2022-08-26 | TSXV:JPWR.UN | Press release
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 indicated.
- Energy production 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 production of 92,751 MWh for the six months ended June 30, 2022, compared to 79,382 MWh for the comparable period of 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. The decline in revenue reflects an increase in balancing adjustments and a weakening in 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 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 of 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 flow of $2.1 million, or $0.09 per unit, after net change 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 flow for the quarter was primarily driven by higher green certificate revenue. Operating cash flow 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 cash flow from operations after net changes in working capital under “Non-GAAP Measures”)
J. Colter Eadie, CEO of Jade Power, commented:
“We are pleased with our second quarter results. With record energy production for the first half of 2022, our projects have outperformed in 2022 so far. As energy demand continues to grow, Jade Power is well positioned with the progress it has made in its priorities strategies to generate value for unitholders. ”
For more information, please contact:
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 restriction which prevents it from holding “non-portfolio property” ( within the meaning of the Income Tax Act). All material information about the Trust can be viewed under Jade Power’s issuer profile at www.sedar.com.
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 “will fly”. 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 to 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 relied upon. 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 periodically evaluated based on new items and transactions, a review of investor uses and new regulations, as appropriate. Any changes to the measures are duly noted and applied retrospectively, as appropriate. Please see the Trust’s MD&A for the three and six months ended June 30, 2022 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:
|June 30th,||June 30th,||June 30th,||June 30th,|
|Net income for the period||$318,046||$1,125,357||$2,479,942||$2,873,339|
|Funding 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|
|Other one-time operating expenses1||860 663||–||1,822,170||–|
|Adjusted EBITDA per unit||$0.10||$0.10||$0.29||$0.23|
1 Other operating expenses include one-time business development expenses related to the potential acquisition and/or disposal of assets which do not represent the current and ongoing operations of The Trust and are not necessarily indicative of future operating profits.
Here is a reconciliation of operating cash flow per unit:
|June 30th,||June 30th,||June 30th,||June 30th,|
|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 flow per Unit||$0.09||$0.03||$0.20||$0.19|
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 “Non-GAAP Financial Measures” in this press release for a reconciliation to the most directly comparable IFRS measure.