TransAlta Renewables reports Q2 comparable CAFD of USD 29m

TransAlta Renewables Inc (TSE:RNW) said on Tuesday its second-quarter (Q2) comparable cash available for distribution (CAFD) has decreased by CAD 1 million on the year to CAD 38 million (USD 29m/EUR 26m) in April-June 2016.

The Canadian renewable power producer noted that Q2 comparable CAFD takes into consideration CAD 17 million of scheduled debt payments and is impacted by sustaining capital expenditures and current income taxes on assets acquired.

In April-June 2016, the company turned to a net loss attributable to common shareholders of CAD 15 million, or CAD 0.07 per share, versus a profit of CAD 7 million, or CAD 0.04 apiece, a year back. It blamed the negative result on a change in fair value of Class B shares issued to TransAlta resulting from the increase in its share price.

Comparable earnings before interest, tax, depreciation and amortisation (EBITDA) rose by CAD 36 million to CAD 89 million, mainly because of the acquisition of economic interests in the Australian and Canadian assets in May 2015 and January 2016, respectively. Q2 revenue inched up to CAD 52 million from CAD 51 million as renewable energy production rose to 804 GWh from 698 GWh. TransAlta Renewables runs wind farms, hydropower plants and natural gas generation facilities.

For the first half of 2016, the company posted an attributable net loss of CAD 51 million against a profit of CAD 27 million a year earlier. First-half comparable CAFD increased to CAD 120 million from CAD 71 million.

“Our performance is tracking toward the upper end of the guidance we provided for 2016," said Brett Gellner, president of the company.

(CAD 1.0 = USD 0.766/EUR 0.687)

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