |
(11 |
) |
|
|
|
|
|
|
|
|
|
|
|
Distributions paid to non-controlling shareholders |
(7 |
) |
(1 |
) |
(20 |
) |
(6 |
) |
| Additions to
property, plant and equipment (maintenance of operations) |
(3 |
) |
(3 |
) |
(8 |
) |
(6 |
) |
|
|
|
|
|
|
|
|
|
|
|
Development costs (from statement of earnings) |
6 |
|
7 |
|
24 |
|
23 |
|
|
Discretionary cash
flows |
58 |
|
67 |
|
132 |
|
146 |
|
(1) Excluding VAT bridge financing, early debt
repayments and the debt repayments made in December for LP I, DM I
and II in respect of the months prior to the acquisition
(Q4-2020).(2) For the year ended December 31, 2021: favourable
adjustment of $8 million consisting mainly of $5 million of expense
payments and assumed liabilities related to acquisitions as well as
$3 million for previous financing activities or not related to
operating sites. For the year ended December 31, 2020: unfavourable
adjustment of $17 million comprising mainly of interest paid of $3
million on LP I, DM I and II debt for the months prior to the
acquisition in Q4-2020, less $22 million in debt repayments to
reflect a normalized debt service following debt refinancing in
France in Q1-2020.
Disclaimer regarding forward-looking
statementsCertain statements contained in this release,
including those related to results and performance for future
periods, installed capacity targets, EBITDA(A) and discretionary
cash flows, the Company’s strategic plan, business model and growth
strategy, organic growth and growth through mergers and
acquisitions, obtaining an investment grade credit rating by 2025,
maintaining a quarterly dividend of $0.1650 per share, the
Company’s financial targets and portfolio of renewable energy
projects, the Company’s Growth Path and its Corporate Social
Responsibility (CSR) objectives are forward-looking statements
based on current forecasts, as defined by securities legislation.
Positive or negative verbs such as “will,” “would,” “forecast,”
“anticipate,” “expect,” “plan,” “project,” “continue,” “intend,”
“assess,” “estimate” or “believe,” or expressions such as “toward,”
“about,” “approximately,” “to be of the opinion,” “potential” or
similar words or the negative thereof or other comparable
terminology, are used to identify such statements.
Forward-looking statements are based on major
assumptions, including those about the Company’s return on its
projects, as projected by management with respect to wind and other
factors, opportunities that may be available in the various sectors
targeted for growth or diversification, assumptions made about
EBITDA(A) margins, assumptions made about the sector realities and
general economic conditions, competition, exchange rates as well as
the availability of funding and partners. While the Company
considers these factors and assumptions to be reasonable, based on
the information currently available to the Company, they may prove
to be inaccurate.
Boralex wishes to clarify that, by their very
nature, forward-looking statements involve risks and uncertainties,
and that its results, or the measures it adopts, could be
significantly different from those indicated or underlying those
statements, or could affect the degree to which a given
forward-looking statement is achieved. The main factors that may
result in any significant discrepancy between the Company’s actual
results and the forward-looking financial information or
expectations expressed in forward-looking statements include the
general impact of economic conditions, fluctuations in various
currencies, fluctuations in energy prices, the Company’s financing
capacity, competition, changes in general market conditions,
industry regulations, litigation and other regulatory issues
related to projects in operation or under development, as well as
other factors listed in the Company’s filings with the various
securities commissions.
Unless otherwise specified by the Company,
forward-looking statements do not take into account the effect that
transactions, non-recurring items or other exceptional items
announced or occurring after such statements have been made may
have on the Company’s activities. There is no guarantee that the
results, performance or accomplishments, as expressed or implied in
the forward-looking statements, will materialize. Readers are
therefore urged not to rely unduly on these forward-looking
statements.
Unless required by applicable securities legislation, Boralex’s
management assumes no obligation to update or revise
forward-looking statements in light of new information, future
events or other changes.
Percentage figures are calculated in thousands of dollars.
For more information:
|
Media |
Investor Relations |
| Isabelle Fontaine |
Stéphane Milot |
| Director, Public Affairs and Communications |
Senior Director, Investor Relations |
| Boralex Inc. |
Boralex Inc. |
| 819 345-0043 |
514 213-1045 |
| isabelle.fontaine@boralex.com |
stephane.milot@boralex.com |
Source: Boralex Inc.
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