Brookfield Renewable Corporation · NYSE:BEPC
Brookfield Renewable — Brookfield Renewable Partners L.P. Limited Partnership Units — Q4 2022 Earnings Presentation
39 slides from Brookfield Renewable's earnings presentation, Feb 3, 2023
Slide 1: Q4 2022 Supplemental Information
Brookfield 2022 Q4 SUPPLEMENTAL INFORMATION Brookfield Renewable Partners L.P. Year Ended December 31, 2022
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: 2022 Highlights
2022 Highlights (MILLIONS, EXCEPT AS NOTED) 2022 2021 $1.005B 8% $3.7B Selected Financial Information FUNDS FROM FFO PER UNIT AVAILABLE Revenues $ 4,711 $ 4,096 OPERATIONS INCREASE LIQUIDITY Net loss attributable to Unitholders (295) (368) Proportionate Adjusted EBITDA(1) 2,002 1,876 FFO(1) 1,005 93
Slide 4: 2022 Highlights (cont'd)
2022 Highlights (cont’d) OPERATIONS GROWTH AND DEVELOPMENT (cont'd) • Continued to focus on being the partner of choice to procure power • An integrated distributed generation developer with – Secured contracts to deliver over 11,000 GWh of clean energy approximately 500 MW of contracted operating a
Slide 5: About Brookfield Renewable
About Brookfield Renewable We are a global leader in decarbonization, with integrated operating platforms on five continents with operating, development and power marketing expertise $77 billion 25,400 TOTAL POWER ASSETS MEGAWATTS OF CAPACITY 6,764 power generating facilities(12) ~30 markets in 20 c
Slide 6: A Global Leader in Decarbonization
A Global Leader in Decarbonization 6
Slide 7: Overview of Our Operations
Overview of Our Operations Our global diversified portfolio of renewable power assets, which makes up over 98% of our business, has Revenue by Technology approximately 25,400 MW of operating capacity and annualized LTA generation of approximately 69,700 GWh and a (1) (proportionate basis) developmen
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 5.5% increase in our quarterly distributions, bringing our annual distribution to $1.35 per LP unit(1) – T
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) utility-scale solar, 4) distributed energy & sustainable solutions (distributed generation, pumped storage, renewable natural gas, carbon capture and storage, recycling, and other), and 5) c
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 19,524 GWh $667M FFO increased 5% or $29 million to $667 million, excluding the impact of a one-time event in Brazil benefiting the prior year PROPORTIONATE GENERATION FFO • FFO at our North American business was $412 million versus $
Slide 13: Wind Operations on Proportionate Basis
Wind Operations on Proportionate Basis FINANCIAL RESULTS 5,959 GWh $326M FFO increased 12% or $34 million to $326 million, excluding a gain on PROPORTIONATE GENERATION FFO sale in the prior year • FFO at our North American business was $172 million versus $200 The following table presents our propor
Slide 14: Utility-scale Solar, Distributed Energy and Corporate on Proportionate Basis
Utility-scale solar, Distributed energy & sustainable solutions and Corporate on Proportionate Basis The following table presents the proportionate results of our Utility- The following table presents our corporate results for the years ended scale solar business for the years ended December 31: Dec
Slide 15: 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 16: Borrowings
Borrowings The following table summarizes our undiscounted principal and scheduled amortization repayments on a proportionate basis: (MILLIONS) 2023 2024 2025 2026 2027 Thereafter Total Principal repayments(1) Medium-term notes(2) — — 295 — 369 1,643 2,307 Non-recourse borrowings Credit facilities —
Slide 17: 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 18: Development Profile
Development Profile Expected to deliver $280 million of annualized FFO from our recently developed, under construction or construction-ready, and advanced stage development assets. The following table summarizes the 3,475 MW of assets that reached commercial operations during 2022: Country / Annuali
Slide 19: 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 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, 2022
Segment Reconciliation on a Proportionate Basis – Year Ended December 31, 2022 The following table reflects Adjusted EBITDA and FFO and provides reconciliation to IFRS financial data for the year ended December 31, 2022: Attributable to Unitholders Distributed Contribution energy & from equity- Attr
Slide 23: 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 Distributed Contribution energy & from equity- Attr
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, 2022: Attributable to Unitholders Hydroelectric Wind Distributed Utilit
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, 2021: Attributable to Unitholders Hydroelectric Wind Distributed Utilit
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, 2022: Attributable to Unitholders Hydroelectric Wind Distribute
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, 2021: Attributable to Unitholders Hydroelectric Wind Distribute
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) 2022 2021 2022 2021 Net income (loss) $ 60 $ 33 $ 138
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 2,225 2,359 1,466 1,950 8,000 Canada 1,010 1,210 980 959 4,159 3,235 3,569 2,446 2,909 12,159 Colombia 875 960 935 1,059 3,829 Brazil 1,007 1,020 1,034 1,036 4,097 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 3,402 3,469 2,171 2,921 11,963 Canada 1,235 1,489 1,236 1,218 5,178 4,637 4,958 3,407 4,139 17,141 Colombia 3,632 3,985 3,881 4,393 15,891 Brazil 1,183 1,198 1,214 1,
Slide 33: Development Profile - Schedule
Development Profile - Schedule The following table summarizes the expected commissioning schedule of our renewable power and sustainable solutions development pipeline: Remaining Total Advanced Remaining Development Pipeline 2023 2024 2025 Advanced Stage Stage Pipeline Pipeline Total Pipeline Renewa
Slide 34: Appendix 3 – Presentation to Stakeholders and Performance Measurement
Appendix 3 – Presentation to Stakeholders and Performance Measurement 34
Slide 35: 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 36: 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 37: 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 38: Endnotes
Endnotes (1) Share of earnings from equity accounted investments of $96 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 39: BEP BEPC BEP.UN BEPC
NYSE: NYSE: BEP BEPC TSX: TSX: BEP.UN BEPC https://bep.brookfield.com https://bep.brookfield.com/bepc 39
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