Polaris Renewable Energy Announces Q2 2024 Results
Polaris Renewable Energy Inc. (TSX:PIF) reported its Q2 2024 financial results. Key highlights include:
- Consolidated energy production of 186,887 MWh, down 11% year-over-year
- Revenue of $18.7 million, compared to $20.8 million in Q2 2023
- Net earnings of $985,000 or $0.05 per share
- Adjusted EBITDA of $13.3 million
- Cash position of $45.2 million, including restricted cash
- Quarterly dividend of $0.15 per share declared
The decrease in production and revenue was primarily due to scheduled maintenance at the Nicaragua geothermal facility and lower hydrology in Peru. Despite challenges, the company maintained cost control measures and expects generation for the remainder of the year to align with expectations.
Polaris Renewable Energy Inc. (TSX:PIF) ha riportato i risultati finanziari del secondo trimestre 2024. I punti salienti includono:
- Produzione consolidata di energia di 186.887 MWh, in diminuzione dell'11% rispetto all'anno precedente
- Entrate di 18,7 milioni di dollari, rispetto ai 20,8 milioni di dollari del Q2 2023
- Utile netto di 985.000 dollari, ovvero 0,05 dollari per azione
- EBITDA rettificato di 13,3 milioni di dollari
- Posizione di liquidità di 45,2 milioni di dollari, inclusa la liquidità vincolata
- Dividendo trimestrale di 0,15 dollari per azione dichiarato
Il calo della produzione e delle entrate è stato principalmente causato dalla manutenzione programmata presso l'impianto geotermico in Nicaragua e da una minore idrologia in Perù. Nonostante le difficoltà, la società ha mantenuto le misure di controllo dei costi e si aspetta che la produzione per il resto dell'anno si allinei alle aspettative.
Polaris Renewable Energy Inc. (TSX:PIF) presentó sus resultados financieros del segundo trimestre de 2024. Los principales aspectos destacados incluyen:
- Producción de energía consolidada de 186,887 MWh, un 11% menos que el año anterior
- Ingresos de 18.7 millones de dólares, en comparación con 20.8 millones de dólares en el Q2 2023
- Ganancias netas de 985,000 dólares, o 0.05 dólares por acción
- EBITDA ajustado de 13.3 millones de dólares
- Posición de efectivo de 45.2 millones de dólares, incluyendo efectivo restringido
- Dividendo trimestral de 0.15 dólares por acción declarado
La disminución en la producción y los ingresos se debió principalmente al mantenimiento programado en la planta geotérmica de Nicaragua y a una menor hidrología en Perú. A pesar de los desafíos, la empresa mantuvo medidas de control de costos y espera que la generación para el resto del año se alinee con las expectativas.
폴라리스 재생 에너지 Inc. (TSX:PIF)는 2024년 2분기 재무 결과를 발표했습니다. 주요 하이라이트는 다음과 같습니다:
- 컨솔리데이트된 에너지 생산량 186,887 MWh, 전년 대비 11% 감소
- 수익 1,870만 달러, 2023년 2분기 2,080만 달러 대비
- 순이익 985,000달러, 주당 0.05달러
- 조정된 EBITDA 1,330만 달러
- 제한된 현금을 포함한 4,520만 달러의 현금 보유량
- 주당 0.15달러의 분기배당금 선언
생산량과 수익의 감소는 주로 니카라과의 지열 시설에서의 예정된 유지보수와 페루의 수자원의 감소 때문이었습니다. 어려움에도 불구하고, 회사는 비용 관리 조치를 유지하였으며, 올해 나머지 기간 동안의 생산이 예상에 부합할 것으로 기대하고 있습니다.
Polaris Renewable Energy Inc. (TSX:PIF) a publié ses résultats financiers pour le deuxième trimestre 2024. Les faits saillants clés comprennent:
- Production d'énergie consolidée de 186 887 MWh, en baisse de 11 % par rapport à l'année précédente
- Chiffre d'affaires de 18,7 millions de dollars, contre 20,8 millions de dollars au T2 2023
- Résultat net de 985 000 dollars, soit 0,05 dollar par action
- EBITDA ajusté de 13,3 millions de dollars
- Position de trésorerie de 45,2 millions de dollars, y compris les liquidités restreintes
- Dividende trimestriel de 0,15 dollar par action déclaré
La baisse de la production et du chiffre d'affaires est principalement due à un entretien programmé de l'installation géothermique au Nicaragua et à une hydrologie plus faible au Pérou. Malgré les défis, l'entreprise a maintenu ses mesures de contrôle des coûts et s'attend à ce que la production pour le reste de l'année soit conforme aux attentes.
Polaris Renewable Energy Inc. (TSX:PIF) hat seine finanziellen Ergebnisse für das zweite Quartal 2024 veröffentlicht. Wesentliche Highlights sind:
- Konsolidierte Energieproduktion von 186.887 MWh, ein Rückgang von 11 % im Vergleich zum Vorjahr
- Umsatz von 18,7 Millionen Dollar, verglichen mit 20,8 Millionen Dollar im Q2 2023
- Nettoergebnis von 985.000 Dollar oder 0,05 Dollar pro Aktie
- Bereinigtes EBITDA von 13,3 Millionen Dollar
- Barmittelposition von 45,2 Millionen Dollar, einschließlich gebundener Mittel
- Quartalsdividende von 0,15 Dollar pro Aktie erklärt
Der Rückgang der Produktion und des Umsatzes war hauptsächlich auf planmäßige Wartungsarbeiten in der geothermischen Anlage in Nicaragua und eine geringere Hydrologie in Peru zurückzuführen. Trotz der Herausforderungen hat das Unternehmen die Kostenkontrollmaßnahmen aufrechterhalten und erwartet, dass die Produktion für den Rest des Jahres den Erwartungen entspricht.
- Maintained quarterly dividend of $0.15 per share
- Strong cash position of $45.2 million
- Cost control measures implemented successfully
- Canoa 1 facility in Dominican Republic increased generation by 9%
- Vista Hermosa Solar Park in Panama production in line with expectations
- Consolidated energy production down 11% year-over-year
- Revenue decreased from $20.8 million to $18.7 million
- Net earnings declined from $4.6 million to $985,000
- Adjusted EBITDA decreased from $15.4 million to $13.3 million
- Production in Peru down 18% due to resource availability and temporary shutdown
TORONTO, ON / ACCESSWIRE / August 1, 2024 / Polaris Renewable Energy Inc. (TSX:PIF) ("Polaris Renewable Energy" or the "Company"), is pleased to report its financial and operating results for the three and six months ended June 30, 2024. This earnings release should be read in conjunction with the Company's condensed consolidated interim financial statements and management's discussion and analysis, which are available on the Company's website at www.PolarisREI.com and have been posted on SEDAR+ at www.sedarplus.ca. The dollar figures below are denominated in US Dollars unless noted otherwise.
HIGHLIGHTS
Consolidated energy production of 186,887 MWh in the second quarter was
11% lower than the same period last year. The reduction is primarily as a result of the scheduled major maintenance of the Company's geothermal facility in Nicaragua in April. In addition, hydrology in Peru was lower compared with last year.The Company generated
$18.7 million in revenue from energy sales for the quarter ended June 30, 2024, compared to$20.8 million in the same period in 2023. Lower revenue resulted from lower production in the Company's geothermal facility in Nicaragua due to the major maintenance of April 2024.Net earnings attributable to shareholders of the Company in the second quarter of 2024 were
$985 or$0.05 per share - basic, compared to net earnings attributable to shareholders of the Company of$4,622 or$0.22 per share - basic in the comparative quarter of 2023.Adjusted EBITDA was
$13.3 million for the three-month period ended June 30, 2024, compared to Adjusted EBITDA of$15.4 million in the same period in 2023 as a result of revenue decrease, as explained above.Consolidated Direct Costs and General and Administrative expenses remained flat during the first half of 2024 when compared to the same period in 2023, despite the inclusion of a full quarter of operating costs for Vista Hermosa Solar Park in Panama (which was under construction in April 2023).
For the six-month period ended June 30, 2024, the Company generated
$17.0 million in net cash flow from operating activities, ending with a cash position of$45.2 million , including restricted cash.Maintaining a quarterly dividend remains a goal for the Company. In respect of the second quarter of 2024, the Company declared and expects to pay a quarterly dividend of
$0.15 per outstanding common share on August 23, 2024.The Company continued to advance its Corporate Sustainability Strategy including maintaining high standards in Occupational Health and Safety. 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 |
|
| Six Months Ended |
| ||||||||||
|
| June 30, 2024 |
|
| June 30, 2023 |
|
| June 30, 2024 |
|
| June 30, 2023 |
| ||||
Energy production |
|
|
|
|
|
|
|
|
|
|
|
| ||||
Consolidated Power MWh |
|
| 186,886 |
|
|
| 211,765 |
|
|
| 400,320 |
|
|
| 429,378 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Financials |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total revenue |
| $ | 18,702 |
|
| $ | 20,817 |
|
| $ | 39,334 |
|
| $ | 40,932 |
|
Net earnings attributable to owners |
| $ | 985 |
|
| $ | 4,622 |
|
| $ | 5,331 |
|
| $ | 9,318 |
|
Adjusted EBITDA |
| $ | 13,319 |
|
| $ | 15,386 |
|
| $ | 29,060 |
|
| $ | 30,711 |
|
Net cash flow from operating activities |
| $ | 8,297 |
|
| $ | 10,254 |
|
| $ | 16,984 |
|
| $ | 20,342 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Per share |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net earnings attributable to owners - basic and diluted |
| $ | 0.05 |
|
| $ | 0.22 |
|
| $ | 0.25 |
|
| $ | 0.44 |
|
Adjusted EBITDA - basic |
| $ | 0.63 |
|
| $ | 0.73 |
|
| $ | 1.38 |
|
| $ | 1.46 |
|
Balance Sheet |
| As at June 30, 2024 |
|
| As at December 31, 2023 |
| ||
Total cash and cash equivalents (Restricted and Unrestricted) |
| $ | 45,243 |
|
| $ | 44,683 |
|
Total current assets |
| $ | 55,176 |
|
| $ | 54,042 |
|
Total assets |
| $ | 509,138 |
|
| $ | 519,400 |
|
Current and Long-term debt |
| $ | 165,927 |
|
| $ | 172,379 |
|
Total liabilities |
| $ | 239,906 |
|
| $ | 249,468 |
|
During the three months ended June 30, 2024 quarterly consolidated power production was lower than the same period in 2023. This was mainly driven by the decrease in production from the geothermal facility in Nicaragua due to scheduled major maintenance conducted in the month of April requiring units 4 and 5 to temporarily shut -off during the process..
Consolidated production in Peru for the three months ended June 30, 2024 was
The Canoa 1 facility in the Dominican Republic increased generation by
For Ecuador, in the second quarter of 2024, HSJM's expected production of 11,253 MWh was in line with the production of the comparative period in 2023.
The Vista Hermosa Solar Park in Panama was connected to the electrical grid in April 2023, upon construction completion in March 2023. For the three months ended June 30, 2024, the solar facility produced 4,600 MWh, which was in line with Company's expectations for the period.
" I am pleased that, despite lower hydrology in Peru for the second quarter, the EBITDA year to date is in line with our expectations. This has been possible through continued cost control measures and decreased G&A expenses - worth highlighting in this macro- economic environment. Our generation expectations for the remainder of the year and longer term remain intact", said Marc Murnaghan, Chief Executive Officer of Polaris Renewable Energy.
About Polaris Renewable Energy Inc.
Polaris Renewable Energy Inc. is a Canadian publicly traded company engaged in the acquisition, development, and operation of renewable energy projects in Latin America. We are a high-performing and financially sound contributor in the energy transition.
The Company's operations are in 5 Latin American countries and include a geothermal plant (82 MW), 4 run-of-river hydroelectric plants (39 MW) and 3 solar (photovoltaic) projects in operation (35 MW).
For more information, contact :
Investor Relations
Polaris Renewable Energy Inc.
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 Panama, production in the fourth quarter in Nicaragua and synergies of the acquisitions discussed above, and the effects of the COVID-19 pandemic. In addition, statements relating to estimates of recoverable energy "resources" or energy generation capacities are forward-looking information, as they involve implied assessment, based on certain estimates and assumptions, that electricity can be profitably generated from the described resources in the future. Such forward-looking information reflects management's current beliefs and is based on information currently available to management. Often, but not always, forward-looking statements can be identified by the use of words such as "plans", "expects", "is expected", "budget", "estimates", "goals", "intends", "targets", "aims", "likely", "typically", "potential", "probable", "projects", "continue", "strategy", "proposed", or "believes" or variations (including negative variations) of such words and phrases or may be identified by statements to the effect that certain actions, events or results "may", "could", "should", "would", "might" or "will" be taken, occur or be achieved.
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 Nicaragua, Peru, Panama, Ecuador and Dominican Republic to sell power to neighbouring countries; economic insecurity in Nicaragua, Peru, Panama, Ecuador and Dominican Republic; and other development and operating risks, as well as those factors discussed in the section entitled "Risks and Uncertainties" in the Company's annual and interim MD&A, copies of which are available on SEDAR. There may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. These factors are not intended to represent a complete list of the risk factors that could affect us. These factors should be carefully considered, and readers of this press release should not place undue reliance on forward-looking information.
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 and sustainability report for the year ended December 31, 2023, its annual and interim financial statements and related MD&A is available on SEDAR+ at www.sedarplus.ca and on the Company's website at www.PolarisREI.com.
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 Polaris Renewable Energy's results since the Company believes that the presentation of these measures will enhance an investor's understanding of Polaris Renewable Energy's operating performance. Management's determination of the components of non-GAAP performance measures are evaluated on a periodic basis in accordance with its policy and are influenced by new transactions and circumstances, a review of stakeholder uses and new applicable regulations. When applicable, changes to the measures are noted and retrospectively applied.
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 period ended June 30, 2024 and on the Company's website www.polarisREI.com/Non-GAAP.
SOURCE: Polaris Renewable Energy Inc.
View the original press release on accesswire.com
FAQ
What were Polaris Renewable Energy's Q2 2024 earnings per share?
How much revenue did Polaris Renewable Energy generate in Q2 2024?
What caused the decrease in Polaris Renewable Energy's Q2 2024 production?
What is Polaris Renewable Energy's dividend for Q2 2024?
How much cash does Polaris Renewable Energy have as of June 30, 2024?
