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Pinetree Capital Financial Results: Earnings, Investments and Expenses

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. Read the full article