April 3, 2023
MPC Caribbean Clean Energy (MPCCEL)
Audited Financials for the year ended December 31, 2022:
MPC Caribbean Clean Energy Limited (MPCCEL), for the year ended December 31, 2022, recorded total loss of US$1.99 million relative to an income US$1.35 million reported for the prior year’s corresponding period. This loss was a result of a “net change in unrealized loss on investment in MPC Caribbean Clean Energy Fund LLC.”
Total expenses amounted to US$187,651 (2021: US$205,325). The following movements were noted:
Accountancy fees closed the period at US$8,600 (2021: US$8,600), while MPCCEL reported administrative fees of US$61,776 (2021: US$62,550).
Advertising fees for the year amounted to US$34,921 relative to US$14,310 for comparable period in 2021.
Audit fees for the year totalled US$18,375 (2021: US$23,375). The company incurred bank charges for the year of US$3,873 (2021: US$2,816).
Insurance expense for the year ended December 2022 closed at US$20,819 (2021: 17,493).
As result the company booked a net comprehensive loss of US$2.19 million versus a profit of US$1.14 million reported at end of 2021 financial year.
Consequently, loss per share (LPS) for the year ended December 31, 2022 amounted to US$0.10 relative to an EPS of US$0.053 for the same period in 2021. 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 J$71.00 and US$0.69 on March 31, 2023.
MPCCEL highlighted that, “Since the inception of the Company, the value of the investment in MPC Caribbean Clean Energy Fund LLC grew in scale, such that its fair value at the end of 2022 was $28.6 million. However, due to the ongoing global macroeconomic environment incl. increasing interest rates, it is inevitable that the fair value estimation of the assets is exposed to adjustments. As a result of increasing cost of equity, the fair value of the portfolio of the Investment Company has been negatively affected in 2022 and following the results of the audit, the accounting treatment of the fair value of the investment in MPC Caribbean Clean Energy Fund LLC has been adjusted due to the impact of transactions and balances within the structure of various holding companies, however, it is a pure accounting calculation effect and the Company believes in a steady growth of the investment portfolio in the future.”
Balance sheet at a Glance:
As at December 31, 2022, Total Assets for the period closed at US$28.75 million versus US$30.90 million. Of this amount ‘Investment – MPC Caribbean Clean Energy Fund LLC’ amounted to US$28.58 million relative to US$30.57 million as at December 31, 2021. Cash and cash equivalents amounted to US$164,442 (2021: US$316,174) and ‘Prepayments’ closed at US$12,417 (2021: US$8,602).
Shareholder’s equity totalled US$18.63 million relative to a shareholders’ equity of US$20.81 million booked in 2021. This resulted in a book value per share of US$0.86 relative to of US$0.96 in 2021.
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