AGENDA 1. Formal meeting 2. Management presentation 3 Q 3. Question - - PowerPoint PPT Presentation
ANNUAL GENERAL MEETING ANNUAL GENERAL MEETING May 21, 2014 AGENDA 1. Formal meeting 2. Management presentation 3 Q 3. Question and answer period ti d i d 0 Formal Meeting Call to Order Notice of Meeting Quorum and Voting Procedure
ANNUAL GENERAL MEETING ANNUAL GENERAL MEETING
May 21, 2014
AGENDA
3 Q ti d i d
1
ANNUAL GENERAL MEETING ANNUAL GENERAL MEETING
May 21, 2014
AGENDA
3 Q ti d i d
2
This written and accompanying oral presentation contains certain forward‐looking statements which are provided for the purpose of presenting information about management’s current expectations and plans. Readers are cautioned that such statements may not be appropriate for other purposes. Forward‐looking statements include statements that are predictive in nature, depend upon or refer to future events or conditions, or include words such as “expects”, “anticipates”, “plans”, “believes”, “estimates”, “intends”, “targets”, “projects”, “forecasts” or negative versions thereof and other similar expressions, or future or conditional verbs such as “may”, “will”, “should”, “would” and “could”. These statements may include, without limitation, statements regarding future EBITDA or adjusted EBITDA, cash flows and di idend pa ments the constr ction completion attainment of commercial operations cost and o tp t of de elopment dividend payments, the construction, completion, attainment of commercial operations, cost and output of development projects, plans for raising capital, and the operations, business, financial condition, priorities, ongoing objectives, strategies and outlook of Northland and its subsidiaries. This information is based upon certain material factors or assumptions that were applied in developing the forward‐looking statements, including the design specifications of development projects, the provisions of contracts to which Northland or a subsidiary is a party, management’s current plans its perception of historical trends current conditions and expected future developments as well as other factors plans, its perception of historical trends, current conditions and expected future developments, as well as other factors that are believed to be appropriate in the circumstances. Although these forward‐looking statements are based upon management’s current reasonable expectations and assumptions, they are subject to numerous risks and uncertainties. Some of the factors that could cause results or events to differ from current expectations include but are not limited to construction risks counterparty risks operational risks to differ from current expectations include, but are not limited to, construction risks, counterparty risks, operational risks, the variability of revenues from generating facilities powered by intermittent renewable resources and the other factors described in the “Risks and Uncertainties” section of Northland’s 2013 Annual Report and 2013 Annual Information Form, which are both filed electronically at www.sedar.com and Northland’s website www.northlandpower.ca. Northland’s actual results could differ materially from those expressed in, or implied by, these forward‐looking statements and, accordingly no assurances can be given that any of the events anticipated by the forward‐looking statements will accordingly, no assurances can be given that any of the events anticipated by the forward‐looking statements will transpire or occur. The forward‐looking statements contained in this presentation are based on assumptions that were considered reasonable at time of delivery. Other than as specifically required by law, Northland undertakes no obligation to update any forward‐looking statements to reflect events or circumstances after such date or to reflect the occurrence of unanticipated events, whether as a result of new information, future events or results, or otherwise.
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All figures are presented in Canadian dollars.
Stability
Growth
Long term Focus
Long‐term Focus
Commitment
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Generate long‐term stable cash flows, committed to dividend sustainability and long‐term value creation for our shareholders
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Up 47% from 2012
2012 Doubled
Doubled from 2012
Up 54% from
2012
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$600
Revenues
Millions
$300
EBITDA
Millions
$400 $500 $600 $200 $250 $300
CAGR:
CAGR:
$200 $300 $400 $ $150 $200 $100 $200 $50 $100 $0 2009 2010 2011 2012 2013 $0 2009 2010 2011 2012 2013
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Growth Initiatives Have Shown Results
(600 MW gross, 360 MW net)
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Reached commercial operations
2013
plant in North Battleford, Saskatchewan
2010
ll
2010
EBITDA annually
9 * Represents estimated EBITDA for facility for full year of operations given no unusual events/external factors.
Reached commercial operations throughout 2013
Rideau Lakes McCann
g
farms throughout Ontario
Crosby B ll ill N th
Crosby Belleville North
43,000 solar panels per site
EBITDA annually
Burks Falls East Belleville South
EBITDA annually
10 * Represents estimated EBITDA for facility for full year of operations given no unusual events/external factors.
Facility Amount y Spy Hill $156 million bond offering North Battleford $667 million bond offering McLean’s Mountain $135 million financing McLean s Mountain $135 million financing Ground‐mounted Solar Phase II $84 million financing
– Increased our revolving corporate credit facility from $250 million $ illi l $ illi di f to $350 million plus a $100 million accordion feature – $240 million in project financing for last five solar projects
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– €2 billion in project financing for Gemini
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Reached Commercial Operations
y
farm on Manitoulin Island, Ontario
/ p p Chiefs and Councils of Mnidoo Mnising
EBITDA annually
13 * Represents Northland’s ownership interest (%50) of the estimated EBITDA for facility for full year of operations given no unusual events/external factors.
Two projects already reached commercial operations in 2014
$42‐48 million EBITDA annually
Completed $240 million of Completed $240 million of non‐recourse project financing for remaining 5 of 13 projects
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g $30‐35 million EBITDA annually
* Represents the estimated EBITDA for the group of ground mounted solar sites for full year of operations given no unusual events/external factors.
Grand Bend Frampton
100 MW wind farm Project cost: $385M COD: 2015‐2016
50/50 partnership
24 MW wind farm Project cost:$75M COD: 2015
66% partnership 50/50 partnership with First Nations 66% partnership with Municipality
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Northland’s Northland s Total Investment
$158M*
Common Shares
$50M*
Private Placement
$78M* Extendible Convertible Debentures
$250M term facility Cash on hand
Shares Placement
20
10 5
600% 700% Northland Power TSX Peer Group*
10‐year merger 5‐year
NPI Annual Total Return
300% 400% 500% Peer Group
5‐year 21% 10‐year 13% Post merger 16%
100% 200% 300%
Since inception 12%
0%
April '97 '97 '98 '99 '00 '01 '02 '03 '04 '05 '06 '07 '08 '09 '10 '11 '12 '13 '14
YEAR
Since its 1997 IPO, Northland has delivered a 12% compounded annual return to shareholders
21 * Peer Group includes TransAlta Corp., Capital Power Corp., Algonquin Power & Utilities Corp, Brookfield Renewable Energy Partners, Boralex Inc., Innergex Renewable Energy Inc.
compounded annual return to shareholders
Gemini
Ground‐mounted Solar Phase III
NUG Contract Renegotiations
projects and secure new projects
Focus on development pipeline
Operations
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1,850
Operating Capacity Growth Forecasted EBITDA Growth
$400
1,250 1,450 1,650
$300 $400
W
CAGR:
16%
CAGR:
29%
650 850 1,050
$100 $200
MW
450 '08 '09 '10 '11 '12 '13 '14F '15F '16F 'F17
$0 '12 '13 '14F '15F
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ANNUAL GENERAL MEETING ANNUAL GENERAL MEETING
May 21, 2014
AGENDA
3 Q ti d i d
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Adam Beaumont Adam Beaumont Director of Finance 647.288.1929 investorrelations@northlandpower.ca www.northlandpower.ca Barb Bokla Manager, Investor Relations 647.288.1438 Sarah Charuk Director of Communications 647 288 1105
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647.288.1105