Boralex Inc. Declares Quarterly Dividend, Payable on September 16, 2014; Reports Unaudited Consolidated Earnings Results for the Second Quarter and Six Months Ended June 30, 2014; Provides EBITDA Guidance for the Year 2016
Aug 6 14
Boralex Inc. announced that the board of directors has declared a quarterly dividend of $0.13 per common share. This dividend will be paid on September 16, 2014 to shareholders of record at the close of business on August 29, 2014.
The company reported unaudited consolidated earnings results for the second quarter and six months ended June 30, 2014. For the quarter, the company's revenue from energy sales was $53.8 million, compared to $40.1 million a year ago. EBITDA was $32.2 million, compared to $24.0 million a year ago. Net loss attributable to shareholders of the company was $4.3 million or $0.11 per basic share, compared to $1.2 million or $0.03 per basic share a year ago. Adjusted cash flow from operations was $12.2 million or $0.32 per basic share, compared to $9.4 million or $0.25 per basic share a year ago. Net debt at the end of the quarter, excluding the convertible debentures and deferred financing costs, it amounts to $855 million compared with $821 million at the end of 2013.
For the six months, revenue from energy sales was $129.3 million, compared to $90.9 million a year ago. EBITDA was $83.9 million, compared to $57.3 million a year ago. Net earnings attributable to shareholders of the company was $3.6 million or $0.09 per basic share, compared to $2.9 million or $0.08 per basic share a year ago. Adjusted cash flow from operations was $48.8 million or $1.28 per basic share, compared to $32.2 million or $0.85 per basic share a year ago. Besides the commissioning of assets, the improved results also stemmed from favourable changes in exchange rates. The company spent a net amount of $22.3 million on investing activities, including $49.7 million on property plant and equipment, the use of $30.9 million of reserve cash, and $3.5 million invested in development projects.
The company has set a financial and strategic target of establishing a wholly owned asset base of approximately 950 MW and reaching an EBITDA of $200 million by the end of 2016. The company expects to invest approximately $200 million or so in property plant and equipment, including approximately $4 million at the Buckingham [indiscernible] facility, another approximately $4 million to complete upgrading the Blendecques thermal facility, and $2 million at the corporate level. Also, expects to invest an additional $2 million to $3 million on maintenance CapEx.
Boralex Mulls Acquisitions
Aug 6 14
Boralex Inc. (TSX:BLX) will conisder acquisitions .Patrick Lemaire, President and Chief Executive Officer of Boralex said, "We are also contemplating many other projects in British Columbia and in Europe for delivery beyond 2016, in addition to regularly assessing acquisition opportunities."
Boralex Inc. Completes Financing of Two Wind Farms in Temiscouata-Sur-Le-Lac, Quebec; Expects to Commission Temiscouata I in December 2014 and Temiscouata II in December 2015
Jul 11 14
Boralex Inc. has completed the financing of two wind farms in Temiscouata-Sur-Le-Lac, Quebec. Together with Temiscouata Regional County Municipality, Boralex closed a CAD 64.1 million financing for the 23.5-MW Temiscouata I wind farm. The financing consisted of a CAD 52 million construction loan and CAD 12.1 million in short-term credit facilities. Boralex also closed a CAD 142.7 million financing for the 51.7-MW Temiscouata II wind farm. The financing consisted of a CAD 127 million construction loan and CAD 15.7 million in short-term credit facilities. For both projects, the construction loans will be converted into 18-year term loan upon start of commercial operations and the credit facilities will be used to finance certain costs incurred during construction that are repayable by Hydro-Quebec and issuing various letters of credit. The sole lender in each of the two financing arrangements was KfW IPEX-Bank.
The company said that it expects to commission Temiscouata I this December and Temiscouata II on December 2015. The two wind farms will sell their outputs to Hydro-Quebec under separate 20-year power purchase agreements.