Brookfield Renewable Announces Record Annual Results, Quarterly
Distribution Increase and Hydro Acquisition
Acquires 33% interest with institutional partners in 417 MW Safe
Harbor hydro facility
Distribution increased from $1.45 to $1.55 per share on annual
basis
HAMILTON, BERMUDA--(Marketwired - Feb 6, 2014) - Brookfield
Renewable Energy Partners L.P. (TSX:BEP.UN)(NYSE:BEP) -
All amounts in U.S. dollars unless stated otherwise
Investors, analysts and other interested parties can access
Brookfield Renewable's 2013 fourth quarter results as well as the
Letter to Shareholders and Supplemental Results on the web site
under the Investor Relations section at
www.brookfieldrenewable.com.
The 2013 fourth quarter results conference call can be accessed
via webcast on February 6, 2014 at 9:00 a.m. ET at
www.brookfieldrenewable.com or via teleconference at 1-800-319-4610
toll free in North America. For overseas calls please dial
1-604-638-5340, at approximately 8:50 a.m. ET. The teleconference
taped rebroadcast can be accessed at 1-800-319-6413 (password:
1557#) until March 6, 2014.
Brookfield Renewable Energy Partners L.P. ("Brookfield
Renewable") today announced strong results for the fourth quarter
and twelve months ended December 31, 2013, including an increase in
quarterly distributions and the acquisition of an interest in one
of the largest hydroelectric generation facilities in the
northeastern United States.
"Our strong results in 2013 reflect the success of our growth
initiatives and our unique ability to add value to our portfolio
through our operating platforms, all of which will continue to
drive value in 2014 and beyond," said Richard Legault, President
and CEO. "Today's announcement of the acquisition of additional
hydro capacity in the northeastern United States further
demonstrates our ability to acquire renewable power assets on a
value basis. Accordingly, we are pleased to begin the new year with
a distribution increase that exceeds our target and reflects the
strength of the business and its prospects."
Financial Results |
Unaudited |
|
|
US$ millions (except per unit amounts) |
Three months ended December 31 |
12 months ended December 31 |
|
|
2013 |
|
2012 |
|
2013 |
|
2012 |
Generation (GWh) |
|
|
|
|
|
|
|
|
- Total |
|
5,268 |
|
4,053 |
|
22,222 |
|
15,942 |
- Brookfield Renewable's share |
|
4,475 |
|
3,660 |
|
18,927 |
|
14,376 |
Revenues |
$ |
393 |
$ |
317 |
$ |
1,706 |
$ |
1,309 |
Adjusted EBITDA(1) |
$ |
272 |
$ |
195 |
$ |
1,208 |
$ |
852 |
Funds from operations (FFO)(1) |
$ |
137 |
$ |
74 |
$ |
594 |
$ |
347 |
FFO per unit(1)(2) |
$ |
0.52 |
$ |
0.28 |
$ |
2.24 |
$ |
1.31 |
|
(1) Non-IFRS measure. Refer to "Cautionary Statement Regarding
Use of Non-IFRS Measures". |
(2) For the three and 12 months ended December 31, 2013
weighted average LP units, Redeemable/Exchangeable units and
General partnership units totaled 265.3 million (2012: 265.2
million). |
Review of Operations
Total generation was 5,268 GWh for the three months ended December
31, 2013, an increase of 1,215 GWh compared to the same period in
the prior year. The hydroelectric portfolio generated 4,550 GWh
which was in line with the long-term average and 1,225 GWh higher
year-over-year, and reflected the strong performance of new assets
and a return to more normal generation levels from unusually dry
conditions in the same period last year. Recent acquisitions and
assets reaching commercial operations within the last year resulted
in generation increasing by 655 GWh. Reservoir levels on a
portfolio basis are in line with long-term average conditions for
this time of year.
The wind portfolio generated 503 GWh, below the long-term average
of 617 GWh and 20 GWh higher than the prior year as a result of new
facilities acquired in the western United States.
For the fourth quarter, Adjusted EBITDA was $272 million as
compared to $195 million in Q4 2012. Funds from operations were
$137 million or $0.52 per unit as compared with $74 million or
$0.28 per unit in the prior year.
For the full year 2013, generation of 22,222 was 6,280 GWh and 386
GWh higher than the prior year and the long-term average,
respectively. Adjusted EBITDA was $1,208 million as compared with
$852 million in 2012. Funds from operations were $594 million or
$2.24 per unit as compared with $347 million or $1.31 per unit in
2012.
The tables below summarize generation by segment and region:
|
Generation (GWh)(1) |
Variance of Results |
|
For the three months ended December 31 |
Actual 2013 |
Actual 2012 |
2013 |
Actual vs. LTA |
|
Actual vs. Prior Year |
|
Hydroelectric generation |
|
|
|
|
|
|
|
|
United States |
2,226 |
1,447 |
2,450 |
(224 |
) |
779 |
|
|
Canada |
1,401 |
954 |
1,171 |
230 |
|
447 |
|
|
Brazil (2) |
923 |
924 |
923 |
- |
|
(1 |
) |
|
4,550 |
3,325 |
4,544 |
6 |
|
1,225 |
|
Wind Energy |
|
|
|
|
|
|
|
|
United States |
175 |
158 |
274 |
(99 |
) |
17 |
|
|
Canada |
328 |
325 |
343 |
(15 |
) |
3 |
|
|
503 |
483 |
617 |
(114 |
) |
20 |
|
Other |
215 |
245 |
219 |
(4 |
) |
(30 |
) |
Total generation (3) |
5,268 |
4,053 |
5,380 |
(112 |
) |
1,215 |
|
|
(1) For assets acquired or reaching commercial operation during
the year, this figure is calculated from the acquisition or
commercial operation date. |
(2) In Brazil, assured generation levels are used as a proxy
for long-term average. |
(3) Includes 100% of generation from equity-accounted
investments. |
|
|
Generation (GWh)(1) |
Variance of Results |
|
For the 12 months ended December 31 |
Actual 2013 |
Actual 2012 |
2013 |
Actual vs. LTA |
|
Actual vs. Prior Year |
|
Hydroelectric generation |
|
|
|
|
|
|
|
|
United States |
10,082 |
5,913 |
9,681 |
401 |
|
4,169 |
|
|
Canada |
5,494 |
3,953 |
5,062 |
432 |
|
1,541 |
|
|
Brazil (2) |
3,656 |
3,470 |
3,656 |
- |
|
186 |
|
|
19,232 |
13,336 |
18,399 |
833 |
|
5,896 |
|
Wind Energy |
|
|
|
|
|
|
|
|
United States |
1,145 |
619 |
1,341 |
(196 |
) |
526 |
|
|
Canada |
1,075 |
1,090 |
1,197 |
(122 |
) |
(15 |
) |
|
2,220 |
1,709 |
2,538 |
(318 |
) |
511 |
|
Other |
770 |
897 |
899 |
(129 |
) |
(127 |
) |
Total generation (3) |
22,222 |
15,942 |
21,836 |
386 |
|
6,280 |
|
|
(1) For assets acquired or reaching commercial operation during
the year, this figure is calculated from the acquisition or
commercial operation date. |
(2) In Brazil, assured generation levels are used as a proxy
for long-term average. |
(3) Includes 100% of generation from equity-accounted
investments. |
Hydro Acquisition
Brookfield Renewable and its institutional partners have entered
into an agreement to acquire, from an affiliate of LS Power, its
33% economic and 50% voting interest in the 417 MW Safe Harbor
hydroelectric facility on the Susquehanna River in Pennsylvania.
Safe Harbor generates an average of 1,100 GWh annually and
possesses storage capabilities supporting daily peaking. It is one
of the largest conventional hydroelectric facilities in PJM, a
market which offers multiple revenue streams including energy,
capacity, ancillaries and renewable energy credits.
Total purchase price for the transaction is $289 million subject
to customary working capital adjustment, and will be funded through
available liquidity and capital from Brookfield Renewable and its
institutional partners. The transaction is subject to customary
closing conditions and regulatory approvals and is expected to be
completed in the first quarter of 2014.
Recent Highlights
- In December 2013, Brookfield Renewable was identified as part
of a consortium that was named the preferred bidder in connection
with the purchase of state-owned Bord Gáis Energy in Ireland. Bord
Gáis' energy business includes a wind portfolio with an operating
capacity expected to exceed 500 MW by 2015. Brookfield Renewable
continues to work with its consortium partners and the Government
of Ireland on an exclusive basis to finalize terms of the sale. It
is expected that the sale agreement, when concluded, would lead to
a formal completion in the first half of 2014 once all regulatory
and merger approvals are received.
- In January 2014, Brookfield Renewable and its institutional
partners completed the acquisition of a previously announced 85 MW
of hydroelectric generation, including a 70 MW portfolio in Maine
and the remaining 50% interest in a 30 MW facility in
California.
- Construction of the 45 MW Kokish River hydro project in western
Canada is nearing completion and commissioning of the facility is
expected to take place as scheduled in the second quarter of
2014.
- Liquidity at year end was approximately $1.2 billion, providing
the financial resources and flexibility to fund ongoing growth
initiatives. During 2013, approximately $3 billion of refinancing
activity was completed which has lowered borrowing costs while
extending maturities.
Distribution Increase and Declaration
The Board of Directors has approved an increase in the quarterly
distribution to $0.3875 or $1.55 per LP unit on an annualized
basis. This represents a level nearly 20% higher than at Brookfield
Renewable's launch in November 2011 and an increase of 7% from the
existing level of $1.45 per unit.
The Board of Directors has declared a quarterly distribution in
the amount of $0.2583 per unit, payable on March 31, 2014 to
unitholders of record as at the close of business on February 28,
2014. This amount reflects the distribution increase and is
pro-rated for the two-month period in connection with the change in
quarterly record and payment dates that was announced in November
2013. The Board of Directors anticipates that the next quarterly
dividend of $0.3875 per unit will be paid on June 30, 2014 to
shareholders of record at May 31, 2014.
This distribution is consistent with Brookfield Renewable's
policy of targeting a long-term, sustainable distribution in the
range of 60-70% of FFO and which increases on average by 3% to 5%
annually.
The regular quarterly dividends on the Brookfield Renewable
Power Preferred Equity Inc. preferred shares have also been
declared.
Introduction of Distribution Currency Option
The quarterly distributions payable on L.P. Units of Brookfield
Renewable Energy Partners are declared in U.S. dollars. Registered
and beneficial shareholders who are resident in Canada or the
United States may opt to receive their distributions in either U.S.
dollars or the Canadian dollar equivalent. Unless they request the
Canadian dollar equivalent, shareholders will continue to receive
distributions in U.S. dollars (which may be converted for them by
the broker or other intermediary, as may currently be the case).
The Canadian dollar equivalent of the quarterly distribution will
be based on the Bank of Canada noon exchange rate on the Record
Date or, if the Record Date falls on a weekend or holiday, on the
Bank of Canada noon exchange rate of the preceding business
day.
Registered shareholders wishing to receive the Canadian dollar
distribution equivalent should contact Brookfield Renewable's
transfer agent, Computershare Trust Company of Canada, in writing
at 100 University Avenue, 8th Floor, Toronto, Ontario M5J 2Y1 or by
phone at 1-800-564-6253. Beneficial unitholders (i.e., those
holding their units in street name with their brokerage) should
contact the broker with whom their units are held.
Distribution Reinvestment Plan
Brookfield Renewable maintains a Distribution Reinvestment Plan
("DRIP") which allows holders of its limited partnership units who
are resident in Canada to acquire additional units by reinvesting
all or a portion of their cash distributions without paying
commissions. Information on the DRIP, including details on how to
enroll, is available on Brookfield Renewable's website at
www.brookfieldrenewable.com/DRIP.
Additional information on Brookfield Renewable's distributions
and preferred share dividends can be found on its website at
www.brookfieldrenewable.com under Investor Relations.
Additional Information
The Letter to Shareholders and the Supplemental Results for the
period ended December 31, 2013 contain further information on
Brookfield Renewable's strategy, operations and financial results.
Shareholders are encouraged to read these documents, which are
available at www.brookfieldrenewable.com.
Brookfield Renewable Energy Partners (TSX:BEP.UN)(NYSE:BEP)
operates one of the largest publicly-traded, pure-play renewable
power platforms globally. Its portfolio is primarily hydroelectric
and totals approximately 6,000 megawatts of installed capacity.
Diversified across 69 river systems and 12 power markets in the
United States, Canada and Brazil, the portfolio's output is sold
predominantly under long-term contracts and generates enough
electricity from renewable resources to power more than three
million homes on average each year. With a portfolio of
high-quality assets and strong growth prospects, the business is
positioned to generate stable, long-term cash flows supporting
regular and growing cash distributions to shareholders. For more
information, please visit www.brookfieldrenewable.com.
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS
This news release contains forward-looking statements and
information, within the meaning of Canadian securities laws and
"forward-looking statements" within the meaning of Section 27A of
the U.S. Securities Act of 1933, as amended, Section 21E of the
U.S. Securities Exchange Act of 1934, as amended, "safe harbor" of
the United States Private Securities Litigation Reform Act of 1995
and in any applicable Canadian securities regulations, concerning
the business and operations of Brookfield Renewable.
Forward-looking statements may include estimates, plans,
expectations, opinions, forecasts, projections, guidance or other
statements that are not statements of fact. Forward-looking
statements in this news release include statements regarding the
quality of Brookfield Renewable's assets and the resiliency of the
cash flow they will generate, Brookfield Renewable's anticipated
financial performance, future commissioning of assets, contracted
portfolio, technology diversification, acquisition opportunities,
expected completion of acquisitions, future energy prices and
demand for electricity, economic recovery, achieving long-term
average generation, project development and capital expenditure
costs, diversification of shareholder base, energy policies,
economic growth, growth potential of renewable asset class, the
future growth prospects and distribution profile of Brookfield
Renewable and Brookfield Renewable's access to capital.
Forward-looking statements can be identified by the use of words
such as "plans", "expects", "scheduled", "estimates", "intends",
"anticipates", "believes", "potentially", "tends", "continue",
"attempts", "likely", "primarily", "approximately", "endeavours",
"pursues", "strives", "seeks", or variations of such words and
phrases, or statements that certain actions, events or results
"may", "could", "would", "might" or "will" be taken, occur or be
achieved. Although we believe that our anticipated future results,
performance or achievements expressed or implied by the
forward-looking statements and information in this news
release are based upon reasonable assumptions and
expectations, we cannot assure you that such expectations will
prove to have been correct. You should not place undue reliance on
forward-looking statements and information as such statements and
information involve known and unknown risks, uncertainties and
other factors which may cause our actual results, performance or
achievements to differ materially from anticipated future results,
performance or achievement expressed or implied by such
forward-looking statements and information.
Factors that could cause actual results to differ materially
from those contemplated or implied by forward-looking statements
include, but are not limited to: our limited operating history; the
risk that we may be deemed an "investment company" under the
Investment Company Act; the fact that we are not subject to the
same disclosure requirements as a U.S. domestic issuer; the risk
that the effectiveness of our internal controls over financial
reporting could have a material effect on our business; changes to
hydrology at our hydroelectric stations or in wind conditions at
our wind energy facilities; the risk that counterparties to our
contracts do not fulfill their obligations, and as our contracts
expire, we may not be able to replace them with agreements on
similar terms; increases in water rental costs (or similar fees) or
changes to the regulation of water supply; volatility in supply and
demand in the energy market; our operations are highly regulated
and exposed to increased regulation which could result in
additional costs; the risk that our concessions and licenses will
not be renewed; increases in the cost of operating our plants; our
failure to comply with conditions in, or our inability to maintain,
governmental permits; equipment failure; dam failures and the costs
of repairing such failures; exposure to force majeure events;
exposure to uninsurable losses; adverse changes in currency
exchange rates; availability and access to interconnection
facilities and transmission systems; health, safety, security and
environmental risks; disputes and litigation; our operations could
be affected by local communities; losses resulting from fraud,
bribery, corruption, other illegal acts, inadequate or failed
internal processes or systems, or from external events; general
industry risks relating to the North American and Brazilian power
market sectors; advances in technology that impair or eliminate the
competitive advantage of our projects; newly developed technologies
in which we invest not performing as anticipated; labour
disruptions and economically unfavourable collective bargaining
agreements; our inability to finance our operations due to the
status of the capital markets; the operating and financial
restrictions imposed on us by our loan, debt and security
agreements; changes in our credit ratings; changes to government
regulations that provide incentives for renewable energy; our
inability to identify and complete sufficient investment
opportunities; the growth of our portfolio; our inability to
develop existing sites or find new sites suitable for the
development of greenfield projects; risks associated with the
development of our generating facilities and the various types of
arrangements we enter into with communities and joint venture
partners; Brookfield Asset Management's election not to source
acquisition opportunities for us and our lack of access to all
renewable power acquisitions that Brookfield Asset Management
identifies; our lack of control over our operations conducted
through joint ventures, partnerships and consortium arrangements;
our ability to issue equity or debt for future acquisitions and
developments will be dependent on capital markets; foreign laws or
regulation to which we become subject as a result of future
acquisitions in new markets; the departure of some or all of
Brookfield's key professionals; and the completion and expected
benefits of announced transactions.
We caution that the foregoing list of important factors that
may affect future results is not exhaustive. The forward-looking
statements represent our views as of the date of this
news release and should not be relied upon as
representing our views as of any date subsequent to February 6,
2014, the date of this news release. While we
anticipate that subsequent events and developments may cause our
views to change, we disclaim any obligation to update the
forward-looking statements, other than as required by applicable
law. For further information on these known and unknown risks,
please see "Risk Factors" included in our Annual Information Form
and Form 20-F.
CAUTIONARY STATEMENT REGARDING USE OF NON-IFRS MEASURES
This news release contains references to
Adjusted EBITDA and funds from operations which are not generally
accepted accounting measures under IFRS and therefore may differ
from definitions of Adjusted EBITDA and funds from operations used
by other entities. We believe that Adjusted EBITDA and funds from
operations are useful supplemental measures that may assist
investors in assessing the financial performance and the cash
anticipated to be generated by our operating portfolio. Neither
Adjusted EBITDA nor funds from operations should be considered as
the sole measure of our performance and should not be considered in
isolation from, or as a substitute for, analysis of our financial
statements prepared in accordance with IFRS.
References to Brookfield Renewable are to Brookfield Renewable
Energy Partners L.P. together with its subsidiary and operating
entities unless the context reflects otherwise.
ADJUSTED EBITDA AND FUNDS FROM OPERATIONS |
|
|
|
|
Three months ended December 31 |
|
Year ended December 31 |
|
(MILLIONS, EXCEPT AS NOTED) |
|
2013 |
|
|
2012 |
|
|
2013 |
|
|
2012 |
|
Generation (GWh) |
|
5,268 |
|
|
4,053 |
|
|
22,222 |
|
|
15,942 |
|
Revenues |
$ |
393 |
|
$ |
317 |
|
$ |
1,706 |
|
$ |
1,309 |
|
Other income |
|
6 |
|
|
4 |
|
|
11 |
|
|
16 |
|
Share of cash earnings from |
|
|
|
|
|
|
|
|
|
|
|
|
|
equity-accounted investments |
|
2 |
|
|
2 |
|
|
21 |
|
|
13 |
|
Direct operating costs |
|
(129 |
) |
|
(128 |
) |
|
(530 |
) |
|
(486 |
) |
Adjusted EBITDA (1) |
|
272 |
|
|
195 |
|
|
1,208 |
|
|
852 |
|
Interest expense - borrowings |
|
(97 |
) |
|
(98 |
) |
|
(410 |
) |
|
(411 |
) |
Management service costs |
|
(9 |
) |
|
(11 |
) |
|
(41 |
) |
|
(36 |
) |
Current income taxes |
|
(4 |
) |
|
(2 |
) |
|
(19 |
) |
|
(14 |
) |
Cash portion of non-controlling interests |
|
|
|
|
|
|
|
|
|
|
|
|
|
Preferred equity |
|
(10 |
) |
|
(6 |
) |
|
(37 |
) |
|
(16 |
) |
|
Participating non-controlling interests |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
- in operating subsidiaries |
|
(15 |
) |
|
(4 |
) |
|
(107 |
) |
|
(28 |
) |
Funds from operations(1) |
$ |
137 |
|
$ |
74 |
|
$ |
594 |
|
$ |
347 |
|
|
(1) Non-IFRS measures. See "Cautionary
Statement Regarding Use of Non-IFRS Measures". |
FINANCIAL RESULTS ON A CONSOLIDATED AND PROPORTIONATE BASIS
The following table reflects generation for the three months ended
December 31, 2013 on a proportionate and consolidated basis.
|
|
Proportionate |
Third party interests |
Consol- idated |
Generation (GWh) |
Wholly- owned assets |
Partially- owned assets |
Equity- accounted investments |
Total |
|
|
Hydroelectric generation |
|
|
|
|
|
|
|
United States |
1,188 |
366 |
57 |
1,611 |
615 |
2,226 |
|
Canada |
1,389 |
- |
6 |
1,395 |
6 |
1,401 |
|
Brazil(1) |
814 |
17 |
20 |
851 |
72 |
923 |
|
|
3,391 |
383 |
83 |
3,857 |
693 |
4,550 |
Wind energy |
|
|
|
|
|
|
|
United States |
48 |
27 |
- |
75 |
100 |
175 |
|
Canada |
328 |
- |
- |
328 |
- |
328 |
|
|
376 |
27 |
- |
403 |
100 |
503 |
Other |
215 |
- |
- |
215 |
- |
215 |
Total generation -2013 |
3,982 |
410 |
83 |
4,475 |
793 |
5,268 |
Total generation -2012 |
3,334 |
150 |
176 |
3,660 |
393 |
4,053 |
|
(1) In Brazil, assured energy generation levels are used as a
proxy for long-term average. |
The following table illustrates our financial results for the
three months ended December 31, 2013, including revenues, adjusted
EBITDA and funds from operations on a proportionate basis, while
adjusting for our share from facilities in which we own less than
100%:
|
|
|
|
Proportionate |
|
Third party interests |
|
|
|
Consol- idated |
|
(MILLIONS, EXCEPT AS NOTED) |
Wholly- owned assets |
|
Partially- owned assets |
|
Equity- accounted investments |
|
Total |
|
|
|
|
|
|
|
|
|
Revenues |
$ |
321 |
|
$ |
|
29 |
|
$ |
- |
$ |
350 |
|
$ |
43 |
|
|
|
$ |
393 |
|
Other income |
|
6 |
|
|
|
- |
|
|
- |
|
6 |
|
|
- |
|
|
|
|
6 |
|
Share of cash earnings from |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
equity-accounted |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
investments |
|
- |
|
|
|
- |
|
|
2 |
|
2 |
|
|
- |
|
|
|
|
2 |
|
Direct operating costs |
|
(105 |
) |
|
|
(10 |
) |
|
- |
|
(115 |
) |
|
(14 |
) |
|
|
|
(129 |
) |
Adjusted EBITDA(1) |
|
222 |
|
|
|
19 |
|
|
2 |
|
243 |
|
|
29 |
|
|
|
|
272 |
|
Interest expense - borrowings |
|
(67 |
) |
|
|
(16 |
) |
|
- |
|
(83 |
) |
|
(14 |
) |
|
|
|
(97 |
) |
Management service costs |
|
(9 |
) |
|
|
- |
|
|
- |
|
(9 |
) |
|
- |
|
|
|
|
(9 |
) |
Current income taxes |
|
(4 |
) |
|
|
- |
|
|
- |
|
(4 |
) |
|
- |
|
|
|
|
(4 |
) |
Preferred equity |
|
(10 |
) |
(2 |
) |
- |
|
|
- |
|
(10 |
) |
|
- |
|
|
|
|
(10 |
) |
Participating non-controlling |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
interests - in operating |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
subsidiaries |
|
- |
|
|
|
- |
|
|
- |
|
- |
|
|
(15 |
) |
(2 |
) |
|
(15 |
) |
Funds from operations - 2013(1) |
$ |
132 |
|
$ |
|
3 |
|
$ |
2 |
$ |
137 |
|
$ |
- |
|
|
|
$ |
137 |
|
Funds from operations - 2012(1) |
$ |
75 |
|
$ |
|
(3 |
) |
$ |
2 |
$ |
74 |
|
$ |
- |
|
|
|
$ |
74 |
|
|
(1) Non-IFRS measures. Refer to "Cautionary Statement Regarding
Use of Non-IFRS Measures". |
(2) Represents third party interests' funds from
operations. |
The following table reflects generation for the year ended
December 31, 2013 on a proportionate and consolidated basis.
|
Proportionate |
|
Third party interests |
Consol- idated |
Generation (GWh) |
Wholly- owned assets |
Partially- owned assets |
Equity- accounted investments |
Total |
|
|
Hydroelectric generation |
|
|
|
|
|
|
|
United States |
6,251 |
1,412 |
216 |
7,879 |
2,203 |
10,082 |
|
Canada |
5,186 |
- |
154 |
5,340 |
154 |
5,494 |
|
Brazil(1) |
3,214 |
68 |
83 |
3,365 |
291 |
3,656 |
|
14,651 |
1,480 |
453 |
16,584 |
2,648 |
19,232 |
Wind energy |
|
|
|
|
|
|
|
United States |
321 |
177 |
- |
498 |
647 |
1,145 |
|
Canada |
1,075 |
- |
- |
1,075 |
- |
1,075 |
|
1,396 |
177 |
- |
1,573 |
647 |
2,220 |
Other |
770 |
- |
- |
770 |
- |
770 |
Total generation - 2013 |
16,817 |
1,657 |
453 |
18,927 |
3,295 |
22,222 |
Total generation - 2012 |
13,000 |
780 |
596 |
14,376 |
1,566 |
15,942 |
(1) In Brazil, assured energy generation levels are used as a
proxy for long-term average. |
The following table illustrates our financial results for the
year ended December 31, 2013, including revenues, adjusted EBITDA
and funds from operations on a proportionate basis, while adjusting
for our share from facilities in which we own less than 100%:
|
|
|
|
Proportionate |
|
Third party interests |
|
|
|
Consol- idated |
|
(MILLIONS, EXCEPT AS NOTED) |
Wholly- owned assets |
|
Partially- owned assets |
|
Equity- Accounted Investments |
|
Total |
|
|
|
|
|
|
|
|
|
Revenues |
$ |
1,300 |
|
$ |
|
196 |
|
$ |
- |
$ |
1,496 |
|
$ |
210 |
|
|
|
$ |
1,706 |
|
Other income |
|
11 |
|
|
|
- |
|
|
- |
|
11 |
|
|
- |
|
|
|
|
11 |
|
Share of cash earnings from |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
equity-accounted |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
investments |
|
- |
|
|
|
- |
|
|
21 |
|
21 |
|
|
- |
|
|
|
|
21 |
|
Direct operating costs |
|
(439 |
) |
|
|
(37 |
) |
|
- |
|
(476 |
) |
|
(54 |
) |
|
|
|
(530 |
) |
Adjusted EBITDA(1) |
|
872 |
|
|
|
159 |
|
|
21 |
|
1,052 |
|
|
156 |
|
|
|
|
1,208 |
|
Interest expense - borrowings |
|
(304 |
) |
|
|
(57 |
) |
|
- |
|
(361 |
) |
|
(49 |
) |
|
|
|
(410 |
) |
Management service costs |
|
(41 |
) |
|
|
- |
|
|
- |
|
(41 |
) |
|
- |
|
|
|
|
(41 |
) |
Current income taxes |
|
(19 |
) |
|
|
- |
|
|
- |
|
(19 |
) |
|
- |
|
|
|
|
(19 |
) |
Preferred equity |
|
(37 |
) |
(2 |
) |
- |
|
|
- |
|
(37 |
) |
|
- |
|
|
|
|
(37 |
) |
Participating non-controlling |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
interests - in operating |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
subsidiaries |
|
- |
|
|
|
- |
|
|
- |
|
- |
|
|
(107 |
) |
(2 |
) |
|
(107 |
) |
Funds from operations - 2013(1) |
$ |
471 |
|
$ |
|
102 |
|
$ |
21 |
$ |
594 |
|
$ |
- |
|
|
|
$ |
594 |
|
Funds from operations - 2012(1) |
$ |
289 |
|
$ |
|
45 |
|
$ |
13 |
$ |
347 |
|
$ |
- |
|
|
|
$ |
347 |
|
(1) Non-IFRS measures. Refer to "Cautionary Statement Regarding
Use of Non-IFRS Measures". |
(2) Represents third party interests' funds from
operations. |
ADJUSTED EBITDA, AND FUNDS FROM OPERATIONS, ON A PRO
FORMA BASIS ASSUMING LONG-TERM AVERAGE
Revenues on a pro forma basis are computed by using
long-term average generation for each facility, and multiplied by
the pricing in the respective power purchase agreements, where
applicable. The majority of direct operating costs are fixed,
regardless of changes in generation levels or revenue, except for
certain items such as water royalty fees which are charged based on
generation or revenues and will vary from time to time. The
following table reflects Adjusted EBITDA, and funds from
operations, assuming long-term average generation, for the year
ended December 31:
|
|
Three months ended Dec 31 |
|
Year ended Dec 31 |
|
(MILLIONS, EXCEPT AS NOTED) |
|
2013 |
|
|
2012 |
|
|
2013 |
|
|
2012 |
|
Generation (GWh) |
|
5,380 |
|
|
4,606 |
|
|
21,836 |
|
|
18,202 |
|
Revenues |
$ |
413 |
|
|
363 |
|
$ |
1,688 |
|
$ |
1,520 |
|
Other income |
|
6 |
|
|
4 |
|
|
11 |
|
|
16 |
|
Share of cash earnings from equity-accounted |
|
|
|
|
|
|
|
|
|
|
|
|
|
investments |
|
2 |
|
|
2 |
|
|
21 |
|
|
13 |
|
Direct operating costs |
|
(130 |
) |
|
(133 |
) |
|
(529 |
) |
|
(496 |
) |
Adjusted EBITDA(1) |
|
291 |
|
|
236 |
|
|
1,191 |
|
|
1,053 |
|
Interest expense - borrowings |
|
(97 |
) |
|
(98 |
) |
|
(410 |
) |
|
(411 |
) |
Management service costs |
|
(9 |
) |
|
(11 |
) |
|
(41 |
) |
|
(36 |
) |
Current income taxes |
|
(4 |
) |
|
(2 |
) |
|
(19 |
) |
|
(14 |
) |
Less: cash portion of non-controlling interests |
|
|
|
|
|
|
|
|
|
|
|
|
Preferred equity |
|
(10 |
) |
|
(6 |
) |
|
(37 |
) |
|
(16 |
) |
Participating non-controlling interests - in |
|
|
|
|
|
|
|
|
|
|
|
|
|
operating subsidiaries |
|
(22 |
) |
|
(6 |
) |
|
(102 |
) |
|
(44 |
) |
Funds from operations(1) |
$ |
149 |
|
$ |
113 |
|
$ |
582 |
|
$ |
532 |
|
(1) For assets acquired or reaching commercial operation during
the year, this figure is calculated from the acquisition or
commercial operation date. |
(2) Non-IFRS measures. See "Cautionary Statement Regarding Use
of Non-IFRS Measures". |
Brookfield Renewable Energy Partners L.P.Zev KormanVice
President, Investor and Media
Relations416-359-1955zev.korman@brookfield.comwww.brookfieldrenewable.com
Brookfield Renewable Par... (TSX:BEP.UN)
Historical Stock Chart
From May 2024 to Jun 2024
Brookfield Renewable Par... (TSX:BEP.UN)
Historical Stock Chart
From Jun 2023 to Jun 2024