Northland Power shows year-end and Q4 results

 On February18, Northland Power released it's year-end results.Although I could see references to the report on several websites I was unable to view the results on any of these sites including Yahoo Finance and Bloomberg.Still I was able to get the results from the Northland website itself.No guidance was given for any of the important financial statistics;I will have to estimate using Northland's data.
  Annual Performance
 Northland gives annual figures for 2012,2013 and 2014 which makes for an easy comparison of their performance.Annual revenues for 2014 were $760 million which is a 57% increase from 2013 and that a further 45% increase from 2012.Profit went from $230 million in 2012 to $354 million and then $469 million in 2014;a whopping 35% increase from 2013.Adjusted EBITDA also skyrocketed;it went from $179 million in 2012 to $263 million in 2013 and then to $363 million for 2014.However the biggest increase was in the growth of total assets.Assets went  from $2,518 million in 2012 to $3,063 million in 2013and finally to $4,965 million in 2014;this is a tremenduous 66% increase from 2013. Shareholder equity moved up considerably also in lockstep with total assets ;it was $873 million in 2012 and jumped to $1,050 million in 2013 and leaped to $1,600 million in 2014 (a 52% increase over 2013).Overall it might be said that Northland Power leapfrogged ahead in the two year period from 2012 to 2014.
    Annual Highlights
   Northland also accomplished several milestones in 2014.It has accomplished a financial close on both of it's mega projects -Gemini and Nordsee One.It is still in compliance on all it's debt covenants and it states categorically that it's dividend will be safe until 2017.It also stated in it's annual report that construction of Gemini will be on time and E1.6B of the total E2.8B required to complete the Gemini project has already been spent. That is, about 56% of the total project expenditure has already been completed.Northland expects that Gemini will be in commercial operation by late 2016 or early 2017.
      Q4 Highlights
   The torrid pace that Northland set during the last two years slowed down in the fourth quarter.Adjusted EBITDA increased by 12% to $93 million and free cash flow increased by only 9%.Thermal facility electricity production decreased slightly while renewable facility production increased somewhat.They also sold a woodchipping facility and the proceeds were used to pay down debt.They showed a net loss of $70 million which was largely created by a non-cash impairment charge and development costs on Nordsee One..However adjusted EBITDA of $93 million is on track to produce annual 2015 EBITDA of $390 to $415 million  which is acceptable given the tremenduous increases of the last two years.