June 1, 2017 BLX Toronto Stock Exchange
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1 A unique profile June 1, 2017 BLX Toronto Stock Exchange
2 Cautionary Statements Forward-looking Statements Some of the statements contained in this presentation, including those regarding future results and performance are forward-looking statements based on current expectations, within the meaning of securities legislation. Boralex would like to point out that, by their very nature, forward-looking statements involve risks and uncertainties such that its results or the measures it adopts could differ materially from those indicated by or underlying these statements, or could have an impact on the degree of realization of a particular projection. Boralex considers the assumptions on which these forward-looking statements are based to be reasonable at the time they were prepared, but cautions that these assumptions regarding future events, many of which are beyond the control of the Corporation, may ultimately prove to be incorrect. The main factors that could lead to a material difference between the Corporation's actual results and the projections or expectations set forth in the forward-looking statements include, but are not limited to, the general impact of economic conditions, raw material price increases and availability, currency fluctuations, volatility in the selling price of energy, the Corporation's financing capacity, negative changes in general market conditions and regulations affecting the industry, as well as other factors discussed in the Corporation's filings with the various securities commissions. Certain forward-looking information such as targeted EBITDA(A), targeted discretionary cash flows and forward-looking statements are subject to important assumptions, including: (i) assumptions as to the performance of the Corporation's projects based on management estimates and expectations with respect to wind and other factors, (ii) assumptions as to general industry and economic conditions and (iii) assumptions as to EBITDA(A) margins. While the Corporation considers these factors and assumptions to be reasonable based on information currently available, they may prove to be incorrect. Unless otherwise specified by the Corporation, the forward-looking statements do not take into account the possible impact on its activities, transactions, non-recurring items or other exceptional items announced or occurring after the statements are made. There can be no assurance as to the materialization of the results, performance or achievements as expressed or implied by forward-looking statements. The reader is cautioned not to place undue reliance on such forward-looking statements. Unless required to do so under applicable securities legislation, Boralex management does not assume any obligation to update or revise forward-looking statements to reflect new information, future events or other changes.. Proportionate Consolidation This presentation contains results presented on a proportionate consolidation basis. Under this method, the results of Seigneurie de Beaupré Wind Farms 2 and 3 and Seigneurie de Beaupré Wind Farm 4 General Partnerships (together, the "Joint Ventures"), which are 50% owned by Boralex, were proportionately consolidated instead of being accounted for using the equity method as required by IFRS. Under the proportionate consolidation method, which is no longer permitted under the IFRS, the Interests in the Joint Ventures and Share in earnings (loss) of the Joint Ventures are eliminated and replaced by Boralex's share (50%) in all items in the financial statements (revenues, expenses, assets and liabilities). Because the information that Boralex uses to perform internal analyses and make strategic and operating decisions is compiled on a proportionate consolidation basis, management has considered it relevant to use this proportionate consolidation information into the press release to help investors understand the concrete impact of decisions made by the Corporation. Moreover, tables reconciling IFRS data with data presented on a proportionate consolidation basis are included in the management's discussion and analysis of the Corporation. Other Non-IFRS Measures In order to assess the performance of its assets and reporting segments, Boralex uses the terms EBITDA, EBITDA(A), and discretionary cash flow. "EBITDA" is calculated by the Corporation as earnings before interest, taxes, depreciation and amortization. In addition, EBITDA(A) is calculated by the Corporation as EBITDA adjusted for items such as net earnings from discontinued operations, loss on redemption of convertible debentures, net loss on financial instruments, foreign exchange loss (gain) and other gains, EBITDA and EBITDA(A) are reconciled to the most comparable IFRS measure, namely net earnings (loss), in the management's discussion and analysis of the Corporation. Discretionary cash flows are equal to net cash flows related to operating activities before change in non-cash Items related to operating activities, less (i) distributions paid to non-controlling shareholders, (ii) additions to property, plant and equipment (maintenance), and (iii) repayments on current and non-current debt (projects); plus (iv) development costs (from statement of earnings). When evaluating its operating results, "discretionary cash flows" is a key performance indicator for the Corporation. Discretionary cash flows represent the cash generated from the operations that management believes is representative of the amount that is available for future development or to be paid as dividends to common shareholders while preserving the long-term value of the business. Discretionary cash flows are reconciled to cash flows from operations, which is reconciled to the most comparable IFRS measure, namely net cash flows related to operating activities, in the management's discussion and analysis of the Corporation. 2
3 Table of Contents Corporate Overview 4 Financial Overview and Performance 6 Growth Path 8 Growth Opportunities 10 Why Boralex? 13 Appendices Including Footnotes 14 3
4 Corporate Overview Independent power producer with a presence in Canada (54% of installed capacity), in France (40%) and in the US (6%) 25 years of experience in the renewable energy field Emphasis on wind, hydro and solar assets Publicly traded on the Toronto Stock Exchange (BLX and BLX.DB.A) A highly reputable independent power producer 4
5 Boralex in the World AVERAGE LENGTH OF CONTRACTS 15 YEARS 1 Sites in operation (1,369 MW) CANADA 628 MW 74 MW 35 MW 1 MW FRANCE 522 MW 12 MW 15 MW UNITED STATES 82 MW Wind Hydroelectric Thermal Solar In operation 738 MW / 54% 549 MW / 40% 82 MW / 6% Under construction 1,369 MW IN OPERATION MW UNDER CONSTRUCTION / DEVELOPMENT = 1,677 MW Wind and Hydro +/- 95% of operating capacity +/- 98% of capacity under long term contract 5
6 Financial Overview LTM, March 31, 2017 Greatly-improved asset mix since 2010 In millions of $ unless specified Prop. IFRS Cons. Revenue 312 M 368 M EBITDA(A) 197 M 237 M EBITDA(A) Margin (%) 63% 64% Cfops 126 M 142 M Enterprise Value 2 4,159 M 4,487 M 621 MW of operating assets acquired 860 MW of pipeline acquired including late-stage projects 272 MW of less performing assets sold or closed 603 MW commissioned Outstanding shares: 75.8 M Public Float: 57.1 M (75% of O/S shares) Market Cap: 1.7 B Average daily volume (90 days) Shares: 369 K Annual dividend of $0.60, yield of +/- 2.7 % Stable and predictable cash flows 98% of capacity is contracted Long-term contracts (15 year average) at fixed and indexed prices Over 90% of project debt with locked-in rates Debt amortized over the length of contracts High-quality creditworthy counterparts Strong financial profile and cash-flow generation 6
7 Proportionate Consolidation Proportionarte Consolidation Proportionate Consolidations Proportionate Consolidation Proporionatete Consolidation Financial Performance / EBITDA(A) 3 EBITDA(A) (in millions of dollars) Wind Hydroelectric Thermal Solar Corporate A projected 39% EBITDA(A) CAGR 4 for the period 7
8 The Growth Path 227 MW 81 MW Boralex aims to grow by nearly 50% reaching 2000 MW by
9 2016 / 2017 Commissionings & Acquisitions Port Ryerse Wind Farm 10 MW (Commissioned in December 2016) Niagara Region Wind Farm 230 MW Acquired in December 2016) Oldman Wind Farm (AWEC) 4 MW (Acquired in December 2016) Touvent Wind Farm 14 MW (Commissioned in August 2016) Plateau de Savernat Wind Farm Phase I and Phase II 16 MW (Commissioned in December 2016 (12 MW) and March 2017 (4 MW)) Recent History (MW) Commissioned Acquired Total This 274 MW will significantly contribute to 2017 EBITDA(A) 9
10 Growth Opportunities Europe In Europe (France and Scotland), more than 700 MW of projects in development from Greenfield to advanced-stage (see appendix) In Denmark, in partnership with another developer, prequalified for the open-door program (+/- 240 MW). Canada Selected by the Innu nation as a partner to develop a 200 MW wind farm in Quebec. Over 100 MW of wind projects in BC of which 30 to 50 MW can be considered at an advanced stage. Recent creation of the Alberta Renewable Power Limited Partnership which will be bidding in the announced Alberta Request For Proposals in Over MW of projects at various stages of development 10
11 A compelling case for France Review of renewable energy (Re) objectives of Re in the final consumption of energy from now until 2020 (European objective) of the total energy consumption from renewables by 2020 (National objective) of Re in the final energy consumption by 2030 The targeted weight of nuclear in energy consumption in comparison to nearly 75% today by 2025 Onshore wind objectives by the end of 2023 As at ,065 MW 15,000 MW Between 21,800 MW and 26, 000 MW 11
12 France / Value Drivers Excellent Positioning for Boralex France is lagging behind its European Union objectives, it s a willing host, a position reinforced by the election of the Macron government in May Onshore wind at grid parity Organised and integrated European market BORALEX S ADVANTAGES: Established presence: over 15 years, 3 rd largest player, N o 1 IPP Favorable positioning (competitive advantage) to acquire smaller projects Management philosophy allowing for the integration of entrepreneurs / projects Competitive cost of capital, low cost operator Established relationships: banks, manufacturers and others More than 700 MW of development projects in Europe (France and Scotland) - (see appendix) Long-term investment strategy 30,0 25,0 20,0 15,0 10,0 5,0 0, FRANCE - INSTALLED ONSHORE WIND CAPACITY AND TARGET (GW S) 3 5 BORALEX INSTALLED CUMULATIVE (MW S)
13 Why Boralex? Unique profile Unique positioning with significant immediate growth opportunities Strong and low volatility cash flows driven by long-term contracts Foreign exchange exposure hedged with long-term forward contracts in France Limited interest rate exposure locked-in long-term rates in line with contracts maturities Proven track record of delivering its projects, on time and on budget, all technologies combined 308 MW of projects in our growth path (under construction or ready-to-build) Over 1,000 MW of projects at various stages of development Strong balance sheet and financial flexibility to fuel growth Payment of a quarterly dividend of $0.15 per share recently increased by 7.1% Attractive valuation and liquidity profile, part of the S&P/TSX Composite Index Boralex offers growth, a dividend yield and long-term value 13
14 Appendices
15 European Pipeline : more than 700 MW Scottish assets 5 projects NORTH-EAST 3 projects WEST 3 projects CENTER 9 projects Wind Solar SOUTH-WEST 1 project SOUTH-EAST 4 projects 15
16 Current Capital Structure 2 IFRS Proportionate Consolidation M$ % Net Debt 2, Convertible Market Cap 1, Minority Interest 42 1 Enterprise Value 4,159 M$ % Net Debt 2, Convertible Market Cap 1, Minority Interest 42 1 Enterprise Value 4,487 A flexible capital structure 16
17 Segment breakdown (in thousands of dollars except installed capacity and power production) March 31, 2017 LTM IFRS Proportionate Consolidation INSTALLED CAPACITY (MW)) Wind power stations % % % % Hydroelectric power stations % % % % Thermal power station 47 3% 47 4% 47 3% 47 4% Solar power stations 16 1% 15 1% 16 1% 15 1% % % % % POWER PRODUCTION (GWh) Wind power stations % % % % Hydroelectric power stations % % % % Thermal power station 175 7% 161 7% 175 6% 161 5% Solar power stations 22 1% 12 1% 22 1% 12 1% % % % % REVENUES FROM ENERGY SALES Wind power stations % % % % Hydroelectric power stations 56 18% 63 21% 56 15% 63 18% Thermal power station 27 9% 25 8% 27 7% 25 7% Solar power stations 6 2% 4 1% 6 2% 4 1% % % % % EBITDA(A) Wind power stations % % % % Hydroelectric power stations 41 17% 45 20% 41 15% 45 17% Thermal power station 7 3% 5 2% 7 3% 5 2% Solar power stations 6 3% 4 2% 4 1% 4 1% Sub-total % % % % Corporate (39) (33) (35) (30)
18 Geographical breakdown (in thousands of dollars except installed capacity and power production) March 31, 2017 LTM IFRS Proportionate Consolidation INSTALLED CAPACITY (MW)) Canada % % % % France % % % % United States 82 6% 82 8% 82 6% 82 8% % % % % POWER PRODUCTION (GWh) Canada % % % % France % % % % United States % % % % % % % % REVENUES FROM ENERGY SALES Canada % 98 33% % % France % % % % United States 29 9% 34 11% 29 8% 34 10% % % % % EBITDA(A) Canada % 61 31% % % France 77 39% % 77 32% % United States 18 9% 25 13% 18 8% 25 10% Others (1) (1) % % % % 18
19 Footnotes Note Slide Comments 1 5 Based on long-term production estimates (MWh). Contracts maturities include renewal options when available. 2 6 & 16 Volume statistics as at May 26, 2017 and represent 90 trading days on the TSX and alternative exchanges. Enterprise value is based on current market capitalization (stock price of $22.28 (May 26, 2017). Net debt calculations as at March 31, 2017 The public float considers the number of shares outstanding less the M shares owned by Cascades, the 5.25 M shares controlled by the Kernaghan family as well as shares owned by the management and directors of either Boralex or Cascades. 3 7 This data is presented both under IFRS and proportionate consolidation. Under IFRS, the Seigneurie de Beaupré phase I and phase II projects projects are accounted for using the equity method and under proportionate consolidation they are consolidated at 50%. A full reconciliation between IFRS and proportionate consolidation is provided in the non-ifrs measures section of the most recent Management Discussion and Analysis (MD&A) which is available at projections represent an estimated year-end run rate EBITDA(A) 4 7 Compounded annual growth rate (CAGR). 19
20 Jean-François Thibodeau Vice-President & Chief Financial Officer 514 boralex.com Marc Jasmin Director, Investor Relations
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