Brookfield Renewable Corporation · NYSE:BEPC
Brookfield Renewable — Brookfield Renewable Partners L.P. Limited Partnership Units — FY2021 Earnings Presentation
38 slides from Brookfield Renewable's earnings presentation, Feb 4, 2022
Slide 1: 2021 Supplemental Information
BROOKFIELD RENEWABLE PARTNERS L.P. 2021 Supplemental Information Year Ended December 31, 2021
Slide 2: Cautionary Statement Regarding Forward-Looking Statements
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS This Supplemental Information contains forward-looking statements and information, within the meaning of Canadian securities laws and “forward-looking statements” within the meaning of
Slide 3: 2021 Highlights
2021 Highlights (MILLIONS, EXCEPT AS NOTED) 2021 2020 27.2 TWh $934M 10% Selected Financial Information PROPORTIONATE FUNDS FROM FFO PER UNIT Revenues $ 4,096 $ 3,810 GENERATION OPERATIONS INCREASE Net loss attributable to Unitholders (368) (304) Proportionate Adjusted EBITDA(1) 1,876 1,614 FFO(1) 9
Slide 4: 2021 Highlights (cont'd)
2021 Highlights (cont’d) OPERATIONS GROWTH AND DEVELOPMENT (cont'd) • Continued to focus on extending our contract profile • Together with our institutional partners, we agreed to invest over $4.3 – Secured contracts to deliver 11,000 GWh of clean energy billion ($1.1 million net to Brookfield Renew
Slide 5: About Brookfield Renewable
About Brookfield Renewable We are a global leader in decarbonization, with integrated operating platforms on four continents with operating, development and power marketing expertise $65 billion 21,000 3,200 TOTAL POWER ASSETS MEGAWATTS OF CAPACITY OPERATING EMPLOYEES 6,003 power generating faciliti
Slide 6: A Global Leader in Decarbonization
A Global Leader in Decarbonization 6
Slide 7: Overview of Our Operations
Overview of Our Operations Storage River Capacity LTA(1) Capacity Revenue by Source of Energy (1) As at December 31, 2021 Systems Facilities (MW) (GWh) (GWh) (proportionate basis) Hydroelectric North America United States(2) 31 141 3,168 13,503 2,543 13% Canada 18 29 1,098 3,656 1,261 49 170 4,266 1
Slide 8: Distribution Profile
Distribution Profile • We target a long-term distribution growth rate in the range of 5% to 9% annually • Given our strong outlook and financial position, our Board of Directors have declared a 5% increase in our quarterly distributions, bringing our annual distribution to $1.28 per LP unit(1) – The
Slide 9: Generation and Financial Review for the Year Ended December 31
Generation and Financial Review for the Year Ended December 31 9
Slide 10: Performance Measurement
Performance Measurement Segmented Information Our operations are segmented by – 1) hydroelectric, 2) wind, 3) solar, 4) energy transition (distributed generation, pumped storage, cogeneration and biomass), and 5) corporate – with hydroelectric and wind further segmented by geography (i.e. North Amer
Slide 11: Proportionate Results for the Year Ended December 31
Proportionate Results for the Year Ended December 31 For each operating segment, this Supplemental Information outlines Brookfield Renewable’s proportionate share of results in order to demonstrate the impact of key value drivers of each operating segment on the partnership’s overall performance. (G
Slide 12: Hydroelectric Operations on Proportionate Basis
Hydroelectric Operations on Proportionate Basis FINANCIAL RESULTS 18,046 GWh $639M FFO decreased 3% or $23 million to $639 million PROPORTIONATE GENERATION FFO • FFO at our North American business was $380 million versus $420 million in the prior year as higher average revenue per MWh due to the The
Slide 13: Wind Operations on Proportionate Basis
Wind Operations on Proportionate Basis FINANCIAL RESULTS 6,096 GWh $396M FFO increased 67% or $159 million to $396 million PROPORTIONATE GENERATION FFO • FFO at our North American business was $200 million versus $123 million in the prior year due to growth from our increased ownership in TerraForm
Slide 14: Solar, Energy Transition and Corporate on Proportionate Basis
Solar, Energy Transition and Corporate on Proportionate Basis The following table presents the proportionate results of our solar The following table presents our corporate results for the years ended business for the years ended December 31: December 31: (MILLIONS, EXCEPT AS NOTED) 2021 2020 (MILLI
Slide 15: Distribution Payout Ratio
Distribution Payout Ratio Our objective is to pay a distribution that is sustainable on a long-term basis while retaining sufficient liquidity within our operations to fund growth. We fund our growth initiatives through a combination of preferred equity, perpetual subordinated notes and corporate de
Slide 16: Capitalization and Available Liquidity
Capitalization and Available Liquidity CAPITALIZATION AVAILABLE LIQUIDITY A key element of our financing strategy is to raise the majority We operate with sufficient liquidity to enable us to fund of our debt in the form of asset-specific, non-recourse growth initiatives, capital expenditures, distr
Slide 17: Borrowings
Borrowings The following table summarizes our undiscounted principal and scheduled amortization repayments on a proportionate basis: (MILLIONS) 2022 2023 2024 2025 2026 Thereafter Total Principal repayments(1) Medium term notes(2) — — — 317 — 1,839 2,156 Non-recourse borrowings Credit facilities 4 —
Slide 18: Contract Profile
Contract Profile The following table sets out our contracts over the next five years for generation output in North America, Europe, and other countries in Asia on a proportionate basis, assuming long-term average. The table excludes Brazil and Colombia, where we would expect the energy associated w
Slide 19: Development Profile
Development Profile Expected to deliver $178 million of FFO from our recently developed, under construction or construction-ready, and advanced stage development assets. The following table summarizes the 952 MW of assets that reached commercial operations during the year: Annualized Country / Capac
Slide 20: Proportionate Results for the Three Months Ended December 31
Proportionate Results for the Three Months Ended December 31 For each operating segment, this Supplemental Information outlines Brookfield Renewable’s proportionate share of results in order to demonstrate the impact of key value drivers of each operating segment on the partnership’s overall perform
Slide 21: Appendix 1 – Reconciliation of Non-IFRS Measures
Appendix 1 – Reconciliation of Non-IFRS Measures 21
Slide 22: Segment Reconciliation on a Proportionate Basis – Year Ended December 31, 2021
Segment Reconciliation on a Proportionate Basis – Year Ended December 31, 2021 The following table reflects Adjusted EBITDA and FFO and provides reconciliation to IFRS financial data for the year ended December 31, 2021: Attributable to Unitholders Contribution from equity- Attributable to UNAUDITED
Slide 23: Segment Reconciliation on a Proportionate Basis – Year Ended December 31, 2020
Segment Reconciliation on a Proportionate Basis – Year Ended December 31, 2020 The following table reflects Adjusted EBITDA and FFO and provides reconciliation to IFRS financial data for the year ended December 31, 2020: Attributable to Unitholders Contribution from equity- Attributable to UNAUDITED
Slide 24: Reconciliation of Non-IFRS Measures
Reconciliation of Non-IFRS Measures The following table reconciles the non-IFRS financial measures to the most directly comparable IFRS measures. Net income (loss) is reconciled to Adjusted EBITDA for the year ended December 31, 2021: Attributable to Unitholders Hydroelectric Wind UNAUDITED North No
Slide 25: Reconciliation of Non-IFRS Measures
Reconciliation of Non-IFRS Measures The following table reconciles the non-IFRS financial measures to the most directly comparable IFRS measures. Net income (loss) is reconciled to Adjusted EBITDA for the year ended December 31, 2020: Attributable to Unitholders Hydroelectric Wind UNAUDITED North No
Slide 26: Reconciliation of Non-IFRS Measures
Reconciliation of Non-IFRS Measures The following table reconciles the non-IFRS financial measures to the most directly comparable IFRS measures. Net income (loss) is reconciled to Adjusted EBITDA for the three months ended December 31, 2021: Attributable to Unitholders Hydroelectric Wind UNAUDITED
Slide 27: Reconciliation of Non-IFRS Measures
Reconciliation of Non-IFRS Measures The following table reconciles the non-IFRS financial measures to the most directly comparable IFRS measures. Net income (loss) is reconciled to Adjusted EBITDA for the three months ended December 31, 2020: Attributable to Unitholders Hydroelectric Wind UNAUDITED
Slide 28: Reconciliation of Non-IFRS Measures
Reconciliation of Non-IFRS Measures The following table reconciles the non-IFRS financial metrics presented in this report to the most directly comparable IFRS measures: Three months ended December 31 Years ended December 31 UNAUDITED (MILLIONS) 2021 2020 2021 2020 Net income (loss) $ 33 $ (5) $ (66
Slide 29: Reconciliation of Non-IFRS Measures (cont'd)
Reconciliation of Non-IFRS Measures (cont'd) The following table reconciles the non-IFRS per unit financial metrics to the most directly comparable IFRS measures. Earnings per LP unit is reconciled to FFO per Unit and Normalized FFO per Unit for the year ended December 31: Years ended December 31 20
Slide 30: Appendix 2 – Additional Information
Appendix 2 – Additional Information 30
Slide 31: Annualized Proportionate Long-term Average Generation
Annualized Proportionate Long-term Average Generation GENERATION (GWh)(10) Q1 Q2 Q3 Q4 Total Hydroelectric North America United States 2,614 2,805 1,819 2,293 9,531 Canada 619 775 624 619 2,637 3,233 3,580 2,443 2,912 12,168 Colombia 865 948 916 1,058 3,787 Brazil 988 998 1,009 1,009 4,004 5,086 5,5
Slide 32: Annualized Consolidated Long-term Average Generation
Annualized Consolidated Long-term Average Generation GENERATION (GWh)(10) Q1 Q2 Q3 Q4 Total Hydroelectric North America United States 3,794 3,918 2,525 3,266 13,503 Canada 841 1,064 873 878 3,656 4,635 4,982 3,398 4,144 17,159 Colombia 3,593 3,936 3,802 4,395 15,726 Brazil 1,215 1,228 1,241 1,240 4,
Slide 33: Appendix 3 – Presentation to Stakeholders and Performance Measurement
Appendix 3 – Presentation to Stakeholders and Performance Measurement 33
Slide 34: Presentation to Stakeholders
Presentation to Stakeholders Actual and Long-term Average Generation For assets acquired, disposed or reaching commercial operation during the period, reported generation is calculated from the acquisition, disposition or commercial operation date and is not annualized. As it relates to Colombia onl
Slide 35: Performance Measurement
Performance Measurement One of our primary business objectives is to generate reliable and growing cash flows while minimizing risk for the benefit of all stakeholders. We monitor our performance in this regard through four key metrics – i) Net Income (Loss), ii) Adjusted Earnings Before Interest, T
Slide 36: Performance Measurement
Performance Measurement • Cash Available for Distribution – Cash Available for Distribution is a non-IFRS measure used by investors to analyze net earnings from operations without the effects of certain volatile items that generally have no current financial impact or items not directly related to t
Slide 37: Endnotes
Endnotes (1) Share of earnings from equity accounted investments of $22 million is comprised of amounts found on the share of Adjusted EBITDA, share of interest and cash taxes and share of earnings lines. Net income attributable to participating non-controlling interests – in operating subsidiaries
Slide 38: BEP BEPC BEP.UN BEPC
NYSE: NYSE: BEP BEPC TSX: TSX: BEP.UN BEPC https://bep.brookfield.com https://bep.brookfield.com/bepc 38
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