Attached files
| file | filename |
|---|---|
| 8-K - 8-K - ATLANTIC POWER CORP | a14-5177_28k.htm |
Exhibit 99.1
Atlantic Power
Historical Financials
|
|
|
2012 |
|
2013 |
|
YTD 30-Sep |
|
LTM Sep- |
| ||||||||||||
|
USDmm (unless otherwise stated) |
|
Q1-2012 |
|
Q2-2012 |
|
Q3-2012 |
|
Q4-2012 |
|
Q1-2013 |
|
Q2-2013 |
|
Q3-2013 |
|
2012 |
|
2013 |
|
2013 |
|
|
Total Revenue |
|
118 |
|
111 |
|
91 |
|
114 |
|
122 |
|
113 |
|
115 |
|
321 |
|
351 |
|
465 |
|
|
Cost of Fuel |
|
(45 |
) |
(39 |
) |
(35 |
) |
(66 |
) |
(51 |
) |
(50 |
) |
(47 |
) |
(119 |
) |
(149 |
) |
(215 |
) |
|
Gross Margin |
|
73 |
|
72 |
|
57 |
|
47 |
|
71 |
|
63 |
|
68 |
|
201 |
|
203 |
|
251 |
|
|
% of sales |
|
61.5 |
% |
64.7 |
% |
62.1 |
% |
41.6 |
% |
58.1 |
% |
55.6 |
% |
59.3 |
% |
62.8 |
% |
57.7 |
% |
53.8 |
% |
|
O&M Expense |
|
(18 |
) |
(31 |
) |
(20 |
) |
(36 |
) |
(19 |
) |
(31 |
) |
(24 |
) |
(69 |
) |
(73 |
) |
(109 |
) |
|
APLP EBITDA |
|
55 |
|
41 |
|
36 |
|
11 |
|
53 |
|
32 |
|
45 |
|
132 |
|
129 |
|
141 |
|
|
% of sales |
|
46.2 |
% |
36.8 |
% |
39.8 |
% |
9.9 |
% |
42.9 |
% |
28.3 |
% |
38.7 |
% |
41.1 |
% |
36.8 |
% |
30.3 |
% |
|
Change in Working Capital |
|
0 |
|
14 |
|
(22 |
) |
31 |
|
1 |
|
(12 |
) |
(2 |
) |
(7 |
) |
(12 |
) |
18 |
|
|
Income Taxes Paid |
|
0 |
|
0 |
|
0 |
|
(6 |
) |
0 |
|
(3 |
) |
(3 |
) |
0 |
|
(6 |
) |
(12 |
) |
|
Capital Expenditures |
|
(5 |
) |
(6 |
) |
(4 |
) |
(5 |
) |
(5 |
) |
(10 |
) |
(7 |
) |
(16 |
) |
(22 |
) |
(27 |
) |
|
Other Adjustments |
|
(4 |
) |
19 |
|
(0 |
) |
8 |
|
6 |
|
8 |
|
(2 |
) |
14 |
|
13 |
|
20 |
|
|
Cash Flow Available for Debt Service |
|
45 |
|
68 |
|
9 |
|
39 |
|
55 |
|
16 |
|
31 |
|
123 |
|
102 |
|
140 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Summary Balance Sheet |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash & Equivalents |
|
60 |
|
27 |
|
14 |
|
11 |
|
14 |
|
16 |
|
29 |
|
14 |
|
29 |
|
29 |
|
|
Senior Unsecured Notes, due Jun-2036 |
|
211 |
|
206 |
|
215 |
|
211 |
|
207 |
|
200 |
|
203 |
|
215 |
|
203 |
|
203 |
|
|
Senior Unsecured Notes, due Jul-2014 (Curtis Palmer) |
|
190 |
|
190 |
|
191 |
|
190 |
|
190 |
|
190 |
|
190 |
|
191 |
|
190 |
|
190 |
|
|
Senior Unsecured Notes, due Aug-2015 (USGP) |
|
150 |
|
150 |
|
150 |
|
150 |
|
150 |
|
150 |
|
150 |
|
150 |
|
150 |
|
150 |
|
|
Senior Unsecured Notes, due Aug-2017 (USGP) |
|
75 |
|
75 |
|
76 |
|
75 |
|
75 |
|
75 |
|
75 |
|
76 |
|
75 |
|
75 |
|
|
RCF due 2012 |
|
0 |
|
0 |
|
0 |
|
0 |
|
0 |
|
0 |
|
0 |
|
0 |
|
0 |
|
0 |
|
|
Total Debt |
|
625 |
|
621 |
|
632 |
|
626 |
|
622 |
|
615 |
|
619 |
|
632 |
|
619 |
|
619 |
|
|
Net Debt |
|
566 |
|
594 |
|
617 |
|
615 |
|
608 |
|
599 |
|
590 |
|
617 |
|
590 |
|
590 |
|
1. Revenue: APLP’s revenue is impacted by weather-related seasonality. Revenues are generally higher in the first and fourth quarters due to increased waste heat availability. The second and third quarters may vary by generation at APLP’s hydro facilities because of variations in precipitation and/or snow melt. For example, there was a decrease in Q3-2012 because of lower water levels at our Curtis Palmer and Mamquam hydro facilities. Further, there was a decrease in Q2-2013 because of dry weather.
2. Cost of Fuel: Non-cash adjustments for the reclassification of accumulated other comprehensive income to fuel expense related to fuel contracts accounted for as hedges were recorded in the fourth quarter of 2012.
3. O&M Expense: O&M expense fluctuates from quarter-to-quarter primarily due to the timing of maintenance outages. These maintenance costs are typically expensed whereas the cost of major overhauls are capitalized on an IFRS basis.
4. Change in Working Capital: Working capital fluctuates primarily due to the timing of collections of accounts receivable and payments of accounts payable and other accrued liabilities.
5. Capital Expenditure: The increase in capex in Q2-2013 and Q3-2013 is largely driven by the cost of replacing the Curtis 4 generating units referred to in the CIM dated 01-Feb-2014.
6. Other Adjustments: Other adjustments generally include one time cash related items such as asset sales proceeds or transaction related costs.