Brookfield Renewable (BEPC) - 2021 Q2 - Quarterly Report

Financial Performance - Revenues for Q2 2021 reached $817 million, a 7% increase from $764 million in Q2 2020[2] - Net income for Q2 2021 was $659 million, significantly up from $15 million in Q2 2020[2] - The company reported a comprehensive income of $859 million for Q2 2021, compared to $201 million in Q2 2020[3] - Net income for Q2 2021 was $611 million, compared to $602 million in the previous quarter, reflecting a slight increase[4] - The company reported a change in period equity of $745 million for the three months ended June 30, 2021, highlighting positive financial performance[4] - The company reported a net income attributable to the partnership of $602 million for Q2 2021, compared to a net loss of $25 million in Q2 2020[28] - Adjusted EBITDA for Q2 2021 was $507 million, compared to $476 million in Q2 2020, reflecting a 6.5% year-over-year growth[28] - Funds From Operations (FFO) for Q2 2021 totaled $265 million, compared to $253 million in Q2 2020, indicating a 4.7% increase[30] Assets and Liabilities - Total assets as of June 30, 2021, were $38.805 billion, a decrease from $39.473 billion at the end of 2020[1] - Total liabilities decreased to $27.361 billion as of June 30, 2021, from $27.748 billion at the end of 2020[1] - Total equity as of June 30, 2021, was $11,444 million, up from $10,290 million at the end of 2020, indicating growth in shareholder value[5] - The company reported liabilities directly associated with assets held for sale at $401 million as of June 30, 2021[12] - The company has a long-term debt of $361 million and total current liabilities of $9 million as of June 30, 2021[13] - Total borrowings as of June 30, 2021, amounted to $5,447 million, compared to $5,523 million at the end of 2020, showing a decrease of 1.4%[32] Cash Flow and Capital Management - Cash and cash equivalents increased to $396 million from $355 million at the end of 2020[1] - The company reported a net change in cash of $109 million for Q2 2021, compared to a decrease in cash in the same period last year[6] - The total repayment of non-recourse borrowings in Q2 2021 was $327 million, compared to $361 million in Q2 2020, indicating a decrease of 9.4%[6] - The company experienced a capital contribution of $11 million during the quarter, supporting ongoing growth initiatives[4] - The total restricted cash increased to $288 million as of June 30, 2021, from $229 million as of December 31, 2020[47] Segment Performance - The company reported total revenues of $373 million for the three months ended June 30, 2021, with hydroelectric contributing $243 million, wind $47 million, solar $49 million, and energy transition $34 million[24] - Hydroelectric segment revenues for Q2 2021 were $478 million, up from $433 million in Q2 2020, representing an increase of 10.4%[34] - Wind segment revenues increased to $113 million in Q2 2021 from $141 million in Q2 2020, a decrease of 19.8%[34] - Solar segment revenues rose to $86 million in Q2 2021, compared to $124 million in Q2 2020, a decline of 30.6%[34] Investments and Future Plans - The company plans to continue expanding its renewable energy portfolio and exploring new market opportunities[2] - The company plans to continue expanding its renewable energy portfolio, focusing on hydroelectric, wind, and solar technologies[34] - The company has committed to invest approximately $11 million to acquire a 270 MW wind development portfolio in Brazil, expected to close in Q1 2022[50] - The company also committed to invest $41 million to acquire a 38 MW solar development portfolio in Colombia, with a closing expected in Q1 2022[50] Financial Instruments and Risk Management - The company has entered into various financial instruments to manage risks, including energy derivative contracts, interest rate swaps, and foreign exchange swaps[14] - Energy derivative contracts resulted in a loss of $44 million for the three months ended June 30, 2021[18] - Interest rate swaps generated a gain of $8 million for the three months ended June 30, 2021[18] Other Financial Information - The effective income tax rate for the six months ended June 30, 2021, was 2.0%, significantly lower than the 36.4% rate in 2020[36] - The company reported significant financial information filed electronically with securities regulators in the US and Canada[58] - Investor relations can be contacted at (416) 649-8172 or via email at enquiries@brookfieldrenewable.com[58]