Pinetree Capital Ltd., today announced its financial results for the three-month period ended June 30, 2023. All financial information provided in this press release is unaudited and all figures are in $’000 except per share amounts and shares outstanding.
Unaudited financial results for the period ended June 30, 2023
The following information should be read in conjunction with our annual audited Consolidated Financial Statements, prepared in accordance with International Financial Reporting Standards (“IFRS”) and our annual Management Discussion and Analysis for the year ended December 31, 2022, which can be found on SEDAR at www.sedar.com.
Selected Financial Information
| As at June 30, 2023 | As at December 31, 2022 | ||||
|
Total assets
|
$ | 42,525 | $ | 40,062 | |
|
Total liabilities
|
414 | 443 | |||
|
Book Value
|
42,111 | 39,619 | |||
|
Shares outstanding
|
9,387,000 | 9,387,000 | |||
|
Book Value per share (BVPS)
|
$ | 4.49 | $ | 4.22 | |
| Shares Outstanding | Equity | Book Value per Share (BVPS)1 | Quarterly Expenses | Expenses as a percentage of BV1 | ||||||
| $000’s | $ | $000’s | % | |||||||
|
Jun-30-23
|
9,387,000 | 42,111 | 4.49 | 260 | 0.6 | |||||
|
Mar-31-23
|
9,387,000 | 39,056 | 4.16 | 283 | 0.7 | |||||
|
Dec-31-22
|
9,387,000 | 39,619 | 4.22 | 275 | 0.7 | |||||
|
Sep-30-22
|
9,387,000 | 36,550 | 3.89 | 293 | 0.8 | |||||
|
Jun-30-22
|
9,387,000 | 37,644 | 4.01 | 230 | 0.6 | |||||
|
Mar-31-22
|
9,387,000 | 35,779 | 3.81 | 337 | 0.9 | |||||
|
Dec-31-21
|
9,387,000 | 38,439 | 4.09 | 226 | 0.6 | |||||
|
Sep-30-21
|
9,387,000 | 38,547 | 4.11 | 263 | 0.7 | |||||
1Refer to “Use of Non-IFRS Financial Measures”
2Shares Outstanding and Equity amounts are as of the Quarter End date. Expense amounts are for the Three months ending the Quarter End date
As of June 30, 2023, Pinetree’s equity was $42,111 as compared to $39,619 as of December 31, 2022. This resulted in Pinetree’s BVPS increasing from $4.22 as of December 31, 2022, to $4.49 as of June 30, 2023. The change represents an increase of $0.27 or 6% in the year to date.
As of June 30, 2023, the Company held equity investments at fair value totaling $32,001, which represented 76% of book value. This compares to equity investments at the fair value of $31,145 representing 79% of book value as of December 31, 2022.
Earnings per share for the three months ended June 30, 2023, was $0.33 compared to earnings per share of $0.20 for the three months ended June 30, 2022.
Expenses for the twelve months ended June 30, 2023, were $1,111 which corresponds to 2.6% of book value as of June 30, 2023. This compares to expenses of $1,042 for the twelve months ended December 31, 2022, which corresponded to 2.9% of book value as of December 31, 2022. Included in expenses are foreign exchange fluctuations resulting from cash balances held in currencies other than Canadian Dollars. Since expenses fluctuate from quarter to quarter, management monitors costs on a trailing twelve-month basis.
|
Three months ended
June 30,
|
||||||||
| 2023 | 2022 | |||||||
|
Net investment gains
|
$ | 3,160 | $ | 2,013 | ||||
|
Other income
|
163 | 82 | ||||||
|
Total expenses
|
268 | 230 | ||||||
|
Net income for the period
|
3,055 | 1,865 | ||||||
| Earnings per share – | ||||||||
|
basic & fully diluted
|
0.33 | 0.20 | ||||||
The net investment gains for the three months ended June 30, 2023, were $3,160 (three months ended June 30, 2022 – $2,013) as a result of net realized gains on investments and the net change in unrealized gains.
For the three months ended June 30, 2023, other income totaled $163 as compared to other income of $82 for the three months ended June 30, 2022. Other income is comprised of interest and dividend income of $117 and $46, respectively (three months ended June 30, 2022 – interest and dividend income of $79 and $3, respectively).
Sources: THX News & Pinetree Capital Ltd.
