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Acquisitions drive strong Q3 performance for Innergex


Acquisitions drive strong Q3 performance for Innergex

November 14 (Solar) – Innergex Renewable Energy Inc (TSE:INE) has improved both its revenues and net profit in the third quarter of 2018 as its operating performance was boosted by acquisitions and project commissioning in the past two years.

The Canadian renewable power producer ended the quarter with a net profit of CAD 9.4 million (USD 7.1m/EUR 6.3m), more than doubling from CAD 4.3 million a year earlier. It attributed the increase to a positive change of CAD 14.9 million in the share of earnings of its joint ventures and associates and a CAD-2.4-million positive change in income taxes. In addition to that, adjusted earnings before interest, tax, depreciation and amortisation (EBITDA) increased to CAD 91.6 million from CAD 81.8 million. Innergex noted, however, that the improved results were partly offset by a CAD-10.3-million rise in finance costs, an increase in depreciation and amortisation and an unrealised gain on financial instruments.

Revenues in the third quarter totalled CAD 140.8 million, up from CAD 108.2 million a year before. The 30% year-on-year growth was achieved in spite of the production levels that were below the long-term averages (LTA). The company’s power plants produced 1,556,891 MWh of electricity, which was 91% of the LTA of 1,702,028 MWh.

More details about Innergex’s financial performance can be seen in the table below:

Figures in CAD million (unless otherwise noted) Q3 2018 Q3 2017 9mo 2018 9mo 2017
Revenues 140.8 108.2 408.2 292.3
Adjusted EBITDA 91.6 81.8 270.1 218.7
Adjusted EBITDA Proportionate 117.6 83.1 313.7 225.1
Net Profit 9.4 4.3 11.6 15.7
Power generation (MWh) 1,556,891 1,243,099 4,516,559 3,288,151

Apart from wind farms, Innergex operates hydropower and geothermal plants, as well as a 33-MW solar farm.

"Innergex continues its growth strategy with the acquisition of our partner's interest in the five Cartier wind farms and operating entities, the acquisition of a potential solar project in Ohio, as well as the advancement of potential opportunities including the two potential solar projects in Hawai'i," said president and CEO Michel Letellier.

(CAD 1.0 = USD 0.755/EUR 0.669)

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