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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
(“Montauk Renewables” or the “Company”)
UNAUDITED RESULTS FOR THE SIX MONTHS ENDED 30 June 2022
Dollar amounts presented herein are in United States Dollars
| SALIENT FEATURES | Six Months Ended June 30, 2022 |
Six Months Ended June 30, 2021 |
Percentage Change |
|||||||||||||
| Revenue |
($ | ’000 | ) | 100 055 | 63 121 | 59 | % | |||||||||
| EBITDA |
($ | ’000 | ) | 32 933 | (1 388 | ) | 2473 | % | ||||||||
| Headline profit/(loss) |
($ | ’000 | ) | 17 643 | (18 483 | ) | 195 | % | ||||||||
| Earnings/(loss) per share |
($ | ) | 0.13 | (0.13 | ) | 195 | % | |||||||||
| Headline earnings/(loss)/per common share |
($ | ) | 0.13 | (0.13 | ) | 195 | % | |||||||||
| Net asset value per common share |
($ | ) | 1.45 | 1.15 | 26 | % | ||||||||||
DECLARATION OF CASH DIVIDEND
The directors have not declared an interim dividend to 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)
| 2022 | 2021 | |||||||||||||||
| Gross $’000 | Net $’000 | Gross $’000 | Net $’000 | |||||||||||||
| Net income/(loss) attributable to common shareholders |
18 037 | (18 917 | ) | |||||||||||||
| Adjustments |
||||||||||||||||
| Loss on disposal of plant and equipment |
17 | 14 | 22 | 17 | ||||||||||||
| Impairment of plant and equipment |
92 | 75 | 626 | 480 | ||||||||||||
| Impairment of intangible assets |
28 | 23 | — | — | ||||||||||||
| Third party compensation received in respect of impaired plant and equipment |
(313 | ) | (254 | ) | (82 | ) | (63 | ) | ||||||||
| Gain on disposal of intangible assets |
(310 | ) | (251 | ) | — | — | ||||||||||
| Headline earnings |
17 644 | (18 483 | ) | |||||||||||||
| Basic and headline earnings/(loss) per common share (US Dollars) |
||||||||||||||||
| Earnings/(loss) |
0.13 | (0.13 | ) | |||||||||||||
| Headline earnings/(loss) |
0.13 | (0.13 | ) | |||||||||||||
| Weighted-average common shares outstanding (‘000)(1) |
141 088 | 141 015 | ||||||||||||||
| Diluted earnings per common share (US Dollars) |
||||||||||||||||
| Earnings/(loss) |
0.13 | (0.13 | ) | |||||||||||||
| Headline earnings/(loss) |
0.13 | (0.13 | ) | |||||||||||||
| Weighted-average common shares outstanding for diluted earnings (‘000)(1) |
||||||||||||||||
| 142 220 | 141 015 | |||||||||||||||
| (1) | The common share outstanding as of June 30, 2022 is as reported in the quarterly report on Form 10-Q for the fiscal second quarter 2022, filed with the Securities and Exchange Commission on August 9, 2022. |
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 August 11, 2022, via the JSE link (https://senspdf.jse.co.za/documents/2022/jse/isse/MKRE/MKRQ2.pdf) or on the SEC’s website at (https://www.sec.gov/Archives/edgar/data/0001826600/000119312522216242/0001193125-22-216242-index.htm) The full announcement is also available at the Company’s registered office, the offices of the sponsor and may be requested at investor@montaukrenewables.com or MNTK@gatewayir.com free of charge to investors and/or shareholders, during office hours (09:00—17:00) from Mondays to Fridays.
August 11, 2022
Directors: JA Copelyn (Chairman)*###, SF McClain (Chief Executive Officer)#, MH Ahmed*, TG Govender*###, MA Jacobson*##, J Cunningham*#, Y Shaik* ###
| * | Non-executive; #United States of America; ##Australia; ### Republic of South Africa |
Company secretary: J Ciroli
Registered office: 680 Andersen Drive, 5th Floor, Pittsburgh, PA 15220
Website: https://ir.montaukrenewables.com/
Sponsor:
Investec Bank Limited
