Montreal, February 17, 2004 - Boralex Power
Income Fund (the "Fund") announces that
for the quarter ended December 31, 2003, revenue
totaled $30.7 million, compared to $15.3 million
for the same quarter in 2002. Earnings before
amortization, depreciation, financial expenses
and income taxes ("EBITDA") amounted
to $20.2 million, versus $6.5 million for the
same quarter in 2002. Net earnings totaled $10.1
million or $0.17 per trust unit, compared to net
earnings of $3.2 million or $0.08 per trust unit
a year earlier. This sharp increase in earnings
is mainly due to the performance of two U.S. hydroelectric
power stations acquired on September 30, 2003
and the improved productivity for the majority
of the Fund's power stations during the quarter.
Second-quarter distributions to unitholders over
the fourth quarter of 2003 rose to $15.9 million,
compared to $8.9 million for the same period in
2002. Note that at October 22, 2003, the Fund
announced an increase of approximately 3% over
the previous distributions, on account of the
acquisition of two hydroelectric power stations
in the United States, raising the distribution
per unit from $0.072 to $0.075. Fourth-quarter
distributions paid to unitholders were $0.27 per
trust unit, as opposed to $0.22 in 2002.
For the twelve-month period ended December 31,
2003, revenue totaled $80.9 million, compared
to $51.1 million for the ten-month period ended
on December 31, 2002. Consequently, EBITDA rose
to $44.2 million in 2003, a 74% increase over
EBITDA of $25.4 million the previous year. Finally,
net earnings stood at $24.7 million in 2003 or
$0.55 per trust unit, versus $14.9 million or
$0.37 per trust unit for year 2002.
Besides the fact that the financial year ended
the December 31, 2003, included two additional
months compared to the financial year ended the
December 31, 2002, the increase in earnings is
attributable to the excellent contributions of
the hydroelectric sector, which benefited from
above-average hydrological conditions, and a marked
improvement in the Senneterre power station's
results during the last three quarters of 2003.
The gas cogeneration sector, for its part, benefited
from higher steam prices, which were influenced
in turn by oil prices.
During fiscal 2003, the Fund paid out distributions
of $42.5 million to unitholders, compared to $27.6
million in 2002. As at December 31, 2003, the
cash and cash equivalents reserved for general
purposes and major maintenance held a total of
$27.6 million, compared to $6.5 million in 2002.
The Fund's strong financial position, coupled
with its recent geographical and production diversification,
will continue to support the attainment of its
primary objective of generating stable, sustainable
distributions to unitholders.
Boralex Power Income Fund is an unincorporated
open-ended trust that indirectly owns ten power
generating stations located in the province of
Québec and the United States 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 close to 191.0 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 Funds
Fourth Quarter Income
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