Boralex Inc. (“Boralex” or the “Corporation”) (TSX: BLX) is pleased
to report its results for the three-month period and year ended
December 31, 2024.
HighlightsFinancial results
-
EBITDA(A)1, operating
income and net earnings under pressure in Q4-2024 owing to adverse
wind and hydropower conditions
- Production 16% (11% on a Combined1 basis)2 lower than in
Q4-2023 and 16% (12%) below anticipated production1, due primarily
to the adverse climate conditions. For fiscal 2024 overall,
production was 5% (2%) lower than in 2023 and 10% (8%) below
anticipated production.
- EBITDA(A) of $169 million ($191 million) for Q4-2024, down $33
million ($38 million) from Q4-2023. For fiscal 2024, EBITDA(A) was
$581 million ($670 million), up $3 million (down $5 million) from
2023. The decrease in production was partly offset by the
contribution of newly commissioned sites in France and the positive
impact of the electricity selling price optimization strategy.
- Operating income of $78 million ($53 million) for Q4-2024, down
$20 million ($66 million) from Q4-2023. For fiscal 2024, operating
income totalled $226 million ($267 million), unchanged (down $39
million) from 2023.
- Net loss of $2 million in Q4-2024, down $60 million from
T4-2023. For fiscal 2024, net earnings amounted to $74 million, $41
million lower than in 2023. Excluding the impairment of an asset,
net earnings would have been $6 million higher in fiscal 2024
compared to fiscal 2023.
- Lower cash flow related to operating activities for the
quarter but balance sheet remains strong
- Net cash flows related to operating
activities of $31 million for Q4-2024 and $215 million for fiscal
2024, compared to $107 million for Q4-2023 and $496 million for
fiscal 2023.
- Discretionary cash flows1 of $47
million for Q4-2024 and $158 million for fiscal 2024, down $44
million from Q4-2023 and $26 million from fiscal 2023.
- Boralex has $592 million in cash
and cash equivalents and $523 million in available cash resources
and authorized financing1 as at December 31, 2024.
- A record of nearly $1.2 billion in
project financing, bridge financing and letter of credit facilities
obtained in 2024.
Update on development and construction
activities
- Portfolio of projects under
development and growth path totalling 8,005 MW in the high growth
potential markets of Canada, the United States, the United Kingdom
and France, 1,227 MW or 18% higher than in 2023
- Progress in
under-construction and ready-to-build projects
- Start of electrification of the Limekiln wind farm in the
United Kingdom (106 MW) in February 2025, with full commissioning
planned for early April, and work continues on the Apuiat wind farm
in Quebec (total 200 MW, Boralex’s share 100 MW), with
commissioning planned for the first half of 2025.
- Construction of the Hagersville (300 MW) and Tilbury (80 MW)
storage projects in Ontario progressing on schedule, with
commissioning planned for the fourth quarter of 2025. Financings
closed in December 2024.
- Start of work on the Des Neiges Sud wind project in Quebec
(total 400 MW, Boralex’s share 133 MW), with commissioning
scheduled for 2026.
- Acquisition of the
Clashindarroch Wind Farm Extension project in the United Kingdom,
with an installed capacity of 145 MW, and the adjacent battery
energy storage system (BESS) with a maximum capacity of 50 MW, for
a total capacity of 195 MW. Boralex has a 50% interest, but has
control over the project and will fully consolidate the results in
the financial statements.
|
1 |
EBITDA(A) is a total of segment measures. Anticipated production is
an additional financial measure. “Combined,” “discretionary cash
flows” and “available cash resources and authorized financing” are
non-GAAP financial measures and do not have a standardized
definition under IFRS. Consequently, 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 |
Figures in brackets indicate results on a Combined basis as opposed
to a Consolidated basis. |
| |
|
“The year 2024 proved to be full of challenges,
which our employees met head-on. I would highlight in particular
the significant effort our team invested in 2024 to secure nearly
$1.2 billion in financing, a record for Boralex, on very good
terms. Despite high volatility in the financial markets and
pressure on the stock prices of renewable energy companies, notably
in the wake of the American elections, we are convinced that
renewable energy development will continue in many regions. Strong
growth in electricity demand is expected in the regions where we
are developing wind and solar farms and battery storage systems,
namely Canada, the United Kingdom, the United States and France,”
said Patrick Decostre, President and Chief Executive Officer of
Boralex.
Renewable energy, which is the most competitive
type of energy, can be brought on line to meet demand much faster
than other types of energy. Boralex is in a position to capitalize
on its project pipeline and growth path, which now represent more
than 8 GW of power, and will continue to develop key projects with
rates of return in line with its targets.
“Boralex saw its financial results decline in
fiscal 2024, mainly as a result of adverse wind conditions in
France and to a lesser extent in Canada, as well as impairment of
an asset. During the year, we continued to implement our various
initiatives aimed at optimizing administrative, financial and
development costs. We ended our 2024 financial year with net
earnings of $74 million, a strong balance sheet and good financial
flexibility, with over $500 million in available cash resources and
authorized financing,” Mr. Decostre added.
Boralex continues to excel on the corporate
social responsibility front. In 2024, the Corporation announced
that it was one of the few in the industry to have had its
greenhouse gas emission reduction targets validated by the Science
Based Targets initiative (SBTi). This recognition shows Boralex’s
commitment to achieving net zero emissions by 2050. In addition,
Boralex ranked 94th out of the 215 S&P/TSX Composite Index
companies and trusts analysed as part of The Board Games, with a
score of 80/100, while in 2023 it was 102nd with a score of 76.
Finally, Boralex placed 15th in the ranking of Canada’s 50 best
corporate citizens, out of the 340 leading Canadian organizations
analysed.
4th quarter highlights
Three-month periods ended December
31
| |
Consolidated |
Combined |
|
(in millions of Canadian dollars, unless otherwise specified) |
|
2024 |
|
|
2023 |
Change |
|
2024 |
|
|
2023 |
Change |
|
|
|
|
|
$ |
|
% |
|
|
|
|
|
$ |
|
% |
|
|
Power production (GWh)1 |
|
1,520 |
|
|
1,814 |
|
(294 |
) |
(16 |
) |
|
2,099 |
|
|
2,351 |
|
(252 |
) |
(11 |
) |
| Revenues from energy sales and
feed-in premium |
|
228 |
|
|
315 |
|
(87 |
) |
(28 |
) |
|
258 |
|
|
345 |
|
(87 |
) |
(25 |
) |
|
Operating income |
|
78 |
|
|
98 |
|
(20 |
) |
(21 |
) |
|
53 |
|
|
119 |
|
(66 |
) |
(55 |
) |
|
EBITDA(A) |
|
169 |
|
|
202 |
|
(33 |
) |
(17 |
) |
|
191 |
|
|
229 |
|
(38 |
) |
(17 |
) |
|
Net earnings (loss) |
|
(2 |
) |
|
58 |
|
(60 |
) |
>(100 |
) |
|
(2 |
) |
|
58 |
|
(60 |
) |
>(100 |
) |
| Net earnings (loss)
attributable to shareholders of Boralex |
|
(16 |
) |
|
37 |
|
(53 |
) |
>(100 |
) |
|
(16 |
) |
|
37 |
|
(53 |
) |
>(100 |
) |
|
Per share - basic and diluted |
|
($0.15 |
) |
$0.36 |
|
($0.51 |
) |
>(100 |
) |
|
($0.15 |
) |
$0.36 |
|
($0.51 |
) |
>(100 |
) |
| Net cash flows related to
operating activities |
|
31 |
|
|
107 |
|
(76 |
) |
(71 |
) |
|
— |
|
|
— |
|
— |
|
— |
|
|
Cash flows from operations2 |
|
105 |
|
|
161 |
|
(56 |
) |
(35 |
) |
|
— |
|
|
— |
|
— |
|
— |
|
|
Discretionary cash flows |
|
47 |
|
|
91 |
|
(44 |
) |
(48 |
) |
|
— |
|
|
— |
|
— |
|
— |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
In the fourth quarter of 2024, Boralex produced
1,520 GWh (2,099 GWh) of power, 16% (11%) less than the 1,814 GWh
(2,351 GWh) produced in the same quarter of 2023. The decrease was
mainly attributable to adverse weather conditions. As a result,
Boralex ended the quarter with total production that was 16% (12%)
below anticipated production.
Revenues from energy sales and feed-in premiums
for the three-month period ended December 31, 2024, amounted to
$228 million ($258 million), 28% (25%) lower than in the fourth
quarter of 2023. The decrease was mainly attributable to the lower
production. EBITDA(A) amounted to $169 million ($191 million), down
17% (17%) from the fourth quarter of 2023. The decline in
production was partly offset by the contribution of new assets
commissioned in France and the positive impact of the electricity
selling price optimization strategy. Operating income totalled $78
million ($53 million), compared to $98 million ($119 million) for
the same quarter of 2023. The Company posted a net loss of $2
million, which represents a $60 million decrease from the $58
million in net earnings reported for the fourth quarter of
2023.
|
1 |
Power production includes the production for which Boralex received
financial compensation following power generation limitations as
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. |
| 2 |
The cash flows from operations is a non-GAAP financial measure and
does not have a standardized meaning under IFRS. Accordingly, it
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. |
| |
|
Years ended December 31
| |
Consolidated |
Combined |
|
(in millions of Canadian dollars, unless otherwise specified) |
|
2024 |
|
2023 |
Change |
|
2024 |
|
2023 |
Change |
|
|
|
|
|
$ |
|
% |
|
|
|
|
|
$ |
|
% |
|
|
Power production (GWh)1 |
|
5,691 |
|
5,973 |
|
(282 |
) |
(5 |
) |
|
7,845 |
|
8,020 |
|
(175 |
) |
(2 |
) |
| Revenues from energy sales and
feed-in premium |
|
817 |
|
994 |
|
(177 |
) |
(18 |
) |
|
933 |
|
1,104 |
|
(171 |
) |
(15 |
) |
|
Operating income |
|
226 |
|
226 |
|
— |
|
— |
|
|
267 |
|
306 |
|
(39 |
) |
(12 |
) |
|
EBITDA(A) |
|
581 |
|
578 |
|
3 |
|
— |
|
|
670 |
|
675 |
|
(5 |
) |
(1 |
) |
|
Net earnings |
|
74 |
|
115 |
|
(41 |
) |
(35 |
) |
|
74 |
|
115 |
|
(41 |
) |
(35 |
) |
| Net earnings attributable to
shareholders of Boralex |
|
36 |
|
78 |
|
(42 |
) |
(54 |
) |
|
36 |
|
78 |
|
(42 |
) |
(54 |
) |
|
Per share - basic and diluted |
$0.35 |
$0.76 |
($0.41 |
) |
(54 |
) |
$0.35 |
$0.76 |
($0.41 |
) |
(54 |
) |
|
Net cash flows related to operating activities |
|
215 |
|
496 |
|
(281 |
) |
(57 |
) |
|
— |
|
— |
|
— |
|
— |
|
|
Cash flows from operations |
|
415 |
|
445 |
|
(30 |
) |
(7 |
) |
|
— |
|
— |
|
— |
|
— |
|
|
Discretionary cash flows |
|
158 |
|
184 |
|
(26 |
) |
(14 |
) |
|
— |
|
— |
|
— |
|
— |
|
|
|
As at Dec. 31 |
As at Dec. 31 |
Change |
As at Dec. 31 |
As at Dec. 31 |
Change |
|
|
|
|
|
$ |
|
% |
|
|
|
|
|
$ |
|
% |
|
|
Total assets |
|
7,604 |
|
6,574 |
|
1,030 |
|
16 |
|
|
8,476 |
|
7,304 |
|
1,172 |
|
16 |
|
|
Debt - principal balance |
|
4,032 |
|
3,327 |
|
705 |
|
21 |
|
|
4,588 |
|
3,764 |
|
824 |
|
22 |
|
|
Total project debt |
|
3,608 |
|
2,844 |
|
764 |
|
27 |
|
|
4,166 |
|
3,281 |
|
885 |
|
27 |
|
|
Total corporate debt |
|
424 |
|
483 |
|
(59 |
) |
(12 |
) |
|
424 |
|
483 |
|
(59 |
) |
(12 |
) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the year ended December 31, 2024, Boralex
produced 5,691 GWh (7,845 GWh) of power, less than the 5,973 GWh
(8,020 GWh) produced during the same period in 2023. Revenues from
energy sales and feed-in premiums for the financial year ended
December 31, 2024, amounted to $817 million ($933 million), down
$177 million ($171 million) or 18% (15%) from the same period in
2023.
EBITDA(A) amounted to $581 million ($670
million), up $3 million (down $5 million) from the same period last
year. Operating income totalled $226 million ($267 million),
essentially unchanged (down $39 million) from the same period in
2023. Overall, Boralex posted net earnings of $74 million ($74
million) for the financial year ended December 31, 2024, compared
to $115 million ($115 million) for fiscal 2023.
|
1 |
Power production includes the production for which Boralex received
financial compensation following power generation limitations
imposed by its customers 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 premiums. |
| |
|
Outlook
Boralex’s 2025 Strategic Plan is built around
the same four strategic directions as the plan launched in 2019 –
growth, diversification, 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 Corporation’s annual report. Highlights of the main
achievements for the 2024 financial year in relation to the 2025
Strategic Plan can be found in the 2024 Annual Report, 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 and operating costs. The Corporation
will present a new plan for the period to 2030 during the course of
2025.
Finally, to fuel its organic growth, the
Corporation has a portfolio of projects under development and
growth path based on clearly identified criteria, totalling more
than 8 GW of wind, solar and energy 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 3.1 GW. We are developing a portfolio of projects in
development and construction of more than 8 GW in wind, solar and
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.sedarplus.ca. Follow us on Facebook and LinkedIn.
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 substitutes
for IFRS measures.
These non-IFRS and other 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 and investments in joint ventures
and associates. |
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 in the financial
statements of the Interests (revenues, expenses, assets,
liabilities, etc.) |
Respective financial data - Consolidated |
|
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 for
non-operational items; plus(vi) development costs (from the
statement of earnings). |
Net cash flows related to operating activities |
|
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 |
|
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 |
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 |
|
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 credit facilities
of subsidiaries which includes the unused tranche of the credit
facility- France and the unused tranche of the construction
facility. |
|
Anticipated production |
For older sites, anticipated production by the Corporation is based
on adjusted historical averages, planned commissioning and
shutdowns and, for all other sites, on the production studies
carried out. |
| |
|
Combined
The following tables reconcile Consolidated
financial data with data presented on a Combined basis:
| |
|
2024 |
|
|
2023 |
|
|
(in millions of Canadian dollars) |
Consolidated |
|
Reconciliation(1) |
|
Combined |
|
Consolidated |
Reconciliation(1) |
Combined |
|
|
Three-month periods ended December 31: |
|
|
|
|
|
|
|
|
Power production (GWh)(2) |
1,520 |
|
579 |
|
2,099 |
|
1,814 |
537 |
2,351 |
|
|
Revenues from energy sales and feed-in premium |
228 |
|
30 |
|
258 |
|
315 |
30 |
345 |
|
|
Operating income |
78 |
|
(25 |
) |
53 |
|
98 |
21 |
119 |
|
|
EBITDA(A) |
169 |
|
22 |
|
191 |
|
202 |
27 |
229 |
|
|
Net earnings (loss) |
(2 |
) |
— |
|
(2 |
) |
58 |
— |
58 |
|
|
Years ended December 31: |
|
|
|
|
|
|
|
|
|
|
|
Power production (GWh)(2) |
5,691 |
|
2,154 |
|
7,845 |
|
5,973 |
2,047 |
8,020 |
|
|
Revenues from energy sales and feed-in premiums |
817 |
|
116 |
|
933 |
|
994 |
110 |
1,104 |
|
|
Operating income |
226 |
|
41 |
|
267 |
|
226 |
80 |
306 |
|
|
EBITDA(A) |
581 |
|
89 |
|
670 |
|
578 |
97 |
675 |
|
|
Net earnings |
74 |
|
— |
|
74 |
|
115 |
— |
115 |
|
|
|
As at December 31, 2024 |
|
As at December 31, 2023 |
|
|
Total assets |
7,604 |
|
872 |
|
8,476 |
|
6,574 |
730 |
7,304 |
|
|
Debt - Principal balance |
4,032 |
|
556 |
|
4,588 |
|
3,327 |
437 |
3,764 |
|
|
(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. This
contribution is attributable to the North America segment's wind
farms and includes corporate expenses of $2 million under EBITDA(A)
for the year ended December 31, 2024 ($2 million as at December 31,
2023). |
| (2) |
Includes compensation following electricity production
limitations. |
| |
|
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 and integration costs, other losses (gains), net
loss (gain) on financial instruments and foreign exchange loss
(gain), with the last two items included under Other.
EBITDA(A) is used 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:
|
|
2024 |
|
|
|
2023 |
|
Change 2024 vs 2023 |
|
(in millions of Canadian dollars) |
Consolidated |
Reconciliation(1) |
Combined |
Consolidated |
Reconciliation(1) |
Combined |
Consolidated |
|
Combined |
|
|
Three-month periods ended December 31: |
|
|
|
|
|
|
|
EBITDA(A) |
169 |
|
22 |
|
191 |
|
202 |
|
27 |
|
229 |
|
(33 |
) |
(38 |
) |
|
Amortization |
(73 |
) |
(15 |
) |
(88 |
) |
(75 |
) |
(14 |
) |
(89 |
) |
2 |
|
1 |
|
|
Impairment |
— |
|
(47 |
) |
(47 |
) |
(20 |
) |
(1 |
) |
(21 |
) |
20 |
|
(26 |
) |
|
Other gains (losses) |
(3 |
) |
— |
|
(3 |
) |
1 |
|
(1 |
) |
— |
|
(4 |
) |
(3 |
) |
| Share in earnings of joint
ventures and associates |
(3 |
) |
3 |
|
— |
|
(17 |
) |
17 |
|
— |
|
14 |
|
— |
|
| Change in fair value of a
derivative included in the share in earnings of a joint
venture |
— |
|
— |
|
— |
|
7 |
|
(7 |
) |
— |
|
(7 |
) |
— |
|
|
Impairment included in the share in earnings of a joint
venture |
(12 |
) |
12 |
|
— |
|
— |
|
— |
|
— |
|
(12 |
) |
— |
|
|
Operating income |
78 |
|
(25 |
) |
53 |
|
98 |
|
21 |
|
119 |
|
(20 |
) |
(66 |
) |
|
|
|
|
|
|
|
|
|
Years ended December 31: |
|
|
|
|
|
|
|
EBITDA(A) |
581 |
|
89 |
|
670 |
|
578 |
|
97 |
|
675 |
|
3 |
|
(5 |
) |
|
Amortization |
(297 |
) |
(59 |
) |
(356 |
) |
(293 |
) |
(58 |
) |
(351 |
) |
(4 |
) |
(5 |
) |
|
Impairment |
(5 |
) |
(47 |
) |
(52 |
) |
(20 |
) |
(1 |
) |
(21 |
) |
15 |
|
(31 |
) |
|
Other gains |
5 |
|
— |
|
5 |
|
1 |
|
2 |
|
3 |
|
4 |
|
2 |
|
| Share in earnings of joint
ventures and associates |
(46 |
) |
46 |
|
— |
|
(59 |
) |
59 |
|
— |
|
13 |
|
— |
|
| Change in fair value of a
derivative included in the share in earnings of a joint
venture |
— |
|
— |
|
— |
|
19 |
|
(19 |
) |
— |
|
(19 |
) |
— |
|
|
Impairment included in the share in earnings of a joint
venture |
(12 |
) |
12 |
|
— |
|
— |
|
— |
|
— |
|
(12 |
) |
— |
|
|
Operating income |
226 |
|
41 |
|
267 |
|
226 |
|
80 |
|
306 |
|
— |
|
(39 |
) |
|
(1) |
Includes the respective contribution of joint ventures and
associates as a percentage of Boralex's interest less adjustments
to reverse recognition of these interests under IFRS. |
| |
|
Cash flow from operations and
discretionary cash flows
The Corporation computes the cash flow from
operations and discretionary cash flows as follows:
| |
Consolidated |
| |
Three-month periods ended |
Years ended |
| |
December 31 |
December 31 |
|
(in millions of Canadian dollars) |
2024 |
|
2023 |
|
2024 |
|
2023 |
|
|
Net cash flows related to operating
activities |
31 |
|
107 |
|
215 |
|
496 |
|
|
Change in non-cash items relating to operating activities |
74 |
|
54 |
|
200 |
|
(51 |
) |
|
Cash flows from operations |
105 |
|
161 |
|
415 |
|
445 |
|
|
Repayments on non-current debt (projects)(1) |
(53 |
) |
(50 |
) |
(240 |
) |
(232 |
) |
|
Adjustment for non-operating items(2) |
5 |
|
2 |
|
7 |
|
6 |
|
|
|
57 |
|
113 |
|
182 |
|
219 |
|
|
Principal payments related to lease liabilities(3) |
(6 |
) |
(4 |
) |
(19 |
) |
(17 |
) |
|
Distributions paid to non-controlling shareholders(4) |
(17 |
) |
(33 |
) |
(52 |
) |
(57 |
) |
| Additions to property, plant
and equipment (maintenance of operations)(5) |
(3 |
) |
2 |
|
(10 |
) |
(6 |
) |
|
Development costs (from statement of earnings)(6) |
16 |
|
13 |
|
57 |
|
45 |
|
|
Discretionary cash flows |
47 |
|
91 |
|
158 |
|
184 |
|
|
(1) |
Includes repayments on non-current debt (projects) and repayments
to tax equity investors, and excludes VAT bridge financing, early
debt repayments and repayments under the construction facility -
Boralex Energy Investments portfolio and the CDPQ Fixed Income Inc.
term loan. |
|
(2) |
For the years ended December 31, 2024 and December 31, 2023,
favourable adjustment consisting mainly of acquisition, integration
and other non-operating miscellaneous items. |
|
(3) |
Excludes the principal payments related to lease liabilities for
projects under development and construction. |
|
(4) |
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. |
|
(5) |
Excludes the additions to the property, plant and equipment of
regulated assets (treated as assets under construction since they
are regulated assets for which investments in the plant are
considered in the setting of its electricity selling price). During
the fourth quarter of 2023, an amount of $4 million was
reclassified as new property, plant, and equipment under
construction. |
|
(6) |
During Q1-2024, the Corporation reclassified the employee benefits
for 2023 and 2024 related to its incentive plans, which were
reported in full under Operating expenses in the consolidated
statements of earnings. To better allocate these expenses to the
Corporation's various functions and thus provide more relevant
information to users of the financial statements, the Corporation
is now allocating these costs to Operating, Administrative and
Development expenses in the consolidated statements of earnings
according to the breakdown of staff. This change resulted in a $1
million increase in development costs for the three-month period
ended December 31, 2023 and $5 million increase for the year ended
December 31, 2023. |
| |
|
Available cash and cash equivalents and
available cash resources and authorized financing
The Corporation defines available cash and cash
equivalents as well as available cash resources and authorized
financing as follows:
|
|
Consolidated |
| |
As at December 31 |
|
As at December 31 |
|
|
(in millions of Canadian dollars) |
2024 |
|
2023 |
|
|
Cash and cash equivalents |
592 |
|
478 |
|
| Cash and cash equivalents held by entities subject to project
debt agreement and restrictions(1) |
(526 |
) |
(388 |
) |
|
Bank overdraft |
(5 |
) |
(6 |
) |
|
Available cash and cash equivalents |
61 |
|
84 |
|
|
Credit facilities available for growth |
462 |
|
463 |
|
|
Available cash resources and authorized
financing |
523 |
|
547 |
|
|
(1) |
This cash can be used for the operations of the respective
projects, but is subject to restrictions for non-project related
purposes under the credit agreements. |
|
|
|
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 Corporation'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 Corporation’s financial targets, the
projects commissioning dates, the portfolio of renewable energy
projects, the Corporation’s Growth Path, the bids for new storage
and solar projects 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 Corporation’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 Corporation
considers these factors and assumptions to be reasonable, based on
the information currently available to the Corporation, 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 Corporation’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 risk of not renewing
PPAs or being unable to sign new corporate PPA, the risk of not
being able to capture the US or Canadian investment tax credit,
counterparty risk, the Corporation’s financing capacity,
cybersecurity risks, 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 certain
other factors considered in the sections dealing with risk factors
and uncertainties appearing in Boralex's MD&A for the fiscal
year ended December 31, 2024.
Unless otherwise specified by the Corporation,
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 Corporation’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.
For more information:
|
MEDIA |
INVESTOR RELATIONS |
| Camille
Laventure |
Stéphane
Milot |
| Senior Advisor, Public Affairs
and External Communications |
Vice President, Investor
Relations |
| |
|
| Boralex
Inc. |
Boralex
Inc. |
| 438-883-8580 |
514-213-1045 |
|
camille.laventure@boralex.com |
stephane.milot@boralex.com |
Boralex (TSX:BLX)
과거 데이터 주식 차트
부터 2월(2) 2025 으로 3월(3) 2025
Boralex (TSX:BLX)
과거 데이터 주식 차트
부터 3월(3) 2024 으로 3월(3) 2025
