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Boralex Q4 energy sales revenues $51.9 million

Staff writer |
Boralex announces itd financial results for the fourth quarter and fiscal year ended December 31, 2013. For Q4, revenues from energy sales calculated on a proportionate consolidation basis totalled $51.9 million, compared with $52.1 million for the same period last year.

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For the fiscal year, those revenues were down 5.5% to $171.4 million in 2013 from $181.4 million in 2012. Excluding the impact of the November 2012 shutdown of the Kingsey Falls power station, those revenues for the fourth quarter and fiscal year were up 10% and 13%, respectively, from the same periods a year earlier.

Fourth-quarter EBITDA rose 5% to $31.4 million in 2013 from $29.9 million year over year. For the year ended December 31, 2013, EBITDA climbed 3.7% to $101.8 million compared with 2012. Reflecting this growth, fourth-quarter EBITDA margin increased to 60.5% in 2013 from 57.4% in 2012.

For the fiscal year, EBIDTA margin widened to 59.4% in 2013 from 54.1% in 2012. Excluding the impact of the shutdown of the ingsey Falls power station, EBITDA for the fourth quarter and fiscal year was up 9% and 15%, respectively, from the same periods a year earlier.

These favourable results were primarily driven by the June 2012 acquisition of St-Patrick wind farm in France, and the commissioning in December 2013 of phase I of the Seigneurie de Beaupré Wind Farms in Canada. Those facilities offset the impact of the Kingsey Falls closure, while favourably positioning Boralex for growth. The Corporation ended the fiscal year with $128 million in cash, which allows it to pursue its growth strategy. ■


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