Jade Power Reports First Quarter 2020 Results
TORONTO, ONTARIO – June 1, 2020 – Jade Power Trust (“Jade Power” or the “Trust”) (TSXV:JPWR.UN) is pleased to report its first quarter 2020 financial results. All amounts are expressed in Canadian Dollars unless otherwise noted.
- Energy generation of 50,209 MW hours (“MWh”) for the first quarter of 2020; an energy production increase of 7% from the first quarter of 2019.
- Revenue of $5.6 million for the first quarter of 2020, compared with $4.9 million for the first quarter of 2019 from operations, an increase of 14%.
- Adjusted EBITDA2 of $3.2 million or $0.01 per Unit for the first quarter compared to $1.4 million or $0.01 per Unit for the first quarter of 2019, an increase of 129%.
- Net income from continuing operations of $1.5 million for the first quarter of 2020 compared to a net loss of $1.2 million for the first quarter of 2019.
- Operating cash flows of $1.5 million after net changes in working capital.
J. Colter Eadie, Chief Executive Officer of Jade Power commented “Despite the COVID-19 pandemic, 2020 is off to a good start with production and cash flow generation for the first quarter in line with expectations. Even in these challenging times, our business model remains robust, our operating activities remain stable and we remain committed to our strategy to improve Unitholder value”.
For further information please contact:
|J. Colter Eadie
Chief Executive Officer
Chief Financial Officer
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.
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.
The Trust has included certain non-IFRS measures to supplement its consolidated financial statements, which are presented in accordance with IFRS:
Operating margin is calculated as cost of sales from revenues as follows:
The following is a reconciliation of adjusted EBITDA and adjusted EBITDA per Unit:
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.
1 From continuing operations of the Trust
2 Non-IFRS measure. Please refer to the end of this press release for detailed reconciliations.