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Alterra Power Announces Results for the Quarter Ended March 31, 2015

Press Releases

VANCOUVER, May 12, 2015 – Alterra Power Corp. (TSX: AXY) (“Alterra” or the “Company”) is pleased to report its financial and operating results for the three months ended March 31, 2015. For further information on these results please see Alterra’s Unaudited Condensed Consolidated Interim Financial Statements and Management’s Discussion and Analysis.

For the period ended March 31, 2015, Alterra consolidated 100% of the results of operations at HS Orka and Soda Lake (until Soda Lake was sold on January 30, 2015), while Alterra’s interests in the Toba Montrose run of river hydro facility and the Dokie 1 wind facility were accounted for as equity investments. In certain statements in this news release, Alterra’s results are disclosed as Alterra’s “net interest”, which means the effective portion of results that Alterra would have reported if each of HS Orka (66.6%), Toba Montrose (40%), Dokie 1 (25.5%), and Soda Lake (100%) had been reported in accordance with Alterra’s actual share of ownership at March 31, 2015 and for the three months then ended. While management monitors the consolidated results closely, it believes that net interest reporting provides the clearest view of Alterra’s performance.

Highlights for the quarter include:

  • Fleet generation: The Company’s fleet-wide performance against budget (103%) was a first quarter record, driven by record quarterly generation at Toba Montrose (248% of plan).
  • EBITDA and revenue: Consolidated and net interest EBITDA were $8.3 million and $6.0 million respectively, reflecting an increase of 8% and 18% against the comparative quarter, primarily due to the increased generation at Toba Montrose.  Consolidated revenue declined by 13% to $16.4 million predominately due to the sale of Soda Lake on January 30, 2015 ($1.4 million impact quarter on quarter) together with unfavorable currency fluctuations at HS Orka.
  • HS Orka dividend:  HS Orka declared a dividend of $2.4 million in the first quarter of 2015.  The Company’s 66.6% share is $1.6 million, and is expected to be received in the second quarter of 2015.
  • Jimmie Creek hydro project (62 MW):  Construction is progressing ahead of schedule due to the mild winter. Excavation of the intake has been completed with construction of the intake structure underway, penstock installation is over 65% complete, and building installation at the powerhouse commenced in May. The facility is expected to commence generation in July 2016.
  • Shannon wind farm (204 MW):  The Company is finalizing terms with the project financing parties and expects to complete the financing in the second quarter. A letter of intent with two tax equity partners was completed in February 2015 and all project agreements are either complete or in final stages of completion. Road construction and improvements and turbine foundation excavation (on all 119 foundations) are complete, with turbine foundation construction and collector line placement well underway. The Company expects commercial operations to commence in the fourth quarter of 2015.
  • Sale of Soda Lake facility:  On January 30, 2015, the Company sold the 15 MW Soda Lake geothermal facility and related geothermal development assets to an affiliate of Cyrq Energy, Inc. for proceeds of $8.5 million plus potential additional compensation over the next five years upon the achievement of certain earn-out provisions. Alterra retained the rights to develop a 40 MW solar project at the site.
  • Advancement of early stage hydro projects: During the quarter the Company signed a memorandum of understanding with the Klahoose First Nation, to jointly develop the 15 MW Tahumming project, located in the Toba Valley near the Toba Montrose and Jimmie Creek projects. In addition, the National Energy Authority in Iceland awarded the Company research permits for the Hvalá (55 MW) and Skúfnavatnavirkjun (10 MW) hydro projects.
  • Other growth opportunities: The Company continues to advance other development projects globally. Refer to the Company’s MD&A for further details.

Financial Results

The following table shows Alterra’s net interest in selected operating and financial results for the quarter, in addition to key financial information extracted from the consolidated results.

For the three months ended

HS
Orka

Toba
Montrose

Dokie 1

Soda
Lake

Development
and Head
Office

Net
Interest
Total

Consolidated
Results

March 31, 2015 (a)

(66.6%)

(40%)

(25.5%)

(100%) (c)

Generation (MWh)

216,100

23,622

22,520

6,991

269,233

331,466

Total revenue

10,624

1,901

2,278

449

15,252

16,401

Gross profit

3,246

103

1,368

167

4,884

5,041

EBITDA (b)

4,606

592

1,730

152

(1,090)

5,990

8,301

For the three months ended

HS
Orka

Toba
Montrose

Dokie 1

Soda
Lake

Development
and Head
Office

Net
Interest
Total

Consolidated
Results

March 31, 2014

(66.6%)

(40%)

(25.5%)

(100%)

Generation (MWh)

219,001

2,156

22,000

18,950

262,107

347,780

Total revenue

11,453

230

2,489

1,830

16,002

18,925

Gross profit (loss)

3,758

(1,650)

1,425

597

4,130

6,239

EBITDA (b)

5,287

(1,299)

1,860

798

(1,563)

5,083

7,717

(a) 

All tabular amounts in the table above are expressed in thousands of US dollars with the exception of generation

(b)

Here and elsewhere, Adjusted EBITDA (“EBITDA”) is defined by Alterra as earnings before interest, taxes, foreign exchange, depreciation and amortization, as well as before deductions for change in fair value of bonds payable and derivatives, foreign exchange gain (loss), write off of development costs and goodwill, and other income (expense) except business interruption proceeds, amortization of below market contracts, and value assigned to options granted, less share of income (loss) of equity accounted investees, plus the Company’s interest in EBITDA of its equity accounted investees. Alterra discloses EBITDA as it is a measure used by analysts and by management to evaluate Alterra’s performance. As EBITDA is a non-IFRS measure, it may not be comparable to EBITDA calculated by others. In addition, as EBITDA is not a substitute for net earnings, readers should consider net earnings in evaluating Alterra’s performance. For a reconciliation of consolidated EBITDA to Alterra’s consolidated financial statements refer to the Company’s Management’s Discussion and Analysis for the three months ended March 31, 2015

(c) 

The facility was sold on January 30, 2015

Consolidated Results

Revenue was $16.4 million for the quarter ended March 31, 2015, a decline of 13% from the comparative quarter.  This is primarily due to the loss of revenue as a result of the sale of Soda Lake on January 30, 2015 ($1.4 million impact quarter on quarter) and unfavorable currency fluctuations at HS Orka.

Net loss was $16.3 million, a decline against the comparative quarter ($9.7 million loss). The increase in net loss is largely due to non-cash items including:

  • A $6.8 million non-cash loss in the value of the embedded derivatives liability, resulting from aluminum price fluctuations and foreign exchange (comparative quarter: $5.7 million non-cash loss).
  • A $9.2 million non-cash loss due to unfavorable movements in foreign exchange rates (comparative quarter: $3.9 million non-cash loss).

Consolidated cash and cash equivalents at March 31, 2015 were $45.7 million of which $15.3 million is held in the Company’s Icelandic subsidiary ($63.2 million and $25.1 million respectively at December 31, 2014).

Net Interest Results

Alterra’s net interest in revenue decreased by $0.7 million to $15.3 million against the comparative quarter due to the sale of Soda Lake on January 30, 2015 ($1.4 million impact quarter on quarter) and currency impacts at HS Orka slightly offset by increased generation at Toba Montrose.  EBITDA increased by 18% to $6.0 million primarily due to record high first quarter generation at Toba Montrose.

The net interest cash position at March 31, 2015 was $45.3 million.

Operating Results

For the quarter ended March 31, 2015, the Company’s fleet wide generation was 103% of budget on a net interest basis (a record high first quarter result).

Q1 2015 Generation (MWh)

Net Interest

Facility

Budget

Actual

Budget

Actual

% of Budget

Reykjanes

200,880

199,026

133,786

132,551

99%

Svartsengi

131,760

125,449

87,752

83,549

95%

Soda Lake (a)

6,000

6,991

6,000

6,991

117%

Toba Montrose

23,854

59,054

9,542

23,622

248%

Dokie 1

90,872

88,314

23,172

22,520

97%

TOTAL

453,366

478,834

260,252

269,233

103%

(a)

The facility was sold on January 30, 2015

Outlook

John Carson, Alterra’s CEO, said, “We are excited to report another generation record this quarter, thanks to the continued excellence of our operations teams at Toba Montrose, Dokie and Iceland. Meanwhile we remain fully on track and on budget toward achieving all of our near-term growth plans for the Jimmie Creek and Shannon projects this year.”

Alterra Power will host a conference call to discuss financial and operating results on Wednesday, May 13, 2015 at 11:30 am ET (8:30 am PT).

North American participants dial 1-888-390-0605 and International participants dial 1-416-764-8609; the conference ID is 66744003

The call will also be broadcast live on the Internet at

http://event.on24.com/r.htm?e=990221&s=1&k=9B090F7EE3B70B570C83304010B7F58D

The call will be available for replay for one week after the call by dialing 1-416-764-8677 and entering replay PIN 744003

Cautionary Note Regarding Forward-Looking Statements and Information

Certain statements included in this news release may contain information that is forward-looking within the meaning of certain securities laws, including information and statements regarding prospective results of operations, financial position, cash flows or growth potential.  These statements are based on factors or assumptions that were applied in drawing a conclusion or making a forecast or projection, including assumptions based on historical trends, current conditions and expected future developments. Since forward-looking statements relate to future events and conditions, by their very nature they require making assumptions and involve inherent risks and uncertainties. Alterra cautions that although it is believed that the assumptions are reasonable in the circumstances, these risks and uncertainties give rise to the possibility that actual results may differ materially from the expectations set out in the forward-looking statements. Material risk factors include those set out in the management’s discussion and analysis section of Alterra’s most recent annual report and quarterly report, and in Alterra’s Annual Information Form. Given these risks, undue reliance should not be placed on these forward-looking statements, which apply only as of their dates. Other than as specifically required by law, Alterra undertakes no obligation to update any forward-looking statements or information to reflect new information, subsequent or otherwise.

SOURCE Alterra Power Corp.
Peter Lekich, Corporate Communications, Alterra Power Corp., Phone: 604.235.6719, Email: [email protected]

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