Northland Power's EBITDA contracts by 5% in Q1 2015

Offshore wind park. Featured Image: peerawat Songbundit/Shutterstock.com

Northland Power Inc (TSE:NPI), which owns controlling stakes in the 600-MW Gemini and 332-MW Nordsee One offshore wind projects, reported adjusted EBITDA of CAD 97.1 million (USD 80.5m/EUR 71.4m) for the first quarter of 2015, down 5% year-on-year.

The Canada-based firm said the decline was mainly due to non-recurring natural gas resale margins in 2014.

The company turned to a net loss of CAD 30.6 million for January-March 2015, versus a CAD-28.6-million profit a year ago. This change was due to CAD 85.9 million in non-cash fair value losses associated with Northland's derivative contracts. Of these, CAD 75.2 million represents the fair value accounting treatment of Gemini's and Nordsee One's interest rate swaps that are marked-to-market and consolidated with Northland's operating results.

Revenue for the reporting period fell by 12% to CAD 201.6 million. Additional details on the firm’s performance are available in the table below.

(in CAD)	2015	2014
Total sales	201.6 million	229.4 million
Operating profit	74.3 million	84 million
Net profit (loss)	(30.6 million)	28.6 million
Adjusted EBITDA	97.1 million	102.1 million
Free cash flow	50.25 million	56.75 million
Cash dividend paid to common and Class A shareholders	30.1 million	27.6 million
Electricity volumes	1,550.2 GWh	1,490.6 GWh