The Globe and Mail

Go to the Globe and Mail homepage

Jump to main navigationJump to main content

Press release from PR Newswire

2012 - Boralex poised for strong growth

Wednesday, February 20, 2013

2012 - Boralex poised for strong growth07:00 EST Wednesday, February 20, 2013 MONTREAL, Feb. 20, 2013 /PRNewswire/ - Boralex Inc. ("Boralex" or the "Corporation") (TSX: BLX) maintains its EBITDA and improves its EBITDA margin at the close of fiscal 2012 despite a 6.5% decrease in revenues from energy sales. FINANCIAL HIGHLIGHTS (In millions of Canadian dollars, except per share amounts and EBITDA margin)           Three-month periods ended December 31,   Years ended December 31,   2012 2011   2012 2011 Revenues from energy sales 52.1 56.5   181.4 194.0 EBITDA 29.9 30.3   98.4 100.8 EBITDA margin (%) 57.4 53.6   54.2 52.0 Net earnings (loss) 1.2 8.2   (5.1) 2.9   Per share (basic) ($) 0.03 0.22   (0.14) 0.08 Cash flows from operations 14.1 17.6   48.6 54.2   Per share (basic) ($) 0.37 0.47   1.29 1.44 COMPANY'S EXPANSION Fiscal 2012 gave the Corporation the opportunity to transform its asset profile by significantly reducing the weight of its thermal power segment in favour of the wind power segment. With the proceeds from the December 2011 sale of the U.S. thermal power stations, coupled with its capacity to generate cash flows from operations, Boralex carried out a series of strategic acquisitions in fiscal 2012: A power supply contract for a 50 MW wind power project to be commissioned in late 2015 in the Témiscouata RCM in Québec, Canada; The 32 MW La Vallée wind power project in France to be commissioned in late 2013; The St-Patrick wind farm, also in France and already in operation, with 34.5 MW of installed capacity; Three wind power projects: Vron, Fortel-Bonnières and St-François, with a total installed capacity of 56 MW, to be commissioned in France in 2013 and 2014; and A 22 MW hydroelectric project in British Columbia, Canada to be commissioned in 2014. "For Boralex, 2012 was a transition year that saw the weight of our thermal power stations reduced in favour of assets covered by long-term contracts in the wind and hydroelectric power segments," said President and CEO Patrick Lemaire. In 2013, the transformation will be solidified by the commissioning, in particular, of  phase 1 of the Seigneurie de Beaupré wind farms, the largest wind power project ever undertaken by Boralex. This project, whose construction is, to date, within budget and on schedule, will significantly impact the Corporation's results upon its commissioning in late 2013. Boralex remains focused on its strategic growth plan, building on quality assets covered by long-term contracts in the wind and hydroelectric power segments. With projects under development, in which the Corporation owns a net share of 356 MW scheduled for commissioning from 2013 to 2015, plus available cash resources which will be used to develop around 100 MW in additional wind power, Boralex aims to double its annual EBITDA by the end of 2016. ADDITIONAL INFORMATION REGARDING THE YEAR ENDED DECEMBER 31, 2012 EBITDA for the year ended December 31, 2012 amounted to $98.4 million compared with $100.8 million for the year ended December 31, 2011. The Corporation enjoyed higher contributions from the wind and solar power segments, which however did not fully offset lesser performances in the hydroelectric and thermal power segments. The wind power segment's contribution to EBITDA (before corporate and eliminations) for the past fiscal year, grew significantly to 53% in 2012 from 46% in 2011. The segment thus confirmed its importance to the Corporation's EBITDA margin and helped temper the adverse effects of certain extraordinary factors in the thermal power segment. The wind segment's increased contribution in 2012 was driven by the roll-out of the Corporation's strategy, under which Boralex aims to increase the percentage of its assets covered by long-term contractual agreements. This growth also reflects Boralex's ongoing commitment to optimize current operations. In 2012, Boralex continued transforming its thermal power segment: the Dolbeau power station was sold; the agreement with Hydro-Québec, under which the Senneterre power station operated only six months in 2012, remained in place; and in the fourth quarter, operations at the Kingsey Falls cogeneration power station came to an end due to the expiration of its power sales contract with Hydro-Québec. These elements contributed to a 34% decrease in segment production which also was confronted with the higher cost of natural gas at the Kingsey Falls power station. Power output of hydroelectric power stations was down 19% from fiscal 2011, and 9% from historical averages. Overall, these results were partially offset by the  performance of the St-Patrick wind power station in France, acquired late in the second quarter of 2012, as well as by annual indexation under long-term power sales contracts. From a strategic standpoint, due to the sale of thermal segment assets late in 2011 and strong cash flows related to operating activities for the past year, Boralex ended fiscal 2012 with an excellent cash position of $112 million and an asset base nearly entirely covered by long-term contracts. With this solid financial profile, Boralex is in excellent position to pursue solid growth in the coming years. 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 almost 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 approximately 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 earnings (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   As at December 31,   As at December 31, (in thousands of Canadian dollars) (unaudited) 2012   2011 ASSETS       Cash and cash equivalents 107,138   144,703 Restricted cash 5,063   18,288 Trade and other receivables 45,589   50,500 Inventories 4,404   3,573 Available-for-sale financial asset 3,009   2,208 Prepaid expenses 2,137   2,137 CURRENT ASSETS 167,340   221,409         Property, plant and equipment 689,024   643,047 Other intangible assets 253,115   214,834 Goodwill 48,663   38,063 Interest in the Joint Venture 58,994   45,266 Other non-current assets 12,735   14,236 NON-CURRENT ASSETS 1,062,531   955,446 TOTAL ASSETS 1,229,871   1,176,855 LIABILITIES       Trade and other payables 46,945   34,209 Current portion of debt 98,570   26,659 Current income tax liability 1,741   10,776 Other current financial liabilities 25,508   29,757 CURRENT LIABILITIES 172,764   101,401         Non-current debt 423,616   479,525 Convertible debentures 226,299   223,347 Deferred income tax liability 29,514   26,031 Other non-current financial liabilities 24,698   14,273 Other non-current liabilities 10,611   3,400 NON-CURRENT LIABILITIES 714,738   746,576 TOTAL LIABILITIES 887,502   847,977 EQUITY       Equity attributable to shareholders 319,868   321,764 Non-controlling shareholders 22,501   7,114 TOTAL EQUITY 342,369   328,878 TOTAL LIABILITIES AND EQUITY 1,229,871   1,176,855 Consolidated Statements of Earnings (Loss)   Three-month periods ended December 31 Twelve-month periods ended December 31 (in thousands of Canadian dollars, except per share amounts) (unaudited) 2012 2011 2012 2011           REVENUES         Revenues from energy sales 52,063 56,492 181,440 194,025 Other income 2,401 167 2,853 680   54,464 56,659 184,293 194,705           COSTS AND OTHER EXPENSES         Operating expenses 18,614 22,251 66,281 75,423 Administrative 4,664 3,158 16,186 14,853 Development 1,290 799 3,520 3,523 Amortization 15,021 14,583 58,030 57,833 Other losses (gains) ? ? 971 (2,959) Impairment (reversal) of property, plant and equipment and intangible assets ? (5,000) 823 1,503   39,589 35,791 145,811 150,176           OPERATING INCOME 14,875 20,868 38,482 44,529           Financing costs 12,640 12,639 49,279 49,664 Foreign exchange loss (gain) (80) 2,386 26 (961) Net loss (gain) on financial instruments (103) 498 396 972                     EARNINGS (LOSS) BEFORE THE FOLLOWING ITEMS 2,418 5,345 (11,219) (5,146)           Share in earnings (loss) of the Joint Venture (31) 150 (51) 150 Income tax expense (recovery) 1,273 1,277 (2,183) (2,311)                     NET EARNINGS (LOSS) FROM CONTINUING OPERATIONS 1,176 3,918 (8,985) (2,985) Net earnings from discontinued operations 696 4,651 3,721 5,489 NET EARNINGS (LOSS) 1,872 8,569 (5,264) 2,504           NET EARNINGS (LOSS) ATTRIBUTABLE TO:           Shareholders of Boralex 1,238 8,187 (5,115) 2,883   Non-controlling shareholders 634 382 (149) (379) NET EARNINGS (LOSS) 1,872 8,569 (5,264) 2,504           NET EARNINGS (LOSS) ATTRIBUTABLE TO SHAREHOLDERS OF BORALEX:           Continuing operations 542 3,536 (8,836) (2,606)   Discontinued operations 696 4,651 3,721 5,489   1,238 8,187 (5,115) 2,883           NET EARNINGS (LOSS) PER SHARE (BASIC AND DILUTED) ATTRIBUTABLE TO SHAREHOLDERS OF BORALEX:           Continuing operations $0.01 $0.10 $(0.24) $(0.07)   Discontinued operations $0.02 $0.12 $0.10 $0.15   $0.03 $0.22 $(0.14) $0.08 Consolidated Statements of Comprehensive Income (Loss)   Three-month periods ended December 31 Twelve-month periods ended December 31 (in thousands of Canadian dollars) (unaudited) 2012 2011 2012 2011           NET EARNINGS (LOSS) 1,872 8,569 (5,264) 2,504           Other comprehensive income (loss) to be subsequently reclassified to net earnings (loss) when certain conditions are met         Translation differences:           Unrealized foreign exchange gain (loss) on translation of financial statements of self-sustaining foreign operations 4,577 (5,528) (1,352) 4,058 Cash flow hedges:           Change in fair value of financial instruments (3,471) (13,107) (16,931) (53,010)   Hedging items realized and recognized in net earnings (loss) 2,906 2,222 14,526 6,040   Hedging items realized and recognized in statement of financial position ? ? ? 198   Taxes 269 2,397 1,109 13,405 Cash flow hedges - Joint Venture:           Change in fair value of financial instruments 1,807 (13,461) (4,088) (13,461)   Taxes (481) 3,579 1,087 3,579 Available-for-sale financial asset:           Change in fair value of an available-for-sale financial asset 221 (131) (48) (278)   Items realized and recognized in net earnings (loss) ? ? 968 (624) Discontinued operations: ? 99 ? (2,021) Total other comprehensive income (loss) 5,828 (23,930) (4,729) (42,114) COMPREHENSIVE INCOME (LOSS) 7,700 (15,361) (9,993) (39,610)           COMPREHENSIVE INCOME (LOSS) ATTRIBUTABLE TO:           Shareholders of Boralex 6,502 (14,979) (9,131) (38,392)   Non-controlling shareholders 1,198 (382) (862) (1,218) COMPREHENSIVE INCOME (LOSS) 7,700 (15,361) (9,993) (39,610)           COMPREHENSIVE INCOME (LOSS) ATTRIBUTABLE TO SHAREHOLDERS OF BORALEX:           Continuing operations 5,806 (19,729) (12,852) (41,860)   Discontinued operations 696 4,750 3,721 3,468   6,502 (14,979) (9,131) (38,392) Consolidated Statements of Changes in Equity         2012   Equity attributable to shareholders   (in thousands of Canadian dollars) (unaudited) Capital stock   Equity component of convertible debentures   Contributed surplus   Retained earnings   Other comprehensive income (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 ?   ?   ?   (5,115)   ?   (5,115)   (149)   (5,264) Other comprehensive loss ?   ?   ?   ?   (4,016)   (4,016)   (713)   (4,729) Comprehensive loss ?   ?   ?   (5,115)   (4,016)   (9,131)   (862)   (9,993)                                 Conversion of convertible debentures 117   ?   ?   ?   ?   117   ?   117 Share repurchases (5)   ?   ?   (2)   ?   (7)   ?   (7) Stock option expense ?   ?   839   ?   ?   839   ?   839 Excess of proceeds from partial sale of a subsidiary ?   ?   ?   5,108   1,178   6,286   (6,286)   ? Contribution of non-controlling shareholders ?   ?   ?   ?   ?   ?   22,535   22,535 Balance as at December 31, 2012 222,870   14,379   6,945   144,492   (68,818)   319,868   22,501   342,369                                     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 earnings (loss) ?   ?   ?   2,883   ?   2,883   (379)   2,504 Other comprehensive loss ?   ?   ?   ?   (41,275)   (41,275)   (839)   (42,114) Comprehensive income (loss) ?   ?   ?   2,883   (41,275)   (38,392)   (1,218)   (39,610)                                 Conversion of convertible debentures 258   ?   ?   ?   ?   258   ?   258 Share repurchases (353)   ?   ?   (75)   ?   (428)   ?   (428) Stock option expense ?   ?   1,078   ?   ?   1,078   ?   1,078 Other ?   (109)   ?   ?   ?   (109)   ?   (109) Balance as at December 31, 2011 222,758   14,379   6,106   144,501   (65,980)   321,764   7,114   328,878 Consolidated Statements of Cash Flows   Three-month periods ended December 31 Twelve-month periods ended December 31 (in thousands of Canadian dollars) (unaudited) 2012 2011 2012 2011 Net earnings (loss) attributable to shareholders of Boralex 1,238 8,187 (5,115) 2,883 Less: Net earnings from discontinued operations 696 4,651 3,721 5,489 Net earnings (loss) from continuing operations attributable to shareholders of Boralex 542 3,536 (8,836) (2,606) Financing costs 12,640 12,639 49,279 49,664 Interest paid (14,180) (13,358) (47,271) (47,134) Income tax expense (recovery) 1,273 1,277 (2,183) (2,311) Income taxes paid (2,071) (39) (4,440) (4,337) Non-cash items in earnings (loss):           Net loss (gain) on financial instruments (103) 498 396 972   Share in earnings (loss) of the Joint Venture (31) 150 (51) 150   Amortization 15,021 14,583 58,030 57,833   Impairment (reversal) of property, plant and equipment and intangible assets ? (5,000) 823 1,503   Loss (gain) on sale of assets ? ? 971 (2,377)   Gain on sale of assets to the Joint Venture ? ? ? (582)   Other 1,027 3,327 1,897 3,465   14,118 17,613 48,615 54,240 Change in non-cash items related to operating activities (17,551) (13,082) (1,219) 11,891 NET CASH FLOWS RELATED TO OPERATING ACTIVITIES (3,433) 4,531 47,396 66,131           Business acquisitions (24,801) ? (63,881) (700) Additions to property, plant and equipment (4,787) (5,517) (10,320) (34,419) Additions to other intangible assets (402) ? (2,550) ? Change in restricted cash (4,856) (17,011) 13,225 (2,364) Increase in interest in the Joint Venture ? (42,573) (17,735) (52,949) Development projects (178) (439) (3,422) (1,620) Proceeds from sale of asset ? 2,150 8,763 4,200 Insurance proceeds 723 ? 723 ? Other ? (66) 110 434 NET CASH FLOWS RELATED TO INVESTING ACTIVITIES (34,301) (63,456) (75,087) (87,418)           Decrease in bank loans and overdraft ? 6 ? (195) Net increase in non-current debt ? 6,488 ? 39,674 Repayments on non-current debt (3,747) (2,608) (27,713) (45,035) Redemption of financial instruments prior to maturity ? (15,670) ? (15,670) Contribution of non-controlling shareholders 4,307 ? 22,513 ? Other ? (5) (2) (433) NET CASH FLOWS RELATED TO FINANCING ACTIVITIES 560 (11,789) (5,202) (21,659) Cash related to discontinued operations, including proceeds on disposal 2,762 83,709 (3,642) 94,770 TRANSLATION ADJUSTMENT ON CASH AND CASH EQUIVALENTS 1,055 (1,360) (1,030) 229 NET CHANGE IN CASH AND CASH EQUIVALENTS (33,357) 11,635 (37,565) 52,053 CASH AND CASH EQUIVALENTS - BEGINNING OF PERIOD 140,495 133,068 144,703 92,650 CASH AND CASH EQUIVALENTS - END OF PERIOD 107,138 144,703 107,138 144,703 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 and EBITDA. 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 earnings (loss) attributable to shareholders of Boralex, in the following table:   Three-month periods ended December 31 Twelve-month periods ended December 31 (in thousands of Canadian dollars) (unaudited) 2012 2011 2012 2011 Net earnings (loss) attributable to shareholders of Boralex 1,238 8,187 (5,115) 2,883 Net earnings from discontinued operations (696) (4,651) (3,721) (5,489) Non-controlling shareholders 634 382 (149) (379) Income tax expense (recovery) 1,273 1,277 (2,183) (2,311) Net loss (gain) on financial instruments (103) 498 396 972 Foreign exchange loss (gain) (80) 2,386 26 (961) Financing costs 12,640 12,639 49,279 49,664 Impairment (reversal) of property, plant and intangible assets ? (5,000) 823 1,503 Other losses (gains) ? ? 971 (2,959) Amortization 15,021 14,583 58,030 57,833           EBITDA 29,927 30,301 98,357 100,756 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. In light of the seasonal nature of the Corporation's operations and development activities, changes in non-cash items can vary considerably. In addition, development activities result in significant changes in Trade and other payables during the construction period, as well as an initial injection of working capital at project start-up. Accordingly, the Corporation considers it more representative not to integrate changes in non-cash items in this performance measure. 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 December 31 Twelve-month periods ended December 31 (in thousands of Canadian dollars) (unaudited) 2012 2011 2012 2011 Net cash flows related to operating activities (3,433) 4,531 47,396 66,131 Less: Change in non-cash items related to operating activities (17,551) (13,082) (1,219) 11,891           CASH FLOWS FROM OPERATIONS 14,118 17,613 48,615 54,240 The following four tables reconcile hydroelectric and corporate segment EBITDA, consolidated EBITDA and net earnings (loss) attributable to shareholders of Boralex as reported in the financial statements with adjusted EBITDA and adjusted net earnings (loss):   Three-month period ended December 31 Twelve-month periods ended December 31 (in thousands of Canadian dollars) (unaudited) 2012 2011 2012 2011 EBITDA - Hydroelectric segment 9,541 11,386 36,752 41,623 Specific items:           Retroactive adjustment to taxes on water rights of hydroelectric power stations in the U.S. and Canada 717 ? (3,240) ?           ADJUSTED EBITDA - HYDROELECTRIC SEGMENT 10,258 11,386 33,512 41,623             Three-month periods ended December 31 Twelve-month periods ended December 31 (in thousands of Canadian dollars) (unaudited) 2012 2011 2012 2011 EBITDA - Corporate segment (3,902) (4,024) (16,250) (16,492) Specific items:           Professional fees incurred in connection with acquisitions in France and Canada 305 ? 1,848 ?   Other income (1,815) ? (1,815) ?           ADJUSTED EBITDA - CORPORATE SEGMENT (5,412) (4,024) (16,217) (16,492)             Three-month periods ended December 31 Twelve-month periods ended December 31 (in thousands of Canadian dollars) (unaudited) 2012 2011 2012 2011 EBITDA - Consolidated 29,927 30,301 98,357 100,756 Specific items:           Retroactive adjustment to taxes on water rights of hydroelectric power stations in the U.S. and Canada 717 ? (3,240) ?   Professional fees incurred in connection with acquisitions in France and Canada 305 ? 1,848 ?   Other income (1,815) ? (1,815) ?           ADJUSTED EBITDA - CONSOLIDATED 29,134 30,301 95,150 100,756             Three-month periods ended December 31 Twelve-month periods ended December 31 (in thousands of Canadian dollars) (unaudited) 2012 2011 2012 2011 Net earnings (loss) attributable to shareholders of Boralex 1,238 8,187 (5,115) 2,883 Net earnings from discontinued operations (696) (4,651) (3,721) (5,489) Specific items*:           Retroactive adjustment to taxes on water rights of hydroelectric power stations in the U.S. and Canada 977 ? (1,397) ?   Professional fees incurred in connection with acquisitions in France and Canada 212 ? 1,246 ?   Other income (1,271) ? (1,271) ?   Impairment (reversal) of property, plant and equipment and intangible assets ? (3,500) 492 1,052   Other losses (gains) ? ? 680 (2,071)           ADJUSTED NET EARNINGS (LOSS) - CONSOLIDATED 460 36 (9,086) (3,625) * Net of income taxes Information by Operating Segment   Three-month periods ended December 31 Twelve-month periods ended December 31 (in thousands of Canadian dollars) (unaudited) 2012 2011 2012 2011 Power production (MWh)         Wind power stations 210,838 182,810 632,422 554,581 Hydroelectric power stations 164,072 196,522 572,513 703,612 Thermal power stations 66,051 114,225 310,170 469,835 Solar power station 991 1,017 6,316 3,227   441,952 494,574 1,521,421 1,731,255 Revenues from energy sales         Wind power stations 25,124 22,461 74,654 67,255 Hydroelectric power stations 13,860 15,982 47,748 56,319 Thermal power stations 12,654 17,584 56,355 68,975 Solar power station 425 465 2,683 1,476   52,063 56,492 181,440 194,025 EBITDA         Wind power stations 21,363 18,440 60,985 53,657 Hydroelectric power stations 9,541 11,386 36,752 41,623 Thermal power stations 2,601 4,100 14,558 20,638 Solar power station 324 399 2,312 1,330 Corporate and eliminations (3,902) (4,024) (16,250) (16,492)   29,927 30,301 98,357 100,756 Additions to property, plant and equipment         Wind power stations 1,120 197 3,157 12,291 Hydroelectric power stations 2,572 2,479 3,939 3,718 Thermal power stations 116 284 423 3,765 Solar power station ? 1,864 720 13,409 Corporate and eliminations 979 693 2,081 1,236   4,787 5,517 10,320 34,419       As at December 31, As at December 31,       2012 2011 Total assets         Wind power stations     597,237 528,521 Hydroelectric power stations     382,515 366,099 Thermal power stations     84,480 101,683 Solar power station     20,779 23,586 Corporate     144,860 156,966       1,229,871 1,176,855           Total liabilities         Wind power stations     505,713 392,611 Hydroelectric power stations     148,477 143,439 Thermal power stations     26,914 29,581 Solar power station     20,931 21,043 Corporate     185,467 261,303       887,502 847,977 Information by Geographic Segment   Three-month periods ended December 31 Twelve-month periods ended December 31 (in thousands of Canadian dollars) (unaudited) 2012 2011 2012 2011 Power production (MWh)         Canada 181,870 231,018 729,443 901,853 United States 100,441 137,709 343,294 466,381 France 159,641 125,847 448,684 363,021   441,952 494,574 1,521,421 1,731,255 Revenues from energy sales         Canada 21,888 26,844 89,623 102,404 United States 7,960 10,526 26,375 35,145 France 22,215 19,122 65,442 56,476   52,063 56,492 181,440 194,025 EBITDA         Canada 10,319 11,383 40,783 43,494 United States 5,546 7,835 21,869 27,029 France 14,062 11,083 35,705 30,233   29,927 30,301 98,357 100,756 Additions to property, plant and equipment         Canada 3,928 3,091 6,750 16,469 United States 2 167 164 669 France 857 2,259 3,406 17,281   4,787 5,517 10,320 34,419       As at December 31, As at December 31,       2012 2011 Total assets         Canada     642,985 679,354 United States     186,491 209,003 France     400,395 288,498       1,229,871 1,176,855           Non-current assets         Canada     557,013 543,319 United States     145,604 156,631 France     359,914 255,496       1,062,531 955,446           Total liabilities         Canada     481,774 483,731 United States     109,541 122,827 France     296,187 241,419       887,502 847,977     SOURCE BORALEX INC.For further information: <p> </p> <p> <b>Media</b><br/> Patricia Lemaire<br/> Director, Public Affairs and Communications<br/> Boralex Inc.<br/> 514-985-1353<br/> <a href="mailto:patricia.lemaire@boralex.com">patricia.lemaire@boralex.com </a> </p> <p> <b>Investors</b><br/> Marc Jasmin<br/> Boralex Inc.<br/> 514-284-9868<br/> <a href="mailto:marc.jasmin@boralex.com">marc.jasmin@boralex.com</a><br/> </p>