Jade Power publishes its 2021 results

TORONTO, May 02, 2022 (GLOBE NEWSWIRE) — Jade Power Trust (“Jade Power” or the “Trust”) (TSXV: JPWR.UN) is pleased to report its financial results for the fiscal year ended 2021. All amounts are expressed in Canadian dollars, unless otherwise indicated.

Strong points1

  • Energy production of 153,044 MWh for the year ended December 31, 2021 compared to 158,947 MWh for the comparable period in 2020. Energy production of 43,146 MWh for the fourth quarter of 2021 compared to 35,778 MWh for the fourth quarter of 2020 Energy for the fourth quarter of 2021 was higher than the fourth quarter of 2020 due to more favorable wind levels.
  • Revenues of $18.7 million for the year ended December 31, 2021, compared to $18.7 million for the year ended December 31, 2020. Revenues of $4.8 million for the fourth quarter of 2021 , compared to $3.9 million for the fourth quarter of 2020.
  • Net income of $3.7 million, or $0.16 per unit, for the year ended December 31, 2021, compared to $3.7 million, or $0.16 per unit, for the same period in 2020. Net loss was $0.8 million, or $(0.04) per unit, for the fourth quarter of 2021 compared to net earnings of $0.8 million, or $0.03 $ per unit, for the fourth quarter of 2020.
  • Adjusted EBITDA2 $9.7 million, or $0.42 per unit, for the year ended December 31, 2021, compared to $10.3 million, or $0.45 per unit, for the year ended December 31, December 2020. Adjusted EBITDA of $2.1 million, or $0.09 per unit, for the fourth quarter compared to $1.9 million, or $0.08 per unit, for the comparable quarter of 2020. (See reconciliation of Adjusted EBITDA under “Non-GAAP Financial Measures”)
  • Operating cash flow2 $16.3 million, or $0.71 per unit, after changes in working capital for the year ended December 31, 2021, compared to $8.9 million, or $0.37 per unit, for for the year ended December 31, 2020. Operating cash flow of $9.2 million, or $0.40 per unit, after net changes in working capital for the fourth quarter of 2021, compared to 4.1 million, or $0.18 per unit, for the fourth quarter of 2020. The increase in operating cash flow was due to higher proceeds from the sale of green certificates and positive movements in working capital during the period. (See reconciliation of operating cash flow after net changes in working capital under “Non-GAAP Financial Measures”)
  • In September 2021, the Trust completed the consolidation of all of its issued and outstanding Units on the basis of one (1) Post-Consolidation Unit for ten (10) Pre-Consolidation Units, resulting in a reduction in the number of issued and outstanding shares. from 231,216,256 Units to 23,121,612 Units and has launched a Normal Course Issuer Bid (“NCIB”) pursuant to which the Trust may purchase for cancellation, from time to time, up to to a maximum of 5% of the outstanding units of the Trust over a 12-month period from September 17, 2021 to September 16, 2022. The Trust purchased 540,000 units pursuant to the issuer bid at during the fiscal year ended December 31, 2021. A total of 868,700 units have been purchased under the public buyback offer as of the date of this press release.

J. Colter Eadie, President and CEO of Jade Power, said, “We delivered a strong performance in 2021 with earnings of $0.16 per unit and record operating cash flow of $0.71. per share. Our balance sheet continued to strengthen as we deleveraged and our portfolio of renewable assets performed in line with expectations. Our operations have not been affected in any way by the ongoing geopolitical developments in Europe. However, the macroeconomic environment for renewables has never been stronger with electricity market prices at multi-year highs and a more urgent push than ever to move away from imported fossil fuels.

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About Jade Power

The Trust, through its direct and indirect subsidiaries in Canada, the Netherlands and Romania, was established to acquire interests in renewable energy assets in Romania, other countries in Europe and overseas that can provide stable cash flow to the Trust and appropriate risk. adjusted return on investment. The Trust intends to qualify as a “mutual fund trust” under the income tax law (Canada) (the “Tax Act”). The Trust will not be a “SIFT trust” (as defined in the Tax Act), provided that it complies at all times with its investment restrictions which prevent it from holding “non-portfolio property” ( within the meaning of the Income Tax Act). Law). All material information about the Trust can be found under Jade Power’s issuer profile at www.sedar.com.

Forward-looking statements

The statements in this press release contain forward-looking information. Such forward-looking information can be identified by words such as “expects”, “plans”, “proposes”, “estimates”, “intends”, “expects”, “believes”, “may” and “go”. Forward-looking statements are based on the expectations and assumptions made by the Trust. Details of the risk factors relating to Jade Power and its business are set out under the heading “Business Risks and Uncertainties” in the Trust’s Annual MD&A for the year ended December 31, 2021, a copy of which is available at Jade Power’s SEDAR. profile on www.sedar.com. Most of these factors are beyond the control of the Trust. Investors are cautioned not to place 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 laws or regulations, Jade Power expressly disclaims any intention or obligation to publicly update any 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 a better ability to assess the underlying performance of the Trust. Non-GAAP financial measures do not have any standardized meaning prescribed by IFRS and, therefore, may not be comparable to similar measures used by other entities. The data is intended to provide additional information and should not be considered in isolation or as a substitute for performance measures prepared in accordance with IFRS.

The non-GAAP financial performance measures presented are intended to provide additional information to investors and do not have any standardized meaning prescribed by IFRS, and therefore may not be comparable to other issuers, and should not be considered alone or as a substitute for performance measures prepared in accordance with IFRS. The Trust believes that these measures, together with measures determined in accordance with IFRS, provide investors with a better ability to assess the underlying performance of the Trust. Management’s determination of the components of non-GAAP financial performance measures and other financial measures is evaluated periodically based on new items and transactions, a review of investor uses and new regulations, if any. Any changes to the measures are duly noted and applied retrospectively, as appropriate. Please refer to the Trust’s Annual MD&A for the year ended December 31, 2021 under the heading “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 reconcile these non-GAAP financial measures to the most directly comparable IFRS measure.

Here is a reconciliation of Adjusted EBITDA and Adjusted EBITDA per Unit:

Three months completed Year ended
The 31st of December, The 31st of December, The 31st of December, The 31st of December,
2021 2020 2021 2020
Net income for the period from continuing operations $ (843,859 ) $ 803 756 $ 3,676,741 $ 3,657,157
Add:
Funding costs 211 691 (393,316 ) 1,121,807 1,948,225
income tax expense 1,327,210 176,079 1,327,210 121,629
Depreciation 944 057 1,019,042 3,714,629 3,857,596
EBITDA from continuing operations
Other one-time operating expenses1 728 766 312,607 728 766 753,587
Other one-time gains (losses)2 10,231 (544,719 )
Adjusted EBITDA from continuing operations $ 2,378,096 $ 1,918,168 $ 10,024,434 $ 10,338,194
Adjusted EBITDA per share from continuing operations $ 0.10 $ 0.08 $ 0.44 $ 0.45

1 Other operating expenses include other non-recurring operating expenses, non-recurring interest and penalties and corporate expenses related to business development and potential acquisition and disposal expenses.
2 Other gains include a gain on the settlement of insurance claims net of the cancellation of indirect tax receivables.

Here is a reconciliation of operating cash flow per unit:

Three months completed Year ended
The 31st of December, The 31st of December, The 31st of December, The 31st of December,
2021 2020 2021 2020
Net use of operating activities of continuing operations $ 9,235,404 $ 4,149,181 $ 16,279,002 $ 8,589,294
Weighted average number of units 22,808,558 23,121,626 23,043,358 23,131,766
Operating cash flow from continuing operations per unit $ 0.40 $ 0.18 $ 0.71 $ 0.37

1 All per unit amounts for comparative periods have been restated to reflect the 10:1 per unit consolidation effective September 23, 2021.

2 Non-GAAP financial measure. See the “Non-GAAP Financial Measures” section of this press release for a reconciliation to the most directly comparable IFRS measure.

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