Investment
Partners Value Investments L.P. Announces 2022 Annual Results
| For the years ended December 31 (Thousands, US dollars, except per share amounts) |
||||||||
| 2022 | 2021 | |||||||
| Investment income | ||||||||
| Dividends | $ | 1,120,641 | $ | 117,629 | ||||
| Other investment income | 6,694 | 5,361 | ||||||
| 1,127,335 | 122,990 | |||||||
| Expenses | ||||||||
| Operating expenses | (2,359 | ) | (3,249 | ) | ||||
| Financing costs | (9,789 | ) | (8,896 | ) | ||||
| Retractable preferred share dividends | (39,753 | ) | (33,628 | ) | ||||
| (51,901 | ) | (45,773 | ) | |||||
| Other items | ||||||||
| Investment valuation gains (losses) | 10,653 | (5,739 | ) | |||||
| Amortization of deferred financing costs | (3,363 | ) | (4,070 | ) | ||||
| Current tax (expense) recovery | (19,990 | ) | 7,816 | |||||
| Deferred tax recovery (expense) | 21,439 | (15,024 | ) | |||||
| Foreign currency gains (losses) | 37,272 | (28,706 | ) | |||||
| Net income | $ | 1,121,445 | $ | 31,494 | ||||
| For the years ended December 31 (Thousands, except per unit amounts) |
2022 | 2021 | |||||||||||||
| Total | Per Unit | Total | Per Unit | ||||||||||||
| Net book value, beginning of period1 | $ | 7,482,738 | $ | 92.47 | $ | 4,777,152 | $ | 54.25 | |||||||
| Net income2 | 1,114,558 | 24,606 | |||||||||||||
| Other comprehensive (loss) income2 | (3,910,893 | ) | 2,508,092 | ||||||||||||
| Adjustment for impact of warrant3 | (25,355 | ) | 2,842 | ||||||||||||
| Re-organization | — | 663,678 | |||||||||||||
| Equity LP repurchases | (4,224 | ) | (493,632 | ) | |||||||||||
| Net book value, end of period1,4 | $ | 4,656,824 | $ | 57.60 | $ | 7,482,738 | $ | 92.47 | |||||||
- Calculated on a fully diluted basis. Net book value is a non-IFRS measure used by management to measure the value of an Equity LP unit on a fully diluted basis. It is equal to total equity less General Partner equity and Preferred Limited Partners’ equity, plus the value of consideration to be received on exercising of warrants, which as at December 31, 2022 was $352 million (December 31, 2021 – $378 million). Opening net book values per unit have been re-casted to conform with the current year per unit presentation.
- Attributable to Equity Limited Partners.
- The basic weighted average number of Equity Limited Partnership (“Equity LP”) units outstanding during the year ended December 31, 2022 was 66,169,783 (December 31, 2021 – 72,953,504). The diluted weighted average number of Equity Limited Partnership (“Equity LP”) units available and outstanding during the year ended December 31, 2022 was 80,877,206 (December 31, 2021 – 87,662,153); this includes the 14,707,424 Equity LP units (December 31, 2021 – 14,708,648) issued through the exercise of all outstanding warrants.
- At the end of the year, the diluted Equity LP units outstanding were 80,844,367 (December 31, 2021 – 82,171,127).
Financial Profile
The Partnership’s principal investments are an ownership interest in approximately 132 million Class A Limited Voting Shares of the Corporation and approximately 33 million Class A Voting Shares of the Manager. These holdings represent an 8% interest as at December 31, 2022 in both entities. In addition, the Partnership owns a diversified investment portfolio of marketable securities.
The information in the following table has been extracted from the Partnership’s Consolidated Statements of Financial Position:
Consolidated Statements of Financial Position
| As at (Thousands, US dollars) |
December 31, 2022 |
December 31, 2021 |
||||||
| Assets | ||||||||
| Cash and cash equivalents | $ | 185,722 | $ | 80,704 | ||||
| Accounts receivable and other assets | 31,270 | 65,418 | ||||||
| Deferred tax asset | 1,604 | — | ||||||
| Investment in Brookfield Corporation1 | 4,149,188 | 7,869,681 | ||||||
| Investment in Brookfield Asset Management Ltd.2 | 934,183 | — | ||||||
| Other investments carried at fair value | 328,264 | 344,983 | ||||||
| $ | 5,630,231 | $ | 8,360,786 | |||||
| Liabilities and equity | ||||||||
| Accounts payable and other liabilities | $ | 36,860 | $ | 7,693 | ||||
| Corporate borrowings | 220,711 | 236,513 | ||||||
| Preferred shares3 | 905,132 | 835,019 | ||||||
| Deferred tax liability | — | 23,431 | ||||||
| 1,162,703 | 1,102,656 | |||||||
| Equity | ||||||||
| Equity Limited Partners | 4,304,516 | 7,105,075 | ||||||
| General Partner | 1 | 1 | ||||||
| Preferred Limited Partners | 153,049 | 153,054 | ||||||
| Non-controlling interests | 9,962 | — | ||||||
| 4,467,528 | 7,258,130 | |||||||
| $ | 5,630,231 | $ | 8,360,786 |
- The investment in Brookfield Corporation (formerly known as Brookfield Asset Management Inc.) consists of 132 million Corporation shares with a quoted market value of $31.46 per share as at December 31, 2022.
- The investment in Brookfield Asset Management Ltd. consists of 33 million Manager shares with a quoted market value of $28.67 per share as at December 31, 2022.
- Represents $680 million of retractable preferred shares less $13 million of unamortized issue costs as at December 31, 2022 (December 31, 2021 – $611 million less $13 million) and $152 million of three series of preferred shares (December 31, 2021 – $152 million) and $84 million of three series of preferred shares (December 31, 2021 – $84 million) of a subsidiary of the Partnership, issued in December 2021.
For further information, contact Investor Relations at ir@pvii.ca or 416-956-5141.
Note: This news release contains “forward-looking information” within the meaning of Canadian provincial securities laws and “forward-looking statements” within the meaning of applicable Canadian securities regulations. The words “potential” and “estimated” and other expressions which are predictions of or indicate future events, trends or prospects and which do not relate to historical matters, identify forward-looking information. Forward-looking information in this news release includes statements with regard to the Partnership’s potential future income taxes.
Although the Partnership believes that its anticipated future results, performance or achievements expressed or implied by the forward-looking statements and information are based upon reasonable assumptions and expectations, the reader should not place undue reliance on forward-looking statements and information because they involve known and unknown risks, uncertainties and other factors, many of which are beyond its control, which may cause the actual results, performance or achievements of the Partnership to differ materially from anticipated future results, performance or achievement expressed or implied by such forward-looking statements and information.
TORONTO – Canada’s main stock index was up more than 100 points in late-morning trading, helped by strength in base metal and utility stocks, while U.S. stock markets were mixed.
The S&P/TSX composite index was up 103.40 points at 24,542.48.
In New York, the Dow Jones industrial average was up 192.31 points at 42,932.73. The S&P 500 index was up 7.14 points at 5,822.40, while the Nasdaq composite was down 9.03 points at 18,306.56.
The Canadian dollar traded for 72.61 cents US compared with 72.44 cents US on Tuesday.
The November crude oil contract was down 71 cents at US$69.87 per barrel and the November natural gas contract was down eight cents at US$2.42 per mmBTU.
The December gold contract was up US$7.20 at US$2,686.10 an ounce and the December copper contract was up a penny at US$4.35 a pound.
This report by The Canadian Press was first published Oct. 16, 2024.
Companies in this story: (TSX:GSPTSE, TSX:CADUSD)
The Canadian Press. All rights reserved.
TORONTO – Canada’s main stock index was up more than 200 points in late-morning trading, while U.S. stock markets were also headed higher.
The S&P/TSX composite index was up 205.86 points at 24,508.12.
In New York, the Dow Jones industrial average was up 336.62 points at 42,790.74. The S&P 500 index was up 34.19 points at 5,814.24, while the Nasdaq composite was up 60.27 points at 18.342.32.
The Canadian dollar traded for 72.61 cents US compared with 72.71 cents US on Thursday.
The November crude oil contract was down 15 cents at US$75.70 per barrel and the November natural gas contract was down two cents at US$2.65 per mmBTU.
The December gold contract was down US$29.60 at US$2,668.90 an ounce and the December copper contract was up four cents at US$4.47 a pound.
This report by The Canadian Press was first published Oct. 11, 2024.
Companies in this story: (TSX:GSPTSE, TSX:CADUSD)
The Canadian Press. All rights reserved.
TORONTO – Canada’s main stock index was little changed in late-morning trading as the financial sector fell, but energy and base metal stocks moved higher.
The S&P/TSX composite index was up 0.05 of a point at 24,224.95.
In New York, the Dow Jones industrial average was down 94.31 points at 42,417.69. The S&P 500 index was down 10.91 points at 5,781.13, while the Nasdaq composite was down 29.59 points at 18,262.03.
The Canadian dollar traded for 72.71 cents US compared with 73.05 cents US on Wednesday.
The November crude oil contract was up US$1.69 at US$74.93 per barrel and the November natural gas contract was up a penny at US$2.67 per mmBTU.
The December gold contract was up US$14.70 at US$2,640.70 an ounce and the December copper contract was up two cents at US$4.42 a pound.
This report by The Canadian Press was first published Oct. 10, 2024.
Companies in this story: (TSX:GSPTSE, TSX:CADUSD)
The Canadian Press. All rights reserved.
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