Montréal (Québec), August 6,
2003 - For the quarter ended June 30, 2003, Boralex
Power Income Fund (the “Fund”) generated
revenue of $14.9 million compared to revenue of
$14.3 million for the same quarter of last year.
Earnings before amortization, depreciation and
financial expenses (“EBITDA”) amounted
to $6.7 million versus $7.1 million for the second
quarter of 2002, which includes an amount of $0.5
million recorded as compensation from Boralex
Inc. for the start-up period of the Senneterre
power station. Net earnings totalled $3.5 million
or $0.09 per trust unit, compared to net earnings
of $4.2 million or $0.10 per trust unit a year
earlier.
For the six month period ended June 30, 2003,
the Fund’s revenue totalled $35.3 million
as opposed to $22.6 million for the period from
February 20 to June 30, 2002. EBITDA for the six
month period ended June 30, 2003, reached $17.5
million compared to $12.7 million for the period
from February 20 to June 30, 2002, which includes
an amount of $1.5 million recorded as compensation
from Boralex Inc. for the start-up period of the
Senneterre power station. Net earnings for the
six month period ended June 30, 2003 were $11.0
million or $0.27 per trust unit versus net earnings
of $8.6 million or $0.21 per trust unit for the
period from February 20 to June 30, 2002.
Second-quarter distributions to unitholders remained
steady compared to last year at $8.9 million or
$0.22 per trust unit. As at June 30, 2003, the
balance in the reserve accounts was $12.04 million,
including $1.0 million in the major maintenance
reserve account.
On July 9, 2003, the Fund announced that definitive
agreements had been signed with respect to the
acquisition of two hydroelectric power stations
with a total installed capacity of nearly 60 MW,
located in the State of New York, U.S., for a
consideration of US$177.3 million (approximately
C$240.0 million). This transaction is subject
to customary closing conditions including regulatory
approvals and is expected to close on or before
October 31, 2003.
In light of the fact that the Fund’s revenues
and fuel costs are contracted for on a long-term
basis, and assuming normal hydrological conditions
for the remainder of the year, the Fund expects
that its operations will perform according to
plan for the rest of the year and provide unitholders
with the expected level of distributions.
Boralex Power Income Fund is an unincorporated
open-ended trust that indirectly owns eight power
generating stations located in the province of
Québec producing energy from different
sources including wood-residue or natural gas-fired
thermal and cogenerating facilities as well as
hydroelectric power stations. In total, these
power stations have an installed capacity of 131.0
MW. The Fund’s units are listed for trading
on The Toronto Stock Exchange under the symbol
BPT.UN.
Click
here to consult the Boralex Power Income Fund
Second Quarter Financial Results
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