Brookfield Renewable Reports Third Quarter Results

Brookfield Renewable Reports Third Quarter Results 
HAMILTON, BERMUDA -- (Marketwired) -- 11/05/13 -- Brookfield
Renewable Energy Partners L.P. (TSX:BEP.UN)(NYSE:BEP) -  
Investors, analysts and other interested parties can access
Brookfield Renewable's 2013 third 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 third quarter results conference call can be accessed via
webcast on November 5, 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 December 5, 2013. 
All amounts in U.S. dollars unless stated otherwise 
("Brookfield Renewable") today announced strong results for the three
and nine months ended September 30, 2013.  
"We are pleased with our results and the continued success of our
operating and growth plans," said Richard Legault, President and CEO.
"The recent announcement of an additional 85 MW of hydroelectric
assets is another example of our ability to expand our portfolio with
attractive assets that combine a strong current cash flow profile
with long-term growth potential."  


 
Financial Results                                                           
                                                                            
----------------------------------------------------------------------------
Unaudited                             Three months ended   Nine months ended
US$ millions                                September 30        September 30
                                     ---------------------------------------
(except per unit amounts)                                                   
----------------------------------------------------------------------------
                                          2013      2012      2013      2012
----------------------------------------------------------------------------
Generation (GWh)                                                            
- Total                                  5,154     2,971    16,954    11,889
- Brookfield Renewable's share           4,415     2,625    14,452    10,716
Revenues                             $     392 $     229 $   1,313 $     992
Adjusted EBITDA(1)                   $     260 $     118 $     936 $     657
Funds from operations (FFO)(1)       $     108 $      11 $     457 $     273
FFO per unit(1)(2)                   $    0.41 $    0.04 $    1.72 $    1.03
----------------------------------------------------------------------------
 
1.  Non-IFRS measure. Refer to "Cautionary Statement Regarding Use of Non-
    IFRS Measures". 
2.  For the three and nine months ended September 30, 2013 weighted average
    LP units, Redeemable/Exchangeable units and General partnership units
    totaled 265.3 million (2012: 265.2 million). 

 
Review of Operations 
Total generation was 5,154 GWh for the three months ended September
30, 2013 compared to a long-term average of 4,960 GWh and to 2,971
GWh for the same period in the prior year. The hydroelectric
portfolio generated 4,539 GWh and 10% higher than long-term average
of 4,141 GWh. Generation increased 2,077 GWh year-over-year
reflecting the strong performance of new assets and a return to more
normal generation levels relative to the very dry conditions in the
same period last year. Recent acquisitions and assets reaching
commercial operations within the last year resulted in generation
increasing by 851 GWh compared to a long-term average of 701 GWh.
Reservoir levels on a portfolio basis are in line with long-term
average conditions for this time of year.  
The wind portfolio generated 441 GWh, below the long-term average of
579 GWh and 140 GWh higher than the prior year as a result of
facilities acquired in California and more favorable wind conditions. 
For the third quarter, Adjusted EBITDA was $260 million as compared
to $118 million in Q3 2012. Funds from operations were $108 million
or $0.41 per unit as compared with $11 million or $0.04 per unit in
the prior year.  
For the first nine months of 2013, funds from operations were $457
million or $1.72 per unit as compared with $273 million or $1.03 per
unit in the first nine months of 2012. 
The tables below summarize generation by segment and region: 


 
----------------------------------------------------------------------------
                                 Generation (GWh)      Variance of Results  
----------------------------------------------------------------------------
                                                                            
For the three months ended    Actual  Actual     LTA Actual vs.  Actual vs. 
 September 30                   2013    2012    2013        LTA  Prior Year 
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Hydroelectric generation                                                    
  United States                2,353     889   2,013        340       1,464 
  Canada                       1,292     705   1,234         58         587 
  Brazil (1)                     894     868     894          -          26 
----------------------------------------------------------------------------
                               4,539   2,462   4,141        398       2,077 
----------------------------------------------------------------------------
Wind Energy                                                                 
  United States                  295     150     341        (46)        145 
  Canada                         146     151     238        (92)         (5)
----------------------------------------------------------------------------
                                 441     301     579       (138)        140 
----------------------------------------------------------------------------
Other                            174     208     240        (66)        (34)
----------------------------------------------------------------------------
Total generation (2)           5,154   2,971   4,960        194       2,183 
----------------------------------------------------------------------------
----------------------------------------------------------------------------
 
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  
----------------------------------------------------------------------------
                                                                            
   For the nine months ended  Actual  Actual     LTA Actual vs.  Actual vs. 
                September 30    2013    2012    2013        LTA  Prior Year 
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Hydroelectric generation                                                    
  United States                7,856   4,466   
7,231        625       3,390 
  Canada                       4,093   2,999   3,891        202       1,094 
  Brazil (1)                   2,733   2,546   2,733          -         187 
----------------------------------------------------------------------------
                              14,682  10,011  13,855        827       4,671 
----------------------------------------------------------------------------
Wind Energy                                                                 
  United States                  970     461   1,067        (97)        509 
  Canada                         747     765     854       (107)        (18)
----------------------------------------------------------------------------
                               1,717   1,226   1,921       (204)        491 
----------------------------------------------------------------------------
Other                            555     652     680       (125)        (97)
----------------------------------------------------------------------------
Total generation (2)          16,954  11,889  16,456        498       5,065 
----------------------------------------------------------------------------
----------------------------------------------------------------------------
 
1.  In Brazil, assured generation levels are used as a proxy for long-term
    average. 
2.  Includes 100% of generation from equity-accounted investments. 

 
Recent Highlights 


 
--  On November 1, 2013, Brookfield Renewable announced an agreement to
    acquire, with its institutional partners, a 70 MW hydroelectric
    portfolio in Maine consisting of nine facilities on three rivers. The
    portfolio is expected to generate approximately 375 GWh annually,
    approximately 40% of which is sold under long-term contract to local
    utilities with the remainder sold into the New England wholesale power
    market. 
    
--  Brookfield Renewable and its partners also announced an agreement to
    acquire the remaining 50% interest in the 30 MW Malacha Hydro facility
    in California. The facility's output is under long-term contract. 
    
--  Construction of the 45 MW Kokish River hydro project in western Canada
    continues to meet its milestones for scope, schedule and budget, and
    remains on track for completion in mid-2014. 
    
--  Liquidity has been enhanced to approximately $1.25 billion as at the
    date of this release, reflecting strong operating cash flows, an
    increase to the corporate credit facility and the proceeds received from
    the 49.9% co-investment by institutional partners in connection with the
    360 MW portfolio of hydroelectric generation facilities in the
    Northeastern United States acquired earlier this year. 

 
Distribution Declaration  
The Board of Directors has declared a quarterly distribution in the
amount of US$0.3625 per unit, payable on January 31, 2014 to
unitholders of record as at the close of business on December 31,
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.  
Brookfield Renewable is announcing a change to the timing of its
quarterly distributions. The 2013 fourth quarter distribution will be
paid as originally scheduled on January 31, 2014. Shareholders of
record at February 28, 2014 will receive a payment on March 31, 2014,
pro-rated for the two month period. Thereafter quarterly
distributions will be paid on the last day of the quarter, to
shareholders of record at the end of the prior month. If a Record or
Payment Date falls on a non-business day, it will be moved to the
prior business day. The following schedule sets out the distribution
schedule through 2014.  
Brookfield Renewable Energy Partners - 2014 Quarterly Distribution
Schedule  


 
Record Date            Payment Date       
December 31, 2013      January 31, 2014   
February 28, 2014      March 31, 2014     
May 30, 2014           June 30, 2014      
August 29, 2014        September 30, 2014 
November 28, 2014      December 31, 2014  

 
The regular quarterly dividends on the Brookfield Renewable Power
Preferred Equity Inc. preferred shares have also been declared. There
is no change to the preferred share dividend schedule.  
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 September 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 69 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
s
hould 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; and
the completion and expected benefits of announced transactions. 
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 November 5, 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 third
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     Nine months ended 
                                         September 30          September 30 
----------------------------------------------------------------------------
(MILLIONS, EXCEPT AS NOTED)           2013       2012       2013       2012 
----------------------------------------------------------------------------
Generation (GWh)                     5,154      2,971     16,954     11,889 
----------------------------------------------------------------------------
Revenues                        $      392 $      229 $    1,313 $      992 
Other income                             1          2          5         12 
Share of cash earnings from                                                 
 equity-accounted investments            7          3         19         11 
Direct operating costs                (140)      (116)      (401)      (358)
----------------------------------------------------------------------------
Adjusted EBITDA (1)                    260        118        936        657 
Interest expense - borrowings         (105)       (99)      (313)      (313)
Management service costs                (9)       (10)       (32)       (25)
Current income taxes                    (4)         1        (15)       (12)
Cash portion of non-controlling                                             
 interests                                                                  
  Preferred equity                     (10)        (3)       (27)       (10)
  Participating non-controlling                                             
   interests                                                                
    - in operating subsidiaries        (24)         4        (92)       (24)
----------------------------------------------------------------------------
Funds from operations(1)        $      108 $       11 $      457 $      273 
----------------------------------------------------------------------------
 
1.  Non-IFRS measures. See "Cautionary Statement Regarding Use of Non-IFRS
    Measures". 
 
                                                                            
                                                                            
NET ASSET VALUE                                                             
----------------------------------------------------------------------------
                                        Total              Per Share(3)     
----------------------------------------------------------------------------
                                    Sep 30     Dec 31     Sep 30     Dec 31 
(MILLIONS, EXCEPT AS NOTED)           2013       2012       2013       2012 
----------------------------------------------------------------------------
Property, plant and equipment,                                              
 at fair value                                                              
Hydroelectric(1)                $   13,626 $   13,005 $    51.36 $    49.04 
Wind energy                          2,614      2,244       9.85       8.46 
Other                                   68         71       0.26       0.27 
----------------------------------------------------------------------------
                                    16,308     15,320      61.47      57.77 
Development assets                     455        382       1.72       1.44 
Equity-accounted investments           314        344       1.18       1.30 
Working capital and other, net         150        149       0.57       0.56 
Long-term debt and credit                                                   
 facilities                         (6,654)    (6,119)    (25.09)    (23.07)
Participating non-controlling                                               
 interests - in operating                                                   
 subsidiaries                       (1,188)    (1,028)     (4.48)     (3.88)
Preferred equity                      (821)      (500)     (3.09)     (1.89)
----------------------------------------------------------------------------
Net asset value(2)              $    8,564 $    8,548 $    32.28 $    32.23 
----------------------------------------------------------------------------
 
1.  Includes $35 million of intangible assets (2012: $44 million). 
2.  Non-IFRS measure. See "Cautionary Statement Regarding Use of Non-IFRS
    Measures". 
3.  Net asset value per share is based on LP Units, Redeemable/Exchangeable
    units and General partnership units outstanding as at September 30, 2013
    of 133.0 million, 129.7 million and 2.6 million respectively (2012:
    132.9 million, 129.7 million and 2.6 million respectively). 

 
FINANCIAL RESULTS ON A CONSOLIDATED AND PROPORTIONATE BASIS 
The following table reflects generation for the three months ended
September 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     1,527        300          61 1,888      465        2,353
  Canada            1,218          -          37 1,255       37        1,292
  Brazil(1)           788         16          20   824       70          894
----------------------------------------------------------------------------
                    3,533        316         118 3,967      572        4,539
----------------------------------------------------------------------------
Wind energy                                                                 
  United States        82         46           -   128      167          295
  Canada              146          -           -   146        -          146
----------------------------------------------------------------------------
                      228         46           -   274      167          441
----------------------------------------------------------------------------
Other                 174          -           -   174        -          174
----------------------------------------------------------------------------
Total generation                                                            
 -2013              3,935        362         118 4,415      739        5,154
----------------------------------------------------------------------------
Total generation                                                            
 -2012              2,386         94         145 2,625      346        2,971
----------------------------------------------------------------------------
 
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 September 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 
----------------------------------------------------------------------------
                                      Equity-                               
                 Wholly- Partially  accounted                               
(MILLIONS, EXCEPT  owned    -owned investment                               
 AS NOTED)        assets    assets          s Total                         
----------------------------------------------------------------------------
Revenues         $   294 $      48 $        -$  342 $       50 $        392 
Other income           1         -          -     1          -            1 
Share of cash                                                               
 earnings from                                                              
equity-accounted                                                            
investments            -         -          7     7          -            7 
Direct operating                                                            
 costs              (117)       (9)         -  (126)       (14)        (140)
----------------------------------------------------------------------------
Adjusted                                                                    
 EBITDA(1)           178        39          7   224         36          260 
Interest expense                                                            
 - borrowings        (80)      (13)         -   (93)       (12)        (105)
Management                                                                  
 service costs        (9)        -          -    (9)         -           (9)
Current income                                                              
 taxes                (4)        -          -    (4)         -           (4)
Preferred equity     (10)    (2) -          -   (10)         -          (10)
Participating                                                               
 non-controlling                                                            
interests - in                                                              
 operating                                                                  
subsidiaries           -         -          -     -    (24)(2)          (24)
----------------------------------------------------------------------------
Funds from                                                                  
 operations -                                                               
 2013(1)         $    75 $      26 $        7$  108 $        - $        108 
----------------------------------------------------------------------------
Funds from                                                                  
 operations -                                                               
 2012(1)         $     7 $       1 $        3$   11 $        - $         11 
----------------------------------------------------------------------------
 
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 nine months ended
September 30, 2013 on a proportionate and consolidated basis. 


 
----------------------------------------------------------------------------
                                                    Third party             
                          Proportionate               interests Consolidated
----------------------------------------------------------------------------
                                                                            
              Wholly- Partially-     Equity-                                
Generation      owned      owned   accounted                                
 (GWh)         assets     assets investments  Total                         
----------------------------------------------------------------------------
Hydroelectric                                                               
 generation                                                                 
  United                                                                    
   States       5,063      1,046         159  6,268       1,588        7,856
  Canada        3,797          -         148  3,945         148        4,093
  Brazil(1)     2,400         51          63  2,514         219        2,733
----------------------------------------------------------------------------
               11,260      1,097         370 12,727       1,955       14,682
----------------------------------------------------------------------------
Wind energy                                                                 
  United                                                                    
   States         273        150           -    423         547          970
  Canada          747          -           -    747           -          747
----------------------------------------------------------------------------
                1,020        150           -  1,170         547        1,717
----------------------------------------------------------------------------
Other             555          -           -    555           -          555
----------------------------------------------------------------------------
Total                                                                       
 generation -                                                               
 2013          12,835      1,247         370 14,452       2,502       16,954
----------------------------------------------------------------------------
Total                                                                       
 generation -                                                               
 2012           9,666        630         420 10,716       1,173       11,889
----------------------------------------------------------------------------
 
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 nine
months ended September 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 
----------------------------------------------------------------------------
                                                                            
                       Partially                                            
(MILLIONS,     Wholly-         -     Equity-                                
 EXCEPT AS       owned     owned   accounted                                
 NOTED)         assets    assets investments  Total                         
----------------------------------------------------------------------------
Revenues       $   979 $     167 $         - $1,146 $      167 $      1,313 
Other income         5         -           -      5          -            5 
Share of cash                                                               
 earnings from                                                              
 equity-                                                                    
 accounted                                                                  
 investments         -         -          19     19          -           19 
Direct                                                                      
 operating                                                                  
 costs            (334)      (27)          -   (361)       (40)        (401)
               -------------------------------------------------------------
Adjusted                                                                    
 EBITDA(1)         650       140          19    809        127          936 
Interest                                                                    
 expense -                                                                  
 borrowings       (237)      (41)          -   (278)       (35)        (313)
Management                                                                  
 service costs     (32)        -           -    (32)         -          (32)
Current income                                                              
 taxes             (15)        -           -    (15)         -          (15)
Preferred                                                                   
 equity            (27)    (2) -           -    (27)         -          (27)
Participating                                                               
 non-                                                                       
 controlling                                                                
 interests - in                                                             
 operating                                                                  
 subsidiaries        -     
    -           -      -    (92) (2)         (92)
----------------------------------------------------------------------------
Funds from                                                                  
 operations -                                                               
 2013(1)       $   339 $      99 $        19 $  457 $        - $        457 
----------------------------------------------------------------------------
Funds from                                                                  
 operations -                                                               
 2012(1)       $   214 $      48 $        11 $  273 $        - $        273 
----------------------------------------------------------------------------
 
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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