All amounts in
“We had a strong quarter, as we executed on our key priorities, including investing in growth, delivering on our corporate contracting initiatives and bolstering our liquidity,” said Connor Teskey, CEO of Brookfield Renewable. “The tailwinds for renewables are accelerating as governments and businesses around the world are intensifying their focus on decarbonization. Given our global scale, operational depth, and financial strength, we remain uniquely positioned to participate in the accelerating build out of renewables that will impact all sectors of the economy.”
| Financial Results | |||||||
| Millions (except per unit or otherwise noted) | For the three months ended March 31 |
||||||
| Unaudited | 2021 | 2020 | |||||
| Total generation (GWh) | |||||||
| – Long-term average generation | 14,099 | 14,151 | |||||
| – Actual generation | 13,828 | 14,264 | |||||
| Brookfield Renewable Partner's share (GWh) | |||||||
| – Long-term average generation | 7,602 | 6,717 | |||||
| – Actual generation | 7,375 | 7,164 | |||||
| Net income (loss) attributable to Unitholders | $ | (133 | ) | $ | 20 | ||
| Per LP unit(1) | (0.24 | ) | 0.01 | ||||
| Funds From Operations (FFO)(2) | 242 | 217 | |||||
| Per Unit(2)(3) | 0.38 | 0.37 | |||||
| Normalized Funds From Operations (FFO)(2)(4) | 257 | 193 | |||||
| Per Unit(2)(3)(4) | 0.40 | 0.33 | |||||
| (1) | For the three months ended March 31, 2021, average LP units totaled 274.8 million (2020: 268.5 million). |
| (2) | Non-IFRS measures. Refer to “Cautionary Statement Regarding Use of Non-IFRS Measures”. |
| (3) | Average Units outstanding for the three months ended March 31, 2021 were 645.5 million (2020: 583.7 million), being inclusive of our LP units, Redeemable/Exchangeable partnership units, BEPC exchangeable shares and general partner interest. The actual Units outstanding at March 31, 2021 were 645.6 million (2020: 467.0 million). |
| (4) | Normalized FFO assumes long-term average generation in all segments except the |
Brookfield Renewable reported FFO of
Highlights
- Generated FFO of
$242 million , or$0.38 per unit, a 21% increase on a normalized per unit basis over the same period in the prior year;
- Progressed approximately 6,000 megawatts through construction and advanced stage permitting, and added nearly 4,500 megawatts to our development pipeline;
- We signed 29 agreements for approximately 2,300 GWh of renewable generation with corporate offtakers across all major industries and including many of the largest counterparties by market capitalization in the world;
- Invested or agreed to invest
$1.6 billion (nearly$410 million net to Brookfield Renewable) of equity across a range of transactions, including onshore wind, offshore wind, utility scale solar, and distributed generation, inthe United States ,Europe , andIndia ;
- Issued a
$350 million perpetual green subordinated note issuance at a fixed rate of 4.625%. Our balance sheet remains robust with almost$3 .4 billion of available liquidity and no meaningful near-term maturities; and
- Raised over
$850 million (approximately$410 million net to Brookfield Renewable) from asset recycling initiatives, including the sale of mature onshore wind portfolios inIreland and theU.S. at attractive values, returning approximately two times our invested capital.
Update on Growth Initiatives
As the opportunity to invest in renewables and decarbonization expands, we continue to exercise a value-oriented approach to growing our business. We remain disciplined in focusing on opportunities that play to our strengths – where we can invest for value, leverage our operating capabilities to increase cashflow, and deploy incremental capital at attractive returns to grow our businesses over time. Recently, we executed on a number of transactions that highlight this approach.
For the past several years, we monitored the offshore wind sector, while not investing. But as the technology has grown and matured, we have become more comfortable. This quarter we closed our first investment in offshore wind, which includes a pipeline to build 3 gigawatts of capacity supported by an attractive contract structure, over the next several years. Similarly, in
Recently, we signed or closed the following transactions:
- Shepherds Flat – An 845-megawatt wind farm in
Oregon that includes one of the largest repowering opportunities in the world. Once completed we expect total generation to increase by approximately 25%. We are making good progress on the repowering and are also advancing a 400-megawatt new-build development pipeline that was included in the transaction;
- Investment in Polenergia – A scale renewable business in
Europe with an interest in a 3 gigawatt offshore wind development pipeline. We believe Polenergia has tremendous growth prospects, and we are well positioned as both a supportive operating partner and capital provider to the business;
- Exelon Distributed Generation (DG) – A distributed generation business, comprising 360 megawatts of operating capacity with an additional over 700 megawatts under development. We now own one of the leading distributed generation businesses in the
U.S. , with deep operating, development, and origination capabilities, and an almost 2,000-megawatt portfolio that generates high-quality contracted cash flows that are diversified by geography and customer; and
- Indian Solar Project - On the back of a relationship established through our acquisition of a portfolio of loans from a non-bank financial company at the end of 2020, we signed an agreement which gives us the right to acquire a 450-megawatt shovel ready solar project from one of the largest developers in
India . The project is expected to be commissioned by the end of the year and is backed by 25-year power purchase agreements with a high-quality state utility. We expect to invest$70 million ($20 million net to Brookfield Renewable) of equity in the project and are targeting 20%+ returns.
Results from Operations
During the first quarter, we generated FFO of
With an increasingly diversified portfolio of operating assets, limited concentration risk with counterparties, and a long-term contract profile, our cash flows are highly resilient. While generation for the quarter was marginally below the long-term average, driven largely by drier conditions in
During the quarter, our hydroelectric segment delivered FFO of
Our wind and solar segments generated a combined
Our energy transition segment generated
Balance Sheet and Liquidity
Our financial position continues to be strong. We have approximately
We continued to take advantage of the low interest environment and executed on
We also continue to execute our capital recycling strategy of selling mature, de-risked or non-core assets to lower cost of capital buyers while redeploying the proceeds into higher yielding opportunities. The proceeds from these transactions will be used to fund growth opportunities executed in the quarter, as well as our robust future growth pipeline.
In April, we agreed to sell our remaining 360 megawatts of operating assets and development pipeline in
Today, across
We also signed an agreement to sell 390 megawatts of wind assets primarily in
Distribution Declaration
The next quarterly distribution in the amount of
The quarterly dividends on BEP's preferred shares and preferred LP units have also been declared.
Distribution Currency Option
The quarterly distributions payable on the BEP units and BEPC shares are declared in
Registered unitholders who are residents in
Distribution Reinvestment Plan
Brookfield Renewable Partners maintains a Distribution Reinvestment Plan (“DRIP”) which allows holders of BEP units who are residents in
Additional information on Brookfield Renewable’s distributions and preferred share dividends can be found on our website at www.bep.brookfield.com.
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 |
| Senior Vice President - Communications | Senior Vice President - Investor Relations |
| (416) 369-8236 | (416) 649-8172 |
| [email protected] | [email protected] |
Quarterly Earnings Call Details
Investors, analysts and other interested parties can access Brookfield Renewable’s 2021 First 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 May 4, 2021 at 9:00 a.m. Eastern Time at https://edge.media-server.com/mmc/p/qp22gowd or via teleconference at 1-866-688-9430 toll free in
| Brookfield Renewable Partners L.P. | ||||||||||||
| Consolidated Statements of Financial Position | ||||||||||||
| As of | ||||||||||||
| UNAUDITED (MILLIONS) |
March 31 | December 31 | ||||||||||
| 2021 | 2020 | |||||||||||
| Assets | ||||||||||||
| Cash and cash equivalents | $ | 358 | $ | 431 | ||||||||
| Trade receivables and other financial assets | 1,732 | 1,661 | ||||||||||
| Equity-accounted investments | 981 | 971 | ||||||||||
| Property, plant and equipment, at fair value | 44,280 | 44,590 | ||||||||||
| Goodwill | 1,010 | 970 | ||||||||||
| Deferred income tax and other assets | 2,540 | 1,099 | ||||||||||
| Total Assets | $ | 50,901 | $ | 49,722 | ||||||||
| Liabilities | ||||||||||||
| Corporate borrowings | $ | 2,162 | $ | 2,135 | ||||||||
| Borrowings which have recourse only to assets they finance | 16,813 | 15,947 | ||||||||||
| Accounts payable and other liabilities | 5,331 | 4,358 | ||||||||||
| Deferred income tax liabilities | 5,161 | 5,515 | ||||||||||
| Equity | ||||||||||||
| Non-controlling interests | ||||||||||||
| Participating non-controlling interests – in operating subsidiaries | $ | 11,604 | $ | 11,100 | ||||||||
| General partnership interest in a holding subsidiary held by Brookfield |
50 | 56 | ||||||||||
| Participating non-controlling interests – in a holding subsidiary – Redeemable/Exchangeable units held by |
2,466 | 2,721 | ||||||||||
| Class A shares of Brookfield Renewable Corporation | 2,184 | 2,408 | ||||||||||
| Preferred equity | 617 | 609 | ||||||||||
| Preferred limited partners' equity | 1,028 | 1,028 | ||||||||||
| Limited partners' equity | 3,485 | 21,434 | 3,845 | 21,767 | ||||||||
| Total Liabilities and Equity | $ | 50,901 | $ | 49,722 | ||||||||
| Brookfield Renewable Partners L.P. | |||||||
| Consolidated Statements of Operating Results | |||||||
| UNAUDITED | For the three months ended March 31 |
||||||
| (MILLIONS, EXCEPT AS NOTED) | 2021 | 2020 | |||||
| Revenues | $ | 1,020 | $ | 1,049 | |||
| Other income | 27 | 15 | |||||
| Direct operating costs | (391 | ) | (326 | ) | |||
| Management service costs | (81 | ) | (40 | ) | |||
| Interest expense | (233 | ) | (239 | ) | |||
| Share of earnings from equity-accounted investments | 5 | 2 | |||||
| Foreign exchange and financial instrument gain | 48 | 20 | |||||
| Depreciation | (368 | ) | (337 | ) | |||
| Other | (99 | ) | (12 | ) | |||
| Income tax recovery (expense) | |||||||
| Current | (16 | ) | (20 | ) | |||
| Deferred | 33 | (23 | ) | ||||
| Net income (loss) | $ | (55 | ) | $ | 89 | ||
| Net income attributable to preferred equity and non-controlling interests in operating subsidiaries |
(78 | ) | (69 | ) | |||
| Net income (loss) attributable to Unitholders | $ | (133 | ) | $ | 20 | ||
| Basic and diluted income (loss) per LP unit | $ | (0.24 | ) | $ | 0.01 | ||
| Brookfield Renewable Partners L.P. | |||||||
| Consolidated Statements of Cash Flows | |||||||
| For the three months ended March 31 |
|||||||
| UNAUDITED (MILLIONS) |
2021 | 2020 | |||||
| Operating activities | |||||||
| Net income (loss) | $ | (55 | ) | $ | 89 | ||
| Adjustments for the following non-cash items: | |||||||
| Depreciation | 368 | 337 | |||||
| Unrealized foreign exchange and financial instrument loss (gain) | (27 | ) | (20 | ) | |||
| Share of loss (earnings) from equity-accounted investments | (5 | ) | (2 | ) | |||
| Deferred income tax expense (recovery) | (33 | ) | 23 | ||||
| Other non-cash items | 14 | 15 | |||||
| Net change in working capital and other | 89 | 17 | |||||
| 351 | 459 | ||||||
| Financing activities | |||||||
| Net corporate borrowings | (3 | ) | 38 | ||||
| Non-recourse borrowings, net | 674 | (11 | ) | ||||
| Capital contributions from participating non-controlling interests – in operating subsidiaries, net | 814 | 9 | |||||
| Issuance of preferred limited partnership units | — | 195 | |||||
| Distributions paid: | |||||||
| To participating non-controlling interests - in operating subsidiaries | (118 | ) | (134 | ) | |||
| To preferred shareholders & limited partners' unitholders | (21 | ) | (18 | ) | |||
| To unitholders of Brookfield Renewable or BRELP | (216 | ) | (182 | ) | |||
| Borrowings from related party, net | 245 | — | |||||
| 1,375 | (103 | ) | |||||
| Investing activities | |||||||
| Acquisitions net of cash and cash equivalents in acquired entity | (1,428 | ) | (106 | ) | |||
| Investment in property, plant and equipment | (289 | ) | (65 | ) | |||
| Disposal of subsidiaries, associates and other securities, net | 2 | 81 | |||||
| Restricted cash and other | (50 | ) | (50 | ) | |||
| (1,765 | ) | (140 | ) | ||||
| Foreign exchange gain (loss) on cash | (11 | ) | (15 | ) | |||
| Cash and cash equivalents | |||||||
| Increase (decrease) | (50 | ) | 201 | ||||
| Net change in cash classified within assets held for sale | (23 | ) | (4 | ) | |||
| Balance, beginning of period | 431 | 352 | |||||
| Balance, end of period | $ | 358 | $ | 549 | |||
PROPORTIONATE RESULTS FOR THE THREE MONTHS ENDED MARCH 31
The following chart reflects the generation and summary financial figures on a proportionate basis for the three months ended March 31:
| (GWh) | (MILLIONS) | ||||||||||||||||||||||||||||||||||||||
| Actual Generation | LTA Generation | Revenues | Adjusted EBITDA | FFO | Net Income (Loss) | ||||||||||||||||||||||||||||||||||
| 2021 | 2020 | 2021 | 2020 | 2021 | 2020 | 2021 | 2020 | 2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||||||||||
| Hydroelectric | |||||||||||||||||||||||||||||||||||||||
| 3,128 | 3,722 | 3,233 | 3,233 | $ | 205 | $ | 265 | $ | 141 | $ | 197 | $ | 104 | $ | 155 | $ | 4 | $ | 75 | ||||||||||||||||||||
| 1,152 | 1,227 | 988 | 988 | 52 | 61 | 48 | 47 | 39 | 41 | 23 | 25 | ||||||||||||||||||||||||||||
| 833 | 709 | 806 | 798 | 55 | 60 | 35 | 36 | 27 | 25 | 22 | 23 | ||||||||||||||||||||||||||||
| 5,113 | 5,658 | 5,027 | 5,019 | 312 | 386 | 224 | 280 | 170 | 221 | 49 | 123 | ||||||||||||||||||||||||||||
| Wind | |||||||||||||||||||||||||||||||||||||||
| 1,107 | 831 | 1,435 | 944 | 122 | 60 | 81 | 48 | 62 | 30 | (24 | ) | (10 | ) | ||||||||||||||||||||||||||
| 371 | 221 | 380 | 253 | 43 | 22 | 67 | 13 | 60 | 10 | 10 | (11 | ) | |||||||||||||||||||||||||||
| 126 | 68 | 126 | 126 | 7 | 4 | 4 | 3 | 2 | 1 | (2 | ) | (4 | ) | ||||||||||||||||||||||||||
| 112 | 90 | 100 | 100 | 7 | 6 | 6 | 5 | 4 | 3 | 1 | (1 | ) | |||||||||||||||||||||||||||
| 1,716 | 1,210 | 2,041 | 1,423 | 179 | 92 | 158 | 69 | 128 | 44 | (15 | ) | (26 | ) | ||||||||||||||||||||||||||
| Solar | 327 | 183 | 364 | 214 | 77 | 34 | 59 | 24 | 30 | 8 | (22 | ) | (18 | ) | |||||||||||||||||||||||||
| Energy transition | 219 | 113 | 170 | 61 | 70 | 33 | 46 | 21 | 33 | 17 | 7 | 13 | |||||||||||||||||||||||||||
| Corporate | — | — | — | — | — | — | 2 | (3 | ) | (119 | ) | (73 | ) | (152 | ) | (72 | ) | ||||||||||||||||||||||
| Total | 7,375 | 7,164 | 7,602 | 6,717 | $ | 638 | $ | 545 | $ | 489 | $ | 391 | $ | 242 | $ | 217 | $ | (133 | ) | $ | 20 | ||||||||||||||||||
The following table reconciles the non-IFRS financial metrics to the most directly comparable IFRS measures. Net income attributable to Unitholders is reconciled to Funds From Operations and reconciled to Proportionate Adjusted EBITDA for the three months ended March 31:
| For the three months ended March 31 |
|||||||
| UNAUDITED (MILLIONS) |
2021 | 2020 | |||||
| Net income (loss) attributable to: | |||||||
| Limited partners' equity | $ | (66 | ) | $ | 2 | ||
| General partnership interest in a holding subsidiary held by |
20 | 16 | |||||
| Participating non-controlling interests – in a holding subsidiary – Redeemable/Exchangeable units held by |
(46 | ) | 2 | ||||
| Class A shares of Brookfield Renewable Corporation | (41 | ) | — | ||||
| Net income (loss) attributable to Unitholders | $ | (133 | ) | $ | 20 | ||
| Adjusted for proportionate share of: | |||||||
| Depreciation | 237 | 170 | |||||
| Foreign exchange and financial instruments gain | — | (1 | ) | ||||
| Deferred income tax expense (recovery) | (35 | ) | 6 | ||||
| Other | 173 | 22 | |||||
| Funds From Operations | $ | 242 | $ | 217 | |||
| Normalized long-term average generation adjustment | 12 | (24 | ) | ||||
| Normalized foreign currency adjustment | 3 | — | |||||
| Normalized Funds From Operations | $ | 257 | $ | 193 | |||
| Normalized Funds From Operations Adjustments | (15 | ) | 24 | ||||
| Distributions attributable to: | |||||||
| Preferred limited partners' equity | 14 | 12 | |||||
| Preferred equity | 7 | 7 | |||||
| Current income taxes | 6 | 9 | |||||
| Interest expense | 139 | 113 | |||||
| Management service costs | 81 | 33 | |||||
| Proportionate Adjusted EBITDA | 489 | 391 | |||||
| Attributable to non-controlling interests | 197 | 370 | |||||
| Consolidated Adjusted EBITDA | $ | 686 | $ | 761 | |||
The following table reconciles the per Unit non-IFRS financial metrics to the most directly comparable IFRS measures. Basic income per LP unit is reconciled to FFO per Unit, for the three months ended March 31:
| For the three months ended March 31 |
|||||||
| 2021 | 2020 | ||||||
| Basic income (loss) per LP unit(1) | $ | (0.24 | ) | $ | 0.01 | ||
| Depreciation | 0.37 | 0.29 | |||||
| Deferred income tax recovery (expense) | (0.05 | ) | 0.01 | ||||
| Other | 0.30 | 0.06 | |||||
| Funds From Operations per Unit(2) | $ | 0.38 | $ | 0.37 | |||
| Normalized long-term average generation adjustment | 0.02 | (0.04 | ) | ||||
| Normalized Funds From Operations per Unit | $ | 0.40 | $ | 0.33 | |||
- Average LP units outstanding for the three months ended March 31, 2021 were 274.8 million (2020: 268.5 million).
- Average units for the three months ended March 31, 2021 were 645.5 million (2020: 583.7 million), being inclusive of LP units, Redeemable/Exchangeable partnership units, general partner interest, and BEPC exchangeable shares.
FIRST QUARTER 2021 RESULTS
All amounts in
The Board of Directors of Brookfield Renewable Corporation ("BEPC" or our "company") (NYSE, TSX: BEPC) today has declared a quarterly dividend of
The BEPC exchangeable shares are structured with the intention of being economically equivalent to the non-voting limited partnership units of Brookfield Renewable Partners L.P. ("BEP" or the "Partnership") (NYSE, BEP; TSX: BEP.UN). We believe economic equivalence is achieved through identical dividends and distributions on the BEPC exchangeable shares and BEP's LP units and each BEPC exchangeable share being exchangeable at the option of the holder for one BEP LP unit at any time. Given the economic equivalence, we expect that the market price of the Shares will be significantly impacted by the market price of BEP's LP units and the combined business performance of our company and BEP as a whole. In addition to carefully considering the disclosures made in this news release in its entirety, shareholders are strongly encouraged to carefully review BEP's continuous disclosure filings available electronically on EDGAR on the SEC's website at www.sec.gov or on SEDAR at www.sedar.com.
| Financial Results | ||||||
| Millions (except, otherwise noted) | Three months ended March 31 | |||||
| Unaudited | 2021 | 2020 | ||||
| Proportionate Generation (GWh) | 4,703 | 4,640 | ||||
| Net income (loss) attributable to the Partnership | $ | (9 | ) | $ | 62 | |
| Funds From Operations (FFO)(1) | $ | 126 | $ | 148 | ||
(1) Non-IFRS measures. Refer to “Cautionary Statement Regarding Use of Non-IFRS Measures”.
BEPC reported FFO of
| CONSOLIDATED STATEMENTS OF FINANCIAL POSITION | ||||||||||||
| UNAUDITED (MILLIONS) |
March 31 | December 31 | ||||||||||
| 2021 | 2020 | |||||||||||
| Assets | ||||||||||||
| Cash and cash equivalents | $ | 298 | $ | 355 | ||||||||
| Trade receivables and other financial assets | 1,368 | 1,297 | ||||||||||
| Equity-accounted investments | 372 | 372 | ||||||||||
| Property, plant and equipment, at fair value | 34,009 | 36,097 | ||||||||||
| Goodwill | 898 | 970 | ||||||||||
| Deferred income tax and other assets | 1,188 | 382 | ||||||||||
| Total Assets | $ | 38,133 | $ | 39,473 | ||||||||
| Liabilities and Equity | ||||||||||||
| Borrowings which have recourse only to assets they finance | $ | 12,299 | $ | 12,822 | ||||||||
| Accounts payable and other liabilities | 3,763 | 3,296 | ||||||||||
| Deferred income tax liabilities | 3,997 | 4,200 | ||||||||||
| BEPC exchangeable and BEPC class B shares | 7,336 | 7,430 | ||||||||||
| Non-controlling interests | ||||||||||||
| Participating non-controlling interests – in operating subsidiaries | $ | 9,683 | $ | 10,290 | ||||||||
| Participating non-controlling interests – in a holding subsidiary held by the Partnership |
241 | 258 | ||||||||||
| The Partnership | 814 | 10,738 | 1,177 | 11,725 | ||||||||
| Total Liabilities and Equity | $ | 38,133 | $ | 39,473 | ||||||||
| CONSOLIDATED STATEMENTS OF INCOME | ||||||
| UNAUDITED | Three months ended March 31 | |||||
| (MILLIONS) | 2021 | 2020 | ||||
| Revenues | $ | 839 | $ | 853 | ||
| Other income | 14 | 10 | ||||
| Direct operating costs | (338 | ) | (279 | ) | ||
| Management service costs | (55 | ) | (29 | ) | ||
| Interest expense | (220 | ) | (168 | ) | ||
| Share of earnings from equity-accounted investments | 2 | 1 | ||||
| Foreign exchange and financial instrument gain | 34 | 35 | ||||
| Depreciation | (290 | ) | (259 | ) | ||
| Other | (146 | ) | (9 | ) | ||
| Remeasurement of BEPC exchangeable and BEPC class B shares | 94 | — | ||||
| Income tax expense | ||||||
| Current | (13 | ) | (19 | ) | ||
| Deferred | 17 | (41 | ) | |||
| Net income (loss) | $ | (62 | ) | $ | 95 | |
| Net income (loss) attributable to: | ||||||
| Non-controlling interests: | ||||||
| Participating non-controlling interests – in operating subsidiaries | $ | (56 | ) | $ | 29 | |
| Participating non-controlling interests – in a holding subsidiary held by the Partnership |
3 | 4 | ||||
| The Partnership | (9 | ) | 62 | |||
| $ | (62 | ) | $ | 95 | ||
| CONSOLIDATED STATEMENTS OF CASH FLOWS | ||||||
| UNAUDITED (MILLIONS) |
Three months ended March 31 | |||||
| 2021 | 2020 | |||||
| Operating activities | ||||||
| Net income (loss) | $ | (62 | ) | $ | 95 | |
| Adjustments for the following non-cash items: | ||||||
| Depreciation | 290 | 259 | ||||
| Unrealized foreign exchange and financial instruments gain | (17 | ) | (35 | ) | ||
| Share of earnings from equity-accounted investments | (2 | ) | (1 | ) | ||
| Deferred income tax expense | (17 | ) | 41 | |||
| Other non-cash items | 50 | (10 | ) | |||
| Remeasurement of BEPC exchangeable and BEPC class B shares | (94 | ) | — | |||
| Net change in working capital | 144 | 18 | ||||
| 292 | 367 | |||||
| Financing activities | ||||||
| Non-recourse borrowings, net | (1 | ) | 128 | |||
| Capital contributions from participating non-controlling interests | 27 | 5 | ||||
| Capital contributions from the Partnership | — | 50 | ||||
| Distributions paid and return of capital: | ||||||
| To participating non-controlling interests | (136 | ) | (137 | ) | ||
| To the Partnership | — | (100 | ) | |||
| Borrowings from related party, net | 53 | (29 | ) | |||
| (57 | ) | (83 | ) | |||
| Investing activities | ||||||
| Acquisitions net of cash and cash equivalents in acquired entity | — | (105 | ) | |||
| Investment in property, plant and equipment | (239 | ) | (33 | ) | ||
| Restricted cash and other | (38 | ) | (30 | ) | ||
| (277 | ) | (168 | ) | |||
| Foreign exchange gain (loss) on cash | (10 | ) | (12 | ) | ||
| Cash and cash equivalents | ||||||
| Increase (decrease) | (52 | ) | 104 | |||
| Net change in cash classified within assets held for sale | (5 | ) | — | |||
| Balance, beginning of period | 355 | 304 | ||||
| Balance, end of period | $ | 298 | $ | 408 | ||
The following table reconciles net income (loss) attributable to Brookfield Renewable to Funds From Operations for the three ended March 31:
| Three months ended March 31 |
||||||
| (MILLIONS) | 2021 | 2020 | ||||
| Net income (loss) attributable to the partnership | $ | (9 | ) | $ | 62 | |
| Adjusted for proportionate share of: | ||||||
| Depreciation | 126 | 75 | ||||
| Other | 51 | 11 | ||||
| Dividends on BEPC class A exchangeable shares | 52 | — | ||||
| Remeasurement of BEPC exchangeable and class B shares | (94 | ) | — | |||
| Funds From Operations | 126 | 148 | ||||
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.
No securities regulatory authority has either approved or disapproved of the contents of this news release. This news release is for information purposes only and shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.
Cautionary Statement Regarding Use of Non-IFRS Measures
This news release contains references to FFO, FFO per Unit and Normalized FFO per Unit, which are not generally accepted accounting measures under IFRS and therefore may differ from definitions of FFO, FFO per Unit and Normalized FFO per Unit used by other entities. We believe that FFO, FFO per Unit and Normalized 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 FFO, FFO per Unit and Normalized 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 the non-IFRS financial measures to the most comparable IFRS financial measures, see “Part 4 – Financial Performance Review on Proportionate Information – Reconciliation of non-IFRS measures” in our interim report for the period ended March 31, 2021. Normalized FFO assumes long-term average generation in all segments except the
References to Brookfield Renewable are to Brookfield Renewable Partners L.P. together with its subsidiary and operating entities unless the context reflects otherwise.
Source: Brookfield Renewable Partners L.P.
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