Jade Power Reports Second Quarter 2022 Results


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TORONTO, Aug. 26, 2022 (GLOBE NEWSWIRE) — 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

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  • 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”)

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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:

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.

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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.

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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.

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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.  

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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.

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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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