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Jade Power Reports First Quarter 2022 Results

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Jade Power Trust
Jade Power Trust

TORONTO, May 30, 2022 (GLOBE NEWSWIRE) -- Jade Power Trust ("Jade Power" or the "Trust") (TSXV: JPWR.UN) is pleased to report its financial results for the first quarter of 2022. All amounts are expressed in Canadian Dollars unless otherwise noted.

Highlights1

  • Record energy generation of 55,070 MWh for the quarter ended March 31, 2022, compared to 43,821 MWh with the comparable period in 2021. Energy generation for the quarter was higher than the prior year's comparable period, primarily due more favorable wind conditions in the current quarter.

  • Record revenue of $6.7 million for the quarter ended March 31, 2022, compared to $5.0 million for the quarter ended March 31, 2021. The increase in revenue was primarily a result of more wind energy generation.

  • Net income of $2.2 million, or $0.10 per trust unit in the capital of the Trust (each, a “Unit”), for the quarter ended March 31, 2022, compared to $1.7 million, or $0.08 per Unit, for the same period in 2021.

  • Adjusted EBITDA2 of $4.2 million, or $0.19 per Unit, for the quarter ended March 31, 2022, was at a record level and compared with $2.9 million, or $0.13 per Unit, for the quarter ended March 31, 2021. (See reconciliation of adjusted EBITDA under “Non-GAAP Financial Measures”)

  • Operating cash flows2 of $2.4 million, or $0.11 per Unit, after net changes in working capital for the first quarter of 2022, compared to $3.7 million, or $0.16 per Unit, for the first quarter of 2021. The decrease in operating cash flows was driven by lower sales of Green Certificates, resulting in an increase in Green Certificates outstanding at the end of the period which will be sold in future periods. (See reconciliation of operating cash flows after net changes in working capital under “Non-GAAP Financial Measures”)

J. Colter Eadie, Chief Executive Officer of Jade Power, commented, “We delivered excellent performance in Q1 2022 with net earnings of $0.10 per Unit and EBITDA of $0.19 per Unit. We remain well positioned to deliver on strategic goals and our operations continue to be not adversely affected by the ongoing geopolitical developments in Europe. The macro environment for renewables continues to remain strong with market prices for electricity at multi-year highs and a more urgent push than ever to move away from imported fossil fuels.”

For further information, please contact:

Ravi Sood
Chairman
+1 647-987-7663
rsood@jadepower.com

J. Colter Eadie
Chief Executive Officer
+40 736-372-724
jceadie@jadepower.com

Betty Soares
Chief Financial Officer
+1 416-803-6760
bsoares@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 months ended March 31, 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

 

 

 

March 31,

March 31,

 

 

 

 

2022

 

2021

Net income for the period

 

 

$

2,161,896

$

1,747,982

Add-back:

 

 

 

 

Financing costs

 

 

 

227,234

 

228,404

Income tax expense

 

 

 

7,913

 

-

Depreciation

 

 

 

871,542

 

2,969,890

EBITDA

 

 

 

 

One-time other operating expenses1

 

 

 

961,507

 

-

 

 

 

 

                                     

Adjusted EBITDA

 

 

$

4,230,092

$

2,939,890

Adjusted EBITDA per Unit

 

 

$

0.19

$

0.13

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

 

 

 

 

March 31,

March 31,

 

 

 

 

 

2022

 

2021

Net used in operating activities

 

 

$

2,441,683

$

3,667,674

Weighted average number of Units

 

 

 

22,375,184

 

23,148,720

Operating cash flow per Unit

 

 

$

0.11

$

0.16

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.