Boralex announces its second-quarter results
MONTREAL, Aug. 8, 2012 /PRNewswire/ – Boralex Inc. (“Boralex” or the
“Corporation”) (TSX: BLX) announces its results for the second quarter
of 2012, historically amongst its weakest due to seasonal factors. The
results for the three-month period ended June 30, 2012 point to a
quarter mainly affected by sluggish water flow conditions in the United
States. The second quarter also saw a series of transactions in the
wind and hydroelectric power segments, prompted by the Corporation’s
strategic choices, set to sustain its growth over the next few years.
Together, the projects announced during the first half of fiscal 2012
will increase Boralex’s capacity by 195 MW. Fully covered by long-term
fixed-price contracts, these acquisitions will significantly boost
production at Boralex, with an initial contribution in fiscal 2013.
GROWTH STRATEGY
Since the beginning of fiscal 2012, the cash position of Boralex enables
the Corporation to invest massively in the wind power and hydroelectric
segments in Canada and France. A series of transactions began in March
2012 with the wind power supply contract secured for 50 MW of capacity
under a project to be built in the Témiscouata area of Québec. More
recently, the acquisition in June of a 34.5 MW wind farm in operation
in France – the St-Patrick wind farm – started contributing to the
Corporation’s results as of July 2012. Boralex also acquired four wind
power development projects in France, totalling 88 MW. These four
projects are slated for commercial commissioning in the second half of
fiscal 2013. All of the assets acquired in France are covered by
long-term sales contracts with Électricité de France. In addition, the
Corporation entered into a five-year agreement with an independent
French corporation to secure options to purchase 130 MW in additional
wind power projects currently under development. Lastly, Boralex
announced late in July 2012 the signing of a letter of agreement to
purchase a 22 MW hydroelectric project in British Columbia, for which
construction work is set to begin shortly.
Work on the first phase of the Seigneurie de Beaupré Wind Farms
(272 MW - net amount of 136 MW for Boralex) resumed in summer and is
progressing on budget and on time. The facilities are still slated for
commissioning in late 2013. For the second phase, the Corporation also
expects to commission approximately 50 MW of additional net wind power
for Boralex by the end of 2015. In light of the foregoing, the
Corporation enthusiastically welcomes the Québec government’s July 20,
2012 announcement of a new request for proposals for 700 MW in wind
power and firmly intends to continue developing the enormous potential
of the Seigneurie de Beaupré site.
According to Boralex President and CEO Patrick Lemaire, this new
injection of capital into wind power and hydroelectric segments
expansion, the cornerstone of Boralex’s growth strategy, demonstrates
the Corporation’s ability to identify and execute projects to meet its
financial performance targets. “We continue to actively explore further
opportunities in both France and Canada. Given the announcement of the
new request for proposals in Québec for 700 MW in additional wind
power, the financing terms for quality projects remain very attractive,
as do other factors, such as the price and quality of the turbines
available. With these favourable conditions, plus our enviable cash
position of $160 million, we are really confident we will be able to
announce other initiatives to drive long-term value creation for our
shareholders,” added Patrick Lemaire.
FINANCIAL HIGHLIGHTS for the second quarter
(In millions of Canadian dollars, except per share data and EBITDA
margins
Three-month periods Six-month periods
ended June 30 ended June 30
2012 2011 2012 2011
Revenues from energy sales 38.9 44.1 96.4 101.3
AdjustedEBITDA* 19.7 22.5 53.0 53.8
Adjusted EBITDA margin (%) 50.6 51.0 55.0 53.1
Adjusted net loss* (5.5) (3.7) (0.2) (1.5)
Per share (basic) ($) (0.15) (0.10) - (0.04)
Cash flows from operations 5.3 9.6 27.2 27.1
Per share (basic) ($) 0.14 0.25 0.72 0.72
* See the reconciliation tables in the accompanying financial
statements.
During the three-month period ended June 30, 2012, Boralex got a boost
from the solid performance of its wind power segment, particularly in
France where for a third straight quarter, wind conditions were
significantly more favourable than a year ago. The wind power segment
reported 9% growth in earnings before interest, income taxes,
depreciation and amortization (EBITDA), which partially offset lower
profitability in Boralex’s other segments. In particular, the
hydroelectric segment was hit by abnormally poor water flow conditions
in the Northeastern U.S. for the second quarter of the year, trimming
$3.6 million from segment EBIDTA. These atypical weather conditions are
largely the cause of the reduced profitability on a consolidated basis,
with an adjusted EBITDA (see the table in the summary financial
statements) of $19.7 million on revenues of $38.9 million for the
second quarter of 2012, compared with an adjusted EBITDA of
$22.5 million out of $44.1 million for the same period in 2011.
Consolidated adjusted EBITDA margin was relatively flat at 50.6% for
the second quarter of 2012 compared with 51.0% for the same period of
2011. Boralex ended the second quarter with an adjusted net loss
attributable to shareholders of $5.5 million or $0.15 per share (basic
and diluted) compared with $3.7 million or $0.10 per share (basic and
diluted) for the corresponding period a year earlier.
As at June 30, 2012, Boralex reported cash and cash equivalents and
restricted cash totalling $159.8 million or $4.24 per common share
(basic).
About Boralex
Boralex is a power producer whose core business is dedicated to the
development and the operation of renewable energy power stations.
Currently, the Corporation operates an asset base with an installed
capacity of more than 500 MW in Canada, the Northeastern United States
and France. Boralex is also committed under power development projects,
both independently and with Canadian and European partners, to add over
550 MW of power that will be put in service between the middle of 2013
and the end of 2015. With more than 200 employees, Boralex is known for
its diversified expertise and in-depth experience in four power
generation types — wind, hydroelectric, thermal and solar. Boralex’s
shares and convertible debentures are listed on the Toronto Stock
Exchange under the ticker symbols BLX and BLX.DB, respectively. More
information is available at www.boralex.com or www.sedar.com.
Certain statements contained in this press release, including those
regarding future results and performance, are forward-looking
statements based on current expectations. The accuracy of such
statements is subject to a number of risks, uncertainties and
assumptions that may cause actual results to differ materially from
those projected, including, but not limited to, the general impact of
economic conditions, raw material price increases and availability,
currency fluctuations, volatility in electricity selling prices, the
company’s financing capacity, negative changes in general market
conditions and regulations affecting the industry, as well as other
factors listed in the Company’s filings with different securities
commissions.
There can be no assurance as to the materialization of the results,
performance or achievements as expressed or implied by forward-looking
statements. The reader is cautioned not to place undue reliance on such
forward-looking statements. Unless required to do so under applicable
securities legislation, Boralex management does not assume any
obligation to update or revise forward-looking statements to reflect
new information, future events or other changes.
The summarized financial statements included in this press release also
contain certain non-GAAP financial measures. To assess the performance
of its assets and reporting segments, the Corporation uses EBITDA,
EBITDA margin, cash flows from operations, adjusted EBITDA, adjusted
net loss, and cash flows from operations per share as performance
measures, as defined in the accompanying financial statements. These
non-GAAP measures have no standardized meaning under IFRS. As a result,
these measures may not be comparable to similarly named measures used
by other companies.
Consolidated Financial Statements
Consolidated Statements of Financial Position
As at As at
June 30, December 31,
(in thousands of Canadian dollars) (unaudited) 2012 2011
ASSETS
Cash and cash equivalents 153,114 144,703
Restricted cash 6,660 18,288
Trade and other receivables 27,414 50,500
Inventories 4,555 3,573
Available-for-sale financial asset 1,757 2,208
Prepaid expenses 2,931 2,137
CURRENT ASSETS 196,431 221,409
Property, plant and equipment 673,748 643,047
Energy sales contracts 138,895 97,705
Water rights 110,383 111,844
Goodwill 38,063 38,063
Other intangible assets 9,201 5,285
Interest in the Joint Venture 53,288 45,266
Other non-current assets 13,244 14,236
NON-CURRENT ASSETS 1,036,822 955,446
TOTAL ASSETS 1,233,253 1,176,855
LIABILITIES
Trade and other payables 39,729 34,209
Current portion of debt 26,100 26,659
Current income tax liability 919 10,776
Other current financial liabilities 28,168 29,757
CURRENT LIABILITIES 94,916 101,401
Non-current debt 508,053 479,525
Convertible debentures 224,787 223,347
Deferred income tax liability 35,997 26,031
Other non-current financial liabilities 20,691 14,273
Other non-current liabilities 4,764 3,400
NON-CURRENT LIABILITIES 794,292 746,576
TOTAL LIABILITIES 889,208 847,977
EQUITY
Equity attributable to shareholders 324,468 321,764
Non-controlling interests 19,577 7,114
TOTAL EQUITY 344,045 328,878
TOTAL LIABILITIES AND EQUITY 1,233,253 1,176,855
Consolidated Statements of Earnings (Loss)
Three-month periods Six-month periods
ended June 30 ended June 30
(in thousands of 2012
Canadian dollars,
except per share
amounts) (unaudited) 2012 2011 2011
REVENUES
Revenues from energy 96,356
sales 38,905 44,069 101,335
Other income 171 172 322 324
39,076 44,241 96,678 101,659
COSTS AND OTHER
EXPENSES
Operating expenses 14,012 15,705 33,476 37,036
Administrative 5,212 5,213 9,379 9,187
Development 965 785 1,636 1,669
Amortization 13,954 15,186 27,890 29,036
Other gains - - - (2,377)
Impairment of 823
property, plant and
equipment and
intangible assets - - -
34,143 36,889 73,204 74,551
OPERATING INCOME 4,933 7,352 23,474 27,108
Financing costs 12,096 12,511 24,199 24,487
Foreign exchange 131
loss 10 511 2,047
Net loss on 485
financial
instruments 822 93 406
EARNINGS (LOSS) (1,341)
BEFORE THE FOLLOWING
ITEMS (7,995) (5,763) 168
Share in loss (17)
(earnings) of the
Joint Venture 27 - -
Income tax expense 38
(recovery) (1,723) (1,549) 423
NET LOSS FROM (1,362)
CONTINUING
OPERATIONS (6,299) (4,214) (255)
Net earnings (loss) 2,459
from discontinued
operations 134 (1,377) 1,731
NET EARNINGS (LOSS) (6,165) (5,591) 1,097 1,476
NET EARNINGS (LOSS)
ATTRIBUTABLE TO:
Shareholders of 1,248
Boralex (5,901) (5,107) 1,904
Non-controlling (151)
shareholders (264) (484) (428)
NET EARNINGS (LOSS) (6,165) (5,591) 1,097 1,476
NET EARNINGS (LOSS)
ATTRIBUTABLE TO
SHAREHOLDERS OF
BORALEX:
Continuing (1,211)
operations (6,035) (3,730) 173
Discontinued 2,459
operations 134 (1,377) 1,731
(5,901) (5,107) 1,248 1,904
BASIC NET EARNINGS
(LOSS) PER SHARE
ATTRIBUTABLE TO
SHAREHOLDERS OF
BORALEX:
Continuing $ $ $(0.03)
operations (0.16) (0.10) $0.01
Discontinued $ $0.06
operations $0.00 (0.04) $0.04
$ $ $0.03
(0.16) (0.14) $0.05
DILUTED NET EARNINGS
(LOSS) PER SHARE
ATTRIBUTABLE TO
SHAREHOLDERS OF
BORALEX:
Continuing $ $ $(0.03)
operations (0.16) (0.10) $0.00
Discontinued $ $0.06
operations $0.00 (0.04) $0.04
$ $ $0.03
(0.16) (0.14) $0.04
Consolidated Statements of Comprehensive Loss
Three-month periods Six-month periods
ended June 30 ended June 30
(in thousands of
Canadian dollars)
(unaudited) 2012 2011 2012 2011
NET EARNINGS (LOSS) (6,165) (5,591) 1,097 1,476
OTHER COMPREHENSIVE
INCOME (LOSS)
Translation
differences
Unrealized foreign
exchange gain
(loss) on
translation of
financial
statements of
self-sustaining
foreign operations 334 (323) (1,051) 24
Cash flow hedges
Change in fair
value of financial
instruments (7,294) (9,947) (8,842) (8,905)
Hedging items
realized and
recognized in net
earnings (loss) 3,687 1,521 7,826 2,614
Hedging items
realized and
recognized in
statement of
financial position - 78 - 198
Taxes 985 2,613 572 1,925
Cash flow hedges -
Joint Venture
Change in fair
value of financial
instruments (11,112) - (3,350) -
Taxes 2,955 - 891 -
Available-for-sale
financial asset
Change in fair
value of an
available-for-sale
financial asset (387) (954) (451) 424
Items realized and
recognized in net
earnings (loss) - - - (624)
Discontinued
operations - - - (2,021)
Total other
comprehensive loss (10,832) (7,012) (4,405) (6,365)
COMPREHENSIVE LOSS (16,997) (12,603) (3,308) (4,889)
COMPREHENSIVE INCOME
(LOSS) ATTRIBUTABLE
TO:
Shareholders of
Boralex (16,194) (12,064) (2,593) (5,312)
Non-controlling
shareholders (803) (539) (715) 423
COMPREHENSIVE LOSS (16,997) (12,603) (3,308) (4,889)
COMPREHENSIVE INCOME
(LOSS) ATTRIBUTABLE
TO SHAREHOLDERS OF
BORALEX:
Continuing
operations (16,329) (10,687) (5,052) (5,022)
Discontinued
operations 135 (1,377) 2,459 (290)
(16,194) (12,064) (2,593) (5,312)
Consolidated Statements of Changes in Equity
Six-month period
ended June 30
2012
Equity attributable to shareholders
Equity
(in thousands component
of Canadian of Other Non-
dollars) Capital convertible Contributed Retained comprehensive controlling Total
(unaudited) stock debentures surplus earnings loss Total interests equity
Balance as at
January 1, 2012 222,758 14,379 6,106 144,501 (65,980) 321,764 7,114 328,878
Net earnings
(loss) - - - 1,248 - 1,248 (151) 1,097
Other
comprehensive
loss - - - - (3,841) (3,841) (564) (4,405)
Comprehensive
income (loss) - - - 1,248 (3,841) (2,593) (715) (3,308)
Conversion of
convertible
debentures 45 - - - - 45 - 45
Stock option
expense - - 313 - - 313 - 313
Share
repurchases (5) - - (2) - (7) - (7)
Excess of
proceeds from
partial sale of
a subsidiary - - - 4,946 - 4,946 (4,946) -
Contribution of
non-controlling
shareholders - - - - - - 18,124 18,124
Balance as at
June 30, 2012 222,798 14,379 6,419 150,693 (69,821) 324,468 19,577 344,045
Six-month period
ended June 30
2011
Equity attributable to shareholders
Equity
(in thousands component
of Canadian of Other Non-
dollars) Capital convertible Contributed Retained comprehensive controlling Total
(unaudited) stock debentures surplus earnings loss Total interests equity
Balance as at
January 1, 2011 222,853 14,488 5,028 141,693 (24,705) 359,357 8,332 367,689
Net earnings
(loss) - - - 1,904 - 1,904 (428) 1,476
Other
comprehensive
income (loss) - - - - (7,216) (7,216) 851 (6,365)
Comprehensive
income (loss) - - - 1,904 (7,216) (5,312) 423 (4,889)
Conversion of
convertible
debentures 196 - - - - 196 - 196
Stock option
expense - - 584 - - 584 - 584
Other - (109) - - - (109) - (109)
Balance as at
June 30, 2011 223,049 14,379 5,612 143,597 (31,921) 354,716 8,755 363,471
Consolidated Statements of Cash Flows
Three-month periods Six-month periods
ended June 30 ended June 30
(in thousands of Canadian
dollars) (unaudited) 2012 2011 2012 2011
Net earnings (loss) attributable
to shareholders of Boralex (5,901) (5,107) 1,248 1,904
Less: Net earnings (loss) from
discontinued operations 134 (1,377) 2,459 1,731
Net earnings (loss) from
continuing operations
attributable to shareholders of
Boralex (6,035) (3,730) (1,211) 173
Financing costs 12,096 12,511 24,199 24,487
Interest paid (12,973) (12,314) (23,327) (24,716)
Income tax expense (recovery) (1,723) (1,549) 38 423
Income taxes paid (497) (1,388) (2,193) (2,829)
Non-cash items in earnings
(loss):
Unrealized foreign exchange
loss on intercompany advances - 1,575 - 1,575
Amortization 13,954 15,186 27,890 29,036
Other gains - - - (2,377)
Impairment of property, plant
and equipment and intangible
assets - - 823 -
Net loss on financial
instruments 822 93 485 406
Share in loss (earnings) of the
Joint Venture 27 - (17) -
Other (328) (784) 505 876
5,343 9,600 27,192 27,054
Change in non-cash items related
to operating activities 7,922 5,243 20,613 20,412
NET CASH FLOWS RELATED TO
OPERATING ACTIVITIES 13,265 14,843 47,805 47,466
Business acquisitions (39,080) - (39,080) -
Additions to property, plant and
equipment (1,048) (12,245) (2,543) (22,743)
Additions to other intangible
assets (1,560) - (1,560) -
Change in restricted cash 10,868 5,235 11,628 14,647
Increase in interest in the Joint
Venture (9,425) (2,212) (11,283) (2,212)
Development projects (910) (56) (1,656) (649)
Proceeds from sale of assets 8,763 2,050 8,763 2,050
Other 292 219 96 266
NET CASH FLOWS RELATED TO
INVESTING ACTIVITIES (32,100) (7,009) (35,635) (8,641)
Decrease in bank loans and
overdraft - - - (201)
Net increase in non-current debt - 21 516 - 33,253
Repayments on non-current debt (2,591) (21,055) (14,667) (33,116)
Contribution of non-controlling
interests 18,124 - 18,124 -
Other (60) - (48) -
NET CASH FLOWS RELATED TO
FINANCING ACTIVITIES 15,473 461 3,409 (64)
Cash from discontinued operations (1,259) 118 (6,972) 7,604
TRANSLATION DIFFERENCE ON CASH
AND CASH EQUIVALENTS 318 (944) (196) (278)
NET INCREASE IN CASH AND CASH
EQUIVALENTS (4,303) 7,469 8,411 46,087
CASH AND CASH EQUIVALENTS -
BEGINNING OF PERIOD 157,417 131,268 144,703 92,650
CASH AND CASH EQUIVALENTS - END
OF PERIOD 153,114 138,737 153,114 138,737
Segmented Information
The Corporation’s power stations are grouped into four distinct
operating segments–wind, hydroelectric, thermal and solar power. The
Corporation operates under one reportable segment: power generation.
The classification of these operating segments is based on the
different cost structures relating to each of the four types of power
stations. The same accounting rules are used for segmented information
as apply to the consolidated accounts.
The operating segments are presented according to the same criteria used
to prepare the internal report submitted to the chief operating
decision-maker, who allocates resources and assesses operating segment
performance. The chief operating decision-maker is considered to be the
President and Chief Executive Officer, who assesses segment performance
based on production of electricity, revenues from energy sales, EBITDA
and cash flows from operations.
EBITDA does not have a standardized meaning under IFRS; accordingly, it
may not be comparable to similarly named measures used by other
companies. Investors should not view EBITDA as an alternative measure
to, for example, net earnings, or as a measure of operating results,
which are IFRS measures.
EBITDA is reconciled to the most comparable IFRS measure, namely, net
earnings (loss) attributable to shareholders of Boralex, in the
following table:
Three-month periods Six-month periods
ended June 30 ended June 30
(in thousands of Canadian
dollars) (unaudited) 2012 2011 2012 2011
Net earnings (loss) attributable
to shareholders of Boralex (5,901) (5,107) 1,248 1,904
Net earnings (loss) from
discontinued operations (134) 1,377 (2,459) (1,731)
Non-controlling shareholders (264) (484) (151) (428)
Income tax expense (recovery) (1,723) (1,549) 38 423
Net loss on financial instruments 822 93 485 406
Foreign exchange loss 10 511 131 2,047
Financing costs 12,096 12,511 24,199 24,487
Impairment of property, plant and
equipment and intangible assets - - 823 -
Other gains - - - (2,377)
Amortization 13,954 15,186 27,890 29,036
EBITDA 18,860 22,538 52,204 53,767
Cash flows from operations are equal to net cash flows related to
operating activities before change in non-cash items related to
operating activities. Management uses this measure to assess cash flows
generated by the Corporation’s operations and its capacity to finance
its expansion through those funds. Investors should not consider cash
flows from operations as an alternative measure to cash flows related
to operating activities, which is an IFRS measure.
Cash flows from operations are reconciled to the most comparable IFRS
measure, namely, net cash flows related to operating activities, in the
following table:
Three-month periods Six-month periods
ended June 30 ended June 30
(in thousands of Canadian
dollars) (unaudited) 2012 2011 2012 2011
Net cash flows related to
operating activities 13,265 14,843 47,805 47,466
Less :
Change in non-cash items related
to operating activities 7,922 5,243 20,613 20,412
CASH FLOWS FROM OPERATIONS 5,343 9,600 27,192 27,054
The two following tables reconcile EBITDA and the net earnings (loss)
attributable to shareholders of Boralex as reported in the financial
statements with adjusted EBITDA and adjusted net loss:
Three-month periods Six-month periods
ended June 30 ended June 30
(in thousands of Canadian
dollars) (unaudited) 2012 2011 2012 2011
EBITDA 18,860 22,538 52,204 53,767
Specific items :
Professional fees incurred in
connection with acquisitions in
France 832 - 832 -
ADJUSTED EBITDA 19,692 22,538 53,036 53,767
Three-month periods Six-month periods
ended June 30 ended June 30
(in thousands of Canadian
dollars) (unaudited) 2012 2011 2012 2011
Net earnings (loss) attributable
to shareholders of Boralex (5,901) (5,107) 1,248 1,904
Net earnings (loss) from
discontinued operations (134) 1,377 (2,459) (1,731)
Specific items* :
Gain on sale of assets - - - (1,664)
Impairment of property, plant
and equipment and intangible
assets - - 492 -
Professional fees incurred in
connection with acquisitions in
France 557 - 557 -
ADJUSTED NET LOSS (5,478) (3,730) (162) (1,491)
* Net of income taxes
Information by Operating Segment
Three-month periods Six-month periods
ended June 30 ended June 30
(in thousands of Canadian
dollars) (unaudited) 2012 2011 2012 2011
Power production (MWh)*
Wind power stations 138,836 124,362 311,241 276,931
Hydroelectric power
stations 158,874 213,490 321,969 358,495
Thermal power stations 41,981 88,138 160,304 263,185
Solar power station 1,940 268 3,269 268
341,631 426,258 796,783 898,879
Revenues from energy sales
Wind power stations 16,345 15,193 36,991 33,466
Hydroelectric power
stations 12,445 15,990 26,431 28,722
Thermal power stations 9,285 12,762 31,528 39,023
Solar power station 830 124 1,406 124
38,905 44,069 96,356 101,335
EBITDA
Wind power stations 13,082 11,991 30,059 27,057
Hydroelectric power
stations 9,056 12,648 19,701 21,724
Thermal power stations 1,154 2,078 9,549 13,610
Solar power station 723 121 1,218 121
Corporate and eliminations (5,155) (4,300) (8,323) (8,745)
18,860 22,538 52,204 53,767
Additions to property,
plant and equipment
Wind power stations 273 613 620 8,732
Hydroelectric power
stations 348 157 537 331
Thermal power stations - 788 66 1,947
Solar power station 3 10,482 696 11,433
Corporate and eliminations 424 205 624 300
1,048 12,245 2,543 22,743
As at As at
(in thousands of Canadian June 30, December 31,
dollars) (unaudited) 2012 2011
Total assets
Wind power stations 582,345 528,521
Hydroelectric power
stations 368,068 366,099
Thermal power stations 96,962 101,683
Solar power station 20,575 23,586
Corporate 165,303 156,966
1,233,253 1,176,855
Total liabilities
Wind power stations 433,632 392,611
Hydroelectric power
stations 139,333 143,439
Thermal power stations 29,778 29,581
Solar power station 16,510 21,043
Corporate 269,955 261,303
889,208 847,977
Information by Geographic Segment
Three-month periods Six-month periods
ended June 30 ended June 30
(in thousands of Canadian
dollars) (unaudited) 2012 2011 2012 2011
Power production (MWh)*
Canada 165,103 217,816 392,055 484,563
United States 85,996 142,444 199,469 242,479
France 90,532 65,998 205,259 171,837
341,631 426,258 796,783 898,879
Revenues from energy sales
Canada 19,297 23,220 50,468 56,814
United States 6,497 10,407 14,900 18,193
France 13,111 10,442 30,988 26,328
38,905 44,069 96,356 101,335
EBITDA
Canada 8,123 9,377 25,450 26,468
United States 4,605 8,295 11,252 13,993
France 6,132 4,866 15,502 13,306
18,860 22,538 52,204 53,767
Additions to property,
plant and equipment
Canada 761 1,461 1,126 8,423
United States - 125 85 295
France 287 10,659 1,332 14,025
1,048 12,245 2,543 22,743
As at As at
(in thousands of Canadian June 30, December 31,
dollars) (unaudited) 2012 2011
Total assets
Canada 653,487 679,354
United States 197,104 209,003
France 382,662 288,498
1,233,253 1,176,855
Non-current assets
Canada 537,049 543,319
United States 151,253 156,631
France 348,520 255,496
1,036,822 955,446
Total liabilities
Canada 482,226 483,731
United States 111,811 122,827
France 295,171 241,419
889,208 847,977
SOURCE BORALEX INC.
