FINANCIAL HIGHLIGHTS
Three Months Ended Twelve Months Ended
December 31 December 31
($ in thousands except per
share amounts) 2011 2010 2011 2010
Net revenue (1) $ 44,816 $ 36,694 $ 155,290 $ 151,249
Adjusted EBITDA (1) 11,304 5,769 38,827 36,135
Net income (loss) (1,555) (633) 15,316 24,249
Per share - basic and
diluted $ (0.03) $ (0.01) $ 0.28 $ 0.45
Funds from operations (1) 11,489 5,538 38,802 30,107
Per share - basic and
diluted $ 0.21 $ 0.10 $ 0.72 $ 0.55
Electricity Deliveries (MWh) 295,420 323,551 1,203,227 1,322,037
Net Generation Capacity (MW)
(2) 815 809 815 809
Average Alberta Power Prices
($ per MWh) $ 76.07 $ 45.94 $ 76.21 $ 50.88
Average Milner Realized
Electricity Price ($ per
MWh) $ 89.12 $ 49.35 $ 80.12 $ 57.52
(1) Select financial information was derived from the audited consolidated financial statements and is prepared in accordance with International Financial Reporting Standards ("IFRS"), except net revenue, adjusted EBITDA and funds from operations ("FFO"). Net revenue is provided to highlight revenue net of any gains or losses realized on commodity swaps. 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 and FFO is provided to assist management and investors in determining the Corporation's cash flows generated by operations before the cash impact of working capital fluctuations. Net revenue, adjusted EBITDA and FFO do not have any standardized meaning prescribed by IFRS and may not be comparable to similar measures presented by other companies. Refer to 'Non-IFRS measures' for reconciliations between non-IFRS financial measures and comparable measures calculated in accordance with IFRS.
(2) Generation capacity is manufacturer's nameplate capacity net of minority ownership interests of third parties.
OPERATING RESULTS
Net revenue, adjusted EBITDA, and funds from operations increased in 2011 when compared to 2010. These increases are primarily due to improving Alberta power prices and their positive impact on Milner results.
Net income decreased over 2010 due to the impact of one-time events that occurred in 2010. Net income in 2011 benefited from a gain on derivative contracts and an increase in Alberta power prices, net of realized losses on power price swaps entered throughout the year. This increase was offset by a one-time $22.6 million tax gain recognized in 2010 as a result of MAXIM's amalgamation with EarthFirst Canada Inc. net of a $4.2 million arbitration settlement occurring in that year.
