Jade Power Reports Second Quarter 2022 Results
27 August 2022 - 9:16AM
Jade Power Trust ("Jade Power" or the "Trust") (TSXV: JPWR.UN) is
pleased to report its financial results for the second quarter of
2022. All amounts are expressed in Canadian Dollars unless
otherwise noted.
Highlights1
- Energy
generation of 37,681 MWh for the second quarter of 2022 compared to
35,561 MWh for the second quarter of 2021, an increase of 6%.
Record energy generation of 92,751 MWh for the six months ended
June 30, 2022, compared to 79,382 MWh for the comparable period in
2021, an increase of 14%.
- Revenue of $4.1
million for the second quarter of 2022, compared to $4.6 million
for the second quarter of 2021. Lower revenue reflects increased
balancing adjustments and a weakening of foreign exchange rates.
Record revenue of $10.8 million for the six months ended June 30,
2022, compared to $9.6 million for the same period in 2021, an
increase of 12%.
- Net income of
$0.3 million, or $0.01 per trust unit (each a “Unit”) in the
capital of the Trust, for the second quarter of 2022, compared to a
net income of $1.1 million, or $0.05 per Unit, for the second
quarter of 2021. Net income of $2.5 million, or $0.11 per Unit, for
the six months ended June 30, 2022, compared to $2.9 million $0.12
per Unit for the six months ended June 30, 2021.
- Adjusted EBITDA
of $2.3 million,2 or $0.10 per Unit, for the second quarter
compared to $2.4 million, or $0.10 per Unit, for the comparable
quarter in 2021. Adjusted EBITDA of $6.5 million, or $0.29 per
Unit, for the six months ended June 30, 2022, compared to $5.4
million, or $0.23 per Unit for the same period in 2021. (See
reconciliation of adjusted EBITDA under “Non-GAAP Measures”)
- Operating cash
flows of $2.1 million, or $0.09 per Unit, after net changes in
working capital for the second quarter of 2022 compared to $0.8
million, or $0.03 per Unit, for the second quarter of 2021. The
increase in operating cash flows for the quarter was mainly driven
by higher proceeds of Green Certificates. Operating cash flows of
$4.5 million or $0.20 per Unit, for the six months ended June 30,
2022, compared to $4.5 million, or $0.20 per Unit for the six
months ended June 30, 2021. (See reconciliation of operating cash
flows after net changes in working capital under “Non-GAAP
Measures”)
J. Colter Eadie, Chief Executive
Officer of Jade Power, commented,
“We are pleased with our second quarter results.
With record energy generation for the first half of 2022, our
projects have outperformed to date in 2022. As the demand for
energy continues to grow, Jade Power is well positioned with the
progress it’s made in its strategic priorities to generate
Unitholder value.”
For further information, please
contact:
Ravi SoodChairman+1
647-987-7663rsood@jadepower.com |
J. Colter EadieChief Executive Officer+40 736-372-724
jceadie@jadepower.com |
Betty SoaresChief Financial
Officer+1 416-803-6760bsoares@jadepower.com |
About Jade Power
The Trust, through its direct and indirect
subsidiaries in Canada, the Netherlands and Romania, has been
formed to acquire interests in renewable energy assets in Romania,
other countries in Europe and abroad that can provide stable cash
flow to the Trust and a suitable risk-adjusted return on
investment. The Trust intends to qualify as a "mutual fund trust"
under the Income Tax Act (Canada) (the "Tax Act"). The
Trust will not be a "SIFT trust" (as defined in the Tax Act),
provided that the Trust complies at all times with its investment
restriction which precludes the Trust from holding any
"non-portfolio property" (as defined in the Tax Act). All material
information about the Trust may be found under Jade Power's issuer
profile at www.sedar.com.
Forward-Looking Statements
Statements in this press release contain
forward-looking information. Such forward-looking information may
be identified by words such as "anticipates", "plans", "proposes",
"estimates", "intends", "expects", "believes", "may" and "will".
The forward-looking statements are founded on the basis of
expectations and assumptions made by the Trust. Details of the risk
factors relating to Jade Power and its business are discussed under
the heading "Business Risks and Uncertainties" in the Trust's
annual Management's Discussion & Analysis for the year ended
December 31, 2021, a copy of which is available on Jade Power's
SEDAR profile at www.sedar.com. Most of these factors are
outside the control of the Trust. Investors are cautioned not to
put undue reliance on forward-looking information. These statements
speak only as of the date of this press release. Except as
otherwise required by applicable securities statutes or regulation,
Jade Power expressly disclaims any intent or obligation to update
publicly forward-looking information, whether as a result of new
information, future events or otherwise.
Neither the TSXV nor its regulation
services provider (as that term is defined in the policies of the
TSXV) accepts responsibility for the adequacy or accuracy of this
release.
NON-GAAP FINANCIAL MEASURES
The Trust has included certain non-GAAP
financial measures which the Trust believes, together with measures
determined in accordance with IFRS, provide investors with an
improved ability to evaluate the underlying performance of the
Trust. Non-GAAP financial measures do not have any standardized
meaning prescribed under IFRS and therefore they may not be
comparable to similar measures employed by other entities. The data
is intended to provide additional information and should not be
considered in isolation or as a substitute for measures of
performance prepared in accordance with IFRS.
The non-GAAP financial performance measures set
out are intended to provide additional information to investors and
do not have any standardized meaning prescribed under IFRS, and
therefore may not be comparable to other issuers, and should not be
considered in isolation or as a substitute for measures of
performance prepared in accordance with IFRS. The Trust believes
that these measures, together with measures determined in
accordance with IFRS, provide investors with an improved ability to
evaluate the underlying performance of the Trust. Management's
determination of the components of non-GAAP financial performance
measures and other financial measures are evaluated on a periodic
basis influenced by new items and transactions, a review of
investor uses and new regulations as applicable. Any changes to the
measures are duly noted and retrospectively applied as applicable.
Please refer to the Trust's Management's Discussion & Analysis
for the three and six months ended June 30, 2022 under the section
named “Non-GAAP Financial Measures”, a copy of which is available
on Jade Power's SEDAR profile at www.sedar.com for a detailed
description of each non-GAAP financial measure. The following
tables reconciles these non-GAAP financial measures to the most
directly comparable IFRS measure.
The following is a reconciliation of adjusted
EBITDA and adjusted EBITDA per Unit:
|
|
Three months ended |
|
Six months ended |
|
|
June 30, |
|
June 30, |
June 30, |
June 30, |
|
|
2022 |
|
|
2021 |
|
2022 |
|
2021 |
Net income for the period |
$318,046 |
|
$1,125,357 |
$2,479,942 |
$2,873,339 |
Add-back: |
|
|
|
|
Financing costs |
|
256,123 |
|
|
367,903 |
|
483,357 |
|
596,307 |
Income tax expense |
|
(174 |
) |
|
- |
|
7,739 |
|
- |
Depreciation |
|
833,538 |
|
|
924,892 |
|
1,705,080 |
|
1,888,396 |
EBITDA |
|
1,407,533 |
|
|
2,418,152 |
|
|
One-time other operating
expenses1 |
|
860,663 |
|
|
- |
|
1,822,170 |
|
- |
Adjusted EBITDA |
$2,268,196 |
|
$2,418,152 |
$6,498,288 |
$5,358,042 |
Adjusted EBITDA per Unit |
$0.10 |
|
$0.10 |
$0.29 |
$0.23 |
1 Included in other operating
expenses are one-time business development expenses related to
potential acquisition and/or disposition of assets that do not
represent The Trust’s current and on-going operations and not
necessarily indicative of future operating earnings.
The following is a reconciliation of operating
cash flow per Unit:
|
|
Three months ended |
|
Six months ended |
|
June 30, |
June 30, |
June 30, |
June 30, |
|
|
2022 |
|
2021 |
|
2022 |
|
2021 |
Net used in operating
activities |
$2,098,257 |
$783,541 |
$4,537,273 |
$4,451,215 |
Weighted average number of
Units |
|
22,252,912 |
|
23,135,355 |
|
22,313,368 |
|
23,128,438 |
Operating cash flows per Unit |
$0.09 |
$0.03 |
$0.20 |
$0.19 |
1 All per Unit amounts for the comparative periods have been
restated to reflect the 10:1 Unit consolidation effective September
23, 2021.
2 Non-GAAP financial measure. Refer to “Non-GAAP Financial
Measures” in this press release for a reconciliation to the most
directly comparable IFRS measure.
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