Polaris Renewable Energy Announces Q1 2023 Results
HIGHLIGHTS
- Consolidated energy production was 217,613 MWh (net) for the quarter ended
March 31, 2023 , of which 125,930 MWh (net) was contributed by the Company's geothermal facility inNicaragua ("San Jacinto") and an aggregate of 66,334 MWh (net) was contributed by the Company's hydroelectric facilities inPeru . A total of 15,235 MWh (net) was contributed by the Company's solar facility inDominican Republic ("Canoa 1"), and 10,114 MWh (net) was contributed by the Company's hydroelectric facility inEcuador ("San Jose de Minas or HSJM"). -
The Company generated
$20.1 million in revenue for the three months endedMarch 31, 2023 , compared to$16.1 million in the same period in 2022. The increase was the net result of additional energy revenue sales from the Binary Unit located inNicaragua , the two new facilities located inDominican Republic andEcuador , acquired during 2022, and from our Peruvian facilities, which had increased production, coupled with the increased prices due to inflation adjustments in the power purchase agreement's ("PPA"). -
Net earnings attributable to owners was
$4.7 million or$0.22 per share - basic for the quarter endedMarch 31, 2023 , compared to net earnings of$2.5 million or$0.13 per share - basic in 2022. -
Adjusted EBITDA was
$15.3 million for the three months endedMarch 31, 2023 , compared to Adjusted EBITDA of$12.1 million in the same period in 2022, principally as a result of revenue increases, as described above. -
For the quarter ended
March 31, 2023 , the Company generated$10.1 million in net cash flow from operating activities, ending with a cash position of$40.6 million , including restricted cash. -
On
March 15, 2023 , the Company signed an agreement withExport Development Canada ("EDC") for a$10.0 million floating rate term loan facility, with the purpose of providing capital to fund early-stage development expenses required to take projects to the point of being construction ready. -
On
March 31, 2023 , the Company completed the construction ofVista Hermosa Solar Park , located inPanama . The plant was connected to the electrical grid onApril 22, 2023 . -
In
April 2023 , the Company began the construction of the Perlabi project, which consists of a conduction channel from the adjacent Perlabi river that will increase the load factor of the existing power plant in San Jose de Minas,Ecuador . The budget for the Perlabi project is approximately$3.4 million and construction is expected to be completed in the second quarter of 2024. -
The Company remains focused on maintaining a quarterly dividend. For the quarter ended
March 31, 2023 , the Company has declared and will pay the quarterly dividend of$0.15 per outstanding common share onMay 26, 2023 . - The Company continued to advance its environmental, social and governance ("ESG") initiatives as part of its core strategy while continuing to maintain an excellent health and safety record. For additional details, readers are encouraged to refer to the Company's annual sustainability report, which is available on the Company's website.
OPERATING AND FINANCIAL OVERVIEW
Three Months Ended | ||||||||
2023 | 2022 | |||||||
Energy production | ||||||||
Consolidated Power MWh (net) | 217,613 | 177,765 | ||||||
Financials | ||||||||
Total revenue | $ | 20,115 | $ | 16,066 | ||||
Net earnings (loss) attributable to owners | $ | 4,696 | $ | 2,531 | ||||
Adjusted EBITDA | $ | 15,325 | $ | 12,097 | ||||
Net cash flow from operating activities | $ | 10,088 | $ | 7,570 | ||||
Per share | ||||||||
Net earnings (loss) attributable to owners - basic | $ | 0.22 | $ | 0.13 | ||||
Net earnings (loss) attributable to owners - diluted | $ | 0.22 | $ | 0.13 | ||||
Adjusted EBITDA - basic | $ | 0.73 | $ | 0.62 | ||||
Balance Sheet | As at 2023 | As at 2022 | ||||||
Cash | $ | 35,960 | $ | 35,325 | ||||
Restricted cash - non-current | $ | 4,640 | $ | 4,640 | ||||
Total current assets | $ | 51,520 | $ | 50,609 | ||||
Total assets | $ | 531,100 | $ | 535,102 | ||||
Current and Long-term debt (i) | $ | 181,986 | $ | 184,408 | ||||
Total liabilities | $ | 259,197 | $ | 264,890 |
- Net of transaction costs.
During the three months ended
For
Consolidated production in
For
For
"The first quarter results represent the culmination of several years of work by the Company which includes the construction of the Binary unit in
About
The Company's operations are in 5 Latin American countries and include a geothermal plant (~72 MW), 4 run-of-river hydroelectric plants (39 MW), and 3 solar (photovoltaic) projects in operation (35 MW).
For more information, contact :
Investor Relations
Phone: +1 647-245-7199
Email: info@PolarisREI.com
Cautionary Statements
This news release contains "forward-looking information" within the meaning of applicable Canadian securities laws, which may include, but is not limited to, financial and other projections as well as statements with respect to future events or future performance, management's expectations regarding the Company's growth, results of operations, business prospects and opportunities, construction plans in
A number of known and unknown risks, uncertainties and other factors may cause the actual results or performance to materially differ from any future results or performance expressed or implied by the forward-looking information. Such factors include, among others: failure to discover and establish economically recoverable and sustainable resources through exploration and development programs; imprecise estimation of probability simulations prepared to predict prospective resources or energy generation capacities; inability to complete hydro projects in the required time to meet COD; variations in project parameters and production rates; defects and adverse claims in the title to the Company's properties; failure to obtain or maintain necessary licenses, permits and approvals from government authorities; the impact of changes in foreign currency exchange and interest rates; changes in government regulations and policies, including laws governing development, production, taxes, labour standards and occupational health, safety, toxic substances, resource exploitation and other matters; availability of government initiatives to support renewable energy generation; increase in industry competition; fluctuations in the market price of energy; impact of significant capital cost increases; the ability to file adjustments in respect of applicable power purchase agreements; unexpected or challenging geological conditions; changes to regulatory requirements, both regionally and internationally, governing development, geothermal or hydroelectric resources, production, exports, taxes, labour standards, occupational health, waste disposal, toxic substances, land use, environmental protection, project safety and other matters; economic, social and political risks arising from potential inability of end-users to support the Company's properties; insufficient insurance coverage; inability to obtain equity or debt financing; fluctuations in the market price of Shares; inability to retain key personnel; the risk of volatility in global financial conditions, as well as a significant decline in general economic conditions; uncertainty of political stability in countries in which the Company operates; uncertainty of the ability of
Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking information, there may be other factors that cause actions, events or results to differ from those anticipated, estimated or intended. Forward-looking information contained herein is provided as at the date hereof and the Company disclaims any obligation to update any forward-looking information, whether as a result of new information, future events or results or otherwise, except as required by applicable laws. There can be no assurance that forward-looking information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information. Accordingly, readers should not place undue reliance on forward-looking information due to the inherent uncertainty therein.
Additional information about the Company, including the Company's AIF for the year ended
Non-GAAP Performance Measures
Certain measures in this press release do not have any standardized meaning as prescribed by IFRS and, therefore, are not considered GAAP measures. Where non-GAAP measures or terms are used, definitions are provided. In this document and in the Company's consolidated financial statements, unless otherwise noted, all financial data is prepared in accordance with IFRS.
This news release includes references to the Company's adjusted earnings before interest, taxes, depreciation and amortization ("adjusted EBITDA") and adjusted EBITDA per share, which are non-GAAP measures. These measures should not be considered in isolation or as an alternative to net earnings (loss) attributable to the owners of the Company or other measures of financial performance calculated in accordance with IFRS. Rather, these measures are provided to complement IFRS measures in the analysis of
Descriptions and reconciliations of the above noted non-GAAP performance measures are included in Section 13: Non-GAAP Performance Measures in the Company's MD&A for the three months ended
SOURCE:
View source version on accesswire.com:
https://www.accesswire.com/752891/Polaris-Renewable-Energy-Announces-Q1-2023-Results
n
© Ritzau Denmark, source