Enhanced Investments - Financial Portal

Published: 2021-04-01 07:25:59 ET

<<< go to MNTK company page

EX-99.1 2 d719178dex991.htm EX-99.1 EX-99.1

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”)

AUDITED CONSOLIDATED RESULTS

For the year ended 31 December 2020

The historical consolidated financial data disclosed below reflects the historical results of operations and financial position of Montauk Holdings USA, LLC. The consolidated financial statements of Montauk Holdings USA, LLC, our predecessor for accounting purposes, became our historical financial statements following the IPO which took place on 26 January 2021.

SALIENT FEATURES


			2020		2019		Percentage change
Revenue	($’000	)		100 383		105 714		(5	%)
EBITDA	($’000	)		25 063		30 802		(19	%)
Headline profit	($’000	)		3 823		7 647		(50	%)
Earnings per share	(US cents	)		3.27		4.14		(21	%)
Headline earnings per common share	(US cents	)		2.72		5.44		(50	%)
Net asset value per common share	(US cents	)		113		110		3	%

DECLARATION OF CASH DIVIDEND

The directors have resolved not to declare a final dividend to focus financial resources on the continued development of the Company’s operations portfolio.

USE OF NON-GAAP MEASURES

US securities laws require that when we publish any non-GAAP measures, we disclose the reason for using these non-GAAP measures and provide reconciliations to the directly comparable GAAP measures in our full announcement. The presentation of headline earnings and headline earnings per common share are non-GAAP measures.

Reconciliation of headline earnings


	2020						2019
	Gross $‘000			Net $‘000			Gross $‘000			Net $‘000
Net income attributable to common shareholders					4 603						5 820
Adjustments
Gains on disposal of plant and equipment		(1 339	)		(1 058	)		(40	)		(32	)
Impairment of plant and equipment		—			—			2 443			1 953
Impairment of intangible assets		278			278			—			—
Gain on disposal of joint venture		—			—			(94	)		(94	)
Headline earnings					3 823						7 647

Basic earnings per common share (US cents)
Earnings					3.27						4.14
Headline earnings					2.72						5.44

Pro forma weighted average common shares
outstanding (‘000) (1)					140 663						140 663

Diluted earnings per common share (US cents)
Earnings					3.26						4.13
Headline earnings					2.71						5.42

Pro forma weighted average common shares
outstanding for diluted earnings (‘000) (1)					141 058						141 058

(1) On 26 January 2021 the Company closed its IPO. The pro forma adjustments give effect to per share data as if the IPO and associated transactions had occurred at the years ended 31 December 2020 and 2019 using the share amounts at the time of the IPO.

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 31 March 2021, via the JSE link (https://senspdf.jse.co.za/documents/2021/jse/isse/MKR/YE20.pdf) or on the SEC’s website at https://www.sec.gov/Archives/edgar/data/1826600/000119312521102560/0001193125-21-102560-index.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.

31 March 2021

Directors: JA Copelyn (Chairman)*###, SF McClain (Chief Executive Officer)#,

MH Ahmed*, TG Govender*###, MA Jacobson*##, BS Raynor*#

*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

Enhanced Investments, Inc.
329 South Oyster Bay Road #2085
Plainview, NY 11803
team@eninvs.com

Important disclosures

Performance results were prepared by Enhanced Investments, and have not been compiled, reviewed or audited by an independent accountant. Performance estimates are subject to future adjustment and revision. Investors should be aware that a loss of investment is possible. Account holdings are for illustrative purposes only and are not investment recommendations. Additional information, including (i) the calculation methodology; and (ii) a list showing the contribution of each holding to the portfolio’s performance during the time period will be provided upon request.
All statements made via social media sites sponsored or maintained by Enhanced Investments and its affiliates are for informational purposes only and do not constitute a comprehensive description of Enhanced Investments' investment advisory services.
Certain investments are not suitable for all investors. Before investing, consider your investment objectives and applicable fees. The rate of return on investments can vary widely over time, especially for long term investments. Investment losses are possible, including the potential loss of all amounts invested. Information provided by Enhanced Investments is for informational and general educational purposes only and is not investment or financial advice.

Nothing on this website should be considered an offer, solicitation of an offer, or advice to buy or sell securities.
Past performance is no guarantee of future results. Any historical returns, expected returns [or probability projections] are hypothetical in nature and may not reflect actual future performance.
All the strategies assume investments in equity invstrumenta only and are more relevant for "agressive investment profile". Eastern European flagship strategy assumes using up to 20% leverage of total portfolio. GlobalCommodities and US Growth strategy currently assume no leverage.
Results for the Enhanced Investments strategies as compared to the performance of Illustrative Benchmarks is for informational purposes only. Our investment program does not mirror that of the Illustrative Benchmarks and the volatility may be materially different from the volatility of Illustrative Benchmarks. Reference or comparison to an Illustrative Benchmark does not imply that strategies of Enhanced Investments will be constructed in the same way as the Illustrative Benchmark or achieve returns, volatility, or other results similar to those of the Illustrative Benchmark. The S&P 500 is an unmanaged market capitalization-weighted index of 500 common stocks chosen for market size, liquidity, and industry group representation to represent U.S. equity performance.
Performance results were prepared by Enhanced Investments, and have not been compiled, reviewed or audited by an independent accountant. Performance estimates are subject to future adjustment and revision. Investors should be aware that a loss of investment is possible. Account holdings are for illustrative purposes only and are not investment recommendations. Additional information, including (i) the calculation methodology; and (ii) a list showing the contribution of each holding to the portfolio’s performance during the time period will be provided upon request.
All statements made via social media sites sponsored or maintained by Enhanced Investments and its affiliates are for informational purposes only and do not constitute a comprehensive description of Enhanced Investments' investment advisory services.
Certain investments are not suitable for all investors. Before investing, consider your investment objectives and applicable fees. The rate of return on investments can vary widely over time, especially for long term investments. Investment losses are possible, including the potential loss of all amounts invested. Information provided by Enhanced Investments is for informational and general educational purposes only and is not investment or financial advice.