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 second quarter of 2022.
“For a second consecutive quarter, we made
significant progress in our growth strategy by advancing several
ongoing projects and adding new projects to our portfolio, now
representing nearly 4 GW of power. New York State selected Boralex
for 540 MW of solar projects and 77 MW of storage projects. In
addition, we have 177 MW of wind and solar projects from the
Infinergy acquisition in the United Kingdom and organic growth,”
said Patrick Decostre, Boralex’s President and Chief Executive
Officer.
1 EBITDA(A) is a total of sector measures. For
more details, see the Non-IFRS financial measures section in this
press release.2 The figures in brackets indicated the results
according to the Combined5, compared to those obtained according to
the Consolidated.3 Anticipated Production is an additional
financial measures. For more details, see the Non-IFRS financial
measures and other financial measures section of this press
release.4 Combined, Cash Flow from operations, Discretionary Cash
Flows and Available cash and authorized financing 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.
“As mentioned in the previous quarter, several
European countries have been grappling with significant supply
challenges and high electricity prices. France is also dealing with
historically low nuclear power generation levels, which is widening
the price gap with neighboring European countries. Land-based solar
and wind farms can be commissioned quickly and at low cost in these
markets. We are increasing our efforts and discussions with the
various levels of government to accelerate our development and
offer sustainable renewable energy supply solutions in the affected
regions and those targeted for our growth in Europe. However, this
acceleration must be done in a win-win setting for the countries
and producers who invest while inflationary conditions result in a
higher level of overall risk.” added Mr. Decostre.
2nd quarter highlights
Three-month periods ended June
30
|
Consolidated |
Combined1 |
(in
millions of Canadian dollars, unless otherwise specified)
(unaudited) |
2022 |
2021 |
|
Change |
2022 |
2021 |
|
Change |
|
|
|
$ |
|
% |
|
|
|
|
$ |
|
% |
|
Power production (GWh)2 |
1,298 |
1,323 |
|
(25 |
) |
(2 |
) |
1,452 |
1,485 |
|
(33 |
) |
(2 |
) |
Revenues from energy sales and
feed-in premium |
168 |
147 |
|
21 |
|
14 |
|
185 |
164 |
|
21 |
|
12 |
|
Operating Income |
45 |
24 |
|
21 |
|
89 |
|
53 |
33 |
|
20 |
|
61 |
|
EBITDA(A)3 |
121 |
106 |
|
15 |
|
15 |
|
133 |
117 |
|
16 |
|
14 |
|
Net earnings (loss) |
14 |
(12 |
) |
26 |
|
>100 |
|
14 |
(12 |
) |
26 |
|
>100 |
|
Net earnings attributable to
shareholders of Boralex |
10 |
(16 |
) |
26 |
|
>100 |
|
10 |
(16 |
) |
26 |
|
>100 |
|
Per share - basic and
diluted |
$0.10 |
($0.16 |
) |
$0.26 |
|
>100 |
|
$0.10 |
($0.16 |
) |
$0.26 |
|
>100 |
|
Net cash flows related to
operating activities |
97 |
84 |
|
13 |
|
16 |
|
— |
— |
|
— |
|
— |
|
Cash flows from operations1 |
86 |
66 |
|
20 |
|
32 |
|
— |
— |
|
— |
|
— |
|
Discretionary cash flows1 |
13 |
(7 |
) |
20 |
|
>100 |
|
— |
— |
|
— |
|
— |
|
In the second quarter of 2022, Boralex produced
1,298 GWh (1,452 GWh) of power, down 2% (2%) compared to the 1,323
GWh (1,485 GWh) produced in the same quarter of 2021. For the
three-month period ended June 30, 2022, revenues from energy sales
and feed-in premiums were $168 million ($185 million), up 14% (12%)
from Q2-2021, while EBITDA(A) reached $121 million ($133 million),
up 15% (14%) from Q2-2021, and operating income was $45 million
($53 million), up 89% (61%) from the same quarter in 2021.
The decrease in production was due to
unfavourable wind conditions in France. The increase in income,
EBITDA(A) and operating income mainly stems from higher energy
sales income for sites benefiting from the feed-in premium due to
high market prices in France. The commissioning of new wind and
solar farms and increased revenues from power plants selling at
market prices also explain part of the increase.
Note that a legislative proposal regarding
additional compensation contracts, which provides for revenue
sharing between the French government and producers based on a
threshold price to be determined annually by ministerial order, is
currently under parliamentary review. As a result, the Company may
be required to repay a portion of the amounts collected in 2022 if
the legislation is passed retroactively.
For the three months ended June 30, 2022,
Boralex posted net earnings of $14 million ($14 million) compared
to net loss of $12 million ($12 million) for the corresponding
period in 2021. The net earnings attributable to Boralex
shareholders were $10 million ($10 million) or $0.10 ($0.10) per
share (basic and diluted), compared to a net loss of $16 million
($16 million) or $0.16 ($0.16) per share (basic and diluted) for
the corresponding period in 2021. The increase in net earnings is
attributable to the increase in operating income.
Six-month periods ended June
30
|
Consolidated |
Combined1 |
(in
millions of Canadian dollars, unless otherwise specified) |
2022 |
2021 |
Change |
2022 |
2021 |
Change |
|
|
$ |
|
% |
|
|
|
$ |
|
% |
|
Power production (GWh)2 |
2,979 |
2,952 |
27 |
|
1 |
|
3,327 |
3,315 |
12 |
|
— |
|
Revenues from energy sales and
feed-in premium |
395 |
353 |
42 |
|
12 |
|
433 |
392 |
41 |
|
10 |
|
Operating Income |
136 |
102 |
34 |
|
35 |
|
158 |
124 |
34 |
|
28 |
|
EBITDA(A)3 |
294 |
257 |
37 |
|
15 |
|
316 |
279 |
37 |
|
13 |
|
Net earnings |
71 |
28 |
43 |
|
>100 |
|
71 |
32 |
39 |
|
>100 |
|
Net earnings attributable to
shareholders of Boralex |
60 |
20 |
40 |
|
>100 |
|
60 |
24 |
36 |
|
>100 |
|
Per share - basic and
diluted |
$0.59 |
$0.18 |
$0.41 |
|
>100 |
|
$0.59 |
$0.23 |
$0.36 |
|
>100 |
|
Net cash flows related to
operating activities |
234 |
217 |
17 |
|
8 |
|
— |
— |
— |
|
— |
|
Cash flows from operations1 |
222 |
181 |
41 |
|
23 |
|
— |
— |
— |
|
— |
|
|
As atJune 30 |
As atDec. 31 |
Change |
As atJune 30 |
As atDec. 31 |
Change |
|
|
$ |
|
% |
|
|
|
$ |
|
% |
|
Total assets |
6,305 |
5,751 |
554 |
|
10 |
|
6,685 |
6,162 |
523 |
|
8 |
|
Debt - principal balance |
3,256 |
3,682 |
(426 |
) |
(12 |
) |
3,593 |
4,030 |
(437 |
) |
(11 |
) |
Total project debt |
2,956 |
3,141 |
(185) |
|
(6) |
|
3,293 |
3,489 |
(196 |
) |
(6) |
|
Total corporate debt |
300 |
541 |
(241 |
) |
(45 |
) |
300 |
541 |
(241 |
) |
(45 |
) |
For the six-month period ended June 30, 2022,
Boralex produced 2,979 GWh (3,327 GWh) of power, up 1% (stable)
compared to the 2,952 GWh (3,315 GWh) produced in the same period
in 2021. For the six-month period ended June 30, 2022, revenues
from energy sales and feed-in premiums amounted to $395 million
($433 million), up $42 million ($41 million) or 12% (10%) from the
same period in 2021, while EBITDA(A) was $294 million ($316
million), $37 million ($37 million) or 15% (13%) higher than the
same period last year. Operating income totalled $136 million ($158
million), up $34 million ($34 million) over the same period in
2021. The increase in income, EBITDA(A) and operating income mainly
stems from higher energy sales for sites benefiting from the
feed-in premium due to high market prices in France. The
commissioning of new wind and solar farms and increased revenues
from power plants selling at market prices also explain part of the
increase.
As mentioned in the quarterly results section, a
legislative proposal regarding additional compensation contracts,
which provides for revenue sharing between the French government
and producers based on a threshold price to be determined annually
by ministerial order, is currently under parliamentary review. As a
result, the Company may be required to repay a portion of the
amounts collected in 2022 if the legislation is passed
retroactively.
Overall, for the six-month period ended June 30,
2022, Boralex posted net earnings of $71 million ($71 million)
compared to net earnings of $28 million ($32 million) for the
corresponding period in 2021. The net earnings attributable to
Boralex shareholders were $60 million ($60 million) or $0.59 (0.59
$) per share (base and diluted), compared to $20 million ($24
million) or $0.18 ($0.23) per share (base and diluted) for the same
period in 2021. This increase is mainly due to an increase in
operating income.
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. The details of this plan, which also
incorporates Boralex’s CSR strategy, are included in the
Corporation’s annual report.
Highlights of the main achievements of the
quarter ended June 30, 2022 in relation to the 2025 Strategic Plan
can be found in the 2022 Interim Report 2 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 the analysis of acquisition targets, and the
optimization of power sales contract management.
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.
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 3,889 MW in
wind and solar projects and 203 MW in energy storage projects, as
well as a 706 MW Growth Path in wind and solar projects and 3 MW in
storage projects.
Dividend declaration
The Company’s Board of Directors has authorized
and announced a quarterly dividend of $0.1650 per common share.
This dividend will be paid on September 16, 2022, to shareholders
of record at the close of business on August 31, 2022. Boralex
designates this dividend as an “eligible dividend” pursuant to
paragraph 89(14) of the Income Tax Act (Canada) and all provincial
legislation applicable to eligible dividends.
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 close to 4 GW in wind
and solar projects and over 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 financial measure |
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 2025from 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 for non-operational items; plus (vi)
development costs (from the statement of earnings). |
Net cash flows related to operating activities |
Non-IFRS financial measures |
Specific financialmeasure |
Use |
Composition |
Most directlycomparableIFRS measure |
Available cash and cash equivalents |
To assess the cash and cash equivalents available, as at balance
sheet date, to fund the Corporation's growth. |
Represents cash and cash equivalents, as stated on the balance
sheet, from which known short-term cash requirements are
excluded. |
Cash and cash equivalents |
Available cash resources and authorized financing facilities |
To assess the total cash resources available, as at balance sheet
date, to fund the Corporation's growth. |
Results from the combination of credit facilities available to fund
growth and the available cash and cash equivalents. |
Cash and cash equivalents |
Other financial measures - Total of segments
measure |
Specific financial measure |
Most directly comparable IFRS measure |
EBITDA(A) |
Operating income |
Other financial measures - Supplementary 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. |
Credit facilities available for growth |
The credit facilities available for growth include the unused
tranche of the parent company's credit facility, apart from the
accordion clause, as well as the unused tranche of the construction
facility. |
Combined
The following tables reconcile Consolidated
financial data with data presented on a Combined basis:
|
2022 |
2021 |
|
(in millions of Canadian dollars) (unaudited) |
Consolidated |
Reconciliation(1) |
Combined |
Consolidated |
|
Reconciliation(1) |
Combined |
|
Three-month periods ended
June 30: |
|
|
|
|
|
|
Power production (GWh)(2) |
1,298 |
154 |
1,452 |
1,323 |
|
162 |
1,485 |
|
Revenues from energy sales and
feed-in premium |
168 |
17 |
185 |
147 |
|
17 |
164 |
|
Operating Income |
45 |
8 |
53 |
24 |
|
9 |
33 |
|
EBITDA(A) |
121 |
12 |
133 |
106 |
|
11 |
117 |
|
Net earnings |
14 |
— |
14 |
(12 |
) |
— |
(12 |
) |
Six-month periods ended June 30: |
|
|
|
|
|
|
Power production (GWh)(2) |
2,979 |
348 |
3,327 |
2,952 |
363 |
3,315 |
Revenues from energy sales and
feed-in premium |
395 |
38 |
433 |
353 |
39 |
392 |
Operating Income |
136 |
37 |
158 |
102 |
22 |
124 |
EBITDA(A) |
294 |
22 |
316 |
257 |
22 |
279 |
Net earnings |
71 |
— |
71 |
28 |
4 |
32 |
|
As at June 30, 2022 |
As at December 31, 2021 |
Total assets |
6,305 |
380 |
6,685 |
5,751 |
411 |
6,162 |
Debt - Principal balance |
3,256 |
337 |
3,593 |
3,682 |
348 |
4,030 |
(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 segment financial
measures and represents earnings before interest, taxes,
depreciation and amortization, adjusted to exclude other items such
as acquisition costs, other loss (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:
|
2022 |
|
2021 |
|
Variation 2022 vs 2021 |
(in millions of Canadian dollars) (unaudited) |
Consolidated |
|
Reconciliation(1) |
|
Combined |
|
Consolidated |
|
Reconciliation(1) |
|
Combined |
|
Consolidated |
|
Combined |
|
Three-month periods ended June 30: |
|
|
|
|
|
|
Operating income |
45 |
|
8 |
|
53 |
|
24 |
|
9 |
|
33 |
|
21 |
|
20 |
|
Amortization |
72 |
|
6 |
|
78 |
|
73 |
|
5 |
|
78 |
|
(1 |
) |
— |
|
Impairment |
2 |
|
1 |
|
3 |
|
1 |
|
— |
|
1 |
|
1 |
|
2 |
|
Share in earnings of Joint
Ventures and Associates |
10 |
|
(10 |
) |
— |
|
(1 |
) |
1 |
|
— |
|
11 |
|
— |
|
Change in fair value of a
derivative included in the share of the Joint Ventures |
(8 |
) |
8 |
|
— |
|
4 |
|
(4 |
) |
— |
|
(12 |
) |
— |
|
Other gains |
— |
|
(1 |
) |
(1 |
) |
5 |
|
— |
|
5 |
|
(5 |
) |
(6 |
) |
EBITDA(A) |
121 |
|
12 |
|
133 |
|
106 |
|
11 |
|
117 |
|
15 |
|
16 |
|
|
|
|
|
|
Six-month periods ended June 30: |
|
|
|
|
|
|
Operating income |
136 |
|
22 |
|
158 |
|
102 |
|
22 |
|
124 |
|
34 |
|
34 |
|
Amortization |
144 |
|
12 |
|
156 |
|
148 |
|
10 |
|
158 |
|
(4 |
) |
(2 |
) |
Impairment |
3 |
|
1 |
|
4 |
|
2 |
|
— |
|
2 |
|
1 |
|
2 |
|
Share in earnings of Joint
Ventures and Associates |
34 |
|
(34 |
) |
— |
|
9 |
|
(9 |
) |
— |
|
25 |
|
— |
|
Excess of the interest over the
net assets of Joint Venture SDB I |
— |
|
— |
|
— |
|
6 |
|
(6 |
) |
— |
|
(6 |
) |
— |
|
Change in fair value of a
derivative included in the share of the Joint Ventures |
(23 |
) |
23 |
|
— |
|
(5 |
) |
5 |
|
— |
|
(18 |
) |
— |
|
Other gains |
— |
|
(2 |
) |
(2 |
) |
(5 |
) |
— |
|
(5 |
) |
5 |
|
3 |
|
EBITDA(A) |
294 |
|
22 |
|
316 |
|
257 |
|
22 |
|
279 |
|
37 |
|
37 |
|
(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 |
Three-month periods ended |
(in millions of Canadian dollars) (unaudited) |
June 30,2022 |
|
June 30,2021 |
|
June 30,2022 |
|
December 31,2021 |
|
Net cash flows related to operating
activities |
97 |
|
84 |
|
362 |
|
345 |
|
Changes in non-cash operating items |
(11 |
) |
(18 |
) |
42 |
|
18 |
|
Cash flows from
operations |
86 |
|
66 |
|
404 |
|
363 |
|
Repayments on non-current debt
(projects)(1) |
(69 |
) |
(72 |
) |
(218 |
) |
(222 |
) |
Adjustment for non-operating items(2) |
4 |
|
2 |
|
6 |
|
8 |
|
|
21 |
|
(4 |
) |
192 |
|
149 |
|
Principal payments related to
lease liabilities |
(3 |
) |
(2 |
) |
(16 |
) |
(13 |
) |
Distributions paid to
non-controlling shareholders |
(10 |
) |
(6 |
) |
(23 |
) |
(20 |
) |
Additions to property, plant and
equipment (maintenance of operations) |
(3 |
) |
(1 |
) |
(12 |
) |
(8 |
) |
Development costs (from statement of earnings) |
8 |
|
6 |
|
28 |
|
24 |
|
Discretionary cash flows |
13 |
|
(7 |
) |
169 |
|
132 |
|
(1) |
Excluding VAT bridge financing and early debt repayments. |
(2) |
For the three-month period ended June 30, 2022, favourable
adjustment of $4 million consisting mainly of transactions and
acquisition costs. For the twelve-month period ended June 30, 2022,
favourable adjustment of $6 million consisting mainly of
transactions and acquisition costs. For the twelve-month period
ended December 31, 2021, favourable adjustment of $8 million
consisting of $5 million of expense payments and assumed
liabilities related to acquisitions as well as $3 million for
previous financing arrangements or amount not related to operating
sites. |
Available cash and cash equivalents and
available cash resources and authorized credit
facilities
The Corporation defines available cash and cash
equivalents as well as available cash and authorized financing
facilities as follows:
|
Consolidated |
|
As at June 30 |
As at December 31 |
(in millions of Canadian dollars) (unaudited) |
2022 |
|
2021 |
|
Cash and cash equivalents |
701 |
|
256 |
|
Cash and cash equivalents earmarked for known short-term
requirements |
(280 |
) |
(220 |
) |
Available cash and cash
equivalents |
421 |
|
61 |
|
Credit facilities available to fund growth |
500 |
|
339 |
|
Available cash resources and authorized financing
facilities |
921 |
|
400 |
|
Disclaimer regarding forward-looking
statements
Certain 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, payment
of a quarterly dividend, the Company’s financial targets, the
partnership with Énergir and Hydro-Québec for the elaboration of
three 400 MW projects for which the development will depend on
Hydro-Québec's changing needs, the 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 and amendments thereto, 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 |
Camille Laventure |
Stéphane Milot |
Advisor, Digital Communications |
Senior Director, Investor Relations |
Boralex Inc. |
Boralex Inc. |
438-883-8580 |
514 213-1045 |
camille.laventure@boralex.com |
stephane.milot@boralex.com |
|
|
Source: Boralex Inc. |
Boralex (TSX:BLX)
Historical Stock Chart
From Jun 2024 to Jul 2024
Boralex (TSX:BLX)
Historical Stock Chart
From Jul 2023 to Jul 2024