Boralex Inc. (“Boralex” or the “Company”) (TSX: BLX) today reported
significant additions to its project pipeline, as well as a
decrease in operating income owing to the recording of a provision
reflecting the impact of the 2022 Supplementary Budget Act in
France in the third quarter of 2022.
“Our development teams continued their excellent
work during the quarter, adding 600 MW of energy storage projects
in preparation for the upcoming request for proposals in Ontario
and 111 MW of wind and solar projects in France to our project
pipeline,” said Patrick Decostre, President and Chief Executive
Officer of Boralex. “Projects representing a total of 139 MW,
including the major Limekiln wind project in Scotland, were
advanced during the quarter and are now at the Ready-to-build
stage, with commissioning scheduled for 2024. At a time when the
energy transition needs to occur faster than ever to fill short-
and medium-term shortages in generating capacity in many markets,
these additional projects and advancements show that we chose the
right time to invest in expanding our development teams.”
“I am highly optimistic about our future growth.
The opportunities for development in the renewable energy industry
are stronger than ever. The most recent electricity demand
projections on the short, medium and long term horizons are showing
an important unbalance between supply and demand in our targeted
markets. We recently announced an evolution of our organizational
structure to further improve our agility and get even closer to the
specific needs of our markets in order to seize these opportunities
and continue to differentiate ourselves in our industry,” Mr.
Decostre added.
3rd quarter highlights
Three-month
periods ended
September 30
|
|
Consolidated |
Combined1 |
|
(in millions of Canadian dollars, unless otherwise specified)
(unaudited) |
2022 |
|
2021 |
|
Change |
2022 |
|
2021 |
|
Change |
|
|
|
|
|
$ |
|
% |
|
|
|
|
|
$ |
|
% |
|
|
Power production (GWh)2 |
1,019 |
|
1,108 |
|
(89 |
) |
(8 |
) |
1,159 |
|
1,238 |
|
(79 |
) |
(6 |
) |
|
Revenues from energy sales and feed-in premium |
101 |
|
126 |
|
(25 |
) |
(20 |
) |
116 |
|
140 |
|
(24 |
) |
(17 |
) |
|
Operating income (loss) |
(31 |
) |
7 |
|
(38 |
) |
>(100 |
) |
(25 |
) |
13 |
|
(38 |
) |
>(100 |
) |
|
EBITDA(A)3 |
50 |
|
81 |
|
(31 |
) |
(38 |
) |
63 |
|
93 |
|
(30 |
) |
(33 |
) |
|
Net loss |
(56 |
) |
(22 |
) |
(34 |
) |
>(100 |
) |
(56 |
) |
(22 |
) |
(34 |
) |
>(100 |
) |
|
Net loss attributable to shareholders of Boralex |
(44 |
) |
(20 |
) |
(24 |
) |
>(100 |
) |
(44 |
) |
(20 |
) |
(24 |
) |
>(100 |
) |
|
Per share - basic and diluted |
($0.44 |
) |
($0.20 |
) |
($0.24 |
) |
>(100 |
) |
($0.44 |
) |
($0.20 |
) |
($0.24 |
) |
>(100 |
) |
|
Net cash flows related to operating activities |
90 |
|
47 |
|
43 |
|
90 |
|
— |
|
— |
|
— |
|
— |
|
|
Cash flows from operations1 |
40 |
|
66 |
|
(26 |
) |
(39 |
) |
— |
|
— |
|
— |
|
— |
|
|
Discretionary cash flows1 |
1 |
|
21 |
|
(20 |
) |
(99 |
) |
— |
|
— |
|
— |
|
— |
|
In the third quarter of 2022, Boralex produced
1,019 GWh (1,159 GWh) of power, 8% (6%) less than the 1,108 GWh
(1,238 GWh) produced in the same quarter of 2021. For the
three-month period ended September 30, 2022, revenues from energy
sales and feed-in premiums amounted to $101 million ($116 million),
down 20% (17%) from the third quarter of 2021, while EBITDA(A)
totalled $50 million ($63 million), down 38% (33%) from Q3-2021.
The Company posted an operating loss of $(31) million ($(25)
million) compared to an operating income of $7 million ($13
million) in the same quarter of 2021.
The decrease in production was primarily due to
unfavourable conditions for wind farms in France and hydroelectric
power stations in the United States. In addition to lower power
production, the decrease in revenue, operating income and EBITDA(A)
was attributable to the recording of a $28 million provision for
additional revenues generated in France in the first six months of
the fiscal year on certain contracts which previously contained a
clause allowing for revenues in excess of the contractually agreed
price once the amounts previously received by Electricité de France
(EDF) have been fully repaid. This provision is linked to the
French government’s enactment, on August 16, 2022, of the 2022
Supplementary Budget Act. One of the articles of the act provides
for amendments to feed-in premium contracts retroactive to January
1, 2022, so that revenues are shared between the French government
and producers based on a price threshold to be determined annually
by ministerial order. As a result, Boralex will be required to pay
the French government some or all of its revenues received from the
excess of the market price over the contractually agreed price,
from January 1, 2022. The 2022 price threshold, being the price
beyond which power producers must remit any surplus revenue to the
government, is not known, however, and Boralex management was
required to estimate the price threshold and the manner in which
the new act would be implemented. The Company recognized a
provision in the third quarter to reflect the retroactive effect of
the act.
For the three-month period ended September 30,
2022, Boralex posted a net loss of $56 million ($56 million),
compared to net loss of $22 million ($22 million) for the same
period in 2021. The net loss attributable to Boralex shareholders
was $44 million ($44 million) or $0.44 (($0.44)) per share (basic
and diluted), compared to a net loss of $20 million ($20 million)
or $0.20 ($0.20) per share (basic and diluted) for the same period
in 2021. The increase in the net loss is mainly due to the
operating loss.
Nine-month periods
ended September
30
|
|
Consolidated |
Combined1 |
|
(in millions of Canadian dollars, unless otherwise specified) |
2022 |
2021 |
|
Change |
2022 |
2021 |
Change |
|
|
|
|
$ |
|
% |
|
|
|
$ |
|
% |
|
|
Power production (GWh)2 |
3,998 |
4,061 |
|
(63 |
) |
(2 |
) |
4,486 |
4,554 |
(68 |
) |
(1 |
) |
|
Revenues from energy sales and feed-in premium |
496 |
479 |
|
17 |
|
4 |
|
549 |
532 |
17 |
|
3 |
|
|
Operating income |
105 |
107 |
|
(2 |
) |
(3 |
) |
133 |
137 |
(4 |
) |
(3 |
) |
|
EBITDA(A)3 |
344 |
338 |
|
6 |
|
2 |
|
379 |
372 |
7 |
|
2 |
|
|
Net earnings |
15 |
6 |
|
9 |
|
|
|
15 |
10 |
5 |
|
61 |
|
|
Net earnings (loss) attributable to shareholders of Boralex |
16 |
— |
|
16 |
|
>100 |
|
16 |
4 |
12 |
|
>100 |
|
|
Per share - basic and diluted |
$0.16 |
($0.01 |
) |
$0.17 |
|
>100 |
|
$0.16 |
$0.03 |
$0.13 |
|
>100 |
|
|
Net cash flows related to operating activities |
324 |
264 |
|
60 |
|
23 |
|
— |
— |
— |
|
— |
|
|
Cash flows from operations1 |
262 |
247 |
|
15 |
|
6 |
|
— |
— |
— |
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
As at Sept. 30 |
As atDec. 31 |
|
Change |
As at Sept. 30 |
As atDec. 31 |
Change |
|
|
|
|
|
$ |
|
% |
|
|
|
$ |
|
% |
|
|
Total assets |
6,329 |
5,751 |
|
578 |
|
10 |
|
6,712 |
6,162 |
550 |
|
9 |
|
|
Debt - principal balance |
3,230 |
3,682 |
|
(452 |
) |
(12 |
) |
3,567 |
4,030 |
(463 |
) |
(11 |
) |
|
Total project debt |
2,930 |
3,141 |
|
(211 |
) |
(7 |
) |
3,267 |
3,489 |
(222 |
) |
(6 |
) |
|
Total corporate debt |
300 |
541 |
|
(241 |
) |
(45 |
) |
300 |
541 |
(241 |
) |
(45 |
) |
For the nine-month period ended September 30,
2022, Boralex produced 3,998 GWh (4,486 GWh) of power, down 2% (1%)
from the 4,061 GWh (4,554 GWh) produced in the same period in 2021.
For the nine-month period ended September 30, 2022, revenues from
energy sales and feed-in premiums amounted to $496 million ($549
million), up $17 million ($17 million) or 4% (3%) from the same
period in 2021, while EBITDA(A) amounted to $344 million ($379
million), $6 million ($7 million) or 2% (2%) higher than in the
same period last year. Operating income totalled $105 million ($133
million), down $2 million ($4 million) from the same period in
2021. Increases in revenues and EBITDA(A) mainly stem from the
commissioning of new wind and solar farms and increased revenues
from power plants selling at market prices.
Overall, for the nine-month period ended
September 30, 2022, Boralex posted net earnings of $15 million ($15
million) compared to net earnings of $6 million ($10 million) for
the same period in 2021. Net earnings attributable to shareholders
of Boralex totalled $16 million ($16 million) or $0.16 ($0.16) per
share (base and diluted), compared to nil ($4 million) or a net
loss of $0.01 (net earnings of $0.03) per share (base and diluted)
for the same period in 2021.
Outlook
On June 17, 2021, Boralex's management unveiled
the updated strategic plan that will guide its efforts to achieve
new corporate targets for 2025. 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
quarter ended September 30, 2022, in relation to the 2025 Strategic
Plan can be found in the 2022 Interim Report 3, 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.
On October 28, 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 it 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.
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.
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
3,928 MW in wind and solar projects and 792 MW in energy storage
projects, as well as a Growth Path of 696 MW 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. The
dividend will be paid on December 15, 2022, to shareholders of
record at the close of business on November 30, 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 close to 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, go to 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.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 |
|
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) (unaudited) |
Consolidated |
|
Reconciliation(1) |
Combined |
|
Consolidated |
|
Reconciliation(1) |
Combined |
|
|
Three-month periods ended September 30: |
|
|
|
|
|
|
|
Power production (GWh)(2) |
1,019 |
|
140 |
1,159 |
|
1,108 |
|
130 |
1,238 |
|
| Revenues from energy sales and
feed-in premium |
101 |
|
15 |
116 |
|
126 |
|
14 |
140 |
|
|
Operating income (loss) |
(31 |
) |
6 |
(25 |
) |
7 |
|
6 |
13 |
|
|
EBITDA(A) |
50 |
|
13 |
63 |
|
81 |
|
12 |
93 |
|
|
Net loss |
(56 |
) |
— |
(56 |
) |
(22 |
) |
— |
(22 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine-month periods
ended September
30: |
|
|
|
|
|
|
|
|
|
|
|
Power production (GWh)(2) |
3,998 |
|
488 |
4,486 |
|
4,061 |
|
493 |
4,554 |
|
|
Revenues from energy sales and feed-in premium |
496 |
|
53 |
549 |
|
479 |
|
53 |
532 |
|
|
Operating income |
105 |
|
28 |
133 |
|
107 |
|
30 |
137 |
|
|
EBITDA(A) |
344 |
|
35 |
379 |
|
338 |
|
34 |
372 |
|
|
Net earnings |
15 |
|
— |
15 |
|
6 |
|
4 |
10 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As at September 30, 2022 |
|
As at December 31, 2021 |
|
|
Total assets |
6,329 |
|
383 |
6,712 |
|
5,751 |
|
411 |
6,162 |
|
|
Debt - Principal balance |
3,230 |
|
337 |
3,567 |
|
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 September
30: |
|
|
|
|
|
|
|
Operating income
(loss) |
(31 |
) |
6 |
|
(25 |
) |
7 |
|
6 |
|
13 |
|
(38 |
) |
(38 |
) |
|
Amortization |
84 |
|
6 |
|
90 |
|
74 |
|
6 |
|
80 |
|
10 |
|
10 |
|
| Share in earnings (loss) of Joint
Ventures and Associates |
(3 |
) |
|
|
— |
|
3 |
|
(3 |
) |
— |
|
(6 |
) |
— |
|
| Change in fair value of a
derivative included in the share of the Joint Ventures |
2 |
|
(2 |
) |
— |
|
(3 |
) |
3 |
|
— |
|
5 |
|
— |
|
|
Other gains |
(2 |
) |
— |
|
— |
|
— |
|
— |
|
— |
|
(2 |
) |
(2 |
) |
|
EBITDA(A) |
50 |
|
13 |
|
63 |
|
81 |
|
12 |
|
93 |
|
(31 |
) |
(30 |
) |
|
|
|
|
|
Nine-month periods
ended September
30: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating income |
105 |
|
28 |
|
133 |
|
107 |
|
30 |
|
137 |
|
(2 |
) |
(4 |
) |
|
Amortization |
228 |
|
18 |
|
246 |
|
223 |
|
16 |
|
239 |
|
5 |
|
7 |
|
|
Impairment |
3 |
|
1 |
|
4 |
|
2 |
|
— |
|
2 |
|
1 |
|
2 |
|
| Share in earnings (loss) of Joint
Ventures and Associates |
31 |
|
(31 |
) |
— |
|
13 |
|
(13 |
) |
— |
|
18 |
|
— |
|
| 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 |
(21 |
) |
21 |
|
— |
|
(8 |
) |
8 |
|
— |
|
(13 |
) |
— |
|
|
Other gains |
(2 |
) |
(2 |
) |
(4 |
) |
(5 |
) |
(1 |
) |
(6 |
) |
3 |
|
2 |
|
|
EBITDA(A) |
344 |
|
35 |
|
379 |
|
338 |
|
34 |
|
372 |
|
6 |
|
7 |
|
(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) |
September 30,2022 |
|
September 30,2021 |
|
September 30,2022 |
|
December 31,2021 |
|
|
Net cash flows
related to
operating activities |
90 |
|
47 |
|
405 |
|
345 |
|
|
Changes in non-cash operating items |
(50 |
) |
19 |
|
(27 |
) |
18 |
|
|
Cash flows from
operations |
40 |
|
66 |
|
378 |
|
363 |
|
|
Repayments on non-current debt (projects)(1) |
(38 |
) |
(41 |
) |
(215 |
) |
(222 |
) |
|
Adjustment for non-operating items(2) |
3 |
|
— |
|
9 |
|
8 |
|
|
|
5 |
|
25 |
|
172 |
|
149 |
|
|
Principal payments related to lease liabilities |
(2 |
) |
(3 |
) |
(15 |
) |
(13 |
) |
|
Distributions paid to non-controlling shareholders(3) |
(6 |
) |
(5 |
) |
(24 |
) |
(20 |
) |
| Additions to property, plant and
equipment (maintenance of operations) |
(5 |
) |
(3 |
) |
(14 |
) |
(8 |
) |
|
Development costs (from statement of earnings) |
9 |
|
7 |
|
30 |
|
24 |
|
|
Discretionary cash
flows |
1 |
|
21 |
|
149 |
|
132 |
|
(1) Excluding VAT bridge financing and early
debt repayments.(2) For the three-month period ended September 30,
2022, favourable adjustment of $3 million consisting mainly of
transactions and acquisition costs. For the twelve- month period
ended September 30, 2022, favourable adjustment of $9 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
facilities in operation.(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 September 30 |
|
As at December 31 |
|
|
(in millions of Canadian dollars) (unaudited) |
2022 |
|
2021 |
|
|
Cash and cash equivalents |
629 |
|
256 |
|
|
Cash and cash equivalents available under project financing |
(184 |
) |
(198 |
) |
|
Cash and cash equivalents earmarked for known short-term
requirements |
(18 |
) |
— |
|
|
Available cash
and cash
equivalents |
427 |
|
58 |
|
|
Credit facilities available to fund growth |
490 |
|
339 |
|
|
Available cash
resources and
authorized financing
facilities |
917 |
|
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. 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.
Boralex (TSX:BLX)
Gráfica de Acción Histórica
De Nov 2024 a Dic 2024
Boralex (TSX:BLX)
Gráfica de Acción Histórica
De Dic 2023 a Dic 2024
