Brookfield Renewable Corporation · NYSE:BEPC
Brookfield Renewable — Brookfield Renewable Partners L.P. Limited Partnership Units — Q3 2019 Earnings Presentation
37 slides from Brookfield Renewable's earnings presentation, Nov 11, 2019
Slide 1: Q3 2019 Supplemental Information
BROOKFIELD RENEWABLE PARTNERS L.P. Q3 2019 Supplemental Information For the three and nine months ended September 30, 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: Q3 2019 Highlights
Q3 2019 Highlights Three months ended Nine months ended (MILLIONS, EXCEPT AS NOTED) 2019 2018 2019 2018 5.2 TWh $133M $0.43 Operational Information PROPORTIONATE FFO GENERATION FFO PER UNIT Capacity (MW) 18,042 17,392 18,042 17,392 Total generation (GWh) PERFORMANCE HIGHLIGHTS Long-term average gene
Slide 4: Q3 2019 Highlights (cont'd)
Q3 2019 Highlights (cont’d) OPERATIONS LIQUIDITY AND CAPITAL RESOURCES (continued) • Continued to focus on extending our contract profile • Subsequent to quarter-end, TerraForm Power completed a $250 million equity offering of its Class A common shares – In Colombia, we contracted 2,287 GWh/year, in
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 2,500 operating employees $50 billion TOTAL POWER ASSETS 18,000 74% HYDROELECTRIC GENERATION MEGA
Slide 6: Overview of Our Operations
Overview of Our Operations Storage River Capacity LTA(1) Capacity As at September 30, 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 Sol
Slide 7: Generation and Financial Review for the Three Months Ended September 30
Generation and Financial Review for the Three Months Ended September 30 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 Three Months Ended September 30
Proportionate Results for the Three Months Ended September 30 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 perfor
Slide 10: Hydroelectric Operations on Proportionate Basis
Hydroelectric Operations on Proportionate Basis FINANCIAL RESULTS 3,732 GWh $125M FFO increased 20% or $21 million to $125 million PROPORTIONATE GENERATION FFO • FFO at our North American business was $55 million versus $53 million The following table presents our proportionate results for the three
Slide 11: Wind Operations on Proportionate Basis
Wind Operations on Proportionate Basis FINANCIAL RESULTS 1,058 GWh $36M FFO increased 24% or $7 million to $36 million PROPORTIONATE GENERATION FFO • FFO at our North American business was $15 million versus $14 million in the prior year. Our portfolio benefited from operating cost savings The follo
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 three months business the three and nine months ended September 30: ended September 30: Three months ended Nine mont
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: Balance of (MILLIONS) 2019 2020 2021 2022 2023 Thereafter Total Principal repayments(1) Medium term notes(2)(3) — — — 302 — 1,473 1,775 Non-recourse borrowings Credit
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 151 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 47
Slide 18: Proportionate Results for the Nine Months Ended September 30
Proportionate Results for the Nine Months Ended September 30 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 – Three Months Ended September 30, 2019
Segment Reconciliation on a Proportionate Basis – Three Months Ended September 30, 2019 The following table reflects Adjusted EBITDA, FFO and CAFD and provides reconciliation to IFRS financial data for the three months ended September 30, 2019: Attributable to Unitholders Contribution Attributable H
Slide 21: Segment Reconciliation on a Proportionate Basis – Three Months Ended September 30, 2018
Segment Reconciliation on a Proportionate Basis – Three Months Ended September 30, 2018 The following table reflects Adjusted EBITDA, FFO and CAFD and provides reconciliation to IFRS financial data for the three months ended September 30, 2018: Attributable to Unitholders Contribution Attributable H
Slide 22: Per Unit Reconciliation – Three Months Ended September 30
Per Unit Reconciliation– Three Months Ended September 30 The following table reconciles net income (loss) attributable to Limited partners’ equity and earnings per LP Unit, the most directly comparable IFRS measures, to Funds From Operations, and Funds From Operations per Unit, both non-IFRS financi
Slide 23: Segment Reconciliation on a Proportionate Basis – Nine Months Ended September 30, 2019
Segment Reconciliation on a Proportionate Basis – Nine Months Ended September 30, 2019 The following table reflects Adjusted EBITDA, FFO and CAFD and provides reconciliation to IFRS financial data for the nine months ended September 30, 2019: Attributable to Unitholders Contribution Attributable Hyd
Slide 24: Segment Reconciliation on a Proportionate Basis – Nine Months Ended September 30, 2018
Segment Reconciliation on a Proportionate Basis – Nine Months Ended September 30, 2018 The following table reflects Adjusted EBITDA, FFO and CAFD and provides reconciliation to IFRS financial data for the nine months ended September 30, 2018: Attributable to Unitholders Contribution Attributable Hyd
Slide 25: Per Unit Reconciliation – Nine Months Ended September 30
Per Unit Reconciliation – Nine Months Ended September 30 The following table reconciles net income attributable to Limited partners’ equity and earnings per LP Unit, the most directly comparable IFRS measures, to Funds From Operations, and Funds From Operations per Unit, both non-IFRS financial metr
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 September 30, 2019 Cash and cash equivalents 53 56 43 6
Slide 27: Appendix 2 – Consolidated Information
Appendix 2 – Consolidated Information 27
Slide 28: Consolidated Results – Three Months Ended September 30
Consolidated Results – Three Months Ended September 30 (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 2,154 2,529 2,178 2,178 $ 149 $ 164 $ 76 $ 98 $ 28 $ 25
Slide 29: Consolidated Results – Nine Months Ended September 30
Consolidated Results – Nine Months Ended September 30 (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 10,377 9,317 9,056 9,056 $ 640 $ 604 $ 430 $ 405 $ 220 $
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 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 3,316 3,612 3,535 4,022 14,485 Brazil 1,215 1,228 1,241 1,240 4,924 9
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
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