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MONTAUK RENEWABLES INC - Audited Consolidated Results for the year ended 31 December 2020

Release Date: 01/04/2021 13:35
Code(s): MKR     PDF:  
Wrap Text
Audited Consolidated Results for the year ended 31 December 2020

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")

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.

                                                                   2020          2019        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%

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

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           Net         Gross           Net
                                                    $'000         $'000         $'000         $'000
Net income attributable to common shareholders                    4 603                       5 820
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.

This short-form announcement is the responsibilty 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 
( or on the SEC's website at
The full announcement is also available at the Company's registered office, the offices of the 
sponsor and may be requested at free of charge to investors and/or 
shareholders, during office hours (09:00 - 17:00) from Mondays to Fridays.

01 April 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

Investec Bank Limited

Date: 01-04-2021 01:35:00
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