Transalta Corp 6-K, filed Nov 9, 2021

Transalta Corp (TAC)

6-K 2021-11-09 For: 2021-09-30

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Added on April 08, 2026

About this 6-K

Transalta Corp filed this 6-K on November 9, 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 nine month periods ended Sept. 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 Sept. 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 nine month periods ended Sept. 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 Sept. 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 Sept. 30		9 months ended Sept. 30
Unaudited	2021	2020	2021	2020

Revenues (Note 4)	850	514	2,111	1,557
Fuel and purchased power (Note 5)	327	214	782	523
Carbon compliance	47	38	139	118
Gross margin	476	262	1,190	916
Operations, maintenance and administration (Note 5)	131	114	387	354
Depreciation and amortization	123	162	395	481
Asset impairment (Note 6)	575	76	620	67

Taxes, other than income taxes	9	8	26	25

Net other operating expense (income) (Note 7)	47	(10)	26	(30)
Operating income (loss)	(409)	(88)	(264)	19
Equity income	1	—	5	—
Finance lease income	6	2	19	4
Net interest expense (Note 8)	(63)	(56)	(186)	(175)
Foreign exchange gain	1	11	22	15

Gain on sale of assets and other (Note 3 and 14)	23	2	56	2
Loss before income taxes	(441)	(129)	(348)	(135)
Income tax expense (recovery) (Note 9)	(22)	(10)	42	(25)
Net loss	(419)	(119)	(390)	(110)

Net earnings (loss) attributable to:
TransAlta shareholders	(446)	(126)	(478)	(139)
Non-controlling interests (Note 10)	27	7	88	29
	(419)	(119)	(390)	(110)

Net loss attributable to TransAlta shareholders	(446)	(126)	(478)	(139)
Preferred share dividends (Note 19)	10	10	20	30
Net loss attributable to common shareholders	(456)	(136)	(498)	(169)
Weighted average number of common shares outstanding in the period (millions)	271	274	271	276
Net loss per share attributable to common shareholders, basic and diluted	(1.68)	(0.50)	(1.84)	(0.61)


Unaudited	Sept. 30, 2021	Dec. 31, 2020
Cash and cash equivalents	1,080	703
Restricted cash	74	71
Trade and other receivables	516	583
Prepaid expenses	45	31
Risk management assets (Note 11 and 12)	410	171
Inventory (Note 13)	186	238
Assets held for sale (Note 3)	—	105
	2,311	1,902
Investments	102	100
Long-term portion of finance lease receivables	192	228
Risk management assets (Note 11 and 12)	446	521
Property, plant and equipment (Note 6 and 14)
Cost	13,217	13,398
Accumulated depreciation	(8,007)	(7,576)
	5,210	5,822
Right of use asset (Note 3)	80	141
Intangible assets	259	313
Goodwill	463	463
Deferred income tax assets	67	51
Other assets	190	206
Total assets	9,320	9,747

Accounts payable and accrued liabilities	774	599
Decommissioning and other provisions (Note 15)	60	59
Risk management liabilities (Note 11 and 12)	428	94
Current portion of contract liabilities	13	1
Income taxes payable	28	18
Dividends payable (Note 18 and 19)	51	59
Current portion of long-term debt and lease liabilities (Note 16)	119	105
	1,473	935
Credit facilities, long-term debt and lease liabilities (Note 16)	2,971	3,256
Exchangeable securities (Note 17)	733	730
Decommissioning and other provisions (Note 15)	782	614
Deferred income tax liabilities	339	396
Risk management liabilities (Note 11 and 12)	103	68
Contract liabilities	13	14
Defined benefit obligation and other long-term liabilities (Note 1B)	253	298
Equity
Common shares (Note 18)	2,901	2,896
Preferred shares (Note 19)	942	942
Contributed surplus	37	38
Deficit	(2,361)	(1,826)
Accumulated other comprehensive income	110	302
Equity attributable to shareholders	1,629	2,352
Non-controlling interests (Note 10)	1,024	1,084
Total equity	2,653	3,436
Total liabilities and equity	9,320	9,747


Unaudited					Accumulated other comprehensive income		Attributable to non-controlling interests
9 months ended Sept. 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 loss	—	—	—	(478)	—	(478)	88	(390)
Other comprehensive income (loss):
Net losses on translating net assets of foreign operations, net of hedges and of tax	—	—	—	—	(17)	(17)	—	(17)
Net gain (losses) on derivatives designated as cash flow hedges, net of tax	—	—	—	—	(247)	(247)	1	(246)
Net actuarial gains on defined benefits plans, net of tax	—	—	—	—	40	40	—	40
Intercompany FVOCI investments	—	—	—	—	32	32	(32)	—
Total comprehensive income (loss)	—	—	—	(478)	(192)	(670)	57	(613)
Common share dividends	—	—	—	(37)	—	(37)	—	(37)
Preferred share dividends	—	—	—	(20)	—	(20)	—	(20)


Effect of share-based payment plans	5	—	(1)	—	—	4	—	4
Distributions paid, and payable, to non-controlling interests (Note 10)	—	—	—	—	—	—	(117)	(117)
Balance, Sept. 30, 2021	2,901	942	37	(2,361)	110	1,629	1,024	2,653

9 months ended Sept. 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)	—	—	—	(139)	—	(139)	29	(110)
Other comprehensive income (loss):
Net gains on translating net assets of foreign operations, net of hedges and tax	—	—	—	—	29	29	—	29
Net gains on derivatives designated as cash flow hedges, net of tax	—	—	—	—	(33)	(33)	—	(33)
Net actuarial losses on defined benefits plans, net of tax	—	—	—	—	(12)	(12)	—	(12)
Intercompany FVOCI investments	—	—	—	—	(51)	(51)	51	—
Total comprehensive income (loss)	—	—	—	(139)	(67)	(206)	80	(126)
Common share dividends	—	—	—	(35)	—	(35)	—	(35)
Preferred share dividends	—	—	—	(30)	—	(30)	—	(30)
Shares purchased under NCIB	(30)	—	—	9	—	(21)	—	(21)
Changes in non-controlling interests in TransAlta Renewables (Note 10)	—	—	—	5	—	5	13	18
Effect of share-based payment plans	(4)	—	(7)	—	—	(11)	—	(11)
Distributions paid, and payable, to non-controlling interests (Note 10)	—	—	—	—	—	—	(87)	(87)
Balance, Sept. 30, 2020	2,944	942	35	(1,645)	387	2,663	1,107	3,770


3 months ended Sept. 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(1)	8	37	68	33	9	3	—	—	158
Environmental credits(2)	—	14	—	—	—	—	—	—	14
Revenue from contracts with customers	8	51	68	33	9	3	—	—	172
Revenue from leases(3)	—	—	4	—	—	—	—	—	4
Revenue from derivatives and other trading activities(4)	—	(20)	7	—	15	52	86	1	141

Merchant revenue and other(1)	88	21	9	2	297	116	—	—	533
Total revenue	96	52	88	35	321	171	86	1	850

Revenue from contracts with customers
Timing of revenue recognition
At a point in time	—	14	—	—	6	3	—	—	23
Over time	8	37	68	33	3	—	—	—	149
Total revenue from contracts with customers	8	51	68	33	9	3	—	—	172


3 months ended Sept. 30, 2020	Hydro	Wind and Solar	North American Gas	Australian Gas	Alberta Thermal	Centralia	Energy Marketing	Corporate	Total
Revenue from contracts with customers
Power and other(1)	37	29	51	24	81	3	—	—	225
Environmental credits(2)	—	18	—	—	—	—	—	—	18
Total revenue from contracts with customers	37	47	51	24	81	3	—	—	243
Revenue from leases(3)	—	—	—	16	14	—	—	—	30
Revenue from derivatives and other trading activities(4)	—	3	3	—	(5)	45	50	1	97

Merchant revenue and other	4	11	3	3	52	71	—	—	144
Total revenue	41	61	57	43	142	119	50	1	514

Revenue from contracts with customers
Timing of revenue recognition
At a point in time	—	7	—	—	6	3	—	—	16
Over time	37	40	51	24	75	—	—	—	227
Total revenue from contracts with customers	37	47	51	24	81	3	—	—	243


As at	Sept. 30, 2021	Dec. 31, 2020
Equity attributable to non-controlling interests
TransAlta Cogeneration L.P.	142	136
TransAlta Renewables	882	948
	1,024	1,084
Non-controlling interests share (per cent)
TransAlta Cogeneration L.P.	49.99	49.99
TransAlta Renewables	39.9	39.9


	9 months ended Sept. 30, 2021			9 months ended Sept. 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	(249)	(100)	(349)	23	17	40
Market price changes on new contracts	—	(123)	(123)	—	(6)	(6)
Contracts settled	(83)	(10)	(93)	(52)	(5)	(57)
Change in foreign exchange rates	(4)	—	(4)	18	(2)	16

Net risk management assets (liabilities), end of period	237	(224)	13	667	12	679
Additional Level III information:
Gains (losses) recognized in other comprehensive income	(253)	—	(253)	41	—	41
Total gains (losses) included in earnings before income taxes	83	(223)	(140)	52	9	61
Unrealized gains (losses) included in earnings before income taxes relating to net assets held at period end	—	(233)	(233)	—	4	4


	Fair value(1)				Total carrying
	Level I	Level II	Level III	Total	value(1)
Exchangeable securities - Sept. 30, 2021	—	779	—	779	733
Long-term debt - Sept. 30, 2021	—	3,157	—	3,157	3,006

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


As at Sept. 30, 2021
	Cash flow hedges	Not designated as a hedge	Total
Commodity risk management
Current	(42)	19	(23)
Long-term	278	59	337
Net commodity risk management assets	236	78	314
Other
Current	6	(1)	5
Long-term	—	6	6
Net other risk management assets	6	5	11

Total net risk management assets	242	83	325


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	516
Long-term finance lease receivable	100	—	100	192
Risk management assets(1)	99	1	100	856
Loan receivable(2)	—	100	100	55
Total				1,619


Form 20-F____			Form 40-F X


As at	Sept. 30, 2021	Dec. 31, 2020
Parts and materials	76	107
Coal	43	83
Deferred stripping costs	3	8
Natural gas	2	2
Purchased emission credits	62	38

Total	186	238


As at	Sept. 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)	881	888	5.4	%	886	894	5.4	%
Non-recourse(4)	1,742	1,761	4.1	%	1,837	1,858	4.1	%
Other(5)	132	138	7.1	%	141	147	7.1	%
	3,006	3,038			3,227	3,264
Lease liabilities	84				134
	3,090				3,361
Less: current portion of long-term debt	(112)				(97)
Less: current portion of lease liabilities	(7)				(8)
Total current long-term debt and lease liabilities	(119)				(105)
Total credit facilities, long-term debt and lease liabilities	2,971				3,256


As at	Sept. 30, 2021				Dec. 31, 2020
	Carrying value	Face value	Interest		Carrying value	Face value	Interest
Exchangeable debentures – due May 1, 2039	333	350	7	%	330	350	7	%
Exchangeable preferred shares(1)	400	400	7	%	400	400	7	%
Total Exchangeable Securities	733	750			730	750


	2021	2022	2023	2024	2025	2026 and thereafter	Total
Accounts payable and accrued liabilities	774	—	—	—	—	—	774
Long-term debt(1)	30	621	162	119	134	1,972	3,038
Exchangeable securities(2)	—	—	—	—	750	—	750
Commodity risk management liabilities (assets)	5	9	(85)	(140)	(100)	(3)	(314)
Other risk management liabilities (assets)	1	(5)	(3)	(3)	—	(1)	(11)
Lease liabilities(3)	2	(6)	4	3	2	79	84
Interest on long-term debt and lease obligations(4)	55	145	121	115	109	858	1,403
Interest on exchangeable securities(2,4)	13	52	53	53	—	—	171
Dividends payable	51	—	—	—	—	—	51
Total	931	816	252	147	895	2,905	5,946


	Decommissioning and restoration	Other	Total
Balance, Dec. 31, 2020	608	65	673
Liabilities incurred	—	22	22
Liabilities settled	(13)	(43)	(56)

Accretion	23	—	23



Revisions in estimated cash flows	159	11	170
Revisions in discount rates	11	—	11

Change in foreign exchange rates	(1)	—	(1)
Balance, Sept. 30, 2021	787	55	842


	Sept. 30, 2021	Sept. 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


	Sept. 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


3 months ended Sept. 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	96	55	88	35	321	171	86	1	853	(3)	850
Fuel and purchased power(2)	3	4	32	2	165	120	—	1	327	—	327
Carbon compliance(2)	—	—	6	—	41	—	—	—	47	—	47
Gross margin	93	51	50	33	115	51	86	—	479	(3)	476
Operations, maintenance, and administration	11	14	13	9	35	13	14	23	132	(1)	131
Depreciation and amortization	8	35	11	7	43	14	—	6	124	(1)	123
Asset impairment	—	10	—	—	555	—	—	10	575	—	575

Taxes, other than income taxes	—	3	—	—	5	—	—	1	9	—	9

Net other operating expense	—	—	—	—	47	—	—	—	47	—	47
Operating income (loss)	74	(11)	26	17	(570)	24	72	(40)	(408)	(1)	(409)
Equity income from associate	—	—	—	—	—	—	—	—	—	1	1
Finance lease income	—	—	1	5	—	—	—	—	6	—	6
Net interest expense									(61)	(2)	(63)
Foreign exchange gain									1	—	1
Gain on sale of assets									23	—	23
Loss before income taxes									(439)	(2)	(441)


Forward-Looking Statements	M2	Financial Position	M40
Description of the Business	M4	Cash Flows	M41
Highlights	M5	Financial Capital	M42
Significant and Subsequent Events	M7	Regulatory Updates	M44
2021 Financial Outlook	M11	Other Consolidated Analysis	M46
Alberta Electricity Portfolio	M13	Critical Accounting Policies and Estimates	M47
Accelerated Clean Electricity Growth Plan	M14	Accounting Changes	M47
Clean Energy Transition	M18	Financial Instruments	M49
Segmented Comparable Results	M19	Governance and Risk Management	M49
Additional IFRS Measures and Non-IFRS Measures	M29	Disclosure Controls and Procedures	M49
Reconciliation of Non-IFRS Measures	M30	Glossary of Key Terms	M51
Selected Quarterly Information	M34	Corporate Information	M53
Key Financial Ratios	M35


	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 and Solar(1)	535	13	750	9	397	6	—	—	1,682	28
Gas	300	2	645	3	29	1	450	6	1,424	12
Alberta Thermal(2)(3)	2,460	7	—	—	—	—	—	—	2,460	7
Centralia	—	—	—	—	670	1	—	—	670	1
Total	4,129	39	1,486	21	1,097	9	450	6	7,162	75


Measure	Original Target	Updated Target
Comparable EBITDA(1)	$960 million - $1,080 million	$1,200 million - $1,300 million
FCF(1)	$340 million - $440 million	$500 million - $560 million
Dividend	$0.18 per share annualized	$0.20 per share annualized


Range of key 2021 power price assumptions	Original Expectations	Updated Expectations
Market	Power Prices ($/MWh)	Power Prices ($/MWh)
Alberta Spot	$58 - $68	$95 - $105
Mid-C Spot (US$)	US$25 - US$35	US$50 - US$60


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


Range of hedging assumptions	Q4 - 2021	Full year 2022

Hedged production (GWh)	1,407	4,387
Hedge Price ($/MWh)	76	71
Hedged gas volumes (GJ)	15 million	49 million
Hedge gas prices ($/GJ)	2.77	2.74


Category	Description	Spent to date(1)	Expected spend in 2021
Routine capital(2)	Capital required to maintain our existing generating capacity	30	49	—	59
Planned major maintenance	Regularly scheduled major maintenance	114	150	—	164
Mine capital	Capital related to mining equipment and land purchases	—	1	—	2


Total sustaining capital		144	200	—	225
Productivity capital	Projects to improve power production efficiency and corporate improvement initiatives	2	3	—	7
Total sustaining and productivity capital		146	203	—	232


	Alberta Thermal	Gas and renewables	Lost to date(1)
GWh lost	1,700 - 1,800	500 - 600	1,744


				Total project				Target completion date(1)
Project	Type	Region	MW	Estimated spend					PPA Term		Expected Annual EBITDA(2)		Status

Projects Under Construction
Canada
Windrise(3)	Wind	AB	206	$	270	—	$285			Q4 2021	20	$20 - $22		–Transmission line was energized on June 10 –Turbine erection activities are complete –Final commissioning activities are underway –Commercial operation tracking to be achieved in November, 2021.
Garden Plain(4)	Wind	AB	130	$	190	—	$200			H2 2022	18	$14 - $18		–Advancing through procurement process –Initial construction activities started in Q3, 2021 –Secured all major regulatory permits and approvals –On track to be completed on schedule
Australia
Northern Goldfields(5)	Hybrid Solar	WA	48	$	64	—	$68			H2 2022	16	$8 - $9		–Final Notice to Proceed issued on Sept. 28, 2021 –On track to be completed on schedule
Total			384	$	524	—	$553					$42 - $49


Project	MW	Conversion Project Spend(1)	Project Completion Date

Keephills Unit 3(2)	463	$31 - $35	In progress
Keephills Unit 2	395	$35	Q2 2021
Sundance Unit 6	401	$39	Q1 2021
Sheerness Unit 1	200	$7	Q1 2021
Sheerness Unit 2	200	$14	Q1 2020


	3 Months Ended Sept. 30,		9 months ended Sept. 30
	2021	2020	2021	2020
Economic hedge position (percentage)(1)	74	100	74	100
Spot power price average per MWh	$100	$44	$100	$47
Realized power prices per MWh(2)	$101	$70	$94	$66
Natural gas price (AECO) per GJ	$3.29	$2.14	$3.04	$1.99
Fuel and purchased power per MWh	$34	$20	$34	$23
Carbon compliance per MWh	$16	$17	$17	$16


	3 months ended Sept. 30		9 months ended Sept. 30
Supplemental disclosure	2021	2020	2021	2020
Corporate cash flow	(28)	(21)	(68)	(72)
Total return swap (gains) losses	1	—	(4)	8
CEWS funding received	—	—	(8)	—
CEWS funding applied to incremental employment	2	—	2	—
Adjusted Corporate cash flow	(25)	(21)	(78)	(64)


	3 months ended Sept. 30, 2021				9 months ended Sept. 30, 2021
	Reported	Adjustments(1)	Joint venture investment(2)	Comparable total	Reported	Adjustments(1)	Joint venture investment(2)	Comparable total
Revenues	850	(54)	3	799	2,111	(54)	12	2,069
Fuel, carbon compliance and purchased power	327	(80)	—	247	782	(198)	—	584
Carbon compliance	47	—	—	47	139	—	—	139
Gross margin	476	26	3	505	1,190	144	12	1,346
Operations, maintenance and administration	131	(6)	1	126	387	(31)	2	358
Asset impairment	575	(575)	—	—	620	(620)	—	—
Taxes, other than income taxes	9	—	—	9	26	—	1	27
Net other operating income	47	(58)	—	(11)	26	(58)	—	(32)
Comparable EBITDA	(286)	665	2	381	131	853	9	993


	Q4 2020	Q1 2021	Q2 2021	Q3 2021

Revenues	544	642	619	850
Comparable EBITDA	234	310	302	381
FFO	161	211	250	297
Net loss attributable to common shareholders	(167)	(30)	(12)	(456)
Net loss per share attributable to common shareholders, basic and diluted(1)	(0.61)	(0.11)	(0.04)	(1.68)

	Q4 2019	Q1 2020	Q2 2020	Q3 2020

Revenues	609	606	437	514
Comparable EBITDA	243	220	217	256
FFO	189	172	159	193
Net earnings (loss) attributable to common shareholders	66	27	(60)	(136)
Net earnings (loss) per share attributable to common shareholders, basic and diluted(1)	0.24	0.10	(0.22)	(0.50)


	3 months ended Sept. 30, 2021			3 months ended Sept. 30, 2020
	TransAlta Consolidated	TransAlta Renewables	TransAlta Deconsolidated	TransAlta Consolidated	TransAlta Renewables	TransAlta Deconsolidated
Hydro	82	6		28	5
Wind and Solar	55	40		36	44
North American Gas	35	24		29	20
Australian Gas	36	36		34	33
Alberta Thermal	104	—		47	—
Centralia	35	—		49	—
Energy Marketing	58	—		49	—
Corporate	(24)	(4)		(16)	(6)
Comparable EBITDA	381	102	279	256	96	160
Less: TA Cogen comparable EBITDA			(41)			(17)

Less: EBITDA from joint venture investments(1)			(2)			—
Add: Dividend from TransAlta Renewables			38			38
Add: Dividend from TA Cogen			22			8
Deconsolidated comparable EBITDA			296			189