Brookfield Renewable Corporation · NYSE:BEPC
Brookfield Renewable — Brookfield Renewable Partners L.P. Limited Partnership Units — FY2018 Earnings Presentation
34 slides from Brookfield Renewable's earnings presentation, Feb 8, 2019
Slide 1: 2018 Supplemental Information
BROOKFIELD RENEWABLE PARTNERS L.P. 2018 Supplemental Information Year Ended December 31, 2018
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: 2018 Highlights
2018 Highlights YEAR ENDED DECEMBER 31 (MILLIONS, EXCEPT AS NOTED) 2018 2017 25.8 TWh $676M 14% PROPORTIONATE FUNDS FROM YOY FFO PER Operational Information GENERATION OPERATIONS UNIT GROWTH Capacity (MW) 17,419 16,369 Total generation (GWh) Long-term average generation 51,971 42,334 PERFORMANCE HIG
Slide 4: 2018 Highlights (cont'd)
2018 Highlights (cont’d) OPERATIONS LIQUIDITY AND CAPITAL RESOURCES (cont’d) • Continued to focus on extending our contract profile at • Entered into agreements to sell 237 MW of wind and premium pricing solar facilities in South Africa, Thailand and Malaysia for ‒ In Colombia, entered into 54 new l
Slide 5: About Brookfield Renewable
About Brookfield Renewable One of the largest public pure-play renewable businesses globally 100 years of experience in power generation Full operating, development and power marketing capabilities Over 2,000 operating employees $47 billion 17,400 76% TOTAL POWER ASSETS MEGAWATTS OF CAPACITY HYDROEL
Slide 6: Overview of Our Operations
Overview of Our Operations Storage (1) River Capacity LTA Capacity As at December 31, 2018 Systems Facilities (MW) (GWh) (GWh) Long-term Average Generation by Source of Energy Hydroelectric (proportionate basis) North America United States 30 136 2,886 11,982 2,523 Canada 19 33 1,361 5,177 1,261 49
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 The Chief Operating Decision Maker (“CODM”) reviews results, manages operations and allocates resources, segmented by – 1) hydroelectric, 2) wind, 3) solar, 4) storage & other (cogeneration and biomass), and 5) corporate – with hydroelectric and wind fur
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 FFO decreased 2% or $15 million to $671 million 20,305 GWh $671M • FFO at our North American business was $443 million versus PROPORTIONATE GENERATION FFO $486 million in the prior year. While generation was 3% above LTA it was 5% bel
Slide 11: Wind Operations on Proportionate Basis
Wind Operations on Proportionate Basis FINANCIAL RESULTS FFO increased 52% or $55 million to $160 million 4,176 GWh $160M PROPORTIONATE GENERATION FFO • FFO at our North American business was $93 million versus $74 million in the prior year due primarily to contribution from our investment in TerraF
Slide 12: Solar, Storage & Other and Corporate on Proportionate Basis
Solar, Storage & Other and Corporate on Proportionate Basis FINANCIAL RESULTS The following table presents our proportionate results for the year ended December 31: • FFO at our solar business was $72 million versus $2 Solar Storage and Other million in the prior year. The business is operating inli
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 A key element of our financing strategy is to raise the majority of our debt in the form of asset-specific, non-recourse borrowings at our subsidiaries on an investment grade basis with no maintenance covenants. Almost 95% of our debt is either investment grade
Slide 15: Borrowings
Borrowings The following table summarizes our undiscounted principal and scheduled amortization repayments on a proportionate basis: (MILLIONS) 2019 2020 2021 2022 2023 Thereafter Total Principal repayments (1) Corporate borrowings - 330 - 293 727 990 2,340 Non-recourse borrowings Credit facilities
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 and Africa on a proportionate basis, assuming long-term average. The table excludes Brazil and Colombia, where we would expect the energy a
Slide 17: Assets Under Construction
Assets Under Construction The following table summarizes the 151 MW of assets currently under construction and the expected Funds From Operations on an annualized basis: Expected Expected Funds From Country / Capacity date of Operations Project Name Region Technology (MW) commission (annualized) Sil
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, 2018
Segment Reconciliation on a Proportionate Basis – Year Ended December 31, 2018 The following table reflects Adjusted EBITDA and Funds From Operations and provides reconciliation to IFRS financial data for the year ended December 31, 2018: Attributable to Unitholders Contribution Attributable Hydroel
Slide 21: Segment Reconciliation on a Proportionate Basis – Year Ended December 31, 2017
Segment Reconciliation on a Proportionate Basis – Year Ended December 31, 2017 The following table reflects Adjusted EBITDA and Funds From Operations and provides reconciliation to IFRS financial data for the year ended December 31, 2017: Attributable to Unitholders Contribution Attributable Hydroel
Slide 22: Segment Reconciliation on a Proportionate Basis – Three Months Ended December 31, 2018
Segment Reconciliation on a Proportionate Basis – Three Months Ended December 31, 2018 The following table reflects Adjusted EBITDA and Funds From Operations and provides reconciliation to IFRS financial data for the three months ended December 31, 2018: Attributable to Unitholders Contribution Attr
Slide 23: Segment Reconciliation on a Proportionate Basis – Three Months Ended December 31, 2017
Segment Reconciliation on a Proportionate Basis – Three Months Ended December 31, 2017 The following table reflects Adjusted EBITDA and Funds From Operations and provides reconciliation to IFRS financial data for the three months ended December 31, 2017: Attributable to Unitholders Contribution Attr
Slide 24: Appendix 2 – Consolidated Information
Appendix 2 – Consolidated Information 24
Slide 25: Consolidated Results – Year Ended December 31
Consolidated Results – Year Ended December 31 (GWh) (MILLIONS) Actual Generation LTA Generation Revenues Adjusted EBITDA Funds From Operations 2018 2017 2018 2017 2018 2017 2018 2017 2018 2017 Hydroelectric North America United States 12,929 11,610 11,982 11,983 $ 820 $ 771 $ 541 $ 497 $ 252 $ 248 C
Slide 26: 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 2018 2017 2018 2017 2018 2017 2018 2017 2018 2017 Hydroelectric North America United States 3,612 2,383 2,926 2,926 $ 216 $ 171 $ 136 $ 98 $ 64 $ 42
Slide 27: Appendix 3 – Additional Information
Appendix 3 – Additional Information 27
Slide 28: 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 2,225 2,361 1,470 1,953 8,009 Canada 1,109 1,337 1,077 1,073 4,596 3,334 3,698 2,547 3,026 12,605 Colombia 844 844 859 935 3,482 Brazil 969 985 996 996 3,946 5,147 5
Slide 29: Annualized Long-term Average Generation
Annualized 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 3,508 3,509 3,571 3,888 14,476 Brazil 1,181 1,198 1,210 1,210 4,799 9,3
Slide 30: Appendix 4 – Presentation to Stakeholders and Performance Measurement
Appendix 4 – Presentation to Stakeholders and Performance Measurement 30
Slide 31: 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 32: 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 33: Performance Measurement
Performance Measurement • Cash Available for Distribution and Annualized 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 fina
Slide 34: BEP BEP.UN
NYSE: BEP TSX: BEP.UN https://bep.brookfield.com 34
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