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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”)
AUDITED CONSOLIDATED RESULTS FOR THE YEAR ENDED 31 December 2022
Dollar amounts presented herein are in United States Dollars
| 2022 | 2021 | Percentage | ||||||||||||||
| SALIENT FEATURES | Change | |||||||||||||||
| Revenue |
($ | ’000 | ) | 205 559 | 148 127 | 39 | % | |||||||||
| EBITDA |
($ | ’000 | ) | 65 734 | 25 430 | 158 | % | |||||||||
| Headline earnings/(loss) |
($ | ’000 | ) | 38 698 | (2 938 | ) | 1 417 | % | ||||||||
| Earnings/(loss) per share |
($ | ) | 0.25 | (0.03 | ) | 876 | % | |||||||||
| Headline earnings/(loss)/per common share |
($ | ) | 0.27 | (0.02 | ) | 1 405 | % | |||||||||
| Net asset value per common share |
($ | ) | 1.58 | 1.29 | 23 | % | ||||||||||
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
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 |
35 194 | (4 528 | ) | |||||||||||||
| Adjustments |
||||||||||||||||
| Loss on disposal of plant and equipment |
78 | 63 | 822 | 649 | ||||||||||||
| Impairment of plant and equipment |
4 781 | 3 891 | 1 191 | 941 | ||||||||||||
| Gain on disposal of intangible assets |
(311 | ) | (253 | ) | — | — | ||||||||||
| Proceeds on insurance claims |
(313 | ) | (255 | ) | — | — | ||||||||||
| Impairment of intangible assets |
71 | 58 | — | — | ||||||||||||
| Headline earnings/(loss) |
38 698 | (2 938 | ) | |||||||||||||
| Basic and headline earnings/(loss) per common share (US Dollars) |
||||||||||||||||
| Earnings/(loss) |
0.25 | (0.03 | ) | |||||||||||||
| Headline earnings/(loss) (2) |
0.27 | (0.02 | ) | |||||||||||||
| Weighted-average common shares outstanding (‘000)(1) |
141 239 | 141 015 | ||||||||||||||
| Diluted earnings/(loss) per common share (US Dollars) |
||||||||||||||||
| Earnings/(loss) (2) |
0.25 | (0.03 | ) | |||||||||||||
| Headline earnings/(loss) (2) |
0.27 | (0.03 | ) | |||||||||||||
| Weighted-average common shares outstanding for diluted earnings (‘000)(1) |
142 579 | 144 913 | ||||||||||||||
| (1) | The common share outstanding as of December 31, 2022 is as reported in the annual report on Form 10-K for the fiscal year ended December 31, 2022, filed with the Securities and Exchange Commission on March 16, 2023. |
| (2) | The December 31, 2022 and 2021 per share indicators were determined by applying International Financial Reporting Standards. |
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 16 March 2023, via the JSE link (https://senspdf.jse.co.za/documents/2023/jse/isse/MKRE/YE22.pdf) or on the SEC’s website at https://www.sec.gov/ix?doc=/Archives/edgar/data/0001826600/000119312523072678/d376707d10k.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.
March 17, 2023
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: 5313 Campbells Run Road, Suite 200, Pittsburgh, PA 15205
Website: https://ir.montaukrenewables.com/
Sponsor:
Investec Bank Limited
