UNAUDITED
(MILLIONS)
| Notes | September 30, 2023 | December 31, 2022 | ||
Assets | |||||
Current assets | |||||
Cash and cash equivalents | 12 | $ | 513 | $ | 642 |
Restricted cash | 13 | 45 | 44 | ||
Trade receivables and other current assets | 14 | 1,086 | 1,321 | ||
Financial instrument assets | 4 | 111 | 106 | ||
Due from related parties | 17 | 961 | 615 | ||
Assets held for sale | - | 698 | |||
2,716 | 3,426 | ||||
Financial instrument assets | 4 | 342 | 481 | ||
Equity-accounted investments | 11 | 554 | 451 | ||
Property, plant and equipment, at fair value | 7 | 39,205 | 37,828 | ||
Intangible assets | 3 | 7 | 208 | ||
Goodwill | 807 | 723 | |||
Deferred income tax assets | 6 | 56 | 70 | ||
Other long-term assets | 114 | 101 | |||
Total Assets | $ | 43,801 | $ | 43,288 | |
Liabilities | |||||
Current liabilities | |||||
Accounts payable and accrued liabilities | 15 | $ | 628 | $ | 621 |
Financial instrument liabilities | 4 | 207 | 270 | ||
Due to related parties | 17 | 304 | 464 | ||
Non-recourse borrowings | 8 | 1,027 | 1,299 | ||
Provisions | 14 | 16 | |||
Liabilities directly associated with assets held for sale | - | 217 | |||
BEPC exchangeable and class B shares | 10 | 3,905 | 4,364 | ||
6,085 | 7,251 | ||||
Financial instrument liabilities | 4 | 496 | 578 | ||
Non-recourse borrowings | 8 | 12,743 | 12,416 | ||
Deferred income tax liabilities | 6 | 5,740 | 5,263 | ||
Provisions | 371 | 341 | |||
Other long-term liabilities | 608 | 615 | |||
Equity | |||||
Non-controlling interests | |||||
Participating non-controlling interests - in operating subsidiaries | 9 | 10,809 | 10,680 | ||
Participating non-controlling interests - in a holding subsidiary held by the partnership | 9 | 273 | 271 | ||
The partnership | 10 | 6,676 | 5,873 | ||
Total Equity | 17,758 | 16,824 | |||
Total Liabilities and Equity | $ | 43,801 | $ | 43,288 |
Approved on behalf of Brookfield Renewable Corporation: | |
Patricia Zuccotti
Director
|
David Mann
Director
|
Brookfield Renewable Corporation | Interim Consolidated Financial Statements and Notes |
September 30, 2023
|
Page 2
|
UNAUDITED
(MILLIONS)
| Three months ended September 30 | Nine months ended September 30 | |||||||
Notes | 2023 | 2022 | 2023 | 2022 | |||||
Revenues | 17 | $ | 934 | $ | 896 | $ | 2,901 | $ | 2,822 |
Other income | 95 | 9 | 147 | 79 | |||||
Direct operating costs(1)
| (388) | (293) | (1,000) | (880) | |||||
Management service costs | 17 | (26) | (37) | (94) | (132) | ||||
Interest expense | 8 | (308) | (264) | (929) | (747) | ||||
Share of earnings (loss) from equity-accounted investments | 11 | (7) | 2 | (7) | 1 | ||||
Foreign exchange and financial instruments (loss) gain | 4 | 21 | (68) | 129 | (98) | ||||
Depreciation | 7 | (320) | (288) | (953) | (870) | ||||
Other | 3 | (28) | 14 | (54) | |||||
Remeasurement of BEPC exchangeable and class B shares | 10 | 1,393 | 603 | 710 | 774 | ||||
Income tax (expense) recovery | |||||||||
Current | 6 | (7) | (31) | (79) | (98) | ||||
Deferred | 6 | (20) | 16 | (29) | (25) | ||||
(27) | (15) | (108) | (123) | ||||||
Net income | $ | 1,370 | $ | 517 | $ | 810 | $ | 772 | |
Net income attributable to: | |||||||||
Non-controlling interests | |||||||||
Participating non-controlling interests - in operating subsidiaries | 9 | $ | 29 | $ | 35 | $ | 240 | $ | 215 |
Participating non-controlling interests - in a holding subsidiary held by the partnership | 9 | 1 | 2 | 4 | 7 | ||||
The partnership | 9 | 1,340 | 480 | 566 | 550 | ||||
$ | 1,370 | $ | 517 | $ | 810 | $ | 772 |
Brookfield Renewable Corporation | Interim Consolidated Financial Statements and Notes |
September 30, 2023
|
Page 3
|
UNAUDITED
(MILLIONS)
| Three months ended September 30 | Nine months ended September 30 | |||||||
Notes | 2023 | 2022 | 2023 | 2022 | |||||
Net income | $ | 1,370 | $ | 517 | $ | 810 | $ | 772 | |
Other comprehensive income (loss) that will not be reclassified to net income: | |||||||||
Revaluations of property, plant and equipment | 7 | - | - | (49) | (2) | ||||
Actuarial (loss) gain on defined benefit plans | (3) | - | (8) | 12 | |||||
Deferred income taxes on above items | (8) | - | 5 | (5) | |||||
Unrealized gain on investments in equity securities | 4 | - | 1 | - | 1 | ||||
Total items that will not be reclassified to net income | (11) | 1 | (52) | 6 | |||||
Other comprehensive income (loss) that may be reclassified to net income: | |||||||||
Foreign currency translation | (6) | (476) | 826 | (529) | |||||
Gains (losses) arising during the period on financial instruments designated as cash-flow hedges | 4 | 3 | 4 | 168 | (42) | ||||
Unrealized gain (loss) on foreign exchange swap net investment hedges | 4 | 20 | 51 | (21) | 66 | ||||
Reclassification adjustments for amounts recognized in net income | 4 | (7) | 38 | (87) | 128 | ||||
Deferred income taxes on above items | (7) | (17) | (17) | (56) | |||||
Equity-accounted investments | 11 | 2 | - | 2 | 1 | ||||
Total items that may be reclassified subsequently to net income | 5 | (400) | 871 | (432) | |||||
Other comprehensive income (loss) | (6) | (399) | 819 | (426) | |||||
Comprehensive income | $ | 1,364 | $ | 118 | $ | 1,629 | $ | 346 | |
Comprehensive income attributable to: | |||||||||
Non-controlling interests | |||||||||
Participating non-controlling interests - in operating subsidiaries | 9 | $ | 84 | $ | (240) | $ | 818 | $ | (163) |
Participating non-controlling interests - in a holding subsidiary held by the partnership | 9 | (3) | (8) | 21 | 1 | ||||
The partnership | 9 | 1,283 | 366 | 790 | 508 | ||||
$ | 1,364 | $ | 118 | $ | 1,629 | $ | 346 |
Brookfield Renewable Corporation | Interim Consolidated Financial Statements and Notes |
September 30, 2023
|
Page 4
|
Accumulated other comprehensive income | Non-controlling interests | |||||||||||||||
UNAUDITED
THREE MONTHS ENDED SEPTEMBER 30
(MILLIONS)
| The partnership |
Foreign currency translation |
Revaluation surplus | Other | Total |
Participating non-controlling interests - in a holding subsidiary held by the partnership
|
Participating non-controlling interests - in operating subsidiaries
|
Total equity | ||||||||
Balance, as at June 30, 2023 | $ | (3,930) | $ | (1,335) | $ | 10,587 | $ | 62 | $ | 5,384 | $ | 289 | $ | 10,821 | $ | 16,494 |
Net income | 1,340 | - | - | - | 1,340 | 1 | 29 | 1,370 | ||||||||
Other comprehensive income (loss) | - | (42) | (8) | (7) | (57) | (4) | 55 | (6) | ||||||||
Capital contributions | - | - | - | - | - | - | 32 | 32 | ||||||||
Disposals (Note 3)
| - | - | - | - | - | - | (30) | (30) | ||||||||
Dividends declared | - | - | - | - | - | (13) | (103) | (116) | ||||||||
Other | 1 | (1) | 7 | 2 | 9 | - | 5 | 14 | ||||||||
Change in period | 1,341 | (43) | (1) | (5) | 1,292 | (16) | (12) | 1,264 | ||||||||
Balance, as at September 30, 2023 | $ | (2,589) | $ | (1,378) | $ | 10,586 | $ | 57 | $ | 6,676 | $ | 273 | $ | 10,809 | $ | 17,758 |
Balance, as at June 30, 2022 | $ | (4,738) | $ | (1,507) | $ | 10,101 | $ | (44) | $ | 3,812 | $ | 261 | $ | 9,755 | $ | 13,828 |
Net income | 480 | - | - | - | 480 | 2 | 35 | 517 | ||||||||
Other comprehensive income (loss) | - | (129) | - | 15 | (114) | (10) | (275) | (399) | ||||||||
Capital contributions | - | - | - | - | - | - | 88 | 88 | ||||||||
Disposal | - | - | - | - | - | (2) | (54) | (56) | ||||||||
Dividends declared | - | - | - | - | - | (7) | (244) | (251) | ||||||||
Other | 1 | (1) | (1) | 1 | - | 2 | (1) | 1 | ||||||||
Change in period | 481 | (130) | (1) | 16 | 366 | (15) | (451) | (100) | ||||||||
Balance, as at September 30, 2022 | $ | (4,257) | $ | (1,637) | $ | 10,100 | $ | (28) | $ | 4,178 | $ | 246 | $ | 9,304 | $ | 13,728 |
Brookfield Renewable Corporation | Interim Consolidated Financial Statements and Notes |
September 30, 2023
|
Page 5
|
Accumulated other comprehensive income | Non-controlling interests | |||||||||||||||
UNAUDITED
NINE MONTHS ENDED SEPTEMBER 30
(MILLIONS)
| The partnership |
Foreign currency translation |
Revaluation surplus | Other | Total | Participating non-controlling interests - in a holding subsidiary held by the partnership | Participating non-controlling interests - in operating subsidiaries |
Total equity | ||||||||
Balance, as at December 31, 2022 | $ | (3,186) | $ | (1,582) | $ | 10,615 | $ | 26 | $ | 5,873 | $ | 271 | $ | 10,680 | $ | 16,824 |
Net income | 566 | - | - | - | 566 | 4 | 240 | 810 | ||||||||
Other comprehensive income | - | 201 | (8) | 31 | 224 | 17 | 578 | 819 | ||||||||
Capital contributions | - | - | - | - | - | - | 135 | 135 | ||||||||
Disposal (Note 3)
| 34 | - | (34) | - | - | - | (418) | (418) | ||||||||
Dividends declared | - | - | - | - | - | (17) | (420) | (437) | ||||||||
Other | (3) | 3 | 13 | - | 13 | (2) | 14 | 25 | ||||||||
Change in period | 597 | 204 | (29) | 31 | 803 | 2 | 129 | 934 | ||||||||
Balance, as at September 30, 2023 | $ | (2,589) | $ | (1,378) | $ | 10,586 | $ | 57 | $ | 6,676 | $ | 273 | $ | 10,809 | $ | 17,758 |
Balance, as at December 31, 2021 | $ | (4,834) | $ | (1,568) | $ | 10,125 | $ | (56) | $ | 3,667 | $ | 261 | $ | 10,297 | $ | 14,225 |
Net income | 550 | - | - | - | 550 | 7 | 215 | 772 | ||||||||
Other comprehensive income (loss) | - | (69) | (1) | 28 | (42) | (6) | (378) | (426) | ||||||||
Capital contributions | - | - | - | - | - | - | 284 | 284 | ||||||||
Disposal | 27 | - | (27) | - | - | (2) | (54) | (56) | ||||||||
Dividends declared | - | - | - | - | - | (16) | (1,042) | (1,058) | ||||||||
Other | - | - | 3 | - | 3 | 2 | (18) | (13) | ||||||||
Change in period | 577 | (69) | (25) | 28 | 511 | (15) | (993) | (497) | ||||||||
Balance, as at September 30, 2022 | $ | (4,257) | $ | (1,637) | $ | 10,100 | $ | (28) | $ | 4,178 | $ | 246 | $ | 9,304 | $ | 13,728 |
Brookfield Renewable Corporation | Interim Consolidated Financial Statements and Notes |
September 30, 2023
|
Page 6
|
UNAUDITED | Three months ended September 30 | Nine months ended September 30 | |||||||
(MILLIONS) | Notes | 2023 | 2022 | 2023 | 2022 | ||||
Operating activities | |||||||||
Net income | $ | 1,370 | $ | 517 | $ | 810 | $ | 772 | |
Adjustments for the following non-cash items:
| |||||||||
Depreciation
| 7 | 320 | 288 | 953 | 870 | ||||
Unrealized financial instruments (gain) loss | 4 | (27) | 128 | (119) | 212 | ||||
Share of (earnings) loss from equity-accounted investments | 11 | 7 | (2) | 7 | (1) | ||||
Deferred income tax (recovery) expense | 6 | 20 | (16) | 29 | 25 | ||||
Other non-cash items
| (56) | 15 | (27) | 10 | |||||
Remeasurement of BEPC exchangeable shares and class B shares | 10 | (1,393) | (603) | (710) | (774) | ||||
Dividends received from equity-accounted investments | 11 | 4 | - | 6 | 2 | ||||
245 | 327 | 949 | 1,116 | ||||||
Changes in due to or from related parties | 25 | 20 | 28 | 35 | |||||
Net change in working capital balances | 18 | (57) | 155 | (286) | |||||
288 | 290 | 1,132 | 865 | ||||||
Financing activities | |||||||||
Proceeds from non-recourse borrowings | 516 | 258 | 1,212 | 2,591 | |||||
Repayment of non-recourse borrowings |
8
| (483) | (229) | (1,485) | (1,906) | ||||
Capital contributions from non-controlling interests | 9 | 32 | 88 | 135 | 284 | ||||
Return of capital to non-controlling interests | (30) | (54) | (30) | (54) | |||||
Exchangeable share issuance | - | - | 251 | - | |||||
Distributions paid: | |||||||||
To participating non-controlling interests | 9 | (116) | (251) | (437) | (1,058) | ||||
Related party borrowings, net | (229) | 172 | (549) | 181 | |||||
(310) | (16) | (903) | 38 | ||||||
Investing activities | |||||||||
Acquisitions, net of cash and cash equivalents, in acquired entity | - | - | (81) | - | |||||
Acquisition in equity-accounted investments | (4) | (48) | (7) | (48) | |||||
Investment in property, plant and equipment | 7 | (185) | (210) | (505) | (624) | ||||
Proceeds from disposal of assets | 106 | 4 | 109 | 92 | |||||
Proceeds from disposal of securities | 31 | - | 134 | - | |||||
Restricted cash and other | (1) | 33 | (25) | 12 | |||||
(53) | (221) | (375) | (568) | ||||||
Foreign exchange gain (loss) on cash | (10) | (21) | 17 | (38) | |||||
Cash and cash equivalents | |||||||||
Increase (decrease) | (85) | 32 | (129) | 297 | |||||
Net change in cash classified within assets held for sale | 3 | - | - | - | |||||
Balance, beginning of period | 595 | 790 | 642 | 525 | |||||
Balance, end of period | $ | 513 | $ | 822 | $ | 513 | $ | 822 | |
Supplemental cash flow information: | |||||||||
Interest paid
| $ | 272 | $ | 234 | $ | 872 | $ | 709 | |
Interest received
| $ | 42 | $ | 7 | $ | 71 | $ | 18 | |
Income taxes paid | $ | 25 | $ | 14 | $ | 138 | $ | 47 |
Brookfield Renewable Corporation | Interim Consolidated Financial Statements and Notes |
September 30, 2023
|
Page 7
|
Notes to the consolidated financial statements | Page | |
1. | Basis of presentation and significant accounting policies |
9 |
2. | Acquisitions |
10 |
3. | Disposal of assets |
10 |
4. | Risk management and financial instruments |
11 |
5. | Segmented information |
14 |
6. | Income taxes |
21 |
7. | Property, plant and equipment |
22 |
8. | Borrowings |
23 |
9. | Non-controlling interests |
24 |
10. | BEPC Exchangeable shares, BEPC Class B shares and BEPC Class C shares |
26 |
11. | Equity-accounted investments |
27 |
12. | Cash and cash equivalents |
27 |
13. | Restricted cash |
27 |
14. | Trade receivables and other current assets |
28 |
15. | Accounts payable and accrued liabilities |
28 |
16. | Commitments, contingencies and guarantees |
28 |
17. | Related party transactions |
30 |
18. | Subsequent events |
31 |
Brookfield Renewable Corporation | Interim Consolidated Financial Statements and Notes |
September 30, 2023
|
Page 8
|
Brookfield Renewable Corporation | Interim Consolidated Financial Statements and Notes |
September 30, 2023
|
Page 9
|
(MILLIONS) | Brazil Wind Portfolio | |
Cash and cash equivalents | $ | 10 |
Trade receivables and other current assets | 9 | |
Property, plant and equipment | 125 | |
Other non-current assets | 19 | |
Accounts payable and accrued liabilities | (16) | |
Current portion of non-recourse borrowings | (4) | |
Non-recourse borrowings | (46) | |
Provisions | (2) | |
Fair value of net assets acquired | 95 | |
Purchase price | $ | 95 |
Brookfield Renewable Corporation | Interim Consolidated Financial Statements and Notes |
September 30, 2023
|
Page 10
|
Brookfield Renewable Corporation | Interim Consolidated Financial Statements and Notes |
September 30, 2023
|
Page 11
|
September 30, 2023 | December 31, 2022 | |||||||||
(MILLIONS) | Level 1 | Level 2 | Level 3 | Total | Total | |||||
Assets measured at fair value: | ||||||||||
Cash and cash equivalents | $ | 513 | $ | - | $ | - | $ | 513 | $ | 642 |
Restricted cash(1)
| 77 | - | - | 77 | 68 | |||||
Financial instrument assets(1)
| ||||||||||
IFRS 9 PPAs | - | - | 5 | 5 | 1 | |||||
Energy derivative contracts | - | 44 | - | 44 | 33 | |||||
Interest rate swaps | - | 227 | - | 227 | 261 | |||||
Foreign exchange swaps | - | 9 | - | 9 | - | |||||
Investments in equity securities | - | - | 168 | 168 | 292 | |||||
Property, plant and equipment | - | - | 39,205 | 39,205 | 37,828 | |||||
Liabilities measured at fair value: | ||||||||||
Financial instrument liabilities(1)
| ||||||||||
IFRS 9 PPAs | - | - | (158) | (158) | (189) | |||||
Energy derivative contracts | - | (138) | - | (138) | (231) | |||||
Interest rate swaps | - | (14) | - | (14) | (14) | |||||
Foreign exchange swaps | - | (99) | - | (99) | (61) | |||||
Tax equity | - | - | (294) | (294) | (353) | |||||
Liabilities for which fair value is disclosed:
| ||||||||||
BEPC exchangeable and class B shares(2)
| (3,905) | - | - | (3,905) | (4,364) | |||||
Non-recourse borrowing(1)
| (1,685) | (11,780) | - | (13,465) | (12,847) | |||||
Total | $ | (5,000) | $ | (11,751) | $ | 38,926 | $ | 22,175 | $ | 21,066 |
Brookfield Renewable Corporation | Interim Consolidated Financial Statements and Notes |
September 30, 2023
|
Page 12
|
September 30, 2023 | December 31, 2022 | |||||||
(MILLIONS) | Assets | Liabilities |
Net Assets (Liabilities) |
Net Assets (Liabilities) | ||||
Energy derivative contracts | $ | 44 | $ | 138 | $ | (94) | $ | (198) |
IFRS 9 PPAs | 5 | 158 | (153) | (188) | ||||
Interest rate swaps | 227 | 14 | 213 | 247 | ||||
Foreign exchange swaps | 9 | 99 | (90) | (61) | ||||
Investments in equity securities | 168 | - | 168 | 292 | ||||
Tax equity | - | 294 | (294) | (353) | ||||
Total | 453 | 703 | (250) | (261) | ||||
Less: current portion | 111 | 207 | (96) | (164) | ||||
Long-term portion | $ | 342 | $ | 496 | $ | (154) | $ | (97) |
Brookfield Renewable Corporation | Interim Consolidated Financial Statements and Notes |
September 30, 2023
|
Page 13
|
Three months ended September 30 | Nine months ended September 30 | |||||||
(MILLIONS) | 2023 | 2022 | 2023 | 2022 | ||||
Energy derivative contracts | $ | (45) | $ | (109) | $ | 14 | $ | (163) |
IFRS 9 PPAs | 42 | (16) | 42 | (86) | ||||
Interest rate swaps | 8 | 12 | 15 | 32 | ||||
Foreign exchange swaps | 5 | 40 | (2) | 75 | ||||
Tax equity | 19 | 30 | 43 | 92 | ||||
Investments in equity securities | 2 | - | 9 | - | ||||
Foreign exchange gain (loss) | (10) | (25) | 8 | (48) | ||||
$ | 21 | $ | (68) | $ | 129 | $ | (98) |
Three months ended September 30 | Nine months ended September 30 | |||||||
(MILLIONS) | 2023 | 2022 | 2023 | 2022 | ||||
Energy derivative contracts | $ | (26) | $ | (41) | $ | 164 | $ | (212) |
IFRS 9 PPAs | (5) | (17) | 20 | (70) | ||||
Interest rate swaps | 18 | 59 | (12) | 238 | ||||
Foreign exchange swaps | 16 | 3 | (4) | 2 | ||||
3 | 4 | 168 | (42) | |||||
Foreign exchange swaps - net investment | 20 | 51 | (21) | 66 | ||||
$ | 23 | $ | 55 | $ | 147 | $ | 24 |
Three months ended September 30 | Nine months ended September 30 | |||||||
(MILLIONS) | 2023 | 2022 | 2023 | 2022 | ||||
Energy derivative contracts | $ | 3 | $ | 37 | $ | (86) | $ | 123 |
IFRS 9 PPAs | - | - | - | 2 | ||||
Interest rate swaps | - | 1 | - | 3 | ||||
Foreign exchange swaps | (10) | - | (1) | - | ||||
$ | (7) | $ | 38 | $ | (87) | $ | 128 |
Brookfield Renewable Corporation | Interim Consolidated Financial Statements and Notes |
September 30, 2023
|
Page 14
|
Brookfield Renewable Corporation | Interim Consolidated Financial Statements and Notes |
September 30, 2023
|
Page 15
|
Attributable to the partnership | Contribution from equity-accounted investments |
Attributable to non- controlling interests |
As per IFRS
financials(1)
| |||||||||||||||
(MILLIONS) | Hydroelectric | Wind | Utility-scale solar | Distributed energy & sustainable solutions | Corporate | Total | ||||||||||||
Revenues | $ | 291 | $ | 28 | $ | 33 | $ | 33 | $ | - | $ | 385 | $ | (12) | $ | 561 | $ | 934 |
Other income (loss) | 4 | 28 | - | 1 | 3 | 36 | - | 59 | 95 | |||||||||
Direct operating costs | (123) | (12) | (9) | (11) | (3) | (158) | 7 | (237) | (388) | |||||||||
Share of revenue, other income and direct operating costs from equity-accounted investments | - | - | - | - | - | - | 5 | - | 5 | |||||||||
172 | 44 | 24 | 23 | - | 263 | - | 383 | |||||||||||
Management service costs | - | - | - | - | (26) | (26) | - | - | (26) | |||||||||
Interest expense(1)
| (65) | (8) | (10) | (7) | 5 | (85) | 2 | (164) | (247) | |||||||||
Current income taxes | (2) | - | 1 | - | - | (1) | - | (6) | (7) | |||||||||
Share of interest and cash taxes from equity-accounted investments | - | - | - | - | - | - | (2) | - | (2) | |||||||||
Share of Funds From Operations attributable to non-controlling interests | - | - | - | - | - | - | - | (213) | (213) | |||||||||
Funds From Operations | 105 | 36 | 15 | 16 | (21) | 151 | - | - | 364 | |||||||||
Depreciation | (320) | |||||||||||||||||
Foreign exchange and financial instrument gain | 21 | |||||||||||||||||
Deferred income tax expense (recovery) | (20) | |||||||||||||||||
Other | 3 | |||||||||||||||||
Dividends on BEPC exchangeable shares(1)
| (61) | |||||||||||||||||
Remeasurement of BEPC exchangeable and BEPC class B shares | 1,393 | |||||||||||||||||
Share of earnings from equity-accounted investments | (10) | |||||||||||||||||
Net income attributable to non-controlling interests | 183 | |||||||||||||||||
Net income attributable to the partnership | $ | 1,340 |
Brookfield Renewable Corporation | Interim Consolidated Financial Statements and Notes |
September 30, 2023
|
Page 16
|
Attributable to the partnership | Contribution from equity-accounted investments |
Attributable to non- controlling interests |
As per IFRS
financials(1)
| |||||||||||||||
(MILLIONS) | Hydroelectric | Wind | Utility-scale solar | Distributed energy & sustainable solutions | Corporate | Total | ||||||||||||
Revenues | $ | 252 | $ | 36 | $ | 53 | $ | 43 | $ | - | $ | 384 | $ | (13) | $ | 525 | $ | 896 |
Other income | 6 | 4 | 15 | - | (2) | 23 | - | (14) | 9 | |||||||||
Direct operating costs | (102) | (11) | (15) | (20) | (1) | (149) | 8 | (152) | (293) | |||||||||
Share of revenue, other income and direct operating costs from equity-accounted investments | - | - | - | - | - | - | 5 | - | 5 | |||||||||
156 | 29 | 53 | 23 | (3) | 258 | - | 359 | |||||||||||
Management service costs | - | - | - | - | (37) | (37) | - | - | (37) | |||||||||
Interest expense(1)
| (47) | (8) | (13) | (6) | - | (74) | 1 | (136) | (209) | |||||||||
Current income taxes | (8) | - | - | - | - | (8) | - | (23) | (31) | |||||||||
Share of interest and cash taxes from equity-accounted investments | - | - | - | - | - | - | (1) | - | (1) | |||||||||
Share of Funds From Operations attributable to non-controlling interests | - | - | - | - | - | - | - | (200) | (200) | |||||||||
Funds From Operations | 101 | 21 | 40 | 17 | (40) | 139 | - | - | 339 | |||||||||
Depreciation | (288) | |||||||||||||||||
Foreign exchange and financial instrument gain (loss) | (68) | |||||||||||||||||
Deferred income tax recovery (expense) | 16 | |||||||||||||||||
Other | (28) | |||||||||||||||||
Dividends on BEPC exchangeable shares(1)
| (55) | |||||||||||||||||
Remeasurement of BEPC exchangeable and BEPC class B shares | 603 | |||||||||||||||||
Share of earnings from equity-accounted investments | (2) | |||||||||||||||||
Net income attributable to non-controlling interests | 163 | |||||||||||||||||
Net income attributable to the partnership | $ | 480 |
Brookfield Renewable Corporation | Interim Consolidated Financial Statements and Notes |
September 30, 2023
|
Page 17
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Attributable to the partnership | Contribution from equity-accounted investments |
Attributable to non- controlling interests |
As per IFRS
financials(1)
| ||||||
(MILLIONS) | Hydroelectric | Wind | Utility-scale solar | Distributed energy & sustainable solutions | Corporate | Total | |||
Revenues | 939 | 107 | 122 | 102 | - | 1,270 | (36) | 1,667 | 2,901 |
Other income | 19 | 34 | 20 | 6 | 19 | 98 | (3) | 52 | 147 |
Direct operating costs | (344) | (32) | (28) | (31) | (5) | (440) | 17 | (577) | (1,000) |
Share of revenue, other income and direct operating costs from equity-accounted investments | - | - | - | - | - | - | 22 | - | 22 |
614 | 109 | 114 | 77 | 14 | 928 | - | 1,142 | ||
Management service costs | - | - | - | - | (94) | (94) | - | - | (94) |
Interest expense(1)
| (195) | (21) | (38) | (16) | 5 | (265) | 6 | (490) | (749) |
Current income taxes | (18) | (2) | (1) | - | - | (21) | - | (58) | (79) |
Share of interest and cash taxes from equity-accounted investments | - | - | - | - | - | - | (6) | - | (6) |
Share of Funds From Operations attributable to non-controlling interests | - | - | - | - | - | - | - | (594) | (594) |
Funds From Operations | 401 | 86 | 75 | 61 | (75) | 548 | - | - | 548 |
Depreciation | (953) | ||||||||
Foreign exchange and financial instrument gain | 129 | ||||||||
Deferred income tax expense (recovery) | (29) | ||||||||
Other | 14 | ||||||||
Dividends on BEPC exchangeable shares(1)
| (180) | ||||||||
Remeasurement of BEPC exchangeable and BEPC class B shares | 710 | ||||||||
Share of earnings from equity-accounted investments | (23) | ||||||||
Net income attributable to non-controlling interests | 350 | ||||||||
Net income attributable to the partnership | 566 |
Brookfield Renewable Corporation | Interim Consolidated Financial Statements and Notes |
September 30, 2023
|
Page 18
|
Attributable to the partnership | Contribution from equity-accounted investments |
Attributable to non- controlling interests |
As per IFRS
financials(1)
| ||||||
(MILLIONS) | Hydroelectric | Wind | Utility-scale solar | Distributed energy & sustainable solutions | Corporate | Total | |||
Revenues | 825 | 131 | 143 | 110 | - | 1,209 | (38) | 1,651 | 2,822 |
Other income | 30 | 9 | 36 | 7 | (2) | 80 | - | (1) | 79 |
Direct operating costs | (318) | (38) | (39) | (53) | (3) | (451) | 23 | (452) | (880) |
Share of revenue, other income and direct operating costs from equity-accounted investments | - | - | - | - | - | - | 15 | - | 15 |
537 | 102 | 140 | 64 | (5) | 838 | - | 1,198 | ||
Management service costs | - | - | - | - | (127) | (127) | - | (5) | (132) |
Interest expense(1)
| (131) | (22) | (38) | (15) | (4) | (210) | 4 | (376) | (582) |
Current income taxes | (27) | (1) | - | - | - | (28) | - | (70) | (98) |
Share of interest and cash taxes from equity-accounted investments | - | - | - | - | - | - | (4) | - | (4) |
Share of Funds From Operations attributable to non-controlling interests | - | - | - | - | - | - | - | (747) | (747) |
Funds From Operations | 379 | 79 | 102 | 49 | (136) | 473 | - | - | - |
Depreciation | (870) | ||||||||
Foreign exchange and financial instrument gain (loss) | (98) | ||||||||
Deferred income tax recovery (expense) | (25) | ||||||||
Other | (54) | ||||||||
Dividends on BEPC exchangeable shares(1)
| (165) | ||||||||
Remeasurement of BEPC exchangeable and BEPC class B shares | 774 | ||||||||
Share of earnings from equity-accounted investments | (10) | ||||||||
Net income attributable to non-controlling interests | 525 | ||||||||
Net income attributable to the partnership | 550 |
Brookfield Renewable Corporation | Interim Consolidated Financial Statements and Notes |
September 30, 2023
|
Page 19
|
Attributable to the partnership |
Contribution from equity- accounted investments |
Attributable to non- controlling interests |
As per IFRS financials | ||||||||||||||
(MILLIONS) | Hydroelectric | Wind | Utility-scale solar | Distributed energy & sustainable solutions | Corporate | Total | |||||||||||
As at September 30, 2023 | |||||||||||||||||
Cash and cash equivalents | $ | 87 | $ | 23 | $ | 56 | $ | 9 | $ | - | $ | 175 | $ | (8) | $ | 346 | 513 |
Property, plant and equipment, at fair value | 14,079 | 1,607 | 1,284 | 1,072 | - | 18,042 | (702) | 21,865 | 39,205 | ||||||||
Total assets | 15,666 | 1,732 | 1,449 | 1,118 | 385 | 20,350 | (220) | 23,671 | 43,801 | ||||||||
Total borrowings | 2,882 | 525 | 961 | 225 | - | 4,593 | (38) | 9,215 | 13,770 | ||||||||
Other liabilities | 4,287 | 415 | 232 | 195 | 3,949 | 9,078 | (220) | 3,415 | 12,273 | ||||||||
As at December 31, 2022 | |||||||||||||||||
Cash and cash equivalents | $ | 70 | $ | 49 | $ | 60 | $ | 18 | $ | - | $ | 197 | $ | (7) | $ | 452 | 642 |
Property, plant and equipment, at fair value | 13,709 | 1,400 | 1,310 | 1,084 | - | 17,503 | (557) | 20,882 | 37,828 | ||||||||
Total assets | 15,604 | 1,595 | 1,447 | 1,138 | 307 | 20,091 | (171) | 23,368 | 43,288 | ||||||||
Total borrowings | 2,894 | 613 | 1,025 | 371 | - | 4,903 | (161) | 8,973 | 13,715 | ||||||||
Other liabilities | 4,363 | 342 | 138 | 38 | 4,436 | 9,317 | (10) | 3,442 | 12,749 |
Brookfield Renewable Corporation | Interim Consolidated Financial Statements and Notes |
September 30, 2023
|
Page 20
|
Three months ended September 30 | Nine months ended September 30 | |||||||
(MILLIONS) | 2023 | 2022 | 2023 | 2022 | ||||
Hydroelectric | $ | 597 | $ | 520 | $ | 1,862 | $ | 1,697 |
Wind | 111 | 130 | 406 | 470 | ||||
Utility-scale solar | 169 | 174 | 459 | 468 | ||||
Distributed energy & sustainable solutions | 57 | 72 | 174 | 187 | ||||
Total | $ | 934 | $ | 896 | $ | 2,901 | $ | 2,822 |
(MILLIONS) | September 30, 2023 | December 31, 2022 | ||
North America | $ | 22,280 | $ | 22,478 |
Colombia | 9,785 | 8,264 | ||
Brazil | 4,530 | 4,162 | ||
Europe | 3,164 | 3,375 | ||
$ | 39,759 | $ | 38,279 |
Brookfield Renewable Corporation | Interim Consolidated Financial Statements and Notes |
September 30, 2023
|
Page 21
|
(MILLIONS) | Hydroelectric | Wind | Solar |
Other(1)
|
Total(2)
| |||||
Property, plant and equipment, at fair value | ||||||||||
As at December 31, 2022 | $ | 25,139 | $ | 4,875 | $ | 6,481 | $ | 241 | $ | 36,736 |
Additions, net | - | 20 | (25) | - | (5) | |||||
Transfer from construction work-in-progress | 17 | 2 | 308 | - | 327 | |||||
Acquisitions through business combinations | - | 125 | - | - | 125 | |||||
Disposals | - | - | - | (5) | (5) | |||||
Items recognized through OCI: | ||||||||||
Foreign exchange | 1,578 | 19 | 24 | 6 | 1,627 | |||||
Items recognized through net income: | ||||||||||
Depreciation | (395) | (250) | (286) | (22) | (953) | |||||
As at September 30, 2023 | $ | 26,339 | $ | 4,791 | $ | 6,502 | $ | 220 | $ | 37,852 |
Construction work-in-progress | ||||||||||
As at December 31, 2022 | $ | 212 | $ | 497 | $ | 380 | $ | 3 | $ | 1,092 |
Additions | 58 | 310 | 182 | 1 | 551 | |||||
Transfer to property, plant and equipment | (17) | (2) | (308) | - | (327) | |||||
Items recognized through OCI: | ||||||||||
Foreign exchange | 7 | 9 | 21 | - | 37 | |||||
As at September 30, 2023 | $ | 260 | $ | 814 | $ | 275 | $ | 4 | $ | 1,353 |
Total property, plant and equipment, at fair value | ||||||||||
As at December 31, 2022(2)
| $ | 25,351 | $ | 5,372 | $ | 6,861 | $ | 244 | $ | 37,828 |
As at September 30, 2023(2)
| $ | 26,599 | $ | 5,605 | $ | 6,777 | $ | 224 | $ | 39,205 |
Brookfield Renewable Corporation | Interim Consolidated Financial Statements and Notes |
September 30, 2023
|
Page 22
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September 30, 2023 | December 31, 2022 | |||||||||||
Weighted-average | Weighted-average | |||||||||||
(MILLIONS EXCEPT AS NOTED) |
Interest rate (%) |
Term (years) |
Carrying value |
Estimated fair value |
Interest rate (%) |
Term (years) |
Carrying value |
Estimated fair value | ||||
Non-recourse borrowings(1)(2)
| ||||||||||||
Hydroelectric | 9.0 | 7 | $ | 6,883 | $ | 6,719 | 8.2 | 7 | $ | 6,612 | $ | 5,945 |
Wind
| 6.0 | 7 | 2,308 | 2,253 | 5.2 | 8 | 2,331 | 2,230 | ||||
Utility-scale solar | 6.0 | 13 | 3,880 | 3,808 | 5.5 | 13 | 4,041 | 3,926 | ||||
Distributed energy & sustainable solutions | 5.4 | 10 | 756 | 685 | 5.1 | 11 | 796 | 746 | ||||
Total | 7.5 | 9 | $ | 13,827 | $ | 13,465 | 6.7 | 9 | $ | 13,780 | $ | 12,847 |
Add: Unamortized premiums(3)
| 13 | 17 | ||||||||||
Less: Unamortized financing fees(3)
| (70) | (82) | ||||||||||
Less: Current portion | (1,027) | (1,299) | ||||||||||
$ | 12,743 | $ | 12,416 |
Period Closed | Region | Technology |
Average Interest rate | Maturity | Carrying Value | |
Q2 2023 | Brazil | Wind | CDI | Financing | 2024 |
BRL $450 million ($93 million)
|
Q3 2023 | Brazil | Wind | CDI | Financing | 2047 | BRL $300 million ($60 million) |
Q3 2023 | Colombia | Hydro | IBR | Financing | 2033 | COP 687 billion ($169 million) |
Brookfield Renewable Corporation | Interim Consolidated Financial Statements and Notes |
September 30, 2023
|
Page 23
|
(MILLIONS) | September 30, 2023 | December 31, 2022 | ||
Non-controlling interests | ||||
Participating non-controlling interests - in operating subsidiaries
| $ | 10,809 | $ | 10,680 |
Participating non-controlling interests - in a holding subsidiary held by the partnership | 273 | 271 | ||
$ | 11,082 | $ | 10,951 |
Brookfield Renewable Corporation | Interim Consolidated Financial Statements and Notes |
September 30, 2023
|
Page 24
|
(MILLIONS)
| Brookfield Americas Infrastructure Fund | Brookfield Infrastructure Fund II | Brookfield Infrastructure Fund III | Brookfield Infrastructure Fund IV | Isagen Institutional partners | Isagen public non-controlling interests | The Catalyst Group | TerraForm Power | Other | Total | ||||||||||
As at December 31, 2022 | $ | 477 | $ | 2,615 | $ | 3,061 | $ | 707 | $ | 2,159 | $ | 13 | $ | 115 | $ | 832 | $ | 701 | $ | 10,680 |
Net income (loss) | 28 | 40 | 72 | (4) | 80 | - | 9 | 24 | (9) | 240 | ||||||||||
Other comprehensive income (loss) | (31) | 34 | 188 | 30 | 394 | 3 | - | 4 | (44) | 578 | ||||||||||
Capital contributions | - | - | - | 79 | - | - | - | - | 56 | 135 | ||||||||||
Disposal | (388) | - | (14) | - | - | - | - | (13) | (3) | (418) | ||||||||||
Dividends declared | (24) | (60) | (120) | (5) | (128) | (1) | (3) | (42) | (37) | (420) | ||||||||||
Other | 27 | 1 | (21) | 2 | - | - | - | (1) | 6 | 14 | ||||||||||
As at September 30, 2023 | $ | 89 | $ | 2,630 | $ | 3,166 | $ | 809 | $ | 2,505 | $ | 15 | $ | 121 | $ | 804 | $ | 670 | $ | 10,809 |
Interests held by third parties |
75% - 78%
|
43% - 60%
|
23% - 71%
| 75 | % | 53 | % | 0.3 | % | 25 | % | 33 | % |
0.3% - 80%
|
Brookfield Renewable Corporation | Interim Consolidated Financial Statements and Notes |
September 30, 2023
|
Page 25
|
BEPC exchangeable shares outstanding (units) | BEPC class B shares outstanding (units) | BEPC exchangeable and BEPC class B shares ($ million) | ||
Balance, as at December 31, 2022 | 172,218,098 | 165 | $ | 4,364 |
Share issuance | 7,441,893 | - | 251 | |
Share exchanges | (7,725) | - | - | |
Remeasurement of liability | - | - | (710) | |
Balance, as at September 30, 2023 | 179,652,266 | 165 | $ | 3,905 |
Brookfield Renewable Corporation | Interim Consolidated Financial Statements and Notes |
September 30, 2023
|
Page 26
|
(MILLIONS) | September 30, 2023 | |
Opening balance | $ | 451 |
Investment | 7 | |
Share of net loss | (7) | |
Share of other comprehensive income | (2) | |
Dividends received | (6) | |
Change in basis of accounting | 105 | |
Foreign exchange translation and other | 6 | |
Ending balance | $ | 554 |
(MILLIONS) | September 30, 2023 | December 31, 2022 | ||
Cash | $ | 290 | $ | 433 |
Cash subject to restriction | 185 | 207 | ||
Short-term deposit | 38 | 2 | ||
$ | 513 | $ | 642 |
(MILLIONS) | September 30, 2023 | December 31, 2022 | ||
Operations | $ | 55 | $ | 27 |
Credit obligations | 22 | 30 | ||
Development projects | - | 11 | ||
Total | 77 | 68 | ||
Less: non-current | (32) | (24) | ||
Current | $ | 45 | $ | 44 |
Brookfield Renewable Corporation | Interim Consolidated Financial Statements and Notes |
September 30, 2023
|
Page 27
|
(MILLIONS) | September 30, 2023 | December 31, 2022 | ||
Trade receivables | $ | 482 | $ | 506 |
Collateral deposits(1)
| 286 | 603 | ||
Prepaids and other | 124 | 53 | ||
Income tax receivables | 65 | 66 | ||
Inventory | 23 | 18 | ||
Other short-term receivables
| 106 | 75 | ||
$ | 1,086 | $ | 1,321 |
(MILLIONS) | September 30, 2023 | December 31, 2022 | ||
Operating accrued liabilities | $ | 224 | $ | 258 |
Accounts payable | 166 | 154 | ||
Interest payable on non-recourse borrowings | 140 | 85 | ||
Income tax payable | 30 | 74 | ||
Current portion of lease liabilities | 25 | 26 | ||
BEPC exchangeable shares distributions payable(1)
| 16 | 14 | ||
Other | 27 | 10 | ||
$ | 628 | $ | 621 |
Brookfield Renewable Corporation | Interim Consolidated Financial Statements and Notes |
September 30, 2023
|
Page 28
|
Region
|
Technology
|
Capacity
|
Consideration
|
The Company's Economic Interest
|
Expected Close
|
U.S | Integrated developer and operator of renewable power | 5,900 MW of operating and under construction 6,100 MW development | $1.08 billion | 25% | Q4 2023 |
Brazil | Wind |
60 MW portfolio
|
R$112 million ($20 million)
| 22.5% | Q4 2023 |
Brookfield Renewable Corporation | Interim Consolidated Financial Statements and Notes |
September 30, 2023
|
Page 29
|
Three months ended September 30 | Nine months ended September 30 | |||||||
(MILLIONS) | 2023 | 2022 | 2023 | 2022 | ||||
Revenues | ||||||||
Power purchase and revenue agreements | $ | 6 | $ | 7 | $ | 67 | $ | 66 |
Direct operating costs | ||||||||
Energy purchases | $ | (6) | $ | (8) | $ | (16) | $ | (20) |
Energy marketing fee & other services | (1) | (3) | (7) | (10) | ||||
$ | (7) | $ | (11) | $ | (23) | $ | (30) | |
Interest expense | ||||||||
Borrowings | $ | (4) | $ | (3) | $ | (14) | $ | (13) |
Other | ||||||||
Interest income | $ | 6 | $ | 2 | $ | 11 | $ | 7 |
Dividend income | 2 | - | 6 | - | ||||
Other related party services(1)
| 4 | - | 9 | (2) | ||||
Management service agreement | $ | (26) | $ | (37) | $ | (94) | $ | (132) |
Brookfield Renewable Corporation | Interim Consolidated Financial Statements and Notes |
September 30, 2023
|
Page 30
|
(MILLIONS) | Related party | September 30, 2023 | December 31, 2022 | ||
Current assets | |||||
Due from related parties | |||||
Amounts due from | Brookfield | $ | 32 | $ | 41 |
The partnership | 922 | 563 | |||
Equity-accounted investments and other | 7 | 11 | |||
$ | 961 | $ | 615 | ||
Financial instrument asset | Brookfield | 167 | 292 | ||
Non-current assets | |||||
Due from related parties | |||||
Amounts due from | Equity-accounted investments and other | $ | 9 | $ | 9 |
Current liabilities | |||||
Due to related parties | |||||
Amounts due to | Brookfield | $ | 34 | $ | 37 |
The partnership | 164 | 315 | |||
Equity-accounted investments and other | 4 | 12 | |||
Brookfield Reinsurance and associates | 102 | $ | 100 | ||
$ | 304 | $ | 464 | ||
Non-recourse borrowings | Brookfield | 28 | 1 | ||
$ | 332 | $ | 465 | ||
Non-current liabilities | |||||
Brookfield Reinsurance and associates | 15 | 15 | |||
$ | 15 | $ | 15 |
Brookfield Renewable Corporation | Interim Consolidated Financial Statements and Notes |
September 30, 2023
|
Page 31
|
GENERALINFORMATION
| |
Corporate Office
250 Vesey Street
15th Floor
New York, NY, 10281
United States
Tel: (212) 417-7000
https://bep.brookfield.com/bepc
Officers of Brookfield Renewable Corporation
Connor Teskey
Chief Executive Officer
Wyatt Hartley
Chief Financial Officer
Transfer Agent & Registrar
Computershare Trust Company of Canada
100 University Avenue
9th floor
Toronto, Ontario, M5J 2Y1
Tel Toll Free: (800) 564-6253
Fax Toll Free: (888) 453-0330
www.computershare.com
|
Directors of Brookfield Renewable Corporation
Jeffrey Blidner
Eleazar de Carvalho Filho
Scott Cutler
Nancy Dorn
David Mann
Lou Maroun
Patricia Zuccotti
Stephen Westwell
Randy MacEwen
Dr. Sarah Deasley
Exchange Listing
NYSE: BEPC (share unit)
TSX: BEPC (share unit)
Investor Information
Visit Brookfield Renewable Corporation online at
https://bep.brookfield.com/bepcfor more information. For detailed and up-to-date news and information, please visit the News Release section.
Additional financial information is filed electronically with various securities regulators in United States and Canada through EDGAR at www.sec.gov and through SEDAR+ at www.sedarplus.ca.
Shareholder enquiries should be directed to the Investor Relations Department at (416) 649-8172 or
enquiries@brookfieldrenewable.com
|
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Brookfield Renewable Corporation published this content on 06 November 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 06 November 2023 11:02:48 UTC.