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Press release from PR Newswire

Boralex announces its third-quarter results

Wednesday, November 07, 2012

Boralex announces its third-quarter results07:00 EST Wednesday, November 07, 2012 MONTREAL, Nov. 7, 2012 /PRNewswire/ - Boralex Inc. ("Boralex" or the "Corporation") (TSX: BLX) announces that it reported $16.2 million in EBITDA on revenues of $33.0 million for the three-month period ended September 30, 2012 compared with $16.7 million in EBITDA on revenues of $36.2 million for the same period of 2011. The third quarter is traditionally the weakest of the year due to the seasonal cycles experienced by the Corporation's two largest segments: wind and hydroelectric power production. In the coming months, Boralex will be focusing on its accelerated development plan and its growth strategy aimed in particular at expansion and geographic diversification of the wind and hydroelectric power segments, which will contribute positively to its future earnings. FINANCIAL HIGHLIGHTS (In millions of Canadian dollars, except per share amounts and EBITDA margin)         Three-month periods ended September 30, Nine-month periods ended September 30,   2012 2011 2012 2011 Revenues from energy sales 33.0 36.2 129.4 137.5 EBITDA* 16.2 16.7 68.4 70.5 EBITDA margin (%) 49.1 46.1 52.9 51.2 Net loss* (7.6) (7.2) (6.4) (5.3)   Per share (basic) ($) (0.20) (0.19) (0.17) (0.14) Cash flows from operations 6.5 9.6 33.7 36.6   Per share (basic) ($) 0.17 0.25 0.89 0.97 *   Excluding extraordinary items, adjusted EBITDA for the three-month and nine-month periods ended September 30, 2012 was $13.0 million and $66.0 million, respectively, while adjusted net loss for the same periods was $9.4 million and $9.5 million, respectively. See the reconciliation tables in the financial statements accompanying this press release. ADDITIONAL INFORMATION REGARDING THE THIRD QUARTER AND NINE-MONTH PERIOD ENDED SEPTEMBER 30, 2012 The Corporation's operating results were affected by exceptionally dry weather in Québec and the Northeastern U.S. in the summer of 2012, which led to a $4.3 million decrease in EBITDA in the hydroelectric power segment. However, the decline in the hydroelectric power segment was partially offset by an extraordinary gain of $4.0 million, regarding a retroactive adjustment on water rights of U.S. hydroelectric power stations as well as sustained performance in the wind power segment, due in particular to the contribution of the new St-Patrick site in France, acquired in June 2012. Furthermore, the change in the net loss for the third quarter and nine-month period ended September 30, 2012 compared with the same periods of 2011 resulted largely from the recognition of a $5.4 million foreign exchange gain in the third quarter of 2011. For the nine-month period ended September 30, 2012, other than the historically low water flow conditions in the hydroelectric power segment in the second and third quarters, the decrease in adjusted loss was triggered by a significant but predicable drop in thermal power segment EBITDA, owing primarily to the increase in the cost of natural gas consumed by the cogeneration power station in Kingsey Falls, Québec. Boralex President and CEO Patrick Lemaire underscored the good showing in the wind and solar power segments, whose combined EBITDA has grown over 15% to $41.6 million since the beginning of the year. "Despite the unfavourable weather conditions over the past six months, our hydroelectric power stations have excellent long-term prospects and remain major contributors to our bottom line, generating over $27.0 million in EBITDA for first nine months of 2012. Our Kingsey Falls power station will cease cogeneration operations when its sales contract with Hydro-Québec expires on November 30, 2012. The revenue shortfall arising from this shutdown will be offset in the coming quarters by the recently completed and ongoing expansion initiatives at Boralex." BORALEX AIMS TO DOUBLE EBITDA BY 2016 Due to its significant capacity to generate cash from operations, Boralex is in a solid financial position, with cash on hand in excess of over $140 million as at September 30, 2012. The Corporation will use the cash to execute the full range of its development projects underway in the wind and hydroelectric power segments totalling over 550 MW under long-term power sales contracts held independently or with partners. By completing these various projects in the coming years, plus approximately 100 MW in anticipated additional capacity in its project pipeline, Boralex aims to double the EBITDA reported in the past twelve months with no dilution to existing shareholdings. Boralex continues seeking acquisition opportunities mainly in Canada and France, targeting renewable energy assets covered by long-term power sales contracts that offer growing and predictable cash flows along with attractive leveraged financing options. "Boralex commands a strong competitive edge to continue seizing the best market opportunities, consisting of robust finances, its targeted approach, an excellent multidisciplinary team and its entrepreneurial culture," added Mr. Lemaire. About Boralex Boralex is a power producer whose core business is dedicated to the development and the operation of renewable energy power stations. Currently, the Corporation operates an asset base with an installed capacity of more than 500 MW in Canada, the Northeastern United States and France. Boralex is also committed under power development projects, both independently and with Canadian and European partners, to add over 550 MW of power that will be put in service between 2013 and 2015. With more than 200 employees, Boralex is known for its diversified expertise and in-depth experience in four power generation types ? wind, hydroelectric, thermal and solar. Boralex's shares and convertible debentures are listed on the Toronto Stock Exchange under the ticker symbols BLX and BLX.DB, respectively. More information is available at www.boralex.com or www.sedar.com. Certain statements contained in this press release, including those regarding future results and performance, are forward-looking statements based on current expectations. The accuracy of such statements is subject to a number of risks, uncertainties and assumptions that may cause actual results to differ materially from those projected, including, but not limited to, the general impact of economic conditions, raw material price increases and availability, currency fluctuations, volatility in electricity selling prices, the company's financing capacity, negative changes in general market conditions and regulations affecting the industry, as well as other factors listed in the Company's filings with different securities commissions. There can be no assurance as to the materialization of the results, performance or achievements as expressed or implied by forward-looking statements. The reader is cautioned not to place undue reliance on such forward-looking statements. Unless required to do so under applicable securities legislation, Boralex management does not assume any obligation to update or revise forward-looking statements to reflect new information, future events or other changes. The summarized financial statements included in this press release also contain certain non-IFRS financial measures. To assess the performance of its assets and reporting segments, the Corporation uses EBITDA, adjusted EBITDA, cash flows from operations, and adjusted net loss as performance measures, as defined in the accompanying unaudited interim condensed consolidated financial statements. These non-IFRS measures have no standardized meaning under IFRS. As a result, these measures may not be comparable to similarly named measures used by other companies.   Consolidated Financial Statements Consolidated Statements of Financial Position (in thousands of Canadian dollars) (unaudited)   As at September 30, 2012   As at December 31, 2011 ASSETS         Cash and cash equivalents   140,495   144,703 Restricted cash   207   18,288 Trade and other receivables   27,807   50,500 Inventories   4,109   3,573 Available-for-sale financial asset   972   2,208 Prepaid expenses   3,316   2,137 CURRENT ASSETS   176,906   221,409           Property, plant and equipment   655,856   643,047 Energy sales contracts   98,975   97,705 Water rights   109,685   111,844 Goodwill   46,504   38,063 Other intangible assets   33,957   5,285 Interest in the Joint Venture   57,200   45,266 Other non-current assets   12,864   14,236 NON-CURRENT ASSETS   1,015,041   955,446 TOTAL ASSETS   1,191,947   1,176,855 LIABILITIES         Trade and other payables   37,440   34,209 Current portion of debt   98,570   26,659 Current income tax liability   813   10,776 Other current financial liabilities   26,997   29,757 CURRENT LIABILITIES   163,820   101,401           Non-current debt   418,823   479,525 Convertible debentures   225,491   223,347 Deferred income tax liability   27,210   26,031 Other non-current financial liabilities   21,847   14,273 Other non-current liabilities   4,723   3,400 NON-CURRENT LIABILITIES   698,094   746,576 TOTAL LIABILITIES   861,914   847,977 EQUITY         Capital stock   222,827   222,758 Equity component of convertible debentures   14,379   14,379 Contributed surplus   6,682   6,106 Retained earnings   143,245   144,501 Accumulated other comprehensive loss   (74,082)   (65,980) Equity attributable to shareholders   313,051   321,764 Non-controlling interests   16,982   7,114 TOTAL EQUITY   330,033   328,878 TOTAL LIABILITIES AND EQUITY   1,191,947   1,176,855 Consolidated Statements of Loss     Three-month periods ended September 30   Nine-month periods ended September 30 (in thousands of Canadian dollars, except per share amounts) (unaudited)   2012 2011   2012 2011               REVENUES             Revenues from energy sales   33,021 36,198   129,377 137,533 Other income   130 189   452 513     33,151 36,387   129,829 138,046               COSTS AND OTHER EXPENSES             Operating expenses   12,595 15,115   47,667 53,172 Administrative   3,739 3,529   11,522 11,695 Development   594 1,055   2,230 2,724 Amortization   15,119 14,214   43,009 43,250 Other losses (gains)   971 (582)   971 (2,959) Impairment of property, plant and equipment and intangible assets   - 6,503   823 6,503     33,018 39,834   106,222 114,385               OPERATING INCOME (LOSS)   133 (3,447)   23,607 23,661               Financing costs   12,440 12,537   36,639 37,024 Foreign exchange loss (gain)   (25) (5,393)   106 (3,346) Net loss on financial instruments   14 68   499 474               LOSS BEFORE THE FOLLOWING ITEMS   (12,296) (10,659)   (13,637) (10,491)               Share in earnings of the Joint Venture   (3) -   (20) - Income tax recovery   (3,494) (4,011)   (3,456) (3,588)               NET LOSS FROM CONTINUING OPERATIONS   (8,799) (6,648)   (10,161) (6,903) Net earnings (loss) from discontinued operations   566 (893)   3,025 838 NET LOSS   (8,233) (7,541)   (7,136) (6,065)               NET LOSS ATTRIBUTABLE TO:               Shareholders of Boralex   (7,601) (7,208)   (6,353) (5,304)   Non-controlling shareholders   (632) (333)   (783) (761) NET LOSS   (8,233) (7,541)   (7,136) (6,065)               NET EARNINGS (LOSS) ATTRIBUTABLE TO SHAREHOLDERS OF BORALEX:               Continuing operations   (8,167) (6,315)   (9,378) (6,142)   Discontinued operations   566 (893)   3,025 838     (7,601) (7,208)   (6,353) (5,304)               BASIC NET EARNINGS (LOSS) PER SHARE ATTRIBUTABLE TO SHAREHOLDERS OF BORALEX:               Continuing operations   $(0.22) $(0.17)   $(0.25) $(0.16)   Discontinued operations   $0.02 $(0.02)   $0.08 $0.02     $(0.20) $(0.19)   $(0.17) $(0.14)               DILUTED NET EARNINGS (LOSS) PER SHARE ATTRIBUTABLE TO SHAREHOLDERS OF BORALEX:               Continuing operations   $(0.22) $(0.17)   $(0.25) $(0.16)   Discontinued operations   $0.02 $(0.02)   $0.08 $0.02     $(0.20) $(0.19)   $(0.17) $(0.14) Statements of Comprehensive Loss       Three-month periods ended September 30   Nine-month periods ended September 30 (in thousands of Canadian dollars) (unaudited)   2012 2011   2012 2011 NET LOSS   (8,233) (7,541)   (7,136) (6,065)                 OTHER COMPREHENSIVE INCOME (LOSS)             Translation differences               Unrealized foreign exchange gain (loss) on translation of financial statements of self-sustaining foreign operations   (4,878) 9,562   (5,929) 9,586 Cash flow hedges               Change in fair value of financial instruments   (4,618) (30,998)   (13,460) (39,903)   Hedging items realized and recognized in net loss   3,794 1,204   11,620 3,818   Hedging items realized and recognized in statement of financial position   - -   - 198   Taxes   268 9,083   840 11,008 Cash flow hedges - Joint Venture               Change in fair value of financial instruments   (2,545) -   (5,895) -   Taxes   677 -   1,568 - Available-for-sale financial asset               Change in fair value of an available-for-sale financial asset   182 (571)   (269) (147)   Items realized and recognized in net loss   968 -   968 (624) Discontinued operations   - (99)   - (2,120) Total other comprehensive loss   (6,152) (11,819)   (10,557) (18,184) COMPREHENSIVE LOSS   (14,385) (19,360)   (17,693) (24,249)                 COMPREHENSIVE LOSS ATTRIBUTABLE TO:               Shareholders of Boralex   (13,040) (18,101)   (15,633) (23,413)   Non-controlling shareholders   (1,345) (1,259)   (2,060) (836) COMPREHENSIVE LOSS   (14,385) (19,360)   (17,693) (24,249)                 COMPREHENSIVE INCOME (LOSS) ATTRIBUTABLE TO SHAREHOLDERS OF BORALEX:               Continuing operations   (13,606) (17,109)   (18,658) (22,131)   Discontinued operations   566 (992)   3,025 (1,282)     (13,040) (18,101)   (15,633) (23,413) Consolidated Statements of Changes in Equity                             Nine-month period ended September 30                                 2012     Equity attributable to shareholders         (in thousands of Canadian dollars) (unaudited)   Capital stock   Equity component of convertible debentures   Contributed surplus   Retained earnings   Other comprehensive loss   Total   Non- controlling interests   Total equity Balance as at January 1, 2012   222,758   14,379   6,106   144,501   (65,980)   321,764   7,114   328,878                                   Net loss   -   -   -   (6,353)   -   (6,353)   (783)   (7,136) Other comprehensive loss   -   -   -   -   (9,280)   (9,280)   (1,277)   (10,557) Comprehensive loss   -   -   -   (6,353)   (9,280)   (15,633)   (2,060)   (17,693)                                   Conversion of convertible debentures   74   -   -   -   -   74   -   74 Stock option expense   -   -   576   -   -   576   -   576 Share repurchases   (5)   -   -   (2)   -   (7)   -   (7) Excess of proceeds from partial sale of a subsidiary   -   -   -   5,099   1,178   6,277   (6,277)   - Contribution of non-controlling shareholders   -   -   -   -   -   -   18,205   18,205 Balance as at September 30, 2012   222,827   14,379   6,682   143,245   (74,082)   313,051   16,982   330,033                                                               Nine-month period ended September 30                                 2011     Equity attributable to shareholders         (in thousands of Canadian dollars) (unaudited)   Capital stock   Equity component of convertible debentures   Contributed surplus   Retained earnings   Other comprehensive loss   Total   Non- controlling interests   Total equity Balance as at January 1, 2011   222,853   14,488   5,028   141,693   (24,705)   359,357   8,332   367,689                                   Net loss   -   -   -   (5,304)   -   (5,304)   (761)   (6,065) Other comprehensive loss   -   -   -   -   (18,109)   (18,109)   (75)   (18,184) Comprehensive loss   -   -   -   (5,304)   (18,109)   (23,413)   (836)   (24,249)                                   Conversion of convertible debentures   250   -   -   -   -   250   -   250 Share repurchases   (352)   -   -   (75)   -   (427)   -   (427) Stock option expense   -   -   850   -   -   850   -   850 Other   -   (109)   -   -   -   (109)   -   (109) Balance as at September 30, 2011   222,751   14,379   5,878   136,314   (42,814)   336,508   7,496   344,004 Consolidated Statements of Cash Flows     Three-month periods ended September 30   Nine-month periods ended September 30 (in thousands of Canadian dollars) (unaudited)   2012 2011   2012 2011 Net loss attributable to shareholders of Boralex   (7,601) (7,208)   (6,353) (5,304) Less: Net earnings (loss) from discontinued operations   566 (893)   3,025 838 Net loss from continuing operations attributable to shareholders of Boralex   (8,167) (6,315)   (9,378) (6,142) Financing costs   12,440 12,537   36,639 37,024 Interest paid   (9,764) (9,060)   (33,091) (33,776) Income tax recovery   (3,494) (4,011)   (3,456) (3,588) Income taxes paid   (176) (1,469)   (2,369) (4,298) Non-cash items in loss:               Unrealized foreign exchange loss on intercompany advances   - (2,899)   - (1,324)   Amortization   15,119 14,214   43,009 43,250   Loss (gain) on sale of assets   971 -   971 (2,377)   Gain on sale of assets to the Joint Venture   - (582)   - (582)   Impairment of property, plant and equipment and intangible assets   - 6,503   823 6,503   Net loss on financial instruments   14 68   499 474   Share in earnings of the Joint Venture   (3) -   (20) -   Other   (442) 586   63 1,462     6,498 9,572   33,690 36,626 Change in non-cash items related to operating activities   (3,474) 4,561   17,139 24,973 NET CASH FLOWS RELATED TO OPERATING ACTIVITIES   3,024 14,133   50,829 61,599               Business acquisitions   - (700)   (39,080) (700) Additions to property, plant and equipment   (2,990) (6,159)   (5,533) (28,902) Additions to other intangible assets   (588) -   (2,148) - Change in restricted cash   6,453 -   18,081 14,647 Increase in interest in the Joint Venture   (6,452) (8,164)   (17,735) (10,376) Development projects   (1,588) (532)   (3,244) (1,181) Proceeds from sale of assets   - -   8,763 2,050 Other   14 234   110 500 NET CASH FLOWS RELATED TO INVESTING ACTIVITIES   (5,151) (15,321)   (40,786) (23,962)               Decrease in bank loans and overdraft   - -   - (201) Net increase in non-current debt   - (67)   - 33,186 Repayments on non-current debt   (9,299) (9,311)   (23,966) (42,427) Contribution of non-controlling interests   82 -   18,206 - Other   46 (427)   (2) (427) NET CASH FLOWS RELATED TO FINANCING ACTIVITIES   (9,171) (9,805)   (5,762) (9,869) Cash related to discontinued operations   568 3,457   (6,404) 11,061 TRANSLATION ADJUSTMENT ON CASH AND CASH EQUIVALENTS   (1,889) 1,867   (2,085) 1,589 NET CHANGE IN CASH AND CASH EQUIVALENTS   (12,619) (5,669)   (4,208) 40,418 CASH AND CASH EQUIVALENTS - BEGINNING OF PERIOD   153,114 138,737   144,703 92,650 CASH AND CASH EQUIVALENTS - END OF PERIOD   140,495 133,068   140,495 133,068 Segmented Information The Corporation's power stations are grouped into four distinct operating segments?wind, hydroelectric, thermal and solar power. The Corporation operates under one reportable segment: power generation. The classification of these segments is based on the different cost structures relating to each of the four types of power stations. The same accounting rules are used for segmented information as for the consolidated accounts. The operating segments are presented according to the same criteria used to prepare the internal report submitted to the segment leader who allocates resources and assesses operating segment performance. The President and Chief Executive Officer is considered the segment leader, who assesses segment performance based on production of electricity, revenues from energy sales, EBITDA and cash flows from operations. EBITDA does not have a standardized meaning under IFRS; accordingly, it may not be comparable to similarly named measures used by other companies. Investors should not view EBITDA as an alternative measure to, for example, net earnings (loss), or as a measure of operating results, which are IFRS measures. EBITDA is reconciled to the most comparable IFRS measure, namely, net loss attributable to shareholders of Boralex, in the following table:     Three-month periods ended September 30   Nine-month periods ended September 30 (in thousands of Canadian dollars) (unaudited)   2012 2011   2012 2011 Net loss attributable to shareholders of Boralex   (7,601) (7,208)   (6,353) (5,304) Net loss (earnings) from discontinued operations   (566) 893   (3,025) (838) Non-controlling shareholders   (632) (333)   (783) (761) Income tax recovery   (3,494) (4,011)   (3,456) (3,588) Net loss on financial instruments   14 68   499 474 Foreign exchange loss (gain)   (25) (5,393)   106 (3,346) Financing costs   12,440 12,537   36,639 37,024 Impairment of property, plant and equipment and intangible assets   - 6,503   823 6,503 Other losses (gains)   971 (582)   971 (2,959) Amortization   15,119 14,214   43,009 43,250 EBITDA   16,226 16,688   68,430 70,455 Cash flows from operations are equal to net cash flows related to operating activities before change in non-cash items related to operating activities. Management uses this measure to assess cash flows generated by the Corporation's operations and its capacity to finance its expansion through those funds. Investors should not consider cash flows from operations as an alternative measure to cash flows related to operating activities, which is an IFRS measure. Cash flows from operations are reconciled to the most comparable IFRS measure, namely, net cash flows related to operating activities, in the following table:     Three-month periods ended September 30   Nine-month periods ended September 30 (in thousands of Canadian dollars) (unaudited)   2012 2011   2012 2011 Net cash flows related to operating activities   3,024 14,133   50,829 61,599 Less : Change in non-cash items related to operating activities   (3,474) 4,561   17,139 24,973               CASH FLOWS FROM OPERATIONS   6,498 9,572   33,690 36,626 The two following tables reconcile EBITDA and the net loss attributable to shareholders of Boralex as reported in the financial statements with adjusted EBITDA and adjusted net loss:     Three-month periods ended September 30   Nine-month periods ended September 30 (in thousands of Canadian dollars) (unaudited)   2012 2011   2012 2011 EBITDA   16,226 16,688   68,430 70,455 Specific items :               Professional fees incurred in connection with acquisitions in France   711 -    1,543 -   Retroactive adjustment to taxed on water rights of U.S. hydroelectric power stations   (3,957) -   (3,957) - ADJUSTED EBITDA   12,980 16,688   66,016 70,455                                       Three-month periods ended September 30   Nine-month periods ended September 30 (in thousands of Canadian dollars) (unaudited)   2012 2011   2012 2011 Net loss attributable to shareholders of Boralex   (7,601) (7,208)   (6,353) (5,304) Net loss (earnings) from discontinued operations   (566) 893   (3,025) (838) Specific items* :               Other losses (gains)   680 (407)   680 (2,071)   Impairment of property, plant and equipment and intangible assets   - 4,552   492            4,552   Professional fees incurred in connection with acquisitions in France   477 -   1,034 -   Retroactive adjustment to taxed on water rights of U.S. hydroelectric power stations   (2,374) -   (2,374) -                 ADJUSTED NET LOSS   (9,384) (2,170)   (9,546) (3,661) * Net of income taxes Information by Operating Segment     Three-month periods ended September 30   Nine-month periods ended September 30 (in thousands of Canadian dollars) (unaudited)   2012 2011   2012 2011 Power production (MWh)             Wind power stations   110,343 94,840   421,584 371,771 Hydroelectric power stations   86,472 148,596   408,441 507,091 Thermal power stations   83,815 92,423   244,119 355,608 Solar power station   2,056 1,942   5,325 2,210     282,686 337,801   1,079,469 1,236,680 Revenues from energy sales             Wind power stations   12,540 11,328   49,531 44,794 Hydroelectric power stations   7,456 11,615   33,887 40,337 Thermal power stations   12,173 12,368   43,701 51,391 Solar power station   852 887   2,258 1,011     33,021 36,198   129,377 137,533 EBITDA             Wind power stations   9,563 8,160   39,622 35,217 Hydroelectric power stations   7,510 8,513   27,211 30,237 Thermal power stations   2,408 2,928   11,957 16,538 Solar power station   770 810   1,988 931 Corporate and eliminations   (4,025) (3,723)   (12,348) (12,468)     16,226 16,688   68,430 70,455 Additions to property, plant and equipment             Wind power stations   1,417 3,362   2,037 12,094 Hydroelectric power stations   830 908   1,367 1,239 Thermal power stations   241 1,534   307 3,481 Solar power station   24 112   720 11,545 Corporate and eliminations   478 243   1,102 543     2,990 6,159   5,533 28,902               (in thousands of Canadian dollars) (unaudited)         As at September 30, 2012 As at December 31, 2011 Total assets             Wind power stations         557,936 528,521 Hydroelectric power stations         360,420 366,099 Thermal power stations         87,943 101,683 Solar power station         20,305 23,586 Corporate         165,343 156,966           1,191,947 1,176,855 Total liabilities             Wind power stations         420,032 392,611 Hydroelectric power stations         137,378 143,439 Thermal power stations         27,113 29,581 Solar power station         16,112 21,043 Corporate         261,279 261,303           861,914 847,977 Information by Geographic Segment     Three-month periods ended September 30   Nine-month periods ended September 30 (in thousands of Canadian dollars) (unaudited)   2012 2011   2012 2011 Power production (MWh)             Canada   155,518 186,271   547,573 670,834 United States   43,384 86,194   242,853 328,673 France   83,784 65,336   289,043 237,173     282,686 337,801   1,079,469 1,236,680 Revenues from energy sales             Canada   17,267 18,746   67,735 75,560 United States   3,515 6,427   18,415 24,620 France   12,239 11,025   43,227 37,353     33,021 36,198   129,377 137,533 EBITDA             Canada   5,014 5,643   30,464 32,111 United States   5,071 5,201   16,323 19,194 France   6,141 5,844   21,643 19,150     16,226 16,688   68,430 70,455 Additions to property, plant and equipment             Canada   1,695 4,955   2,821 13,378 United States   77 207   162 502 France   1,218 997   2,550 15,022     2,990 6,159   5,533 28,902               (in thousands of Canadian dollars) (unaudited)         As at September 30, 2012 As at December 31, 2011 Total assets             Canada         642,751 679,354 United States         192,866 209,003 France         356,330 288,498           1,191,947 1,176,855 Non-current assets             Canada         537,276 543,319 United States         145,596 156,631 France         332,169 255,496           1,015,041 955,446 Total liabilities             Canada         480,013 483,731 United States         107,742 122,827 France         274,159 241,419           861,914 847,977   SOURCE BORALEX INC.For further information: <p> </p> <p> <b>Media</b><br/> Andréan Gagné<br/> Advisor, Communications<br/> Boralex514-985-1353<br/> <a href="mailto:andrean.gagne@boralex.com" cr="true">andrean.gagne@boralex.com</a> </p> <p> <b>Investors</b><br/> Marc Jasmin<br/> Boralex<br/> 514-284-9868<br/> <a href="mailto:marc.jasmin@boralex.com" cr="true">marc.jasmin@boralex.com</a><br/> <br/> </p>