Polaris Renewable Energy Announces Q4 and Annual 2023 Results
Polaris Renewable Energy Announces Q4 and Annual 2023 Results
TORONTO, ON / ACCESSWIRE / February 22, 2024 / Polaris Renewable Energy Inc. (TSX:PIF) ("Polaris Renewable Energy" or the "Company"), is pleased to report its financial and operating results for the year ended December 31, 2023. This earnings release should be read in conjunction with the Company's consolidated financial statements and management's discussion and analysis, which are available on the Company's website at and have been posted on SEDAR+ at . The dollar figures below are denominated in US Dollars unless noted otherwise.
安大略省多倫多/ACCESSWIRE/2024年2月22日/北極星可再生能源公司（多倫多證券交易所股票代碼：PIF）（“北極星可再生能源” 或 “公司”）欣然公佈截至2023年12月31日止年度的財務和經營業績。本業績應與公司的合併財務報表以及管理層的討論和分析一起閱讀，後者可在公司網站上查閱，也已在SEDAR+上發佈，網址爲。除非另有說明，否則以下美元數字均以美元計價。
HIGHLIGHTS
亮點
- Annual consolidated energy production increased by 151,195 MWh or 23% to 800,951 MWh for the year ended December 31, 2023 when compared to the year ended December 31, 2022. Of this increment, 60,040 MWh was contributed by the Company's geothermal facility in Nicaragua boosted by the start of the binary plant on January 2023; increased production of 23,066 MWh contributed by the Company's hydroelectric facilities in Peru; 13,122 MWh produced by the newly constructed solar plant in Panama, which began producing in April 2023; incremental production of 27,657 MWh from the solar facility in the Dominican Republic, which reflects a timing impact from its acquisition on June 28,2022, compared to full production in 2023, similar to the hydroelectric facility in Ecuador which was acquired on September 7, 2022, and contributed an additional 27,222 MWh to the annual consolidated energy production in 2023.
- The Company generated $78.5 million in revenue from energy sales for the year ended December 31, 2023, compared to $62.6 million in the same period in 2022. The increase was the net result of additional revenue from the Binary unit in Nicaragua as well as full year production from the three new facilities located in Dominican Republic, Panama and Ecuador, coupled with the increased prices with respect to the inflation adjustments in the power purchase agreement's ("PPA") for the Peruvian facilities.
- Net earnings attributable to owners was $11.7 million or $0.56 per share - basic for the year ended December 31, 2023, compared to net earnings of $2.5 million or $0.12 per share - basic in 2022.
- Adjusted EBITDA(1) increased to $57.7 million for the year ended December 31, 2023, compared to Adjusted EBITDA(1) of $44.9 million in the same period in 2022, principally as a result of revenue increases, as described above.
- For year ended December 31, 2023, the Company generated $44.0 million in net cash flow from operating activities, ending with a cash position of $44.7 million, including restricted cash.
- On March 31, 2023, the Company completed the construction of Vista Hermosa Solar Park, located in Panama. The plant was connected to the electrical grid on April 22, 2023
- The company installed a 630KW Battery Energy Storage System ("BESS"), at the 8 de Agosto hydroelectric facilities in Peru. This system, commonly used in power grids, consists of a set of batteries that store electrical energy that can then be drawn when needed to meet specific demands such as a primary frequency regulation.
- On August 21, 2023 the Company announced that the Toronto Stock Exchange accepted its notice of intention to proceed with a normal course issuer bid ("NCIB"), under which Polaris may purchase up to 2,048,273 of its common shares. During the year ended December 31, 2023, the Company repurchased and cancelled 22,200 common shares, for total consideration of $213,596 at an average price of $9.62 (C$13.21) per share.
- The Company remains focused on maintaining a quarterly dividend. For the year ended December 31, 2023, the Company declared and paid $12.6 million in dividends. The Company has declared and will pay a quarterly dividend of $0.15 per outstanding common share on February 23, 2024.
- The Company continued to advance its environmental, social and governance 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.
- 與截至2022年12月31日的年度相比，截至2023年12月31日止年度的年度合併能源產量增長了151,195兆瓦時，增長了23％，達到800,951兆瓦時。在這一增量中，60,040兆瓦時由該公司在尼加拉瓜的地熱設施提供，這得益於2023年1月二元發電廠的開工；23,066兆瓦時的增產量由公司在秘魯的水力發電設施提供；13,122兆瓦時由巴拿馬新建的太陽能發電廠生產，該發電廠於2023年4月開始生產；多米尼加共和國太陽能設施增產27,657兆瓦時，反映了這一增量與2023年的全面產量相比，其於2022年6月28日收購的時間影響，類似於厄瓜多爾的水力發電設施於2022年9月7日被收購，爲2023年的年度綜合能源產量額外貢獻了27,222兆瓦時。
- 截至2023年12月31日的財年，該公司的能源銷售收入爲7,850萬美元，而2022年同期爲6,260萬美元。這一增長是尼加拉瓜Binary裝置的額外收入以及位於多米尼加共和國、巴拿馬和厄瓜多爾的三個新設施的全年產量，以及秘魯電力購買協議（“PPA”）中因通貨膨脹調整而導致價格上漲的淨結果。
- 歸屬於所有者的淨收益爲1170萬美元，合每股收益0.56美元，這是截至2023年12月31日止年度的基本收益，而2022年的基本淨收益爲250萬美元，合每股收益0.12美元。
- 調整後 EBITDA(1) 與調整後的息稅折舊攤銷前利潤相比，截至2023年12月31日的年度增至5,770萬美元(1) 2022年同期爲4,490萬美元，這主要是收入增長的結果，如上所述。
- 截至2023年12月31日的財年，公司通過經營活動創造了4,400萬美元的淨現金流，包括限制性現金在內的現金狀況爲4,470萬美元。
- 2023年3月31日，該公司完成了位於巴拿馬的Vista Hermosa太陽能公園的建設。該工廠於 2023 年 4 月 22 日接入電網
- 該公司在秘魯8月8日的水力發電設施安裝了630千瓦的電池儲能系統（“BESS”）。該系統通常用於電網，由一組儲存電能的電池組成，然後可以在需要時消耗這些電能，以滿足諸如初級頻率調節等特定需求。
- 2023年8月21日，該公司宣佈，多倫多證券交易所接受了其打算進行正常發行人出價（“NCIB”）的通知，根據該出價，北極星最多可以購買2,048,273股普通股。在截至2023年12月31日的年度中，公司回購並註銷了22,200股普通股，總對價爲213,596美元，平均每股價格爲9.62美元（合13.21加元）。
- 公司仍然專注於維持季度股息。在截至2023年12月31日的年度中，公司宣佈並支付了1,260萬美元的股息。該公司已宣佈並將於2024年2月23日派發每股已發行普通股0.15美元的季度股息。
- 作爲其核心戰略的一部分，公司繼續推進其環境、社會和治理舉措，同時繼續保持良好的健康和安全記錄。欲了解更多詳情，鼓勵讀者參考公司的年度可持續發展報告，該報告可在公司網站上查閱。
OPERATING AND FINANCIAL OVERVIEW
運營和財務概述
| Three Months Ended | Year Ended | |||||||||||||||
December 31, |
December 31, |
December 31, |
December 31, |
|||||||||||||
Energy production |
||||||||||||||||
Consolidated Power MWh |
192,820 | 174,220 | 800,951 | 649,756 | ||||||||||||
Financials |
||||||||||||||||
Total revenue |
$ | 18,748 | $ | 16,870 | $ | 78,522 | $ | 62,600 | ||||||||
Net earnings attributable to owners |
$ | 1,408 | $ | 3,001 | $ | 11,744 | $ | 2,499 | ||||||||
Adjusted EBITDA |
$ | 13,391 | $ | 11,658 | $ | 57,663 | $ | 44,921 | ||||||||
Net cash flow from operating activities |
$ | 10,167 | $ | 12,846 | $ | 43,960 | $ | 33,506 | ||||||||
Per share |
||||||||||||||||
Net earnings attributable to owners - basic and diluted
|
$ | 0.07 | $ | 0.14 | $ | 0.56 | $ | 0.12 | ||||||||
Adjusted EBITDA - basic
|
$ | 0.64 | $ | 0.55 | $ | 2.74 | $ | 2.23 | ||||||||
Balance Sheet |
As at |
As at |
||||||||||||||
Total Cash (Restricted and Unrestricted) |
$ | 44,683 | $ | 39,965 | ||||||||||||
Total current assets |
$ | 54,042 | $ | 50,609 | ||||||||||||
Total assets |
$ | 519,400 | $ | 535,102 | ||||||||||||
Current and Long-term debt |
$ | 172,379 | $ | 184,408 | ||||||||||||
Total liabilities |
$ | 249,468 | $ | 264,890 | ||||||||||||
| 三個月已結束 | 年終了 | |||||||||||||||
十二月三十一日 |
十二月三十一日 |
十二月三十一日 |
十二月三十一日 |
|||||||||||||
能源生產 |
||||||||||||||||
合併功率 mWh |
192,820 | 174,220 | 800,951 | 649756 | ||||||||||||
金融 |
||||||||||||||||
總收入 |
$ | 18,748 | $ | 16,870 | $ | 78,522 | $ | 62,600 | ||||||||
歸屬於所有者的淨收益 |
$ | 1,408 | $ | 3,001 | $ | 11,744 | $ | 2,499 | ||||||||
調整後 EBITDA |
$ | 13,391 | $ | 11,658 | $ | 57,663 | $ | 44,921 | ||||||||
來自經營活動的淨現金流 |
$ | 10,167 | $ | 12,846 | $ | 43,960 | $ | 33,506 | ||||||||
每股 |
||||||||||||||||
歸屬於所有者的淨收益- 基本的和稀釋的
|
$ | 0.07 | $ | 0.14 | $ | 0.56 | $ | 0.12 | ||||||||
調整後息折舊攤銷前利潤- 基本的
|
$ | 0.64 | $ | 0.55 | $ | 2.74 | $ | 2.23 | ||||||||
資產負債表 |
截至目前 |
截至目前 |
||||||||||||||
現金總額（受限和非受限） |
$ | 44,683 | $ | 39,965 | ||||||||||||
流動資產總額 |
$ | 54,042 | $ | 50,609 | ||||||||||||
總資產 |
$ | 519,400 | $ | 535,102 | ||||||||||||
當前和長期債務 |
$ | 172,379 | $ | 184,408 | ||||||||||||
負債總額 |
$ | 249,468 | $ | 264,890 | ||||||||||||
During the three months ended December 31, 2023 quarterly consolidated power production was higher than the same period in 2022, mainly driven by an increase in production in Peru due to better hydrology.
在截至2023年12月31日的三個月中，季度合併電力產量高於2022年同期，這主要是由水文改善導致秘魯產量增加所致。
For Nicaragua, in the fourth quarter of 2023 production was comparable to the production in 2022. Incremental temporary instability in cycling wells was offset by the additional energy generated by the new Binary Plant.
尼加拉瓜在2023年第四季度的產量與2022年的產量相當。新的二元電廠產生的額外能量抵消了循環油井中逐漸增加的暫時不穩定性。
Consolidated production in Peru for the three months ended December 31, 2023 was higher than the comparative period in 2022 due to greater water availability at both El Carmen and 8 de Agosto. The rainy season, which typically starts in October, brought higher than average rainfalls into the region in Q4 2023.
由於埃爾卡門和8月8日的供水量增加，截至2023年12月31日的三個月，秘魯的合併產量高於2022年的同期水平。雨季通常從十月開始，2023年第四季度該地區的降雨量高於平均水平。
For Dominican Republic, the Canoa 1 facility, produced 12,830 MWh in the three months ended December 31, 2023. This is lower than the fourth quarter of 2022 due to resource availability, namely, a longer rainy season compared to the prior year.
在截至2023年12月31日的三個月中，多米尼加共和國的Canoa 1工廠的發電量爲12,830兆瓦時。這低於2022年第四季度，這是由於資源可用性，即與去年相比雨季更長。
For Ecuador, in the fourth quarter of 2023, HSJM's average production of 8,301 MWh is higher than the comparative period in 2022 (6969 MWh) due to resource availability. Overall, and similar to Peru, production in Ecuador is driven by the dry and wet season, with the rainy season generally starting in October-November and running until May-June.
對於厄瓜多爾，由於資源的可用性，HSJM在2023年第四季度的平均產量爲8,301兆瓦時，高於2022年的同期水平（6969兆瓦時）。總體而言，與秘魯類似，厄瓜多爾的產量由旱季和雨季驅動，雨季通常從10月至11月開始，一直持續到5月至6月。
For Panama, Vista Hermosa Solar Park production of 4,980 MWh for the three months ended December 31, 2023, was within the range of the Company's expectations.
對於巴拿馬，截至2023年12月31日的三個月，Vista Hermosa太陽能公園的產量爲4,980兆瓦時，在公司的預期範圍內。
"2023 was a record for the Company in terms of Consolidated power production given the completion of the construction of the Vista Hermosa Solar Park in Panama, as well as first year of operations of the Binary unit in Nicaragua. Both of these projects were executed and constructed by the Company and have been running well since their respective commercial operation dates. We are also quite happy with the fact that operating costs in all jurisdictions remain flat despite the inflation pressures world-wide. In addition, the platform we have built can now take advantage of the opportunities to grow in the region through our own developments as well as through opportunistic acquisitions" noted Marc Murnaghan, Chief Executive Officer of Polaris Renewable Energy.
“鑑於巴拿馬Vista Hermosa太陽能公園的建設已經完成，以及尼加拉瓜Binary發電廠的第一年運營，2023年創下了該公司的合併發電量記錄。這兩個項目均由公司執行和建造，自各自的商業運營之日起一直運行良好。儘管全球面臨通貨膨脹壓力，但所有司法管轄區的運營成本都保持不變，我們對此也感到非常滿意。此外，我們建立的平台現在可以利用機會，通過我們自己的開發以及機會主義收購，在該地區實現增長“北極星可再生能源首席執行官馬克·默納漢指出。
About Polaris Renewable Energy Inc.
關於北極星可再生能源公司
Polaris Renewable Energy Inc. is a Canadian publicly traded company engaged in the acquisition, development, and operation of renewable energy projects in the Americas. We are a high-performing and financially sound contributor in the energy transition.
Polaris Renewable Energy Inc. 是一家加拿大上市公司，從事美洲可再生能源項目的收購、開發和運營。我們是能源轉型中表現出色、財務狀況良好的貢獻者。
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).
該公司的業務遍及5個拉丁美洲國家，包括一個地熱發電廠（82兆瓦）、4個流水力發電廠（39兆瓦）和3個正在運營的太陽能（光伏）項目（35兆瓦）。
For more information, contact :
欲了解更多信息，請聯繫：
Investor Relations
Polaris Renewable Energy Inc.
Phone: +1 647-245-7199
Email: info@PolarisREI.com
投資者關係
北極星可再生能源公司
電話：+1 647-245-7199
電子郵件：info@PolarisREI.com
SOURCE: Polaris Renewable Energy Inc.
來源：北極星可再生能源公司
譯文內容由第三人軟體翻譯。