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Brookfield Renewable Reports Strong Q2 2013 Results

Brookfield Renewable Reports Strong Q2 2013 Results 
HAMILTON, BERMUDA -- (Marketwired) -- 08/08/13 -- Brookfield
Renewable Energy Partners L.P. (TSX:BEP.UN)(NYSE:BEP) - 
Investors, analysts and other interested parties can access
Brookfield Renewable's 2013 second quarter results as well as the
Letter to Shareholders and Supplemental Results on the web site under
the Investor Relations section at www.brookfieldrenewable.com. 
The 2013 second quarter results conference call can be accessed via
webcast on August 8, 2013 at 9:00 a.m. ET at
www.brookfieldrenewable.com or via teleconference at 1-800-319-4610
toll free in North America. For overseas calls please dial
1-604-638-5340, at approximately 8:50 a.m. ET. The teleconference
taped rebroadcast can be accessed at 1-800-319-6413 (password: 1557#)
until September 8, 2013. 
All amounts in U.S. dollars unless stated otherwise. 
Brookfield Renewable Energy Partners L.P. (TSX:BEP.UN)(NYSE:BEP)
("Brookfield Renewable") today announced significantly improved
results for the three and six months ended June 30, 2013.  
"We are very pleased with our results for the second quarter and
first half of the year," said Richard Legault, President and CEO of
Brookfield Renewable. "Recent acquisitions have met or exceeded
expectations and contributed meaningfully to improved generation and
cash flows. Moreover, we continue to be very well positioned for
growth, with significant upside tied to a strengthening U.S. economy
and ultimately, rising energy prices. The current investment
environment complements our unique strengths as a renewable energy
company and is expected to further support attractive total returns
to shareholders over time."  


 
Financial Results                                                           
                                                                            
----------------------------------------------------------------------------
Unaudited                           Three months ended    Six months ended  
US$ millions                              June 30             June 30       
                                   -----------------------------------------
(except per unit amounts)                                                   
----------------------------------------------------------------------------
                                         2013      2012       2013      2012
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Generation (GWh)                                                            
- Total                                 6,265     4,101     11,800     8,918
- Brookfield Renewable's share          5,403     3,638     10,037     8,091
Revenues                               $  484    $  337    $   921    $  763
Adjusted EBITDA(1)                     $  357    $  221    $   676    $  539
Funds from operations (FFO)(1)         $  187    $   87    $   349    $  262
FFO per unit(1)(2)                     $ 0.71    $ 0.33    $  1.32    $ 0.99
----------------------------------------------------------------------------
----------------------------------------------------------------------------
 
1.  Non-IFRS measure. Refer to "Cautionary Statement Regarding Use of Non-
    IFRS Measures". 
2.  Weighted average LP units, redeemable/exchangeable partnership units
    held by Brookfield Asset Management and general partnership units
    totaled 265.2 million. 

 
Review of Operations 
Total generation was 6,265 GWh for the three months ended June 30,
2013 compared to the long-term average of 6,171 GWh and to 4,101 GWh
for the same period in the prior year. Hydroelectric generation was
1,948 GWh higher than the prior year reflecting new assets which
performed strongly and contributed 994 GWh to generation, and a
return to long-term average generation in the current quarter
relative to the very dry conditions in the same period last year.
Reservoir levels on a portfolio basis are in line with long-term
average conditions for this time of year. 
Generation from wind totaled 737 GWh and was essentially in line with
the long-term average. Wind generation increased by 270 GWh
year-over-year, reflecting improved wind conditions as well as the
acquisition of wind facilities in California. 
For the second quarter, Adjusted EBITDA was $357 million as compared
to $221 million in Q2 2012, and assets acquired in the last year
contributed $45 million. Funds from operations of $187 million or
$0.71 per unit was in line with plan as compared with $87 million or
$0.33 per unit in the prior year.  
For the first half of 2013, funds from operations of $349 million or
$1.32 per unit was in line with plan as compared with $262 million or
$0.99 per unit in the first six months of 2012.  
The tables below summarize generation by segment and region: 


 
----------------------------------------------------------------------------
----------------------------------------------------------------------------
                                    Generation (GWh)    Variance of
 Results 
----------------------------------------------------------------------------
----------------------------------------------------------------------------
                                   Actual Actual   LTA Actual vs. Actual vs.
For the three months ended June 30   2013   2012  2013        LTA Prior Year
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Hydroelectric generation                                                    
  United States                     2,942  1,619 2,829        113      1,323
  Canada                            1,519    986 1,461         58        533
  Brazil (1)                          903    811   903          -         92
----------------------------------------------------------------------------
----------------------------------------------------------------------------
                                    5,364  3,416 5,193        171      1,948
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Wind Energy                                                                 
  United States                       459    221   468        (9)        238
  Canada                              278    246   292       (14)         32
----------------------------------------------------------------------------
----------------------------------------------------------------------------
                                      737    467   760       (23)        270
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Other                                 164    218   218       (54)       (54)
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Total generation (2)                6,265  4,101 6,171         94      2,164
----------------------------------------------------------------------------
----------------------------------------------------------------------------
 
1.  In Brazil, assured generation levels are used as a proxy for long-term
    average. 
2.  Includes 100% of generation from equity-accounted investments. 
 
----------------------------------------------------------------------------
----------------------------------------------------------------------------
                                   Generation (GWh)    Variance of Results  
----------------------------------------------------------------------------
----------------------------------------------------------------------------
                                 Actual Actual    LTA Actual vs. Actual vs. 
For the six months ended June 30   2013   2012   2013        LTA Prior Year 
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Hydroelectric generation                                                    
  United States                   5,503  3,577  5,218        285      1,926 
  Canada                          2,801  2,294  2,657        144        507 
  Brazil (1)                      1,839  1,678  1,839          -        161 
----------------------------------------------------------------------------
----------------------------------------------------------------------------
                                 10,143  7,549  9,714        429      2,594 
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Wind Energy                                                                 
  United States                     675    311    726        (51)       364 
  Canada                            601    614    616        (15)       (13)
----------------------------------------------------------------------------
----------------------------------------------------------------------------
                                  1,276    925  1,342        (66)       351 
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Other                               381    444    440        (59)       (63)
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Total generation (2)             11,800  8,918 11,496        304      2,882 
----------------------------------------------------------------------------
----------------------------------------------------------------------------
 
1.  In Brazil, assured generation levels are used as a proxy for long-term
    average. 
2.  Includes 100% of generation from equity-accounted investments. 

 
Quarterly Highlights  
Achievements in the second quarter include: 


 
--  Completed the acquisition and integration of Western Wind Energy Corp.,
    expanding Brookfield Renewable's operating wind portfolio in the
    attractive California market to 430 MW.
      
--  Successfully integrated the 360 MW White Pine hydroelectric portfolio in
    Maine, providing meaningful upside potential from rising energy prices.
      
--  Enhanced liquidity by $300 million to approximately $1 billion as at the
    date of this release, reflecting an increase to the corporate credit
    facility to approximately $1.3 billion, strong operating cash flows and
    the proceeds of the preferred share issuance in May 2013.
      
--  Advanced construction of the 45 MW Kokish River hydro project in western
    Canada which is progressing as planned and is on track for completion in
    mid-2014.
      
--  Achieved a listing of shares on the New York Stock Exchange on June 11,
    2013, under the symbol BEP, which is expected to enhance Brookfield
    Renewable's long-term access to capital globally. 

 
Distribution Declaration  
The Board of Directors has declared a quarterly distri
bution in the
amount of US$0.3625 per unit, payable on October 31, 2013 to
unitholders of record as at the close of business on September 30,
2013. This distribution is consistent with Brookfield Renewable's
policy of targeting a long-term, sustainable distribution in the
range of 60-70% of FFO and which increases on average by 3% to 5%
annually.  
The regular quarterly dividends on the Brookfield Renewable Power
Preferred Equity Inc. preferred shares have also been declared. 
Information on Brookfield Renewable's distributions and preferred
share dividends can be found on its website at
www.brookfieldrenewable.com under Investor Relations.  
Distribution Reinvestment Plan 
Brookfield Renewable maintains a Distribution Reinvestment Plan
("DRIP") which allows holders of its limited partnership units who
are resident in Canada to acquire additional units by reinvesting all
or a portion of their cash distributions without paying commissions.
Information on the DRIP, including details on how to enroll, is
available on Brookfield Renewable's website at
www.brookfieldrenewable.com/DRIP.  
Additional Information 
The Letter to Shareholders and the Supplemental Results for the
period ended June 30, 2013 contain further information on Brookfield
Renewable's strategy, operations and financial results. Shareholders
are encouraged to read these documents, which are available at
www.brookfieldrenewable.com. 
Brookfield Renewable Energy Partners (TSX:BEP.UN)(NYSE:BEP) operates
one of the largest publicly-traded, pure-play renewable power
platforms globally. Its portfolio is primarily hydroelectric and
totals approximately 5,900 megawatts of installed capacity.
Diversified across 70 river systems and 12 power markets in the
United States, Canada and Brazil, the portfolio's output is sold
predominantly under long-term contracts and generates enough
electricity from renewable resources to power more than three million
homes on average each year. With a portfolio of high-quality assets
and strong growth prospects, the business is positioned to generate
stable, long-term cash flows supporting regular and growing cash
distributions to shareholders. For more information, please visit
www.brookfieldrenewable.com. 
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS 
This news release 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 amended, Section 21E of the U.S.
Securities Exchange Act of 1934, as amended, "safe harbor" of the
United States Private Securities Litigation Reform Act of 1995 and in
any applicable Canadian securities regulations, concerning the
business and operations of Brookfield Renewable. Forward-looking
statements may include estimates, plans, expectations, opinions,
forecasts, projections, guidance or other statements that are not
statements of fact. Forward-looking statements in this news release
include statements regarding the quality of Brookfield Renewable's
assets and the resiliency of the cash flow they will generate,
Brookfield Renewable's anticipated financial performance, future
commissioning of assets, contracted portfolio, technology
diversification, acquisition opportunities, expected completion of
acquisitions, future energy prices and demand for electricity,
economic recovery, the future growth prospects, achieving long term
average generation, project development and capital expenditure
costs, diversification of shareholder base, energy policies, economic
growth, growth potential of renewable asset class and distribution
profile of Brookfield Renewable and Brookfield Renewable's access to
capital. Forward-looking statements can be identified by the use of
words such as "plans", "expects", "scheduled", "estimates",
"intends", "anticipates", "believes", "potentially", "tends",
"continue", "attempts", "likely", "primarily", "approximately",
"endeavours", "pursues", "strives", "seeks", or variations of such
words and phrases, or statements that certain actions, events or
results "may", "could", "would", "might" or "will" be taken, occur or
be achieved. Although we believe that our anticipated future results,
performance or achievements expressed or implied by the
forward-looking statements and information in this news release are
based upon reasonable assumptions and expectations, we cannot assure
you that such expectations will prove to have been correct. You
should not place undue reliance on forward-looking statements and
information as such statements 
and information involve known and
unknown risks, uncertainties and other factors which may cause our
actual results, performance or achievements to differ materially from
anticipated future results, performance or achievement expressed or
implied by such forward-looking statements and information. 
Factors that could cause actual results to differ materially from
those contemplated or implied by forward-looking statements include,
but are not limited to: our limited operating history; the risk that
we may be deemed an "investment company" under the Investment Company
Act; the fact that we are not subject to the same disclosure
requirements as a U.S. domestic issuer; the risk that the
effectiveness of our internal controls over financial reporting could
have a material effect on our business; changes to hydrology at our
hydroelectric stations or in wind conditions at our wind energy
facilities; the risk that counterparties to our contracts do not
fulfill their obligations, and as our contracts expire, we may not be
able to replace them with agreements on similar terms; increases in
water rental costs (or similar fees) or changes to the regulation of
water supply; volatility in supply and demand in the energy market;
our operations are highly regulated and exposed to increased
regulation which could result in additional costs; the risk that our
concessions and licenses will not be renewed; increases in the cost
of operating our plants; our failure to comply with conditions in, or
our inability to maintain, governmental permits; equipment failure;
dam failures and the costs of repairing such failures; exposure to
force majeure events; exposure to uninsurable losses; adverse changes
in currency exchange rates; availability and access to
interconnection facilities and transmission systems; 
health, safety, security and environmental risks; disputes and
litigation; our operations could be affected by local communities;
losses resulting from fraud, bribery, corruption, other illegal acts,
inadequate or failed internal processes or systems, or from external
events; general industry risks relating to the North American and
Brazilian power market sectors; advances in technology that impair or
eliminate the competitive advantage of our projects; newly developed
technologies in which we invest not performing as anticipated; labour
disruptions and economically unfavourable collective bargaining
agreements; our inability to finance our operations due to the status
of the capital markets; the operating and financial restrictions
imposed on us by our loan, debt and security agreements; changes in
our credit ratings; changes to government regulations that provide
incentives for renewable energy; our inability to identify and
complete sufficient investment opportunities; the growth of our
portfolio; our inability to develop existing sites or find new sites
suitable for the development of greenfield projects; risks associated
with the development of our generating facilities and the various
types of arrangements we enter into with communities and joint
venture partners; Brookfield Asset Management's election not to
source acquisition opportunities for us and our lack of access to all
renewable power acquisitions that Brookfield Asset Management
identifies; our lack of control over our operations conducted through
joint ventures, partnerships and consortium arrangements; our ability
to issue equity or debt for future acquisitions and developments will
be dependent on capital markets; foreign laws or regulation to which
we become subject as a result of future acquisitions in new markets;
the departure of some or all of Brookfield's key professionals. 
We caution that the foregoing list of important factors that may
affect future results is not exhaustive. The forward-looking
statements represent our views as of the date of this news release
and should not be relied upon as representing our views as of any
date subsequent to August 8, 2013, the date of this news release.
While we anticipate that subsequent events and developments may cause
our views to change, we disclaim any obligation to update the
forward-looking statements, other than as required by applicable law.
For further information on these known and unknown risks, please see
"Risk Factors" included in our Annual Information Form and Form 20-F. 
CAUTIONARY STATEMENT REGARDING USE OF NON-IFRS MEASURES 
This news release contains references to Adjusted EBITDA, funds from
operations and net asset value which are not generally accepted
accounting measures under IFRS and therefore may differ from
definitions of Adjusted EBITDA, funds from operations and net asset
value used by other entities. We believe that Adjusted EBITDA, funds
from operations and net asset value are useful supplemental measures
that may assist investors in assessing the financial performance and
the cash anticipated to be generated by our operating portfolio.
Neither Adjusted EBITDA, funds from operations nor net asset value
should be considered as the sole measure of our performance and
should not be considered in isolation from, or as a substitute for,
analysis of our financial statements prepared in accordance with
IFRS.  
A reconciliation of Adjusted EBITDA and funds from operations to net
income is presented in our Management's Discussion and Analysis and
in our interim consolidated financial statements for the second
quarter of 2013 at www.brookfieldrenewable.com.  
References to Brookfield Renewable are to Brookfield Renewable Energy
Partners L.P. together with its subsidiary and operating entities
unless the context reflects otherwise. 


 
ADJUSTED EBITDA AND FUNDS FROM OPERATIONS                                   
----------------------------------------------------------------------------
                                        Three months ended Six months ended 
                                              June 30           June 30     
----------------------------------------------------------------------------
----------------------------------------------------------------------------
(MILLIONS, EXCEPT AS NOTED)                  2013     2012     2013    2012 
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Generation (GWh)                            6,265    4,101   11,800   8,918 
----------------------------------------------------------------------------
Revenues                                   $  484   $  337  $   921  $  763 
Other income                                    2        5        4      10 
Share of cash earnings from equity-                                         
 accounted investments                          6        4       12       8 
Direct operating costs                       (135)    (125)    (261)   (242)
----------------------------------------------------------------------------
Adjusted EBITDA (1)                           357      221      676     539 
Interes
t expense - borrowings                (106)    (104)    (208)   (214)
Management service costs                      (11)      (8)     (23)    (15)
Current income taxes                           (8)      (7)     (11)    (13)
Cash portion of non-controlling                                             
 interests                                                                  
  Preferred equity                            (10)      (4)     (17)     (7)
  Participating non-controlling                                             
   interests - in operating subsidiaries      (35)     (11)     (68)    (28)
----------------------------------------------------------------------------
Funds from operations (1)                  $  187   $   87  $   349  $  262 
----------------------------------------------------------------------------
----------------------------------------------------------------------------
 
1.  Non-IFRS measures. See "Cautionary Statement Regarding Use of Non-IFRS
    Measures". 
 
NET ASSET VALUE                                                             
----------------------------------------------------------------------------
                                              Total           Per Share     
----------------------------------------------------------------------------
                                          Jun 30   Dec 31   Jun 30   Dec 31 
(MILLIONS, EXCEPT AS NOTED)                 2013     2012     2013     2012 
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Property, plant and equipment, at fair                                      
 value                                                                      
  Hydroelectric(1)                       $13,532  $13,005  $ 51.02  $ 49.04 
  Wind energy                              2,588    2,244     9.76     8.46 
  Other                                       67       71     0.25     0.27 
----------------------------------------------------------------------------
                                          16,187   15,320    61.03    57.77 
Development assets                           398      382     1.50     1.44 
Equity-accounted investments                 318      344     1.20     1.30 
Working capital and other, net               322      149     1.21     0.56 
Long-term debt and credit facilities      (6,923)  (6,119)  (26.10)  (23.07)
Participating non-controlling interests                                     
 - in operating subsidiaries              (1,019)  (1,028)   (3.84)   (3.88)
Preferred equity                            (804)    (500)   (3.03)   (1.89)
----------------------------------------------------------------------------
Net asset value(2)                       $ 8,479  $ 8,548  $ 31.97  $ 32.23 
----------------------------------------------------------------------------
----------------------------------------------------------------------------
 
1.  Includes $37 million of intangible assets (2012: $44 million). 
2.  Non-IFRS measure. See "Cautionary Statement Regarding Use of Non-IFRS
    Measures". 

 
FINANCIAL RESULTS ON A CONSOLIDATED AND PROPORTIONATE BASIS 
The following table reflects generation for the three months ended
June 30, 2013 on a proportionate and consolidated basis. 


 
----------------------------------------------------------------------------
                                                          Third             
                                                          party             
                         Proportionate                interests Consolidated
                ------------------------------------------------------------
                 Wholly- Partially-     Equity-                             
                   owned      owned   accounted                             
Generation (GWh)  assets     assets investments Total                       
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Hydroelectric                                                               
 generation                                                                 
  United States    1,997        383          50 2,430       512        2,942
  Canada           1,443          -          38 1,481        38        1,519
  Brazil(1)          788         17          23   828        75          903
----------------------------------------------------------------------------
                   4,228        400         111 4,739       625        5,364
----------------------------------------------------------------------------
Wind energy                                                                 
  United States      156         66           -   222       237          459
  Canada             278          -           -   278         -          278
----------------------------------------------------------------------------
                     434         66           -   500       237          737
----------------------------------------------------------------------------
Other                164          -           -   164         -          164
                ------------------------------------------------------------
Total generation                                                            
 - 2013            4,826        466         111 5,403       862        6,265
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Total generation                                                            
 - 2012            3,252        233         153 3,638       463        4,101
----------------------------------------------------------------------------
----------------------------------------------------------------------------
 
1.  In Brazil, assured energy generation levels are used as a proxy for
    long-term average. 

 
The following table illustrates our financial results for the three
months ended June 30, 2013, including revenues, adjusted EBITDA, and
funds from operations, on a proportionate basis, while adjusting for
our share from facilities in which we own less than 100%: 


 
----------------------------------------------------------------------------
                                                        Third               
                                                        party               
                           Proportionate              interests Consolidated
----------------------------------------------------------------------------
(MILLIONS,     Wholly- Partially-      Equity-                              
 EXCEPT AS       owned      owned    accounted                              
 NOTED)         assets     assets  investments Total                        
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Revenues         $ 359      $  64        $   - $ 423  $  61          $  484 
Other income         2          -            -     2      -               2 
Share of cash                                                               
 earnings from                                                              
 equity-                                                                    
 accounted                                                                  
 investments         -          -            6     6      -               6 
Direct                                                                      
 operating                                                                  
 costs            (112)        (9)           -  (121)   (14)           (135)
----------------------------------------------------------------------------
Adjusted                                                                    
 EBITDA(1)         249         55            6   310     47             357 
Interest                                                                    
 expense -                                                                  
 borrowings        (80)       (14)           -   (94)   (12)           (106)
Management                                                                  
 service costs     (11)         -            -   (11)     -             (11)
Current income                                                              
 taxes              (8)         -            -    (8)     -              (8)
Participating                                                               
 non-                                                                       
 controlling                                                                
 interests - in                                                             
 operating                                                                  
 subsidiaries        -      
    -            -     -    (35)(2)         (35)
Preferred                                                                   
 equity            (10)         -            -   (10)     -             (10)
----------------------------------------------------------------------------
Funds from                                                                  
 operations -                                                               
 2013(1)         $ 140      $  41        $   6 $ 187  $   -          $  187 
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Funds from                                                                  
 operations -                                                               
 2012(1)         $  70      $  13        $   4 $  87  $   -          $   87 
----------------------------------------------------------------------------
----------------------------------------------------------------------------
 
1.  Non-IFRS measures. Refer to "Cautionary Statement Regarding Use of Non-
    IFRS Measures". 
2.  Represents third party interests' funds from operations. 

 
The following table reflects generation for the six months ended June
30, 2013 on a proportionate and consolidated basis. 


 
----------------------------------------------------------------------------
                                                          Third             
                                                          party             
                            Proportionate             interests Consolidated
----------------------------------------------------------------------------
----------------------------------------------------------------------------
                Wholly- Partially-     Equity-                              
                  owned      owned   accounted                              
Generation (GWh) assets     assets investments  Total                       
----------------------------------------------------------------------------
Hydroelectric                                                               
 generation                                                                 
  United States   3,536        746          98  4,380     1,123        5,503
  Canada          2,579          -         111  2,690       111        2,801
  Brazil(1)       1,612         35          43  1,690       149        1,839
----------------------------------------------------------------------------
                  7,727        781         252  8,760     1,383       10,143
----------------------------------------------------------------------------
Wind energy                                                                 
  United States     191        104           -    295       380          675
  Canada            601          -           -    601         -          601
----------------------------------------------------------------------------
                    792        104           -    896       380        1,276
----------------------------------------------------------------------------
Other               381          -           -    381         -          381
----------------------------------------------------------------------------
Total generation                                                            
 - 2013           8,900        885         252 10,037     1,763       11,800
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Total generation                                                            
 - 2012           7,280        536         275  8,091       827        8,918
----------------------------------------------------------------------------
----------------------------------------------------------------------------
 
1.  In Brazil, assured energy generation levels are used as a proxy for
    long-term average. 

 
The following table illustrates our financial results for the six
months ended June 30, 2013, including revenues, adjusted EBITDA, and
funds from operations, on a proportionate basis, while adjusting for
our share from facilities in which we own less than 100%: 


 
----------------------------------------------------------------------------
                                                         Third              
                                                         party              
                            Proportionate             interests Consolidated
----------------------------------------------------------------------------
(MILLIONS,     Wholly- Partially-      Equity-                              
 EXCEPT AS       owned      owned    accounted                              
 NOTED)         assets     assets  investments  Total                       
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Revenues        $  685     $  119       $    - $  804  $ 117    $       921 
Other income         4          -            -      4      -              4 
Share of cash                                                               
 earnings from                                                              
 equity-                                                                    
 accounted                                                                  
 investments         -          -           12     12      -             12 
Direct                                                                      
 operating                                                                  
 costs            (217)       (18)           -   (235)   (26)          (261)
----------------------------------------------------------------------------
Adjusted                                                                    
 EBITDA(1)         472        101           12    585     91            676 
Interest                                                                    
 expense -                                                                  
 borrowings       (157)       (28)           -   (185)   (23)          (208)
Management                                                                  
 service costs     (23)         -            -    (23)     -            (23)
Current income                                                              
 taxes             (11)         -            -    (11)     -            (11)
Participating                                                               
 non-                                                                       
 controlling                                                                
 interests - in                                                             
 operating                                                                  
 subsidiaries        -          -            -      -    (68)(2)        (68)
Preferred                                                                   
 equity            (17)         -            -    (17)     -            (17)
----------------------------------------------------------------------------
Funds from                                                                  
 operations -                                                               
 2013(1)        $  264     $   73       $   12 $  349  $   -    $       349 
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Funds from                                                                  
 operations -                                                               
 2012(1)        $  207     $   45       $   10 $  262  $   -    $       262 
----------------------------------------------------------------------------
----------------------------------------------
------------------------------
 
1.  Non-IFRS measures. Refer to "Cautionary Statement Regarding Use of Non-
    IFRS Measures". 
2.  Represents third party interests' funds from operations. 

Contacts:
Brookfield Renewable Energy Partners L.P.
Zev Korman
Vice President, Investor and Media Relations
416-359-1955
zev.korman@brookfield.com
www.brookfieldrenewable.com
 
 
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