“Over the last twenty years, we have established ourselves as one of the leading producers of renewable resources globally,” said Sachin Shan, CEO of Brookfield Renewable. “We have built a business where the generation from our 19,000 megawatt fleet avoids approximately 27 million tons of carbon dioxide emissions annually, all while delivering strong compound returns to our unitholders. Looking forward, we believe our global scale, operational depth and financial strength position us well to participate in the global trend towards decarbonization while continuing to deliver 12-15% long-term returns on a per unit basis.”
| Financial Results | |||||||||||||
| For the periods ended December 31 | |||||||||||||
| Millions (except per Unit or otherwise noted) | Three Months Ended December 31 | Twelve Months Ended December 31 | |||||||||||
| Unaudited | 2019 | 2018 | 2019 | 2018 | |||||||||
| Total generation (GWh) | |||||||||||||
| – Long-term average generation | 13,850 | 13,485 | 53,926 | 51,971 | |||||||||
| – Actual generation | 12,465 | 14,445 | 52,560 | 52,056 | |||||||||
| Brookfield Renewable's share | |||||||||||||
| – Long-term average generation | 6,561 | 6,602 | 26,189 | 25,844 | |||||||||
| – Actual generation | 5,977 | 7,052 | 26,038 | 25,753 | |||||||||
| Funds From Operations (FFO)(1) | $ | 171 | $ | 206 | $ | 761 | $ | 676 | |||||
| Per Unit(1)(2) | 0.55 | 0.66 | 2.45 | 2.16 | |||||||||
| Net Income (Loss) Attributable to Unitholders | (66 | ) | 91 | (59 | ) | 42 | |||||||
| Per Unit(2) | (0.21 | ) | 0.29 | (0.19 | ) | 0.13 | |||||||
(1) Non-IFRS measures. Refer to “Cautionary Statement Regarding Use of Non-IFRS Measures”.
(2) For the three and twelve months ended months ended December 31, 2019, weighted average LP Units ("LP Units" or "Units"), Redeemable/Exchangeable partnership units and GP interest totaled 311.3 million and 311.2 million, respectively (2018: 312.2 million and 312.6 million).
Brookfield Renewable reported FFO growth of 13% leading to
Highlights
- Increased FFO per unit by 13% driven by accretive growth and strong operational performance. We continue our track record of strong FFO per unit growth, at a 10% annual growth rate since our strategic combination with Brookfield’s renewable assets in 2011;
- We advanced key commercial priorities and delivered on cost saving initiatives totaling
~$40 million globally on an annualized basis (~$12 million net to BEP); - Invested
$2 billion ($550 million net to BEP) of equity in nine transactions, including doubling the size of our Asian and distributed generation businesses, adding a leading global solar developer, and investing in a hydro portfolio inCanada ; - Commissioned 50 megawatts of new capacity, progressed approximately 2,100 megawatts through construction and advanced-stage permitting, and increased the size of our development pipeline to approximately 13,000 megawatts;
- Maintained our robust investment grade balance sheet, ended the year with
~$2.7 billion of available liquidity, and raised approximately$1.4 billion in incremental liquidity through asset sales and strategic upfinancings; and - Announced the creation of a Canadian corporation (BEPC) that will provide investors the optionality to invest in BEP through either the current partnership or through a corporation, which is expected to support the expansion of our investor base.
Update on Growth Initiatives
During the fourth quarter, we closed our acquisition of a 50% interest in X-Elio, a leading global solar developer. With this acquisition, we have significantly enhanced our solar development capabilities adding 972 megawatts of operating assets and almost 6,000 megawatts to our global construction and development pipeline.
Also, in the fourth quarter, we signed two agreements to acquire 14 solar development projects in
Operations
In 2019, we generated FFO of
During the year, our hydroelectric segment delivered FFO of
Our focus in
Our wind and solar segments generated a combined
Finally, we continued to advance our global greenfield development activities, including progressing 717 megawatts of construction diversified across distributed- and utility-scale solar, wind, storage and hydro in 7 different countries. We are also progressing 1,380 megawatts of advanced-stage projects through final permitting and contracting, and our total greenfield development pipeline now totals approximately 13,000 megawatts. Of note, during the year, we signed power purchase agreements for three wind repowering projects in
Environmental, Social and Governance (ESG) Reporting
We have been owner-operators of long-duration, critical electricity assets for over a century, and therefore understand that embedding strong ESG practices into our investing and operating activities is essential to preserving capital, mitigating risk, and creating long-term value. Fundamentally, strong ESG practices drive further economic value to our business and inherently create higher barriers to entry. As such, we integrate relevant ESG considerations into our investing and operating strategies. We are therefore proud to announce that we are publishing our inaugural ESG report, which, among other things, illustrates the on-the-ground work we do to maintain our social license to operate.
With one of the largest public, pure-play renewable portfolios globally, we are helping to accelerate the decarbonization of global electricity grids. Additionally, maintaining socially responsible practices - from health and safety to community relations to biodiversity - is a critical component of successful operations over the long-term. We operate with the highest ethical standards, conducting our business with integrity and above compliance with laws and regulations - we aim for best practice, everywhere we operate.
ESG and sustainability investing continues to gain momentum globally, with ESG funds expected to rise into the trillions over the next decade. We believe our portfolio’s inherent environmental attributes, coupled with our long-standing practices around maintaining a social license to operate provide significant tailwinds to demand growth for Brookfield Renewable.
Balance Sheet and Liquidity
Our liquidity position remains robust, with
During the year, we executed on more than
To date, we have issued six green bonds, at both the corporate- and project-levels, which all together totaled approximately
In 2019, we also continued to execute our capital recycling strategy of selling mature, de-risked or non-core assets to lower cost of capital buyers and redeploying the proceeds into higher yielding opportunities. During the year, we raised almost
Distribution Currency Option
The quarterly distributions payable on Brookfield Renewable’s LP Units are declared in
Registered unitholders resident in
Distribution Reinvestment Plan
Brookfield Renewable maintains a Distribution Reinvestment Plan (“DRIP”) which allows holders of its LP Units who are resident in
Brookfield Renewable
Brookfield Renewable operates one of the world’s largest publicly traded, pure-play renewable power platforms. Our portfolio consists of hydroelectric, wind, solar and storage facilities in
Brookfield Renewable is the flagship listed renewable power company of Brookfield Asset Management, a leading global alternative asset manager with over
Please note that Brookfield Renewable’s previous audited annual and unaudited quarterly reports filed with the
| Contact information: | |
| Media: | Investors: |
| Claire Holland | Robin Kooyman |
| Vice President - Communications | Senior Vice President – Investor Relations |
| (416) 369-8236 | (416) 369-2616 |
| [email protected] | [email protected] |
Quarterly Earnings Call Details
Investors, analysts and other interested parties can access Brookfield Renewable’s 2019 Fourth Quarter Results as well as the Letter to Unitholders and Supplemental Information on Brookfield Renewable’s website at https://bep.brookfield.com.
The conference call can be accessed via webcast on February 6, 2020 at 9:00 a.m. Eastern Time at https://edge.media-server.com/mmc/p/9hmszyxp or via teleconference at 1-866-688-9430 toll free in
| CONSOLIDATED STATEMENTS OF INCOME | |||||||||||||
| Three Months Ended December 31 | Twelve Months Ended December 31 | ||||||||||||
| UNAUDITED (MILLIONS, EXCEPT AS NOTED) | 2019 | 2018 | 2019 | 2018 | |||||||||
| Revenues | $ | 726 | $ | 780 | $ | 2,980 | $ | 2,982 | |||||
| Other income | 7 | 24 | 57 | 50 | |||||||||
| Direct operating costs | (267 | ) | (276 | ) | (1,012 | ) | (1,036 | ) | |||||
| Management service costs | (35 | ) | (16 | ) | (108 | ) | (80 | ) | |||||
| Interest expense – borrowings | (167 | ) | (171 | ) | (682 | ) | (705 | ) | |||||
| Share of earnings from equity-accounted investments | (22 | ) | 56 | 11 | 68 | ||||||||
| Foreign exchange and unrealized financial instrument (loss) gain | 7 | 1 | (33 | ) | (34 | ) | |||||||
| Depreciation | (198 | ) | (208 | ) | (798 | ) | (819 | ) | |||||
| Other | (50 | ) | (10 | ) | (91 | ) | (82 | ) | |||||
| Income tax expense | |||||||||||||
| Current | (16 | ) | (10 | ) | (65 | ) | (30 | ) | |||||
| Deferred | 25 | 91 | 14 | 89 | |||||||||
| 9 | 81 | (51 | ) | 59 | |||||||||
| Net income | $ | 10 | $ | 261 | $ | 273 | $ | 403 | |||||
| Net income attributable to: | |||||||||||||
| Non-controlling interests | |||||||||||||
| Participating non-controlling interests - in operating subsidiaries | $ | 58 | $ | 155 | $ | 262 | $ | 297 | |||||
| General partnership interest in a holding subsidiary held by | — | 2 | — | 1 | |||||||||
| Participating non-controlling interests - in a holding subsidiary - Redeemable/Exchangeable units held by | (28 | ) | 37 | (25 | ) | 17 | |||||||
| Preferred equity | 7 | 6 | 26 | 26 | |||||||||
| Preferred limited partners' equity | 11 | 9 | 44 | 38 | |||||||||
| Limited partners' equity | (38 | ) | 52 | (34 | ) | 24 | |||||||
| $ | 10 | $ | 261 | $ | 273 | $ | 403 | ||||||
| Basic and diluted (loss) earnings per LP Unit | $ | (0.21 | ) | $ | 0.29 | $ | (0.19 | ) | $ | 0.13 | |||
| CONSOLIDATED STATEMENTS OF FINANCIAL POSITION | |||||||
| UNAUDITED (MILLIONS) | December 31, 2019 | December 31, 2018 | |||||
| Assets | |||||||
| Cash and cash equivalents | $ | 115 | $ | 173 | |||
| Trade receivables and other financial assets | 1,172 | 992 | |||||
| Equity-accounted investments | 1,889 | 1,569 | |||||
| Property, plant and equipment, at fair value | 30,714 | 29,025 | |||||
| Goodwill | 821 | 828 | |||||
| Deferred income tax and other assets | 980 | 1,516 | |||||
| Total Assets | $ | 35,691 | $ | 34,103 | |||
| Liabilities | |||||||
| Corporate borrowings | $ | 2,100 | $ | 2,328 | |||
| Non-recourse borrowings | 8,904 | 8,390 | |||||
| Accounts payable, accrued liabilities and other financial liabilities | 895 | 772 | |||||
| Deferred income tax liabilities | 4,537 | 4,140 | |||||
| Other liabilities | 1,124 | 1,267 | |||||
| Equity | |||||||
| Non-controlling interests | |||||||
| Participating non-controlling interests - in operating subsidiaries | 8,742 | 8,129 | |||||
| General partnership interest in a holding subsidiary held by | 68 | 66 | |||||
| Participating non-controlling interests - in a holding subsidiary – Redeemable/Exchangeable units held by | 3,315 | 3,252 | |||||
| Preferred equity | 597 | 568 | |||||
| Preferred limited partners' equity | 833 | 707 | |||||
| Limited partners' equity | 4,576 | 4,484 | |||||
| Total Equity | 18,131 | 17,206 | |||||
| Total Liabilities and Equity | $ | 35,691 | $ | 34,103 | |||
| CONSOLIDATED STATEMENTS OF CASH FLOWS | ||||||||||||||||
| UNAUDITED (MILLIONS) | Three months ended December 31 | Twelve months ended December 31 | ||||||||||||||
| 2019 | 2018 | 2019 | 2018 | |||||||||||||
| Operating activities | ||||||||||||||||
| Net income | $ | 10 | $ | 261 | $ | 273 | $ | 403 | ||||||||
| Adjustments for the following non-cash items: | ||||||||||||||||
| Depreciation | 198 | 208 | 798 | 819 | ||||||||||||
| Unrealized foreign exchange and financial instrument loss (gain) | (15 | ) | (6 | ) | 27 | 8 | ||||||||||
| Share of earnings from equity-accounted investments | 22 | (57 | ) | (11 | ) | (68 | ) | |||||||||
| Deferred income tax expense | (25 | ) | (91 | ) | (14 | ) | (89 | ) | ||||||||
| Other non-cash items | 58 | 3 | 127 | 53 | ||||||||||||
| Net change in working capital and other | (41 | ) | (32 | ) | 12 | (23 | ) | |||||||||
| 207 | 286 | 1,212 | 1,103 | |||||||||||||
| Financing activities | ||||||||||||||||
| Net corporate borrowings | (341 | ) | (152 | ) | 108 | 79 | ||||||||||
| Corporate credit facilities, net | 287 | (318 | ) | (422 | ) | 36 | ||||||||||
| Non-recourse borrowings, net | 239 | 77 | 337 | (381 | ) | |||||||||||
| Capital contributions from participating non-controlling interests - in operating subsidiaries | 7 | 287 | 299 | 300 | ||||||||||||
| Issuance of preferred limited partnership units | — | — | 126 | 196 | ||||||||||||
| Repurchase of LP Units | — | (43 | ) | (1 | ) | (51 | ) | |||||||||
| Distributions paid: | ||||||||||||||||
| To participating non-controlling interests - in operating subsidiaries | (186 | ) | (115 | ) | (706 | ) | (553 | ) | ||||||||
| To preferred shareholders | (7 | ) | (6 | ) | (26 | ) | (26 | ) | ||||||||
| To preferred limited partners' unitholders | (12 | ) | (10 | ) | (43 | ) | (37 | ) | ||||||||
| To unitholders of Brookfield Renewable or BRELP | (171 | ) | (161 | ) | (684 | ) | (643 | ) | ||||||||
| Borrowings from related party, net | 2 | — | 2 | — | ||||||||||||
| (182 | ) | (441 | ) | (1,010 | ) | (1,080 | ) | |||||||||
| Investing activities | ||||||||||||||||
| Acquisitions net of cash and cash equivalents in acquired entity | (121 | ) | (27 | ) | (202 | ) | (39 | ) | ||||||||
| Investment in property, plant and equipment | (80 | ) | (82 | ) | (195 | ) | (235 | ) | ||||||||
| (Investment in) disposal of subsidiaries, associates and other securities | 2 | 25 | 87 | (370 | ) | |||||||||||
| Restricted cash and other | 71 | 95 | 59 | 20 | ||||||||||||
| (128 | ) | 11 | (251 | ) | (624 | ) | ||||||||||
| Foreign exchange gain (loss) on cash | 4 | (3 | ) | (4 | ) | (17 | ) | |||||||||
| Cash and cash equivalents | ||||||||||||||||
| Increase (decrease) | (99 | ) | (147 | ) | (53 | ) | (618 | ) | ||||||||
| Net change in cash classified within assets held for sale | 5 | 7 | (5 | ) | (8 | ) | ||||||||||
| Balance, beginning of period | 209 | 313 | 173 | 799 | ||||||||||||
| Balance, end of period | $ | 115 | $ | 173 | $ | 115 | $ | 173 | ||||||||
PROPORTIONATE RESULTS FOR THE THREE MONTHS ENDED DECEMBER 31
The following chart reflects the generation and summary financial figures on a proportionate basis for the three months ended December 31:
| (GWh) | (MILLIONS) | |||||||||||||||||||||||||||||||||||||||||
| Actual Generation | LTA Generation | Revenues | Adjusted EBITDA | FFO | Net Income (Loss) | |||||||||||||||||||||||||||||||||||||
| 2019 | 2018 | 2019 | 2018 | 2019 | 2018 | 2019 | 2018 | 2019 | 2018 | 2019 | 2018 | |||||||||||||||||||||||||||||||
| Hydroelectric | ||||||||||||||||||||||||||||||||||||||||||
| 2,858 | 3,604 | 2,912 | 3,065 | $ | 205 | $ | 238 | $ | 131 | $ | 164 | $ | 94 | $ | 121 | $ | 4 | $ | 59 | |||||||||||||||||||||||
| 817 | 902 | 1,009 | 996 | 61 | 59 | 37 | 40 | 31 | 33 | 4 | (2 | ) | ||||||||||||||||||||||||||||||
| 749 | 982 | 968 | 935 | 63 | 56 | 37 | 35 | 26 | 24 | 16 | 46 | |||||||||||||||||||||||||||||||
| 4,424 | 5,488 | 4,889 | 4,996 | 329 | 353 | 205 | 239 | 151 | 178 | 24 | 103 | |||||||||||||||||||||||||||||||
| Wind | ||||||||||||||||||||||||||||||||||||||||||
| 779 | 808 | 934 | 951 | 56 | 61 | 43 | 48 | 27 | 29 | (20 | ) | 21 | ||||||||||||||||||||||||||||||
| 241 | 264 | 267 | 269 | 24 | 27 | 17 | 30 | 11 | 25 | — | 17 | |||||||||||||||||||||||||||||||
| 176 | 153 | 172 | 171 | 10 | 9 | 8 | 7 | 6 | 4 | 3 | 2 | |||||||||||||||||||||||||||||||
| 107 | 43 | 104 | 37 | 7 | 3 | 6 | 2 | 3 | 2 | 4 | 7 | |||||||||||||||||||||||||||||||
| 1,303 | 1,268 | 1,477 | 1,428 | 97 | 100 | 74 | 87 | 47 | 60 | (13 | ) | 47 | ||||||||||||||||||||||||||||||
| Solar | 184 | 184 | 195 | 178 | 38 | 40 | 39 | 30 | 22 | 15 | (18 | ) | 14 | |||||||||||||||||||||||||||||
| Storage & Other | 66 | 112 | — | — | 21 | 23 | 11 | 16 | 7 | 9 | 1 | 4 | ||||||||||||||||||||||||||||||
| Corporate | — | — | — | — | — | — | 19 | (1 | ) | (56 | ) | (56 | ) | (60 | ) | (77 | ) | |||||||||||||||||||||||||
| Total | 5,977 | 7,052 | 6,561 | 6,602 | $ | 485 | $ | 516 | $ | 348 | $ | 371 | $ | 171 | $ | 206 | $ | (66 | ) | $ | 91 | |||||||||||||||||||||
The following table reconciles the non-IFRS financial metrics to the most directly comparable IFRS measures. Net income attributable to Unitholders is reconciled to FFO and reconciled to Proportionate Adjusted EBITDA, and earnings per unit is reconciled to FFO per unit, both for the three months ended December 31:
| Per unit | |||||||||||||
| (MILLIONS, EXCEPT AS NOTED) | 2019 | 2018 | 2019 | 2018 | |||||||||
| Net income attributable to: | |||||||||||||
| Limited partners' equity | $ | (38 | ) | $ | 52 | $ | (0.21 | ) | $ | 0.29 | |||
| General partnership interest in a holding subsidiary held by | — | 2 | — | — | |||||||||
| Participating non-controlling interests - in a holding subsidiary - Redeemable/Exchangeable units held by | (28 | ) | 37 | — | — | ||||||||
| Net income attributable to Unitholders | $ | (66 | ) | $ | 91 | $ | (0.21 | ) | $ | 0.29 | |||
| Adjusted for proportionate share of: | |||||||||||||
| Depreciation | 172 | 170 | 0.55 | 0.54 | |||||||||
| Foreign exchange and unrealized financial instruments loss (gain) | (15 | ) | 4 | (0.05 | ) | 0.01 | |||||||
| Deferred income tax (recovery) expense | (29 | ) | (71 | ) | (0.09 | ) | (0.23 | ) | |||||
| Other | 109 | 12 | 0.35 | 0.05 | |||||||||
| FFO | $ | 171 | $ | 206 | $ | 0.55 | $ | 0.66 | |||||
| Distributions attributable to: | |||||||||||||
| Preferred limited partners' equity | 11 | 9 | |||||||||||
| Preferred equity | 7 | 6 | |||||||||||
| Current income taxes | 9 | 2 | |||||||||||
| Interest expense - borrowings | 115 | 132 | |||||||||||
| Management service costs | 35 | 16 | |||||||||||
| Proportionate Adjusted EBITDA | 348 | 371 | |||||||||||
| Attributable to non-controlling interests | 202 | 233 | |||||||||||
| Consolidated Adjusted EBITDA | 550 | 604 | |||||||||||
| Weighted average units outstanding(1) | 311.3 | 312.2 | |||||||||||
(1) Includes GP interest, Redeemable/Exchangeable partnership units, and LP Units.
PROPORTIONATE RESULTS FOR THE YEAR ENDED DECEMBER 31
The following chart reflects the generation and summary financial figures on a proportionate basis for the year ended December 31:
| (GWh) | (MILLIONS) | |||||||||||||||||||||||||||||||||||||||||
| Actual Generation | LTA Generation | Revenues | Adjusted EBITDA | FFO | Net Income (Loss) | |||||||||||||||||||||||||||||||||||||
| 2019 | 2018 | 2019 | 2018 | 2019 | 2018 | 2019 | 2018 | 2019 | 2018 | 2019 | 2018 | |||||||||||||||||||||||||||||||
| Hydroelectric | ||||||||||||||||||||||||||||||||||||||||||
| 13,118 | 13,308 | 12,238 | 12,980 | $ | 905 | $ | 893 | $ | 632 | $ | 619 | $ | 469 | $ | 443 | $ | 150 | $ | 189 | |||||||||||||||||||||||
| 3,707 | 3,633 | 3,996 | 3,927 | 234 | 244 | 181 | 173 | 150 | 142 | 59 | 3 | |||||||||||||||||||||||||||||||
| 3,096 | 3,364 | 3,488 | 3,482 | 237 | 216 | 144 | 126 | 101 | 86 | 72 | 87 | |||||||||||||||||||||||||||||||
| 19,921 | 20,305 | 19,722 | 20,389 | 1,376 | 1,353 | 957 | 918 | 720 | 671 | 281 | 279 | |||||||||||||||||||||||||||||||
| Wind | ||||||||||||||||||||||||||||||||||||||||||
| 2,969 | 2,713 | 3,556 | 3,169 | 223 | 219 | 163 | 157 | 94 | 93 | (64 | ) | (18 | ) | |||||||||||||||||||||||||||||
| 904 | 677 | 996 | 764 | 95 | 73 | 67 | 57 | 48 | 38 | (7 | ) | 5 | ||||||||||||||||||||||||||||||
| 630 | 626 | 647 | 645 | 37 | 42 | 28 | 33 | 19 | 24 | 1 | 1 | |||||||||||||||||||||||||||||||
| 291 | 160 | 290 | 153 | 20 | 12 | 16 | 8 | 10 | 5 | 6 | 4 | |||||||||||||||||||||||||||||||
| 4,794 | 4,176 | 5,489 | 4,731 | 375 | 346 | 274 | 255 | 171 | 160 | (64 | ) | (8 | ) | |||||||||||||||||||||||||||||
| Solar | 949 | 753 | 978 | 724 | 183 | 146 | 162 | 117 | 103 | 72 | 5 | 33 | ||||||||||||||||||||||||||||||
| Storage & Other | 374 | 519 | — | — | 87 | 85 | 41 | 49 | 27 | 32 | 1 | (2 | ) | |||||||||||||||||||||||||||||
| Corporate | — | — | — | — | — | — | 10 | (16 | ) | (260 | ) | (259 | ) | (282 | ) | (260 | ) | |||||||||||||||||||||||||
| Total | 26,038 | 25,753 | 26,189 | 25,844 | $ | 2,021 | $ | 1,930 | $ | 1,444 | $ | 1,323 | $ | 761 | $ | 676 | $ | (59 | ) | $ | 42 | |||||||||||||||||||||
The following table reconciles the non-IFRS financial metrics to the most directly comparable IFRS measures. Net income attributable to Unitholders is reconciled to FFO and reconciled to Proportionate Adjusted EBITDA, and earnings per unit is reconciled to FFO per unit, both for the year ended December 31:
| Per unit | |||||||||||||
| (MILLIONS, EXCEPT AS NOTED) | 2019 | 2018 | 2019 | 2018 | |||||||||
| Net income (loss) attributable to: | |||||||||||||
| Limited partners' equity | $ | (34 | ) | $ | 24 | $ | (0.19 | ) | $ | 0.13 | |||
| General partnership interest in a holding subsidiary held by | — | 1 | — | — | |||||||||
| Participating non-controlling interests - in a holding subsidiary - Redeemable/Exchangeable units held by | (25 | ) | 17 | — | — | ||||||||
| Net income attributable to Unitholders | $ | (59 | ) | $ | 42 | $ | (0.19 | ) | $ | 0.13 | |||
| Adjusted for proportionate share of: | |||||||||||||
| Depreciation | 650 | 630 | 2.09 | 2.02 | |||||||||
| Foreign exchange and unrealized financial instruments loss (gain) | 30 | 2 | 0.10 | 0.01 | |||||||||
| Deferred income tax (recovery) expense | (69 | ) | (85 | ) | (0.22 | ) | (0.27 | ) | |||||
| Other | 209 | 87 | 0.67 | 0.27 | |||||||||
| FFO | $ | 761 | $ | 676 | $ | 2.45 | $ | 2.16 | |||||
| Distributions attributable to: | |||||||||||||
| Preferred limited partners' equity | 44 | 38 | |||||||||||
| Preferred equity | 26 | 26 | |||||||||||
| Current income taxes | 35 | 17 | |||||||||||
| Interest expense - borrowings | 470 | 486 | |||||||||||
| Management service costs | 108 | 80 | |||||||||||
| Proportionate Adjusted EBITDA | 1,444 | 1,323 | |||||||||||
| Attributable to non-controlling interests | 895 | 900 | |||||||||||
| Consolidated Adjusted EBITDA | 2,339 | 2,223 | |||||||||||
| Weighted average units outstanding(1) | 311.2 | 312.6 | |||||||||||
(1) Includes GP interest, Redeemable/Exchangeable partnership units, and LP Units.
Cautionary Statement Regarding Use of Non-IFRS Measures
This news release contains references to Adjusted EBITDA, FFO and FFO per Unit which are not generally accepted accounting measures under IFRS and therefore may differ from definitions of Adjusted EBITDA, FFO and FFO per Unit used by other entities. We believe that Adjusted EBITDA, FFO and FFO per Unit are useful supplemental measures that may assist investors in assessing the financial performance and the cash anticipated to be generated by our operating portfolio. None of Adjusted EBITDA, FFO or FFO per Unit should be considered as the sole measure of our performance and should not be considered in isolation from, or as a substitute for, analysis of our financial statements prepared in accordance with IFRS. For a reconciliation of Adjusted EBITDA, FFO and FFO per Unit to the most directly comparable IFRS measure, please see “Reconciliation of Non-IFRS Measures - Three Months Ended December 31” and “Reconciliation of Non-IFRS Measures - Year Ended December 31” above and “Financial Performance Review on Proportionate Information - Reconciliation of Non-IFRS Measures” included in our Form 20-F.
References to Brookfield Renewable are to Brookfield Renewable Partners L.P. together with its subsidiary and operating entities unless the context reflects otherwise.
Cautionary Statement Regarding Forward-looking Statements
This news release contains forward-looking statements and information within the meaning of Canadian provincial securities laws and “forward-looking statements” within the meaning of Section 27A of the
The foregoing list of important factors that may affect future results is not exhaustive. The forward-looking statements represent our views as of the date of this news release and should not be relied upon as representing our views as of any subsequent date. While we anticipate that subsequent events and developments may cause our views to change, we disclaim any obligation to update the forward-looking statements, other than as required by applicable law.
Non-solicitation
No securities regulatory authority has either approved or disapproved of the contents of this communication. This communication shall not constitute an offer to sell or the solicitation of an offer to sell or the solicitation of an offer to buy any securities, nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. No offer of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act of 1933, as amended.
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