Wrap Text
Reviewed Condensed Consolidated Results for the year ended 31 March 2018
MONTAUK HOLDINGS LIMITED
Incorporated in the Republic of South Africa
Registration number: 2010/017811/06
Share code: MNK
ISIN: ZAE000197455
("Montauk" or "the Company" or "the Group")
REVIEWED CONDENSED CONSOLIDATED RESULTS FOR THE YEAR ENDED 31 MARCH 2018
Revenue +22.5%
EBITDA +42.3%
Profit before tax +143.3%
Final dividend 63 South African cents per share
REVIEWED CONSOLIDATED STATEMENT OF FINANCIAL POSITION
Reviewed Audited
31 March 31 March
2018 2017
$'000 $'000
ASSETS
Non-current assets 162 883 156 960
Property, plant and equipment 130 396 101 330
Other non-current financial assets 527 4 185
Intangibles 19 275 23 398
Deferred taxation 11 742 26 825
Long-term receivables 943 1 222
Current assets 39 832 33 042
Inventories 2 603 1 053
Other current financial assets 29 3 582
Trade and other receivables 8 028 8 785
Bank balances and deposits 29 172 19 622
Disposal group assets held for sale - 770
Total assets 202 715 190 772
EQUITY AND LIABILITIES
Equity attributable to equity holders of the parent 141 605 122 729
Non-current liabilities 41 544 42 052
Borrowings 36 208 35 837
Long-term provisions 5 336 6 215
Current liabilities 19 566 25 592
Trade and other payables 10 342 11 869
Other current financial liabilities 129 8
Current portion of borrowings 6 699 11 433
Taxation 742 450
Provisions 1 654 1 832
Non-current liabilities held for sale - 399
Total equity and liabilities 202 715 190 772
Net asset carrying value per share (cents) 104 90
REVIEWED CONSOLIDATED INCOME STATEMENT
Reviewed Audited
31 March 31 March
% 2018 2017
change $'000 $'000
Revenue 22.5% 109 149 89 133
Expenses (55 826) (51 667)
EBITDA 42.3% 53 323 37 466
Other income 3 537 811
Depreciation and amortisation (14 905) (16 151)
Operating profit 41 955 22 126
Investment income 42 37
Finance costs (2 074) (4 177)
Loss on extinguishment of borrowings (1 611) -
Asset impairments - (2 237)
Profit before taxation 143.3% 38 312 15 749
Taxation (16 037) 26 376
Profit for the year 22 275 42 125
Attributable to:
Equity holders of the parent 22 275 42 125
REVIEWED CONSOLIDATED STATEMENT OF OTHER COMPREHENSIVE INCOME
Reviewed Audited
31 March 31 March
2018 2017
$'000 $'000
Profit for the year 22 275 42 125
Other comprehensive income:
Items that may be reclassified subsequently to profit or loss
Foreign currency translation differences 109 52
Total comprehensive income 22 384 42 177
Attributable to:
Equity holders of the parent 22 384 42 177
REVIEWED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
Reviewed Audited
31 March 31 March
2018 2017
$'000 $'000
Balance at the beginning of the year 122 729 79 253
Current operations
Total comprehensive income 22 384 42 177
Equity-settled share-based payments 701 1 299
Dividends paid (4 209) -
Balance at the end of the year 141 605 122 729
RECONCILIATION OF HEADLINE EARNINGS
Reviewed year ended Audited year ended
31 March 2018 31 March 2017
% $'000 $'000
change Gross Net Gross Net
Earnings attributable to equity holders
of the parent (47.1%) 22 275 42 125
Losses on disposal of plant and equipment 147 124 103 103
Impairment of plant and equipment - - 2 237 2 237
Third-party compensation received in respect of
impaired plant and equipment - - (834) (834)
Gain on disposal of intangible assets (562) (315) (150) (150)
Loss on disposal of assets held for sale 449 441 - -
Headline profit (48.2%) 22 525 43 481
Basic earnings per share (cents)
Earnings (47.3%) 16.39 31.08
Headline earnings (48.4%) 16.57 32.08
Weighted average number of shares in issue ('000) 135 940 135 531
Actual number of share in issue at the end of the
period (net of treasury shares and unvested shares
issued in respect of restricted stock plan) ('000) 135 940 135 940
Diluted earnings per share (cents)
Earnings (47.6%) 16.18 30.87
Headline earnings (48.6%) 16.37 31.86
Weighted average number of shares in issue ('000) 137 640 136 469
REVIEWED CONSOLIDATED STATEMENT OF CASH FLOWS
Reviewed Audited
31 March 31 March
2018 2017
$'000 $'000
Cash flows from operating activities 48 105 25 374
Cash generated by operations 59 219 40 063
Net finance costs (2 202) (3 925)
Changes in working capital (7 626) (10 764)
Taxation paid (1 286) -
Cash flows from investing activities (28 238) (6 788)
Disposal of other financial assets 7 759 1 602
Decrease in long-term receivables 270 727
Proceeds from insurance recovery 350 -
Intangible assets
- Additions (951) -
- Disposals and refunds 1 964 5 693
Property, plant and equipment
- Additions (37 920) (15 236)
- Disposals 290 426
Cash flows from financing activities (10 429) (9 024)
Debt issuance costs (814) (32)
Debt extinguishment costs (1 127) -
Dividends paid (4 209) -
Net funding repaid (4 279) (8 992)
Increase in cash and cash equivalents 9 438 9 562
Cash and cash equivalents
At the beginning of the year 19 622 10 010
Foreign exchange differences 112 50
At the end of the year 29 172 19 622
Bank balances and deposits 29 172 19 622
NOTES
BASIS OF PREPARATION AND ACCOUNTING POLICIES
The results for the year ended 31 March 2018 have been prepared in accordance with
International Financial Reporting Standards ("IFRS"), the disclosure requirements of
IAS 34, the SAICA Financial Reporting Guides as issued by the Accounting Practices
Committee, the requirements of the South African Companies Act, 2008, and the Listings
Requirements of the JSE Limited. The accounting policies applied by the Company in the
preparation of these condensed consolidated financial statements are consistent with
those applied by the Company in its consolidated financial statements as at and for the
year ended 31 March 2017. As required by the JSE Limited Listings Requirements, the
Company reports headline earnings in accordance with Circular 2/2015: Headline Earnings
as issued by the South African Institute of Chartered Accountants.
These financial statements were prepared under the supervision of the Chief Financial
Officer, Mr SF McClain (CPA).
RESULTS
CONSOLIDATED INCOME STATEMENT
Revenue from the Company's renewable natural gas facilities increased by $17.8 million
or 24.6% for the year ended 31 March 2018 from the prior year. The Company produced
3.9 million MMBtus in renewable natural gas volumes, an increase of 0.5% over the
prior year. During the year ended 31 March 2018 the Company self-marketed 17.2 million
RINs, a 6.8 million decrease from the prior year. The decrease is attributable to a
shift in monetisation strategy to increase volumes sold under floor price agreements.
At 31 March 2018 the Company had 0.6 million RINs generated and unsold in inventory,
0.3 million lower than at 31 March 2017. Average commodity pricing for natural gas
during the year ended 31 March 2018 was 9.5% higher than the prior year. Average pricing
realised on RIN sales during the year ended 31 March 2018 was 43.9% higher than average
pricing realised in the prior year, partially attributed to the increase in the
cellulosic waiver credit from calendar year 2016 ($1.33) to calendar years 2017 ($2.00)
and 2018 ($1.96). For the year ended 31 March 2018, 29.6% of revenue from renewable
natural gas production was monetised at fixed prices.
Revenue from the Company's electric generation facilities increased by $2.1 million
or 12.1% for the year ended 31 March 2018 from the prior year. The Company produced
0.3 million MWh in renewable electric volumes, approximately equal to the prior year.
Average commodity pricing for electricity during the year ended 31 March 2018 was
15.8% higher than the prior year. For the year ended 31 March 2018, 82.3% of revenue
from renewable electricity production was monetised at fixed prices.
Operating expenses for the year ended 31 March 2018 increased by $4.2 million or 8.1%.
The increase is largely attributed to non-capitalisable optimisation costs for the
Bowerman electric generation facility. The gains recognised from the Company's hedging
programmes for the year ended 31 March 2018 were $0.2 million, approximately equal to
the prior year.
During the year ended 31 March 2018 the Company realised other income of $3.5 million,
largely attributable to settlement proceeds from arbitration.
In August 2017 the Company recognised $1.6 million in expenses related to the early
extinguishment of debt. Total cash paid associated with this expense was $1.1 million.
For the year ended 31 March 2018 the Company recognised $15.8 million in tax expense,
of which $14.7 million was off-set against the Company's deferred tax asset.
CONSOLIDATED STATEMENT OF FINANCIAL POSITION AND CASH FLOW
Fixed and intangible assets at 31 March 2018 include $35.6 million and $0.9 million in
costs related to the construction of two renewable natural gas facilities, respectively.
Deferred tax assets of $11.0 million at 31 March 2018 relate to the Company's net
operating losses that may be utilised for set-off against future taxable income.
In July 2017 the Company paid in full the outstanding $8.8 million balance on its
existing term loan. In August 2017 the Company paid in full the outstanding balance
of $0.5 million on its existing revolving credit facility.
In August 2017 the Company entered into a credit agreement with a commercial bank,
which provided for a three-year term loan facility in the amount of $20.0 million and
a three-year $20.0 million revolving credit facility.
In August 2017 Bowerman Power LFG, LLC ("Bowerman"), a wholly-owned subsidiary,
entered into a credit agreement with a commercial bank, which provided for a five-year
term loan facility in the amount of $27.5 million and a five-year revolving credit
facility in the amount of $10.0 million. Bowerman used the proceeds from the term
loan of $27.5 million, $1.8 million from the revolving credit facility and $10.0 million
of restricted deposits to repay all indebtedness outstanding and related prepayment
costs under the existing construction to term loan agreement. In March 2018 Bowerman
paid in full the outstanding balance of $1.8 million on its revolving credit facility.
The Company's combined borrowings at 31 March 2018 were $42.9 million, net of debt
issuance costs. $17.7 million was outstanding on the Company's commercial bank facilities,
and $25.9 million was outstanding on the Bowerman commercial bank facilities. Of the
total Company borrowings outstanding at 31 March 2018, $6.9 million is currently due
within the next 12 months. At 31 March 2018 the effective borrowing rates on amounts
outstanding were 4.56% on the Company's commercial bank facilities and 5.23% on the
Bowerman commercial bank facilities.
Cash flow from operating activities of $48.1 million for the year ended 31 March 2018
was $22.7 million higher than the prior year. Included in cash flow from investing
activities was asset additions of $38.9 million and $7.8 million of net changes in
restricted deposits in conjunction with debt refinancing. As of 31 March 2018 the
Company had cash on hand of $29.0 million and $13.7 million and $8.0 million capacities
remaining under the Company's corporate and Bowerman revolving credit facilities,
respectively.
CHIEF EXECUTIVE OFFICER'S REPORT
At Montauk we are very proud to be a leader in the renewable energy industry - an industry
that is at the forefront of the sustainability movement through the capture and beneficial
use of organically generated methane. Methane, with a global warming potential 25 times
greater than CO2, is a potent greenhouse gas that is a key contributor to global climate
change. The Company captures methane, preventing it from being released into the
atmosphere, converts it into renewable natural gas ("RNG"), and sells the RNG for use
as a vehicle fuel and for electricity generation.
Business Overview
The business, with all of its social and environmental qualities, can be difficult at
times due to the inherent higher production costs of RNG, as compared to fossil fuel-
based energy producers. Factors such as climate, waste intake, and waste composition
all impact production of RNG. Additionally, the process to recover and convert raw
biogas into RNG is capital intensive.
The pricing of the various types of renewable energy produced by the Group is an ever-
changing balance between the underlying energy commodity price and any associated
environmental attribute premiums that can be realised. With electricity and natural
gas commodity pricing in the US having been depressed for several years while still
maintaining a relatively high degree of short-term volatility, the premiums associated
with the various environmental attributes produced have become, and will continue to
be, a major factor in the profitability of the business.
In this market our focus will continue to be to position the Company and its facilities
to capitalise on and leverage the opportunities that develop in the renewable energy
markets. The evolving federal and state regulatory environments mandating the use of
renewable fuels can lead to opportunities that allow existing projects to capture
additional premiums as they become available. To that end the Company has made the
decision to remain flexible in its offtake contract strategy with the goal of capturing
and maximising value from these programmes.
Environmental Attribute Programmes
RNG derived from landfill methane, agricultural digesters and waste water treatment
facilities used as a vehicle fuel qualifies as a D3 cellulosic Renewable Identification
Number ("RIN") under the United States Environmental Protection Agency's ("EPA")
Renewable Fuel Standard ("RFS") programme. The RFS is a US federal law that requires
transportation fuel to contain a minimum volume of renewable fuel. RINs are compliance
units for fuel blenders, created as part of the RFS to promote renewable fuel
utilisation for the purpose of achieving significant greenhouse gas reductions,
reducing imported petroleum and developing the renewable fuel sector in the US.
One MMBtu of RNG represents approximately 11.7 RINs. The RFS programme does not have
a sunset date and remains in effect absent Congressional action to reform or eliminate
it. The EPA administers the RFS programme and sets annual volume standards for
renewable fuel ("RVO"). As a result the Company has participated in the programme
since 2015 and looks for opportunities to increase its participation in the RFS
programme as production from RNG facilities becomes available. While the RFS allows
for RNG produced anywhere in the US to qualify and potentially offer premiums
significantly in excess of commodity prices for natural gas, uncertainty as to how the
RFS will continue to be administered and supported by the EPA and the current
Presidential Administration has impacted the stabilisation of the RIN market,
resulting in price volatility and limited ability to sell RINs on a forward basis.
Although the market remains relatively illiquid, the Company has been able to
successfully monetise blocks of D3 cellulosic RINs at pricing levels commensurate
with general market conditions.
In November 2017 the EPA released the final volume obligations for 2018 of 288 million
gallons cellulosic D3 RINs, representing a 7.4% decrease over the 2017 volume
obligations for cellulosic D3 RINs of 311 million gallons. Based in part on the RNG
industry producing 250 million gallons in 2017 versus the 311 million gallon RVO,
the EPA used a new "rate of growth" methodology to set the 2018 RVO. By comparing
D3 RIN generation for the 12-month period of October 2016 to September 2017 to the
12-month period of October 2015 to September 2016, the EPA arrived at a 21.6% growth
factor used to determine the 2018 RVO. The issuance by the EPA of timely and sufficient
annual volume obligations to accommodate the RNG industry's growing production levels
are paramount to the stabilisation of the RIN market. Notwithstanding the growth of
the RNG space, given the environmental premiums available for the prior two years,
the Company remains, and expects to remain, a significant contributor to the overall
generation of D3 RINs in the RFS programme. Set forth below is the total RIN
generation per calender year from Montauk's RNG portfolio regardless of the monetisation
strategy employed:
D3 RINS GENERATION
Category Cal 2016 Cal 2017
Montauk Portfolio D3 Generation 35.6 million 37.6 million
Total Industry D3 Generation 191.3 million 251.1 million
Montauk % of Total Industry D3 18.7% 15.0%
Final RVO Cellulosic Standard 230 million 311 million
Montauk % of RVO 15.5% 12.1%
The Low Carbon Fuel Standard ("LCFS") programme is a state-specific fuel policy designed
to encourage the use of cleaner low-carbon fuels. The programme, which encourages the
production of such fuels, sets annual carbon intensity (CI) standards, which reduce
over time, for gasoline diesel, and other fuel substitutes. Currently, two states,
California and Oregon, have adopted the programme. To the extent that RNG from Montauk's
facilities is used as a transportation fuel in states that have adopted a LCFS programme,
it is eligible to receive an environmental attribute additional to the RIN value under
the federal RFS.
The environmental premiums associated with renewable energy produced by Montauk's
electric facilities are centred on various state renewable portfolio standards,
requiring that a stated percentage of the electricity produced in that state comes
from a renewable resource. Such premiums are in the form of renewable energy credits
("RECs"). The value and requirements for each state programme vary widely, which can
limit the ability of similar facilities located in different states from having a
similar pricing structure. In addition, only 29 states and the District of Columbia
have adopted renewable portfolio standards.
Development Activities
In October 2016 the Company entered into an agreement with one of its existing landfill
counterparties to convert an existing renewable electric project to a RNG facility by
building, owning and operating a RNG facility at a landfill in Texas for a term of
20 years from commercial operation. Commercial operation of this RNG facility is still
targeted to commence in the first quarter of the 2019 financial year and the electric
generation facility has been decommissioned. RNG from this facility has been contracted
for use in the transportation sector to allow for the generation of RINs under the
RFS and will commence upon final EPA registration under the RFS and Quality Assurance
Plan designation is anticipated in the second quarter of the 2019 financial year.
In June 2017 the Company entered into an agreement with a new landfill counterparty to
operate the gas collection system and build, own and operate a RNG facility at a landfill
located in Ohio for a term of 20 years from commercial operation. Commercial operation
of this RNG project is still targeted to commence in the first half of the 2019 financial
year. Upon commercial operation, the output from this new RNG facility has been
contracted for use in the transportation sector to allow for the generation of RINs
under the RFS.
In April 2018 the Company entered into an agreement with one of its existing landfill
counterparties to operate the gas collection system and build, own and operate a RNG
facility at a landfill located in Texas for a term of 20 years from commercial operation.
Upon commercial operation, the output from this new RNG facility is intended to be
contracted for use in the transportation sector to allow for the generation of RINs
under the RFS. Commercial operation at this RNG project is targeted to commence in the
first quarter of the 2020 financial year.
These additions will further strengthen Montauk's position as a leader in the production
of renewable RNG from landfill methane.
Montauk's Portfolio
Set forth below is a summary of each of the 15 projects in Montauk's portfolio:
Renewable natural gas facilities
Site Location Capacity*
Rumpke Cincinnati, OH 7 271 MMBtu/Day
McCarty Houston, TX 4 415 MMBtu/Day
Monroeville Monroeville, PA 2 372 MMBtu/Day
Valley Harrison City, PA 2 372 MMBtu/Day
Shade Johnstown, PA 2 673 MMBtu/Day
Southern Johnstown, PA 1 337 MMBtu/Day
Raeger Mountain Johnstown, PA 2 673 MMBtu/Day
Total 23 113 MMBtu/Day
Renewable electric facilities
Site Location Name Plate Capacity
Monmouth Tinton Falls, NJ 10.0 MW
Coastal Plains Houston, TX 5.0 MW
Tulsa/AEL Sand Springs, OK 3.2 MW
Security Houston, TX 3.4 MW
Bowerman Power Irvine, CA 23.59 MW
Total 45.19 MW
Development projects
Site Location Capacity*
Apex Amsterdam, OH 2 673 MMBtu/Day
Atascocita Humble, TX 5 570 MMBtu/Day
Galveston Galveston, TX 1 857 MMBtu/Day
Total 10 100 MMBtu/ Day
* Assumes inlet methane content of 56% and process efficiency of 91%.
Montauk uses a three-year trailing average of landfill gas production as part of its
forecast of gas control and collection system ("GCCS") output for each subsequent
financial year. In financial year 2018 the winter was unusually cold and wet, particularly
compared to the last several financial years which were uncharacteristically mild.
In addition, day-to-night fluctuations cause movement of wells and GCCS components,
affecting quantity, as well as precipitating swings in gas quality and the need for
continuous GCCS tuning. These factors impacted landfill gas production for the financial
year, especially for Montauk's facilities located in the North Eastern US.
Gas rights agreements
A critical component of the Company's business is its ability to negotiate and maintain
long-term gas rights agreements. Montauk has nurtured excellent working relationships
with our waste management company hosts and actively looks to strategically extend gas
rights at our project sites. Set forth below is a summary of the expiration periods of
those agreements:
RNG FACILITIES - GAS RIGHTS EXPIRATION DATES
Expires within Expires within Expires within Expires within
5 years 10 years 15 years 20 years
Sites 0 0 4 3
% of FY 18 total RNG
portfolio production 0.00% 0.00% 47.48% 52.52%
RENEWABLE ELECTRIC FACILITIES - GAS RIGHTS EXPIRATION DATES**
Expires within Expires within Expires within Expires within Expires within
5 years 10 years 15 years 20 years 25 years
Sites 1 2 0 2 1
% of FY 18
total electric
production 10.20% 15.73% 0.00% 67.47% 6.60%
DEVELOPMENT PROJECTS - GAS RIGHTS EXPIRATION DATES
Expires within Expires within Expires within Expires within
5 years 10 years 15 years 20 years
0 0 0 3
** Includes the Atascocita electric generation project which has ceased operation and been
re-purposed to a RNG project.
2017 Tax Cuts and Jobs Act
The 2017 Tax Cuts and Jobs Act (the "2017 Tax Act") was signed into law on 22 December 2017.
The 2017 Tax Act significantly revises the US corporate income tax by, among other things,
lowering the statutory corporate tax rate from 35% to 21%. The Company remeasured its
federal deferred tax asset using the reduction in the US corporate income tax rate,
resulting in tax expense of $5.5 million. The Company continues to explore additional
tax credit opportunities (both at the state and federal level), as well as bonus
depreciation opportunities to further reduce its effective tax rate.
Summary
In an industry that continues to experience depressed energy commodity pricing, management
believes that Montauk is well-positioned to sustain its strategic growth by capturing
both existing and emerging value from developing renewable energy markets in order to
drive long-term entity value for its shareholders.
EVENTS SUBSEQUENT TO REPORTING DATE
Other than as stated in these results, the directors are not aware of any further matter
or circumstance arising since the reporting date that would affect the results of the
Company for the year ended 31 March 2018 or its financial position on that date.
AUDITOR'S REVIEW
These condensed consolidated financial statements for the year ended 31 March 2018 have
been reviewed by Grant Thornton Johannesburg, who expressed an unmodified review conclusion.
A copy of the auditor's review report is available for inspection at the Company's
registered office together with the financial statements identified in the auditor's report.
The auditor's report does not necessarily report on all of the information contained in
this announcement/financial results. Shareholders are therefore advised that, in order
to obtain a full understanding of the nature of the auditor's engagement, they should
obtain a copy of the auditor's report together with the accompanying financial information
from the issuer's registered office.
DIVIDEND TO SHAREHOLDERS
The directors of Montauk have resolved to declare a final ordinary dividend number 2 of
63 South African cents (gross) per Montauk share for the year ended 31 March 2018 from
income reserves. The salient dates for the payment of the dividend are as follows:
Last day to trade cum dividend Tuesday, 22 May 2018
Commence trading ex dividend Wednesday, 23 May 2018
Record date Friday, 25 May 2018
Payment date Monday, 28 May 2018
No share certificates may be dematerialised or rematerialised between Wednesday,
23 May 2018 and Friday, 25 May 2018, both dates inclusive.
In terms of legislation applicable to Dividends Tax ("DT") the following additional
information is disclosed:
- The local DT rate is 20%.
- The number of ordinary shares in issue at the date of this declaration is 137 879 234.
- The DT amounts to 12.6 South African cents per share.
- The net local dividend amount is 50.4 South African cents per share for all shareholders
who are not exempt from the DT.
- Montauk Holdings Limited's income tax reference number is 9176/170/18/2.
In terms of the DT legislation any DT amount due will be withheld and paid over to the
South African Revenue Service by a nominee company, stockbroker or Central Securities
Depository Participant (collectively "regulated intermediary") on behalf of shareholders.
All shareholders should declare their status to their regulated intermediary as they
may qualify for a reduced DT rate or exemption.
For and on behalf of the board of directors
JA Copelyn ML Ryan SF McClain
Chairman Chief Executive Officer Chief Financial Officer
Cape Town
4 May 2018
Directors: JA Copelyn (Chairman)*, ML Ryan (Chief Executive Officer)#,
SF McClain (Chief Financial Officer)#, MH Ahmed*, MA Jacobson*##, NB Jappie*,
BS Raynor*#, A van der Veen*
* Non-executive; # United States of America; ## Australia
Company secretary: HCI Managerial Services Proprietary Limited
Registered office: Suite 801, 76 Regent Road, Sea Point, Cape Town, 8005
Postal address: PO Box 5251, Cape Town, 8000
Transfer secretaries: Computershare Investor Services Proprietary Limited
Rosebank Towers, 15 Biermann Avenue, Rosebank, 2196. PO Box 61051, Marshalltown, 2107
Sponsor: Investec Bank Limited
www.montauk.co.za
Date: 04/05/2018 02:51:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE').
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