Transalta Corp 6-K, filed Aug 10, 2021

Transalta Corp (TAC)

6-K 2021-08-10 For: 2021-06-30

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Added on April 08, 2026

About this 6-K

Transalta Corp filed this 6-K on August 10, 2021.

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Form			Registration No.
S-8			333-72454
S-8			333-101470
S-8			333-236894
F-10			333-257098


13.1						Consolidated comparative interim unaudited financial statements of the registrant for the three and six month periods ended June 30, 2021.
13.2						Management’s Discussion and Analysis of Financial Condition and Results of Operations of the registrant as at and for the period ended June 30, 2021.


			TRANSALTA CORPORATION



			/s/ “Todd Stack”
			Todd Stack
			Executive Vice President, Finance and Chief Financial Officer


13.1						Consolidated comparative interim unaudited financial statements of the registrant for the three and six month periods ended June 30, 2021.
13.2						Management’s Discussion and Analysis of Financial Condition and Results of Operations of the registrant as at and for the period ended June 30, 2021.
31.1						Certification of Chief Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
31.2						Certification of Chief Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
32.1						Certification of Chief Executive Officer regarding Periodic Report Containing Financial Statements.
32.2						Certification of Chief Financial Officer regarding Periodic Report Containing Financial Statements.


	3 months ended June 30		6 months ended June 30
Unaudited	2021	2020	2021	2020

Revenues (Note 4)	619	437	1,261	1,043
Fuel and purchased power (Note 5)	212	116	455	309
Carbon compliance	42	35	92	80
Gross margin	365	286	714	654
Operations, maintenance and administration (Note 5)	151	112	256	240
Depreciation and amortization	123	163	272	319
Asset impairment (reversal) (Note 6)	16	32	45	(9)

Taxes, other than income taxes	8	8	17	17

Net other operating income	(11)	(10)	(21)	(20)
Operating income (loss)	78	(19)	145	107
Equity income	2	—	4	—
Finance lease income	6	1	13	2
Net interest expense (Note 7)	(60)	(57)	(123)	(119)
Foreign exchange gain	14	23	21	4
Gain on sale of assets and other	32	—	33	—
Earnings (loss) before income taxes	72	(52)	93	(6)
Income tax expense (recovery) (Note 8)	44	(17)	64	(15)
Net earnings (loss)	28	(35)	29	9

Net earnings (loss) attributable to:
TransAlta shareholders	(2)	(50)	(32)	(13)
Non-controlling interests (Note 9)	30	15	61	22
	28	(35)	29	9

Net loss attributable to TransAlta shareholders	(2)	(50)	(32)	(13)
Preferred share dividends (Note 17)	10	10	10	20
Net loss attributable to common shareholders	(12)	(60)	(42)	(33)
Weighted average number of common shares outstanding in the period (millions)	270	276	271	276
Net loss per share attributable to common shareholders, basic and diluted	(0.04)	(0.22)	(0.16)	(0.12)


Unaudited	June 30, 2021	Dec. 31, 2020
Cash and cash equivalents	642	703
Restricted cash	54	71
Trade and other receivables	695	583
Prepaid expenses	58	31
Risk management assets (Note 10 and 11)	225	171
Inventory (Note 12)	208	238
Assets held for sale	8	105
	1,890	1,902
Investments	98	100
Long-term portion of finance lease receivables	201	228
Risk management assets (Note 10 and 11)	456	521
Property, plant and equipment (Note 13)
Cost	13,407	13,398
Accumulated depreciation	(7,779)	(7,576)
	5,628	5,822
Right of use asset (Note 3)	88	141
Intangible assets	271	313
Goodwill	463	463
Deferred income tax assets	65	51
Other assets	206	206
Total assets	9,366	9,747

Accounts payable and accrued liabilities	582	599
Current portion of decommissioning and other provisions	55	59
Risk management liabilities (Note 10 and 11)	237	94
Current portion of contract liabilities	15	1
Income taxes payable	26	18
Dividends payable (Note 16 and 17)	37	59
Current portion of long-term debt and lease liabilities (Note 14)	115	105
	1,067	935
Credit facilities, long-term debt and lease liabilities (Note 14)	2,976	3,256
Exchangeable securities (Note 15)	732	730
Decommissioning and other provisions	589	614
Deferred income tax liabilities	407	396
Risk management liabilities (Note 10 and 11)	93	68
Contract liabilities	13	14
Defined benefit obligation and other long-term liabilities (Note 1B)	256	298
Equity
Common shares (Note 16)	2,901	2,896
Preferred shares	942	942
Contributed surplus	33	38
Deficit	(1,880)	(1,826)
Accumulated other comprehensive income	197	302
Equity attributable to shareholders	2,193	2,352
Non-controlling interests (Note 9)	1,040	1,084
Total equity	3,233	3,436
Total liabilities and equity	9,366	9,747


Unaudited					Accumulated other comprehensive income		Attributable to non-controlling interests
6 months ended June 30, 2021	Common shares	Preferred shares	Contributed surplus	Deficit		Attributable to shareholders		Total
Balance, Dec. 31, 2020	2,896	942	38	(1,826)	302	2,352	1,084	3,436
Net earnings (loss)	—	—	—	(32)	—	(32)	61	29
Other comprehensive income (loss):
Net losses on translating net assets of foreign operations, net of hedges and of tax	—	—	—	—	(23)	(23)	—	(23)
Net gain (losses) on derivatives designated as cash flow hedges, net of tax	—	—	—	—	(159)	(159)	1	(158)
Net actuarial gains on defined benefits plans, net of tax	—	—	—	—	38	38	—	38
Intercompany FVOCI investments	—	—	—	—	39	39	(39)	—
Total comprehensive income (loss)	—	—	—	(32)	(105)	(137)	23	(114)
Common share dividends	—	—	—	(12)	—	(12)	—	(12)
Preferred share dividends	—	—	—	(10)	—	(10)	—	(10)


Effect of share-based payment plans	5	—	(5)	—	—	—	—	—
Distributions paid, and payable, to non-controlling interests (Note 9)	—	—	—	—	—	—	(67)	(67)
Balance, June 30, 2021	2,901	942	33	(1,880)	197	2,193	1,040	3,233

6 months ended June 30, 2020	Common shares	Preferred shares	Contributed surplus	Deficit	Accumulated other comprehensive income	Attributable to shareholders	Attributable to non-controlling interests	Total
Balance, Dec. 31, 2019	2,978	942	42	(1,455)	454	2,961	1,101	4,062


Net earnings (loss)	—	—	—	(13)	—	(13)	22	9
Other comprehensive income (loss):
Net gains on translating net assets of foreign operations, net of hedges and tax	—	—	—	—	44	44	—	44
Net gains on derivatives designated as cash flow hedges, net of tax	—	—	—	—	11	11	—	11
Net actuarial losses on defined benefits plans, net of tax	—	—	—	—	(15)	(15)	—	(15)
Intercompany FVOCI investments	—	—	—	—	10	10	(10)	—
Total comprehensive income (loss)	—	—	—	(13)	50	37	12	49
Common share dividends	—	—	—	(23)	—	(23)	—	(23)
Preferred share dividends	—	—	—	(20)	—	(20)	—	(20)
Shares purchased under NCIB	(30)	—	—	9	—	(21)	—	(21)
Changes in non-controlling interests in TransAlta Renewables (Note 9)	—	—	—	3	—	3	9	12
Effect of share-based payment plans	(4)	—	(10)	—	—	(14)	—	(14)
Distributions paid, and payable, to non-controlling interests (Note 9)	—	—	—	—	—	—	(54)	(54)
Balance, June 30, 2020	2,944	942	32	(1,499)	504	2,923	1,068	3,991


3 months ended June 30, 2021	Hydro	Wind and Solar	North American Gas	Australian Gas	Alberta Thermal	Centralia	Energy Marketing	Corporate	Total
Revenue from contracts with customers
Power and other	13	49	44	28	8	1	—	—	143
Environmental credits(1)	—	4	—	—	—	—	—	—	4
Revenue from contracts with customers	13	53	44	28	8	1	—	—	147
Revenue from leases(2)	—	—	5	—	—	—	—	—	5
Revenue from derivatives and other trading activities(3)	—	3	3	—	(55)	48	38	4	41

Merchant revenue and other	101	19	1	2	295	8	—	—	426
Total revenue	114	75	53	30	248	57	38	4	619

Revenue from contracts with customers
Timing of revenue recognition
At a point in time	—	4	—	—	4	1	—	—	9
Over time	13	49	44	28	4	—	—	—	138
Total revenue from contracts with customers	13	53	44	28	8	1	—	—	147


3 months ended June 30, 2020	Hydro	Wind and Solar	North American Gas	Australian Gas	Alberta Thermal(1)	Centralia(1)	Energy Marketing	Corporate	Total
Revenue from contracts with customers
Power and other(2)	39	55	43	22	78	1	—	—	238
Environmental credits(3)	—	7	—	—	—	—	—	—	7
Total revenue from contracts with customers	39	62	43	22	78	1	—	—	245
Revenue from leases(4)	—	—	1	16	14	—	—	—	31
Revenue from derivatives and other trading activities(5)	—	(6)	—	—	20	67	25	1	107

Merchant revenue and other	3	18	4	1	28	—	—	—	54
Total revenue	42	74	48	39	140	68	25	1	437

Revenue from contracts with customers
Timing of revenue recognition
At a point in time	—	7	—	—	6	1	—	—	14
Over time	39	55	43	22	72	—	—	—	231
Total revenue from contracts with customers	39	62	43	22	78	1	—	—	245


As at	June 30, 2021	Dec. 31, 2020
Equity attributable to non-controlling interests
TransAlta Cogeneration L.P.	150	136
TransAlta Renewables	890	948
	1,040	1,084
Non-controlling interests share (per cent)
TransAlta Cogeneration L.P.	49.99	49.99
TransAlta Renewables	39.9	39.9


	6 months ended June 30, 2021			6 months ended June 30, 2020
	Hedge	Non-hedge	Total	Hedge	Non-hedge	Total
Opening balance	573	9	582	678	8	686
Changes attributable to:
Market price changes on existing contracts	(142)	(46)	(188)	65	18	83
Market price changes on new contracts	—	(62)	(62)	—	4	4
Contracts settled	(70)	(1)	(71)	(42)	(5)	(47)
Change in foreign exchange rates	(17)	1	(16)	34	(1)	33

Net risk management assets (liabilities), end of period	344	(99)	245	735	24	759
Additional Level III information:
Gains (losses) recognized in other comprehensive income	(160)	—	(160)	99	—	99
Total gains (losses) included in earnings before income taxes	70	(107)	(37)	42	21	63
Unrealized gains (losses) included in earnings before income taxes relating to net assets held at period end	—	(108)	(108)	—	16	16


	Fair value(1)				Total carrying
	Level I	Level II	Level III	Total	value(1)
Exchangeable securities - June 30, 2021	—	779	—	779	732
Long-term debt - June 30, 2021	—	3,162	—	3,162	3,007

Exchangeable securities - Dec. 31, 2020	—	769	—	769	730
Long-term debt - Dec. 31, 2020	—	3,480	—	3,480	3,227


As at June 30, 2021
	Cash flow hedges	Not designated as a hedge	Total
Commodity risk management
Current	(3)	(12)	(15)
Long-term	345	11	356
Net commodity risk management assets	342	(1)	341
Other
Current	4	(1)	3
Long-term	—	7	7
Net other risk management assets	4	6	10

Total net risk management assets	346	5	351


As at Dec. 31, 2020
	Cash flow hedges	Not designated as a hedge	Total
Commodity risk management
Current	101	(11)	90
Long-term	471	(19)	452
Net commodity risk management assets (liabilities)	572	(30)	542
Other
Current	(9)	(4)	(13)
Long-term	—	1	1
Net other risk management liabilities	(9)	(3)	(12)

Total net risk management assets (liabilities)	563	(33)	530


	Investment grade (Per cent)	Non-investment grade (Per cent)	Total (Per cent)	Total amount
Trade and other receivables(1)	91	9	100	695
Long-term finance lease receivable	100	—	100	201
Risk management assets(1)	94	6	100	681
Loan receivable(2)	—	100	100	54
Total				1,631


Form 20-F____			Form 40-F X


As at	June 30, 2021				Dec. 31, 2020
	Carrying value	Face value	Interest(1)		Carrying value	Face value	Interest(1)
Credit facilities(2)	—	—	—	%	114	114	2.7	%
Debentures	251	251	7.1	%	249	251	7.1	%
Senior notes(3)	860	867	5.4	%	886	894	5.4	%
Non-recourse(4)	1,765	1,784	4.1	%	1,837	1,858	4.1	%
Other(5)	131	138	7.1	%	141	147	7.1	%
	3,007	3,040			3,227	3,264
Lease liabilities	84				134
	3,091				3,361
Less: current portion of long-term debt	(109)				(97)
Less: current portion of lease liabilities	(6)				(8)
Total current long-term debt and lease liabilities	(115)				(105)
Total credit facilities, long-term debt and lease liabilities	2,976				3,256


As at	June 30, 2021				Dec. 31, 2020
	Carrying value	Face value	Interest		Carrying value	Face value	Interest
Exchangeable debentures – due May 1, 2039	332	350	7	%	330	350	7	%
Exchangeable preferred shares(1)	400	400	7	%	400	400	7	%
Total Exchangeable Securities	732	750			730	750


	June 30, 2021		Dec. 31, 2020
Series	Number of shares (millions)	Amount	Number of shares (millions)	Amount
Series A	9.6	235	10.2	248
Series B	2.4	58	1.8	45
Series C	11.0	269	11.0	269
Series E	9.0	219	9.0	219
Series G	6.6	161	6.6	161
Issued and outstanding, end of period	38.6	942	38.6	942


	2021	2022	2023	2024	2025	2026 and thereafter	Total
Accounts payable and accrued liabilities	582	—	—	—	—	—	582
Long-term debt(1)	48	610	162	119	134	1,967	3,040
Exchangeable securities(2)	—	—	—	—	750	—	750
Commodity risk management liabilities (assets)	66	(59)	(118)	(126)	(98)	(6)	(341)
Other risk management liabilities (assets)	1	(2)	(5)	(3)	—	(1)	(10)
Lease liabilities(3)	2	(6)	4	3	2	79	84
Interest on long-term debt and lease obligations(4)	76	148	120	115	109	852	1,420
Interest on exchangeable securities(2,4)	26	52	53	53	—	—	184
Dividends payable	37	—	—	—	—	—	37
Total	838	743	216	161	897	2,891	5,746


			June 30, 2021
Effects of foreign exchange on carrying amounts of US operations (net investment hedge)			(14)
Foreign currency economic cash flow hedges on debt			(6)
Economic hedges and other			(7)
Unhedged			(4)
Total			(31)


	June 30, 2021		June 30, 2020
Total shares purchased	—		2,849,400
Average purchase price per share	$	—	$	7.51
Total cost	—		21
Weighted average book value of shares cancelled	—		30
Amount recorded in deficit	—		9


3 months ended June 30, 2021	Hydro	Wind and Solar	North American Gas	Australian Gas	Alberta Thermal	Centralia	Energy Marketing	Corporate	Total	Equity accounted investments(1)	IFRS Financials
Revenues	114	79	53	30	248	57	38	4	623	(4)	619
Fuel and purchased power(2)	3	3	18	3	128	53	—	4	212	—	212
Carbon compliance(2)	—	—	5	—	37	—	—	—	42	—	42
Gross margin	111	76	30	27	83	4	38	—	369	(4)	365
Operations, maintenance, and administration	14	15	13	8	58	12	7	24	151	—	151
Depreciation and amortization	9	36	11	7	42	13	1	6	125	(2)	123
Asset impairment	—	—	—	—	12	4	—	—	16	—	16

Taxes, other than income taxes	1	2	1	—	4	1	—	—	9	(1)	8

Net other operating income	—	—	—	—	(11)	—	—	—	(11)	—	(11)
Operating income (loss)	87	23	5	12	(22)	(26)	30	(30)	79	(1)	78
Equity income from associate	—	—	—	—	—	—	—	(2)	(2)	4	2
Finance lease income	—	—	1	5	—	—	—	—	6	—	6
Net interest expense									(58)	(2)	(60)
Foreign exchange gain									14	—	14
Gain on sale of assets									32	—	32
Earnings before income taxes									71	1	72


Forward-Looking Statements	M2	Financial Position	M37
Description of the Business	M3	Cash Flows	M38
Transition off-coal	M4	Financial Capital	M39
Alberta Electricity Portfolio	M5	Regulatory Updates	M41
Highlights	M6	Other Consolidated Analysis	M42
Corporate Strategy	M8	Critical Accounting Policies and Estimates	M43
Significant and Subsequent Events	M12	Accounting Changes	M43
2021 Financial Outlook	M15	Financial Instruments	M44
Segmented Comparable Results	M17	Governance and Risk Management	M45
Additional IFRS Measures and Non-IFRS Measures	M26	Disclosure Controls and Procedures	M45
Reconciliation of Non-IFRS Measures	M27	Glossary of Key Terms	M46
Selected Quarterly Information	M31	Corporate Information	M48
Key Financial Ratios	M32


	Alberta, Canada		Canada, Excl. Alberta		United States		Australia		Total
	Gross installed capacity (MW)	Number of facilities	Gross installed capacity (MW)	Number of facilities	Gross Installed capacity (MW)	Number of facilities	Gross installed capacity (MW)	Number of facilities	Gross installed capacity (MW)	Number of facilities
Hydro	834	17	91	9	1	1	—	—	926	27
Wind & Solar	425	11	750	9	397	6	—	—	1,572	26
Gas	300	2	645	3	29	1	450	6	1,424	12
Alberta Thermal(1)	2,866	8	—	—	—	—	—	—	2,866	8
Centralia	—	—	—	—	670	1	—	—	670	1
Total	4,425	38	1,486	21	1,097	9	450	6	7,458	74


Project	MW	Conversion Project Spend(1)	Project Completion Date
Keephills Unit 2	395	$35	Q2 2021
Sundance Unit 6	401	$39	Q1 2021
Sheerness Unit 1	400	$7	Q1 2021
Sheerness Unit 2	400	$14	Q1 2020


		Total project			Spend to date	Remaining estimated spend in 2021	Target completion date(1)	Status
Project	MW	Estimated spend



Keephills Unit 3	463	31	—	35	14	17	Q4 2021	Major equipment has been received at site and pre-outage construction activities are now underway


Sundance Unit 5 Repowering(2)	746	900	—	950	154	146	H1 2024	The Corporation continues to evaluate and assess the Sundance Unit 5 repowering project in light of escalating costs, the changing supply and demand dynamics in the Alberta market, as well as the evolving regulatory environment. The Corporation has completed an additional competitive tendering process for the engineering, procurement and construction contract and is now reviewing those bids as well as the overall Sundance 5 repowering project costs.


	3 Months Ended June 30,		6 months ended June 30
	2021	2020	2021	2020
Production (GWh)
Hydro	423	534	750	845
Wind	204	259	507	600
Gas	105	133	250	282
Thermal	2,386	2,151	4,494	5,124
Total Alberta Electricity Portfolio Production (GWh)	3,118	3,077	6,001	6,851
Alberta Electricity Portfolio comparable revenues(1)	$352	$188	$652	$446
Economic hedge position (percentage) - Alberta Thermal(2)	71	100	73	100
Spot power price average per MWh	$105	$30	$100	$48
Realized power prices per MWh(1,3)	$113	$61	$109	$65


Project	Type	Region	Gross Installed Capacity (MW)






Early Stage Development
Canada
Riplinger Wind	Wind	Alberta	300
Willow Creek 1 & 2	Wind	Alberta	140
Tempest	Wind	Alberta	90
Alberta Storage Opportunities	Battery Storage	Alberta	100
Cogeneration Opportunities	Gas	Alberta and Ontario	30
Alberta Solar Opportunities	Solar	Alberta	170
Canadian Wind Opportunities	Wind	Alberta & Saskatchewan	250
Brazeau Pumped Hydro	Hydro	Alberta	300 - 900
		Total	1,380 - 1,980
US
Prairie Violet	Wind	Illinois	185
Big Timber	Wind	Pennsylvania	50
Wild Waters	Wind	Minnesota	40
PJM Wind Prospects	Wind	Pennsylvania/Wyoming	220
US Solar Prospects	Solar	Texas/Indiana	200
		Total	695
Australia
Northern Goldfields Expansions	Gas, Solar and Wind	Western Australia	85
South Hedland Solar	Solar	Western Australia	50
Remote mining on-site	Gas	Western Australia	85
		Total	220


Measure	Original Target	Updated Target
Comparable EBITDA(1)	$960 million - $1,080 million	$1,100 million - $1,200 million
FCF(1)	$340 million - $440 million	$440 million - $515 million
Dividend	$0.18 per share annualized	No change


Range of key power price assumptions	Original Expectations	Updated Expectations
Market	Power Prices ($/MWh)	Power Prices ($/MWh)
Alberta Spot	$58 - $68	$80 - $100
Mid-C Spot (US$)	US$25 - US$35	US$45 - US$55


Other assumptions relevant to the 2021 financial outlook
Sustaining capital	$175 million - $210 million	$200 million to $225 million


Range of hedging assumptions	Q3 - 2021	Q4 - 2021	2022

Hedged production (GWh)	1,841	848	2,663
Hedge Price ($/MWh)	75	68	62
Hedged gas volumes (GJ)	14 million	14 million	44 million
Hedge gas prices ($/GJ)	2.87	2.94	2.44


Category	Description	Spent to date(1)	Expected spend in 2021
Routine capital(2)	Capital required to maintain our existing generating capacity	18	49	—	59
Planned major maintenance	Regularly scheduled major maintenance	82	150	—	164
Mine capital	Capital related to mining equipment and land purchases	—	1	—	2


Total sustaining capital		100	200	—	225
Productivity capital	Projects to improve power production efficiency and corporate improvement initiatives	1	3	—	7
Total sustaining and productivity capital		101	203	—	232


	Alberta Thermal	Gas and renewables	Lost to date(1)
GWh lost	1,700 - 1,800	500 - 600	1,037


	3 months ended June 30		6 months ended June 30
Supplemental disclosure	2021	2020	2021	2020
Corporate cash flow	(29)	(18)	(40)	(51)
Total return swap (gains) losses	2	(3)	(5)	8
CEWS	—	—	(8)	—
Adjusted Corporate cash flow	(27)	(21)	(53)	(43)


	3 months ended June 30, 2021				6 months ended June 30, 2021
	Reported	Adjustments(1)	Joint venture investment(2)	Comparable total	Reported	Adjustments(1)	Joint venture investment(2)	Comparable total
Revenues	619	3	4	626	1,261	—	9	1,270
Fuel, carbon compliance and purchased power	212	(54)	—	158	455	(118)	—	337
Carbon compliance	42	—	—	42	92	—	—	92
Gross margin	365	57	4	426	714	118	9	841
Operations, maintenance and administration	151	(25)	—	126	256	(25)	1	232
Asset impairment	16	(16)	—	—	45	(45)	—	—
Taxes, other than income taxes	8	—	1	9	17	—	1	18
Net other operating income	(11)	—	—	(11)	(21)	—	—	(21)
Comparable EBITDA	201	98	3	302	417	188	7	612


	Q3 2020	Q4 2020	Q1 2021	Q2 2021

Revenues	514	544	642	619
Comparable EBITDA	256	234	310	302
FFO	193	161	211	250
Net loss attributable to common shareholders	(136)	(167)	(30)	(12)
Net loss per share attributable to common shareholders, basic and diluted(1)	(0.50)	(0.61)	(0.11)	(0.04)

	Q3 2019	Q4 2019	Q1 2020	Q2 2020

Revenues	593	609	606	437
Comparable EBITDA	305	243	220	217
FFO	244	189	172	159
Net earnings (loss) attributable to common shareholders	51	66	27	(60)
Net earnings (loss) per share attributable to common shareholders, basic and diluted(1)	0.18	0.24	0.10	(0.22)


	3 months ended June 30, 2021			3 months ended June 30, 2020
	TransAlta Consolidated	TransAlta Renewables	TransAlta Deconsolidated	TransAlta Consolidated	TransAlta Renewables	TransAlta Deconsolidated
Hydro	96	7		29	8
Wind and Solar	55	57		61	62
North American Gas	18	7		27	19
Australian Gas	31	31		29	31
Alberta Thermal	85	—		30	—
Centralia	14	—		27	—
Energy Marketing	27	—		28	—
Corporate	(24)	(5)		(14)	(5)
Comparable EBITDA	302	97	205	217	115	102
Less: TA Cogen comparable EBITDA			(38)			(10)

Less: EBITDA from joint venture investments(1)			(3)			—
Add: Dividend from TransAlta Renewables			37			37
Add: Dividend from TA Cogen			—			3
Deconsolidated comparable EBITDA			201			132