TransAlta Renewables generates USD 66m of cash for distribution in Q1

Wind turbines at work. Author: Nick Cross. License: Creative Commons, Attribution-NoDerivs 2.0 Generic.

Canada's TransAlta Renewables Inc (TSE:RNW) on Thursday reported comparable cash available for distribution (CAFD) of CAD 82 million (USD 65.5m/EUR 57.5m) for the first quarter of 2016, up from CAD 32 million a year ago.

The company said the increase was mainly due to the acquisition of the economic interests in TransAlta Corp's Australian portfolio and certain Canadian assets.

Comparable earnings before interest, tax, depreciation and amortisation (EBITDA) rose to CAD 114 million from CAD 55 million. Adjusted funds from operations (AFFO) were up to CAD 82 million from CAD 43 million, reflecting the rise in comparable EBITDA, tempered by an increase in long-term accounts receivable and capital expenditures for planned maintenance.

More details are available in the table below:

Figures in CAD	Q1 2016	Q1 2015
Net earnings to common shareholders (loss)	(36 million)	20 million
Net earnings per share (loss)	(0.16 )	0.17
Adjusted funds from operations per share	0.37	0.37
Comparable cash available for distribution per share	0.37	0.28
Revenue	68 million	68 million
Renewable power generation (GWh)	1,081	958

"TransAlta Renewables delivered strong results in the first quarter this year driven by solid performance from new and existing assets," said president Brett Gellner.

The company confirmed its 2016 guidance provided with the release of 2015 results in February.

TransAlta Renewables has stakes in 18 wind farms, 13 hydroelectric plants and several natural gas assets, representing an ownership interest of 2,441 MW of net generating capacity in Canada, the US and Australia.

(CAD 1.0 = USD 0.799/EUR 0.701)

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