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Jade Power Reports Second Quarter 2020 Results

Jade Power Trust

TORONTO, Aug. 28, 2020 (GLOBE NEWSWIRE) -- Jade Power Trust (“Jade Power” or the “Trust”) (TSXV:JPWR.UN) is pleased to report its second quarter 2020 financial results.  All amounts are expressed in Canadian Dollars unless otherwise noted. 

Highlights1

  • Record energy generation of 88,456 MW hours (“MWh”) for the six months ended June 30, 2020; an increase of 3,758 MWh or 4% from the six months ended June 30, 2019.

  • Energy generation of 38,247 MWh for the second quarter of 2020; an increase of 499 MWh or 1% from the second quarter of 2019.

  • Record revenue for the six months ended June 30, 2020 of $10.7 million compared to $9.0 million for the same period in 2019; an increase of  19%.  Revenue of $5.1 million for the second quarter of 2020, compared to $4.2 million for the second quarter of 2019, an increase of 21%.

  • Record net income of $2.0 for the six months ended June 30, 2020 compared to $0.04 million for the six months ended June 30, 2019. Net income of $0.5 million or $0.00 per Unit for the second quarter of 2020 compared to net income from continuing operations of $1.3 million or $0.01 per Unit for the second quarter of 2019.

  • Record adjusted EBITDA2 for the six months ended June 30, 2020 of $6.1 million or $0.03 per Unit compared to $4.0 million or $0.02 per Unit for the six months ended June 30, 2019; an increase of 53%.  Adjusted EBITDA of $2.9 million or $0.01 per Unit  for the second quarter of 2020 compared to $2.6 million or $0.01 per Unit for the comparable quarter in 2019, an increase of 12%.

  • Operating cash flows of $3.7 million or $0.02 per Unit after net changes in working capital for the six months ended June 30, 2020 compared to $7.3 million or $0.03 per Unit for the six months ended June 30, 2019. Operating cash flows of $2.2 million or $0.01 per Unit after net changes in working capital for the second quarter of 2020 compared to $2.5 million or $0.01 per Unit for the second quarter of 2019. Operating cash flows for the three and six months ended June 30, 2020 reflect higher income from earned Green Certificates relative to the cash proceeds from the sale of Green Certificates compared to the three and six months ended June 30, 2019.

  • Principal repayment of $750,000 on its secured debt facility during the second quarter of 2020.

J. Colter Eadie, Chief Executive Officer of Jade Power commented “We are pleased with our second quarter results with record energy generation and profit for the six months ended June 30, 2020.  A testament to the strength of our operating model and infrastructure, business continuity has remained during the COVID-19 global pandemic.  Our operations remain robust and continue to perform to expectations, while our balance sheet continues to strengthen.”

1 From continuing operations of the Trust
2 Non-IFRS Measure; includes unrealized foreign exchange gains(losses)

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 seeks to provide investors with long-term, stable distributions, while preserving the capital value of its investment portfolio through investment, principally in a range of operational assets, which generate electricity from renewable energy sources, with a particular focus on solar and hydro power. 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, 2019, 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-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

 

 

Six months ended

 

 

 

 

June 30,

 

 

June 30,

 

Three months ended

 

2020

 

 

2019

 

 

2020

 

 

2019

 

Earnings (loss) for the period from continuing operations

$

                 469,649

 

$

1,289,262

 

$

             1,971,022

 

$

43,702

 

Add-back:

 

 

 

 

Interest and finance charges

 

                1,244,934

 

 

582,819

 

 

                1,958,636

 

 

1,811,713

 

Income tax recovery

 

(102,505

)

 

(53,879

)

 

                   (90,127

)

 

164,160

 

Depreciation

 

                   946,476

 

 

846,968

 

 

                1,874,609

 

 

2,179,571

 

Warrant revaluation gain

 

                               - 

 

 

(101,042

)

 

                               - 

 

 

(245,019

)

One-time business transaction and other expenses

 

 

                   390,159

 

 

-

 

 

                   390,159

 

 

-

 

Adjusted EBITDA from continuing operations

 

$

             2,948,713

 

$

2,564,128

 

$

             6,104,299

 

$

3,954,127

 

Adjusted EBITDA per Unit from continuing operations

$

                       0.01

 

$

0.01

 

$

                       0.03

 

$

0.02

 

The following is a reconciliation of operating cash flow after changes in net working capital per Unit:

 

 

 

Three months ended

 

Six months ended

 

 

 

June 30,

 

June 30,

Three months ended

 

2020

 

2019

 

2020

 

2019

Net used in operating activities from continuing operations

$

             2,157,522

$

2,503,353

$

             3,681,204

$

7,318,629

Weighted average number of Units

 

           231,353,550

 

230,165,170

 

           231,642,502

 

230,165,170

Operating cash flow from continuing operations per Unit

$

                        0.01

$

0.01

$

                        0.02

$

0.03

The Trust believes that these non-IFRS measures, together with measures determined in accordance with IFRS, provide investors with an improved ability to evaluate the underlying performance of the Trust.  Non-IFRS 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.  Management's determination of the components of non-IFRS and additional 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.