Business
Boralex reports net earnings of $74 million for fiscal 2024 and continues construction of its large-scale projects in Québec, Ontario and the United Kingdom
MONTREAL, Feb. 28, 2025 (GLOBE NEWSWIRE) -- Boralex Inc. (“Boralex” or the “...
About this update from Boralex Inc. Class A
[{"type":"text","content":"Boralex reports net earnings of $74 million for fiscal 2024 and continues construction of its large-scale projects in Québec, Ontario and the United Kingdom\n\n\n\n MONTREAL, Feb. 28, 2025 (GLOBE NEWSWIRE) -- Boralex Inc. (“Boralex” or the “Corporation”) (TSX: BLX) is pleased to report its results for the three-month period and year ended December 31, 2024.\n \n\n\n Highlights\n \n\n Financial results\n \n\n\n\n EBITDA(A)\n \n\n\n 1\n \n\n\n , operating income and net earnings under pressure in Q4-2024 owing to adverse wind and hydropower conditions\n \n\n\n Production 16% (11% on a Combined\n \n 1\n \n basis)\n \n 2\n \n lower than in Q4-2023 and 16% (12%) below anticipated production\n \n 1\n \n , due primarily to the adverse climate conditions. For fiscal 2024 overall, production was 5% (2%) lower than in 2023 and 10% (8%) below anticipated production.\n \n\n EBITDA(A) of $169 million ($191 million) for Q4-2024, down $33 million ($38 million) from Q4-2023. For fiscal 2024, EBITDA(A) was $581 million ($670 million), up $3 million (down $5 million) from 2023. The decrease in production was partly offset by the contribution of newly commissioned sites in France and the positive impact of the electricity selling price optimization strategy.\n \n\n Operating income of $78 million ($53 million) for Q4-2024, down $20 million ($66 million) from Q4-2023. For fiscal 2024, operating income totalled $226 million ($267 million), unchanged (down $39 million) from 2023.\n \n\n Net loss of $2 million in Q4-2024, down $60 million from T4-2023. For fiscal 2024, net earnings amounted to $74 million, $41 million lower than in 2023. Excluding the impairment of an asset, net earnings would have been $6 million higher in fiscal 2024 compared to fiscal 2023.\n \n\n\n\n\n\n\n Lower cash flow related to operating activities for the quarter but balance sheet remains strong\n \n\n\n Net cash flows related to operating activities of $31 million for Q4-2024 and $215 million for fiscal 2024, compared to $107 million for Q4-2023 and $496 million for fiscal 2023.\n \n\n Discretionary cash flows\n \n 1\n \n of $47 million for Q4-2024 and $158 million for fiscal 2024, down $44 million from Q4-2023 and $26 million from fiscal 2023.\n \n\n Boralex has $592 million in cash and cash equivalents and $523 million in available cash re...