Jade Power reports third quarter 2021 results

TORONTO, Nov. 22, 2021 (GLOBE NEWSWIRE) – Jade Power Trust (“Jade Power” or the “Trust”) (TSXV: JPWR.UN) is pleased to present its financial results for the third quarter of 2021. All amounts are expressed in Canadian dollars, unless otherwise indicated.

Strong points1

  • Energy production of 30,516 MWh for the third quarter of 2021 compared to 34,713 MWh for the third quarter of 2020. Energy production of 109,898 MWh for the nine months ended September 30, 2021, compared to 123,169 MWh for the comparable period in 2020. Energy production for the third quarter and for the nine months ended September 30, 2021 was lower than comparable periods last year, primarily due to less favorable wind levels.
  • Revenue of $ 4.3 million for the third quarter of 2021, compared to $ 4.5 million for the third quarter of 2020. Revenue of $ 13.8 million for the nine-month period ended September 30, 2021, compared to $ 14.8 million for the same period in 2020. The decrease Revenue results mainly from a decrease in energy production, partially offset by an increase in Certificate revenue Green.
  • Net income of $ 1.6 million, or $ 0.07 per trust unit (each, a “Unit”), for the third quarter of 2021, compared to net income of $ 0.9 million, or 0 $ 04 per unit, for the third quarter of 2020. Net earnings of $ 4.5 million, or $ 0.20 per unit, for the nine-month period ended September 30, 2021, compared to $ 2.9 million dollars, or $ 0.12 per unit, for the same period in 2020. Net income for the quarter was impacted by a one-time gain of $ 0.7 million in settlement of insurance claims relating to the repair of a damaged wind turbine.
  • Adjusted EBITDA of $ 2.3 million2, or $ 0.10 per unit, for the third quarter, compared to $ 2.3 million, or $ 0.10 per unit, for the comparable quarter of 2020. Adjusted EBITDA of $ 7.6 million, or 0 , $ 33 per unit, for the nine-month period ended September 30, 2021, compared to $ 8.4 million, or $ 0.36 per unit, for the nine-month period ended September 30, 2020 (See the reconciliation of adjusted EBITDA under “Non-IFRS measures”)
  • Operating cash flow of $ 2.6 million, or $ 0.11 per unit, after net changes in working capital for the third quarter of 2021, compared to $ 0.8 million, or 0.03 $ per unit, for the third quarter of 2020. Operating cash flow of $ 7.0 million, or $ 0.30 per unit, after changes in working capital for the nine months ended September 30, 2021, compared to $ 4.4 million, or $ 0.19 per unit, for the nine months ended September 30, 2020. (See reconciliation of operating cash flows after net changes in capital under “Non-compliant measures IFRS ”)
  • In September 2021, the Trust completed the consolidation of all its issued and outstanding units on the basis of one (1) post-consolidation unit for ten (10) pre-consolidation units, which resulted in a reduction in the issued units. and in circulation. of 231,216,256 shares to 23,121,625 shares and launched a public buyback offer in the normal course of business (“NCIB) Under which the Trust may purchase for cancellation, from time to time, up 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. It there were no purchases under the public tender offer during the third quarter of 2021.

J. Colter Eadie, CEO of Jade Power, commented:

“We had a positive third quarter, continuing to generate positive free cash flow from our assets despite less windy conditions affecting our power generation. consolidating units and initiating a unit buyback program which we believe is an attractive use of excess funds as we believe that at times the market price of units may not fully reflect their value. We focus on ways to improve value for our unitholders. “

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About Jade Power

The Trust, through its direct and indirect subsidiaries in Canada, the Netherlands and Romania, was incorporated to acquire interests in renewable energy assets in Romania, other European countries and overseas which 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 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 prevents the Trust from holding “non-portfolio property” (as defined in the Tax Act Act). All material information about the Trust can be found under Jade Power’s issuer profile at www.sedar.com.

Forward-looking statements

The statements contained in this press release contain forward-looking information. This forward-looking information may be identified by words such as “anticipates”, “plans”, “proposes”, “estimates”, “intends”, “expects”, “believes”, “could” and “May”. 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 activities are set out under the heading “Business Risks and Uncertainties” in the Trust’s annual MD&A for the year ended December 31, 2020, 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. Unless otherwise provided in applicable securities laws or regulations, Jade Power expressly disclaims any intention or obligation to publicly update forward-looking information, whether as a result of new information, future events or otherwise.

Neither TSXV nor its Regulation Services Provider (as that term is defined in the policies of TSXV) accepts responsibility for the adequacy or accuracy of this release.

NON-IFRS MEASURES

The Trust has included certain non-IFRS measures to supplement its consolidated financial statements, which are presented in accordance with IFRS:

The following is a reconciliation of Adjusted EBITDA and Adjusted EBITDA per unit:

Three months ended Nine months ended
September 30 September 30 September 30 September 30
2021 2020 2021 2020
Net income for the period from continuing operations $ 1 647 261 $ 882 379 $ 4,520,600 $ 2 853 401
Add:
Depreciation 882 176 963 945 2,770,572 2 838 554
One-off professional expenses 50 821 440 980
Financing costs 313,809 382,905 910 116 2 341 541
Other gains (554,950 ) (554,950 )
Income tax expense 35 677 (54,450 )
Adjusted EBITDA from continuing operations $ 2 288 296 $ 2,315,727 $ 7 646 338 $ 8,420,026
Adjusted EBITDA per share from continuing operations $ 0.10 $ 0.10 $ 0.33 $ 0.36

The following is a reconciliation of cash flow from operations after changes in net working capital per unit:

Three months ended Nine months ended
September 30 September 30 September 30 September 30
2021 2020 2021 2020
Net used in operating activities of continuing operations $ 2,592,383 $ 758,909 $ 7,043,598 $ 4,440,113
Weighted average number of units 23 121 626 23 121 626 23 121 626 23 121 626
Operating cash flow from continuing operations per unit $ 0.11 $ 0.03 $ 0.30 $ 0.19

The Trust believes that these non-IFRS measures, together with measures determined in accordance with IFRS, provide investors with a better ability to assess the underlying performance of the Trust. Non-IFRS financial measures do not have standardized meanings 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 viewed in isolation or as a substitute for performance measures prepared in accordance with IFRS. Management’s determination of the components of non-IFRS measures and additional measures is periodically assessed under the influence of new items and transactions, a review of investor uses and new applicable regulations. Any modification of the measures is duly noted and applied retrospectively if necessary.

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1 All per unit amounts for comparative periods have been restated to reflect the 10: 1 per unit consolidation as of September 23, 2021
2 Includes foreign exchange gains (losses)


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Julio V. Miller