Pinetree Capital Ltd. announces unaudited financial results for the period ended March 31, 2022


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TORONTO, ONTARIO/ACCESSWIRE/April 29, 2022/ Pinetree Capital Ltd. (TSX:PNP) (“Pinetree” or the “Company”) today announced its financial results for the three months ended March 31, 2022. All financial information provided in this press release is unaudited and all figures are in thousands of dollars. , except per share amounts and shares outstanding. .

Unaudited financial results for the period ended March 31, 2022

The following information should be read in conjunction with our audited annual consolidated financial statements, prepared in accordance with International Financial Reporting Standards (“IFRS”) and our annual MD&A for the year ended December 31, 2021, which can be viewed at SEDAR at www.sedar.com.

Selected financial information

As of March 31, 2022

As of December 31, 2021

Total assets

$36,174

$38,851

Total responsibilities

395

412

Book value

35,779

38,439

Outstanding shares

9,387,000

9,387,000

Book value per share (BVPS)

$3.81

$4.09

Outstanding shares

Equity

Book value per share (BVPS)1

Quarterly expenses

Spend as a percentage of BV1

in thousands of dollars

$

in thousands of dollars

%

31-mar-22

9,387,000

35,779

3.81

337

0.9

31 December 21

9,387,000

38,439

4.09

226

0.6

09/30/21

9,387,000

38,547

4.11

263

0.7

Jun-30-21

9,420,198

39,480

4.19

216

0.5

31-mar-21

4,710,099

21,904

4.65

217

1.0

December 31, 2020

4,522,599

19 101

4.22

132

0.7

09/30/20

4,522,599

16,493

3.64

114

0.7

Jun-30-20

4,522,599

15,399

3.40

121

0.8

1 See “Use of Non-IFRS Financial Measures”

Shares outstanding and shareholders’ equity are as of the end of the quarter. Expenditure amounts are for the three months ending on the quarter end date

As of March 31, 2022, Pinetree’s shareholders’ equity was $35,779 compared to $38,439 as of December 31, 2021. This caused Pinetree’s BVPS to decrease from $4.09 as of December 31, 2021 to $3.81 as of March 31, 2022. The change represents a decrease of $0.28 or 6.8%.

As at March 31, 2022, the Company held equity investments at fair value totaling $21,521, which represented 60% of the carrying value. This compares to equity investments at fair value of $24,703 representing 64% of book value as of December 31, 2021.

Loss per share for the three months ended March 31, 2022 was $0.28, compared to earnings per share of $0.45 for the three months ended March 31, 2021.

Expenses for the twelve months ended March 31, 2022 amounted to $1,042, which corresponds to 2.9% of the book value as at March 31, 2022. This amount includes a foreign exchange loss of $170, which is a non-cash charge. Excluding this, expenses for the twelve months ended March 31, 2022 amount to 2.4% of book value. This compares to expenses of $584 for the twelve months ended March 31, 2021, which corresponds to 2.6% of book value as at March 31, 2021, or 2.4% excluding the foreign exchange loss. Expenses include exchange rate fluctuations resulting from cash balances held in currencies other than Canadian dollars. Since expenses fluctuate from quarter to quarter, management monitors costs on a rolling twelve-month basis.

Three months completed

March, 31st,

2022

2021

Net investment gains (losses)

$(2,411)

$2,202

Other income

88

69

Total expenses

(337)

(217)

Net profit (loss) for the period

(2,660)

2,053

Earnings (loss) per share –

basic and fully diluted

(0.28)

0.45

Net investment losses for the three months ended March 31, 2022 were $2,411 (three months ended March 31, 2021 – gains of $2,202) due to net realized investment gains and net change unrealized gains.

For the quarter ended March 31, 2022, other income totaled $88, compared to other income of $69 for the quarter ended March 31, 2021. Other income includes interest and dividend income of $57 and $31, respectively (three months ended March 31, 2021 – interest and dividend income of $49 and $20, respectively).

Forward-looking statements

Certain statements contained herein may be “forward-looking” statements that involve known and unknown risks, uncertainties and other factors that may cause Pinetree’s or the industry’s actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Forward-looking statements involve significant risks and uncertainties, should not be construed as guarantees of future performance or results, and will not necessarily be precise indications of whether or not such results will be achieved. A number of factors could cause actual results to differ materially from the results discussed in the forward-looking statements. These forward-looking statements reflect current assumptions and expectations regarding future events and operating performance and are made as of the date hereof and Pinetree undertakes no obligation, except as required by law, to update the statements. forward-looking to reflect new events or circumstances.

Non-IFRS Measures, Non-GAAP Measures

BVPS (book value per share) is a non-IFRS (international financial reporting standards) measure calculated as the value of total assets less the value of total liabilities divided by the total number of common shares outstanding at a precise date. BVPS does not have a standardized meaning under IFRS and therefore may not be comparable to similar measures presented by other companies. There is no comparable IFRS measure presented in Pinetree’s consolidated financial statements and, therefore, no applicable quantitative reconciliation for this non-IFRS financial measure. The Company has calculated BVPS consistently for many years and believes that BVPS can provide useful information to its shareholders to understand its performance and can assist in the evaluation of its business against that of its peers.

About Pinetree Capital Ltd.

Pinetree is a value-driven, technology-focused investment and merchant banking firm. The common shares of Pinetree are listed on the TSX under the symbol “PNP”.

For more information:

John Bouffard
Financial director
416-941-9600 ext. 200
[email protected]
www.pinetreecapital.com

THE SOURCE: Pinetree Capital Ltd.

See the source version on accesswire.com:
https://www.accesswire.com/699577/Pinetree-Capital-Ltd-Announces-Unaudited-Financial-Results-for-the-Period-Ended-March-31-2022

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