Boralex Discloses its Results for the Third Quarter of 2018

Boralex (TSX:BLX) announced its third quarter results with the company highlighting that its recent acquisitions have strengthened its position as a leading wind farm operator.

The company reported EBITDA of C$200 million which is up nine percent from the comparative period in 2017.

As quoted in the press release:

“The entire Boralex team is hard at work to ensure continuity on the path to growth while integrating the most recent acquisitions and maximizing synergies in the day-to-day management of operations,” stated Patrick Lemaire, President and Chief Executive Officer of Boralex.

“We remain focused on our strategy, which will allow us to generate substantial economies of scale in the future. Recently, we successfully completed the acquisition of Invenergy’s2 interests in five wind farms in Canada as well as the Kallista3 sites in France. In addition to these acquisitions, which added nearly 25% to our installed capacity since the beginning of the year, we recently commissioned, on schedule, the 33 MW Inter Deux Bos wind farm in France. We also intend to commission six new facilities in Canada and France for a total of 97 WM by the end of the year. We’re very proud of these achievements which will undoubtedly improve our positioning as a leading operator in both Canada and France.”

Three-month period ended September 30, 2018

Boralex generated revenues from energy sales of $79 million ($93 million) in the third quarter of 2018, up 6% (9%) compared with the same period in 2017. EBITDA(A) for the quarter totalled $39 million ($51 million), which is identical to the result of $39 million ($50 million) for the same quarter of 2017.

Cash flows from operations totalled $23 million ($15 million) for the third quarter of 2018 compared with $24 million ($17 million) for the same period a year earlier.

As a result, the Corporation reported a net loss attributable to shareholders amounting to $34 million ($34 million) or $0.43 ($0.43) per share (basic and diluted) for the third quarter of 2018, compared with a net loss attributable to shareholders of $17 million ($17 million) or $0.23 ($0.23) per share (basic and diluted) for the same period a year earlier.

The increase in net loss between the two periods resulted primarily from a lower production volume at existing facilities plus the increases of $16 million in amortization expense, $1 million in acquisition costs and $3 million in financing costs.

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