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Boralex increases its combined EBITDA(A) by 18% and actively pursues its growth initiatives in the third quarter
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PR Newswire
MONTRÉAL, Nov. 11, 2020
Highlights of the third quarter of 2020
- Combined EBITDA(A) of $83 million, up $13 million, 18% higher than in the third quarter of 2019. Discretionary cash flows of $16 million, up $24 million over the third quarter of 2019
- Combined wind power production higher than in the corresponding quarter of 2019 and anticipated
production(1) - Total wind power production: Up 5% vs 2019 and 1% vs anticipated production
- Wind power production in Canada: Up 10% vs 2019 and up 6% vs anticipated production
- Wind power production in France: Same as 2019 and down 5% vs anticipated production
- Progress in the development of projects in the portfolio of projects and in the Growth Path in France and the United States
- Four projects totalling 47 MW advanced to ready-to-build stage In France: solar projects Peyrolles (12 MW) and La Clé des Champs (9 MW), along with wind farms Mont de Bézard 2 repowering (24 MW, a 12 MW addition to the capacity at the current wind farm) and Extension Plaine d'Escrebieux (14 MW)
- Commissioning of 11 MW wind farm Blanche Fosses on November 1st
- Submissions of 3 solar parks projects totalling 140 MW in New York State, USA filed for the RFPs issued by the New York Power Authority (NYPA) in September and the New York State Energy Research and Development Authority (NYSERDA) in October. Results of the RFPs will be unveiled in 2021.
- Increase in financial flexibility and availability of funds for acquisition opportunities and major development projects
- Public offering of common-shares for gross proceed of $201M completed on August 28, 2020
- $2.7 billion in total refinancing arrangements in the past year
- Net funded debt/total capitalization ratio of 41% compared to 56% at the beginning of the year
- More than $400 million available on the corporate credit facility
- Announcement of Patrick Decostre appointment to the President and Chief Executive Officer role, effective December 1st 2020 and retirement of Patrick Lemaire
MONTRÉAL, Nov. 11, 2020 /PRNewswire/ - For the three-month period ended September 30, 2020, Boralex Inc. ("Boralex" or the "Corporation") (TSX: BLX) recorded energy sales of $105 million ($130 million(2)), up 14% (15%) over the corresponding quarter of 2019. The Corporation's EBITDA(A) rose 37% (18%) over the third quarter of 2019.
"For the second consecutive quarter, our growth in results stems from increased wind power production in Canada and operational and financial optimization initiatives put in place over the past year," said Patrick Lemaire, President and Chief Executive Officer of Boralex. "During the quarter, our teams were able to make up for lost construction time and commission our Blanches Fosses wind farm in France as scheduled before COVID-19. Our development teams were also very active, submitting three solar park projects in the United States and advancing four projects to the ready-to-build stage in France."
| ______________________________ | |
| (1) | Anticipated production is calculated using historical averages for older sites adjusted for planned facility commissioning and shutdowns, and production forecasts for the other sites. |
| (2) | The figures in brackets show the results on a Combined basis in comparison to those disclosed in accordance with IFRS. See "Combined - Non-IFRS measure" below. |
Regarding the Corporation's outlook, Mr. Lemaire added, "we're actively seeking growth opportunities in our target markets, especially in North America. We also see encouraging signs of recovery in wind power development in Québec, following, among other things, the adoption of new rules with respect to imports from Québec for the New York State market."
"Over the past two quarters we have put considerable effort into updating Boralex's Corporate Social Responsibility Plan (CSR) and its positioning with respect to ESG criteria (environment, society and governance). This process is not yet complete, but has already encouraged us to go farther in order to fully contribute to ongoing changes in our industry and value their positive impacts on climate. We also want to go farther on the societal aspect. For example, while we have always promoted the values of inclusion, countering racism and building diversity within the Corporation, we are making new commitments in these areas. In effect, we have announced that we've signed the Diversity Charter in France, and that in North America we have made a commitment to countering racism against First Nations peoples through the group Mouvement EnsembleInc, an initiative by business leaders in Quebec to make concrete contributions to diversity and inclusion. These examples show that we want to go beyond renewable energy," said Patrick Decostre, Vice President and Chief Operating Officer.
To that end, Boralex management has decided to include completion of the CSR plan in its 2023 strategic objectives at the same level as its financial objectives. The ten priority issues identified by the Corporation and grouped into three Commitment directions are shown in the Outlook section, in the diagram on page 4 of this press release.
| Financial Highlights - Third quarter | ||||||||
| For three-month periods ended September 30 | ||||||||
| | ||||||||
| | IFRS | Combined(1) | ||||||
| (in millions of Canadian dollars, unless otherwise specified) (unaudited) | 2020 | 2019 | Change | 2020 | 2019 | Change | ||
| | | $ | % | | | $ | % | |
| Power production (GWh)(2) | 789 | 712 | 77 | 11 | 1,017 | 920 | 97 | 10 |
| Revenues from energy sales and feed-in premium | 105 | 92 | 13 | 14 | 130 | 113 | 17 | 15 |
| EBITDA(A)(1) | 62 | 45 | 17 | 37 | 83 | 70 | 13 | 18 |
| Net loss | (8) | (36) | 28 | 78 | (13) | (44) | 31 | 72 |
| Net loss attributable to shareholders of Boralex | (6) | (29) | 23 | 81 | (11) | (37) | 26 | 73 |
| Per share - basic and diluted | ($0.06) | ($0.32) | $0.26 | 81 | ($0.10) | ($0.41) | $0.31 | 76 |
| Net cash flows related to operating activities | 73 | 58 | 15 | 27 | 66 | 53 | 13 | 26 |
| Cash flows from operations(1) | 63 | 35 | 28 | 79 | 58 | 31 | 27 | 84 Werbung Mehr Nachrichten zur Boralex A Aktie kostenlos abonnieren
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