May 10, 2021
MPC Caribbean Clean Energy Limited (MPCCEL), for the year ended December 31, 2020, recorded total income of US$26,815 relative to US$272,407 reported for the prior year’s corresponding period. Revenue for the quarter amounted to US$26,815 compared to US$272,407 for the same quarter in 2019.
Total expenses amounted to US$165,118 (2019: US$212,727). The breakdown for total expenses is as followed:
Accountancy fees closed the period at US$13,000 (2019: US$11,241), while MPCCEL reported administrative fees of US$56,184 (2019: US$42,676).
Advertising fees for the year amounted to US$10,429 relative to US$34,985 for comparable period in 2019. While Travel and accommodation closed the year at US$10,031 (2019: nil).
Audit fees for the year totalled US$13,125 (2019: US$18,000). The company incurred bank charges for the year of US$3,673 (2019: US$3,926).
Director’s fees and legal & professional fees for the year end totalled US$16,833 (2019: nil) and US$19,817 (2019: US$113), respectively.
License fees closed at US$500 (2019: US$54,726). There was no entertainment expense for the year under review, however US$20,639 was booked for the corresponding period.
Corporate fees amounted to US$1,500 (2019: US$500) for the year ended December 2020.
Insurance expense for the year ended December 2021 closed at US$15,938 (2019: 21,663). Fines and penalties closed the period at US$4,088 (2019: US$1,750).
Other expenses was nil, relative to USD$2,508 booked December 2019.
Total expenses for the fourth quarter ended December 31, 2020 amounted to US$28,666 relative to total expenses of US$38,991 recorded for the corresponding quarter in 2019.
As result the company booked a net loss of US$138,303 versus a net profit of US$59,680 reported at end of 2019 financial year.
Comprehensive loss for the year was reported at US$138,303 relative to an income of US$59,680. For the quarter, MPCCEL booked a loss of US$1,851 (2019 net profit: US$311,398).
Consequently, loss per share (LPS) for the year ended December 31, 2021 amounted to US$0.006 relative to an earnings per share of US$0.003 for the same period in 2019. For the quarter, MPCCEL booked LPS of US$0.0001 (2019 EPS: US$0.014). The number of shares used in this calculation was 21,666,542 units. MPCCEL and MPCCELUS price closed the trading period at a price of JMD$128 and US$1.10 on May 7, 2021, respectively.
MPCCEL stated that, “The underlying assets, Tilawind and Paradise Park of the Company’s investment in the Fund, unfortunately, didn’t meet its financial and operational expectations in 2020 mainly due to technical issues and unfavorable weather conditions.” Furthermore, “December 2020, MPC Capital GmbH announced successful technical completion of the San Isidro solar park project in El Salvador. The construction took place between March 2020 and January 2021, with the commercial operations date scheduled for early January 2021. The solar park will become part of the investment portfolio owned by MPC Caribbean Clean Energy Fund LLC which after meeting customary conditions is expected to be acquired by the Investment Company in the first quarter of 2021.”
Balance sheet at a Glance:
As at December 31, 2020, Total Assets for the period closed at US$29.73 million versus US$10 million. Of this amount ‘Investment – MPC Caribbean Clean Energy Fund LLC’ amounted to US$19.23 million relative to US$9.91 million as at December 31, 2019, cash and cash equivalents amounted to US$10.50 million (2019: US$89,436) and ‘Payments’ closed at US$4,667 (2019: US$3,656).
Shareholder’s equity totalled US$19.67 million relative to a shareholders’ equity of US$9.91 million booked in 2019. This resulted in a shareholder’s equity per share of US$0.91 relative to of US$0.46 in 2019.
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