Financial and operational highlights

Financial overview

For the years ended December 31

(in thousands of Canadian dollars, except as noted)

20141 20131 20121 20112 20102
Power generated (MWh) 2,962,450 2,381,820 2,104,945 1,905,426 1,227,435
Revenues 241,834 198,259 176,655 148,260 91,385
Adjusted EBITDA3 179,562 148,916 133,792 111,196 68,111
Dividend declared – $ per Series A preferred share 1.25 1.25 1.25 1.25 0.42
Dividend declared – $ per Series C preferred share4 1.4375 1.57
Dividend declared – $ per common share 0.60 0.58 0.58 0.58 0.61

1   Prepared in accordance with IFRS – excluding joint ventures.
2   Restated in accordance with IFRS – including joint ventures.
3   Defined as revenues less operating expenses, general and administrative expenses, and prospective project expenses.
4   The initial dividend payment was higher to reflect dividends accruing since the closing date of the Series C preferred share offering of December 11, 2012. The regular annual dividend amount is $1.4375

Net installed capacity

At December 31 (MW)
IR-GRAPH_net_installed_capacity-EN

Production predictability

(GWh)
IR-GRAPH_production prediction-EN

Energy source diversification

Based on consolidated revenues
IR-GRAPH_energy_source_diversification-EN

Geographic diversification

Based on consolidated revenues
 
IR-GRAPH_geographic_diversification-EN

Capital structure

At December 31
 
IR-GRAPH_Capital_production-EN

PPA remaining terms

Based on consolidated annualized long-term average production of operating facilities
IR-GRAPH_ppa_remaining_terms-EN

Projects under development

PROJECT LOCATION GROSS CAPACITY (MW) INNERGEX’S OWNERSHIP ESTIMATED CONSTRUCTION COSTS ($M) EXPECTED IN-SERVICE DATE
WIND Mesgi’g Ugju’s’n QC 150.0 50.0% 340.01 2016
HYDRO    Tretheway Creek BC 21.2 100.0% 111.5 2015
Boulder Creek BC 25.3 66.7% 119.2 2016
Upper Lillooet River BC 81.4 66.7% 315.0 2016
Big Silver Creek BC 40.6 100.0% 216.0 2016

1   Preliminary estimate. Subject to change.

Revenue breakdown by site

Based on consolidated revenues
IR-GRAPH_Revenu_breakdown-EN

Cash and reserve accounts

At December 31 ($M)
IR-GRAPH_Cash_reserve_acounts-EN

2014 highlights

Electricity production increased by 24% year-over-year

Revenues rose 22% to $242M

88% Payout Ratio

One acquisition completed

Total net installed capacity increased 2% to 687 MW

33 The number of operating facilities

77% The proportion of electricity produced from hydro

The electricity we produced was enough to power 247,000 Canadian households

$93M in project financing secured