FINANCIAL HIGHLIGHTS
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Three Months Ended Six Months Ended
June 30 June 30
($ in thousands except per share
amounts) 2014 2013 2014 2013
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Revenue $ 19,138 $ 36,383 $ 88,270 $ 91,887
Adjusted EBITDA (1) (3,604) 14,337 12,969 28,404
Adjusted net income (loss) (1) (4,566) 5,720 (751) 10,710
Per share - basic and diluted $ (0.08) $ 0.11 $ (0.01) $ 0.20
Net income (loss) attributable to
shareholders (4,325) 6,446 (838) 11,032
Per share - basic and diluted $ (0.08) $ 0.12 $ (0.02) $ 0.20
FFO (2) (3,922) 13,021 11,079 27,135
Per share - basic and diluted $ (0.07) $ 0.25 $ 0.20 $ 0.51
Electricity Deliveries (MWh) 219,644 191,683 557,865 493,885
Net Generation Capacity (MW) (3) 785 804 785 804
Average Alberta power price -
market ($ per MWh) $ 42.43 $ 123.41 $ 51.46 $ 94.52
Average Alberta power price -
Milner realized ($ per MWh) $ 51.73 $ 178.59 $ 65.06 $ 134.78
Average US power price - Northeast
U.S. realized (US$ per MWh) $ 56.65 $ 97.63 $ 234.02 $ 171.01
(1) Select financial information was derived from the unaudited condensed
consolidated interim financial statements and is prepared in accordance
with IFRS, except adjusted EBITDA and adjusted net income (loss).
Adjusted EBITDA is provided to assist management and investors in
determining the Corporation's approximate operating cash flows before
interest, income taxes, and depreciation and amortization and certain
other income and expenses. Adjusted net income (loss) is used to compare
MAXIM's results among reporting periods without consideration of
unrealized gains and losses and to evaluate MAXIM's performance.
Adjusted EBITDA and adjusted net income (loss) do not have any
standardized meaning prescribed by IFRS and may not be comparable to
similar measures presented by other companies.
(2) Funds from operating activities before changes in working capital
("FFO") is an Additional GAAP measure provided to assist management and
investors in determining the Corporation's cash flows generated by
operations before the cash impact of working capital fluctuations.
(3) Generation capacity is manufacturer's nameplate capacity net of minority
ownership interests of third parties.
OPERATING RESULTS
Revenue, adjusted EBITDA, adjusted net income (loss), net income (loss) attributable to shareholders and FFO decreased in the second quarter of 2014 when compared to the second quarter of 2013. The decrease in these financial measures is primarily due to lower power prices in both Alberta and the Northeast U.S.
On a year to date basis, revenue, adjusted EBITDA, adjusted net income (loss), net income (loss) attributable to shareholders and FFO decreased in 2014 when compared to 2013. The decrease in these financial measures is primarily due to lower power prices in Alberta, partially offset by higher power prices and generation in the Northeast U.S.
ALBERTA UTILITIES COMMISSION ("AUC") LOSS FACTOR DECISION
As previously reported, the AUC has upheld the complaint made by the Corporation that the current ISO Line Loss Rules contravene the Transmission Regulation and are unjust, unreasonable, unduly preferential, arbitrarily or unjustly discriminatory and inconsistent with or in contravention of the 2003 Electric Utilities Act (AUC Decision 2014-110). The AUC is proceeding with the second phase of its consideration of Milner's complaint to determine the relief or remedy to be given and is expected to issue a process letter during the third quarter.
