Boralex Inc. (“Boralex” or the “Company”) (TSX: BLX) is pleased to
report a significant increase in cash flow and production capacity
in the fourth quarter of 2022.
“Fiscal 2022 was marked by a significant
increase in our generating capacity and project portfolio,” said
Patrick Decostre, President and Chief Executive Officer of Boralex.
“We crossed the milestone of 3 GW in installed capacity at year end
and our portfolio of projects under development and construction
totals 5.5 GW, 2.5 GW or 81% more than in 2020, which is the base
year for our 2025 strategic plan. In a context where the energy
transition needs to accelerate even faster to meet the short- and
medium-term shortfalls in generating capacity anticipated in many
markets, our 30 years of experience in renewable energies, combined
with our teams’ drive and their thorough grasp of our markets, give
us a clear competitive advantage.”
1 The terms “combined”, “cash flows from
operations”, “discretionary cash flows” and “available cash
resources and authorized financing facilities” designate non-GAAP
financial measures and do not have a standardized meaning under
IFRS. Accordingly, such measures may not be comparable to similarly
named measures used by other companies. For more details, see the
Non-IFRS and other financial measures section of this press
release.2 The figures in brackets indicate results on a Combined3
basis as opposed to those on a Consolidated basis3 EBITDA(A) is a
total of segment measures. For more details, see the Non-IFRS and
other financial measures section of this press release.4
Anticipated production" is an additional financial measure. For
more details, see the Non-IFRS and other financial measures section
of this press release.
“Our teams showed agility, innovation and vision
in the extraordinary market conditions associated with the energy
crisis in Europe, as well as inflation and global supply chain
pressures. As a result, we succeeded in optimizing revenues by the
early termination of short term contracts allowing us to benefit
from higher selling prices. We also commissioned certain assets
earlier than expected and negotiated a number of contracts with
electricity-consuming companies, allowing us to optimize our
revenues, projects and operating assets. These actions resulted in
a $15M addition to discretionary cash flows1 generated in 2022.
We realized this growth while maintaining strong
financial discipline in 2022 by selling 30% of our operations in
France on favourable terms to a financial partner with a long-term
vision and in-depth knowledge of our industry. We ended the year
with a net debt to market capitalization ratio of 40% compared to
48% a year earlier and close to $500 million in cash and authorized
credit as at December 31,” added Mr. Decostre.
4th quarter highlights
Three-month
periods ended
December 31
|
|
Consolidated |
Combined 1 |
|
(in millions of Canadian dollars, unless otherwise specified)
(unaudited) |
2022 |
|
2021 |
Change |
2022 |
|
2021 |
Change |
|
|
|
$ |
|
% |
|
|
|
$ |
|
% |
|
|
Power production (GWh)2 |
1,619 |
|
1,492 |
127 |
|
9 |
|
1,814 |
|
1,661 |
153 |
|
9 |
|
|
Revenues from energy sales and feed-in premium |
322 |
|
192 |
130 |
|
68 |
|
344 |
|
211 |
133 |
|
63 |
|
|
Operating income |
7 |
|
74 |
(67 |
) |
(91 |
) |
14 |
|
82 |
(68 |
) |
(82 |
) |
|
EBITDA(A)3 |
158 |
|
152 |
6 |
|
4 |
|
173 |
|
163 |
10 |
|
6 |
|
|
Net earnings (loss) |
(7 |
) |
20 |
(27 |
) |
>(100 |
) |
(7 |
) |
20 |
(27 |
) |
>(100 |
) |
|
Net earnings attributable to shareholders of Boralex |
14 |
|
17 |
(3 |
) |
(20 |
) |
14 |
|
17 |
(3 |
) |
(21 |
) |
|
Per share - basic and diluted |
$0.14 |
|
$0.17 |
($0.03 |
) |
(16 |
) |
$0.14 |
|
$0.17 |
($0.03 |
) |
(17 |
) |
|
Net cash flows related to operating activities |
189 |
|
81 |
108 |
|
>100 |
|
— |
|
— |
— |
|
— |
|
|
Cash flows from operations1 |
141 |
|
116 |
25 |
|
22 |
|
— |
|
— |
— |
|
— |
|
|
Discretionary cash flows1 |
77 |
|
58 |
19 |
|
34 |
|
— |
|
— |
— |
|
— |
|
In the fourth quarter of 2022, Boralex produced
1,619 GWh (1,814 GWh) of power, 9% (9%) more than the 1,492 GWh
(1,661 GWh) produced in 2021. For the three-month period ended
December 31, 2022, revenues from energy sales and feed-in premiums
amounted to $322 million ($344 million), up 68% (63 %) from 2021,
while EBITDA(A)3 totaled $158 million ($173 million), up 4% (6%)
from 2021. The increases in power production, revenues and
EBITDA(A) mainly stemmed from the commissioning of new wind and
solar farms and higher revenues from power plants selling at market
prices. Operating income totaled $7 million ($14 million), compared
to $74 million ($82 million) in 2021. The decrease was attributable
to a non-cash asset impairment charge.
In the fourth quarter of 2022, Boralex accounted
for an impairment of solar assets due to a sudden and marked raise
in interest rates in the United States, which resulted in a
decrease of the recoverable value due to the higher discount rate
applied to future cash flows. Considering that Boralex contracted a
swap to protect against increases in interest rates, the net effect
on the equity attributable to the shareholders of Boralex is $10
million. These elements have no impact on the cash flows for the
three-month period ended December 31, 2022 and will not impact the
future performance of these assets.
On December 28, 2022, an order was published
setting the price threshold at €44.78/MWh for feed-in premium
contracts for 2022. This is lower than the contractual prices under
the Corporation's feed-in premium contracts, and therefore the
Corporation will have to remit to the French government the full
amount for the difference between the selling price for electricity
and the contractual prices. As at December 31, 2022, the
Corporation continued recording a provision equal to revenues
generated by these assets. This provision applies in reduction of
revenues at the income statement.
1 Combined, Cash Flow from operations,
Discretionary Cash Flows and available cash resources and
authorized financing facilities 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 premium3 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.
On December 30, 2022, the French government
enacted the 2023 Budget Act, transposing into French law the
emergency measure announced in September 2022 by the European Union
(EU) to react to the difficulties faced by consumers due to the
elevated price of electricity. The act introduces a tax calculated
at 90% of revenues in excess of a price threshold, which varies by
technology. The price threshold was set at €100/MWh for solar power
stations and wind farms and applies to energy sold directly to the
market, after the expiry of power purchase agreements as well as to
wind farms having exercised their right to terminate previous power
purchase agreements. Additional revenues generated by the assets
affected by this measure were largely compensated by an operating
charge in the fourth quarter.
Boralex recorded a net loss of $7 million ($7
million) for the quarter ended December 31, 2022, compared to net
earnings of $20 million ($20 million) for 2021. Net earnings
attributable to shareholders of Boralex were $14 million ($14
million) or $0.14 ($0.14) per share (basic and diluted), compared
to $17 million ($17 million) or $0.17 ($0.17) per share (basic and
diluted) for 2021. The decrease was mainly attributable to lower
operating income.
Fiscal year ended December
31
|
|
Consolidated |
Combined1 |
|
(in millions of Canadian dollars, unless otherwise specified) |
2022 |
2021 |
Change |
|
2022 |
2021 |
Change |
|
|
|
$ |
|
% |
|
|
|
$ |
|
% |
|
|
Power production (GWh)2 |
5,617 |
5,552 |
65 |
|
1 |
|
6,300 |
6,215 |
85 |
|
1 |
|
|
Revenues from energy sales and feed-in premium |
818 |
671 |
147 |
|
22 |
|
893 |
743 |
150 |
|
20 |
|
|
Operating income |
112 |
182 |
(70 |
) |
(39 |
) |
147 |
219 |
(72 |
) |
(33 |
) |
|
EBITDA(A)3 |
502 |
490 |
12 |
|
3 |
|
552 |
535 |
17 |
|
3 |
|
|
Net earnings |
8 |
26 |
(18 |
) |
(66 |
) |
8 |
30 |
(22 |
) |
(71 |
) |
|
Net earnings attributable to shareholders of Boralex |
30 |
17 |
13 |
|
82 |
|
30 |
21 |
9 |
|
42 |
|
|
Per share - basic and diluted |
$0.30 |
$0.16 |
$0.14 |
|
82 |
|
$0.30 |
$0.21 |
$0.09 |
|
42 |
|
|
Net cash flows related to operating activities |
513 |
345 |
168 |
|
49 |
|
— |
— |
— |
|
— |
|
|
Cash flows from operations1 |
403 |
363 |
40 |
|
11 |
|
— |
— |
— |
|
— |
|
|
Discretionary cash flows1 |
167 |
132 |
35 |
|
27 |
|
— |
— |
— |
|
— |
|
|
|
As at Dec.
31 |
As atDec.
31 |
Change |
|
As at Dec.
31 |
As atDec.
31 |
Change |
|
|
|
$ |
|
% |
|
|
|
$ |
|
% |
|
|
Total assets |
6,539 |
5,751 |
788 |
|
14 |
|
7,188 |
6,162 |
1,026 |
|
17 |
|
|
Debt - principal balance |
3,346 |
3,682 |
(336 |
) |
(9 |
) |
3,674 |
4,030 |
(356 |
) |
(9 |
) |
|
Total project debt |
3,007 |
3,141 |
(134 |
) |
(4 |
) |
3,335 |
3,489 |
(154 |
) |
(4 |
) |
|
Total corporate debt |
339 |
541 |
(202 |
) |
(37 |
) |
339 |
541 |
(202 |
) |
(37 |
) |
For the year ended December 31, 2022, Boralex
produced 5,617 GWh (6,300 GWh) of power, up 1% (1%) from 5,552 GWh
(6,215 GWh) produced in 2021. Revenues from energy sales and
feed-in premiums for the year ended December 31, 2022, totaled $818
million ($893 million), $147 million ($150 million) or 22% (20%)
more than in 2021, while EBITDA(A) amounted to $502 million ($552
million), $12 million ($17 million) or 3% (3%) higher than last
year. The increases in power production, revenues and EBITDA(A)3
mainly stemmed from the commissioning of new wind and solar farms
and higher revenues from power plants selling at market prices.
Operating income totaled $112 million ($147 million), down $70
million ($72 million) from 2021. The decrease was attributable to a
non-cash asset impairment charge.
Overall, Boralex reported net earnings of $8
million ($8 million) for the year ended December 31, 2022, compared
to $26 million ($30 million) for 2021. Net earnings attributable to
shareholders of Boralex amounted to $30 million ($30 million) or
$0.30 ($0.30) per share (basic and diluted), compared to $17
million ($21 million) or $0.16 ($0.21) per share (basic and
diluted) in 2021.
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
Boralex’s 2025 Strategic Plan is built around
the same four strategic directions as the plan launched in 2019 –
growth, diversification, new customers and optimization – and six
corporate targets. The details of the plan, which also sets out
Boralex’s corporate social responsibility strategy, are found in
the Company’s annual report. Highlights of the main achievements
for the year ended December 31, 2022, in relation to the 2025
Strategic Plan can be found in the 2022 Annual Report, available in
the Investors section of the Boralex website.
In the coming quarters, Boralex will continue to
work on its various initiatives under the strategic plan, including
project development, analysis of acquisition targets and
optimization of power sales contract management.
In the fourth quarter of 2022, Boralex announced
an update to its management model. The new decentralized model will
enable the Company to be more proactive with its regional markets
and closer to their specific realities. It will also allow the
Company to make informed decisions faster and build on its
competitive strengths, enabling it to continue to make its mark and
take a different approach to growth in its business segment.
Finally, to pursue its organic growth, the
Company has a pipeline of projects at various stages of development
defined on the basis of clearly identified criteria, totalling
4,083 MW in wind and solar projects and 820 MW in energy storage
projects, as well as a Growth Path of 618 MW 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 over 3 GW. We are developing a portfolio of over 4 GW in wind
and solar projects and over 800 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, visit www.boralex.com or www.sedar.com. Follow us on
Facebook, LinkedIn and Twitter.
Non-IFRS measuresPerformance
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 substitutes
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. |
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 |
|
|
Corporate objectives for 2025 from the strategic plan. |
|
|
|
Non-IFRS financial
measures |
|
Specific financial
measure |
Use |
Composition |
Most directly comparable
IFRS 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. |
CombinedThe following tables reconcile
Consolidated financial data with data presented on a Combined
basis:
|
|
2022 |
|
2021 |
|
(in millions of Canadian dollars) |
Consolidated |
|
Reconciliation(1) |
Combined |
|
Consolidated |
Reconciliation(1) |
Combined |
|
Three-month periods
ended December
31: |
|
|
|
|
|
|
|
Power production (GWh)(2) |
1,619 |
|
195 |
1,814 |
|
1,492 |
169 |
1,661 |
| Revenues from energy sales and
feed-in premium |
322 |
|
22 |
344 |
|
192 |
19 |
211 |
|
Operating income (loss) |
7 |
|
7 |
14 |
|
74 |
8 |
82 |
|
EBITDA(A) |
158 |
|
15 |
173 |
|
152 |
11 |
163 |
|
Net loss |
(7 |
) |
— |
(7 |
) |
20 |
— |
20 |
|
Year ended
December 31: |
|
|
|
|
|
|
|
Power production (GWh)(2) |
5,617 |
683 |
6,300 |
5,552 |
663 |
6,215 |
| Revenues from energy sales and
feed-in premium |
818 |
75 |
893 |
671 |
72 |
743 |
|
Operating income |
112 |
35 |
147 |
182 |
37 |
219 |
|
EBITDA(A) |
502 |
50 |
552 |
490 |
45 |
535 |
|
Net earnings |
8 |
— |
8 |
26 |
4 |
30 |
|
As at December
31 |
|
|
|
Total assets |
6,539 |
649 |
7,188 |
5,751 |
411 |
6,162 |
|
Debt - Principal balance |
3,346 |
328 |
3,674 |
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 |
|
Change 2022 vs 2021 |
|
(in millions of Canadian dollars) (unaudited) |
Consolidated |
|
Reconciliation(1) |
|
Combined |
|
Consolidated |
|
Reconciliation(1) |
|
Combined |
|
Consolidated |
|
Combined |
|
|
Three-month periods
ended December
31: |
|
|
|
|
|
|
|
Operating income |
7 |
|
7 |
|
14 |
|
74 |
|
8 |
|
82 |
|
(67 |
) |
(68 |
) |
|
Amortization |
67 |
|
6 |
|
73 |
|
75 |
|
6 |
|
81 |
|
(8 |
) |
(8 |
) |
|
Impairment |
82 |
|
4 |
|
86 |
|
2 |
|
— |
|
2 |
|
80 |
|
84 |
|
| Share in earnings (loss) of Joint
Ventures and Associates |
6 |
|
(6 |
) |
— |
|
(4 |
) |
4 |
|
— |
|
10 |
|
— |
|
| Change in fair value of a
derivative included in the share of the Joint Ventures |
(4 |
) |
4 |
|
— |
|
6 |
|
(6 |
) |
— |
|
(10 |
) |
— |
|
|
Other gains |
— |
|
— |
|
— |
|
(1 |
) |
(1 |
) |
(2 |
) |
1 |
|
2 |
|
|
EBITDA(A) |
158 |
|
15 |
|
173 |
|
152 |
|
11 |
|
163 |
|
6 |
|
10 |
|
|
|
|
|
|
|
|
Year ended
December 31: |
|
|
|
|
|
|
|
Operating income |
112 |
|
35 |
|
147 |
|
182 |
|
37 |
|
219 |
|
(70 |
) |
(72 |
) |
|
Amortization |
295 |
|
24 |
|
319 |
|
297 |
|
23 |
|
320 |
|
(2 |
) |
(1 |
) |
|
Impairment |
85 |
|
5 |
|
90 |
|
4 |
|
— |
|
4 |
|
81 |
|
86 |
|
| Share in earnings (loss) of Joint
Ventures and Associates |
37 |
|
(37 |
) |
— |
|
9 |
|
(9 |
) |
— |
|
28 |
|
— |
|
| 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 |
(25 |
) |
25 |
|
— |
|
(2 |
) |
2 |
|
— |
|
(23 |
) |
— |
|
|
Other gains |
(2 |
) |
(2 |
) |
(4 |
) |
(6 |
) |
(2 |
) |
(8 |
) |
4 |
|
4 |
|
|
EBITDA(A) |
502 |
|
50 |
|
552 |
|
490 |
|
45 |
|
535 |
|
12 |
|
17 |
|
|
(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 |
Twelve-month periods ended |
|
(in millions of Canadian dollars) (unaudited) |
December 31,2022 |
|
December 31,2021 |
|
December 31,2022 |
|
December 31,2021 |
|
|
Net cash flows
related to
operating activities |
189 |
|
81 |
|
513 |
|
345 |
|
|
Change in non-cash items relating to operating activities |
(48 |
) |
35 |
|
(110 |
) |
18 |
|
|
Cash flows from
operations |
141 |
|
116 |
|
403 |
|
363 |
|
|
Repayments on non-current debt (projects)(1) |
(47 |
) |
(50 |
) |
(212 |
) |
(222 |
) |
|
Adjustment for non-operating items(2) |
(1 |
) |
— |
|
7 |
|
8 |
|
|
|
93 |
|
66 |
|
198 |
|
149 |
|
|
Principal payments related to lease liabilities |
(4 |
) |
(4 |
) |
(15 |
) |
(13 |
) |
|
Distributions paid to non-controlling shareholders(3) |
(19 |
) |
(7 |
) |
(37 |
) |
(20 |
) |
|
Additions to property, plant and equipment |
|
|
|
|
|
(maintenance of operations) |
(2 |
) |
(3 |
) |
(12 |
) |
(8 |
) |
|
Development costs (from statement of earnings) |
9 |
|
6 |
|
33 |
|
24 |
|
|
Discretionary cash
flows |
77 |
|
58 |
|
167 |
|
132 |
|
(1) Excluding VAT bridge financing and early
debt repayments.(2) For the three-month period ended December 31,
2022, adjustment of $1 million consisting mainly of transaction and
acquisition costs. For the year ended December 31, 2022, favourable
adjustment of $7 million consisting mainly of acquisition and
transaction costs. 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.(3) Comprises distributions paid to non-controlling
shareholders as well as the portion of discretionary cash flows
attributable to the non-controlling shareholder of Boralex Europe
Sàrl.
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 December 31 |
|
As at December 31 |
|
|
(in millions of Canadian dollars) (unaudited) |
2022 |
|
2021 |
|
|
Cash and cash equivalents |
361 |
|
256 |
|
|
Cash and cash equivalents available under project financing |
(279 |
) |
(198 |
) |
|
Bank overdraft |
(12 |
) |
— |
|
|
Cash and cash equivalents earmarked for known short-term
requirements |
— |
|
— |
|
|
Available cash
and cash
equivalents |
70 |
|
58 |
|
|
Credit facilities available to fund growth |
424 |
|
339 |
|
|
Available cash
resources and
authorized financing
facilities |
494 |
|
397 |
|
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, 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. In particular, CSR
targets are based on a number of assumptions, including, but not
limited to, the following key assumptions: implementation of
various corporate and business initiatives to reduce direct and
indirect GHG emissions; availability of technologies to achieve
targets; absence of new business initiatives or acquisitions of
companies or technologies that would significantly increase the
expected level of performance; no negative impact resulting from
clarifications or amendments to international standards or the
methodology used to calculate our CSR performance and disclosure;
sufficient participation and collaboration of our suppliers in
setting their own targets in line with Boralex’s CSR initiatives;
the ability to find diverse and competent talent; education and
organizational engagement to help achieve our CSR targets. 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, particularly the
legislation, regulations and emergency measures that could be
implemented for time to time to address high energy prices in
Europe, 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, External 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.
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