Business
Capital Power Files Business Acquisition Report
Capital Power Files Business Acquisition Report
About this update from Capital Power Corporation
[{"type":"text","content":"\n\n\n\nSep. 16, 2009 (Canada NewsWire Group) -- EDMONTON, Sept. 16 /CNW/ -- Capital Power Corporation (Capital Power, or the Company) (TSX:CPX) today announced the filing of a Business Acquisition Report (BAR) in connection with its acquisition of substantially all of the power generation assets previously owned by EPCOR Utilities Inc. The report includes Capital Power's 2009 second quarter and six month financial results and an updated outlook. A copy of the BAR is available on the company's website at www.capitalpower.com or on SEDAR at www.sedar.com.As described in Capital Power's prospectus dated June 25, 2009 (the Prospectus) in connection with the Company's Initial Public Offering (IPO), consideration for the acquisition of the Company's assets consisted of approximately $1,364 million in cash and 56.625 million exchangeable limited partnership units of Capital Power L.P. (CPLP), representing a 72.2% partnership interest in CPLP. The acquisition was effective July 1, 2009.While the acquisition was not completed until the third quarter of Capital Power's fiscal year, the BAR includes pro forma consolidated financial information for the second quarter and six months ended June 30, 2009. For the purpose of the pro forma consolidated statements of income, the pro forma consolidated statements of income in the BAR presents the effects of the completion of the IPO and related reorganization as if they had been completed on January 1, 2008.-------------------------------------------------------------------------Operational and Financial Three months ended Six months endedHighlights(1) (unaudited) June 30 June 30-------------------------------------------------------------------------(millions of dollars) 2009 2008 2009 2008-------------------------------------------------------------------------Electricity generation (GWh) 3,492 2,875 7,160 6,230-------------------------------------------------------------------------Generation plantavailability (%) 93% 84% 95% 89%-------------------------------------------------------------------------Revenues $537 $686 $1,246 $1,319-------------------------------------------------------------------------Gross margin(2) $250 $247 $449 $483-------------------------------------------------------------------------Adjusted EBITDA(2) $148 $149 $265 $302-----------------------------------------------...