Highlights1
- Energy generation of 153,044 MWh for the year ended
December 31, 2021 compared to 158,947 MWh with the comparable period in 2020. Energy generation of 43,146 MWh for the fourth quarter of 2021 compared to 35,778 MWh for the fourth quarter of 2020. Energy for the fourth of 2021 quarter was higher than the fourth quarter of 2020 due to more favourable wind levels. - Revenue of
$18.7 million for the year endedDecember 31, 2021 compared to$18.7 million for the year endedDecember 31, 2020 . Revenue of$4.8 million for the fourth quarter of 2021 compared to$3.9 million for the fourth quarter of 2020. - Net income of
$3.7 million , or$0.16 per Unit, for the year endedDecember 31, 2021 compared to$3.7 million , or$0.16 per Unit, for the same period in 2020. Net loss was$0.8 million , or$(0.04) per Unit, for the fourth quarter of 2021 compared to a net income of$0.8 million , or$0.03 per Unit, for the fourth quarter of 2020. - Adjusted EBITDA2 of
$9.7 million , or$0.42 per Unit, for the year endedDecember 31, 2021 , compared to$10.3 million , or$0.45 per Unit, for the year endedDecember 31, 2020 . Adjusted EBITDA of$2.1 million or$0.09 per Unit, for the fourth quarter compared to$1.9 million , or$0.08 per Unit, for the comparable quarter in 2020. (See reconciliation of adjusted EBITDA under “Non-GAAP Financial Measures”) - Operating cash flows2 of
$16.3 million , or$0.71 per Unit, after changes in working capital for the year endedDecember 31, 2021 , compared to$8.9 million , or$0.37 per Unit, for the year endedDecember 31, 2020 . Operating cash flows of$9.2 million , or$0.40 per Unit, after net changes in working capital for the fourth quarter of 2021 compared to$4.1 million , or$0.18 per Unit, for the fourth quarter of 2020. The increase in operating cash flows was driven by higher proceeds from the sale of Green Certificates and positive working capital movements during the period. (See reconciliation of operating cash flows after net changes in working capital under “Non-GAAP Financial Measures”) - In
September 2021 , the Trust completed the consolidation of all of its issued and outstanding Units on the basis of one (1) post-consolidation Unit for every ten (10) pre-consolidation Units, resulting in a reduction in the issued and outstanding Units from 231,216,256 Units to 23,121,612 Units and launched a normal course issuer bid (“NCIB”) pursuant to 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 fromSeptember 17, 2021 untilSeptember 16, 2022 . The Trust purchased 540,000 Units under the NCIB during the year endedDecember 31, 2021 . A total of 868,700 Units have been purchased under the NCIB as of the date of this press release.
J. Colter Eadie, Chief Executive Officer of
For further information, please contact:
Chairman +1 647-987-7663 rsood@jadepower.com | Chief Executive Officer +40 736-372-724 jceadie@jadepower.com | Chief Financial Officer +1 416-803-6760 bsoares@jadepower.com |
About
The Trust, through its direct and indirect subsidiaries in
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
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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 annual Management's Discussion & Analysis for the year ended
The following is a reconciliation of adjusted EBITDA and adjusted EBITDA per Unit:
Three months ended | Year ended | ||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||
Net income for the period from continuing operations | $ | (843,859 | ) | $ | 803,756 | $ | 3,676,741 | $ | 3,657,157 | ||
Add-back: | |||||||||||
Financing costs | 211,691 | (393,316 | ) | 1,121,807 | 1,948,225 | ||||||
Income tax expense | 1,327,210 | 176,079 | 1,327,210 | 121,629 | |||||||
Depreciation | 944,057 | 1,019,042 | 3,714,629 | 3,857,596 | |||||||
EBITDA from continuing operations | |||||||||||
One-time other operating expenses1 | 728,766 | 312,607 | 728,766 | 753,587 | |||||||
One-time other gains (losses)2 | 10,231 | - | (544,719 | ) | - | ||||||
Adjusted EBITDA from continuing operations | $ | 2,378,096 | $ | 1,918,168 | $ | 10,024,434 | $ | 10,338,194 | |||
Adjusted EBITDA per Unit from continuing operations | $ | 0.10 | $ | 0.08 | $ | 0.44 | $ | 0.45 |
1 Included in other operating expenses are one-time other operating expenses are one-time interest and penalties and business expenses related to business development and potential acquisition and disposition expenses.
2 Included in other gains are a gain on the settlement of insurance claims net of write-off of indirect tax receivables.
The following is a reconciliation of operating cash flow per Unit:
Three months ended | Year ended | ||||||||
2021 | 2020 | 2021 | 2020 | ||||||
Net used in operating activities from continuing operations | $ | 9,235,404 | $ | 4,149,181 | $ | 16,279,002 | $ | 8,589,294 | |
Weighted average number of Units | 22,808,558 | 23,121,626 | 23,043,358 | 23,131,766 | |||||
Operating cash flow from continuing operations per Unit | $ | 0.40 | $ | 0.18 | $ | 0.71 | $ | 0.37 |
1 All per Unit amounts for the comparative periods have been restated to reflect the 10:1 Unit consolidation effective
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.
Source:
2022 GlobeNewswire, Inc., source