TORONTO, April 23, 2020 (GLOBE NEWSWIRE) — Jade Power Trust (“Jade Power” or the “Trust”) (TSXV:JPWR.UN) is pleased to report its 2019 annual financial results. All amounts are expressed in Canadian Dollars unless otherwise noted. 
HighlightsRecord energy generation of 155,263 MWh for 2019, representing an increase of 7,720 MWh  or 5% on a year-over-year basis.  Energy generation was higher at all operating projects compared to 2018. Energy generation of 39,994 MWh for the fourth quarter of 2019, representing an increase of 485 MWh on a year-over-year basis.Revenue of $17.7 million for 2019 compared to $17.3 million in 2018.  Revenue of $4.6 million for the fourth quarter compared to $4.1 million for the fourth quarter of  2018.Operating margin¹ of $10.8 million for 2019, representing a 27% increase from $8.5 million in 2018.  Operating margin of $3.1 million for the fourth quarter compared to a loss of $0.06 million for the fourth quarter of 2018. Adjusted EBITDA^1,2 of $8.8 million, or $0.04 per Trust unit (each, a “Unit”) for 2019 compared to $5.9 million, or $0.03 per Unit for 2018, representing an increase of 49%.  Adjusted EBITDA of $2.7 million, or $0.01 per Unit, for the fourth quarter of 2019 compared to $0.4 million, or $0.00 per Unit, for the comparable quarter in 2018.Net income from continuing operations of $4.2 million, or $0.02 per Unit, for 2019 compared to net income of $5.6 million or $0.03 per Unit for the year ended December 31, 2018. Operating cash flows from continuing operations of $6.3 million or $0.03 per Unit for the year, compared to cash outflows of $4.2 million or $0.02 per Unit from the same period in 2018, representing an increase of 50%. A decrease of 31% in general and administrative expenses and professional fees year-over-year.J. Colter Eadie, Chief Executive Officer of Jade Power commented, “We had a solid 2019.  Our operational and financial results reflect our systematic and unwavering approach to improve the profitability and cash flow generation of the Trust.  We continue to monitor the evolution of the COVID-19 outbreak and are pleased to report that to date, the pandemic has not resulted in any disruptions to our assets or financial position.  Recognizing that these are unprecedented times, we are prepared to act quickly to mitigate any unforeseen challenges.  Lastly, our thoughts go out to those who have been directly or indirectly impacted by COVID-19 and want to thank all the front-line workers for their untiring efforts.”For further information please contact:About Jade PowerThe 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 StatementsStatements 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.NON-IFRS MEASURESThe Trust has included certain non-IFRS measures to supplement its consolidated financial statements, which are presented in accordance with IFRS, including operating margin. Operating margin is calculated as cost of sales from revenues as follows:
The following is a reconciliation of adjusted EBITDA and adjusted EBITDA per share:
The following is a reconciliation of operating cash from per Unit:The Trust believes that operating margin, 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 Includes foreign exchange gains (losses).
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