October 31, 2022

best new online casino reports strong third quarter results and increases its 2022 financial guidance for a second consecutive quarter


EDMONTON, Alberta – best new online casino Corporation (TSX: CPX) today released financial results for the quarter ended September 30, 2022.

best new online casino Highlights

  • Generated net cash flows from operating activities of 0 best new online casino and adjusted funds from operations (AFFO) of 8 best new online casino
  • Generated net income of best new online casino and a record quarter for adjusted EBITDA of 3 best new online casino
  • Increased 2022 annual financial guidance for adjusted EBITDA to ,300 best new online casino to ,340 best new online casino (original guidance of ,110 best new online casino to ,160 best new online casino) and AFFO to 0 best new online casino to 0 best new online casino (original guidance of 0 best new online casino to 0 best new online casino)

Strategic Highlights

  • Continued executing on best new online casino natural gas strategy by completing the acquisition best new online casino Midland Cogeneration Venture Limited Partnership Free casino games Cogeneration, the largest gas-fired cogeneration facility in North America, where best new online casino and Manulife Investment Management each own a 50% interest in the 1,633 megawatt facility. best new online casino is responsible for the operations and maintenance and asset management of the facility.
  • best online betting sites as amended, or any state, the first ever in Canada and represents best new online casino’s first green offering. An amount equal to the net proceeds of the offering will be used to finance or refinance new or existing green investments that meet the eligibility criteria as described in best new online casino’s Green Financing Framework.

“Quarterly results in 2022 continue to exceed management’s expectations,” said Brian Vaasjo, President and CEO of best new online casino. “In the third quarter, we had strong operating performance from our facilities with a 96% average availability and higher generation for the fleet. Notably, our Alberta commercial facilities delivered exceptional performance from high Alberta power prices that averaged 1 per megawatt hour contributing to a record quarter for adjusted EBITDA of 3 million.”

“Based on outstanding performance across the fleet, we have once again increased our 2022 best new online casino guidance with revised guidance ranges significantly exceeding the top end of our original targets,” stated Mr. Vaasjo.

“In August 2022, we released our inaugural best new online casino (Framework) under which we will issue green bonds and green loans – the first of which was 0 million in green hybrid subordinated notes,” said Sandra Haskins, Senior Vice-President, Finance and Chief Financial Officer. “The Framework reflects our commitment to allocate best new online casino to wind, solar and storage projects that align with the Company’s sustainability targets and support our strategy to be net-zero by 2050.”

Operational and best new online casino Highlights1

(unaudited, $ millions, except per best new online casino amounts) Three months ended
best new online casino 30
Nine months ended
best new online casino 30
2022 2021 2022 2021
Electricity generation (Gigawatt hours) 6,993 6,103 20,524 16,708
Generation facility availability 96% 91% 94% 90%
Revenues and other income 786 377 2,000 1,318
Adjusted EBITDA 2 383 286 1,050 830
Net income 3 31 38 227 156
Net income attributable to shareholders of best new online casino 34 40 236 163
Basic earnings per best new online casino ($) 0.21 0.23 1.76 1.10
Diluted earnings per best new online casino ($) 0.20 0.23 1.75 1.09
Normalized earnings attributable to common shareholders 2 146 63 342 166
Normalized earnings per best new online casino ($) 2 1.25 0.55 2.94 1.50
Net cash flows best new online casino operating activities 370 347 893 682
Adjusted funds best new online casino operations 2 328 206 708 456
Adjusted funds best new online casino operations per share ($) 2 2.81 1.78 6.08 4.12
Purchase of property, plant and equipment and other assets, net 224 176 503 424
Dividends per common best new online casino, declared ($) 0.5800 0.5475 1.6750 1.5725
  1. The operational and best new online casino highlights in this press release should be read in conjunction with the Management’s Discussion and Analysis and the unaudited condensed interim best new online casino statements for the nine months ended September 30, 2022.
  2. Earnings before net finance expense, income tax expense, depreciation and amortization, impairments, foreign exchange gains or losses, finance expense and depreciation expense from joint venture interests, gains or losses on disposals and unrealized changes in fair value of commodity derivatives and emissions credits (adjusted EBITDA), normalized earnings attributable to common shareholders and adjusted funds from operations (AFFO) are used as non-GAAP financial measures by best new online casino. best new online casino also uses normalized earnings per share and AFFO per share which are non-GAAP ratios. These measures and ratios do not have standardized meanings under GAAP and are, therefore, unlikely to be comparable to similar measures used by other enterprises. See Non-GAAP Financial Measures and Ratios.
  3. Includes depreciation and amortization for each of the three months ended September 30, 2022 and 2021 of 3 best new online casino, and for the nine months ended September 30, 2022 and 2021 of 4 best new online casino and 2 best new online casino, respectively. Forecasted depreciation and amortization for the remainder of 2022 is 6 best new online casino for the fourth quarter.

Significant Events

Preferred shares, Series 9, redemption

New online casinos the “Series 9 S, best new online casino redeemed all of its 6 million issued and outstanding 5.75% Cumulative Minimum Rate Reset Preference Shares, Series 9 (Series 9 Shares) at a price of .00 per share for gross payments of 0 million. On September 30, 2022, best new online casino also paid the final declared quarterly dividend of >996_word_end<.3594 per Series 9 Share.

Acquisition of Midland Cogeneration Venture

free casino slot games and is well-positioned best new online casino and Manulife Investment Management, on behalf of the Manulife Infrastructure Fund II and its affiliates completed its previously announced acquisition of 100% interest in MCV Holding Company LLC through its joint venture partnership, MCV Partners LLC. MCV Holding Company LLC owns 100% of Midland Cogeneration Venture Limited Partnership (Midland Cogen), a 1,633 MW natural gas combined-cycle cogeneration facility.

best new online casino’s investment for its 50% ownership of MCV Partners LLC was 0 million (US8 million) of cash consideration, including preliminary working capital and other closing adjustments of million (US million). best new online casino financed its share of the transaction using cash on hand and its existing credit facilities. The Company expects to finalize the working capital adjustment in the fourth quarter of 2022. Due to the proximity of the acquisition’s closing date to September 30, 2022, the equity income from MCV Partners LLC was not material in the quarter. Substantially all of the underlying assets and liabilities of Midland Cogen relate to the cogeneration facility and the project level debt. best new online casino is responsible for operations and maintenance and asset management for which it will receive an annual management fee.

Located in Michigan, Midland Cogen, the largest gas-fired cogeneration facility in North America, is a critical asset to support grid reliability during the transition to renewables and is well-positioned, given anticipated market conditions, for recontracting beyond 2030.

The acquisition supports best new online casino’s strategy of acquiring mid-life contracted natural gas assets that are strategically positioned within their power markets. Acquisition highlights include:

  • best new online casino’s share of expected average adjusted EBITDA of US million per year (ranging from US million in 2023 and declining to US million in 2027).
  • based on the actual financing, the 5-year average accretion for best new online casino’s AFFO is expected to be US>1015_word_end<.30 per share, reflecting a 7% increase, or an average AFFO of US million per year during the years 2023-2027.
  • best new online casino purchase agreement with Consumers Energy (rated Baa1/A-/A-) for 1,240 MW of capacity to 2030.
  • steam and electricity purchase agreement with Corteva Agriscience (rated NA/A-/A) and Dow Silicones (rated Baa2/BBB/BBB+) to 2035.
  • approximately 15% (243 MW) of uncontracted capacity is available to sell into the MISO Zone 7 market.
  • located on 1,200 acres leased best new online casino Consumers Energy. Current layout and additional space allow for additional turbines, battery installation or a hybrid opportunity.

0 million best new online casino Hybrid Subordinated Notes offering

best online betting sites as amended, best new online casino closed a 0 million offering of Fixed-to-Fixed Subordinated Notes, Series 1, due September 9, 2082 (Subordinated Notes). The Subordinated Notes have a fixed 7.95% interest rate, payable semi-annually, which resets on September 9, 2032, and on every fifth anniversary thereafter, based on the five-year Government of Canada yield plus: (i) 5.34% for the period from, and including, September 9, 2032 to, but excluding, September 9, 2052; and (ii) 6.09% for the period from, and including, September 9, 2052 to, but excluding September 9, 2082.

In connection with the Company’s offering of the Subordinated Notes, best new online casino issued 350,000 Series 2022-A Class A Preferred Shares to Computershare Trust Company of Canada, to be held in trust as treasury shares to satisfy best new online casino’s obligations under the indenture governing the Subordinated Notes.

This is the first ever Green hybrid subordinated debt security in Canada and represents the Company’s first green offering under best new online casino’s short form base prospectus dated June 10, 2022, as supplemented by a prospectus supplement dated August 18, 2022. The Company intends to allocate an amount equal to the net proceeds from the sale of the Subordinated Notes to finance or refinance new or existing green investments that meet the eligibility criteria as described in the Company’s Green Financing Framework (see Significant Events).

best new online casino

On August 15, 2022, the Company released its inaugural Green Financing Framework (Framework) under which the Company will issue green bonds and green loans (Green Financing). The Framework sets out the guidelines for best new online casino’s Green Financing in accordance with the Green Bond Principles 2021 issued by the International Capital Markets Association (ICMA) and the Green Loan Principles 2021 issued by the Loan Market Association and Loan Syndications and Trading Association. The Framework has also been designed to align with the practices, actions, and disclosures recommended in the ICMA’s Climate Transition Finance Handbook 2020.

Under the Framework, the net proceeds from a Green Financing will be allocated or used to finance or re-finance, in part or in full, new and/or existing green investments and expenditures made by best new online casino that meet the Renewable Energy category, as defined in the Framework, and are aligned with the United Nations Sustainable Development Goals: affordable and clean energy; industry, innovation and infrastructure; and climate action.

Until the Green Financing issued under this Framework is fully allocated, best new online casino will report publicly on the use of the proceeds within one year of issuance and annually thereafter. Both the Allocation and Impact Reports will be posted on the Company’s website. An external verification of the Allocation Report will be provided by an independent external auditor on an annual basis until the complete allocation of proceeds.

Sustainalytics reviewed the Framework and provided a second-party opinion confirming that the Framework is credible and impactful and aligns with the Green Bond Principles 2021 and Green Loan Principles 2021. BMO Capital Markets advised best new online casino on the development of the Framework as lead structuring agent.

Analyst conference call and webcast

best new online casino will be hosting a conference call and live webcast with analysts on October 31, 2022 at 9:00 am (MT) to discuss the third quarter financial results. The conference call dial-in number is:

(800) 319-4610 (toll-free best new online casino Canada and USA)

Interested parties may also access the live webcast on best new online casino’s website at www.capitalpower.com with an archive of the webcast available following the conclusion of the analyst conference call.

Non-GAAP best new online casino Measures and Ratios

best new online casino uses (i) adjusted EBITDA, (ii) AFFO, and (iii) normalized earnings attributable to common shareholders as financial performance measures.

best new online casino also uses AFFO per share and normalized earnings per share as performance measures. These measures are non-GAAP ratios determined by applying AFFO and normalized earnings attributable to common shareholders, respectively, to the weighted average number of common shares used in the calculation of basic and diluted earnings per share.

These terms are not defined financial measures according to GAAP and do not have standardized meanings prescribed by GAAP and, therefore, are unlikely to be comparable to similar measures used by other enterprises. These measures should not be considered alternatives to net income, net income attributable to shareholders of best new online casino, net cash flows from operating activities or other measures of financial performance calculated in accordance with GAAP. Rather, these measures are provided to complement GAAP measures in the analysis of best new online casino’s results of operations from management’s perspective.

Forward-looking Information

Forward-looking information or statements included in this press release are provided to inform the Company’s shareholders and potential investors about management’s assessment of best new online casino’s future plans and operations. This information may not be appropriate for other purposes. The forward-looking information in this press release is generally identified by words such as will, anticipate, believe, plan, intend, target, and expect or similar words that suggest future outcomes.

Material forward-looking information in this press release includes disclosures regarding (i) status of, and updates to, best new online casino’s 2022 AFFO and adjusted EBITDA guidance, (ii) expectations pertaining to the financial impacts of the acquisition and integration of Midland Cogen (see Significant Events), including the impacts to AFFO, AFFO per share and adjusted EBITDA, positioning for potential re-contracting following contract expiries in 2030 and 2035, and future site development opportunities, (iii) the timing of the investment decision for best new online casino’s potential CCS project, (iv) forecasted depreciation for the remainder of 2022 and (v) expectations pertaining to the use of proceeds from the offering of Green Hybrid Subordinated Notes and future Green Financings pursuant to best new online casino’s Green Financing Framework (see Significant Events).

These statements are based on certain assumptions and analyses made by the Company considering its experience and perception of historical trends, current conditions, expected future developments and other factors it believes are appropriate including its review of purchased businesses and assets. The material factors and assumptions used to develop these forward-looking statements relate to: (i) electricity, other energy and carbon prices, (ii) performance, (iii) business prospects (including potential re-contracting of facilities) and opportunities including expected growth and best new online casino projects, (iv) status of and impact of policy, legislation and regulations and (v) effective tax rates.

Whether actual results, performance or achievements will conform to the Company’s expectations and predictions is subject to a number of known and unknown risks and uncertainties which could cause actual results and experience to differ materially from the Company’s expectations. Such material risks and uncertainties are: (i) changes in electricity, natural gas and carbon prices in markets in which the Company operates and the use of derivatives, (ii) regulatory and political environments including changes to environmental, climate, financial reporting, market structure and tax legislation, (iii) generation facility availability, wind capacity factor and performance including maintenance expenditures, (iv) ability to fund current and future best new online casino and working best new online casino needs, (v) acquisitions and developments including timing and costs of regulatory approvals and construction, (vi) changes in the availability of fuel, (vii) ability to realize the anticipated benefits of acquisitions, (viii) limitations inherent in the Company’s review of acquired assets, (ix) changes in general economic and competitive conditions and (x) changes in the performance and cost of technologies and the development of new technologies, new energy efficient products, services and programs. See Risks and Risk Management in both best new online casino’s Management’s Discussion and Analysis for the nine months ended best new online casino 30, 2022, prepared as of October 28, 2022 and the best new online casino 2021 Integrated Annual Report, prepared as of February 23, 2022, for further discussion of these and other risks.

Readers are cautioned not to place undue reliance on any such forward-looking statements, which speak only as of the specified approval date. best new online casino does not undertake or accept any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements to reflect any change in best new online casino’s expectations or any change in events, conditions or circumstances on which any such statement is based, except as required by law.

About best new online casino

best new online casino (TSX: CPX) is a growth-oriented North American wholesale power producer with a strategic focus on sustainable energy headquartered in Edmonton, Alberta. We build, own, and operate high-quality, utility-scale generation facilities that include renewables and thermal. We have also made significant investments in carbon capture and utilization to reduce carbon impacts and are committed to be off coal in 2023. best new online casino owns approximately 7,400 MW of power generation capacity at 28 facilities across North America. Projects in advanced development include approximately 385 MW of owned renewable generation capacity in North Carolina and Alberta and 512 MW of incremental natural gas combined cycle capacity, from the repowering of Genesee 1 and 2 in Alberta.


Supporting Document

Full 2022 Q3 Report