TORONTO, May 30, 2022 (GLOBE NEWSWIRE) – The Jade Power Trust (“Jade Power” or “Trust”) (TSXV: JPWR.UN) is pleased to report its financial results for the first quarter of 2022. All amounts are in Canadian dollars unless otherwise noted. that.
- Record energy production of 55,070 MWh for the quarter ended March 31, 2022, compared to 43,821 MWh in the corresponding period in 2021. Power generation for the quarter was higher than the corresponding period a year earlier, mainly due to more favorable wind conditions in the quarter Present .
- Record revenue was $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 increased wind power generation.
- Net income of $2.2 million, or $0.10 per unit credit in the trust fund’s share capital (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 $4.2 million, or $0.19 per unit, for the quarter ended March 31, 2022, was at a record low and compared to $2.9 million, or $0.13 per unit, for the quarter ended March 31, 2021. (See Adjusted EBITDA Adjustment under “Unjustified Financial Measures” GAAP-compliant”)
- Operating cash flow2 $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 flow was driven by lower sales. of green certificates, resulting in an increase in green certificates due at the end of the period and which will be sold in future periods. (See Reconciliation of Operating Cash Flows After Net Changes in Working Capital under “Non-GAAP Financial Actions”)
J. Coulter Eddy, CEO of Jade Power, commented, “We delivered an stellar performance in the first quarter of 2022 with net profits of $0.10 per unit and EBITDA of $0.19 per unit. We remain well positioned to achieve strategic goals and continue to Our operations are not adversely affected by the geopolitical developments underway in Europe. The macro environment for renewable energy continues to maintain its robustness with market prices for electricity rising to multi-year highs and an ever more urgent push to move away from imported fossil fuels.”
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About the power of jade
The Trust, through its direct and indirect subsidiaries in Canada, the Netherlands and Romania, was formed to acquire interests in renewable energy assets in Romania and other countries in Europe and abroad that could provide the fund stable cash flow and an appropriate risk-adjusted return on investment. The Trust intends to qualify as a “Mutual Trust Fund” under Income Tax Law (Canada) (“Tax Code”). The Trust will not be a “SIFT Trust” (as defined in the Tax Code), provided that the Trust will at all times comply with its investment constraint that prevents the Trust from owning any “Non-Portfolio Property” (as defined in Tax Represents). All material information about the Trust can be found under the Jade Power issuer profile at www.sedar.com.
Statements in this press release contain forward-looking information. Such forward-looking information may be identified by terms such as “expects”, “plans”, “suggests”, “estimates”, “intends”, “expects”, “believes”, “may” and “will”. Forward-looking statements are based on expectations and assumptions made by the Trust. Details of risk factors relating to Jade Power and its business are discussed under “Business Risks and Uncertainties” in the Trust’s Management’s Annual Discussion and 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 fund’s control. 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 update the forward-looking information to the public, whether as a result of new information, future events or otherwise.
Neither the TSXV nor the Regulatory Services Provider (as defined in the TSXV Policies) accepts responsibility for the adequacy or accuracy of this release.
Non-GAAP financial measures
The Fund included certain non-GAAP financial measures which the Trust believes, along with measures defined in accordance with IFRS, will provide investors with an improved ability to assess the underlying performance of the Trust. Non-GAAP financial measures do not carry any uniform meaning under IFRS and therefore may not be comparable to similar measures used by other entities. The statements are intended to provide additional information and should not be viewed in isolation or as a substitute for performance measures developed in accordance with International Financial Reporting Standards.
Specific non-GAAP financial performance measures are intended to provide additional information to investors and have no standardized meaning under IFRS, and therefore may not be comparable with other issuers, and should not be viewed in isolation or as an alternative to it. The performance measures have been prepared in accordance with International Financial Reporting Standards. The Trust believes that these measures, along with measures defined in accordance with IFRS, provide investors with an improved ability to assess the underlying performance of the Trust. Management’s identification of components of non-GAAP financial performance measures and other financial measures is evaluated on a periodic basis affected by new terms and transactions, and reviews investor uses and new regulations as appropriate. Any changes to measures are duly noted and applied retroactively as appropriate. Please refer to the discussion and analysis of trust management for the three months ended March 31, 2022 under the section called “Non-GAAP Financial Actions,” a copy of which is available in Jade Power’s SEDAR profile at www.sedar.com for details Detailed description of each non-GAAP financial measure. The following tables reconcile these non-GAAP financial measures with the more directly comparable IFRS measure.
The following is the adjustment for adjusted EBITDA and adjusted EBITDA per unit:
|Three months are up|
|March 31,||March 31,|
|net income for the period||$||2,161,896||$||1,747,982|
|income tax expense||7913||–|
|Other one-time operating expenses1||961507||–|
|Adjusted EBITDA per unit||$||0.19||$||0.13|
1 Other operating expenses include one-time business development expenses related to the potential acquisition and/or disposal of assets that do not represent the current and ongoing operations of the Fund and do not necessarily indicate future operating profits.
The following is a reconciliation of the operating cash flows for each unit:
|Three months are up|
|March 31,||March 31,|
|net used in operating activities||$||2,441,683||$||3,667,674|
|Weighted average number of units||22375184||23,148,720|
|Operating cash flow per unit||$||0.11||$||0.16|
1 All amounts per unit for the comparative periods have been restated to reflect the 10:1 consolidation of units as of September 23, 2021.
2 A non-GAAP financial measure. Please refer to the “non-GAAP financial measures” in this press release for a reconciliation with the most directly comparable IFRS standards.
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