Brookfield Renewable Corporation · NYSE:BEPC
Brookfield Renewable — Brookfield Renewable Partners L.P. Limited Partnership Units — FY2019 Earnings Presentation
37 slides from Brookfield Renewable's earnings presentation, Feb 6, 2020
Slide 1: 2019 Supplemental Information
BROOKFIELD RENEWABLE PARTNERS L.P. 2019 Supplemental Information Year Ended December 31, 2019
Slide 2: 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 Section 27A of the U.S. Securities Act of 1933, as amende
Slide 3: 2019 Highlights
2019 Highlights (MILLIONS, EXCEPT AS NOTED) 2019 2018 26.0 TWh $761M 13% Operational Information PROPORTIONATE YOY FFO PER GENERATION FFO UNIT GROWTH Capacity (MW) 18,883 17,419 Total generation (GWh) PERFORMANCE HIGHLIGHTS Long-term average generation 53,926 51,971 • FFO increased to $761 million o
Slide 4: 2019 Highlights (cont'd)
2019 Highlights (cont’d) OPERATIONS GROWTH AND DEVELOPMENT • Continued to focus on extending our contract profile • Together with our institutional partners, we: – In Colombia, we entered into 52 new contracts to deliver – Agreed to invest C$750 million in 7% convertible securities 764 GWh/year, inc
Slide 5: About Brookfield Renewable
About Brookfield Renewable One of the largest public pure-play renewable businesses globally 120 years of experience in power generation Full operating, development and power marketing capabilities Over 2,800 operating employees $50 billion 19,000 74% TOTAL POWER ASSETS MEGAWATTS OF CAPACITY HYDROEL
Slide 6: Overview of Our Operations
Overview of Our Operations Storage River Capacity LTA(1) Capacity As at December 31, 2019 Systems Facilities (MW) (GWh) (GWh) Long-term Average Generation by Source of Energy Hydroelectric (proportionate basis) North America United States 30 136 2,885 11,982 2,523 Canada 19 33 1,361 5,177 1,261 Sola
Slide 7: Generation and Financial Review for the Year Ended December 31
Generation and Financial Review for the Year Ended December 31 7
Slide 8: Performance Measurement
Performance Measurement Segmented Information Our operations are segmented by – 1) hydroelectric, 2) wind, 3) solar, 4) storage & other (cogeneration and biomass), and 5) corporate – with hydroelectric and wind further segmented by geography (i.e., North America, Colombia, Brazil, Europe and Asia).
Slide 9: 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 10: Hydroelectric Operations on Proportionate Basis
Hydroelectric Operations on Proportionate Basis FINANCIAL RESULTS 19,921 GWh $720M FFO increased 7% or $49 million to $720 million PROPORTIONATE GENERATION FFO • FFO at our North American business was $469 million versus $443 million The following table presents our proportionate results for the yea
Slide 11: Wind Operations on Proportionate Basis
Wind Operations on Proportionate Basis FINANCIAL RESULTS 4,794 GWh $171M FFO increased 7% or $11 million to $171 million PROPORTIONATE GENERATION FFO • FFO at our North American business was in line with prior year at $94 million. The contributions from growth in our portfolio as a result of The fol
Slide 12: Solar, Storage & Other and Corporate on Proportionate Basis
Solar, Storage & Other and Corporate on Proportionate Basis The following table presents our proportionate results for our solar The following table presents Corporate results for the years ended business the years ended December 31: December 31: (MILLIONS, EXCEPT AS NOTED) 2019 2018 (MILLIONS, EXCE
Slide 13: 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 and corporate debt issuances, asset sales and
Slide 14: 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 15: Borrowings
Borrowings The following table summarizes our undiscounted principal and scheduled amortization repayments on a proportionate basis: (MILLIONS) 2020 2021 2022 2023 2024 Thereafter Total Principal repayments(1) Medium term notes(2) — — 308 — — 1,500 1,808 Non-recourse borrowings Credit facilities — 6
Slide 16: 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 17: Assets Under Construction
Assets Under Construction The following table summarizes the 717 MW of assets currently under construction and the expected FFO on an annualized basis: Expected Annualized Country / Capacity date of expected FFO Project Name Region Technology (MW) commission (millions) GLP Rooftop JV China Solar 63
Slide 18: 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 19: Appendix 1 – Reconciliation of Non-IFRS Measures
Appendix 1 – Reconciliation of Non-IFRS Measures 19
Slide 20: Segment Reconciliation on a Proportionate Basis – Year Ended December 31, 2019
Segment Reconciliation on a Proportionate Basis – Year Ended December 31, 2019 The following table reflects Adjusted EBITDA, FFO and CAFD and provides reconciliation to IFRS financial data for the year ended December 31, 2019: Attributable to Unitholders Contribution Attributable Hydroelectric Wind
Slide 21: Segment Reconciliation on a Proportionate Basis – Year Ended December 31, 2018
Segment Reconciliation on a Proportionate Basis – Year Ended December 31, 2018 The following table reflects Adjusted EBITDA, FFO and CAFD and provides reconciliation to IFRS financial data for the year ended December 31, 2018: Attributable to Unitholders Contribution Attributable Hydroelectric Wind
Slide 22: Per Unit Reconciliation – Years Ended December 31
Per Unit Reconciliation – Years Ended December 31 The following table reconciles the non-IFRS financial metrics to the most directly comparable IFRS measures. Net income attributable to Unitholders is reconciled to FFO and reconciled to Proportionate Adjusted EBITDA, and earnings per unit is reconci
Slide 23: Segment Reconciliation – Three Months Ended December 31, 2019
Segment Reconciliation on a Proportionate Basis – Three Months Ended December 31, 2019 The following table reflects Adjusted EBITDA, FFO and CAFD and provides reconciliation to IFRS financial data for the three months ended December 31, 2019: Attributable to Unitholders Contribution Attributable Hyd
Slide 24: Segment Reconciliation – Three Months Ended December 31, 2018
Segment Reconciliation on a Proportionate Basis – Three Months Ended December 31, 2018 The following table reflects Adjusted EBITDA, FFO and CAFD and provides reconciliation to IFRS financial data for the three months ended December 31, 2018: Attributable to Unitholders Contribution Attributable Hyd
Slide 25: Per Unit Reconciliation – Three Months Ended December 31
Per Unit Reconciliation – Three Months Ended December 31 The following table reconciles the non-IFRS financial metrics to the most directly comparable IFRS measures. Net income attributable to Unitholders is reconciled to FFO and reconciled to Proportionate Adjusted EBITDA, and earnings per unit is
Slide 26: Segment Proportionate Balance Sheet
Segment Proportionate Balance Sheet Attributable to Unitholders Contribution Attributable Storage from equity to non- As per and accounted controlling IFRS (MILLIONS) Hydro Wind Solar Other Corporate Total investments interests financials As at December 31, 2019 Cash and cash equivalents 27 46 63 6
Slide 27: Appendix 2 – Consolidated Information
Appendix 2 – Consolidated Information 27
Slide 28: Consolidated Results – Year Ended December 31
Consolidated Results – Year Ended December 31 (GWh) (MILLIONS) Actual Generation LTA Generation Revenues Adjusted EBITDA Funds From Operations 2019 2018 2019 2018 2019 2018 2019 2018 2019 2018 Hydroelectric North America United States 13,437 12,929 11,982 11,982 $ 828 $ 820 $ 546 $ 541 $ 287 $ 252 C
Slide 29: Consolidated Results – Three Months Ended December 31
Consolidated Results – Three Months Ended December 31 (GWh) (MILLIONS) Actual Generation LTA Generation Revenues Adjusted EBITDA Funds From Operations 2019 2018 2019 2018 2019 2018 2019 2018 2019 2018 Hydroelectric North America United States 3,061 3,612 2,926 2,926 $ 188 $ 216 $ 116 $ 136 $ 67 $ 64
Slide 30: Appendix 3 – Additional Information
Appendix 3 – Additional Information 30
Slide 31: Annualized Proportionate Long-term Average Generation
Annualized Proportionate Long-term Average Generation GENERATION (GWh) (1) Q1 Q2 Q3 Q4 Total Hydroelectric North America United States 2,223 2,364 1,469 1,953 8,009 Canada 1,007 1,219 974 959 4,159 3,230 3,583 2,443 2,912 12,168 Colombia 798 869 853 969 3,489 Brazil 988 998 1,009 1,009 4,004 5,016 5
Slide 32: Annualized Consolidated Long-term Average Generation
Annualized Consolidated Long-term Average Generation GENERATION (GWh) (1) Q1 Q2 Q3 Q4 Total Hydroelectric North America United States 3,404 3,474 2,178 2,926 11,982 Canada 1,228 1,508 1,223 1,218 5,177 4,632 4,982 3,401 4,144 17,159 Colombia 3,316 3,612 3,535 4,022 14,485 Brazil 1,215 1,228 1,241 1,
Slide 33: Appendix 4 – Presentation to Stakeholders and Performance Measurement
Appendix 4 – 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: BEP BEP.UN
NYSE: BEP TSX: BEP.UN https://bep.brookfield.com 37
Brookfield Renewable Partners L.P. Limited Partnership Units — FY2019 Earnings Presentation on 6ix