Jade Power Reports First Quarter 2021 Results

TORONTO, May 31, 2021 (GLOBE NEWSWIRE) — Jade Power Trust (“Jade Power” or the “Trust”) (TSXV:JPWR.UN) is pleased to report its first quarter 2021 financial results.  All amounts are expressed in Canadian Dollars unless otherwise noted. 

Highlights

  • Energy generation from operations of 43,821 MWh for the first quarter of 2021 compared to 50,209 MWh for the first quarter of 2020 due to less windy conditions, which negatively impacted energy generation by the Trust’s wind assets.
  • Revenue of $5.0 million for the first quarter of 2021, compared with $5.4 million for the first quarter of 2020.
  • Net income of $1.7 million or $0.01 per trust unit (each, a “Unit”) for the first quarter of 2021 compared to a net income of $1.5 million or $0.01 per Unit for the first quarter of 2020. 
  • Adjusted EBITDA of $2.9 million1 or $0.01 per Unit for the first quarter compared to $3.2 million or $0.01 per Unit for the comparable quarter in 2020. (see reconciliation of adjusted EBITDA under “Non-IFRS Measures”)
  • Operating cash flows of $3.7 million or $0.02 per Unit after net changes in working capital compared to $1.5 million or $0.01 per Unit for the first quarter of 2020 reflecting an increase in proceeds from the sale of Green Certificates as a result of a 23% increase in Green Certificates sold during the first quarter. (see reconciliation of operating cash flows after net changes in working capital under “Non-IFRS Measures”)
  • Full repayment of the Trust’s debt facility in January 2021.  

J. Colter Eadie, Chief Executive Officer of Jade Power commented “Although less resulted in lower energy generation for the quarter, we are pleased with our cash flow generation for the quarter from the sale of Green Certificates.  Our balance sheet continues to strengthen with a significant amount of debt retired during the first quarter. Our projects continue to be resilient throughout the pandemic – a testament to the strength of our operating model and infrastructure.”

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1 Includes foreign exchange gains (losses).

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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, 2020, 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
  March 31, March 31,
    2021     2020
Net income (loss) for the period from continuing operations $ 1,747,982   $ 1,501,373
Add-back:    
Financing (recovery) costs   228,404     713,702
Income tax expense (recovery)       12,378
depreciation   963,504     928,133
Adjusted EBITDA from continuing operations $ 2,939,890   $   3,155,586
Adjusted EBITDA per Unit from continuing operations $ 0.01   $ 0.01

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

        Three months ended
    March 31,   March 31,
    2021     2020
Net used in operating activities from continuing operations $         3,667,674   $  1,523,682
Weighted average number of Units         231,216,256     231,487,195
Operating cash flow from continuing operations per Unit $                    0.02   $                   0.01

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.

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