TransAlta Renewables Reports Third Quarter 2016 Results
(firmenpresse) - CALGARY, ALBERTA -- (Marketwired) -- 10/31/16 -- TransAlta Renewables Inc. ("TransAlta Renewables" or the "Company") (TSX: RNW) today reported third quarter 2016 comparable EBITDA(1) of $83 million, an increase of $24 million over the same period in 2015, primarily due to the acquisition of economic interests the Canadian Assets which occurred in January 2016. Comparable cash available for distribution(1) ("Comparable CAFD") totaled $55 million, an increase of $27 million in the quarter compared to the same period last year.
Year-to-date, comparable EBITDA was $286 million and comparable CAFD was $176 million compared to $167 million and $99 million, respectively, for the same period in 2015. The increase is mostly due to the addition of economic interest in the Australian and Canadian assets over the last 18 months.
Today, the Company also declared monthly dividends of $0.07333 per share for holders of record on December 1, 2016, January 1, 2017, February 1, 2017, and March 1, 2017 payable on each of December 30, 2016, January 31, 2017, February 28, 2017 and March 31, 2017, respectively.
"The Company delivered another solid quarter bolstered by strong performance from Canadian Wind. The Canadian Assets acquired earlier this year have delivered results in line with our expectations and we are well positioned to deliver against the guidance we provided for 2016," said Brett Gellner, President of the Company
We continue to advance the construction of the South Hedland facility. The bulk of major equipment has arrived at site. Installation of the new fuel gas interconnection and high voltage works progressed with the connection and energization of the new generator transformer. The first fire on natural gas was achieved and procuring and manufacturing activities are coming to a close. We continue to expect the project to be delivered on schedule and on budget in mid-2017.
The following table depicts key financial results and statistical operating data:
Third Quarter 2016 Highlights
The decrease in net earnings (loss) attributable to common shareholders, for the three and nine months ended September 30, 2016, was caused by the change in fair value of Class B shares issued to TransAlta resulting from the increase in our share price. These Class B shares will convert to a fixed number of common shares, subject to construction cost adjustment when the South Hedland project is operational.
The following tables provide further detail on the allocation of the comparable EBITDA between owned assets and assets in which TransAlta Renewables holds an economic interest; as well as a reconciliation to AFFO.
The complete copy of TransAlta Renewables'' third quarter report which includes the MD&A and unaudited financial statements is available through TransAlta Renewables'' website at or at SEDAR at .
About TransAlta Renewables Inc.
TransAlta Renewables is among the largest of any publicly traded renewable independent power producers ("IPP") in Canada. Our asset platform and economic interests are diversified in terms of geography, generation and counterparties and consist of interests in 18 wind facilities, 13 hydroelectric facilities, eight natural gas generation facilities (including one currently under construction) and one natural gas pipeline, representing an ownership interest of 2,441 MW of net generating capacity, located in the provinces of British Columbia, Alberta, Ontario, Quebec, New Brunswick, the State of Wyoming and the State of Western Australia. Our objectives are to (i) provide stable, consistent returns for investors through the ownership of, and investment in, highly contracted renewable and natural gas power generation and other infrastructure assets that provide stable cash flow primarily through long-term contracts with strong counterparties; (ii) pursue and capitalize on strategic growth opportunities in the renewable and natural gas power generation and other infrastructure sectors; (iii) maintain diversity in terms of geography, generation and counterparties; and (iv) pay out 80 to 85 per cent of cash available for distribution to the shareholders of the Company on an annual basis.
Cautionary Statement Regarding Forward Looking Information
This news release contains forward looking statements, including statements regarding the business and anticipated financial performance of the Company that are based on the Company''s current expectations, estimates, projections and assumptions in light of its experience and its perception of historical trends. In some cases, forward-looking statements can be identified by terminology such as "plans", "expects", "proposed", "will", "anticipates", "develop", "continue", and similar expressions suggesting future events or future performance. In particular, this news release contains forward-looking statements pertaining to, without limitation, the following: the ability of the Company to deliver against the guidance provided for 2016; and the timing and cost associated with the commissioning of the South Hedland facility. These forward-looking statements are not historical facts but reflect the Company''s current expectations concerning future plans, actions and results. These statements are subject to a number of risks and uncertainties that could cause actual plans, actions and results to differ materially from current expectations including, but not limited to: changes in tax, environmental, and other laws and regulations; competitive factors in the renewable power industry; operational breakdowns, failures, or other disruptions; changes in economic and market conditions; and other risks and uncertainties discussed in the Company''s materials filed with the Canadian securities regulatory authorities from time to time and as also set forth in the Company''s MD&A and Annual Information Form for the year ended December 31, 2015. Readers are cautioned not to place undue reliance on these forward-looking statements, which reflect the Company''s expectations only as of the date of this news release. The Company disclaims any intention or obligation to update or revise these forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.
Note: All financial figures are in Canadian dollars unless noted otherwise.
Contacts:
Investor Inquiries:
Jaeson Jaman
Manager, Investor Relations
Phone: 1-800-387-3598 in Canada and U.S.
Email:
Media Inquiries:
Stacey Hatcher
Manager, Communications
Toll-free media number: 1-855-255-9184
Email:
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Datum: 31.10.2016 - 15:10 Uhr
Sprache: Deutsch
News-ID 1466970
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