FIRST QUARTER REPORT
MARCH 31, 2000
ALGONQUIN POWER INCOME FUND
Interim Report to Unitholders
Three Months Ended March 31, 2000
Report to Unitholders
Algonquin Power Income Fund (the “Fund”) is an unincorporated open-
ended trust that was established under the laws of Ontario in September,
1997, to acquire direct or indirect equity interests in hydroelectric generating
facilities. The Fund currently owns 38 facilities strategically spread across
Ontario (5), Quebec (11), Newfoundland (1), New York State (9), New
Hampshire (11) and Vermont (1). At March 31, 2000, the Fund had 24,020,472
Trust Units outstanding.
For the three months ended March 31, 2000, the Fund recorded revenues
from energy sales of $12.2 million and interest and income from participation
agreements of $0.4 million for total revenue of $12.6 million compared with the
prior year of $3.5 million. Net earnings for the three months ended March 31,
2000 were $3.7 million compared with $1.4 million in the prior year. The Fund
declared a distribution of $0.2425 per Trust Unit to Unitholders of record on
March 31, 2000 for payment May 15, 2000.
The Fund’s results are a combination of (i) revenues and expenses from the
facilities in which it has an effective ownership interest and (ii) interest and
participation income from the facilities in which the Fund has a note or partial
equity interest. At the end of 1999, management has determined that effective
ownership had passed to the Fund for all but two of the hydroelectric facilities.
The chart below reports revenue by region on a total consolidated basis and
reconciles the amount to that reported in the quarterly financial statements.
Algonquin Power Income Fund Performing/Growing
Total Consolidated Revenue
United States Sites
Total Consolidated Energy Sales