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RA 2018 Financial Statements

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RA 2018 Financial Statements Innergex Renewable Energy Inc. is a leading Canadian independent renewable power producer. Active since 1990, the Corporation develops, acquires, owns and operates hydroelectric facilities, wind farms, solar farms and geothermal power facilities and carries out its operations in Canada, the United States, France, Chile and Iceland. The Corporation’s shares are listed on the Toronto Stock Exchange under the symbols INE, INE.PR.A and INE.PR.C and its convertible debentures are listed under the symbols INE.DB.A and INE.DB.B. Innergex’s mission is to increase its production of renewable energy by developing and operating high-quality facilities while respecting the environment and balancing the best interests of the host communities, its partners and its investors. 2018 in Figures 2 7 14 176 3,062 Innergex successfully Innergex's Innergex's gross completed seven Innergex added Innergex entered two 14 new revenues installed new countries, acquisitions, including its largest to operating increased by capacity grew by Iceland and Chile, date, the acquisition $176.4 million in 1,222 MW to through acquisitions facilities to its 2018 compared with of Alterra Power portfolio of assets 3,062 MW during the Corp. 2017 year Installed Capacity Gross1 Net2 Hydro 1,181 797 Wind 1,629 1,139 Solar 78 52 Geothermal 174 94 TOTAL 3,062 2,082 1. Gross installed capacity is the total capacity of all Operating Facilities of Innergex. 2. Net capacity is the proportional share of the total capacity attributable to Innergex based on its ownership interest in each facility. Facilities In operations In development Hydro 37 3 Wind 25 1 Solar 4 4 Geothermal 2 — TOTAL 68 8 FINANCIAL HIGHLIGHTS Year ended December 31 (in thousands of Canadian dollars, except as noted and amounts per share) 2018 2017 2016 OPERATING RESULTS Restated 4 Production (MWh) 6,283,436 4,394,210 3,521,645 Revenues 576,616 400,263 292,785 Adjusted EBITDA1 385,081 298,728 215,983 Adjusted EBITDA Margin1 66.8% 74.6% 73.8% Innergex's share of Adjusted EBITDA of joint ventures and associates1 2 74,026 9,615 8,385 Adjusted EBITDA Proportionate1 459,107 308,343 224,368 Net Earnings 25,718 19,136 32,043 Adjusted Net Earnings1 26,956 15,662 29,076 Cash Flow From Operating Activities 209,391 192,451 76,753 Free Cash Flow1 3 105,125 87,207 75,702 Payout Ratio1 3 86% 82% 91% COMMON SHARES Dividends declared 90,215 71,621 68,524 Weighted Average Number of Common Shares (in 000s) 130,030 108,427 106,883 FINANCIAL POSITION Total Assets 6,481,284 4,190,456 3,604,204 Total Liabilities 5,521,723 3,737,194 3,118,972 Non-Controlling Interests 329,769 14,920 14,712 Equity Attributable to Owners 629,792 438,342 470,520 1. Adjusted EBITDA, Adjusted EBITDA Margin, Innergex's share of Adjusted EBITDA of joint ventures and associates, Adjusted EBITDA Proportionate, Adjusted Net Earnings, Free Cash Flow and Payout Ratio are not recognized measures under IFRS and therefore may not be comparable to those presented by other issuers. Please refer to the "Non-IFRS Measures" section of this MD&A for more information. 2. For more information on the calculation of Innergex's share of Adjusted EBITDA of joint ventures and associates, please refer to the "Investments in Joint Ventures and Associates" section. 3. For more information on the calculation and explanation of the Corporation's Free Cash Flow and Payout Ratio, please refer to the "Free Cash Flow and Payout Ratio" section. 4. For more information on the restatement, please refer to the "Accounting Changes" section. MESSAGE TO SHAREHOLDERS DEEP ROOTS, STRATEGIC GROWTH Driven by its mission to produce energy exclusively from renewable sources, Innergex accomplished the objectives outlined in its 2015-2020 strategic plan two years ahead of schedule, which favourably positioned the Corporation to pursue the renewable energy growth opportunities of today to shape the future. With a net installed capacity of over 2,000 MW, a presence in new markets while making headway in novel technologies, the Innergex team is working diligently to raise the Corporation’s profile and advance future projects. For nearly 30 years, Innergex has focused on producing renewable energy. This visionary positioning at the time remains aligned with our core values and proved to be a successful business strategy. It has guided the actions outlined in our strategic plan and inspired team members in laying out our domestic and international expansion. We are proud of our 2018 achievements, in which our newly expanded team demonstrated their know-how and propelled Innergex to new heights through the successful completion of numerous acquisitions while pursuing the expansion of our activities. Our quick growth is the result of the acquisition of Alterra Power Corp. in February 2018. The large $1.1 billion transaction added high-quality facilities that diversify our portfolio of assets, consolidated our Canadian presence and expanded our geographical footprint. The acquisition includes a portfolio of promising projects where we will focus our energy and allocate resources so that our growth continues over the coming years. Our strategy also included an international expansion component which was achieved among others by acquiring a 50% ownership in a Chilean company, Energía Llaima, completed in July. We have now gained a foothold in South America, a market with huge potential. With this transaction we will leverage our hydroelectric expertise in a new environment while benefitting from the extensive Chilean market knowledge of our local partners. Innergex will be better positioned to participate in new initiatives shaping the future of global energy markets. In October, Innergex completed the acquisition of the Cartier Wind Farms and Operating Entities, which it already partially owned. As Cartier’s founder, including participation in the launch and operation of the facilities from day one, it was only natural to fully integrate these activities into our current operations. These wind farms are maintained by an experienced, innovative team, which will share its expertise by contributing to all of Innergex’s wind operations so that synergies of best practices can occur throughout the organization. Additionally, the acquisition of Ledcor’s participation in the Creek Power Inc. facilities increased our position to 100% ownership of these installations. All in all, we acquired valuable assets that will produce renewable energy for the long-term whose value we strive to maximize. PROVEN EXPERTISE, INNOVATIVE PATHWAYS In the U.S. state of Texas, we are currently building our biggest wind and solar projects ever: Foard City (353 MW) will be added to our two existing local wind farms, while Phoebe (250 MWAC) will become one of the biggest solar farms in the state. These initiatives showcase the fact that Innergex has both the expertise and critical mass required to successfully launch major projects. Our history of sustainable project development and ability to adapt underpin our sensible growth process which is in line with market expectations. Additionally, other projects in the U.S., such as the Hillcrest solar project in Ohio, serve as springboards to access regions where renewable energy is scarcely present. Innergex continues to monitor the situation in Canada, most notably with new requests for proposals in Saskatchewan, or in response to needs from indigenous communities, municipalities and the private sector. In France, where Innergex’s grass roots approach of consulting local communities to shape projects is appreciated, we are leveraging this strength for continued development. Furthermore, the sustained interest for renewable energy is a bellwether of important growth. Through our Chilean presence, we are looking to increase our participation in wind and solar energy projects while pursuing the development of our hydroelectric activities. Our goal is to create both a technologically and geographically diversified production portfolio. Innergex Renewable Energy Inc. Message to shareholders p6 Annual Report 2018 (in thousands of Canadian dollars, except as noted and amounts per share) Our projects also offer opportunities to innovate. We are extremely excited by the prospect of developing two photovoltaic solar energy projects with battery storage capacity in Hawaii, thanks to the Power Purchase Agreements we signed. Storage capacity increases network stability while enabling maximum renewable energy use. Innergex will acquire valuable advanced energy storage expertise that will allow us to offer solutions which are complementary to renewable energy production. We intend to participate in the growing market of cutting-edge technologies that will support smart power grids and facilitate the deployment of renewable energy. Markets continue to evolve and change, which also requires innovation. Through our Pampa Elvira solar thermal farm in Chile, we provide hot water to an industrial client whose tanks also store heat. Lessons learned from this first foray beyond the electricity sector will be useful to understand how to offer other forms of renewable energy and storage capacity. It also provides an opportunity to work with new types of clients. These are important milestones in our history and a source of pride. They are also essential to our long-term growth, as the energy landscape is changing, and it requires us to pay attention to the emerging needs of the various markets in which we are present from now on. Profitable assets, anticipating market trends and the courage to embrace new technologies are key elements that reinforce our confidence in our capacity to develop the renewable energy of tomorrow. SUSTAINABLE DEVELOPMENT, KNOWLEDGEABLE TEAM Our core values guide our day-to-day decisions. We take pride in the fact that we are focused exclusively on producing renewable energy for a healthy environment. Beyond producing carbon-free energy, we strive to integrate our facilities into their surrounding environment while contributing to our host communities’ needs.
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