Innergex reduces Q1 loss as acquisitions help lift top line

Mesgi’g Ugju’s’n wind farm. Image by www.muwindfarm.com

May 15 (Renewables Now) - Canada-based Innergex Renewable Energy Inc (TSE:INE) on Tuesday reported a significantly reduced first-quarter (Q1) net loss, with improvements in both revenues and adjusted EBITDA thanks to acquisitions made in 2018.

The renewable energy company posted a net loss from continuing operations of CAD 4.42 million (USD 3.3m/EUR 2.9m) for January-March 2019 compared with CAD 9.7 million a year back.

In October 2018, Innergex became the sole owner of the five Cartier wind farms in Quebec with a combined capacity of 590 MW. CEO Michel Letellier said that this particular acquisition largely contributed to the company’s improved results in January-March 2019.

The table below gives more details about the company’s Q1 performance.

Figures in CAD million, unless otherwise noted Q1 2019 Q1 2018
Production (MWh) 1,308,505 944,108
Production Proportionate (MWh) 1,589,827 1,047,770
Revenues 126.4 101.8
Revenues Proportionate 141.2 109.2
Adjusted EBITDA 93.2 73.6
Adjusted EBITDA Proportionate 99.7 78.7
Net loss from continuing operations (4.4) (9.7)
Net loss (0.85) (14.8)
Free Cash Flow 119 96.4

The adjusted EBITDA margin went up to 73.8% from 72.3% because of changes in the company’s mix of segments, as wind power generation now represents a higher proportion of adjusted EBITDA, Innergex explained.

(CAD 1.0 = USD 0.742/EUR 0.662)

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