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 Presentation of Financial Statements and Auditor’s Report Nomination / Election of Directors Re ‐ appointment of Auditors Termination of Formal Meeting 1
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 2
Forward ‐ Looking Statements Disclaimer g 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. All figures are presented in Canadian dollars. 3
Northland Overview • Well diversified : developing thermal, wind, and solar projects in Canada, Stability Europe, U.S. and beyond •Strategic and disciplined organic Growth growth platform •Seize opportunities that create attractive returns and sustainable attractive returns and sustainable Long ‐ term Focus Long term Focus growth over the long ‐ term •Management has a vested interest Commitment through a 39% ownership interest Generate long ‐ term stable cash flows , committed to dividend 4 sustainability and long ‐ term value creation for our shareholders
Northland’s Year In Review ‐ 2013 In the past year, we… In the past year, we… Produced strong financial results Executed on commitment to complete projects Positioned for growth i i d f h and remained focused on creating shareholder value value 5
2013 Financial Highlights g g Strong and Growing Financial Results g g Adjusted EBITDA: $263 million Up 47% from $263 million 2012 2012 Free Cash Flow: $130 million $130 illi Doubled Doubled from 2012 Revenue: $557 million Up 54% from C Credit rating: dit ti 2012 Upgraded by S&P from BBB ‐ to BBB Stable pg y Dividends: 6 Maintained $1.08 per share
2013 Financial Highlights g g Strong and Growing Financial Results g g Revenues EBITDA Millions Millions $600 $600 $300 $300 CAGR: CAGR: $500 $250 29% 28% $400 $400 $200 $200 $300 $150 $200 $200 $ $100 $100 $50 $0 $0 2009 2010 2011 2012 2013 2009 2010 2011 2012 2013 Growth Initiatives Have Shown Results 7
Year In Review – Other 2013 Successes Construction projects $900 million completed: Successful debt Successful debt $1 $1 billion financings: Gemini offshore Advanced wind project p j development : development : (600 MW gross, 360 MW net) 8
Year In Review – 2013 Highlights g g Executing on Delivering Projects: North Battleford g g j 2013 Reached commercial operations on June 5 2013 on June 5, 2013 260 MW gas ‐ fired combined cycle plant in North Battleford, Saskatchewan Actual project cost: $641 million 2010 2010 Zero lost ‐ time incidents Generates $90 ‐ 92 million* EBITDA annually ll 9 * Represents estimated EBITDA for facility for full year of operations given no unusual events/external factors.
Year In Review – 2013 Highlights g g Executing on Delivering Projects: Ground Mounted Solar Phase I g g j Rideau Lakes McCann Reached commercial operations throughout 2013 g 6 x 10MW ground mounted solar farms throughout Ontario Crosby Crosby Belleville North B ll ill N th Actual project cost: $282 million 43,000 solar panels per site 43,000 solar panels per site Generates $32 ‐ 33 million* Burks Falls East Belleville South EBITDA annually EBITDA annually 10 * Represents estimated EBITDA for facility for full year of operations given no unusual events/external factors.
Debt Financings – 2013/2014 g / Execution of Debt Financings Four successful debt financings totalling over $1 billion in 2013 Facility y Amount Spy Hill $156 million bond offering North Battleford $667 million bond offering McLean s Mountain McLean’s Mountain $135 million financing $135 million financing Ground ‐ mounted Solar Phase II $84 million financing In 2014, to date – Increased our revolving corporate credit facility from $250 million to $350 million plus a $100 million accordion feature $ illi l $ illi di f – $240 million in project financing for last five solar projects – €2 billion in project financing for Gemini 11
Year In Review – 2014 Highlights to Date g g Positioning for Growth g Appointed Sean Durfy as President and Chief Development Officer in January Named North American Sponsor of the Year by the esteemed publication Project Finance Project Finance Entered into new growth area in burgeoning offshore wind sector with 600 MW Gemini offshore project in the North Sea 12
Year In Review – 2014 Highlights to Date g g Executing on Delivering Projects: Mclean’s Mountain g g j Reached Commercial Operations on May 1, 2014 y 60 MW (net interest 30 MW) wind farm on Manitoulin Island, Ontario Estimated project cost: $185 million 50/50 partnership with United / p p Chiefs and Councils of Mnidoo Mnising Generates $9 ‐ 11 million* 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.
Year In Review – 2014 Highlights to Date g g Executing on Delivering Projects: Ground Mount Solar g g j Two projects already reached commercial operations in 2014 8x10 MW solar farms now in operation Final project cost: $379 million 8x10 MW generates $42 ‐ 48 million EBITDA annually Completed $240 million of Completed $240 million of non ‐ recourse project financing for remaining 5 of 13 projects Operation expected in 2014/15 Expected project cost: ~$300M 5 x10MW generates g $30 ‐ 35 million EBITDA annually 14 * Represents the estimated EBITDA for the group of ground mounted solar sites for full year of operations given no unusual events/external factors.
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