Brookfield Renewable Corporation · NYSE:BEPC
Brookfield Renewable — Brookfield Renewable Partners L.P. Limited Partnership Units — Q1 2020 Earnings Presentation
31 slides from Brookfield Renewable's earnings presentation, May 6, 2020
Slide 1: Q1 2020 Supplemental Information
BROOKFIELD RENEWABLE PARTNERS L.P. Q1 2020 Supplemental Information For the three months ended March 31, 2020
Slide 2: Notice to Recipients
NOTICE TO RECIPIENTS 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 A
Slide 3: Notice to Recipients (Continued)
NOTICE TO RECIPIENTS (Continued) CAUTIONARY STATEMENT REGARDING USE OF NON-IFRS MEASURES This Supplemental Information contains references to Adjusted EBITDA, Funds From Operations (“FFO"), FFO per Unit, Normalized FFO, Normalized FFO per Unit and Cash Available for Distribution (“CAFD”) (collective
Slide 4: Q1 2020 Highlights
Q1 2020 Highlights (MILLIONS, EXCEPT AS NOTED) 2020 2019 7.2 TWh $212M 5% Operational Information PROPORTIONATE NORMALIZED NORMALIZED Capacity (MW) 19,272 17,438 GENERATION FFO FFO INCREASE Total generation (GWh) Long-term average generation 14,151 13,493 Actual generation 14,264 14,125 PERFORMANCE
Slide 5: Q1 2020 Highlights (cont'd)
Q1 2020 Highlights (cont’d) OPERATIONS LIQUIDITY AND CAPITAL RESOURCES (continued) • Continued to focus on extending our contract profile • Completed the sale of our solar assets in – In Colombia, we contracted 157 GWh/year, Thailand for total proceeds of $94 million ($29 million net to Brookfield R
Slide 6: 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 Approximately 3,000 operating employees $48 billion TOTAL POWER ASSETS 19,300 74% HYDROELECTRIC GENERA
Slide 7: Overview of Our Operations
Overview of Our Operations Storage River Capacity LTA(1) Capacity As at March 31, 2020 Systems Facilities (MW) (GWh) (GWh) Long-term Average Generation by Source of Energy Hydroelectric (proportionate basis) North America United States 31 140 3,148 13,503 2,523 Canada 18 29 1,098 3,656 1,261 Solar 6
Slide 8: Generation and Financial Review for the Three Months Ended March 31
Generation and Financial Review for the Three Months Ended March 31 8
Slide 9: 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 10: Proportionate Results for the Three Months Ended March 31
Proportionate Results for the Three Months Ended March 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 performanc
Slide 11: Hydroelectric Operations on Proportionate Basis
Hydroelectric Operations on Proportionate Basis FINANCIAL RESULTS 5,658 GWh $222M FFO increased 2% or $4 million to $222 million PROPORTIONATE GENERATION FFO • FFO at our North American business was $156 million versus $152 million in the prior year as we benefited from strong generation, both perio
Slide 12: Wind Operations on Proportionate Basis
Wind Operations on Proportionate Basis FINANCIAL RESULTS 1,210 GWh $44M FFO decreased 10% or $5 million to $44 million PROPORTIONATE GENERATION FFO • FFO at our North American business was $29 million, consistent with The following table presents our proportionate results for the the prior year, as
Slide 13: 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 The following table presents Corporate results for the three solar business the three months ended March 31: months ended March 31: (MILLIONS, EXCEPT AS NOTED) 2020 2019 (MILLIO
Slide 14: 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 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: Balance of (MILLIONS) 2020 2021 2022 2023 2024 Thereafter Total Principal repayments(1) Medium term notes(2)(3) — — 284 — — 1,636 1,920 Non-recourse borrowings Credit
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: Assets Under Construction
Assets Under Construction The following table summarizes the 831 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 58
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 – Three Months Ended March 31, 2020
Segment Reconciliation on a Proportionate Basis – Three Months Ended March 31, 2020 The following table reflects Adjusted EBITDA and FFO and provides reconciliation to IFRS financial data for the three months ended March 31, 2020: Attributable to Unitholders Contribution from equity- Attributable to
Slide 21: Segment Reconciliation on a Proportionate Basis – Three Months Ended March 31, 2019
Segment Reconciliation on a Proportionate Basis – Three Months Ended March 31, 2019 The following table reflects Adjusted EBITDA and FFO and provides reconciliation to IFRS financial data for the three months ended March 31, 2019: Attributable to Unitholders Contribution from equity- Attributable to
Slide 22: Per Unit Reconciliation – Three Months Ended March 31
Per Unit Reconciliation– Three Months Ended March 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, CAFD and Proportionate Adjusted EBITDA, and earnings per unit is reconciled t
Slide 23: Segment Proportionate Balance Sheet
Segment Proportionate Balance Sheet Attributable to Unitholders Contribution from equity- Attributable to Storage & accounted non-controlling As per IFRS (MILLIONS) Hydro Wind Solar Other Corporate Total investments interests financials As at March 31, 2020 Cash and cash equivalents 61 60 84 6 1 212
Slide 24: Appendix 2 – Additional Information
Appendix 2 – Additional Information 24
Slide 25: 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 2,614 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 798 870 843 978 3,489 Brazil 988 998 1,009 1,009 4,004 5,019 5,448
Slide 26: Annualized Long-term Average Generation
Annualized Long-term Average Generation GENERATION (GWh) (1) 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 3,315 3,614 3,502 4,054 14,485 Brazil 1,215 1,228 1,241 1,240 4,924 9,165 9
Slide 27: Appendix 3 – Presentation to Stakeholders and Performance Measurement
Appendix 3 – Presentation to Stakeholders and Performance Measurement 27
Slide 28: 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 29: 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 30: 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 31: BEP BEP.UN
NYSE: BEP TSX: BEP.UN https://bep.brookfield.com 31
Brookfield Renewable Partners L.P. Limited Partnership Units — Q1 2020 Earnings Presentation on 6ix