Business
RE Royalties Announces Fiscal 2023 Year End Results and Highlights
All amounts in Canadian dollars unless otherwise stated VANCOUVER, BC / ACCESSWIRE / May 2, 2...
About this update from Re Royalties Ltd.
[{"type":"text","content":"RE Royalties Announces Fiscal 2023 Year End Results and HighlightsAll amounts in Canadian dollars unless otherwise statedVANCOUVER, BC / ACCESSWIRE / May 2, 2024 / RE Royalties Ltd. (TSXV:RE)(OTCQX:RROYF) (\"RE Royalties\" or the \"Company\"), a global leader in renewable energy royalty-based financing, is pleased to announce the financial results for the year ended December 31, 2023 (\"FY2023\"). For further information on these results please see the Company's Consolidated Financial Statements and Management's Discussion and Analysis for FY2023, filed on SEDAR+ at www.sedarplus.com.Key financial highlights for FY2023 include:Revenue and income, including the share of income from the Company's investment in OCEP for FY2023, of $9,806,000, an increase of $5,061,000 or 107% over the prior year. The increase was attributable to an increase in the number of investments during the year and a full year of revenues recognized on investments made in the prior year.Gross profit, including changes in fair value of financial assets and share of income in OCEP, for FY2023, of $9,521,000, an increase of $5,108,000 or 116% over the prior year.Earnings Before Interest, Taxes, Depreciation and Amortization (\"EBITDA\")1 for FY2023, of $2,234,000, an increase of $224,000 or 11% over the prior year. The increase was attributable to an increase in the number of investments during the year and a full year of revenues recognized on investments made in the prior year, offset by provision for expected credit losses.Net loss after income tax for FY2023, of $1,811,000, compared to a net loss of $434,000 in the prior year. The increase in net loss was primarily attributable to higher finance expenses from the Company's Series 3 Green Bond issuance, a provision for expected credit losses and share-based payments recognized during the year.Cash and cash equivalents of $14,439,932 as of December 31, 2023.Key business highlights for FY2023 include:In October 2023, the Company announced it entered into a loan agreement and a royalty agreement with Revolve Renewable Power Corp. (\"Revolve\") to support Revolve's acquisition of a portfolio of two operational run-of-river hydro projects in British Columbia, and one operational wind project in Alberta with a combined gross capacity of 23 MW (the \"Operational Projects\"). The Operational Projects receive revenue...