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Exhibit 99.1
MONTAUK RENEWABLES, INC.
Incorporated in the United States of America
Company number: 85-3189583
NASDAQ share code: MNTK
JSE share code: MKR
ISIN: US61218C1036
(“Company”)
UNAUDITED CONSOLIDATED RESULTS FOR THE SIX MONTHS ENDED 30 June 2023
Dollar amounts presented herein are in United States Dollars
| Six Months ended 30 June |
Six Months ended 30 June |
Percentage | ||||||||||||||
| SALIENT FEATURES | 2023 | 2022 | Change | |||||||||||||
| Revenue |
($ | ’000 | ) | 72 409 | 100 055 | (28 | %) | |||||||||
| EBITDA |
($ | ’000 | ) | 9 921 | 32 933 | (70 | %) | |||||||||
| Headline (loss)/earnings |
($ | ’000 | ) | (2 056 | ) | 17 643 | (112 | %) | ||||||||
| Basic (loss)/earnings per share |
($ | ) | (0.02 | ) | 0.13 | (115 | %) | |||||||||
| Headline (loss)/earnings per common share |
($ | ) | (0.01 | ) | 0.13 | (111 | %) | |||||||||
| Net asset value per common share |
($ | ) | 1.61 | 1.45 | 11 | % | ||||||||||
DECLARATION OF CASH DIVIDEND
The directors have resolved not to declare an interim dividend and to rather focus financial resources on the continued development of the Company’s operations portfolio.
USE OF NON-GAAP MEASURES
This report was prepared for the purpose of complying with the reporting requirements of the Johannesburg Stock Exchange and includes certain non-GAAP measures, such as headline earnings and headline earnings per common share, and related reconciliations.
Reconciliation of headline earnings/(loss)
| 2023 | 2022 | |||||||||||||||
| Gross $’000 | Net $’000 | Gross $’000 | Net $’000 | |||||||||||||
| Net (loss)/income attributable to common shareholders |
(2 785 | ) | 18 037 | |||||||||||||
| Adjustments |
||||||||||||||||
| Loss on disposal of plant and equipment |
37 | 35 | 17 | 14 | ||||||||||||
| Impairment of plant and equipment |
726 | 694 | 92 | 75 | ||||||||||||
| Impairment of intangible assets |
— | — | 28 | 23 | ||||||||||||
| Proceeds on insurance claims |
— | — | (313 | ) | (254 | ) | ||||||||||
| Gain on disposal of intangible assets |
— | — | (310 | ) | (251 | ) | ||||||||||
| Headline (loss)/earnings |
(2 056 | ) | 17 644 | |||||||||||||
| Basic and headline (loss)/earnings per common share (US Dollars) |
||||||||||||||||
| (Loss)/earnings |
(0.02 | ) | 0.13 | |||||||||||||
| Headline (loss)/earnings |
(0.01 | ) | 0.13 | |||||||||||||
| Weighted-average common shares outstanding (‘000)(1) |
141 633 | 141 088 | ||||||||||||||
| Diluted (loss)/earnings per common share (US Dollars) |
||||||||||||||||
| (Loss)/earnings |
(0.02 | ) | 0.13 | |||||||||||||
| Headline (loss)/earnings |
(0.01 | ) | 0.13 | |||||||||||||
| Weighted-average common shares outstanding for diluted earnings (‘000)(1) |
||||||||||||||||
| 141 633 | 142 220 | |||||||||||||||
| (1) | The common shares outstanding as of June 30, 2023 is as reported in the quarterly report on Form 10-Q for the fiscal second quarter 2023, filed with the Securities and Exchange Commission on August 9, 2023. |
DIRECTORS’ STATEMENT
This short-form announcement is the responsibility of the Company’s Board of Directors and is a summary of the information in the detailed financial results announcement.
The financial information is only a summary and does not contain full details of the financial results. Any investment decisions by investors and/or shareholders should be based on information contained in the full announcement, accessible from 9 August 2023 , via the JSE link (https://senspdf.jse.co.za/documents/2023/jse/isse/MKRE/MKRQ2.pdf) or on the SEC’s website at
(https://www.sec.gov/ix?doc=/Archives/edgar/data/1826600/000095017023040687/mntk-20230630.htm) . The full announcement is also available at the Company’s registered office, the offices of the sponsor and may be requested at info@montaukenergy.com free of charge to investors and/or shareholders, during office hours (09:00—17:00) from Mondays to Fridays.
10 August 2023
Directors: JA Copelyn (Chairman)*###, SF McClain (Chief Executive Officer)#, MH Ahmed*, TG Govender*###, J Cunningham*# , Y Shaik* ###
| * | Non-executive; #United States of America; ### Republic of South Africa |
Company secretary: J Ciroli
Registered office: 5313 Campbells Run Road, Suite 200, Pittsburgh, PA 15205
Website: https://ir.montaukrenewables.com/
Sponsor:
Investec Bank Limited
