Montréal (Québec), May 6, 2003
– For the first quarter ended March 31,
2003, Boralex Power Income Fund (the ”Fund”)
generated revenue of $20.4 million, as compared
to $8.3 million for the period from February 20
to March 31, 2002. For the quarter ended March
31, 2003, the net income was $7.5 million or $0.18
per trust unit, as compared to $4.4 million, or
$0.11 per trust unit, for the period from February
20, 2002, to March 31, 2002. This increase is
due to revenue being generated for the full three
months of the quarter in 2003, versus a period
of 40 days in 2002. Results for the quarter ended
March 31, 2003, were affected by poor hydrological
conditions, necessitating the use of $1.2 million
from the reserve account allocated for hydrological
fluctuations. On the other hand, the selling price
of steam from the Kingsey Falls power station
was higher than anticipated due to the increase
in the price of oil, which is factored into steam
prices. In the wood-residue sector, the efficiency
and the operating costs of the Senneterre power
station were affected by the intense cold weather
in Abitibi-Temiscamingue during January and February.
However, it significantly improved its productivity
during the quarter.
For the quarter ended March 31, 2003, the Fund
posted EBITDA of $10.8 million as compared to
$5.6 million, for the period from February 20
to March 31, 2002.
Distributions paid to unitholders totaled $8.9
million or $0.22 per trust unit, for the quarter
ended March 31, 2003, as compared to $1.0 million,
or $0.02 per trust unit, for the period from February
20 to March 31, 2002. As at March 31, 2003, the
balance in the reserve accounts was $5.6. million,
of which $0.8 million is for major maintenance
costs. Following the adjustment of $14.3 million
for the price of the Senneterre power station,
received from Boralex Inc. in April 2003, the
reserve accounts now total approximately $19.0
million.
In light of the fact that the Fund’s revenues
and fuel costs are contracted for on a long term
basis and assuming a return to normal hydrological
conditions, 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 and operates
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.
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