TORONTO, April 30, 2021 (GLOBE NEWSWIRE) -- Jade Power Trust (“Jade Power” or the “Trust”) (TSXV:JPWR.UN) is pleased to report its 2020 annual financial results. All amounts are expressed in Canadian Dollars unless otherwise noted.

Highlights¹

• Record energy generation of 158,822 MW hours (“MWh”) for the year ended December 31, 2020; an increase of 3,559 MWh from the year ended December 31, 2019. Energy generation of 35,653 MWh for the fourth quarter of 2020; a decrease of 4,341 MWh from the fourth quarter of 2019.
• Revenue of $18.7 million for 2020; an increase of 6% from $17.7 million in 2019. Revenue of $3.2 million for the fourth quarter of 2020, compared to $4.6 million for the fourth quarter of 2019.
• Adjusted EBITDA² of $10.3 million, or $0.04 per trust unit of the Trust (a “Unit”), for 2020, an increase of 17% from $8.8 million, or $0.04 per Unit, for 2019. Adjusted EBITDA of $1.9 million, or $0.01 per Unit, for the fourth quarter of 2020, compared to $2.7 million, or $0.01 per Unit, for the fourth quarter of 2019 (see reconciliation of adjusted EBITDA under “Non-IFRS Measures”).
• Operating cash flows of $8.6 million, or $0.04 per Unit, after changes in net working capital for 2020, compared to $6.3 million, or $0.03 per Unit, for 2019, representing an increase of 37% year-over-year. Operating cash flows of $4.1 million, or $0.02 per Unit, after changes in net working capital for the fourth quarter of 2020 compared to operating cash outflows of $1.3 million, or $0.00 per Unit, for the fourth quarter of 2019 (see reconciliation of operating cash flows after changes in net working capital per Unit under “Non-IFRS Measures”).
• Net income of $3.7 million, or $0.02 per Unit, for 2020 compared to net income of $4.2 million, or $0.02 per Unit, for 2019. Net income of $0.8 million, or $0.00 per Unit, for the fourth quarter compared to $2.7 million or $0.01 per Unit for the fourth quarter of 2019.
• Repayment of $4.1 million in corporate debt by January 2021, including principal repayments of $2.5 million during the year ended December 31, 2020.

Fourth quarter energy generation, and the corresponding financial performance of the Trust during such period, was negatively impacted by damage to one of the Trust’s wind turbines located at its East Wind project, which was inoperative from mid-October 2020 to January 2021 due to a lightning strike. The damaged wind turbine has since been repaired and has been properly functioning since February 2021.

During the preparation of the consolidated accounts of the Trust, management noted that accounts payable and accrued liabilities for the Baia wind project were understated by $1,370,093 and accumulated other comprehensive income (loss) was overstated by $1,370,093 as at January 1, 2019 and December 31, 2019, respectively. As a result, prior year comparative figures have been restated to reflect this adjustment. There was no effect on previously reported net income and the adjustment represents less than 1% of the Trust’s assets. Please see the Financial Statements of the Trust for the years ended December 31, 2020 and 2019 for additional information relating to the adjustment, which is available at www.SEDAR.com.

J. Colter Eadie, Chief Executive Officer of Jade Power commented, “We continue to perform and have consistently delivered on-target operating and financial results this past year during this challenging environment. Our balance sheet continues to strengthen with a significant amount of debt retired. Our projects have been resilient throughout the pandemic - a testament to the strength of our operating model and infrastructure.”

¹ From continuing operations.
² 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 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, 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:

The following is a reconciliation of operating cash flow after changes in net working capital 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.
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¹ From continuing operations.
² Includes foreign exchange gains (losses).