Canadian renewable power producer Boralex Inc (TSE:BLX) today reported slight increases in first-quarter (Q1) revenues and adjusted earnings on an IFRS basis, driven by recent acquisitions and higher hydropower generation.
More specifically, the company posted a 3% year-on-year rise in revenues from energy sales and a 1% improvement in consolidated adjusted earnings before interest, taxes, depreciation and amortisation (EBITDA). These increases reflect some wind purchases in Quebec and solar acquisitions in the US, as well as an overall 6% rise in generation during the three-month period.
"Wind conditions in France were in line with anticipated production but lower than the exceptionally strong conditions of first quarter 2020," said Patrick Decostre, president and CEO of Boralex.
More details on the company’s performance are available in the table below. In addition to IFRS results, Boralex provides figures on a “Combined” basis, which include “Interests” representing significant investments that cannot be consolidated under IFRS but are considered important for evaluating the company’s overall performance.
| Figures in CAD million, unless otherwise noted |
Q1 2021 |
Q1 2020 |
| Under IFRS |
| IFRS power production (GWh) |
1,630 |
1,533 |
| IFRS revenues from energy sales and feed-in premium |
206 |
200 |
| IFRS adjusted EBITDA |
151 |
149 |
| IFRS net earnings (loss) |
38 |
44 |
| IFRS net earnings (loss) attributable to shareholders |
34 |
41 |
| IFRS cash flows from operations |
115 |
124 |
| IFRS discretionary cash flows |
60 |
68 |
| Combined basis |
| Combined basis power production (GWh) |
1,830 |
1,837 |
| Combined basis revenues from energy sales and feed-in premium |
228 |
232 |
| Combined basis adjusted EBITDA |
162 |
169 |
| Combined basis net earnings (loss) |
43 |
37 |
| Combined basis net earnings (loss) attributable to shareholders |
39 |
34 |
| Combined basis cash flows from operations |
125 |
137 |
Boralex pointed out that at CAD 142 million (USD 115.7m/EUR 96.4m), the discretionary cash flow registered over the last 12 months is in line with its 2023 target of CAD 140 million-150 million.
As of May 4, 2021, Boralex's installed capacity amounted to 2,455 MW, including the 12-MW Bazougeais wind farm that was just commissioned in France’s Ille-et-Vilaine department in the Brittany region. The company noted that when taking into consideration shovel-ready and under-construction projects, as well as secure projects on its Growth Path, the installed capacity increases to 3,058 MW and surpasses the 2023 target of 2,800 MW. Some of these projects, though, will be completed after 2023, it stressed.
In January-March 2021, the company added 180 MW of new projects, including 143 MW of solar and 37 MW of wind power.
Boralex's board of directors has also announced a quarterly dividend of CAD 0.1650 per common share, to be paid on June 15, 2021, to shareholders of record at the close of business on May 31, 2021.
(CAD 1.0 = USD 0.815/EUR 0.679)
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Wind farm in Canada. Image by: Boralex (www.boralex.com).
