FISCAL 2015 FIRST QUARTER RESULTS Conference Call February 12, 2015
VALENERS NORMALIZED OPERATING CASH FLOWS PER COMMON SHARE(1) Strong cash flows even 0.08 or 44.4% though year-over-year wind farms increase have not yet begun paying distributions 0.26 0.18 2014 2013 FIRST QUARTER ENDED…
QUARTERLY DIVIDENDS DECLARED Increase of 4% in annualized dividend to AMOUNT RECORD DISCOUNT 1.04 per PAYABLE PER SHARE DATE UNDER DRIP common share 2% on new Common shares 0.26 March 31, 2015 April 15, 2015 shares issued…
VALENERS EXPECTED ANNUALIZED DIVIDEND PER COMMON SHARE(1) 4% annual dividend growth 1.20 rate target for next three 1.16 fiscal years 1.15 CAGR 4% 1.12 1.10 1.08 1.05 1.04 1.00 1.00 0.95 0.90 2014 2015E 2016E…
VALENERS EXPECTED NORMALIZED OPERATING CASH FLOWS PER COMMON SHARE(1) Further upside Tax benefit from accelerated amortization of wind farm assets Room to grow Distributions on subscription of additional Gaz Mtro units dividend…
UPDATE ON SEIGNEURIE DE BEAUPR WIND FARMS 18.5M in operating VALENER GAZ MTRO cash flows(2) 24.5% 25.5% Distributions expected in Q2 of fiscal 2015 AVERAGE INSTALLED NUMBER IN-SERVICE TOTAL ANNUAL CAPACITY OF TURBINES DATE…
UPDATE ON SEIGNEURIE DE BEAUPR WIND FARMS (Contd) WIND FARMS 2 AND 3 Utilization factor QUARTERLY AVERAGE above 35% UTILIZATION FACTOR (1) on a trailing 12-month basis, 45% surpassing 39.7% expectations 40% 12-month 39.1%…
UPDATE ON SEIGNEURIE DE BEAUPR WIND FARMS (Contd) Distributions VALENER GAZ MTRO expected during 24.5% 25.5% fiscal 2015 AVERAGE INSTALLED NUMBER IN-SERVICE TOTAL ANNUAL CAPACITY OF TURBINES DATE INVESTMENT DISTRIBUTABLE CASH…
VALENERS RECURRING NET INCOME(1) 0.6M or 3.8% year-over-year increase 16.4 15.8 2014 2013 FIRST QUARTER ENDED DECEMBER 31 (millions) DRIVERS Favourable contribution from wind farms 2 and 3, partly mitigated by…
GAZ MTROS RECURRING NET INCOME(1) 3.2M or 4.2% year-over-year decrease 75.8 72.6 2014 2013 FIRST QUARTER ENDED DECEMBER 31 (millions) DRIVERS Decrease in natural gas and electricity deliveries in Quebec and Vermont…
GAZ MTROS HIGHLIGHTS Liquefied natural gas (LNG) Growing demand for LNG is materializing Increase in deliveries due to signing of new short-term contracts Ongoing discussions with potential new clients Continued investments into…
GAZ MTROS HIGHLIGHTS (Contd) Natural gas distribution network extension in Vermont Phase I: Extension to Addison County VGS has invested US50.5M to date Submitted updated budget to VPSB: increase to US153.6M Revised timeline for…
GAZ MTRO SEGMENT RESULTS: RECURRING NET INCOME(1) AND VARIANCE First quarter ended December 31, 2014 Year-over-year variance Segments ( millions) ( millions) Gaz Mtro - QDA 53.0 (3.8) Energy distribution in Vermont 15.9 (0.2)…
GAZ MTRO-QDAS EXPECTED NET INCOME VARIATION FOR FISCAL 2015(1) 1.4M lower net income than anticipated in 5.8 rate case for first quarter 2.5 1.5 (2.4) (2.4) (3.8) Q1 Q2 Q3 Q4 Total Actual fiscal 2015 versus actual…
GAZ MTRO SEGMENT RESULTS: RECURRING NET INCOME(1) AND VARIANCE First quarter ended December 31, 2014 Year-over-year variance Segments ( millions) ( millions) Energy production 0.6 (0.2) Other 3.1 1.0 DRIVERS Unfavourable…
GAZ MTROS EXPECTED CASH REQUIREMENTS FOR NEXT THREE QUARTERS OF FISCAL 2015 REQUIREMENTS SOURCES CAPEX of 180M Cash flows from operations for extensions and & credit facilities of 87M improvements to energy distribution systems…
Questions & Answers
APPENDIX A - SEIGNEURIE DE BEAUPR WIND FARMS(1) FINANCIAL UPDATE Financial metrics First quarter ended (Gaz Mtros 50% consolidated interest) December 31, 2014 Revenues from electricity sales ( millions) 13.6 (2) EBITDA ( millions)…
APPENDIX B - CURRENT COMPETITIVE POSITION OF NATURAL GAS IN QUEBEC COMPETING MARKET SAVINGS (1) ENERGY Industrial E.g.: Large companies in 6 fuel oil 19% petrochemical and metallurgical industries 21% (small business)…
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